Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

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 six months ended June 30, 2022 and 2021 follows (in millions):

	Classification and amount of gain (loss) recognized in income on hedging relationships and derivative instruments
		Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
		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		$	(94.0)	$	(78.4)	$	(177.5)	$	(156.7)
The effects of fair value and cash flow hedging relationships in Subtopic 815-20:
Gain on fair value hedging relationships:
Interest rate swaps:
Net swap settlements		$	1.4	$	2.0	$	3.2	$	3.9
Net periodic (loss) earnings		$	(0.6)	$	0.1	$	(1.2)	$	0.2
Loss on cash flow hedging relationships:
Interest rate swap locks:
Amount of loss reclassified from accumulated other comprehensive loss into income, net of tax		$	(1.1)	$	(1.2)	$	(2.2)	$	(2.3)
The effects of derivative instruments not in Subtopic 815-20:
Gain (loss) on free-standing derivative instruments:
Interest rate swaps:
Loss on change in fair value of free-standing derivative instruments		$	(1.6)	$	(0.8)	$	(4.3)	$	(2.0)
Interest rate contract:
Net gain (loss) on change in fair value of free-standing derivative instruments		$	0.4	$	(0.6)	$	1.7	$	(0.2)

Assets and liabilities measured at fair value on a recurring basis

As of June 30, 2022 and December 31, 2021, our assets and liabilities that are measured at fair value on a recurring basis include the following:

	June 30, 2022
			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	$	30.5	$	30.5	$	30.5	$	—	$	—
Bonds - restricted cash and marketable securities and other assets	57.4		57.4		—		57.4		—
Derivative and hedging assets - other assets	59.5		59.5		—		59.5		—
Total assets	$	147.4	$	147.4	$	30.5	$	116.9	$	—
Liabilities:
Derivative and hedging liabilities - other long-term liabilities	$	66.8	$	66.8	$	—	$	66.8	$	—
Contingent consideration - other accrued liabilities and other long-term liabilities	67.9		67.9		—		—		67.9
Total liabilities	$	134.7	$	134.7	$	—	$	66.8	$	67.9

	December 31, 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	$	35.2	$	35.2	$	35.2	$	—	$	—
Bonds - restricted cash and marketable securities and other assets	63.1		63.1		—		63.1		—
Derivative and hedging assets - other assets	19.7		19.7		—		19.7		—
Total assets	$	118.0	$	118.0	$	35.2	$	82.8	$	—
Liabilities:
Derivative and hedging liabilities - other long-term liabilities	$	50.7	$	50.7	$	—	$	50.7	$	—
Contingent consideration - other accrued liabilities and other long-term liabilities	68.8		68.8		—		—		68.8
Total liabilities	$	119.5	$	119.5	$	—	$	50.7	$	68.8