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Hedging Activities and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2019
Hedging Activities and Fair Value Measurements [Abstract]  
Notional Amounts, Fair Values and Classification of Outstanding Derivatives by Risk Category and Instrument Type The following table summarizes the notional amounts, fair values and classification of the Company’s outstanding derivatives by risk category and instrument type within the Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018.


June 30, 2019
  
Derivative
Classification
  
Notional
Amount (1)
    
Fair Value (1)
Other Current
Assets
    
Fair Value (1)
Other Assets
    
Fair Value (1)
Accrued
Liabilities
    
Fair Value (1)
Other
Liabilities
  
Derivatives Designated as Hedging Instruments
                                
Interest rate swap contracts
Cash Flow
  
$
825.0
    
$
—
    
$
—
    
$
7.4
    
$
13.2
  
Derivatives Not Designated as Hedging Instruments
                                          
Foreign currency forwards
Fair Value
  
$
123.5
    
$
0.8
    
$
—
    
$
—
    
$
—
  
Foreign currency forwards
Fair Value
  
$
71.8
    
$
—
    
$
—
    
$
1.5
    
$
—
  


December 31, 2018
  
Derivative
Classification
  
Notional
Amount (1)
    
Fair Value (1)
Other Current
Assets
    
Fair Value (1)
Other Assets
    
Fair Value (1)
Accrued
Liabilities
    
Fair Value (1)
Other
Liabilities
  
Derivatives Designated as Hedging Instruments
                                
Interest rate swap contracts
Cash Flow
  
$
925.0
    
$
—
    
$
—
    
$
11.2
    
$
8.7
  
Derivatives Not Designated as Hedging Instruments
                                          
Foreign currency forwards
Fair Value
  
$
143.3
    
$
1.3
    
$
—
    
$
—
    
$
—
  
Foreign currency forwards
Fair Value
  
$
27.5
    
$
—
    
$
—
    
$
0.1
    
$
—
  

(1)
Notional amounts represent the gross contract amounts of the outstanding derivatives excluding the total notional amount of positions that have been effectively closed through offsetting positions. The net gains and net losses associated with positions that have been effectively closed through offsetting positions but not yet settled are included in the asset and liability derivatives fair value columns, respectively.

Gains and Losses on Derivatives Designated as Cash Flow Hedges Gains and losses on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income for the three and six month periods ended June 30, 2019 and 2018 are as presented in the table below.


 
For the Three
Month Period
Ended
June 30,
    
For the Six
Month Period
Ended
June 30,
  
   
2019
    
2018
    
2019
    
2018
  
Interest rate swap contracts
                        
(Loss) gain recognized in AOCI on derivatives
  
$
(4.6
)
  
$
3.1
    
$
(7.0
)
  
$
13.4
  
Loss reclassified from AOCI into income (effective portion)(1)
    
(3.9
)
    
(3.1
)
    
(7.6
)
    
(7.9
)

(1)
Losses on derivatives reclassified from accumulated other comprehensive income (“AOCI”) into income were included within “Interest expense” in the Condensed Consolidated Statements of Operations.

Losses on Derivative Instruments Not Designated as Accounting Hedges and Total Net Foreign Currency Losses The Company’s (losses) gains on derivative instruments not designated as accounting hedges and total net foreign currency (losses) gains for the three and six month periods ended June 30, 2019 and 2018 were as follows.


 
For the Three
Month Period
Ended
June 30,
    
For the Six
Month Period
Ended
June 30,
  
   
2019
    
2018
    
2019
    
2018
  
Foreign currency forward contracts (losses) gains
  
$
(2.2
)
  
$
7.3
    
$
(3.8
)
  
$
6.2
  
Total foreign currency transaction (losses) gains, net
    
(0.6
)
    
2.4
      
(3.7
)
    
(0.2
)

Changes in Value of Debt and Designated Interest Rate Swaps
The Company’s (losses) and gains, net of income tax, associated with changes in the value of debt for the three and six month periods ended June 30, 2019 and 2018 and the net balance of such (losses) and gains included in accumulated other comprehensive (loss) income as of June 30, 2019 and 2018 were as follows.


  
For the Three
Month Period
Ended
June 30,
    
For the Six
Month Period
Ended
June 30,
  
   
2019
    
2018
    
2019
    
2018
  
(Loss) gain, net of income tax, recorded through other comprehensive income
  
$
(7.0
)
  
$
29.7
    
$
4.7
    
$
14.5
  
Balance included in accumulated other comprehensive (loss) income as of June 30, 2019 and 2018, respectively
                  
$
61.3
    
$
46.7
  

Assets and Liabilities Measured at Fair Value The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2019.


 
Level 1
    
Level 2
    
Level 3
    
Total
  
Financial Assets
                        
Foreign currency forwards(1)
  
$
—
    
$
0.8
    
$
—
    
$
0.8
  
Trading securities held in deferred compensation plan(2)
    
6.5
      
—
      
—
      
6.5
  
Total
  
$
6.5
    
$
0.8
    
$
—
    
$
7.3
  
Financial Liabilities
                                
Foreign currency forwards(1)
  
$
—
    
$
1.5
    
$
—
    
$
1.5
  
Interest rate swaps(3)
    
—
      
20.6
      
—
      
20.6
  
Deferred compensation plan(2)
    
6.5
      
—
      
—
      
6.5
  
Total
  
$
6.5
    
$
22.1
    
$
—
    
$
28.6
  

(1)
Based on calculations that use readily observable market parameters as their basis, such as spot and forward rates.


(2)
Based on the quoted price of publicly traded mutual funds which are classified as trading securities and accounted for using the mark-to-market method.


(3)
Measured as the present value of all expected future cash flows based on the LIBOR-based swap yield curves as of June 30, 2019.  The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparties.