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Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 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 that are 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 (dollars in millions):

Quoted Prices

    

Significant

in Active

Other

Significant

Markets

Observable

Unobservable

Available

Inputs

Inputs

September 30, 2020

    

Total

    

(Level 1)

    

(Level 2)

    

(Level 3)

Assets:

Time deposits and money market funds

$

208.3

$

$

208.3

$

Interest rate and cross currency swap agreements

9.0

9.0

Forward currency contracts

0.3

0.3

Embedded derivatives in purchase and delivery contracts

0.4

0.4

Fixed price commodity contracts

2.1

2.1

Total assets recorded at fair value

$

220.1

$

$

220.1

$

Liabilities:

Contingent consideration

$

6.2

$

$

$

6.2

Hybrid instrument liability

11.7

11.7

Interest rate and cross currency swap agreements

38.2

38.2

Forward currency contracts

0.2

0.2

Total liabilities recorded at fair value

$

56.3

$

$

38.4

$

17.9

Quoted Prices

    

Significant

in Active

Other

Significant

Markets

Observable

Unobservable

Available

Inputs

Inputs

December 31, 2019

    

Total

    

(Level 1)

    

(Level 2)

    

(Level 3)

Assets:

Time deposits and money market funds

$

15.6

$

$

15.6

$

Interest rate and cross currency swap agreements

10.1

10.1

Forward currency 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

$

27.0

$

$

27.0

$

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

Forward currency 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 (dollars in millions):

Balance at December 31, 2019

    

$

15.8

Current period additions

1.2

Current period adjustments

 

(3.6)

Current period settlements

 

(7.4)

Foreign currency effect

 

0.2

Balance at September 30, 2020

$

6.2

Schedule of changes in hybrid instrument liability

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

Balance at December 31, 2019

    

$

10.6

Current period adjustments

1.0

Foreign currency effect

0.1

Balance at September 30, 2020

$

11.7