Fair value of financial instruments (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The fair value and carrying value of our material fixed-rate debt is as follows:

(In millions)	June 30, 2021		December 31, 2020
$600 million Senior unsecured notes
Carrying value	$	600.0	600.0
Fair value	638.3		640.9
$400 million Senior unsecured notes
Carrying value	400.0		400.0
Fair value	424.8		426.8

Derivatives Not Designated as Hedging Instruments

Amounts under these contracts were recognized in other operating income (expense) and in interest and other nonoperating income and expense as follows:

	Three Months Ended June 30,			Six Months Ended June 30,
(In millions)	2021		2020	2021		2020
Derivative instrument gains (losses) included in other operating income (expense)	$	(2.3)	2.6	$	8.2	3.9
Derivative instrument losses included in other nonoperating income (expense)(a)	—		(0.4)	—		(8.1)

(a)Represents losses on foreign currency forward contracts related to 2020 acquisition of business operations from G4S.

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

Amounts under this contract were recognized in other operating income (expense) to offset transaction gains or losses and in interest expense as follows:

	Three Months Ended June 30,			Six Months Ended June 30,
(In millions)	2021		2020	2021		2020
Derivative instrument gains (losses) included in other operating income (expense)	$	(11.7)	3.7	$	(5.6)	29.8
Offsetting transaction gains (losses)	11.7		(3.7)	5.6		(29.8)
Derivative instrument losses included in interest expense	(0.5)		(0.3)	(0.8)		(1.0)
Net derivative instrument gains (losses)	(12.2)		3.4	(6.4)		28.8

Schedule of Interest Rate Derivatives

The effect of the interest rate swaps and the amortization of the spot-forward difference on the net investment hedges cross currency swaps is included in interest expense as follows:

	Three Months Ended June 30,			Six Months Ended June 30,
(In millions)	2021		2020	2021	2020
Interest rate swaps designated as cash flow hedges	$	2.5	2.1	4.9	2.9
Cross currency swaps designated as net investment hedges	(1.1)		—	(1.1)	—
Net derivative instrument (gains) losses included in interest expense	$	1.4	2.1	3.8	2.9