Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024	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	$	88.5	$	—	$	88.5	$	—
Interest rate and cross-currency swap agreements		24.4		—		24.4		—
Forward currency contracts		11.4		—		11.4		—
Embedded derivatives in purchase and delivery contracts		—		—		—		—
Fixed price commodity contracts		0.4		—		0.4		—
Debt securities available for sale		1.2		—		—		1.2
Total assets recorded at fair value	$	125.9	$	—	$	124.7	$	1.2
Liabilities:
Contingent consideration	$	25.2	$	—	$	—	$	25.2
Hybrid instruments liability		69.3		—		—		69.3
Liability awards		0.6		—		—		0.6
Interest rate and cross-currency swap agreements		17.8		—		17.8		—
Forward currency contracts		1.5		—		1.5		—
Embedded derivatives in purchase and delivery contracts		0.2		—		0.2		—
Total liabilities recorded at fair value	$	114.6	$	—	$	19.5	$	95.1
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 liability		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

Schedule of changes in contingent consideration liabilities

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

Balance at December 31, 2023	$	12.3
Current period additions		13.4
Current period adjustments		0.9
Current period settlements		(1.2	)
Foreign currency effect		(0.2	)
Balance at March 31, 2024	$	25.2

Schedule of changes in hybrid instrument liability

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

Balance at December 31, 2023	$	70.5
Acquisitions		—
Current period adjustments		0.5
Foreign currency effect		(1.7	)
Balance at March 31, 2024	$	69.3