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Derivatives (Tables)

3 Months Ended

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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