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Hedging Activities, Derivative Instruments and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2022
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 June 30, 2022 and December 31, 2021.
June 30, 2022
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 contractsCash flow$528.5 $— $— $0.6 $2.0 
Interest rate cap contractsCash flow1,000.0 1.5 8.0 — — 
Cross-currency interest rate swap contractsNet investment1,054.2 21.4 — — 15.4 
Derivatives Not Designated as Hedging Instruments
Foreign currency forwardsFair value$25.1 $— $— $— $— 
Foreign currency forwardsFair value7.3 — — — — 
December 31, 2021
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 forwardsFair Value$22.1 $— $— $— $— 
Foreign currency forwardsFair Value19.3 — — 0.2 — 
(1)Notional amounts represent the gross contract amounts of the outstanding derivatives excluding the total notional amount of positions that have been effectively closed through offsetting positions. The net gains and net losses associated with positions that have been effectively closed through offsetting positions but not yet settled are included in the asset and liability derivatives fair value columns, respectively.
Schedule of Cash Flow Hedges included in Accumulated Other Comprehensive Income (Loss)
Losses on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six month periods ended June 30, 2022 and 2021 are as presented in the table below.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2022202120222021
Loss recognized in OCI on derivatives$(6.6)$— $(6.6)$— 
Loss reclassified from AOCI into income (effective portion)(1)
(0.1)— (0.1)— 
(1)Losses on derivatives reclassified from AOCI into income were included within “Interest expense” in the Condensed Consolidated Statements of Operations.
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
Gains on derivatives designated as net investment hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six month periods ended June 30, 2022 and 2021 are as presented in the table below.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2022202120222021
Gain recognized in OCI on derivatives$6.0 $— $6.0 $— 
Gain reclassified from AOCI into income (effective portion)(1)
0.1 — 0.1 — 
(1)Gains 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 six month periods ended June 30, 2022 and 2021 were as follows.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2022202120222021
Foreign currency forward contracts gains (losses)$4.1 $0.7 $3.1 $(0.1)
Total foreign currency transaction gains (losses), net1.8 (3.4)5.6 14.7 
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 six month periods ended June 30, 2022 and 2021 were as follows.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2022202120222021
Gain (loss), net of income tax, recorded through other comprehensive income$23.1 $(5.7)$36.4 $13.2 
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 June 30, 2022 and December 31, 2021.
June 30, 2022
Level 1Level 2Level 3Total
Financial Assets
Trading securities held in deferred compensation plan(1)
$11.4 $— $— $11.4 
Interest rate caps(2)
— 9.5 — 9.5 
Cross-currency interest rate swaps(3)
— 21.4 — 21.4 
Foreign currency forwards(4)
— — — — 
Total$11.4 $30.9 $— $42.3 
Financial Liabilities
Deferred compensation plans(1)
$18.7 $— $— $18.7 
Interest rate swaps(5)
— 2.6 — 2.6 
Cross-currency interest rate swaps(3)
— 15.4 — 15.4 
Foreign currency forwards(4)
— — — — 
Total$18.7 $18.0 $— $36.7 
December 31, 2021
Level 1Level 2Level 3Total
Financial Assets
Trading securities held in deferred compensation plan(1)
$12.0 $— $— $12.0 
Foreign currency forwards(4)
— — — — 
Total$12.0 $— $— $12.0 
Financial Liabilities
Deferred compensation plan(1)
$22.4 $— $— $22.4 
Foreign currency forwards(4)
— 0.2 — 0.2 
Total$22.4 $0.2 $— $22.6 
(1)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.
(2)Measured as the present value of all expected future cash flows that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market volatilities and interest rate curves.
(3)Measured as the present value of all expected future cash flows on each leg of the contracts. The model utilizes inputs of observable market data including interest yield curves and foreign currency exchange rates. The present value calculation uses cross-currency basis-adjusted discount factors that have been adjusted to reflect the credit quality of the Company and its counterparties.
(4)Based on calculations that use readily observable market parameters at their basis, such as spot and forward rates.
(5)Measured as the present value of all expected future cash flows based on the SOFR-based swap yield curves as of June 30, 2022. The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparties.