XML 57 R31.htm IDEA: XBRL DOCUMENT v3.22.4
Financial instruments and fair value measurements
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Financial instruments and fair value measurements
22.    Financial instruments and fair value measurements
Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, debt, contingent consideration arrangements and derivatives.
Assets and liabilities for which fair value is only disclosed
The carrying amount of cash and cash equivalents was the same as its fair value and is a level 1 measurement. The carrying amounts for trade accounts receivable and accounts payable approximated fair value due to their short-term nature and are level 2 measurements.
The following table presents the gross amounts, which exclude unamortized deferred financing costs, and the fair values of debt instruments:
(in millions)
December 31, 2022December 31, 2021
Gross amountFair valueGross amountFair value
Receivables facility$327.2 $327.2 $— $— 
Senior secured credit facilities:
Euro term loans B-3— — 133.9 133.7 
Euro term loans B-4636.7 627.5 684.9 683.6 
Euro term loans B-5342.0 340.7 367.9 367.7 
U.S. dollar term loans B-4— — 229.3 224.9 
U.S. dollar term loans B-51,488.3 1,485.5 2,063.9 2,029.1 
2.625% secured notes694.5 658.5 739.6 758.2 
3.875% unsecured notes800.0 672.0 800.0 810.9 
3.875% unsecured notes427.3 396.5 455.1 475.3 
4.625 % unsecured notes1,550.0 1,407.6 1,550.0 1,629.8 
Finance lease liabilities68.9 68.9 71.2 71.2 
Other14.2 14.2 17.4 17.4 
Total$6,349.1 $5,998.6 $7,113.2 $7,201.8 
The fair values of debt instruments are based on standard pricing models that take into account the present value of future cash flows, and in some cases private trading data, which are level 2 measurements.
Recurring fair value measurements with significant unobservable inputs
Certain of the business acquisitions we completed entitle the sellers to contingent consideration based on sales or earnings during a period of time following the acquisition.
The following table presents changes to contingent consideration liabilities:
(in millions)
Year ended December 31,
20222021
Beginning balance$5.7 $— 
Acquisitions— 6.1 
Changes to estimated fair value(4.4)— 
Cash payments— — 
Currency translation(0.1)(0.4)
Ending balance$1.2 $5.7 
We estimated the fair value of contingent consideration on a recurring basis using the average of probability-weighted potential payments specified in the purchase agreements, which were level 3 measurements. The significant assumptions used in these calculations include forecasted results and the estimated likelihood for each performance scenario.