Hedging Activities and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

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 September 30, 2020 and December 31, 2019.

September 30, 2020
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 Not Designated as Hedging Instruments
Foreign currency forwards	Fair Value	248.1	3.3	—	—	—
Foreign currency forwards	Fair Value	47.6	—	—	0.6	—

December 31, 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	$	—	$	—	$	13.1	$	—
Derivatives Not Designated as Hedging Instruments
Foreign currency forwards	Fair Value	55.2		0.5		—		—		—
Foreign currency forwards	Fair Value	106.9		—		—		0.5		—

(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.

Schedule of Cash Flow Hedges included in Accumulated Other Comprehensive Income (Loss)

Losses on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine month periods ended September 30, 2020 and 2019 are as presented in the table below.

	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2020		2019		2020		2019
Interest rate swap contracts
Loss recognized in AOCI on derivatives	$	(0.1)	$	(0.4)	$	(4.4)	$	(7.4)
Loss reclassified from AOCI into income (effective portion)(1)	(5.3)		(4.7)		(18.5)		(12.3)

(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.

Schedule of Gains (Losses) on Derivative Instruments Not Designated as Accounting Hedges and Total Net Foreign Currency Losses

The Company’s gains (losses) on derivative instruments not designated as accounting hedges and total net foreign currency losses for the three and nine month periods ended September 30, 2020 and 2019 were as follows.

	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2020		2019		2020		2019
Foreign currency forward contracts gains (losses)	$	9.1	$	(5.9)	$	7.0	$	(9.7)
Total foreign currency transaction losses, net	(6.2)		0.6		(14.0)		(3.1)

Schedule of Changes in Value of Debt and Designated Interest Rate Swaps

The Company’s gains (losses), net of income tax, associated with changes in the value of debt for the three and nine month periods ended September 30, 2020 and 2019 were as follows.

	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2020		2019		2020		2019
Gain, net of income tax, recorded through other comprehensive income	$	21.9	$	21.6	$	22.8	$	26.3

Schedule of Assets and Liabilities Measured at Fair Value

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019.

	September 30, 2020
	Level 1		Level 2		Level 3		Total
Financial Assets
Foreign currency forwards(1)	$	—	$	3.3	$	—	$	3.3
Trading securities held in deferred compensation plan(2)	7.7		—		—		7.7
Total	$	7.7	$	3.3	$	—	$	11.0
Financial Liabilities
Foreign currency forwards(1)	$	—	$	0.6	$	—	$	0.6
Deferred compensation plans(2)	20.9		—		—		20.9
Total	$	20.9	$	0.6	$	—	$	21.5

	December 31, 2019
	Level 1		Level 2		Level 3		Total
Financial Assets
Foreign currency forwards(1)	$	—	$	0.5	$	—	$	0.5
Trading securities held in deferred compensation plan(2)	7.3		—		—		7.3
Total	$	7.3	$	0.5	$	—	$	7.8
Financial Liabilities
Foreign currency forwards(1)	$	—	$	0.5	$	—	$	0.5
Deferred compensation plan(2)	7.3		—		—		7.3
Interest rate swaps(3)	—		13.1		—		13.1
Total	$	7.3	$	13.6	$	—	$	20.9

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

(2)Based on the quoted price of publicly traded mutual funds and other equity securities 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 the end of the respective period. The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparties.