Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

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 years ended December 31, 2021, 2020 and 2019 follows (in millions):

	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	2021		2020		2019
	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	$	(314.6)	$	(355.6)	$	(392.0)
The effects of fair value and cash flow hedging relationships in Subtopic 815-20:
Gain (loss) on fair value hedging relationships:
Interest rate swaps:
Net swap settlements	$	7.9	$	5.7	$	1.0
Net periodic (loss) earnings	$	(0.1)	$	2.0	$	0.6
Effect of dedesignation	$	—	$	4.7	$	—
Gain (loss) on cash flow hedging relationships:
Interest rate swap locks:
Amount of loss reclassified from accumulated other comprehensive loss into income, net of tax	$	(4.6)	$	(5.8)	$	(1.0)
The effects of derivative instruments not in Subtopic 815-20:
Loss on free-standing derivative instruments:
Interest rate swaps:
Loss on change in fair value of free-standing derivative instruments	$	(4.4)	$	(0.1)	$	—
Interest rate contract:
Net loss on change in fair value of free-standing derivative instruments	$	(0.3)	$	(2.7)	$	(0.5)

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 years ended December 31, 2021, 2020 and 2019 follows (in millions):

	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	2021		2020		2019
	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	$	(314.6)	$	(355.6)	$	(392.0)
The effects of fair value and cash flow hedging relationships in Subtopic 815-20:
Gain (loss) on fair value hedging relationships:
Interest rate swaps:
Net swap settlements	$	7.9	$	5.7	$	1.0
Net periodic (loss) earnings	$	(0.1)	$	2.0	$	0.6
Effect of dedesignation	$	—	$	4.7	$	—
Gain (loss) on cash flow hedging relationships:
Interest rate swap locks:
Amount of loss reclassified from accumulated other comprehensive loss into income, net of tax	$	(4.6)	$	(5.8)	$	(1.0)
The effects of derivative instruments not in Subtopic 815-20:
Loss on free-standing derivative instruments:
Interest rate swaps:
Loss on change in fair value of free-standing derivative instruments	$	(4.4)	$	(0.1)	$	—
Interest rate contract:
Net loss on change in fair value of free-standing derivative instruments	$	(0.3)	$	(2.7)	$	(0.5)

Schedule of carrying amount and fair value of financial instruments

As of December 31, 2021 and 2020, our assets and liabilities that are measured at fair value on a recurring basis include the following:

	December 31, 2021
			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	$	35.2	$	35.2	$	35.2	$	—	$	—
Bonds - restricted cash and marketable securities and other assets	63.1		63.1		—		63.1		—
Interest rate swaps - other assets	4.7		4.7		—		4.7		—
Other derivative assets - other assets	15.0		15.0		—		15.0		—
Total assets	$	118.0	$	118.0	$	35.2	$	82.8	$	—
Liabilities:
Other derivative liabilities - other long-term liabilities	$	50.7	$	50.7	$	—	$	50.7	$	—
Contingent consideration - other accrued liabilities and other long-term liabilities	68.8		68.8		—		—		68.8
Total liabilities	$	119.5	$	119.5	$	—	$	50.7	$	68.8

    

 

	December 31, 2020
			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	$	32.3	$	32.3	$	32.3	$	—	$	—
Bonds - restricted cash and marketable securities and other assets	73.8		73.8		—		73.8		—
Interest rate swaps - other assets	10.0		10.0		—		10.0		—
Other derivative assets - other assets	63.8		63.8		—		63.8		—
Total assets	$	179.9	$	179.9	$	32.3	$	147.6	$	—
Liabilities:
Other derivative liabilities - other long-term liabilities	$	103.0	$	103.0	$	—	$	103.0	$	—
Contingent consideration - other accrued liabilities and other long-term liabilities	70.6		70.6		—		—		70.6
Total liabilities	$	173.6	$	173.6	$	—	$	103.0	$	70.6