Derivatives - Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 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)	September 30, 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	90.9		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 and nine months ended September 30, 2020 and 2019:

	Statement of Operations Classification	Amount of gain (loss) reclassified from other comprehensive loss into income								Amount to be reclassified to Statement of Operations within the next 12 months
		Three months ended September 30,				Nine months ended September 30,
(in millions)		2020		2019		2020		2019
Derivatives in cash flow hedging relationships:
Interest rate swap contracts	Interest expense	$	(4.7)	$	1.2	$	(7.8)	$	8.7	$	(18.5)
Cross currency swap contracts	Interest expense	0.4		—		3.1		—		1.4
	Other income (expense), net	(15.8)		—		(16.5)		—		—

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 Classification	September 30, 2020		December 31, 2019		Balance Sheet Classification	September 30, 2020		December 31, 2019
Designated Derivatives:
Cross currency swap contracts	Prepaid expenses and other current assets	$	1.4	$	7.2	Other long-term liabilities	$	28.8	$	12.1
Interest rate swap contracts	Prepaid expenses and other current assets	—		—		Other accrued expenses	18.5		6.4
Interest rate swap contracts	Other assets	—		—		Other long-term liabilities	23.8		14.0
Total designated derivatives		$	1.4	$	7.2		$	71.1	$	32.5
Undesignated Derivatives:
Foreign currency contracts	Prepaid expenses and other current assets	$	0.2	$	0.5	Other accrued expenses	$	0.4	$	1.0
Cross currency swap contracts	Prepaid expenses and other current assets	0.1		0.4		Other long-term liabilities	1.4		0.6
Interest rate swap contracts	Prepaid expenses and other current assets	—		—		Other accrued expenses	3.1		1.0
Interest rate swap contracts	Other assets	—		—		Other long-term liabilities	4.3		1.9
Total undesignated derivatives		$	0.3	$	0.9		$	9.2	$	4.5
Total derivatives	Total assets	$	1.7	$	8.1	Total liabilities	$	80.3	$	37.0