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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The key terms of interest rate swaps outstanding are presented below:
Effective Date |  | Fixed Rate Paid (Received) |  | December 31, 2020 |  | March 31, 2021 |  |
Notional Amount (in millions) |  | Status |  | Notional Amount (in millions) |  | Status |  | Maturity Date
Entered into December 2016: |  |  |  |  |  |  |  |  |  |
February 3, 2017 |  | 1.7625% |  | $ | 150.0 |  |  | Active |  | $ | — |  |  | Matured |  | February 3, 2021
February 3, 2017 |  | 1.9040% |  | 450.0 |  |  | Active |  | 450.0 |  |  | Active |  | February 3, 2022
February 3, 2017 |  | 1.9040% |  | 450.0 |  |  | Active |  | 450.0 |  |  | Active |  | February 3, 2022
Entered into December 2018: |  |  |  |  |  |  |  |  |  |
February 3, 2019 |  | 2.7490% |  | 150.0 |  |  | Active |  | — |  |  | Terminated |  | November 3, 2023
February 3, 2020 |  | 2.7350% |  | 150.0 |  |  | Active |  | — |  |  | Terminated |  | November 3, 2023
February 3, 2021 |  | 2.7360% |  | 150.0 |  |  | Active |  | — |  |  | Terminated |  | November 3, 2023
February 3, 2022 |  | 2.7800% |  | 900.0 |  |  | Active |  | — |  |  | Terminated |  | November 3, 2023
Entered into February 2021: |  |  |  |  |  |  |  |  |  |
February 3, 2021 |  | (1.9040)% |  | — |  |  | N/A |  | (900.0) |  |  | Active |  | February 3, 2022
February 9, 2021 |  | 2.3820% |  | — |  |  | N/A |  | 1,350.0 |  |  | Active |  | February 9, 2026
Total |  |  |  | $ | 2,400.0 |  |  |  |  | $ | 1,350.0 |  |  |  |  |
Schedule of Fair Values of Derivative Assets and Liabilities on the Consolidated Balance Sheets | The fair values of our derivatives and their location on the Consolidated Balance Sheets as of December 31, 2020 and March 31, 2021 were as follows:
|  | December 31, 2020 |  | March 31, 2021
(In millions) |  | Assets |  | Liabilities |  | Assets |  | Liabilities
Derivatives not designated as hedging instruments | Location |  |  |  |  |  |  |
Interest rate swaps | Other current assets (1) | $ | — |  |  | $ | — |  |  | $ | 13.1 |  |  | $ | — |
Interest rate swaps | Other current liabilities | — |  |  | — |  |  | — |  |  | 13.0 |
Foreign currency contracts | Other current liabilities | — |  |  | 1.7 |  |  | — |  |  | 3.0 |
Total |  | $ | — |  |  | $ | 1.7 |  |  | $ | 13.1 |  |  | $ | 16.0 |
Derivatives designated as hedging instruments | Location |  |  |  |  |  |  |
Interest rate swaps | Other non-current assets | $ | — |  |  | $ | — |  |  | $ | 17.9 |  |  | $ | — |
Interest rate swaps | Other current liabilities (2) | — |  |  | 22.6 |  |  | — |  |  | 21.5 |
Interest rate swaps | Other non-current liabilities (3) | — |  |  | 64.4 |  |  | — |  |  | 69.3 |
Total |  | $ | — |  |  | $ | 87.0 |  |  | $ | 17.9 |  |  | $ | 90.8 |
(1) The entire balance as of March 31, 2021 is comprised of the receive-fixed interest rate swap for which the fair value option has been elected. (2) The balance as of March 31, 2021 includes $17.3 million related to the financing component of the pay-fixed interest rate swap. (3) The entire balance as of March 31, 2021 is comprised of the financing component of the pay-fixed interest rate swap.
Schedule Offsetting Assets Under Master Netting Arrangements | For financial statement presentation purposes, we do not offset assets and liabilities under master netting arrangements and all amounts above are presented on a gross basis. The following table, however, is presented on a net asset and net liability basis:
| December 31, 2020 |  | March 31, 2021
(In millions) | Gross Amounts on Balance Sheet |  | Effect of Counter-Party Netting |  | Net Amounts |  | Gross Amounts on Balance Sheet |  | Effect of Counter-Party Netting |  | Net Amounts
Assets |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 31.0 |  |  | $ | (31.0) |  |  | $ | — |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 31.0 |  |  | $ | (31.0) |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 87.0 |  |  | $ | — |  |  | $ | 87.0 |  |  | $ | 103.8 |  |  | $ | (31.0) |  |  | $ | 72.8 |
Foreign currency contracts | 1.7 |  |  | — |  |  | 1.7 |  |  | 3.0 |  |  | — |  |  | 3.0 |
Total | $ | 88.7 |  |  | $ | — |  |  | $ | 88.7 |  |  | $ | 106.8 |  |  | $ | (31.0) |  |  | $ | 75.8 |
Schedule Offsetting Liabilities Under Master Netting Arrangements | For financial statement presentation purposes, we do not offset assets and liabilities under master netting arrangements and all amounts above are presented on a gross basis. The following table, however, is presented on a net asset and net liability basis:
| December 31, 2020 |  | March 31, 2021
(In millions) | Gross Amounts on Balance Sheet |  | Effect of Counter-Party Netting |  | Net Amounts |  | Gross Amounts on Balance Sheet |  | Effect of Counter-Party Netting |  | Net Amounts
Assets |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 31.0 |  |  | $ | (31.0) |  |  | $ | — |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 31.0 |  |  | $ | (31.0) |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 87.0 |  |  | $ | — |  |  | $ | 87.0 |  |  | $ | 103.8 |  |  | $ | (31.0) |  |  | $ | 72.8 |
Foreign currency contracts | 1.7 |  |  | — |  |  | 1.7 |  |  | 3.0 |  |  | — |  |  | 3.0 |
Total | $ | 88.7 |  |  | $ | — |  |  | $ | 88.7 |  |  | $ | 106.8 |  |  | $ | (31.0) |  |  | $ | 75.8 |
Schedule of Derivative Instruments, Effect on Comprehensive Income (Loss) | The effect of our derivatives and their location on the Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2020 and 2021 was as follows:
|  |  |  | Three Months Ended March 31,
(In millions) |  |  |  |  |  | 2020 |  | 2021
Derivatives not designated as hedging instruments | Location |  |  |  |  |  |  |
Interest rate swaps | Interest expense |  |  |  |  | $ | (3.2) |  |  | $ | (4.6) |
Foreign currency contracts | Other expense, net |  |  |  |  | 3.3 |  |  | (1.3) |
Derivatives designated as hedging instruments | Location |  |  |  |  |  |  |
Interest rate swaps | Interest expense |  |  |  |  | $ | 0.5 |  |  | $ | (2.3) |

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