Fair Value of Assets and Liabilities

9 Months Ended

Sep. 30, 2021

Fair Value of Assets and Liabilities

Assets and Liabilities Recorded at Fair Value

Assets and liabilities subject to fair value measurement by fair value level and recorded as follows:


		September 30, 2021						December 31, 2020
				Fair Value Measurements Using						Fair Value Measurements Using
	Classification on condensed consolidated Balance Sheets	Fair Value		Level 1		Level 2		Fair Value		Level 1		Level 2
Assets
Short-term investments
Certificates of deposit	Short-term investments	$	13.7	$	13.7	$	—	$	37.2	$	37.2	$	—
Assets held in rabbi trusts	Securities and other investments	6.7		6.7		—		6.6		6.6		—
Foreign exchange forward contracts	Other current assets	0.1		—		0.1		1.7		—		1.7


Total		$	20.5	$	20.4	$	0.1	$	45.5	$	43.8	$	1.7
Liabilities
Foreign exchange forward contracts	Other current liabilities	$	—	$	—	$	—	$	2.7	$	—	$	2.7
Interest rate swaps - short term	Other current liabilities	4.4		—		4.4		4.7		—		4.7
Interest rate swaps - long term	Other liabilities	—		—		—		3.0		—		3.0
Deferred compensation	Other liabilities	6.7		6.7		—		6.6		6.6		—
Total		$	11.1	$	6.7	$	4.4	$	17.0	$	6.6	$	10.4

The Company uses the end of period when determining the timing of transfers between levels. During each of the nine months ended September 30, 2021 and 2020, there were no transfers between levels.

The carrying amount of the Company's debt instruments approximates fair value except for the 2024 Senior Notes and 2025 Senior Secured Notes. The fair value and carrying value of the 2024 Senior Notes and 2025 Senior Secured Notes are summarized as follows:


	September 30, 2021				December 31, 2020
	Fair Value		Carrying Value		Fair Value		Carrying Value
2024 Senior Notes	$	407.5	$	400.0	$	400.0	$	400.0
2025 Senior Secured Notes - USD	$	764.8	$	700.0	$	778.8	$	700.0
2025 Senior Secured Notes - EUR	$	438.7	$	405.3	$	466.0	$	429.5

Refer to note 9 for further details surrounding the Company's long-term debt as of September 30, 2021 compared to December 31, 2020. Additionally, the Company would remeasure certain assets at fair value, using Level 3 measurements, as a result of the occurrence of triggering events.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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