Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

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 present them within the fair value hierarchy using the lowest level of input that is significant to the fair value measurement (dollars in millions):

September 30, 2021	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	$	12.4	$	—	$	12.4	$	—
Short-term investments		96.8		—		96.8		—
Interest rate and cross currency swap agreements		7.1		—		7.1		—
Fixed price commodity contracts		0.8		—		0.8		—
Debt securities available for sale		1.2		—		—		1.2
Total assets recorded at fair value	$	118.3	$	—	$	117.1	$	1.2
Liabilities:
Contingent consideration	$	5.6	$	—	$	—	$	5.6
Hybrid instrument liability		14.3		—		—		14.3
Interest rate and cross currency swap agreements		29.0		—		29.0		—
Embedded derivatives in purchase and delivery contracts		0.1		—		0.1		—
Forward currency contracts		0.7		—		0.7		—
Long-term fixed interest rate debt		535.1		—		535.1		—
Total liabilities recorded at fair value	$	584.8	$	—	$	564.9	$	19.9
December 31, 2020	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	$	183.2	$	—	$	183.2	$	—
Short-term investments		50.0		—		50.0		—
Interest rate and cross currency swap agreements		7.6		—		7.6		—
Forward currency 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		—
Forward currency contracts		0.4		—		0.4		—
Long-term fixed interest rate debt		549.8		—		549.8		—
Total liabilities recorded at fair value	$	629.9	$	—	$	611.7	$	18.2

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, 2020	$	4.3
Current period additions		1.9
Current period adjustments		(0.1	)
Current period settlements		(0.4	)
Foreign currency effect		(0.1	)
Balance at September 30, 2021	$	5.6

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, 2020	$	13.9
Current period adjustments		1.1
Foreign currency effect		(0.7	)
Balance at September 30, 2021	$	14.3