Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

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, excluding any unamortized debt issuance costs, are as follows:

	December 31,
(In millions)	2022		2021
$600 million Senior unsecured notes
Carrying value	$	600.0	600.0
Fair value	528.7		625.7
$400 million Senior unsecured notes
Carrying value	$	400.0	400.0
Fair value	369.0		414.8

Derivatives Not Designated as Hedging Instruments

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

	Twelve Months Ended December 31,
(In millions)	2022		2021	2020
Derivative instrument gains (losses) included in other operating income (expense)	$	42.0	24.2	(3.0)
Derivative instrument losses included in other nonoperating income (expense)(a)	—		—	(7.0)

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

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:

	Twelve Months Ended December 31,
(In millions)	2022		2021	2020
Derivative instrument gains included in other operating income (expense)	$	(8.9)	0.2	22.1
Offsetting transaction gains	8.9		(0.2)	(22.1)
Derivative instrument losses included in interest expense	(1.3)		(1.3)	(1.9)
Net derivative instrument gains (losses)	(10.2)		(1.1)	20.2

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:

	Twelve Months Ended December 31,
(In millions)	2022		2021	2020
Interest rate swaps designated as cash flow hedges	$	2.2	9.8	7.7
Cross currency swaps designated as net investment hedges	(5.8)		(4.1)	—
Net derivative instrument (gains) losses included in interest expense	$	(3.6)	5.7	7.7