Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 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 September 30, 2020 and December 31, 2019 (in millions):

			September 30, 2020				December 31, 2019
	September 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	$	—	$	176.3	$	—	$	97.7
Non-designated:
Foreign currency forward contracts	538.8		3.1		2.1		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 September 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 September 30, 2020
Interest rate cash flow hedges	$	178.0	$	(19.3)	$	9.3	$	168.0
	$	178.0	$	(19.3)	$	9.3	$	168.0
Three Months Ended September 30, 2019
Interest rate cash flow hedges	$	70.0	$	26.6	$	1.1	$	97.7
	$	70.0	$	26.6	$	1.1	$	97.7

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

(2) Amount is net of related income tax expense of $0.7 million and $0.8 million for the three months ended September 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 nine months ended September 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)
Nine Months Ended September 30, 2020
Interest rate cash flow hedges	$	79.0	$	78.0		$	11.0		$	168.0
	$	79.0	$	78.0	1	$	11.0	2	$	168.0
Nine Months Ended September 30, 2019
Interest rate cash flow hedges	$	(13.3)	$	105.9		$	5.1		$	97.7
	$	(13.3)	$	105.9	1	$	5.1	2	$	97.7

(1) Amount is net of related income tax expense of $0.0 million and $5.1 million for the nine months ended September 30, 2020 and 2019, respectively.

(2) Amount is net of related income tax expense of $2.1 million and $2.3 million for the nine months ended September 30, 2020 and 2019, respectively.