v3.24.2
Financial instruments and fair value measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Financial instruments and fair value measurements
15.    Financial instruments and fair value measurements
Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable and debt.
Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. As discussed in note 1, during the second quarter of 2023, property, plant and equipment, customer relationships and developed technology related to the Ritter asset group were deemed to be impaired and their carrying values were reduced to estimated fair values of $25.9 million, $31.4 million and $19.3 million, respectively. This was the result of an impairment charge of $160.8 million. The Company estimates the fair value of the Ritter asset group using Level 3 inputs, which included a discounted cash flow analysis.
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)
June 30, 2024
December 31, 2023
Gross amountFair valueGross amountFair value
Receivables facility$233.3 $233.3 $221.0 $221.0 
Senior secured credit facilities:
Euro term loans B-4264.5 265.8 630.1 630.9 
Euro term loans B-5337.8 339.5 350.4 351.1 
U.S. dollar term loans B-5— — 787.6 791.0 
U.S. dollar term loans B-6760.5 765.7 — — 
2.625% secured notes696.5 682.4 718.7 705.3 
3.875% unsecured notes800.0 724.0 800.0 727.3 
3.875% unsecured notes428.6 418.6 442.3 434.3 
4.625 % unsecured notes1,550.0 1,474.7 1,550.0 1,489.1 
Finance lease liabilities67.0 67.0 68.3 68.3 
Other10.1 10.1 11.6 11.6 
Total$5,148.3 $4,981.1 $5,580.0 $5,429.9 
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.