Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table presents the notional amounts of the Company’s outstanding derivative instruments by type:

(in millions)	March 31, 2020		December 31, 2019
Derivatives designated as hedging instruments:
Interest rate swap contracts	$	1,050.0	$	1,050.0
Cross currency swap contracts	381.0		381.0
Derivatives not designated as hedging instruments:
Interest rate swap contracts	200.0		200.0
Foreign currency derivatives	116.6		141.4
Cross currency swap contracts	19.0		19.0

Derivative Instruments, Gain (Loss)

The following are the pre-tax effects of derivative instruments on the condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2020 and 2019:

	Statement of Operations Classification	Amount of gain (loss) reclassified from other comprehensive loss into income (effective and ineffective portion)				Amount to be reclassified to consolidated statement of operations within the next 12 months
		Three months ended March 31,
(in millions)		2020		2019
Derivatives in cash flow hedging relationships:
Interest rate swap contracts	Interest expense	$	(0.9)	$	3.8	$	(16.3)
Cross currency swap contracts	Interest expense	1.9		—		2.6
	Other expense, net	6.2		—		—

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents the Company’s gross assets and liabilities measured on a recurring basis and classified as level 2 within the fair value hierarchy:

		Derivative Assets					Derivative Liabilities
(in millions)	Balance Sheet Location	March 31, 2020		December 31, 2019		Balance Sheet Location	March 31, 2020		December 31, 2019
Designated Derivatives:
Cross currency swap contracts	Prepaid expenses and other current assets	$	2.6	$	7.2	Other long-term liabilities	$	2.7	$	12.1
Interest rate swap contracts	Prepaid expenses and other current assets	—		—		Other accrued expenses	16.3		6.4
Interest rate swap contracts	Other assets	—		—		Other long-term liabilities	25.5		14.0
Total derivatives in hedging relationships		$	2.6	$	7.2		$	44.5	$	32.5
Undesignated Derivatives:
Foreign currency contracts	Prepaid expenses and other current assets	$	1.6	$	0.5	Other accrued expenses	$	2.2	$	1.0
Cross currency swap contracts	Prepaid expenses and other current assets	0.1		0.4		Other long-term liabilities	0.1		0.6
Interest rate swap contracts	Prepaid expenses and other current assets	—		—		Other accrued expenses	3.3		1.0
Interest rate swap contracts	Other assets	—		—		Other long-term liabilities	4.3		1.9
Total derivatives not designated as hedging instruments		$	1.7	$	0.9		$	9.9	$	4.5
Total derivatives	Total assets	$	4.3	$	8.1	Total liabilities	$	54.4	$	37.0