Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Swap and Cross Currency Swaps

The following table summarizes our interest rate swaps as of March 31, 2023:

Expiration dates	Notional amount	Fixed rate
February 8, 2026	$1,500	3.695%
February 27, 2025	$250	1.629%
March 27, 2024	$1,000	0.467%

Schedule of Fair Values of Derivative Instruments in Consolidated Balance Sheet

Fair Values of Derivative Instruments in the Condensed Consolidated Balance Sheets:

	Asset derivatives						Liability derivatives
	March 31, 2023			December 31, 2022			March 31, 2023			December 31, 2022
	Balance sheet location	Fair value		Balance sheet location	Fair value		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Cash flow hedge derivative:
Interest rate swaps	Other current assets	$	52.4	Other current assets	$	65.7	Other accrued & current liabilities	$	1.2	Other accrued & current liabilities	$	—
Net investment hedge derivative:
Cross-currency swaps	Other current assets	—			—		Other accrued & current liabilities	20.4		Other accrued & current liabilities	17.1
Total derivatives designated as hedging instruments:		$	52.4		$	65.7		$	21.6		$	17.1
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts	Other current assets	$	1.3	Other current assets	$	3.5	Other accrued & current liabilities	$	0.4	Other accrued & current liabilities	$	0.3
Total derivatives not designated as hedging instruments:		$	1.3		$	3.5		$	0.4		$	0.3
Total derivatives		$	53.7		$	69.2		$	22.0		$	17.4

Schedule of Effect of Derivative Instruments on Consolidated Statement of Operations and Comprehensive Income (Loss)

The Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations and Comprehensive Income (Loss):

	Amount of pre-tax gain or (loss) recognized in OCI on derivative					Amount of gain or (loss) reclassified from accumulated OCI into income					Amount of gain or (loss) recognized in income on derivative
	Three months ended March 31,					Three months ended March 31,					Three months ended March 31,
Derivatives designated as hedging instruments	2023		2022		Location of gain or (loss) reclassified from accumulated OCI into income	2023		2022		Location of gain or (loss) recognized in income on derivative	2023		2022
Cash flow hedge derivative:
Interest rate swaps	$	(14.5)	$	32.3	Interest expense	$	14.3	$	(1.1)	Interest expense	$	14.3	$	(1.1)
Net investment hedge derivative:
Cross-currency swaps	$	(3.3)	$	—		$	—	$	—		$	—	$	—

		Amount of gain (loss) recognized in income on derivatives
		Three months ended March 31,
Derivatives not designated as hedging instruments	Location of gain or (loss) recognized in income on derivatives	2023		2022
Foreign exchange forward contracts	Non-operating income (expense) – net	$	3.8	$	(3.2)

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes fair value measurements by level at March 31, 2023 for assets and liabilities measured at fair value on a recurring basis:

	Quoted prices in active markets for identical assets (level I)		Significant other observable inputs (level II)		Significant unobservable inputs (level III)		Balance at March 31, 2023
Assets:
Cash equivalents (1)	$	15.0	$	—	$	—	$	15.0
Other current assets:
Foreign exchange forwards (2)	$	—	$	1.3	$	—	$	1.3
Interest rate swap arrangements (3)	$	—	$	52.4	$	—	$	52.4
Liabilities:
Other accrued and current liabilities:
Foreign exchange forwards (2)	$	—	$	0.4	$	—	$	0.4
Interest rate swap arrangements (3)	$	—	$	1.2	$	—	$	1.2
Cross-currency swap arrangements (3)	$	—	$	20.4	$	—	$	20.4

The following table summarizes fair value measurements by level at December 31, 2022 for assets and liabilities measured at fair value on a recurring basis:

	Quoted prices in active markets for identical assets (level I)		Significant other observable inputs (level II)		Significant unobservable inputs (level III)		Balance at December 31, 2022
Assets:
Cash equivalents (1)	$	0.9	$	—	$	—	$	0.9
Other current assets:
Foreign exchange forwards (2)	$	—	$	3.5	$	—	$	3.5
Interest rate swap arrangements (3)	$	—	$	65.7	$	—	$	65.7
Liabilities:
Other accrued and current liabilities:
Foreign exchange forwards (2)	$	—	$	0.3	$	—	$	0.3
Cross-currency swap arrangements (3)	$	—	$	17.1	$	—	$	17.1

(1)The carrying value of cash equivalents represents fair value as they consist of highly liquid investments with an initial term from the date of purchase by the Company to maturity of three months or less.

(2)Fair value is determined based on observable market data and considers a factor for nonperformance in the valuation.

(3)Fair value is determined based on observable market data.

Schedule of Carrying Amount and Estimated Fair Value of Liabilities

The estimated fair values of other financial instruments subject to fair value disclosures, determined based on valuation models using discounted cash flow methodologies with market data inputs from globally recognized data providers and third-party quotes from major financial institutions (categorized as Level II in the fair value hierarchy), are as follows:

	Balance at
	March 31, 2023				December 31, 2022
	Carrying amount		Fair value		Carrying amount		Fair value
Long-term debt (1)	$	454.2	$	400.7	$	454.0	$	390.9
Revolving facility	$	55.0	$	53.6	$	50.3	$	49.9
Term loans (2)	$	3,076.5	$	3,016.9	$	3,080.6	$	3,085.9

(1)Represents the 5.000% Senior Unsecured Notes.

(2)Includes short-term and long-term portions of the Term Loan Facility.