Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 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 and presents them within the fair value hierarchy using the lowest level of input that is significant to the fair value measurement (in millions):

December 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	$	226.9	$	—	$	226.9	$	—
Interest rate and cross-currency swap agreements		20.3		—		20.3		—
Forward currency contracts		1.3		—		1.3		—
Embedded derivatives in purchase and delivery contracts		1.2		—		1.2		—
Fixed price commodity contracts		0.3		—		0.3		—
Debt securities available for sale		1.2		—		—		1.2
Total assets recorded at fair value	$	251.2	$	—	$	250.0	$	1.2
Liabilities:
Contingent consideration	$	12.3	$	—	$	—	$	12.3
Hybrid instruments liabilities		70.5		—		—		70.5
Liability awards		0.7		—		—		0.7
Interest rate and cross-currency swap agreements		26.8		—		26.8		—
Forward currency contracts		0.6		—		0.6		—
Total liabilities recorded at fair value	$	110.9	$	—	$	27.4	$	83.5

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 liabilities		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		—
Total liabilities recorded at fair value	$	57.4	$	—	$	12.5	$	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, 2021	$	6.6
Current period additions		3.6
Current period adjustments		5.6
Current period settlements		(5.9	)
Foreign currency effect		(0.3	)
Balance at December 31, 2022		9.6
Current period additions		2.8
Current period adjustments		7.6
Current period settlements		(8.1	)
Foreign currency effect		0.4
Balance at December 31, 2023	$	12.3

Schedule of changes in hybrid instrument liability

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

Balance at December 31, 2021	$	15.6
Current period additions		20.9
Current period adjustments		11.6
Current period settlements		(11.6	)
Foreign currency effect		(2.3	)
Balance at December 31, 2022		34.2
Current period additions		36.1
Current period adjustments		(2.1	)
Foreign currency effect		2.3
Balance at December 31, 2023	$	70.5