Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Fair Value Available-for-sale Securities

The following table summarizes the Company's financial assets and liabilities, excluding pension assets, disaggregated by the security type, measured at fair value on a recurring basis (in millions):

As of
December 31, 2021									Fair Value Level
Description	Amortized Cost		Unrealized gains		Unrealized losses		Fair value		Level 1		Level 2
Assets:
Cash and cash equivalents:
Demand and time deposits	$	19.5	$	—	$	—	$	19.5	$	19.5	$	—
Money market funds	0.7		—		—		0.7		0.7		—
Corporate bonds	1.6		—		—		1.6		—		1.6
Commercial paper	2.0		—		—		2.0		—		2.0
Other current assets:
Corporate bonds	$	16.0	$	—	$	—	$	16.0	$	—	$	16.0
Certificate of deposit	1.9		—		—		1.9		—		1.9
Commercial paper	5.0		—		—		5.0		3.0		2.0
US Treasury bonds	0.4		—		—		0.4		—		0.4
Other assets:
Corporate bonds	$	19.7	$	—	$	—	$	19.7	$	—	$	19.7
US Treasury bonds	1.6		—		—		1.6		—		1.6

The investments included in other assets have maturity dates ranging between one and five years.

As of
December 31, 2020									Fair Value Level
Description	Amortized Cost		Unrealized gains		Unrealized losses		Fair value		Level 1		Level 2
Assets:
Cash and cash equivalents:
Demand and time deposits	$	8.5	$	—	$	—	$	8.5	$	8.5	$	—

Fair Value, by Balance Sheet Grouping

The carrying amounts and fair value of the Company’s long-term borrowings are as follows (in millions):

	As of December 31,
	2021				2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion (1)
Convertible notes	$	809.4	$	1,696.7	$	515.6	$	967.1
Long-term debt	2,265.2		2,245.5		2,975.7		2,966.8

_______________________

(1)Long-term debt is carried on the Consolidated Balance Sheets at historical cost net of debt discount and issuance costs.

Fair Value Measurements, Nonrecurring

The following table shows the adjustments to fair value of certain of the Company's non-financial assets that had an impact on the Company's results of operations (in millions):

	Year Ended December 31,
	2021		2020		2019
Nonrecurring fair value measurements
Asset impairments (Level 3)	$	7.9	$	17.5	$	3.4
IPRD impairments (Level 3)	2.9		1.3		1.6
	$	10.8	$	18.8	$	5.0