Fair Value (Notes)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

7. FAIR VALUE

ASC 820 - Fair Value Measurement defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The definition is based on an exit price rather than an entry price, regardless of whether the entity plans to hold or sell the asset. This guidance also establishes a fair value hierarchy to prioritize inputs used in measuring fair value as follows:

•Level 1:  Observable inputs such as quoted prices in active markets;

•Level 2:  Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

•Level 3:  Unobservable inputs in which there is little or no market data, which require the reporting entity to develop

its own assumptions.

Financial instruments   The estimated carrying value of our financial assets and liabilities that are recognized at fair value on a recurring basis, using available market information and other observable data, are as follows:

 

	Fair Value
	September 30, 2024		December 31, 2023		Input
	(in millions)
Balance Sheet Classification
Cash equivalents	$	235.0	$	328.3	Level 1
Prepaid expenses and other
Cash flow hedges - currency forward contracts	3.2		15.9		Level 2
Nondesignated - currency forward contracts	—		0.8		Level 2
Other assets and deferred charges
Cash flow hedges - currency forward contracts	0.2		5.4		Level 2
Investment in equity securities	—		0.8		Level 1
Accrued expenses and other
Cash flow hedges - currency forward contracts	9.3		—		Level 2
Cash flow hedges - fixed-to-fixed cross-currency swap	—		9.4		Level 2
Cash flow hedges - variable-to-fixed interest rate swap	6.9		5.0		Level 2
Nondesignated - currency forward contracts	2.3		—		Level 2
Postretirement benefits and other long-term liabilities
Cash flow hedges - currency forward contracts	7.0		—		Level 2
Fair value hedges - fixed-to-fixed cross-currency swap	10.6		—		Level 2
Cash flow hedges - variable-to-fixed interest rate swap	17.5		16.5		Level 2

The carrying values of our cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short-term maturities of these instruments. The carrying values of our borrowings under the foreign credit facilities approximate their fair value due to the frequent resetting of the interest rates.

We had previously invested in the equity securities of REE Automotive, which were measured at fair value each reporting period, with changes in fair value reported as a gain or loss within Other income (expense), net in our Condensed Consolidated Statement of Operations. During the nine months ended September 30, 2024, we sold all of our remaining equity securities of REE Automotive.

We estimated the fair value of the amounts outstanding on our debt using available market information and other observable data, to be as follows:

 

	September 30, 2024				December 31, 2023
	Carrying  Amount		Fair Value		Carrying  Amount		Fair Value		Input
	(in millions)
Revolving Credit Facility	$	—	$	—	$	—	$	—	Level 2
Term Loan A Facility	484.3		484.9		484.3		483.6		Level 2
Term Loan B Facility	648.0		648.8		648.0		649.6		Level 2
6.875% Notes due 2028	400.0		396.0		400.0		387.0		Level 2
6.50% Notes due 2027	500.0		498.8		500.0		501.9		Level 2
6.25% Notes due 2026	45.9		45.8		127.6		126.3		Level 2
5.00% Notes due 2029	600.0		546.0		600.0		529.5		Level 2