v3.24.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2024 and 2023 follows (in millions):
Classification and amount of gain (loss) recognized in income on hedging relationships and derivative instruments
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
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$(128.3)$(124.4)$(267.6)$(251.1)
The effects of cash flow hedging relationships in Subtopic 815-20:
(Loss) gain on cash flow hedging relationships:
Interest rate swap locks$(0.9)$(1.0)$(1.7)$(2.0)
2022 interest rate swap$6.6 $1.6 $8.0 $(0.6)
The effects of derivative instruments not in Subtopic 815-20:
Loss on free-standing derivative instruments:
Interest rate contract:
Net loss on change in fair value of free-standing derivative instruments$(0.1)$(0.2)$(0.1)$(1.3)
Assets and liabilities measured at fair value on a recurring basis As of June 30, 2024 and December 31, 2023, our assets and liabilities that are measured at fair value on a recurring basis include the following:
June 30, 2024
 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$45.1 $45.1 $45.1 $— $— 
Bonds - restricted cash and marketable securities and other assets
77.1 77.1 — 77.1 — 
Derivative and hedging assets - other assets59.3 59.3 — 59.3 — 
Total assets$181.5 $181.5 $45.1 $136.4 $— 
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities$79.9 $79.9 $— $79.9 $— 
Contingent consideration - other accrued liabilities and other long-term liabilities
63.8 63.8 — — 63.8 
Total liabilities$143.7 $143.7 $— $79.9 $63.8 
December 31, 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$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 assets78.3 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 liabilities63.6 63.6 — — 63.6 
Total liabilities$143.2 $143.2 $— $79.6 $63.6