Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Long-term debt consists of the following (in millions):

	As of
	September 30, 2018			December 31, 2017
Term Loan Facility (due February 17, 2024)	$	6,340.3		$	6,388.7
2017 4.25% Senior Notes (due May 15, 2024)	1,500.0			1,500.0
2015 4.625% Senior Notes (due January 15, 2022)	1,250.0			1,250.0
2017 5.00% Senior Notes (due October 15, 2025)	2,800.0			2,800.0
Other	82.4			89.1
Less: unamortized deferred financing costs and deferred issue discount	(148.9		)	(170.1		)
Total debt, net	11,823.8			11,857.7
Less: current maturities of debt	(57.0		)	(56.8		)
Total long-term debt	$	11,766.8		$	11,800.9

Summary of Fair Value Measurement

The following table presents the fair value of our variable rate term debt and senior notes, estimated using inputs based on bid and offer prices that are Level 2 inputs, and principal carrying amount (in billions):

	As of
	September 30, 2018		December 31, 2017
Fair value of our variable term debt and senior notes	$	11.7	$	12.0
Principal carrying amount of our variable term debt and senior notes	11.9		11.9

Schedule of Interest Expense, Net

Interest expense, net consists of the following (in millions):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Debt (a)	$	125.3		$	131.2		$	375.5		$	350.1
Capital lease obligations	6.2			5.4			17.7			15.4
Amortization of deferred financing costs and debt issuance discount	7.4			8.5			21.9			25.2
Interest income	(4.0		)	(9.1		)	(10.3		)	(15.3		)
Interest expense, net	$	134.9		$	136.0		$	404.8		$	375.4

(a) Amount includes $15.9 million and $39.4 million benefit during the three and nine months ended September 30, 2018 from our adoption of a new hedge accounting standard. See Note 3, New Accounting Pronouncements, for further details of the effects of this change in accounting principle on Interest expense, net.