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Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of fair value hedging instruments
The effect of our derivative instruments in fair value and cash flow hedging relationships on the consolidated statements of income for the years ended December 31, 2023, 2022 and 2021 follows (in millions):
Classification and Amount of (Loss) Gain Recognized in Income on Fair Value and Cash Flow Hedging Relationships
202320222021
Interest ExpenseInterest ExpenseInterest Expense
Total amounts of expense line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded$(508.2)$(395.6)$(314.6)
The effects of fair value and cash flow hedging relationships in Subtopic 815-20:
(Loss) gain on fair value hedging relationships:
Interest rate swaps:
Net swap settlements$(2.2)$2.9 $7.9 
Net periodic loss$(1.1)$(3.3)$(0.1)
(Loss) gain on cash flow hedging relationships:
Amount of (loss) gain reclassified from accumulated other comprehensive loss into earnings, net of tax
Interest rate swap locks$(3.8)$(4.4)$(4.6)
2022 Interest Rate Swap$13.1 $3.3 $— 
The effects of derivative instruments not in Subtopic 815-20:
Gain (loss) on free-standing derivative instruments:
Interest rate swaps:
Gain (loss) on change in fair value of free-standing derivative instruments$1.0 $(5.0)$(4.4)
Interest rate contract:
Net (loss) gain on change in fair value of free-standing derivative instruments$(1.9)$2.1 $0.3 
Schedule of cash flow hedging instruments
The effect of our derivative instruments in fair value and cash flow hedging relationships on the consolidated statements of income for the years ended December 31, 2023, 2022 and 2021 follows (in millions):
Classification and Amount of (Loss) Gain Recognized in Income on Fair Value and Cash Flow Hedging Relationships
202320222021
Interest ExpenseInterest ExpenseInterest Expense
Total amounts of expense line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded$(508.2)$(395.6)$(314.6)
The effects of fair value and cash flow hedging relationships in Subtopic 815-20:
(Loss) gain on fair value hedging relationships:
Interest rate swaps:
Net swap settlements$(2.2)$2.9 $7.9 
Net periodic loss$(1.1)$(3.3)$(0.1)
(Loss) gain on cash flow hedging relationships:
Amount of (loss) gain reclassified from accumulated other comprehensive loss into earnings, net of tax
Interest rate swap locks$(3.8)$(4.4)$(4.6)
2022 Interest Rate Swap$13.1 $3.3 $— 
The effects of derivative instruments not in Subtopic 815-20:
Gain (loss) on free-standing derivative instruments:
Interest rate swaps:
Gain (loss) on change in fair value of free-standing derivative instruments$1.0 $(5.0)$(4.4)
Interest rate contract:
Net (loss) gain on change in fair value of free-standing derivative instruments$(1.9)$2.1 $0.3 
Schedule of carrying amount and fair value of financial instruments
As of December 31, 2023 and 2022, our assets and liabilities that are measured at fair value on a recurring basis include the following:
December 31, 2023
 Fair Value
 Carrying AmountTotalQuoted
Prices in
Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Money market mutual funds - restricted cash and marketable securities and other assets$43.1 $43.1 $43.1 $— $— 
Bonds - restricted cash and marketable securities and other assets
76.3 76.3 — 76.3 — 
Derivative and hedging assets - other assets, prepaid expenses and other current assets78.3 78.3 — 78.3 — 
Total assets$197.7 $197.7 $43.1 $154.6 $— 
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities$79.6 $79.6 $— $79.6 $— 
Contingent consideration - other accrued liabilities and other long-term liabilities63.6 63.6 — — 63.6 
Total liabilities$143.2 $143.2 $— $79.6 $63.6 
    
 
December 31, 2022
 Fair Value
Carrying AmountTotalQuoted
Prices in
Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Money market mutual funds$38.3 $38.3 $38.3 $— $— 
Bonds - restricted cash and marketable securities and other assets56.9 56.9 — 56.9 — 
Derivative and hedging assets - other assets105.8 105.8 — 105.8 — 
Total assets$201.0 $201.0 $38.3 $162.7 $— 
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities$102.0 $102.0 $— $102.0 $— 
Contingent consideration - other accrued liabilities and other long-term liabilities65.1 65.1 — — 65.1 
Total liabilities$167.1 $167.1 $— $102.0 $65.1