Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of financial instruments measured at fair value on a recurring basis

The following tables set forth the Company’s financial instruments measured at fair value on a recurring basis and present them within the fair value hierarchy using the lowest level of input that is significant to the fair value measurement (in millions):

March 31, 2023	Total		Quoted Prices in Active Markets Available (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Time deposits and money market funds	$	292.4	$	—	$	292.4	$	—
Interest rate and cross-currency swap agreements		31.1		—		31.1		—
Forward currency contracts		1.3		—		1.3		—
Embedded derivatives in purchase and delivery contracts		0.6		—		0.6		—
Fixed price commodity contracts		0.9		—		0.9		—
Debt securities available for sale		10.5		—		—		10.5
Total assets recorded at fair value	$	336.8	$	—	$	326.3	$	10.5
Liabilities:
Contingent consideration	$	9.6	$	—	$	—	$	9.6
Hybrid instruments liability		37.7		—		—		37.7
Liability awards		1.2		—		—		1.2
Interest rate and cross-currency swap agreements		11.5		—		11.5		—
Forward currency contracts		0.3		—		0.3		—
Embedded derivatives in purchase and delivery contracts		0.2		—		0.2		—
Long-term fixed interest rate debt		774.9		—		774.9		—
Total liabilities recorded at fair value	$	835.4	$	—	$	786.9	$	48.5
December 31, 2022	Total		Quoted Prices in Active Markets Available (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Time deposits and money market funds	$	198.7	$	34.0	$	164.7	$	—
Interest rate and cross-currency swap agreements		37.8		—		37.8		—
Forward currency contracts		0.6		—		0.6		—
Embedded derivatives in purchase and delivery contracts		0.1		—		0.1		—
Fixed price commodity contracts		0.6		—		0.6		—
Debt securities available for sale		10.5		—		—		10.5
Total assets recorded at fair value	$	248.3	$	34.0	$	203.8	$	10.5
Liabilities:
Contingent consideration	$	9.6	$	—	$	—	$	9.6
Hybrid instruments liability		34.2		—		—		34.2
Liability awards		1.1		—		—		1.1
Interest rate and cross-currency swap agreements		12.2		—		12.2		—
Forward currency contracts		0.3		—		0.3		—
Long-term fixed interest rate debt		767.8		—		767.8		—
Total liabilities recorded at fair value	$	825.2	$	—	$	780.3	$	44.9

Schedule of changes in contingent consideration liabilities

The following table sets forth the changes in contingent consideration liabilities (in millions):

Balance at December 31, 2022	$	9.6
Current period additions		2.3
Current period adjustments		0.4
Current period settlements		(2.8	)
Foreign currency effect		0.1
Balance at March 31, 2023	$	9.6

Schedule of changes in hybrid instrument liability

The following table sets forth the changes in hybrid instruments liability (in millions):

Balance at December 31, 2022	$	34.2
Acquisitions		2.2
Current period adjustments		0.7
Foreign currency effect		0.6
Balance at March 31, 2023	$	37.7