Derivatives (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The key terms of interest rate swaps are presented below:

Effective Date	Fixed Rate Paid (Received)	December 31, 2021			March 31, 2022
		Notional Amount (in millions)		Status	Notional Amount (in millions)		Status	Maturity Date
Entered into December 2016:
February 3, 2017	1.9040%	$	450.0	Active	$	—	Matured	February 3, 2022
February 3, 2017	1.9040%	450.0		Active	—		Matured	February 3, 2022
Entered into December 2018:
February 3, 2019	2.7490%	—		Terminated	—		Terminated	November 3, 2023
February 3, 2020	2.7350%	—		Terminated	—		Terminated	November 3, 2023
February 3, 2021	2.7360%	—		Terminated	—		Terminated	November 3, 2023
February 3, 2022	2.7800%	—		Terminated	—		Terminated	November 3, 2023
Entered into February 2021:
February 3, 2021	(1.9040)%	(900.0)		Active	—		Matured	February 3, 2022
February 9, 2021	2.3820%	1,350.0		Active	1,350.0		Active	February 9, 2026
Total		$	1,350.0		$	1,350.0

Schedule of Fair Values of Derivative Assets and Liabilities on the Consolidated Balance Sheets

The fair values of our derivatives and their location on the Consolidated Balance Sheets as of December 31, 2021 and March 31, 2022 were as follows:

		December 31, 2021				March 31, 2022
(In millions)		Assets		Liabilities		Assets		Liabilities
Derivatives not designated as hedging instruments	Location
Interest rate swaps	Other current assets (1)	$	1.5	$	—	$	—	$	—
Interest rate swaps	Other current liabilities	—		1.5		—		—
Total		$	1.5	$	1.5	$	—	$	—
Derivatives designated as hedging instruments	Location
Interest rate swaps	Other current assets	$	—	$	—	$	7.4	$	—
Interest rate swaps	Other non-current assets	23.6		—		70.7		—
Interest rate swaps	Other current liabilities (2)	—		20.8		—		17.3
Interest rate swaps	Other non-current liabilities (3)	—		56.4		—		52.1
Total		$	23.6	$	77.2	$	78.1	$	69.4

(1)    The entire balance as of December 31, 2021 is comprised of the receive-fixed interest rate swap for which the fair value option has been elected.

(2)    The balance as of December 31, 2021 and March 31, 2022 includes $17.2 million and $17.3 million, respectively, related to the financing component of the pay-fixed interest rate swap.

(3)    The entire balance is comprised of the financing component of the pay-fixed interest rate swap.

Schedule Offsetting Assets Under Master Netting Arrangements

For financial statement presentation purposes, we do not offset assets and liabilities under master netting arrangements and all amounts above are presented on a gross basis. The following table, however, is presented on a net asset and net liability basis:

	December 31, 2021						March 31, 2022
(In millions)	Gross Amounts on Balance Sheet		Effects of Counterparty Netting		Net Amounts		Gross Amounts on Balance Sheet		Effects of Counterparty Netting		Net Amounts
Assets
Interest rate swaps	$	25.1	$	(25.1)	$	—	$	78.1	$	(69.4)	$	8.7
Liabilities
Interest rate swaps	$	78.7	$	(25.1)	$	53.6	$	69.4	$	(69.4)	$	—

Schedule Offsetting Liabilities Under Master Netting Arrangements

For financial statement presentation purposes, we do not offset assets and liabilities under master netting arrangements and all amounts above are presented on a gross basis. The following table, however, is presented on a net asset and net liability basis:

	December 31, 2021						March 31, 2022
(In millions)	Gross Amounts on Balance Sheet		Effects of Counterparty Netting		Net Amounts		Gross Amounts on Balance Sheet		Effects of Counterparty Netting		Net Amounts
Assets
Interest rate swaps	$	25.1	$	(25.1)	$	—	$	78.1	$	(69.4)	$	8.7
Liabilities
Interest rate swaps	$	78.7	$	(25.1)	$	53.6	$	69.4	$	(69.4)	$	—

Schedule of Derivative Instruments, Effect on Comprehensive Income (Loss)

The effect of our derivatives and their location on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2021 and 2022 was as follows:

		Three Months Ended March 31,
(In millions)		2021		2022
Derivatives not designated as hedging instruments	Location
Interest rate swaps	Interest expense	$	(4.6)	$	(4.6)
Foreign currency contracts (1)	Other expense, net	$	(1.3)	$	—
Derivatives designated as hedging instruments	Location
Interest rate swaps	Interest expense	$	(2.3)	$	(1.3)

(1)    Relates to two foreign currency forward contracts settled on November 30, 2021. As of December 31, 2021 and March 31, 2022, we do not have any outstanding foreign currency hedging contracts.