Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivatives

The following table presents the fair value of derivatives as of June 30, 2020 and December 31, 2019 (in millions):

			June 30, 2020				December 31, 2019
	June 30, 2020		Assets		Liabilities		Assets		Liabilities
Derivative Instrument	Notional		Fair Value		Fair Value		Fair Value		Fair Value
Designated:
Cash flow hedges:
Interest rate swaps	$	2,050.0	$	—	$	189.6	$	—	$	97.7
Non-designated:
Foreign currency forward contracts	543.4		0.1		0.9		1.0		2.2

Schedule of Effect of Derivatives As Hedges, Net of Applicable Income Taxes

The following table presents the effect of derivatives designated as hedges, net of applicable income taxes, in the unaudited Condensed Consolidated Statements of Operations for the three months ended June 30, 2020 and 2019 (in millions):

	Beginning Accumulated Other Comprehensive Loss (Gain)		Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives(1)			Amount of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Statement of Operations(2)			Ending Accumulated Other Comprehensive Loss (Gain)
Three Months Ended June 30, 2020
Foreign currency net investment hedges	$	(0.6)	$	—		$	—		$	(0.6)
Interest rate cash flow hedges	168.3		12.0			(2.3)			178.0
	$	167.7	$	12.0	1	$	(2.3)	2	$	177.4
Three Months Ended June 30, 2019
Foreign currency net investment hedges	$	(0.6)	$	—		$	—		$	(0.6)
Interest rate cash flow hedges	14.1		54.1			1.8			70.0
	$	13.5	$	54.1	1	$	1.8	2	$	69.4

⁽¹⁾ Amount is net of related income tax expense of $0.0 million and $10.2 million for the three months ended June 30, 2020 and 2019, respectively.

⁽²⁾ Amount is net of related income tax expense of $0.7 million and of $1.1 million for the three months ended June 30, 2020 and 2019, respectively.

The following table presents the effect of derivatives designated as hedges, net of applicable income taxes, in the unaudited Condensed Consolidated Statements of Operations for the six months ended June 30, 2020 and 2019 (in millions):

	Beginning Accumulated Other Comprehensive Loss (Gain)		Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives(1)			Amount of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Statement of Operations(2)			Ending Accumulated Other Comprehensive Loss (Gain)
Six Months Ended June 30, 2020
Foreign currency net investment hedges	$	(0.6)	$	—		$	—		$	(0.6)
Interest rate cash flow hedges	79.0		97.3			1.7			178.0
	$	78.4	$	97.3	1	$	1.7	2	$	177.4
Six Months Ended June 30, 2019
Foreign currency net investment hedges	$	(0.6)	$	—		$	—		$	(0.6)
Interest rate cash flow hedges	(13.3)		79.3			4.0			70.0
	$	(13.9)	$	79.3	1	$	4.0	2	$	69.4

⁽¹⁾ Amount is net of related income benefit of $0.0 million and $5.1 million for the six months ended June 30, 2020 and 2019, respectively.

⁽²⁾ Amount is net of related income tax expense of $1.4 million and of $1.5 million for the six months ended June 30, 2020 and 2019, respectively.