Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2021	Oct. 19, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-36733
Entity Registrant Name	AXALTA COATING SYSTEMS LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-1073028
Entity Address, Address Line One	50 Applied Bank Blvd
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Glen Mills
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19342
City Area Code	855
Local Phone Number	547-1461
Title of 12(b) Security	Common Shares, $1.00 par value
Trading Symbol	AXTA
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		228,350,964
Entity Central Index Key	0001616862
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net sales	$ 1,088.6	$ 1,026.9	$ 3,279.0	$ 2,663.1
Cost of goods sold	745.3	634.1	2,182.6	1,780.1
Selling, general and administrative expenses	181.0	166.5	544.3	516.1
Other operating (benefits) charges	(7.6)	42.6	49.5	98.9
Research and development expenses	15.4	13.4	46.8	41.2
Amortization of acquired intangibles	29.8	28.6	88.1	84.5
Income from operations	124.7	141.7	367.7	142.3
Interest expense, net	33.8	39.8	100.7	112.4
Other (income) expense, net	(2.4)	2.3	(10.9)	0.9
Income before income taxes	93.3	99.6	277.9	29.0
Provision (benefit) for income taxes	24.4	17.1	66.9	(22.7)
Net income	68.9	82.5	211.0	51.7
Less: Net (loss) income attributable to noncontrolling interests	(0.2)	0.0	0.3	(0.2)
Net income attributable to controlling interests	$ 69.1	$ 82.5	$ 210.7	$ 51.9
Basic net income per share (in dollars per share)	$ 0.30	$ 0.35	$ 0.91	$ 0.22
Diluted net income per share (in dollars per share)	$ 0.30	$ 0.35	$ 0.90	$ 0.22

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 68.9	$ 82.5	$ 211.0	$ 51.7
Other comprehensive (loss) income, before tax:
Foreign currency translation adjustments	(37.9)	33.4	(36.2)	(46.1)
Unrealized gain (loss) on derivatives	7.4	7.0	23.5	(36.3)
Unrealized gain (loss) on pension and other benefit plan obligations	1.2	(0.5)	3.7	(0.5)
Other comprehensive (loss) income, before tax	(29.3)	39.9	(9.0)	(82.9)
Income tax provision (benefit) related to items of other comprehensive (loss) income	1.5	1.0	4.6	(5.4)
Other comprehensive (loss) income, net of tax	(30.8)	38.9	(13.6)	(77.5)
Total comprehensive income (loss)	38.1	121.4	197.4	(25.8)
Less: Comprehensive (loss) income attributable to noncontrolling interests	(0.7)	(0.5)	0.2	(3.0)
Comprehensive income (loss) attributable to controlling interests	$ 38.8	$ 121.9	$ 197.2	$ (22.8)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 627.7	$ 1,360.9
Restricted cash	10.4	3.1
Accounts and notes receivable, net	1,050.1	869.8
Inventories	677.9	559.9
Prepaid expenses and other current assets	147.7	132.2
Total current assets	2,513.8	2,925.9
Property, plant and equipment, net	1,193.5	1,194.5
Goodwill	1,619.8	1,294.9
Identifiable intangibles, net	1,323.0	1,148.8
Other assets	582.9	593.1
Total assets	7,233.0	7,157.2
Current liabilities:
Accounts payable	622.5	564.4
Current portion of borrowings	43.3	54.2
Other accrued liabilities	610.8	562.3
Total current liabilities	1,276.6	1,180.9
Long-term borrowings	3,799.2	3,838.5
Accrued pensions	288.0	309.9
Deferred income taxes	177.9	114.0
Other liabilities	204.2	234.1
Total liabilities	5,745.9	5,677.4
Commitments and contingent liabilities (Note 6)
Shareholders’ equity:
Common shares, $1.00 par, 1,000.0 shares authorized, 251.7 and 250.9 shares issued at September 30, 2021 and December 31, 2020, respectively	251.7	250.9
Capital in excess of par	1,510.7	1,487.1
Retained earnings	774.0	563.3
Treasury shares, at cost, 23.4 and 16.1 shares at September 30, 2021 and December 31, 2020, respectively	(657.3)	(443.5)
Accumulated other comprehensive loss	(438.3)	(424.8)
Total Axalta shareholders’ equity	1,440.8	1,433.0
Noncontrolling interests	46.3	46.8
Total shareholders’ equity	1,487.1	1,479.8
Total liabilities and shareholders’ equity	$ 7,233.0	$ 7,157.2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Millions	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common shares authorized (in shares)	1,000.0	1,000.0
Common shares issued (in shares)	251.7	250.9
Treasury shares, at cost (in shares)	23.4	16.1

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Cumulative effect of an accounting change	Common Stock	Capital In Excess Of Par	Retained Earnings	Retained Earnings Cumulative effect of an accounting change	Treasury Shares, at cost	Accumulated Other Comprehensive Loss	Non controlling Interests
Beginning balance (in shares) at Dec. 31, 2019			234.9
Beginning balance at Dec. 31, 2019	$ 1,409.6	$ (1.5)	$ 249.9	$ 1,474.1	$ 443.2	$ (1.5)	$ (417.5)	$ (395.5)	$ 55.4
Comprehensive income (loss):
Net income	52.4				52.2				0.2
Net realized and unrealized gain (loss) on derivatives, net of tax	(34.7)							(34.7)
Long-term employee benefit plans, net of tax	(0.4)							(0.4)
Foreign currency translation, net of tax	(86.5)							(83.3)	(3.2)
Total comprehensive income (loss)	(69.2)				52.2			(118.4)	(3.0)
Recognition of stock-based compensation	5.1			5.1
Shares issued under compensation plans (in shares)			0.4
Shares issued under compensation plans	(1.1)		$ 0.5	(1.6)
Changes in ownership of noncontrolling interests	(1.6)			0.5					(2.1)
Dividends declared to noncontrolling interests	(0.5)								(0.5)
Ending balance (in shares) at Mar. 31, 2020			235.3
Ending balance at Mar. 31, 2020	1,340.8		$ 250.4	1,478.1	493.9		(417.5)	(513.9)	49.8
Beginning balance (in shares) at Dec. 31, 2019			234.9
Beginning balance at Dec. 31, 2019	1,409.6	$ (1.5)	$ 249.9	1,474.1	443.2	$ (1.5)	(417.5)	(395.5)	55.4
Comprehensive income (loss):
Net income	51.7
Total comprehensive income (loss)	(25.8)
Ending balance (in shares) at Sep. 30, 2020			235.5
Ending balance at Sep. 30, 2020	1,384.7		$ 250.6	1,484.1	493.6		(418.4)	(470.2)	45.0
Beginning balance (in shares) at Mar. 31, 2020			235.3
Beginning balance at Mar. 31, 2020	1,340.8		$ 250.4	1,478.1	493.9		(417.5)	(513.9)	49.8
Comprehensive income (loss):
Net income	(83.2)				(82.8)				(0.4)
Net realized and unrealized gain (loss) on derivatives, net of tax	(2.2)							(2.2)
Long-term employee benefit plans, net of tax	0.4							0.4
Foreign currency translation, net of tax	7.0							6.1	0.9
Total comprehensive income (loss)	(78.0)				(82.8)			4.3	0.5
Recognition of stock-based compensation	6.1			6.1
Shares issued under compensation plans (in shares)			0.1
Shares issued under compensation plans	1.2		$ 0.1	1.1
Changes in redeemable noncontrolling interests	(10.6)			(5.8)					(4.8)
Common stock purchases	(0.9)						(0.9)
Ending balance (in shares) at Jun. 30, 2020			235.4
Ending balance at Jun. 30, 2020	1,258.6		$ 250.5	1,479.5	411.1		(418.4)	(509.6)	45.5
Comprehensive income (loss):
Net income	82.5				82.5
Net realized and unrealized gain (loss) on derivatives, net of tax	6.0							6.0
Long-term employee benefit plans, net of tax	(0.5)							(0.5)
Foreign currency translation, net of tax	33.4							33.9	(0.5)
Total comprehensive income (loss)	121.4				82.5			39.4	(0.5)
Recognition of stock-based compensation	4.7			4.7
Shares issued under compensation plans (in shares)			0.1
Shares issued under compensation plans	0.0		$ 0.1	(0.1)
Ending balance (in shares) at Sep. 30, 2020			235.5
Ending balance at Sep. 30, 2020	1,384.7		$ 250.6	1,484.1	493.6		(418.4)	(470.2)	45.0
Beginning balance (in shares) at Dec. 31, 2020			234.8
Beginning balance at Dec. 31, 2020	1,479.8		$ 250.9	1,487.1	563.3		(443.5)	(424.8)	46.8
Comprehensive income (loss):
Net income	15.7				15.2				0.5
Net realized and unrealized gain (loss) on derivatives, net of tax	7.9							7.9
Long-term employee benefit plans, net of tax	0.7							0.7
Foreign currency translation, net of tax	(37.6)							(37.4)	(0.2)
Total comprehensive income (loss)	(13.3)				15.2			(28.8)	0.3
Recognition of stock-based compensation	3.6			3.6
Shares issued under compensation plans (in shares)			0.3
Shares issued under compensation plans	0.1		$ 0.3	(0.2)
Common stock purchases (in shares)			(2.3)
Common stock purchases	(63.7)						(63.7)
Dividends declared to noncontrolling interests	(0.7)								(0.7)
Ending balance (in shares) at Mar. 31, 2021			232.8
Ending balance at Mar. 31, 2021	1,405.8		$ 251.2	1,490.5	578.5		(507.2)	(453.6)	46.4
Beginning balance (in shares) at Dec. 31, 2020			234.8
Beginning balance at Dec. 31, 2020	1,479.8		$ 250.9	1,487.1	563.3		(443.5)	(424.8)	46.8
Comprehensive income (loss):
Net income	211.0
Total comprehensive income (loss)	$ 197.4
Shares issued under compensation plans (in shares)	0.5
Ending balance (in shares) at Sep. 30, 2021			228.3
Ending balance at Sep. 30, 2021	$ 1,487.1		$ 251.7	1,510.7	774.0		(657.3)	(438.3)	46.3
Beginning balance (in shares) at Mar. 31, 2021			232.8
Beginning balance at Mar. 31, 2021	1,405.8		$ 251.2	1,490.5	578.5		(507.2)	(453.6)	46.4
Comprehensive income (loss):
Net income	126.4				126.4
Net realized and unrealized gain (loss) on derivatives, net of tax	5.9							5.9
Long-term employee benefit plans, net of tax	1.0							1.0
Foreign currency translation, net of tax	39.3							38.7	0.6
Total comprehensive income (loss)	172.6				126.4			45.6	0.6
Recognition of stock-based compensation	4.2			4.2
Shares issued under compensation plans (in shares)			0.5
Shares issued under compensation plans	12.7		$ 0.5	12.2
Common stock purchases (in shares)			(1.9)
Common stock purchases	(60.0)						(60.0)
Ending balance (in shares) at Jun. 30, 2021			231.4
Ending balance at Jun. 30, 2021	1,535.3		$ 251.7	1,506.9	704.9		(567.2)	(408.0)	47.0
Comprehensive income (loss):
Net income	68.9				69.1				(0.2)
Net realized and unrealized gain (loss) on derivatives, net of tax	6.3							6.3
Long-term employee benefit plans, net of tax	0.8							0.8
Foreign currency translation, net of tax	(37.9)							(37.4)	(0.5)
Total comprehensive income (loss)	38.1				69.1			(30.3)	(0.7)
Recognition of stock-based compensation	3.9			3.9
Shares issued under compensation plans	(0.1)			(0.1)
Common stock purchases (in shares)			(3.1)
Common stock purchases	(90.1)						(90.1)
Ending balance (in shares) at Sep. 30, 2021			228.3
Ending balance at Sep. 30, 2021	$ 1,487.1		$ 251.7	$ 1,510.7	$ 774.0		$ (657.3)	$ (438.3)	$ 46.3

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Loss on derivatives, tax (benefit) expense	$ 1.1	$ 1.0	$ 1.3	$ 1.0	$ (0.4)	$ (6.0)
Long-term employee benefit plans, net of tax expense (benefit)	0.4	0.3	0.5	0.0	(0.2)	0.2
Foreign currency translation, tax expense	$ 0.0	$ 0.0	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Net income	$ 211.0	$ 51.7
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation and amortization	234.7	243.6
Amortization of deferred financing costs and original issue discount	6.7	6.8
Deferred income taxes	9.3	(57.2)
Realized and unrealized foreign exchange losses, net	9.5	12.7
Stock-based compensation	11.7	15.9
Gain on sale of facility	(8.9)	0.0
Interest income on swaps designated as net investment hedges	(14.3)	(11.0)
Other non-cash, net	11.3	8.6
Changes in operating assets and liabilities:
Trade accounts and notes receivable	(168.5)	(14.0)
Inventories	(107.8)	43.2
Prepaid expenses and other assets	(64.3)	(60.8)
Accounts payable	88.3	15.2
Other accrued liabilities	61.3	(40.9)
Other liabilities	10.0	17.1
Cash provided by operating activities	290.0	230.9
Investing activities:
Acquisitions, net of cash acquired	(647.3)	0.0
Purchase of property, plant and equipment	(98.7)	(56.2)
Interest proceeds on swaps designated as net investment hedges	14.3	11.0
Other investing activities, net	11.8	5.9
Cash used for investing activities	(719.9)	(39.3)
Financing activities:
Proceeds from long-term borrowings	0.0	500.0
Payments on short-term borrowings	(54.5)	(23.2)
Payments on long-term borrowings	(20.1)	(325.3)
Financing-related costs	(2.6)	(8.4)
Purchases of common stock	(213.8)	(0.9)
Net cash flows associated with stock-based awards	12.7	0.3
Purchase of noncontrolling interests	0.0	(5.8)
Other financing activities, net	(1.2)	0.1
Cash (used for) provided by financing activities	(279.5)	136.8
(Decrease) increase in cash	(709.4)	328.4
Effect of exchange rate changes on cash	(16.5)	(4.7)
Cash at beginning of period	1,364.0	1,020.5
Cash at end of period	638.1	1,344.2
Cash at end of period reconciliation:
Cash and cash equivalents	627.7	1,341.3
Restricted cash	10.4	2.9
Cash at end of period	$ 638.1	$ 1,344.2

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The interim condensed consolidated financial statements included herein are unaudited. In the opinion of management, these statements include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair statement of the financial position and shareholders' equity of Axalta Coating Systems Ltd., a Bermuda exempted company limited by shares, and its consolidated subsidiaries ("Axalta," the "Company," "we," "our" and "us") at September 30, 2021, the results of operations, comprehensive income (loss) and changes in shareholders' equity for the three and nine months ended September 30, 2021 and 2020, and cash flows for the nine months then ended. All intercompany balances and transactions have been eliminated. These interim unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The interim unaudited condensed consolidated financial statements include the accounts of Axalta and its subsidiaries, and entities in which a controlling interest is maintained. Certain of our joint ventures are accounted for on a one-month lag basis, the effect of which is not material. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for a full year. Summary of Significant Accounting Policies Recently Adopted Accounting Guidance In March 2020, we adopted ASU 2020-04, "Reference Rate Reform" which provides optional expedients exercisable through December 31, 2022 to ease the potential burden in accounting for the effects of reference rate reform on financial reporting. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope,” which clarified the scope and application of the original guidance. As of September 30, 2021, the expedients provided in this standard do not impact the Company. We will continue to monitor for potential impacts on our financial statements. In December 2020, we adopted ASU 2019-12, "Simplifying the Accounting for Income Taxes", which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and updating provisions related to accounting for franchise (or similar) tax partially based on income and interim recognition of enactment of tax law changes. The adoption of this standard did not have a material impact on our financial statements. Risks and Uncertainties In March 2020, the World Health Organization characterized the coronavirus ("COVID-19") a pandemic, and the COVID-19 outbreak was declared a national emergency in the United States. The rapid spread of the pandemic and the continuously evolving responses to combat it have had a negative impact on the global economy. The Company's results of operations, financial condition and cash flows were significantly impacted during 2020 as a result of the pandemic and we continue to see impacts to our business given the continued significant presence, and actual or potential spread, of the virus globally, as well as preventative measures enacted in certain regions of the world. We are currently unable to fully determine the future impact of COVID-19 on our business, though we believe the pandemic will continue to have a negative effect on our business during 2021, and potentially longer. We are monitoring the progression of the pandemic and its ongoing and potential effect on our financial position, results of operations, and cash flows, which effects could be materially adverse in a particular quarterly reporting period as well as on an annual basis.

Revenue	9 Months Ended
Revenue	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	REVENUEConsideration for products in which control has transferred to our customers that is conditional on something other than the passage of time is recorded as a contract asset within prepaid expenses and other current assets on the balance sheet. The contract asset balances at September 30, 2021 and December 31, 2020 were $39.6 million and $37.2 million, respectively. We provide certain customers with incremental up-front consideration, subject to clawback provisions, including Business Incentive Plan assets ("BIPs"), which is capitalized as a component of other assets and amortized over the estimated life of the contractual arrangement as a reduction of net sales. At September 30, 2021 and December 31, 2020, the total carrying value of BIPs were $155.8 million and $165.4 million, respectively, and are presented within other assets in the condensed consolidated balance sheets. For the three and nine months ended September 30, 2021 and 2020, $17.1 million, $46.1 million, $16.6 million and $49.9 million, respectively, was amortized and reflected as reductions of net sales in the condensed consolidated statements of operations. The total carrying value of BIPs exclude other upfront incentives made in conjunction with long-term customer commitments of $77.0 million and $79.8 million at September 30, 2021 and December 31, 2020, respectively, which we expect to be repaid in future periods. See Note 17 for disaggregated net sales by end-market.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Acquisitions

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions

ACQUISITIONS

The pro-forma impacts on our results of operations, including the pro-forma effect of events that are directly attributable to the following acquisitions, were not significant.

Acquisition of U-POL Holdings Limited

On September 15, 2021, we completed the acquisition of U-POL Holdings Limited (“U-POL”) for an aggregate purchase price of $619.8 million. The acquisition of U-POL, a leading supplier of paint, protective coatings and accessories primarily for the automotive aftermarket, strengthens Axalta’s global refinish leadership position and supports its broader growth strategy. The results of the business are reported within our Performance Coatings segment. The U-POL acquisition was recorded as a business combination under ASC 805, Business Combinations, with identifiable assets acquired and liabilities assumed recorded at their estimated fair values as of the acquisition date.

At September 30, 2021, we have not finalized the purchase accounting related to the U-POL acquisition and these amounts represent preliminary values. The allocation of the purchase price may be modified up to one year from the closing date of the acquisition as more information is obtained about the fair value of assets acquired and liabilities assumed. The purchase price was allocated as follows:


	September 15, 2021
Cash	$	23.7
Accounts and notes receivable, net	22.5
Inventories	23.3
Prepaid expenses and other current assets, net	3.2
Property, plant and equipment, net	16.5
Identifiable intangible assets	273.0
Other assets	2.0
Accounts payable	(20.9)
Other accrued liabilities	(3.9)
Other liabilities	(0.9)
Deferred income taxes	(68.4)
Net assets before goodwill from acquisition	270.1
Goodwill from acquisition	349.7
Net assets acquired	$	619.8

Goodwill was recognized as the excess of the purchase price over the net identifiable assets recognized. The goodwill is primarily attributed to the assembled workforce and the anticipated future economic benefits and is allocated to our refinish reporting unit. The goodwill recognized at September 30, 2021 is not deductible for income tax purposes.

We incurred and expensed acquisition-related transaction costs for the U-POL acquisition of $8.8 million, included within other operating (benefits) charges on the condensed consolidated statements of operations for the three and nine months ended September 30, 2021.

The fair value associated with definite-lived intangible assets was $273.0 million, comprised of $38.0 million in developed technology, $35.0 million in trademarks and $200.0 million in customer relationships. The definite-lived intangible assets will be amortized over an average term of 16.9 years.

Other Acquisitions

During April 2021, we acquired a producer of wire enamels used in a range of consumer electronics, electric vehicle and industrial applications, based in China. The acquisition was accounted for as a business combination within our industrial end-market and Performance Coatings segment. The overall impacts to our condensed consolidated financial statements were not considered material as of and for the three and nine months ended September 30, 2021. As of September 30, 2021, we have not yet finalized the purchase accounting related to the acquisition and the amounts recorded represent preliminary values. We expect to finalize our purchase accounting during the measurement period which will be no later than one year following the acquisition date.

Goodwill and Identifiable Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS

Goodwill

The following table shows changes in the carrying amount of goodwill from December 31, 2020 to September 30, 2021 by reportable segment:


	Performance Coatings		Mobility Coatings		Total
Balance at December 31, 2020	$	1,211.3	$	83.6	$	1,294.9
Goodwill from acquisitions	372.8		—		372.8
Foreign currency translation	(45.2)		(2.7)		(47.9)
Balance at September 30, 2021	$	1,538.9	$	80.9	$	1,619.8

Identifiable Intangible Assets

The following tables summarize the gross carrying amounts and accumulated amortization of identifiable intangible assets by major class:


September 30, 2021	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted average amortization periods (years)
Technology	$	592.8	$	(413.5)	$	179.3	10.2
Trademarks—indefinite-lived	272.8		—		272.8		Indefinite
Trademarks—definite-lived	136.1		(41.8)		94.3		14.4
Customer relationships	1,130.3		(355.7)		774.6		19.2
Other	15.1		(13.1)		2.0		5.0
Total	$	2,147.1	$	(824.1)	$	1,323.0


December 31, 2020	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted average amortization periods (years)
Technology	$	564.8	$	(383.6)	$	181.2	10.4
Trademarks—indefinite-lived	282.9		—		282.9		Indefinite
Trademarks—definite-lived	103.6		(37.5)		66.1		16.0
Customer relationships	943.6		(329.3)		614.3		19.0
Other	15.3		(11.0)		4.3		5.0
Total	$	1,910.2	$	(761.4)	$	1,148.8

The estimated amortization expense related to the fair value of acquired intangible assets for the remainder of 2021 and each of the succeeding five years is:


Remainder of 2021	$	33.6
2022	132.1
2023	91.5
2024	86.7
2025	86.0
2026	85.4

Restructuring

9 Months Ended

Sep. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring

RESTRUCTURING

In accordance with the applicable guidance for ASC 712, Nonretirement Postemployment Benefits, we accounted for contractual termination benefits and recognized liabilities when the loss was considered probable that employees were entitled to benefits and the amounts could be reasonably estimated.

During the three and nine months ended September 30, 2021 and 2020, we incurred costs for termination benefits of $9.5 million, $36.5 million, $35.2 million and $67.4 million, respectively. Pretax charges during the nine months ended September 30, 2021 primarily relate to additional employee severance charges within Europe that were not included in the previously announced global restructuring made in July 2020 as the required works council consultations and other local legal requirements were completed during the quarter. The majority of our termination benefits are recorded within other operating (benefits) charges in the condensed consolidated statements of operations. The remaining payments associated with these actions are expected to be substantially completed within 24 months.

The following table summarizes the activity related to termination benefit reserves and expenses from December 31, 2020 to September 30, 2021:


	2021 Activity
Balance at December 31, 2020	$	55.8
Expenses, net of changes to estimates	36.5
Payments made	(27.3)
Foreign currency translation	(2.2)
Balance at September 30, 2021	$	62.8

During September 2021, we completed the sale of our manufacturing facility in Mechelen, Belgium, which stopped operations during 2020 as a result of actions taken to reduce operational costs via a manufacturing footprint rationalization announced in 2018. During the three and nine months ended September 30, 2021, the sale resulted in a gain of $8.9 million, of which $1.0 million is included in cost of goods sold and $7.9 million is included in other operating (benefits) charges in the condensed consolidated statements of operations.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Guarantees We guarantee certain of our customers’ obligations to third parties, whereby any default by our customers on their obligations could force us to make payments to the applicable creditors. At September 30, 2021 and December 31, 2020, we had outstanding bank guarantees of $6.2 million and $8.5 million, respectively. A portion of our bank guarantees expire between 2021 and 2036, while others do not have specified expiration dates. We monitor the customer obligations and bank guarantees to evaluate whether we have a liability at the balance sheet date. During the nine months ended September 30, 2020, we incurred a $1.0 million charge related to our outstanding bank guarantees. We did not have any liabilities related to our outstanding bank guarantees recorded at September 30, 2021 and December 31, 2020. Operational Matter In January 2021, we became aware of an operational matter affecting certain North America Mobility Coatings customer manufacturing sites. The matter involves the use and application of certain of our products in combination with and incorporated within third party products. The matter occurred over a discrete period during the fourth quarter of 2020. When we filed, and as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020, we estimated that it was reasonably possible that losses associated with the matter could have been up to $250 million. Subsequent to the filing of our Annual Report on Form 10-K and through the filing of our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021, there were further developments which led us to conclude that losses from this matter were probable and that certain losses would be covered under our insurance policies, subject to deductible and policy limits as defined in our policies. For the three and nine months ended September 30, 2021, we recorded a benefit of $18.7 million and expense of $3.9 million, respectively, within other operating (benefits) charges in the condensed consolidated statement of operations. The benefit in the three months ended September 30, 2021, primarily resulted from incremental anticipated insurance recoveries as a result of clarification of coverages under our policies. At September 30, 2021, we have recorded an estimated $48.7 million for insurance receivables within accounts and notes receivable, net in the condensed consolidated balance sheets. Liabilities of $48.0 million are recorded as other accrued liabilities in the condensed consolidated balance sheets at September 30, 2021. The recorded probable losses remain an estimate and actual costs arising from this matter could be materially lower or higher depending on the actual costs incurred to repair the impacted products as well as the availability of additional insurance coverage. Other We are subject to various pending lawsuits, legal proceedings and other claims in the ordinary course of business, including civil, regulatory and environmental matters. These matters may involve third-party indemnification obligations and/or insurance covering all or part of any potential damage incurred by us. All of these matters are subject to many uncertainties and, accordingly, we cannot determine the ultimate outcome of the proceedings and other claims at this time. The potential effects, if any, on our consolidated financial statements will be recorded in the period in which these matters are probable and estimable. Except as set forth in the "Operational Matter" section above, we believe that any sum we may be required to pay in connection with proceedings or claims in excess of the amounts recorded would likely not have a material adverse effect upon our results of operations, financial conditions or cash flows on a consolidated annual basis but could have a material adverse impact in a particular quarterly reporting period. We are involved in environmental remediation and ongoing compliance activities at several sites. The timing and duration of remediation and ongoing compliance activities are determined on a site by site basis depending on local regulations. The liabilities recorded represent our estimable future remediation costs and other anticipated environmental liabilities. We have not recorded liabilities at sites where a liability is probable, but that a range of loss is not reasonably estimable. We believe that any sum we may be required to pay in connection with environmental remediation matters in excess of the amounts recorded would likely occur over a period of time and would likely not have a material adverse effect upon our results of operations, financial condition or cash flows on a consolidated annual basis but could have a material adverse impact in a particular quarterly reporting period.

Long-term Employee Benefits

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Long-term Employee Benefits

LONG-TERM EMPLOYEE BENEFITS

Components of Net Periodic Benefit Cost

The following table sets forth the components of net periodic benefit costs for the three and nine months ended September 30, 2021 and 2020:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Components of net periodic benefit cost:
Net periodic benefit cost:
Service cost	$	2.0	$	1.8	$	5.8	$	5.5
Interest cost	1.9		2.6		5.8		7.2
Expected return on plan assets	(3.4)		(3.2)		(10.3)		(9.5)
Amortization of actuarial loss, net	1.3		0.7		3.8		2.5
Amortization of prior service cost, net	(0.1)		—		(0.1)		—
Plan curtailments	—		(0.7)		—		(2.5)
Net periodic benefit cost	$	1.7	$	1.2	$	5.0	$	3.2

All non-service components of net periodic benefit cost are recorded in other income, net within the accompanying condensed consolidated statements of operations.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Stock-based Compensation

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

STOCK-BASED COMPENSATION

During the three and nine months ended September 30, 2021 and 2020, we recognized expenses of $3.9 million, $11.7 million, $4.7 million and $15.9 million, respectively, in stock-based compensation, which was allocated between costs of goods sold and selling, general and administrative expenses on the condensed consolidated statements of operations. We recognized tax benefits on stock-based compensation of $0.5 million, $1.2 million, $0.1 million, and $1.6 million for the three and nine months ended September 30, 2021 and 2020, respectively.

2021 Activity

A summary of award activity by type for the nine months ended September 30, 2021 is presented below.


Stock Options	Awards (in millions)	Weighted- Average Exercise Price		Aggregate Intrinsic Value (in millions)		Weighted Average Remaining Contractual Life (years)
Outstanding at January 1, 2021	2.5	$	27.34
Granted	—	$	—
Exercised	(0.5)	$	28.26
Forfeited / Expired	(0.4)	$	31.92
Outstanding at September 30, 2021	1.6	$	25.65
Vested and expected to vest at September 30, 2021	1.6	$	25.65	$	6.4	5.14
Exercisable at September 30, 2021	1.4	$	25.50	$	6.0	4.86

Cash received by the Company upon exercise of options for the nine months ended September 30, 2021 was $14.1 million. Tax shortfall expenses on these exercises were $0.5 million.

At September 30, 2021, there was $0.2 million of unrecognized expense relating to unvested stock options that is expected to be amortized over the weighted average period of 0.5 years.


Restricted Stock Awards and Restricted Stock Units (1)	Awards/Units (millions)	Weighted-Average Fair Value
Outstanding at January 1, 2021	1.0	$	28.84
Granted	0.6	$	28.85
Vested	(0.4)	$	29.04
Forfeited	(0.1)	$	28.92
Outstanding at September 30, 2021	1.1	$	28.75

(1) As of September 30, 2021, there are no restricted stock awards outstanding and only restricted stock units remain.

Tax shortfall expenses on the vesting of restricted stock awards and restricted stock units during the nine months ended September 30, 2021 was $0.1 million.

At September 30, 2021, there was $16.2 million of unamortized expense relating to unvested restricted stock units that is expected to be amortized over a weighted average period of 1.6 years.


Performance Stock Awards and Performance Share Units (1)	Awards/Units (millions)	Weighted-Average Fair Value
Outstanding at January 1, 2021	0.5	$	31.07
Granted	0.4	$	29.53
Vested	—	$	—
Forfeited	(0.2)	$	31.84
Outstanding at September 30, 2021	0.7	$	30.11

(1) As of September 30, 2021, there are no performance stock awards outstanding and only performance share units remain.

Our performance stock awards and performance share units allow for participants to vest in more or less than the targeted number of shares granted. All of our performance awards are currently performing below the applicable targets. We currently expect a total of 0.4 million shares with a weighted average fair value per share of $29.74 to vest at the respective vesting dates for such awards. At September 30, 2021, there is $8.9 million of unamortized expense relating to unvested performance share units that is expected to be amortized over a weighted average period of 2.3 years. The forfeitures include performance stock awards and performance share units that vested below threshold payout.

Other (Income) Expense, Net

9 Months Ended

Sep. 30, 2021

Other Income and Expenses [Abstract]

Other (Income) Expense, Net

OTHER (INCOME) EXPENSE, NET


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Foreign exchange (gain) losses, net	$	(0.7)	$	5.5	$	2.9	$	7.5

Debt extinguishment and refinancing related costs	—		—		0.2		2.4
Other miscellaneous income, net (1)	(1.7)		(3.2)		(14.0)		(9.0)

Total	$	(2.4)	$	2.3	$	(10.9)	$	0.9

(1) Activity during the nine months ended September 30, 2021 includes income of $8.3 million related to a law change with respect to certain Brazilian indirect taxes.

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Our effective income tax rates for the nine months ended September 30, 2021 and 2020 are as follows:


	Nine Months Ended September 30,
	2021		2020
Effective Tax Rate	24.1	%	(78.3)	%

The Company's effective tax rate for the periods reflected in the condensed consolidated financial statements are not directly comparable primarily due to the intra-entity asset transfers of certain of its intellectual property and the impacts of certain ongoing tax audits, which occurred during the nine months ended September 30, 2020 and are discussed below.

On January 1, 2020, we completed an intra-entity transfer of certain intellectual property rights (the “IP”) to our Swiss subsidiary, where our EMEA regional headquarters is located. The transfer of the IP did not result in a taxable gain; however, it did result in step-up of the Swiss tax-deductible basis in the transferred assets and, accordingly, created a temporary difference between the book basis and the tax basis of the IP, which was transferred at fair value. We applied significant judgment when determining the fair value of the IP, which serves as the tax basis of the deferred tax asset. Consequently, this transaction resulted in the recognition of a deferred tax asset at the applicable Swiss tax rate, resulting in a one-time tax benefit of $50.5 million during the nine months ended September 30, 2020. The Company expects to be able to realize the deferred tax assets resulting from these intra-entity asset transfers.

In connection with the income tax audit in Germany for the tax period 2010-2013, the Germany Tax Authority (“GTA”) indicated that it believed that certain positions taken on the 2010-2013 corporate income tax returns were not in compliance with German tax law. While the Company disagrees with the conclusions of the GTA based on the technical merits of our positions, after extensive discussions with the GTA and to avoid a potentially long and costly litigation process, in March 2020 the Company expressed a willingness to settle with the GTA on certain matters. The Company has reached a formal agreement with the GTA and is expecting to settle the final assessment in the coming months. The Company recorded a charge to income tax expense of $14.3 million during the nine months ended September 30, 2020. The Company is also currently under audit in Germany for tax years 2014-2017 and is prepared to vigorously defend itself on these matters.

The Company anticipates that it is reasonably possible it will settle up to $24.0 million, exclusive of interest and penalties, of its current unrecognized tax benefits within the next 12 months due to the expected conclusion of ongoing tax audits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Income Per Common Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Net Income Per Common Share

NET INCOME PER COMMON SHARE

Basic net income per common share excludes the dilutive impact of potentially dilutive securities and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted net income per common share includes the effect of potential dilution from the hypothetical exercise of outstanding stock options and vesting of restricted stock awards, restricted stock units, performance stock awards and performance share units. A reconciliation of our basic and diluted net income per common share is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2021		2020		2021		2020
Net income to common shareholders	$	69.1	$	82.5	$	210.7	$	51.9
Basic weighted average shares outstanding	229.9		235.3		232.1		235.1
Diluted weighted average shares outstanding	230.7		236.0		233.0		235.9
Net income per common share:
Basic net income per share	$	0.30	$	0.35	$	0.91	$	0.22
Diluted net income per share	$	0.30	$	0.35	$	0.90	$	0.22

The number of anti-dilutive shares that have been excluded in the computation of diluted net income per share for the three and nine months ended September 30, 2021 and 2020 were 0.3 million, 0.8 million, 2.8 million and 2.9 million, respectively.

Accounts and Notes Receivable, Net

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Accounts and Notes Receivable, Net

ACCOUNTS AND NOTES RECEIVABLE, NET

Trade accounts receivable are stated at the amount we expect to collect. We maintain allowances for doubtful accounts for estimated losses by applying historical loss percentages, combined with reasonable and supportable forecasts of future losses, to respective aging categories. Management considers the following factors in developing its current estimate of expected credit losses: customer credit-worthiness, past transaction history with the customer, current economic industry trends, changes in market or regulatory matters, and changes in customer payment terms, including the ongoing impacts from COVID-19.


	September 30, 2021		December 31, 2020
Accounts receivable - trade, net (1)	$	859.2	$	738.3
Notes receivable	23.2		30.3
Other (2)	167.7		101.2
Total	$	1,050.1	$	869.8

(1) Allowance for doubtful accounts was $24.5 million and $26.5 million at September 30, 2021 and December 31, 2020, respectively.

(2) Includes $48.7 million at September 30, 2021 of insurance recoveries related to the operational matter as discussed further in Note 6.

Bad debt expense of $0.4 million, $1.3 million, $2.4 million and $12.8 million was included within selling, general and administrative expenses for the three and nine months ended September 30, 2021 and 2020, respectively.

Inventories

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Inventories

INVENTORIES


	September 30, 2021		December 31, 2020
Finished products	$	364.0	$	319.3
Semi-finished products	112.5		92.2
Raw materials	178.4		127.2
Stores and supplies	23.0		21.2
Total	$	677.9	$	559.9

Inventory reserves were $16.6 million and $17.0 million at September 30, 2021 and December 31, 2020, respectively.

Property, Plant and Equipment, Net

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

PROPERTY, PLANT AND EQUIPMENT, NET


	September 30, 2021		December 31, 2020
Property, plant and equipment	$	2,293.8	$	2,317.9
Accumulated depreciation	(1,100.3)		(1,123.4)
Property, plant, and equipment, net	$	1,193.5	$	1,194.5

Depreciation expense amounted to $31.5 million, $96.3 million, $31.1 million and $104.4 million for the three and nine months ended September 30, 2021 and 2020, respectively.

During May 2021, approximately $55.0 million of capitalized project costs related to an enterprise resource planning system previously classified as construction in progress were placed in service and depreciation was initiated. The majority of the costs will be depreciated over a 15-year useful life.

Borrowings

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Borrowings

BORROWINGS

Borrowings are summarized as follows:


	September 30, 2021		December 31, 2020
2024 Dollar Term Loans	$	2,045.0	$	2,063.2


2025 Euro Senior Notes	525.2		552.1
2027 Dollar Senior Notes	500.0		500.0
2029 Dollar Senior Notes	700.0		700.0
Short-term and other borrowings	106.4		118.0
Unamortized original issue discount	(5.1)		(6.3)
Unamortized deferred financing costs	(29.0)		(34.3)
Total borrowings, net	3,842.5		3,892.7
Less:
Short-term borrowings	19.0		29.9
Current portion of long-term borrowings	24.3		24.3
Long-term debt	$	3,799.2	$	3,838.5

Revolving Credit Facility

During May 2021, we entered into the Tenth Amendment to the Credit Agreement (the "Tenth Amendment") to, among other things, increase commitments available pursuant to the Revolving Credit Facility from $400.0 million to $550.0 million and extend the maturity of the Revolving Credit Facility from 2024 to 2026, provided that such date will be accelerated in certain circumstances as set forth in the Tenth Amendment. As a result, we recorded $1.4 million of incremental deferred financing costs.

At September 30, 2021 and December 31, 2020, letters of credit issued under the Revolving Credit Facility totaled $34.0 million which reduced the availability under the Revolving Credit Facility. Availability under the Revolving Credit Facility was $516.0 million and $366.0 million at September 30, 2021 and December 31, 2020, respectively.

Future repayments

Below is a schedule of required future repayments of all borrowings outstanding at September 30, 2021.


Remainder of 2021	$	21.6
2022	54.4
2023	27.3
2024	1,993.3
2025	528.5
Thereafter	1,251.5
Total borrowings	3,876.6
Unamortized original issue discount	(5.1)
Unamortized deferred financing costs	(29.0)
Total borrowings, net	$	3,842.5

Financial Instruments, Hedging Activities and Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Financial Instruments, Hedging Activities and Fair Value Measurements

FINANCIAL INSTRUMENTS, HEDGING ACTIVITIES AND FAIR VALUE MEASUREMENTS

Fair value of financial instruments

Equity securities with readily determinable fair values - Balances of equity securities are recorded within other assets, with any changes in fair value recorded within other income, net. The fair values of equity securities are based upon quoted market prices, which are considered Level 1 inputs.

Long-term borrowings - The estimated fair values of these borrowings are based on recent trades, as reported by a third-party pricing service. Due to the infrequency of trades, these inputs are considered to be Level 2 inputs.

Derivative instruments - The Company’s interest rate caps, interest rate swaps, cross-currency swaps, and foreign currency forward contracts are valued using broker quotations, or market transactions in either the listed or over-the-counter markets. As such, these derivative instruments are included in the Level 2 hierarchy.

Fair value of contingent consideration

The fair value of contingent consideration associated with an acquisition completed in the current year is valued at each balance sheet date, until amounts become payable, with adjustments recorded within other operating (benefits) charges in the condensed consolidated statements of operations. During the nine months ended September 30, 2021, in conjunction with the acquisition in China described in Note 3, we recorded fair value of contingent consideration of $7.3 million, which remained unchanged as of September 30, 2021. The contingent consideration was valued using a probability-weighted expected payment method. The analysis considered the timing of expected future cash flows and the probability of whether key elements of the contingent event are completed. Due to the significant unobservable inputs used in the valuations, these liabilities are categorized within Level 3 of the fair value hierarchy.

The table below presents the fair values of our financial instruments measured on a recurring basis by level within the fair value hierarchy at September 30, 2021 and December 31, 2020.


	September 30, 2021								December 31, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Prepaid expenses and other current assets:

Cross-currency swaps (2)	$	—	$	18.6	$	—	$	18.6	$	—	$	16.7	$	—	$	16.7
Foreign currency forward contracts (1)	—		0.1		—		0.1		—		—		—		—
Other assets:



Investments in equity securities	0.7		—		—		0.7		0.8		—		—		0.8
Liabilities:
Other accrued liabilities:
Interest rate caps (1)	—		0.5		—		0.5		—		2.0		—		2.0
Interest rate swaps (1)	—		29.3		—		29.3		—		28.9		—		28.9

Contingent consideration	—		—		7.3		7.3		—		—		—		—
Other liabilities:

Interest rate swaps (1)	—		9.3		—		9.3		—		31.1		—		31.1
Cross-currency swaps (2)	—		17.8		—		17.8		—		52.0		—		52.0

Long-term borrowings:
2024 Dollar Term Loans	—		2,039.6		—		2,039.6		—		2,043.0		—		2,043.0
2025 Euro Senior Notes	—		534.8		—		534.8		—		564.3		—		564.3
2027 Dollar Senior Notes	—		521.6		—		521.6		—		533.1		—		533.1
2029 Dollar Senior Notes	—		684.6		—		684.6		—		704.6		—		704.6

(1) Cash flow hedge

(2) Net investment hedge

The table below presents a roll forward of activity for the Level 3 liabilities for the nine months ended September 30, 2021.


	Fair Value Using Significant Unobservable Inputs (Level 3)
Beginning balance January 1, 2021	$	—






Business acquisition	7.3










Ending balance at September 30, 2021	$	7.3

Derivative Financial Instruments

We selectively use derivative instruments to reduce market risk associated with changes in foreign currency exchange rates and interest rates. The use of derivatives is intended for hedging purposes only, and we do not enter into derivative instruments for speculative purposes.

The following table presents the fair values of derivative instruments that qualify and have been designated as cash flow and net investment hedges included in accumulated other comprehensive loss ("AOCI"):


	September 30, 2021		December 31, 2020
AOCI:
Interest rate caps (cash flow hedges)	$	0.7	$	2.6
Interest rate swaps (cash flow hedges)	38.6		60.0
Foreign currency forward contracts (cash flow hedges)	0.1		0.3
Cross-currency swaps (net investment hedges)	(0.8)		35.2
Total AOCI	$	38.6	$	98.1

Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis.

The following tables set forth the locations and amounts recognized during the three and nine months ended September 30, 2021 and 2020 for these cash flow and net investment hedges.


		For the Three Months Ended September 30,
		2021				2020
Derivatives in Cash Flow and Net Investment Hedges	Location of Loss (Gain) Recognized in Income on Derivatives	Net Amount of Loss (Gain) Recognized in OCI on Derivatives		Amount of Loss (Gain) Recognized in Income		Net Amount of Loss Recognized in OCI on Derivatives		Amount of Loss (Gain) Recognized in Income
Interest rate caps	Interest expense, net	$	—	$	0.7	$	0.1	$	0.6
Interest rate swaps	Interest expense, net	0.9		7.5		0.4		7.0
Foreign currency forward contracts	Cost of goods sold	—		0.1		0.1		—
Cross-currency swaps	Interest expense, net	(20.4)		(4.8)		16.9		(3.6)


		For the Nine Months Ended September 30,
		2021				2020
Derivatives in Cash Flow and Net Investment Hedges	Location of Loss (Gain) Recognized in Income on Derivatives	Net Amount of (Gain) Recognized in OCI on Derivatives		Amount of Loss (Gain) Recognized in Income		Net Amount of Loss (Gain) Recognized in OCI on Derivatives		Amount of Loss (Gain) Recognized in Income
Interest rate caps	Interest expense, net	$	—	$	1.9	$	1.2	$	1.5
Interest rate swaps	Interest expense, net	0.3		21.7		48.0		11.5
Foreign currency forward contracts	Cost of goods sold	—		0.2		0.1		—
Cross-currency swaps	Interest expense, net	(50.3)		(14.3)		(2.5)		(11.0)

Over the next 12 months, we expect losses of $30.1 million pertaining to cash flow hedges to be reclassified from AOCI into earnings, related to our interest rate caps, interest rate swaps, and foreign currency forward contracts.

Derivative Instruments Not Designated as Cash Flow Hedges

We periodically enter into foreign currency forward and option contracts to reduce market risk and hedge our balance sheet exposures and cash flows for subsidiaries with exposures denominated in currencies different from the functional currency of the relevant subsidiary. These contracts have not been designated as hedges and all gains and losses are marked to market through other income, net in the condensed consolidated statements of operations.

During July 2021, we entered into two foreign currency forward contracts with a total notional value of £259.1 million to hedge the variability in exchange rates between the execution date of the agreement to purchase U-POL and the closing of the transaction. The contracts were settled in September 2021, and we realized a loss of $0.6 million within Other (income) expense, net on the condensed consolidated statement of operations.

Fair value gains and losses of derivative contracts, as determined using Level 2 inputs, that have not been designated for hedge accounting treatment are recorded in earnings as follows:


Derivatives Not Designated as Hedging Instruments under ASC 815	Location of Loss Recognized in Income on Derivatives	Three Months Ended September 30,				Nine Months Ended September 30,
		2021		2020		2021		2020

Foreign currency forward contracts	Other (income) expense, net	$	(0.9)	$	(4.4)	$	(6.8)	$	(5.3)

- 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.

+ References + Details

Segments

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segments

SEGMENTSThe Company identifies an operating segment as a component: (i) that engages in business activities from which it may earn revenues and incur expenses; (ii) whose operating results are regularly reviewed by the Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance; and (iii) that has available discrete financial information.

We have two operating segments, which are also our reportable segments: Performance Coatings and Mobility Coatings. Previously named Transportation Coatings, our Mobility Coatings segment was renamed earlier in 2021 with no changes to the underlying business or segment structure. The CODM reviews financial information at the operating segment level to allocate resources and to assess the operating results and financial performance for each operating segment. Our CODM is identified as the Chief Executive Officer because he has final authority over performance assessment and resource allocation decisions. Our segments are based on the type and concentration of customers served, service requirements, methods of distribution and major product lines.

Through our Performance Coatings segment, we provide high-quality liquid and powder coatings solutions to a fragmented and local customer base. We are one of only a few suppliers with the technology to provide precise color matching and highly durable coatings systems. The end-markets within this segment are refinish and industrial.

Through our Mobility Coatings segment, we provide advanced coating technologies to OEMs of light and commercial vehicles. These increasingly global customers require a high level of technical support coupled with cost-effective, environmentally responsible coatings systems that can be applied with a high degree of precision, consistency and speed. The end-markets within this segment are light vehicle and commercial vehicle.

Adjusted EBIT is the primary measure to evaluate financial performance of the operating segments and allocate resources. Asset information is not reviewed or included with our internal management reporting. Therefore, the Company has not disclosed asset information for each reportable segment. The following table presents relevant information of our reportable segments.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net sales (1):
Refinish	$	443.4	$	401.7	$	1,305.5	$	1,031.4
Industrial	335.8		281.0		986.8		781.1
Total Net sales Performance Coatings	779.2		682.7		2,292.3		1,812.5
Light Vehicle	235.4		276.3		758.2		662.7
Commercial Vehicle	74.0		67.9		228.5		187.9
Total Net sales Mobility Coatings	309.4		344.2		986.7		850.6
Total Net sales	$	1,088.6	$	1,026.9	$	3,279.0	$	2,663.1
Depreciation and amortization expense (2):
Performance Coatings	$	57.0	$	57.4	$	167.4	$	175.3
Mobility Coatings	22.3		23.0		67.3		68.3
Total Depreciation and amortization expense	$	79.3	$	80.4	$	234.7	$	243.6

(1)The Company has no intercompany sales between segments.

(2)Depreciation and amortization expenses relating to assets used within the operations of a specifically identifiable segment are recorded to the appropriate segment, while depreciation and amortization expenses relating to assets shared in our integrated supply chain are allocated to the appropriate segments on a consistent basis reflecting their use.

The following table reconciles our segment operating performance to income before income taxes for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Segment Adjusted EBIT (1):
Performance Coatings	$	122.8	$	133.9	$	379.7	$	214.8
Mobility Coatings	(2.7)		48.5		42.2		35.0
Total (2)	120.1		182.4		421.9		249.8
Interest expense, net	33.8		39.8		100.7		112.4
Debt extinguishment and refinancing related costs (a)	—		—		0.2		2.4
Termination benefits and other employee related costs (b)	9.6		35.7		35.1		70.4
Strategic review and retention costs (c)	2.1		6.9		9.7		25.1
Acquisition and divestiture-related costs (d)	9.2		0.1		10.8		0.3
Impairment (benefits) charges(e)	(0.8)		0.3		(0.8)		3.5
Pension special events (f)	—		(0.7)		—		(2.5)
Accelerated depreciation (g)	0.6		0.4		1.8		8.9
Indemnity (income) loss (h)	(0.1)		0.3		(0.2)		0.3

Operational matter (i)	(18.7)		—		3.9		—
Brazil indirect tax (j)	—		—		(8.3)		—
Gain on sale of facility (k)	(8.9)		—		(8.9)		—
Income before income taxes	$	93.3	$	99.6	$	277.9	$	29.0


(1)			The primary measure of segment operating performance is Adjusted EBIT, which is defined as net income before interest, taxes and select other items impacting operating results. These other items impacting operating results are items that management has concluded are (1) non-cash items included within net income, (2) items the Company does not believe are indicative of ongoing operating performance or (3) non-recurring, unusual or infrequent items that have not occurred within the last two years or we believe are not reasonably likely to recur within the next two years. Adjusted EBIT is a key metric that is used by management to evaluate business performance in comparison to budgets, forecasts and prior year financial results, providing a measure that management believes reflects the Company’s core operating performance, which represents Adjusted EBIT adjusted for the select items referred to above.

(2)			Does not represent Adjusted EBIT referenced elsewhere by the Company as there are additional adjustments that are not allocated to the segments.

(a)			Represents expenses and associated changes to estimates related to the prepayment, restructuring, and refinancing of our indebtedness, which are not considered indicative of our ongoing operating performance.

(b)			Represents expenses and associated changes to estimates related to employee termination benefits and other employee-related costs. Employee termination benefits are primarily associated with Axalta Way initiatives. These amounts are not considered indicative of our ongoing operating performance.

(c)			Represents costs for legal, tax and other advisory fees pertaining to our review of strategic alternatives that was concluded in March 2020, as well as retention awards for certain employees that were earned over a period of 18-24 months, which ended during September 2021. These amounts are not considered indicative of our ongoing performance.

(d)			Represents acquisition and divestiture-related expenses and non-cash fair value inventory adjustments associated with our business combinations, all of which are not considered indicative of our ongoing operating performance.

(e)			Represents impairment (benefits) charges, which are not considered indicative of our ongoing performance. The current year benefit primarily reflects a recovered gain on a previously impaired asset.

(f)			Represents certain defined benefit pension costs associated with special events, including pension curtailments, settlements and special termination benefits, which we do not consider indicative of our ongoing operating performance.

(g)			Represents incremental depreciation expense resulting from truncated useful lives of the assets impacted by our manufacturing footprint assessments, which we do not consider indicative of our ongoing operating performance.

(h)			Represents indemnity income associated with acquisitions, which we do not consider indicative of our ongoing operating performance.

(i)			Represents expenses, changes in estimates and insurance recoveries for probable liabilities related to an operational matter in the Mobility Coatings segment discussed further in Note 6, which is not indicative of our ongoing operating performance.

(j)			Represents non-recurring income related to a law change with respect to certain Brazilian indirect taxes which was recorded within other (income) expense, net.

(k)			Represents non-recurring income related to the sale of a previously closed manufacturing facility.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss

ACCUMULATED OTHER COMPREHENSIVE LOSS


	Unrealized Currency Translation Adjustments		Pension Adjustments		Unrealized (Loss) Gain on Derivatives		Accumulated Other Comprehensive (Loss) Income
Balance at December 31, 2020	$	(282.0)	$	(88.7)	$	(54.1)	$	(424.8)
Current year deferrals to AOCI	(37.4)		—		1.3		(36.1)
Reclassifications from AOCI to Net income	—		0.7		6.6		7.3
Net Change	(37.4)		0.7		7.9		(28.8)
Balance at March 31, 2021	(319.4)		(88.0)		(46.2)		(453.6)
Current year deferrals to AOCI	38.7		—		(0.8)		37.9
Reclassifications from AOCI to Net income	—		1.0		6.7		7.7
Net Change	38.7		1.0		5.9		45.6
Balance at June 30, 2021	(280.7)		(87.0)		(40.3)		(408.0)
Current year deferrals to AOCI	(37.4)		—		(0.8)		(38.2)
Reclassifications from AOCI to Net income	—		0.8		7.1		7.9
Net Change	(37.4)		0.8		6.3		(30.3)
Balance at September 30, 2021	$	(318.1)	$	(86.2)	$	(34.0)	$	(438.3)

The cumulative income tax benefit related to the adjustments for pension benefits at September 30, 2021 was $32.3 million. The cumulative income tax benefit related to the adjustments for unrealized loss on derivatives at September 30, 2021 was $5.4 million.


	Unrealized Currency Translation Adjustments		Pension Adjustments		Unrealized (Loss) Gain on Derivatives		Accumulated Other Comprehensive (Loss) Income
Balance at December 31, 2019	$	(297.0)	$	(69.9)	$	(28.6)	$	(395.5)
Current year deferrals to AOCI	(83.3)		—		(36.3)		(119.6)
Reclassifications from AOCI to Net income	—		(0.4)		1.6		1.2
Net Change	(83.3)		(0.4)		(34.7)		(118.4)
Balance at March 31, 2020	(380.3)		(70.3)		(63.3)		(513.9)
Current year deferrals to AOCI	6.1		—		(5.2)		0.9
Reclassifications from AOCI to Net loss	—		0.4		3.0		3.4
Net Change	6.1		0.4		(2.2)		4.3
Balance at June 30, 2020	(374.2)		(69.9)		(65.5)		(509.6)
Current year deferrals to AOCI	33.9		(0.2)		(0.5)		33.2
Reclassifications from AOCI to Net income	—		(0.3)		6.5		6.2
Net Change	33.9		(0.5)		6.0		39.4
Balance at September 30, 2020	$	(340.3)	$	(70.4)	$	(59.5)	$	(470.2)

Included within the reclassification from AOCI to Net Income for the three and nine months ended September 30, 2020 were curtailment and settlement impacts of $1.3 million and $3.1 million, respectively. The cumulative income tax benefit related to the adjustments for pension benefits at September 30, 2020 was $27.0 million. The cumulative income tax benefit related to the adjustments for unrealized loss on derivatives at September 30, 2020 was $9.7 million.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance In March 2020, we adopted ASU 2020-04, "Reference Rate Reform" which provides optional expedients exercisable through December 31, 2022 to ease the potential burden in accounting for the effects of reference rate reform on financial reporting. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope,” which clarified the scope and application of the original guidance. As of September 30, 2021, the expedients provided in this standard do not impact the Company. We will continue to monitor for potential impacts on our financial statements. In December 2020, we adopted ASU 2019-12, "Simplifying the Accounting for Income Taxes", which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and updating provisions related to accounting for franchise (or similar) tax partially based on income and interim recognition of enactment of tax law changes. The adoption of this standard did not have a material impact on our financial statements.

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

The purchase price was allocated as follows:


	September 15, 2021
Cash	$	23.7
Accounts and notes receivable, net	22.5
Inventories	23.3
Prepaid expenses and other current assets, net	3.2
Property, plant and equipment, net	16.5
Identifiable intangible assets	273.0
Other assets	2.0
Accounts payable	(20.9)
Other accrued liabilities	(3.9)
Other liabilities	(0.9)
Deferred income taxes	(68.4)
Net assets before goodwill from acquisition	270.1
Goodwill from acquisition	349.7
Net assets acquired	$	619.8

Goodwill and Identifiable Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table shows changes in the carrying amount of goodwill from December 31, 2020 to September 30, 2021 by reportable segment:


	Performance Coatings		Mobility Coatings		Total
Balance at December 31, 2020	$	1,211.3	$	83.6	$	1,294.9
Goodwill from acquisitions	372.8		—		372.8
Foreign currency translation	(45.2)		(2.7)		(47.9)
Balance at September 30, 2021	$	1,538.9	$	80.9	$	1,619.8

Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class

The following tables summarize the gross carrying amounts and accumulated amortization of identifiable intangible assets by major class:


September 30, 2021	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted average amortization periods (years)
Technology	$	592.8	$	(413.5)	$	179.3	10.2
Trademarks—indefinite-lived	272.8		—		272.8		Indefinite
Trademarks—definite-lived	136.1		(41.8)		94.3		14.4
Customer relationships	1,130.3		(355.7)		774.6		19.2
Other	15.1		(13.1)		2.0		5.0
Total	$	2,147.1	$	(824.1)	$	1,323.0


December 31, 2020	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted average amortization periods (years)
Technology	$	564.8	$	(383.6)	$	181.2	10.4
Trademarks—indefinite-lived	282.9		—		282.9		Indefinite
Trademarks—definite-lived	103.6		(37.5)		66.1		16.0
Customer relationships	943.6		(329.3)		614.3		19.0
Other	15.3		(11.0)		4.3		5.0
Total	$	1,910.2	$	(761.4)	$	1,148.8

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The estimated amortization expense related to the fair value of acquired intangible assets for the remainder of 2021 and each of the succeeding five years is:


Remainder of 2021	$	33.6
2022	132.1
2023	91.5
2024	86.7
2025	86.0
2026	85.4

Restructuring (Tables)

9 Months Ended

Sep. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

The following table summarizes the activity related to termination benefit reserves and expenses from December 31, 2020 to September 30, 2021:


	2021 Activity
Balance at December 31, 2020	$	55.8
Expenses, net of changes to estimates	36.5
Payments made	(27.3)
Foreign currency translation	(2.2)
Balance at September 30, 2021	$	62.8

Long-term Employee Benefits (Tables)

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The following table sets forth the components of net periodic benefit costs for the three and nine months ended September 30, 2021 and 2020:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Components of net periodic benefit cost:
Net periodic benefit cost:
Service cost	$	2.0	$	1.8	$	5.8	$	5.5
Interest cost	1.9		2.6		5.8		7.2
Expected return on plan assets	(3.4)		(3.2)		(10.3)		(9.5)
Amortization of actuarial loss, net	1.3		0.7		3.8		2.5
Amortization of prior service cost, net	(0.1)		—		(0.1)		—
Plan curtailments	—		(0.7)		—		(2.5)
Net periodic benefit cost	$	1.7	$	1.2	$	5.0	$	3.2

Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock Options Roll Forward

A summary of award activity by type for the nine months ended September 30, 2021 is presented below.


Stock Options	Awards (in millions)	Weighted- Average Exercise Price		Aggregate Intrinsic Value (in millions)		Weighted Average Remaining Contractual Life (years)
Outstanding at January 1, 2021	2.5	$	27.34
Granted	—	$	—
Exercised	(0.5)	$	28.26
Forfeited / Expired	(0.4)	$	31.92
Outstanding at September 30, 2021	1.6	$	25.65
Vested and expected to vest at September 30, 2021	1.6	$	25.65	$	6.4	5.14
Exercisable at September 30, 2021	1.4	$	25.50	$	6.0	4.86

Schedule of Restricted Stock Units and Restricted Stock Awards Roll Forward


Restricted Stock Awards and Restricted Stock Units (1)	Awards/Units (millions)	Weighted-Average Fair Value
Outstanding at January 1, 2021	1.0	$	28.84
Granted	0.6	$	28.85
Vested	(0.4)	$	29.04
Forfeited	(0.1)	$	28.92
Outstanding at September 30, 2021	1.1	$	28.75

(1) As of September 30, 2021, there are no restricted stock awards outstanding and only restricted stock units remain.

Schedule of Performance Stock Roll Forward


Performance Stock Awards and Performance Share Units (1)	Awards/Units (millions)	Weighted-Average Fair Value
Outstanding at January 1, 2021	0.5	$	31.07
Granted	0.4	$	29.53
Vested	—	$	—
Forfeited	(0.2)	$	31.84
Outstanding at September 30, 2021	0.7	$	30.11

(1) As of September 30, 2021, there are no performance stock awards outstanding and only performance share units remain.

Other (Income) Expense, Net (Tables)

9 Months Ended

Sep. 30, 2021

Other Income and Expenses [Abstract]

Schedule of Other Income, Net


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Foreign exchange (gain) losses, net	$	(0.7)	$	5.5	$	2.9	$	7.5

Debt extinguishment and refinancing related costs	—		—		0.2		2.4
Other miscellaneous income, net (1)	(1.7)		(3.2)		(14.0)		(9.0)

Total	$	(2.4)	$	2.3	$	(10.9)	$	0.9

(1) Activity during the nine months ended September 30, 2021 includes income of $8.3 million related to a law change with respect to certain Brazilian indirect taxes.

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

Our effective income tax rates for the nine months ended September 30, 2021 and 2020 are as follows:


	Nine Months Ended September 30,
	2021		2020
Effective Tax Rate	24.1	%	(78.3)	%

Net Income Per Common Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

A reconciliation of our basic and diluted net income per common share is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2021		2020		2021		2020
Net income to common shareholders	$	69.1	$	82.5	$	210.7	$	51.9
Basic weighted average shares outstanding	229.9		235.3		232.1		235.1
Diluted weighted average shares outstanding	230.7		236.0		233.0		235.9
Net income per common share:
Basic net income per share	$	0.30	$	0.35	$	0.91	$	0.22
Diluted net income per share	$	0.30	$	0.35	$	0.90	$	0.22

Accounts and Notes Receivable, Net (Tables)

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable


	September 30, 2021		December 31, 2020
Accounts receivable - trade, net (1)	$	859.2	$	738.3
Notes receivable	23.2		30.3
Other (2)	167.7		101.2
Total	$	1,050.1	$	869.8

(1) Allowance for doubtful accounts was $24.5 million and $26.5 million at September 30, 2021 and December 31, 2020, respectively.

(2) Includes $48.7 million at September 30, 2021 of insurance recoveries related to the operational matter as discussed further in Note 6.

Inventories (Tables)

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory, Current


	September 30, 2021		December 31, 2020
Finished products	$	364.0	$	319.3
Semi-finished products	112.5		92.2
Raw materials	178.4		127.2
Stores and supplies	23.0		21.2
Total	$	677.9	$	559.9

Property, Plant and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment


	September 30, 2021		December 31, 2020
Property, plant and equipment	$	2,293.8	$	2,317.9
Accumulated depreciation	(1,100.3)		(1,123.4)
Property, plant, and equipment, net	$	1,193.5	$	1,194.5

Borrowings (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt

Borrowings are summarized as follows:


	September 30, 2021		December 31, 2020
2024 Dollar Term Loans	$	2,045.0	$	2,063.2


2025 Euro Senior Notes	525.2		552.1
2027 Dollar Senior Notes	500.0		500.0
2029 Dollar Senior Notes	700.0		700.0
Short-term and other borrowings	106.4		118.0
Unamortized original issue discount	(5.1)		(6.3)
Unamortized deferred financing costs	(29.0)		(34.3)
Total borrowings, net	3,842.5		3,892.7
Less:
Short-term borrowings	19.0		29.9
Current portion of long-term borrowings	24.3		24.3
Long-term debt	$	3,799.2	$	3,838.5

Schedule of Maturities of Long-term Debt

Below is a schedule of required future repayments of all borrowings outstanding at September 30, 2021.


Remainder of 2021	$	21.6
2022	54.4
2023	27.3
2024	1,993.3
2025	528.5
Thereafter	1,251.5
Total borrowings	3,876.6
Unamortized original issue discount	(5.1)
Unamortized deferred financing costs	(29.0)
Total borrowings, net	$	3,842.5

Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The table below presents the fair values of our financial instruments measured on a recurring basis by level within the fair value hierarchy at September 30, 2021 and December 31, 2020.


	September 30, 2021								December 31, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Prepaid expenses and other current assets:

Cross-currency swaps (2)	$	—	$	18.6	$	—	$	18.6	$	—	$	16.7	$	—	$	16.7
Foreign currency forward contracts (1)	—		0.1		—		0.1		—		—		—		—
Other assets:



Investments in equity securities	0.7		—		—		0.7		0.8		—		—		0.8
Liabilities:
Other accrued liabilities:
Interest rate caps (1)	—		0.5		—		0.5		—		2.0		—		2.0
Interest rate swaps (1)	—		29.3		—		29.3		—		28.9		—		28.9

Contingent consideration	—		—		7.3		7.3		—		—		—		—
Other liabilities:

Interest rate swaps (1)	—		9.3		—		9.3		—		31.1		—		31.1
Cross-currency swaps (2)	—		17.8		—		17.8		—		52.0		—		52.0

Long-term borrowings:
2024 Dollar Term Loans	—		2,039.6		—		2,039.6		—		2,043.0		—		2,043.0
2025 Euro Senior Notes	—		534.8		—		534.8		—		564.3		—		564.3
2027 Dollar Senior Notes	—		521.6		—		521.6		—		533.1		—		533.1
2029 Dollar Senior Notes	—		684.6		—		684.6		—		704.6		—		704.6

(1) Cash flow hedge

(2) Net investment hedge

Schedule of Fair Value, Liability Activity

The table below presents a roll forward of activity for the Level 3 liabilities for the nine months ended September 30, 2021.


	Fair Value Using Significant Unobservable Inputs (Level 3)
Beginning balance January 1, 2021	$	—






Business acquisition	7.3










Ending balance at September 30, 2021	$	7.3

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents the fair values of derivative instruments that qualify and have been designated as cash flow and net investment hedges included in accumulated other comprehensive loss ("AOCI"):


	September 30, 2021		December 31, 2020
AOCI:
Interest rate caps (cash flow hedges)	$	0.7	$	2.6
Interest rate swaps (cash flow hedges)	38.6		60.0
Foreign currency forward contracts (cash flow hedges)	0.1		0.3
Cross-currency swaps (net investment hedges)	(0.8)		35.2
Total AOCI	$	38.6	$	98.1

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following tables set forth the locations and amounts recognized during the three and nine months ended September 30, 2021 and 2020 for these cash flow and net investment hedges.


		For the Three Months Ended September 30,
		2021				2020
Derivatives in Cash Flow and Net Investment Hedges	Location of Loss (Gain) Recognized in Income on Derivatives	Net Amount of Loss (Gain) Recognized in OCI on Derivatives		Amount of Loss (Gain) Recognized in Income		Net Amount of Loss Recognized in OCI on Derivatives		Amount of Loss (Gain) Recognized in Income
Interest rate caps	Interest expense, net	$	—	$	0.7	$	0.1	$	0.6
Interest rate swaps	Interest expense, net	0.9		7.5		0.4		7.0
Foreign currency forward contracts	Cost of goods sold	—		0.1		0.1		—
Cross-currency swaps	Interest expense, net	(20.4)		(4.8)		16.9		(3.6)


		For the Nine Months Ended September 30,
		2021				2020
Derivatives in Cash Flow and Net Investment Hedges	Location of Loss (Gain) Recognized in Income on Derivatives	Net Amount of (Gain) Recognized in OCI on Derivatives		Amount of Loss (Gain) Recognized in Income		Net Amount of Loss (Gain) Recognized in OCI on Derivatives		Amount of Loss (Gain) Recognized in Income
Interest rate caps	Interest expense, net	$	—	$	1.9	$	1.2	$	1.5
Interest rate swaps	Interest expense, net	0.3		21.7		48.0		11.5
Foreign currency forward contracts	Cost of goods sold	—		0.2		0.1		—
Cross-currency swaps	Interest expense, net	(50.3)		(14.3)		(2.5)		(11.0)

Derivatives Not Designated as Hedging Instruments

Fair value gains and losses of derivative contracts, as determined using Level 2 inputs, that have not been designated for hedge accounting treatment are recorded in earnings as follows:


Derivatives Not Designated as Hedging Instruments under ASC 815	Location of Loss Recognized in Income on Derivatives	Three Months Ended September 30,				Nine Months Ended September 30,
		2021		2020		2021		2020

Foreign currency forward contracts	Other (income) expense, net	$	(0.9)	$	(4.4)	$	(6.8)	$	(5.3)

Segments (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents relevant information of our reportable segments.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net sales (1):
Refinish	$	443.4	$	401.7	$	1,305.5	$	1,031.4
Industrial	335.8		281.0		986.8		781.1
Total Net sales Performance Coatings	779.2		682.7		2,292.3		1,812.5
Light Vehicle	235.4		276.3		758.2		662.7
Commercial Vehicle	74.0		67.9		228.5		187.9
Total Net sales Mobility Coatings	309.4		344.2		986.7		850.6
Total Net sales	$	1,088.6	$	1,026.9	$	3,279.0	$	2,663.1
Depreciation and amortization expense (2):
Performance Coatings	$	57.0	$	57.4	$	167.4	$	175.3
Mobility Coatings	22.3		23.0		67.3		68.3
Total Depreciation and amortization expense	$	79.3	$	80.4	$	234.7	$	243.6

(1)The Company has no intercompany sales between segments.

(2)Depreciation and amortization expenses relating to assets used within the operations of a specifically identifiable segment are recorded to the appropriate segment, while depreciation and amortization expenses relating to assets shared in our integrated supply chain are allocated to the appropriate segments on a consistent basis reflecting their use.

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table reconciles our segment operating performance to income before income taxes for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Segment Adjusted EBIT (1):
Performance Coatings	$	122.8	$	133.9	$	379.7	$	214.8
Mobility Coatings	(2.7)		48.5		42.2		35.0
Total (2)	120.1		182.4		421.9		249.8
Interest expense, net	33.8		39.8		100.7		112.4
Debt extinguishment and refinancing related costs (a)	—		—		0.2		2.4
Termination benefits and other employee related costs (b)	9.6		35.7		35.1		70.4
Strategic review and retention costs (c)	2.1		6.9		9.7		25.1
Acquisition and divestiture-related costs (d)	9.2		0.1		10.8		0.3
Impairment (benefits) charges(e)	(0.8)		0.3		(0.8)		3.5
Pension special events (f)	—		(0.7)		—		(2.5)
Accelerated depreciation (g)	0.6		0.4		1.8		8.9
Indemnity (income) loss (h)	(0.1)		0.3		(0.2)		0.3

Operational matter (i)	(18.7)		—		3.9		—
Brazil indirect tax (j)	—		—		(8.3)		—
Gain on sale of facility (k)	(8.9)		—		(8.9)		—
Income before income taxes	$	93.3	$	99.6	$	277.9	$	29.0


(1)			The primary measure of segment operating performance is Adjusted EBIT, which is defined as net income before interest, taxes and select other items impacting operating results. These other items impacting operating results are items that management has concluded are (1) non-cash items included within net income, (2) items the Company does not believe are indicative of ongoing operating performance or (3) non-recurring, unusual or infrequent items that have not occurred within the last two years or we believe are not reasonably likely to recur within the next two years. Adjusted EBIT is a key metric that is used by management to evaluate business performance in comparison to budgets, forecasts and prior year financial results, providing a measure that management believes reflects the Company’s core operating performance, which represents Adjusted EBIT adjusted for the select items referred to above.

(2)			Does not represent Adjusted EBIT referenced elsewhere by the Company as there are additional adjustments that are not allocated to the segments.

(a)			Represents expenses and associated changes to estimates related to the prepayment, restructuring, and refinancing of our indebtedness, which are not considered indicative of our ongoing operating performance.

(b)			Represents expenses and associated changes to estimates related to employee termination benefits and other employee-related costs. Employee termination benefits are primarily associated with Axalta Way initiatives. These amounts are not considered indicative of our ongoing operating performance.

(c)			Represents costs for legal, tax and other advisory fees pertaining to our review of strategic alternatives that was concluded in March 2020, as well as retention awards for certain employees that were earned over a period of 18-24 months, which ended during September 2021. These amounts are not considered indicative of our ongoing performance.

(d)			Represents acquisition and divestiture-related expenses and non-cash fair value inventory adjustments associated with our business combinations, all of which are not considered indicative of our ongoing operating performance.

(e)			Represents impairment (benefits) charges, which are not considered indicative of our ongoing performance. The current year benefit primarily reflects a recovered gain on a previously impaired asset.

(f)			Represents certain defined benefit pension costs associated with special events, including pension curtailments, settlements and special termination benefits, which we do not consider indicative of our ongoing operating performance.

(g)			Represents incremental depreciation expense resulting from truncated useful lives of the assets impacted by our manufacturing footprint assessments, which we do not consider indicative of our ongoing operating performance.

(h)			Represents indemnity income associated with acquisitions, which we do not consider indicative of our ongoing operating performance.

(i)			Represents expenses, changes in estimates and insurance recoveries for probable liabilities related to an operational matter in the Mobility Coatings segment discussed further in Note 6, which is not indicative of our ongoing operating performance.

(j)			Represents non-recurring income related to a law change with respect to certain Brazilian indirect taxes which was recorded within other (income) expense, net.

(k)			Represents non-recurring income related to the sale of a previously closed manufacturing facility.

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss


	Unrealized Currency Translation Adjustments		Pension Adjustments		Unrealized (Loss) Gain on Derivatives		Accumulated Other Comprehensive (Loss) Income
Balance at December 31, 2020	$	(282.0)	$	(88.7)	$	(54.1)	$	(424.8)
Current year deferrals to AOCI	(37.4)		—		1.3		(36.1)
Reclassifications from AOCI to Net income	—		0.7		6.6		7.3
Net Change	(37.4)		0.7		7.9		(28.8)
Balance at March 31, 2021	(319.4)		(88.0)		(46.2)		(453.6)
Current year deferrals to AOCI	38.7		—		(0.8)		37.9
Reclassifications from AOCI to Net income	—		1.0		6.7		7.7
Net Change	38.7		1.0		5.9		45.6
Balance at June 30, 2021	(280.7)		(87.0)		(40.3)		(408.0)
Current year deferrals to AOCI	(37.4)		—		(0.8)		(38.2)
Reclassifications from AOCI to Net income	—		0.8		7.1		7.9
Net Change	(37.4)		0.8		6.3		(30.3)
Balance at September 30, 2021	$	(318.1)	$	(86.2)	$	(34.0)	$	(438.3)


	Unrealized Currency Translation Adjustments		Pension Adjustments		Unrealized (Loss) Gain on Derivatives		Accumulated Other Comprehensive (Loss) Income
Balance at December 31, 2019	$	(297.0)	$	(69.9)	$	(28.6)	$	(395.5)
Current year deferrals to AOCI	(83.3)		—		(36.3)		(119.6)
Reclassifications from AOCI to Net income	—		(0.4)		1.6		1.2
Net Change	(83.3)		(0.4)		(34.7)		(118.4)
Balance at March 31, 2020	(380.3)		(70.3)		(63.3)		(513.9)
Current year deferrals to AOCI	6.1		—		(5.2)		0.9
Reclassifications from AOCI to Net loss	—		0.4		3.0		3.4
Net Change	6.1		0.4		(2.2)		4.3
Balance at June 30, 2020	(374.2)		(69.9)		(65.5)		(509.6)
Current year deferrals to AOCI	33.9		(0.2)		(0.5)		33.2
Reclassifications from AOCI to Net income	—		(0.3)		6.5		6.2
Net Change	33.9		(0.5)		6.0		39.4
Balance at September 30, 2020	$	(340.3)	$	(70.4)	$	(59.5)	$	(470.2)

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract with customer, asset	$ 39.6		$ 39.6		$ 37.2
Capitalized contract cost, net	155.8		155.8		165.4
Capitalized contract cost, amortization	17.1	$ 16.6	46.1	$ 49.9
Upfront incentive payments	$ 77.0		$ 77.0		$ 79.8

Acquisitions - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 15, 2021	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Trademarks
Business Acquisition [Line Items]
Weighted average amortization periods (years)			14 years 4 months 24 days	16 years
Customer relationships
Business Acquisition [Line Items]
Weighted average amortization periods (years)			19 years 2 months 12 days	19 years
U-POL
Business Acquisition [Line Items]
Consideration transferred	$ 619.8
Goodwill income tax deduction		$ 0.0	$ 0.0
Acquisition costs expensed		$ 8.8	$ 8.8
Identifiable intangible assets	$ 273.0
Weighted average amortization periods (years)	16 years 10 months 24 days
U-POL \| Trademarks
Business Acquisition [Line Items]
Identifiable intangible assets	$ 35.0
U-POL \| Developed Technology Rights
Business Acquisition [Line Items]
Identifiable intangible assets	38.0
U-POL \| Customer relationships
Business Acquisition [Line Items]
Identifiable intangible assets	$ 200.0

Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 15, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill from acquisition	$ 1,619.8		$ 1,294.9
U-POL
Business Acquisition [Line Items]
Cash		$ 23.7
Accounts and notes receivable, net		22.5
Inventories		23.3
Prepaid expenses and other current assets, net		3.2
Property, plant and equipment, net		16.5
Identifiable intangible assets		273.0
Other assets		2.0
Accounts payable		(20.9)
Other accrued liabilities		(3.9)
Other liabilities		(0.9)
Deferred income taxes		(68.4)
Net assets before goodwill from acquisition		270.1
Goodwill from acquisition		349.7
Net assets acquired		$ 619.8

Goodwill and Identifiable Intangible Assets - Schedule of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,294.9
Goodwill from acquisitions	372.8
Foreign currency translation	(47.9)
Goodwill, ending balance	1,619.8
Performance Coatings
Goodwill [Roll Forward]
Goodwill, beginning balance	1,211.3
Goodwill from acquisitions	372.8
Foreign currency translation	(45.2)
Goodwill, ending balance	1,538.9
Mobility Coatings
Goodwill [Roll Forward]
Goodwill, beginning balance	83.6
Goodwill from acquisitions	0.0
Foreign currency translation	(2.7)
Goodwill, ending balance	$ 80.9

Goodwill and Identifiable Intangible Assets - Gross Carrying Amounts and Accumulated Amortization of Identifiable Intangible Assets by Major Class (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Gross Carrying Amount	$ 2,147.1	$ 1,910.2
Accumulated Amortization	(824.1)	(761.4)
Net Book Value, definite-lived	1,323.0	1,148.8
Trademarks
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Net Book Value, indefinite-lived	272.8	282.9
Technology
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Gross Carrying Amount	592.8	564.8
Accumulated Amortization	(413.5)	(383.6)
Net Book Value, definite-lived	$ 179.3	$ 181.2
Weighted average amortization periods (years)	10 years 2 months 12 days	10 years 4 months 24 days
Trademarks
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Gross Carrying Amount	$ 136.1	$ 103.6
Accumulated Amortization	(41.8)	(37.5)
Net Book Value, definite-lived	$ 94.3	$ 66.1
Weighted average amortization periods (years)	14 years 4 months 24 days	16 years
Customer relationships
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Gross Carrying Amount	$ 1,130.3	$ 943.6
Accumulated Amortization	(355.7)	(329.3)
Net Book Value, definite-lived	$ 774.6	$ 614.3
Weighted average amortization periods (years)	19 years 2 months 12 days	19 years
Other
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Gross Carrying Amount	$ 15.1	$ 15.3
Accumulated Amortization	(13.1)	(11.0)
Net Book Value, definite-lived	$ 2.0	$ 4.3
Weighted average amortization periods (years)	5 years	5 years

Goodwill and Identifiable Intangible Assets - Schedule of Expected Amortization Expense (Details) $ in Millions	Sep. 30, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 33.6
2022	132.1
2023	91.5
2024	86.7
2025	86.0
2026	$ 85.4

Restructuring - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 9.5	$ 35.2	$ 36.5	$ 67.4
Payment term (in months)				24 months
Gain (Loss) on Disposition of Property Plant Equipment	$ 8.9
Cost of goods sold
Restructuring Cost and Reserve [Line Items]
Gain (Loss) on Disposition of Property Plant Equipment	1.0
Other Operating (Benefits) Charges
Restructuring Cost and Reserve [Line Items]
Gain (Loss) on Disposition of Property Plant Equipment	$ 7.9

Restructuring - Restructuring Reserve (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Reserve [Roll Forward]
Beginning balance			$ 55.8
Expenses, net of changes to estimates	$ 9.5	$ 35.2	36.5	$ 67.4
Payments made			(27.3)
Foreign currency translation			(2.2)
Ending balance	$ 62.8		$ 62.8

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Maximum exposure	$ 6.2		$ 6.2		$ 8.5
Outstanding bank guarantees incurred				$ 1.0
Current carrying value	0.0		0.0		0.0
Unresolved matter, potential loss					$ 250.0
Recorded charge (benefit) expense in probable loss	(18.7)	$ 0.0	3.9	$ 0.0
Insurance receivable	48.7		48.7
Loss recorded as a liability	$ 48.0		$ 48.0

Long-term Employee Benefits - Schedule of Net Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Retirement Benefits [Abstract]
Service cost	$ 2.0	$ 1.8	$ 5.8	$ 5.5
Interest cost	1.9	2.6	5.8	7.2
Expected return on plan assets	(3.4)	(3.2)	(10.3)	(9.5)
Amortization of actuarial loss, net	1.3	0.7	3.8	2.5
Amortization of prior service cost, net	(0.1)	0.0	(0.1)	0.0
Plan curtailments	0.0	(0.7)	0.0	(2.5)
Net periodic benefit cost	$ 1.7	$ 1.2	$ 5.0	$ 3.2

Stock-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3.9	$ 4.7	$ 11.7	$ 15.9
Stock based compensation tax benefit	0.5	$ 0.1	1.2	$ 1.6
Excess tax benefit			0.5
Unrecognized compensation cost	$ 0.2		0.2
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised			$ 14.1
Period for recognition of compensation not yet recognized			6 months
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock or performance stock awards outstanding (in shares)	0		0
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition of compensation not yet recognized			1 year 7 months 6 days
Restricted stock or performance stock awards outstanding (in shares)	1,100,000		1,100,000		1,000,000.0
Tax benefit realized on the vesting of restricted stock			$ 0.1
Compensation not yet recognized, share-based awards other than options	$ 16.2		$ 16.2
Performance Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock or performance stock awards outstanding (in shares)	0		0
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition of compensation not yet recognized			2 years 3 months 18 days
Restricted stock or performance stock awards outstanding (in shares)	700,000		700,000		500,000
Compensation not yet recognized, share-based awards other than options	$ 8.9		$ 8.9
Performance stock awards expected to vest (in shares)	400,000		400,000
Weighted average fair value per share of performance stock awards expected to vest (in usd per share)	$ 29.74		$ 29.74

Stock-based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares
Awards (in millions)
Beginning Balance (in shares) \| shares	2.5
Granted (in shares) \| shares	0.0
Exercised (in shares) \| shares	(0.5)
Forfeited/Expired (in shares) \| shares	(0.4)
Ending Balance (in shares) \| shares	1.6
Weighted- Average Exercise Price
Beginning Balance (in usd per share) \| $ / shares	$ 27.34
Granted (in usd per share) \| $ / shares	0
Exercised (in usd per share) \| $ / shares	28.26
Forfeited/Expired (in usd per share) \| $ / shares	31.92
Ending Balance (in usd per share) \| $ / shares	$ 25.65
Vested and Expected to Vest
Vested and expected to vest, awards (in shares) \| shares	1.6
Vested and expected to vest, weighted average exercise price (in usd per share) \| $ / shares	$ 25.65
Vested and expected to vest, aggregate intrinsic value \| $	$ 6.4
Vested and expected to vest, weighted average contractual life (in years)	5 years 1 month 20 days
Exercisable
Exercisable, awards (in shares) \| shares	1.4
Exercisable, weighted average exercise price (in usd per share) \| $ / shares	$ 25.50
Exercisable, aggregate intrinsic value \| $	$ 6.0
Exercisable, weighted average contractual life (in years)	4 years 10 months 9 days

Stock-based Compensation - Schedule of Restricted Stock Awards and Restricted Stock Units (Details) - Restricted Stock and Restricted Stock Units shares in Millions	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Awards/Units (millions)
Beginning Balance (in shares) \| shares	1.0
Granted (in shares) \| shares	0.6
Vested (in shares) \| shares	(0.4)
Forfeited (in shares) \| shares	(0.1)
Ending Balance (in shares) \| shares	1.1
Weighted- Average Exercise Price
Beginning Balance (in usd per share) \| $ / shares	$ 28.84
Granted (in usd per share) \| $ / shares	28.85
Vested (in usd per share) \| $ / shares	29.04
Forfeited (in usd per share) \| $ / shares	28.92
Ending Balance (in usd per share) \| $ / shares	$ 28.75

Stock-based Compensation - Schedule of Performance Shares Award Outstanding Activity (Details) - Performance Shares shares in Millions	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Awards/Units (millions)
Beginning Balance (in shares) \| shares	0.5
Granted (in shares) \| shares	0.4
Vested (in shares) \| shares	0.0
Forfeited (in shares) \| shares	(0.2)
Ending Balance (in shares) \| shares	0.7
Weighted- Average Exercise Price
Beginning Balance (in usd per share) \| $ / shares	$ 31.07
Granted (in usd per share) \| $ / shares	29.53
Vested (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	31.84
Ending Balance (in usd per share) \| $ / shares	$ 30.11

Other (Income) Expense, Net - Schedule of Other Non-operating Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other Income and Expenses [Abstract]
Foreign exchange (gain) losses, net	$ (0.7)	$ 5.5	$ 2.9	$ 7.5
Debt extinguishment and refinancing related costs	0.0	0.0	0.2	2.4
Other miscellaneous income, net	(1.7)	(3.2)	(14.0)	(9.0)
Total	(2.4)	2.3	(10.9)	0.9
Brazil indirect tax	$ 0.0	$ 0.0	$ 8.3	$ 0.0

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective Tax Rate			24.10%	(78.30%)
Tax Benefit on step-up value				$ 50.5
income tax settlement [Line Items]
Income Tax settlement	$ 24.4	$ 17.1	$ 66.9	(22.7)
Settlement with Taxing Authority
income tax settlement [Line Items]
Income Tax settlement				$ 14.3
Amount reasonable possible to settle of unrecognized tax benefits	$ 24.0		$ 24.0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income to common shareholders	$ 69.1	$ 82.5	$ 210.7	$ 51.9
Basic weighted average shares outstanding (in shares)	229.9	235.3	232.1	235.1
Diluted weighted average shares outstanding (in shares)	230.7	236.0	233.0	235.9
Net income per common share:
Basic net income per share (in dollars per share)	$ 0.30	$ 0.35	$ 0.91	$ 0.22
Diluted net income per share (in dollars per share)	$ 0.30	$ 0.35	$ 0.90	$ 0.22
Antidilutive securities excluded from computation of earnings per share (in shares)	0.3	2.8	0.8	2.9

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Accounts and Notes Receivable, Net - Schedule of Accounts, Notes, Loans, and Financing Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Receivables [Abstract]
Accounts receivable - trade, net	$ 859.2	$ 738.3
Notes receivable	23.2	30.3
Other	167.7	101.2
Total	1,050.1	869.8
Allowance for doubtful accounts	24.5	$ 26.5
Insurance receivable	$ 48.7

Accounts and Notes Receivable, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Receivables [Abstract]
Bad debt expense net of recoveries	$ 0.4	$ 2.4	$ 1.3	$ 12.8

Inventories - Schedule of Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished products	$ 364.0	$ 319.3
Semi-finished products	112.5	92.2
Raw materials	178.4	127.2
Stores and supplies	23.0	21.2
Total Inventories	$ 677.9	$ 559.9

Inventories - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventory reserves	$ 16.6	$ 17.0

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 2,293.8	$ 2,317.9
Accumulated depreciation	(1,100.3)	(1,123.4)
Property, plant, and equipment, net	$ 1,193.5	$ 1,194.5

Property, Plant and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment [Line Items]
Depreciation expense		$ 31.5	$ 31.1	$ 96.3	$ 104.4
Capitalized cost	$ 55.0
Software and Software Development Costs
Property, Plant and Equipment [Line Items]
Enterprise resource planning system	15 years

Borrowings - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Short-term and other borrowings	$ 106.4	$ 118.0
Unamortized original issue discount	(5.1)	(6.3)
Unamortized deferred financing costs	(29.0)	(34.3)
Total borrowings, net	3,842.5	3,892.7
Short-term borrowings	19.0	29.9
Current portion of long-term borrowings	24.3	24.3
Long-term debt	3,799.2	3,838.5
2024 Dollar Term Loans
Debt Instrument [Line Items]
Term loan	2,045.0	2,063.2
2025 Euro Senior Notes
Debt Instrument [Line Items]
Senior Notes	525.2	552.1
2027 Dollar Senior Notes
Debt Instrument [Line Items]
Senior Notes	500.0	500.0
2029 Dollar Senior Notes
Debt Instrument [Line Items]
Senior Notes	$ 700.0	$ 700.0

Borrowings - Additional Information (Details) - Revolving Credit Facility - USD ($) $ in Millions	Sep. 30, 2021	May 31, 2021	Apr. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Increase in revolving credit facility		$ 550.0	$ 400.0
Incremental deferred financing costs		$ 1.4
Letters of credit outstanding, amount	$ 34.0			$ 34.0
Line of credit facility, remaining borrowing capacity	$ 516.0			$ 366.0

Borrowings - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Remainder of 2021	$ 21.6
2022	54.4
2023	27.3
2024	1,993.3
2025	528.5
Thereafter	1,251.5
Total borrowings	3,876.6
Unamortized original issue discount	(5.1)	$ (6.3)
Unamortized deferred financing costs	(29.0)	(34.3)
Total borrowings, net	$ 3,842.5	$ 3,892.7

Financial Instruments, Hedging Activities and Fair Value Measurements - Additional Information (Details) £ in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jul. 31, 2021 GBP (£)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of contingent consideration	$ 7.3	$ 7.3
Cash flow hedge loss to be reclassified within twelve months		30.1
Foreign currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount \| £			£ 259.1
Loss on foreign currency transaction	$ 0.6	$ 0.6

Financial Instruments, Hedging Activities and Fair Value Measurements - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities	$ 0.7	$ 0.8
Other accrued liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, current	7.3	0.0
Long-term borrowings \| 2024 Dollar Term Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans payable, fair value	2,039.6	2,043.0
Long-term borrowings \| 2025 Euro Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	534.8	564.3
Long-term borrowings \| 2027 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	521.6	533.1
Long-term borrowings \| 2029 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	684.6	704.6
Cross-currency swaps \| Prepaid expenses and other current assets \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	18.6	16.7
Cross-currency swaps \| Other liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	17.8	52.0
Foreign currency forward contracts \| Prepaid expenses and other current assets \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0.1	0.0
Interest rate caps \| Other accrued liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0.5	2.0
Interest rate swaps \| Other accrued liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	29.3	28.9
Interest rate swaps \| Other liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	9.3	31.1
Fair Value, Inputs, Level 1 \| Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities	0.7	0.8
Fair Value, Inputs, Level 1 \| Other accrued liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, current	0.0	0.0
Fair Value, Inputs, Level 1 \| Long-term borrowings \| 2024 Dollar Term Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans payable, fair value	0.0	0.0
Fair Value, Inputs, Level 1 \| Long-term borrowings \| 2025 Euro Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	0.0	0.0
Fair Value, Inputs, Level 1 \| Long-term borrowings \| 2027 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	0.0	0.0
Fair Value, Inputs, Level 1 \| Long-term borrowings \| 2029 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	0.0	0.0
Fair Value, Inputs, Level 1 \| Cross-currency swaps \| Prepaid expenses and other current assets \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0.0	0.0
Fair Value, Inputs, Level 1 \| Cross-currency swaps \| Other liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0.0	0.0
Fair Value, Inputs, Level 1 \| Foreign currency forward contracts \| Prepaid expenses and other current assets \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0.0	0.0
Fair Value, Inputs, Level 1 \| Interest rate caps \| Other accrued liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0.0	0.0
Fair Value, Inputs, Level 1 \| Interest rate swaps \| Other accrued liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0.0	0.0
Fair Value, Inputs, Level 1 \| Interest rate swaps \| Other liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0.0	0.0
Fair Value, Inputs, Level 2 \| Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities	0.0	0.0
Fair Value, Inputs, Level 2 \| Other accrued liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, current	0.0	0.0
Fair Value, Inputs, Level 2 \| Long-term borrowings \| 2024 Dollar Term Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans payable, fair value	2,039.6	2,043.0
Fair Value, Inputs, Level 2 \| Long-term borrowings \| 2025 Euro Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	534.8	564.3
Fair Value, Inputs, Level 2 \| Long-term borrowings \| 2027 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	521.6	533.1
Fair Value, Inputs, Level 2 \| Long-term borrowings \| 2029 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	684.6	704.6
Fair Value, Inputs, Level 2 \| Cross-currency swaps \| Prepaid expenses and other current assets \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	18.6	16.7
Fair Value, Inputs, Level 2 \| Cross-currency swaps \| Other liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	17.8	52.0
Fair Value, Inputs, Level 2 \| Foreign currency forward contracts \| Prepaid expenses and other current assets \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0.1	0.0
Fair Value, Inputs, Level 2 \| Interest rate caps \| Other accrued liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0.5	2.0
Fair Value, Inputs, Level 2 \| Interest rate swaps \| Other accrued liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	29.3	28.9
Fair Value, Inputs, Level 2 \| Interest rate swaps \| Other liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	9.3	31.1
Fair Value, Inputs, Level 3 \| Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities	0.0	0.0
Fair Value, Inputs, Level 3 \| Other accrued liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, current	7.3	0.0
Fair Value, Inputs, Level 3 \| Long-term borrowings \| 2024 Dollar Term Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans payable, fair value	0.0	0.0
Fair Value, Inputs, Level 3 \| Long-term borrowings \| 2025 Euro Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	0.0	0.0
Fair Value, Inputs, Level 3 \| Long-term borrowings \| 2027 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	0.0	0.0
Fair Value, Inputs, Level 3 \| Long-term borrowings \| 2029 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	0.0	0.0
Fair Value, Inputs, Level 3 \| Cross-currency swaps \| Prepaid expenses and other current assets \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0.0	0.0
Fair Value, Inputs, Level 3 \| Cross-currency swaps \| Other liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0.0	0.0
Fair Value, Inputs, Level 3 \| Foreign currency forward contracts \| Prepaid expenses and other current assets \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0.0	0.0
Fair Value, Inputs, Level 3 \| Interest rate caps \| Other accrued liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0.0	0.0
Fair Value, Inputs, Level 3 \| Interest rate swaps \| Other accrued liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0.0	0.0
Fair Value, Inputs, Level 3 \| Interest rate swaps \| Other liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 0.0	$ 0.0

Financial Instruments, Hedging Activities and Fair Value Measurements - Schedule of Liability Activity (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0.0
Business acquisition	7.3
Ending balance	$ 7.3

Financial Instruments, Hedging Activities and Fair Value Measurements - Accumulated Other Comprehensive (Loss) Income (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AOCI	$ 38.6	$ 98.1
Cash flow hedging \| Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AOCI	0.7	2.6
Cash flow hedging \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AOCI	38.6	60.0
Cash flow hedging \| Foreign currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AOCI	0.1	0.3
Net investment hedging \| Cross-currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AOCI	$ (0.8)	$ 35.2

Financial Instruments, Hedging Activities and Fair Value Measurements - Derivative Locations and Amounts Recognized (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of (Gain) Recognized in OCI on Derivatives	$ 7.4	$ 7.0	$ 23.5	$ (36.3)
Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of (Gain) Recognized in OCI on Derivatives	0.0	0.1	0.0	1.2
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of (Gain) Recognized in OCI on Derivatives	0.9	0.4	0.3	48.0
Foreign currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of (Gain) Recognized in OCI on Derivatives	0.0	0.1	0.0	0.1
Cross-currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of (Gain) Recognized in OCI on Derivatives, Cross-currency swaps	(20.4)	16.9	(50.3)	(2.5)
Interest expense \| Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of Loss (Gain) Recognized in Income	0.7	0.6	1.9	1.5
Interest expense \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of Loss (Gain) Recognized in Income	7.5	7.0	21.7	11.5
Interest expense \| Foreign currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(0.9)	(4.4)	(6.8)	(5.3)
Interest expense \| Cross-currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of Loss (Gain) Recognized in Income, Cross-currency swaps	(4.8)	(3.6)	(14.3)	(11.0)
Cost of goods sold \| Foreign currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of Loss (Gain) Recognized in Income	$ 0.1	$ 0.0	$ 0.2	$ 0.0

Segments - Additional Information (Details)	9 Months Ended
Segments - Additional Information (Details)	Sep. 30, 2021 Segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Net sales	$ 1,088.6	$ 1,026.9	$ 3,279.0	$ 2,663.1
Depreciation and amortization expense	79.3	80.4	234.7	243.6
Intercompany sales between segments	0.0	0.0	0.0	0.0
Performance Coatings
Segment Reporting Information [Line Items]
Net sales	779.2	682.7	2,292.3	1,812.5
Depreciation and amortization expense	57.0	57.4	167.4	175.3
Mobility Coatings
Segment Reporting Information [Line Items]
Net sales	309.4	344.2	986.7	850.6
Depreciation and amortization expense	22.3	23.0	67.3	68.3
Refinish \| Performance Coatings
Segment Reporting Information [Line Items]
Net sales	443.4	401.7	1,305.5	1,031.4
Industrial \| Performance Coatings
Segment Reporting Information [Line Items]
Net sales	335.8	281.0	986.8	781.1
Light Vehicle \| Mobility Coatings
Segment Reporting Information [Line Items]
Net sales	235.4	276.3	758.2	662.7
Commercial Vehicle \| Mobility Coatings
Segment Reporting Information [Line Items]
Net sales	$ 74.0	$ 67.9	$ 228.5	$ 187.9

Segments - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted EBIT	$ 120.1	$ 182.4	$ 421.9	$ 249.8
Interest expense, net	33.8	39.8	100.7	112.4
Debt extinguishment and refinancing related costs	0.0	0.0	0.2	2.4
Termination benefits and other employee related costs	9.6	35.7	35.1	70.4
Strategic review and retention costs	2.1	6.9	9.7	25.1
Acquisition and divestiture-related costs	9.2	0.1	10.8	0.3
Impairment (benefits) charges	(0.8)	0.3	(0.8)	3.5
Pension special events	0.0	(0.7)	0.0	(2.5)
Accelerated depreciation	0.6	0.4	1.8	8.9
Indemnity (income) loss	(0.1)	0.3	(0.2)	0.3
Operational matter	(18.7)	0.0	3.9	0.0
Brazil indirect tax	0.0	0.0	(8.3)	0.0
Gain on sale of facility	(8.9)	0.0	(8.9)	0.0
Income before income taxes	93.3	99.6	277.9	29.0
Performance Coatings
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted EBIT	122.8	133.9	379.7	214.8
Mobility Coatings
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted EBIT	$ (2.7)	$ 48.5	$ 42.2	$ 35.0
Minimum
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Retention payment terms			18 months
Maximum
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Retention payment terms			24 months

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
AOCI, beginning balance			$ (424.8)
AOCI, ending balance	$ (438.3)
Unrealized Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
AOCI, beginning balance	(280.7)	$ (319.4)	(282.0)	$ (374.2)	$ (380.3)	$ (297.0)
Current year deferrals to AOCI	(37.4)	38.7	(37.4)	33.9	6.1	(83.3)
Reclassifications from AOCI to Net income	0.0	0.0	0.0	0.0	0.0	0.0
Net Change	(37.4)	38.7	(37.4)	33.9	6.1	(83.3)
AOCI, ending balance	(318.1)	(280.7)	(319.4)	(340.3)	(374.2)	(380.3)
Pension Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
AOCI, beginning balance	(87.0)	(88.0)	(88.7)	(69.9)	(70.3)	(69.9)
Current year deferrals to AOCI	0.0	0.0	0.0	(0.2)	0.0	0.0
Reclassifications from AOCI to Net income	0.8	1.0	0.7	(0.3)	0.4	(0.4)
Net Change	0.8	1.0	0.7	(0.5)	0.4	(0.4)
AOCI, ending balance	(86.2)	(87.0)	(88.0)	(70.4)	(69.9)	(70.3)
Unrealized (Loss) Gain on Derivatives
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
AOCI, beginning balance	(40.3)	(46.2)	(54.1)	(65.5)	(63.3)	(28.6)
Current year deferrals to AOCI	(0.8)	(0.8)	1.3	(0.5)	(5.2)	(36.3)
Reclassifications from AOCI to Net income	7.1	6.7	6.6	6.5	3.0	1.6
Net Change	6.3	5.9	7.9	6.0	(2.2)	(34.7)
AOCI, ending balance	(34.0)	(40.3)	(46.2)	(59.5)	(65.5)	(63.3)
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
AOCI, beginning balance	(408.0)	(453.6)	(424.8)	(509.6)	(513.9)	(395.5)
Current year deferrals to AOCI	(38.2)	37.9	(36.1)	33.2	0.9	(119.6)
Reclassifications from AOCI to Net income	7.9	7.7	7.3	6.2	3.4	1.2
Net Change	(30.3)	45.6	(28.8)	39.4	4.3	(118.4)
AOCI, ending balance	$ (438.3)	$ (408.0)	$ (453.6)	$ (470.2)	$ (509.6)	$ (513.9)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Accumulated Other Comprehensive Loss - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2021
Equity [Abstract]
Cumulative income tax benefit on pension and postretirement benefit plans	$ 27.0	$ 27.0	$ 32.3
Cumulative income tax benefit on derivatives	9.7	9.7	$ 5.4
Curtailment gain	$ 1.3	$ 3.1

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details