Fair Value (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value of Hierarchy

The following table presents the fair value of derivative instruments at December 31, 2020:

	Asset			Liability
	Balance Sheet Classification	Fair Value		Balance Sheet Classification	Fair Value
Derivatives not designated as hedges:
Foreign exchange forward contracts	Prepaid expenses and other	$	2.8	Accounts payable	$	6.0
Total derivatives		$	2.8		$	6.0

Derivatives are recognized in the Consolidated Balance Sheets at their fair values. The following table presents the fair value of derivative instruments at December 31, 2019:

	Asset			Liability
	Balance Sheet Classification	Fair Value		Balance Sheet Classification	Fair Value
Derivatives designated as hedges:
Foreign exchange forward contracts	Prepaid expenses and other	$	—	Accounts payable	$	.6
Derivatives not designated as hedges:
Foreign exchange forward contracts	Prepaid expenses and other	$	5.6	Accounts payable	$	3.2
Total derivatives		$	5.6		$	3.8

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2020:

	Level 1		Level 2		Total
Assets:
Available-for-sale securities	$	4.2	$	—	$	4.2
Foreign exchange forward contracts	$	—	$	2.8	$	2.8
Total	$	4.2	$	2.8	$	7.0
Liabilities:
Foreign exchange forward contracts	$	—	$	6.0	$	6.0
Total	$	—	$	6.0	$	6.0

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2019:

	Level 1		Level 2		Total
Assets:
Available-for-sale securities	$	4.3	$	—	$	4.3
Foreign exchange forward contracts	$	—	$	5.6	$	5.6
Total	$	4.3	$	5.6	$	9.9
Liabilities:
Foreign exchange forward contracts	$	—	$	3.8	$	3.8
Total	$	—	$	3.8	$	3.8

Fair Value of Financial Instruments

The net asset (liability) amounts recorded in the balance sheet (carrying amount) and the estimated fair values of our remaining financial instruments at December 31 consisted of the following:

	2020				2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Available-for-sale securities	$	4.2	$	4.2	$	4.3	$	4.3
Debt maturing within one year	(28.0)		(28.0)		(1.8)		(1.8)
Short term related party loans	(1,008.6)		(1,008.6)		—		—
Long-term debt(1)	(675.4)		(782.4)		(1,590.4)		(1,748.1)
Foreign exchange forward contracts	(3.2)		(3.2)		1.8		1.8

(1) The carrying value of long-term debt is presented net of debt issuance costs and includes any related discount or premium, as applicable.