XML 43 R30.htm IDEA: XBRL DOCUMENT
v3.22.1

Derivatives (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The key terms of interest rate swaps are presented below:
Effective Date |  | Fixed Rate Paid (Received) |  | December 31, 2021 |  | March 31, 2022 |  |
Notional Amount (in millions) |  | Status |  | Notional Amount (in millions) |  | Status |  | Maturity Date
Entered into December 2016: |  |  |  |  |  |  |  |  |  |
February 3, 2017 |  | 1.9040% |  | $ | 450.0 |  |  | Active |  | $ | — |  |  | Matured |  | February 3, 2022
February 3, 2017 |  | 1.9040% |  | 450.0 |  |  | Active |  | — |  |  | Matured |  | February 3, 2022
Entered into December 2018: |  |  |  |  |  |  |  |  |  |
February 3, 2019 |  | 2.7490% |  | — |  |  | Terminated |  | — |  |  | Terminated |  | November 3, 2023
February 3, 2020 |  | 2.7350% |  | — |  |  | Terminated |  | — |  |  | Terminated |  | November 3, 2023
February 3, 2021 |  | 2.7360% |  | — |  |  | Terminated |  | — |  |  | Terminated |  | November 3, 2023
February 3, 2022 |  | 2.7800% |  | — |  |  | Terminated |  | — |  |  | Terminated |  | November 3, 2023
Entered into February 2021: |  |  |  |  |  |  |  |  |  |
February 3, 2021 |  | (1.9040)% |  | (900.0) |  |  | Active |  | — |  |  | Matured |  | February 3, 2022
February 9, 2021 |  | 2.3820% |  | 1,350.0 |  |  | Active |  | 1,350.0 |  |  | Active |  | February 9, 2026
Total |  |  |  | $ | 1,350.0 |  |  |  |  | $ | 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, 2021 and March 31, 2022 were as follows:
|  | December 31, 2021 |  | March 31, 2022
(In millions) |  | Assets |  | Liabilities |  | Assets |  | Liabilities
Derivatives not designated as hedging instruments | Location |  |  |  |  |  |  |
Interest rate swaps | Other current assets (1) | $ | 1.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest rate swaps | Other current liabilities | — |  |  | 1.5 |  |  | — |  |  | — |
Total |  | $ | 1.5 |  |  | $ | 1.5 |  |  | $ | — |  |  | $ | — |
Derivatives designated as hedging instruments | Location |  |  |  |  |  |  |
Interest rate swaps | Other current assets | $ | — |  |  | $ | — |  |  | $ | 7.4 |  |  | $ | — |
Interest rate swaps | Other non-current assets | 23.6 |  |  | — |  |  | 70.7 |  |  | — |
Interest rate swaps | Other current liabilities (2) | — |  |  | 20.8 |  |  | — |  |  | 17.3 |
Interest rate swaps | Other non-current liabilities (3) | — |  |  | 56.4 |  |  | — |  |  | 52.1 |
Total |  | $ | 23.6 |  |  | $ | 77.2 |  |  | $ | 78.1 |  |  | $ | 69.4 |
(1) The entire balance as of December 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 December 31, 2021 and March 31, 2022 includes $17.2 million and $17.3 million, respectively, related to the financing component of the pay-fixed interest rate swap. (3) The entire balance 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, 2021 |  | March 31, 2022
(In millions) | Gross Amounts on Balance Sheet |  | Effects of Counterparty Netting |  | Net Amounts |  | Gross Amounts on Balance Sheet |  | Effects of Counterparty Netting |  | Net Amounts
Assets |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 25.1 |  |  | $ | (25.1) |  |  | $ | — |  |  | $ | 78.1 |  |  | $ | (69.4) |  |  | $ | 8.7 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 78.7 |  |  | $ | (25.1) |  |  | $ | 53.6 |  |  | $ | 69.4 |  |  | $ | (69.4) |  |  | $ | — |
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, 2021 |  | March 31, 2022
(In millions) | Gross Amounts on Balance Sheet |  | Effects of Counterparty Netting |  | Net Amounts |  | Gross Amounts on Balance Sheet |  | Effects of Counterparty Netting |  | Net Amounts
Assets |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 25.1 |  |  | $ | (25.1) |  |  | $ | — |  |  | $ | 78.1 |  |  | $ | (69.4) |  |  | $ | 8.7 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 78.7 |  |  | $ | (25.1) |  |  | $ | 53.6 |  |  | $ | 69.4 |  |  | $ | (69.4) |  |  | $ | — |
Schedule of Derivative Instruments, Effect on Comprehensive Income (Loss) | The effect of our derivatives and their location on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2021 and 2022 was as follows:
|  | Three Months Ended March 31, |  |
(In millions) |  | 2021 |  | 2022 |  |  |  |
Derivatives not designated as hedging instruments | Location |  |  |  |  |  |  |
Interest rate swaps | Interest expense | $ | (4.6) |  |  | $ | (4.6) |  |  |  |  |
Foreign currency contracts (1) | Other expense, net | $ | (1.3) |  |  | $ | — |  |  |  |  |
Derivatives designated as hedging instruments | Location |  |  |  |  |  |  |
Interest rate swaps | Interest expense | $ | (2.3) |  |  | $ | (1.3) |  |  |  |  |
(1) Relates to two foreign currency forward contracts settled on November 30, 2021. As of December 31, 2021 and March 31, 2022, we do not have any outstanding foreign currency hedging contracts.

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 derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
Name: | us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
Name: | us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging 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 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration