XML 48 R33.htm IDEA: XBRL DOCUMENT v3.24.1.u1

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023 follows (in millions):

			Classification and amount of gain (loss) recognized in income on hedging relationships and derivative instruments
						Three Months Ended March 31,
						2024						2023
						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						$	(139.3)					$	(126.7)
The effects of cash flow hedging relationships in Subtopic 815-20:
(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)					$	(1.0)
2022 interest rate swap						$	3.0					$	3.6
The effects of derivative instruments not in Subtopic 815-20:
Gain (loss) on free-standing derivative instruments:
Interest rate contract:
Net gain (loss) on change in fair value of free-standing derivative instruments						$	—					$	(1.1)

Assets and liabilities measured at fair value on a recurring basis

As of March 31, 2024 and December 31, 2023, our assets and liabilities that are measured at fair value on a recurring basis include the following:

			March 31, 2024
									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			$	44.1					$	44.1					$	44.1					$	—					$	—
Bonds - restricted cash and marketable securities and other assets			76.8						76.8						—						76.8						—
Derivative and hedging assets - prepaid and other current assets and other assets			93.0						93.0						—						93.0						—
Total assets			$	213.9					$	213.9					$	44.1					$	169.8					$	—
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities			$	93.2					$	93.2					$	—					$	93.2					$	—
Contingent consideration - other accrued liabilities and other long-term liabilities			63.7						63.7						—						—						63.7
Total liabilities			$	156.9					$	156.9					$	—					$	93.2					$	63.7

			December 31, 2023
									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			$	43.1					$	43.1					$	43.1					$	—					$	—
Bonds - restricted cash and marketable securities and other assets			76.3						76.3						—						76.3						—
Derivative and hedging assets - prepaid and other current assets and other assets			78.3						78.3						—						78.3						—
Total assets			$	197.7					$	197.7					$	43.1					$	154.6					$	—
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities			$	79.6					$	79.6					$	—					$	79.6					$	—
Contingent consideration - other accrued liabilities and other long-term liabilities			63.6						63.6						—						—						63.6
Total liabilities			$	143.2					$	143.2					$	—					$	79.6					$	63.6

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2C
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

+ Details

Name:	us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration