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Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2022
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 and six months ended June 30, 2022 and 2021 follows (in millions):
| Classification and amount of gain (loss) recognized in income on hedging relationships and derivative instruments
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
|  | Interest Expense |  | Interest Expense |  | 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 |  | $ | (94.0) |  |  | $ | (78.4) |  |  | $ | (177.5) |  |  | $ | (156.7) |
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 |  | $ | 1.4 |  |  | $ | 2.0 |  |  | $ | 3.2 |  |  | $ | 3.9 |
Net periodic (loss) earnings |  | $ | (0.6) |  |  | $ | 0.1 |  |  | $ | (1.2) |  |  | $ | 0.2 |
Loss on cash flow hedging relationships: |  |  |  |  |  |  |  |
Interest rate swap locks: |  |  |  |  |  |  |  |
Amount of loss reclassified from accumulated other comprehensive loss into income, net of tax |  | $ | (1.1) |  |  | $ | (1.2) |  |  | $ | (2.2) |  |  | $ | (2.3) |
The effects of derivative instruments not in Subtopic 815-20: |  |  |  |  |  |  |  |
Gain (loss) on free-standing derivative instruments: |  |  |  |  |  |  |  |
Interest rate swaps: |  |  |  |  |  |  |  |
Loss on change in fair value of free-standing derivative instruments |  | $ | (1.6) |  |  | $ | (0.8) |  |  | $ | (4.3) |  |  | $ | (2.0) |
Interest rate contract: |  |  |  |  |  |  |  |
Net gain (loss) on change in fair value of free-standing derivative instruments |  | $ | 0.4 |  |  | $ | (0.6) |  |  | $ | 1.7 |  |  | $ | (0.2) |
Assets and liabilities measured at fair value on a recurring basis | As of June 30, 2022 and December 31, 2021, our assets and liabilities that are measured at fair value on a recurring basis include the following:
| June 30, 2022
|  |  | 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 | $ | 30.5 |  |  | $ | 30.5 |  |  | $ | 30.5 |  |  | $ | — |  |  | $ | — |
Bonds - restricted cash and marketable securities and other assets | 57.4 |  |  | 57.4 |  |  | — |  |  | 57.4 |  |  | — |
Derivative and hedging assets - other assets | 59.5 |  |  | 59.5 |  |  | — |  |  | 59.5 |  |  | — |
Total assets | $ | 147.4 |  |  | $ | 147.4 |  |  | $ | 30.5 |  |  | $ | 116.9 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |
Derivative and hedging liabilities - other long-term liabilities | $ | 66.8 |  |  | $ | 66.8 |  |  | $ | — |  |  | $ | 66.8 |  |  | $ | — |
Contingent consideration - other accrued liabilities and other long-term liabilities | 67.9 |  |  | 67.9 |  |  | — |  |  | — |  |  | 67.9 |
Total liabilities | $ | 134.7 |  |  | $ | 134.7 |  |  | $ | — |  |  | $ | 66.8 |  |  | $ | 67.9 |
| December 31, 2021
|  |  | 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 | $ | 35.2 |  |  | $ | 35.2 |  |  | $ | 35.2 |  |  | $ | — |  |  | $ | — |
Bonds - restricted cash and marketable securities and other assets | 63.1 |  |  | 63.1 |  |  | — |  |  | 63.1 |  |  | — |
Derivative and hedging assets - other assets | 19.7 |  |  | 19.7 |  |  | — |  |  | 19.7 |  |  | — |
Total assets | $ | 118.0 |  |  | $ | 118.0 |  |  | $ | 35.2 |  |  | $ | 82.8 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |
Derivative and hedging liabilities - other long-term liabilities | $ | 50.7 |  |  | $ | 50.7 |  |  | $ | — |  |  | $ | 50.7 |  |  | $ | — |
Contingent consideration - other accrued liabilities and other long-term liabilities | 68.8 |  |  | 68.8 |  |  | — |  |  | — |  |  | 68.8 |
Total liabilities | $ | 119.5 |  |  | $ | 119.5 |  |  | $ | — |  |  | $ | 50.7 |  |  | $ | 68.8 |

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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