Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value of Financial Instruments

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 presents them within the fair value hierarchy using the lowest level of input that is significant to the fair value measurement at March 31, 2020 and December 31, 2019 (dollars in millions):

			Quoted Prices		Significant
			in Active		Other		Significant
			Markets		Observable		Unobservable
			Available		Inputs		Inputs
March 31, 2020	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Interest rate and cross currency swap agreements	$	21.1	$	—	$	21.1	$	—
Foreign exchange contracts		0.8		—		0.8		—
Embedded derivatives in purchase and delivery contracts		0.1		—		0.1		—
Total assets recorded at fair value	$	22.0	$	—	$	22.0	$	—
Liabilities:
Contingent consideration	$	11.9	$	—	$	—	$	11.9
Hybrid instrument liability		10.9		—		—		10.9
Interest rate and cross currency swap agreements		17.0		—		17.0		—
Foreign exchange contracts		0.8		—		0.8		—
Fixed price commodity contracts		0.8		—		0.8		—
Total liabilities recorded at fair value	$	41.4	$	—	$	18.6	$	22.8

			Quoted Prices		Significant
			in Active		Other		Significant
			Markets		Observable		Unobservable
			Available		Inputs		Inputs
December 31, 2019	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Interest rate and cross currency swap agreements	$	10.1	$	—	$	10.1	$	—
Foreign exchange contracts		0.9		—		0.9		—
Embedded derivatives in purchase and delivery contracts		0.1		—		0.1		—
Fixed price commodity contracts		0.3		—		0.3		—
Total assets recorded at fair value	$	11.4	$	—	$	11.4	$	—
Liabilities:
Contingent consideration	$	15.8	$	—	$	—	$	15.8
Hybrid instrument liability		10.6		—		—		10.6
Interest rate and cross currency swap agreements		16.9		—		16.9		—
Foreign exchange contracts		0.4		—		0.4		—
Embedded derivatives in purchase and delivery contracts		0.6		—		0.6		—
Total liabilities recorded at fair value	$	44.3	$	—	$	17.9	$	26.4

Schedule of changes in contingent consideration liabilities

The following table sets forth the changes in contingent consideration liabilities for the three months ended March 31, 2020 (dollars in millions):

Balance at December 31, 2019	$	15.8
Current period adjustments		(2.3)
Current period settlements		(1.5)
Foreign currency effect		(0.1)
Balance at March 31, 2020	$	11.9

Schedule of changes in hybrid instrument liability

The following table sets forth the changes in hybrid instrument liability for the three months ended March 31, 2020 (dollars in millions):

Balance at December 31, 2019	$	10.6
Current period adjustments		0.3
Balance at March 31, 2020	$	10.9