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Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2023
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 nine months ended September 30, 2023 and 2022 follows (in millions):
Classification and amount of gain (loss) recognized in income on hedging relationships and derivative instruments
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Interest ExpenseInterest ExpenseInterest ExpenseInterest 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$(127.6)$(105.2)$(378.8)$(282.7)
The effects of fair value and cash flow hedging relationships in Subtopic 815-20:
(Loss) gain on fair value hedging relationships:
Interest rate swaps:
Net swap settlements$— $0.4 $(2.2)$3.7 
Net periodic (loss) earnings$— $(0.9)$(1.1)$(2.1)
(Loss) gain on cash flow hedging relationships:
Amount of (loss) gain reclassified from accumulated other comprehensive loss into earnings, net of tax:
Interest rate swap locks$(0.9)$(1.1)$(2.9)$(3.2)
2022 interest rate swap$3.2 $1.1 $10.0 $1.1 
The effects of derivative instruments not in Subtopic 815-20:
Gain (loss) on free-standing derivative instruments:
Interest rate swaps:
Gain (loss) on change in fair value of free-standing derivative instruments$— $(0.8)$1.0 $(5.2)
Interest rate contract:
Net (loss) gain on change in fair value of free-standing derivative instruments$(0.6)$0.5 $(1.9)$2.2 
Assets and liabilities measured at fair value on a recurring basis As of September 30, 2023 and December 31, 2022, our assets and liabilities that are measured at fair value on a recurring basis include the following:
September 30, 2023
 Fair Value
 Carrying AmountTotalQuoted
Prices in
Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Money market mutual funds$41.9 $41.9 $41.9 $— $— 
Bonds - restricted cash and marketable securities and other assets
57.3 57.3 — 57.3 — 
Derivative and hedging assets - prepaid and other current assets and other assets120.8 120.8 — 120.8 — 
Total assets$220.0 $220.0 $41.9 $178.1 $— 
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities$111.3 $111.3 $— $111.3 $— 
Contingent consideration - other accrued liabilities and other long-term liabilities
64.1 64.1 — — 64.1 
Total liabilities$175.4 $175.4 $— $111.3 $64.1 
December 31, 2022
 Fair Value
 Carrying AmountTotalQuoted
Prices in
Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Money market mutual funds$38.3 $38.3 $38.3 $— $— 
Bonds - restricted cash and marketable securities and other assets
56.9 56.9 — 56.9 — 
Derivative and hedging assets - other assets105.8 105.8 — 105.8 — 
Total assets$201.0 $201.0 $38.3 $162.7 $— 
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities$102.0 $102.0 $— $102.0 $— 
Contingent consideration - other accrued liabilities and other long-term liabilities65.1 65.1 — — 65.1 
Total liabilities$167.1 $167.1 $— $102.0 $65.1