Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value hedging instruments

The effect of our derivative instruments in fair value and cash flow hedging relationships on the consolidated statements of income for the three and six months ended June 30, 2019 and 2018 is as follows (in millions):

	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	Interest Expense		Interest Expense		Interest Expense		Interest Expense
Total amounts of expense line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded	$	(98.5)	$	(96.5)	$	(198.9)	$	(191.3)
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships:
Interest rate swaps:
Net swap settlements	$	0.1	$	0.5	$	0.2	$	1.4
Net periodic earnings(1)	$	0.2	$	(0.2)	$	0.2	$	(0.2)
Gain (loss) on cash flow hedging relationships:
Interest rate swap locks:
Amount of gain (loss) reclassified from AOCI into income	$	0.3	$	(0.3)	$	0.4	$	(0.8)

(1) During 2018 (prior to adoption of ASU 2017-12), all net periodic earnings for fair value hedges were recorded to other income, net. To align the effect of the hedging relationship with the activity of the hedged item, beginning January 1, 2019, all net periodic earnings on fair value hedges are presented within interest expense in our consolidated statement of income.

Schedule of cash flow hedging instruments

The effect of our derivative instruments in fair value and cash flow hedging relationships on the consolidated statements of income for the three and six months ended June 30, 2019 and 2018 is as follows (in millions):

	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	Interest Expense		Interest Expense		Interest Expense		Interest Expense
Total amounts of expense line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded	$	(98.5)	$	(96.5)	$	(198.9)	$	(191.3)
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships:
Interest rate swaps:
Net swap settlements	$	0.1	$	0.5	$	0.2	$	1.4
Net periodic earnings(1)	$	0.2	$	(0.2)	$	0.2	$	(0.2)
Gain (loss) on cash flow hedging relationships:
Interest rate swap locks:
Amount of gain (loss) reclassified from AOCI into income	$	0.3	$	(0.3)	$	0.4	$	(0.8)

(1) During 2018 (prior to adoption of ASU 2017-12), all net periodic earnings for fair value hedges were recorded to other income, net. To align the effect of the hedging relationship with the activity of the hedged item, beginning January 1, 2019, all net periodic earnings on fair value hedges are presented within interest expense in our consolidated statement of income.

Assets and liabilities measured at fair value on a recurring basis

As of June 30, 2019 and December 31, 2018, our assets and liabilities that are measured at fair value on a recurring basis include the following:

	June 30, 2019
			Fair Value
	Carrying Amount		Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market mutual funds	$	38.6	$	38.6	$	38.6	$	—	$	—
Bonds - restricted cash and marketable securities and other assets	50.5		50.5		—		50.5		—
Interest rate swaps - other assets	11.6		11.6		—		11.6		—
Interest rate locks - prepaid expenses and other current assets	0.3		0.3		—		0.3		—
Total assets	$	101.0	$	101.0	$	38.6	$	62.4	$	—
Liabilities:
Interest rate locks - other accrued liabilities and other long-term liabilities	$	32.4	$	32.4	$	—	$	32.4	$	—
Contingent consideration - other accrued liabilities and other long-term liabilities	72.1		72.1		—		—		72.1
Total liabilities	$	104.5	$	104.5	$	—	$	32.4	$	72.1

	December 31, 2018
			Fair Value
	Carrying Amount		Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market mutual funds	$	37.1	$	37.1	$	37.1	$	—	$	—
Bonds - restricted cash and marketable securities and other assets	47.8		47.8		—		47.8		—
Interest rate swaps - other assets	2.5		2.5		—		2.5		—
Interest rate locks - other assets	10.3		10.3		—		10.3		—
Total assets	$	97.7	$	97.7	$	37.1	$	60.6	$	—
Liabilities:
Contingent consideration - other long-term liabilities	$	71.4	$	71.4	$	—	$	—	$	71.4
Total liabilities	$	71.4	$	71.4	$	—	$	—	$	71.4