Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value of Financial Instruments

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

The Company measures the following financial assets and liabilities 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):

			Quoted Prices		Significant
			in Active		Other		Significant
			Markets		Observable		Unobservable
			Available		Inputs		Inputs
December 31, 2020	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Time deposits and money market funds	$	183.2	$	—	$	183.2	$	—
Short-term investments		50.0		—		50.0		—
Interest rate and cross currency swap agreements		7.6		—		7.6		—
Foreign exchange contracts		2.1		—		2.1		—
Embedded derivatives in purchase and delivery contracts		0.1		—		0.1		—
Fixed price commodity contracts		3.1		—		3.1		—
Debt securities available for sale		1.2		—		—		1.2
Total assets recorded at fair value	$	247.3	$	—	$	246.1	$	1.2
Liabilities:
Contingent consideration	$	4.3	$	—	$	—	$	4.3
Hybrid instrument liability		13.9		—		—		13.9
Interest rate and cross currency swap agreements		61.5		—		61.5		—
Foreign exchange contracts		0.4		—		0.4		—
Total liabilities recorded at fair value	$	80.1	$	—	$	61.9	$	18.2

			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	$	9.0	$	—	$	9.0	$	—
Short-term investments		6.6		—		6.6		—
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	$	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		—
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 (in millions):

Balance at December 31, 2018	$	15.1
Current period additions		5.4
Current period adjustments		2.3
Current period settlements		(6.7)
Foreign currency effect		(0.3)
Balance at December 31, 2019		15.8
Current period additions		1.2
Current period adjustments		(4.4)
Current period settlements		(8.7)
Foreign currency effect		0.4
Balance at December 31, 2020	$	4.3

Schedule of changes in hybrid instrument liability

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

Balance at December 31, 2018	$	12.9
Current period additions		(2.3)
Balance at December 31, 2019		10.6
Current period additions		2.6
Foreign currency effect		0.7
Balance at December 31, 2020	$	13.9