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Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value hedging instruments

The effect of our hedging relationships and derivative instruments on the consolidated statements of income for the three months ended March 31, 2020 and 2019 follows (in millions):

			Classification and amount of gain (loss) recognized in income on hedging relationships and derivative instruments
			Three Months Ended March 31,
			2020						2019
			Interest Expense						Interest Expense
Total amount of expense line items presented in the consolidated statements of income in which the effects of hedging relationships and derivative instruments are recorded			$	(96.6)					$	(100.4)
The effects of fair value and cash flow hedging relationships in Subtopic 815-20:
Gain on fair value hedging relationships:
Interest rate swaps:
Net swap settlements			$	0.7					$	0.1
Net periodic earnings			$	0.6					$	—
(Loss) gain on cash flow hedging relationships:
Interest rate swap locks:
Amount of (loss) gain reclassified from AOCI into income, net of tax			$	(0.8)					$	0.1
The effects of derivative instruments not in Subtopic 815-20:
Loss on free-standing derivative instruments:
Interest rate contract:
Net loss on change in fair value of free-standing derivative instruments			$	(2.6)					$	—

Schedule of cash flow hedging instruments

The effect of our hedging relationships and derivative instruments on the consolidated statements of income for the three months ended March 31, 2020 and 2019 follows (in millions):

			Classification and amount of gain (loss) recognized in income on hedging relationships and derivative instruments
			Three Months Ended March 31,
			2020						2019
			Interest Expense						Interest Expense
Total amount of expense line items presented in the consolidated statements of income in which the effects of hedging relationships and derivative instruments are recorded			$	(96.6)					$	(100.4)
The effects of fair value and cash flow hedging relationships in Subtopic 815-20:
Gain on fair value hedging relationships:
Interest rate swaps:
Net swap settlements			$	0.7					$	0.1
Net periodic earnings			$	0.6					$	—
(Loss) gain on cash flow hedging relationships:
Interest rate swap locks:
Amount of (loss) gain reclassified from AOCI into income, net of tax			$	(0.8)					$	0.1
The effects of derivative instruments not in Subtopic 815-20:
Loss on free-standing derivative instruments:
Interest rate contract:
Net loss on change in fair value of free-standing derivative instruments			$	(2.6)					$	—

Assets and liabilities measured at fair value on a recurring basis

As of March 31, 2020 and December 31, 2019, our assets and liabilities that are measured at fair value on a recurring basis include the following:

			March 31, 2020
									Fair Value
			Carrying Amount						Total						Quoted Prices in Active Markets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Money market mutual funds			$	43.3					$	43.3					$	43.3					$	—					$	—
Bonds - restricted cash and marketable securities and other assets			58.5						58.5						—						58.5						—
Interest rate swaps - other assets			21.0						21.0						—						21.0						—
Other derivative assets - other assets			61.6						61.6						—						61.6						—
Total assets			$	184.4					$	184.4					$	43.3					$	141.1					$	—
Liabilities:
Other derivative liabilities - other long-term liabilities			$	112.6					$	112.6					$	—					$	112.6					$	—
Interest rate locks - other long-term liabilities			11.0						11.0						—						11.0						—
Contingent consideration - other accrued liabilities and other long-term liabilities			71.7						71.7						—						—						71.7
Total liabilities			$	195.3					$	195.3					$	—					$	123.6					$	71.7

			December 31, 2019
									Fair Value
			Carrying Amount						Total						Quoted Prices in Active Markets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Money market mutual funds			$	43.0					$	43.0					$	43.0					$	—					$	—
Bonds - restricted cash and marketable securities and other assets			51.6						51.6						—						51.6						—
Interest rate swaps - other assets			10.7						10.7						—						10.7						—
Other derivative assets - other assets			2.9						2.9						—						2.9						—
Interest rate locks - prepaid expenses and other current assets			3.6						3.6						—						3.6						—
Total assets			$	111.8					$	111.8					$	43.0					$	68.8					$	—
Liabilities:
Other derivative liabilities - other long-term liabilities			$	22.2					$	22.2					$	—					$	22.2					$	—
Interest rate locks - other accrued liabilities and other long-term liabilities			15.7						15.7						—						15.7						—
Contingent consideration - other accrued liabilities and other long-term liabilities			72.0						72.0						—						—						72.0
Total liabilities			$	109.9					$	109.9					$	—					$	37.9					$	72.0

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

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Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

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