Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

The following table summarizes the fair value of the company’s foreign exchange forward contracts as of March 31, 2020 and December 31, 2019.



	March 31, 2020		December 31, 2019
Balance Sheet Location
Prepaid expenses and other current assets	$	16.4	$	2.1
Other accrued liabilities	1.2		0.1
Total fair value	$	15.2	$	2.0

Gains and Losses Recognized on Foreign Exchange Forward Contracts

The following table summarizes the location and amount of gains and losses recognized on foreign exchange forward contracts for the three months ended March 31, 2020 and 2019.



	Three Months Ended March 31,
	2020			2019
Statement of Income Location
Other income (expense), net	$	(28.5	)	$	0.1

Fair Values of Financial Instruments Not Measured at Fair Value in Consolidated Balance Sheets

Financial assets with carrying values approximating fair value include cash and cash equivalents and accounts receivable. Financial liabilities with carrying values approximating fair value include accounts payable and other liabilities. The carrying amounts of these financial assets and liabilities approximate fair value due to their short maturities. Such financial instruments are not included in the following table that provides information about the estimated fair values of other financial instruments that are not measured at fair value in the consolidated balance sheets as of March 31, 2020 and December 31, 2019.



	March 31, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt:
10.75% senior secured notes	$	435.1	$	464.0	$	434.5	$	474.2
5.50% convertible senior notes due 2021	$	80.9	$	115.8	$	80.0	$	115.8