Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value hedging instruments

The effect of our hedging relationships and derivative instruments on the consolidated statements of income for the three and nine months ended September 30, 2021 and 2020 follows (in millions):

	Classification and amount of gain (loss) recognized in income on hedging relationships and derivative instruments
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	Interest Expense		Interest Expense		Interest Expense		Interest Expense
Total amount of expense line items presented in the consolidated statements of income in which the effects of hedging relationships and derivative instruments are recorded	$	(78.1)	$	(88.9)	$	(234.9)	$	(277.4)
The effects of fair value and cash flow hedging relationships in Subtopic 815-20:
Gain (loss) on fair value hedging relationships:
Interest rate swaps:
Net swap settlements	$	2.0	$	1.8	$	5.9	$	3.8
Net periodic (loss) earnings	$	(0.1)	$	0.3	$	0.2	$	1.8
Loss on cash flow hedging relationships:
Interest rate swap locks:
Amount of loss reclassified from accumulated other comprehensive loss into income, net of tax	$	(1.2)	$	(1.2)	$	(3.5)	$	(3.2)
The effects of derivative instruments not in Subtopic 815-20:
(Loss) gain on free-standing derivative instruments:
Interest rate swaps:
Loss on change in fair value of free-standing derivative instruments	$	(0.8)	$	—	$	(2.8)	$	—
Interest rate contract:
Net loss on change in fair value of free-standing derivative instruments	$	(0.4)	$	—	$	(0.5)	$	(2.2)

Schedule of cash flow hedging instruments

The effect of our hedging relationships and derivative instruments on the consolidated statements of income for the three and nine months ended September 30, 2021 and 2020 follows (in millions):

	Classification and amount of gain (loss) recognized in income on hedging relationships and derivative instruments
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	Interest Expense		Interest Expense		Interest Expense		Interest Expense
Total amount of expense line items presented in the consolidated statements of income in which the effects of hedging relationships and derivative instruments are recorded	$	(78.1)	$	(88.9)	$	(234.9)	$	(277.4)
The effects of fair value and cash flow hedging relationships in Subtopic 815-20:
Gain (loss) on fair value hedging relationships:
Interest rate swaps:
Net swap settlements	$	2.0	$	1.8	$	5.9	$	3.8
Net periodic (loss) earnings	$	(0.1)	$	0.3	$	0.2	$	1.8
Loss on cash flow hedging relationships:
Interest rate swap locks:
Amount of loss reclassified from accumulated other comprehensive loss into income, net of tax	$	(1.2)	$	(1.2)	$	(3.5)	$	(3.2)
The effects of derivative instruments not in Subtopic 815-20:
(Loss) gain on free-standing derivative instruments:
Interest rate swaps:
Loss on change in fair value of free-standing derivative instruments	$	(0.8)	$	—	$	(2.8)	$	—
Interest rate contract:
Net loss on change in fair value of free-standing derivative instruments	$	(0.4)	$	—	$	(0.5)	$	(2.2)

Assets and liabilities measured at fair value on a recurring basis

As of September 30, 2021 and December 31, 2020, our assets and liabilities that are measured at fair value on a recurring basis include the following:

	September 30, 2021
			Fair Value
	Carrying Amount		Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market mutual funds	$	38.1	$	38.1	$	38.1	$	—	$	—
Bonds - restricted cash and marketable securities and other assets	73.5		73.5		—		73.5		—
Interest rate swaps - other assets	6.6		6.6		—		6.6		—
Other derivative assets - other assets	21.5		21.5		—		21.5		—
Total assets	$	139.7	$	139.7	$	38.1	$	101.6	$	—
Liabilities:
Other derivative liabilities - other long-term liabilities	$	56.3	$	56.3	$	—	$	56.3	$	—
Contingent consideration - other accrued liabilities and other long-term liabilities	69.4		69.4		—		—		69.4
Total liabilities	$	125.7	$	125.7	$	—	$	56.3	$	69.4

	December 31, 2020
			Fair Value
	Carrying Amount		Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market mutual funds	$	32.3	$	32.3	$	32.3	$	—	$	—
Bonds - restricted cash and marketable securities and other assets	73.8		73.8		—		73.8		—
Interest rate swaps - other assets	10.0		10.0		—		10.0		—
Other derivative assets - other assets	63.8		63.8		—		63.8		—
Total assets	$	179.9	$	179.9	$	32.3	$	147.6	$	—
Liabilities:
Other derivative liabilities - other long-term liabilities	$	103.0	$	103.0	$	—	$	103.0	$	—
Contingent consideration - other accrued liabilities and other long-term liabilities	70.6		70.6		—		—		70.6
Total liabilities	$	173.6	$	173.6	$	—	$	103.0	$	70.6