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

6 Months Ended

Jun. 30, 2020

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 June 30, 2020 and December 31, 2019.



	June 30, 2020								December 31, 2019
	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⁾	$	—	$	14.5	$	—	$	14.5	$	—	$	14.4	$	—	$	14.4
Foreign currency forward contracts ^{(1) (3)}	—		—		—		—		—		—		—		—
Other assets:
Cross-currency swaps ⁽²⁾	—		19.9		—		19.9		—		8.0		—		8.0
Investments in equity securities	0.7		—		—		0.7		0.6		—		—		0.6
Liabilities:
Other accrued liabilities:
Interest rate caps ⁽¹⁾	—		2.0		—		2.0		—		1.3		—		1.3
Interest rate swaps ⁽¹⁾	—		28.0		—		28.0		—		8.9		—		8.9
Other liabilities:
Interest rate caps ⁽¹⁾	—		1.0		—		1.0		—		1.2		—		1.2
Interest rate swaps ⁽¹⁾	—		44.5		—		44.5		—		20.5		—		20.5
Long-term borrowings:
2024 Dollar Term Loans	—		2,007.4		—		2,007.4		—		2,396.5		—		2,396.5
2024 Dollar Senior Notes	—		507.0		—		507.0		—		520.2		—		520.2
2024 Euro Senior Notes	—		375.6		—		375.6		—		388.2		—		388.2
2025 Euro Senior Notes	—		501.7		—		501.7		—		520.7		—		520.7
2027 Dollar Senior Notes	—		503.6		—		503.6		—		—		—		—


(1)	Cash flow hedge


(2)	Net investment hedge

(3)

Balance at June 30, 2020 rounds to zero.

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

The following table presents the gains (losses) included in AOCI for derivative instruments that qualify and have been designated as cash flow and net investment hedges:



	June 30, 2020			December 31, 2019
AOCI:
Interest rate caps (cash flow hedges)	$	3.7		$	3.5
Interest rate swaps (cash flow hedges)	72.5			29.4
Foreign currency forward contracts (cash flow hedges) ⁽¹⁾	—			—
Cross-currency swaps (net investment hedges)	(34.4		)	(22.4		)
Total AOCI	$	41.8		$	10.5

(1)

Balance at June 30, 2020 rounds to zero.

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 six months ended June 30, 2020 and 2019 for these cash flow and net investment hedges.



		For the Three Months Ended June 30,
		2020					2019
Derivatives in Cash Flow and Net Investment Hedges	Location of Loss Recognized in Income on Derivatives	Net Amount of Loss Recognized in OCI on Derivatives		Amount of Loss (Gain) Recognized in Income			Net Amount of Loss (Gain) Recognized in OCI on Derivatives			Amount of (Gain) Loss Recognized in Income
Interest rate caps	Interest expense, net	$	—	$	0.6		$	3.4		$	(0.5	)
Interest rate swaps	Interest expense, net	6.1		2.9			16.6			0.2
Foreign currency forward contracts ⁽¹⁾	Cost of goods sold	—		—			—			—
Cross-currency swaps	Interest expense, net	3.1		(3.7		)	(1.6		)	(3.6		)


(1)	Activity during the three months ended June 30, 2020 rounds to zero.



		For the Six Months Ended June 30,
		2020						2019
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 (Gain) Recognized in OCI on Derivatives			Amount of (Gain) Loss Recognized in Income
Interest rate caps	Interest expense, net	$	1.1		$	0.9		$	5.9		$	(1.6	)
Interest rate swaps	Interest expense, net	47.6			4.5			27.6			0.1
Foreign currency forward contracts ⁽¹⁾	Cost of goods sold	—			—			—			—
Cross-currency swaps	Interest expense, net	(19.4		)	(7.4		)	(14.9		)	(7.2		)

(1)

Activity during the six months ended June 30, 2020 rounds to zero.

Derivatives Not Designated as Hedging Instruments

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



Derivatives Not Designated as Hedging Instruments under ASC 815	Location of Loss (Gain) Recognized in Income on Derivatives	Three Months Ended June 30,				Six Months Ended June 30,
	Location of Loss (Gain) Recognized in Income on Derivatives	2020		2019		2020			2019
Foreign currency forward contracts	Other income, net	$	0.8	$	0.3	$	(0.9	)	$	1.8