0001810019-21-000135 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2021	Aug. 06, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-39420
Entity Registrant Name	RACKSPACE TECHNOLOGY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3369925
Entity Address, Address Line One	1 Fanatical Place
Entity Address, Address Line Two	City of Windcrest
Entity Address, City or Town	San Antonio
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78218
City Area Code	210
Local Phone Number	312-4000
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	RXT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		209,134,764
Entity Central Index Key	0001810019
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 214.8	$ 104.7
Accounts receivable, net of allowance for doubtful accounts and accrued customer credits of $28.3 and $16.0, respectively	501.1	483.0
Prepaid expenses	94.0	123.8
Other current assets	75.3	47.0
Total current assets	885.2	758.5
Property, equipment and software, net	892.0	884.6
Goodwill, net	2,765.8	2,761.1
Intangible assets, net	1,553.8	1,646.3
Operating right-of-use assets	151.3	171.1
Other non-current assets	164.2	156.2
Total assets	6,412.3	6,377.8
Current liabilities:
Accounts payable and accrued expenses	324.4	285.4
Accrued compensation and benefits	91.5	110.6
Deferred revenue	93.0	76.7
Debt	23.0	43.4
Accrued interest	26.6	26.5
Operating lease liabilities	60.7	62.2
Finance lease liabilities	57.3	40.7
Financing obligations	59.8	48.8
Other current liabilities	53.0	47.9
Total current liabilities	789.3	742.2
Non-current liabilities:
Debt	3,318.7	3,319.3
Operating lease liabilities	103.8	118.2
Finance lease liabilities	361.8	358.1
Financing obligations	80.2	74.1
Deferred income taxes	219.1	236.7
Other non-current liabilities	156.9	145.5
Total liabilities	5,029.8	4,994.1
Commitments and Contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.01 par value per share: 5.0 shares authorized; no shares issued or outstanding	0.0	0.0
Common stock, $0.01 par value per share: 1,495.0 shares authorized; 201.8 and 209.0 shares issued and outstanding, respectively	2.1	2.0
Additional paid-in capital	2,445.3	2,363.6
Accumulated other comprehensive loss	(1.0)	(18.6)
Accumulated deficit	(1,063.9)	(963.3)
Total stockholders' equity	1,382.5	1,383.7
Total liabilities and stockholders' equity	$ 6,412.3	$ 6,377.8

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts and accrued customer credits	$ 16.0	$ 28.3
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000.0	5,000,000.0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,495,000,000.0	1,495,000,000.0
Common stock, shares issued (in shares)	209,000,000.0	201,800,000
Common stock, shares outstanding (in shares)	209,000,000.0	201,800,000

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Revenue	$ 743.8	$ 656.5	$ 1,469.7	$ 1,309.2
Cost of revenue	(508.3)	(414.6)	(998.9)	(818.0)
Gross profit	235.5	241.9	470.8	491.2
Selling, general and administrative expenses	(232.6)	(219.2)	(463.6)	(447.0)
Gain on sale of land	0.0	0.0	19.9	0.0
Income from operations	2.9	22.7	27.1	44.2
Other income (expense):
Interest expense	(50.5)	(68.9)	(103.1)	(140.9)
Gain (loss) on investments, net	0.1	1.0	(3.6)	0.9
Debt modification and extinguishment costs	(0.5)	0.0	(37.5)	0.0
Other income (expense), net	0.6	0.3	(1.2)	(0.3)
Total other income (expense)	(50.3)	(67.6)	(145.4)	(140.3)
Loss before income taxes	(47.4)	(44.9)	(118.3)	(96.1)
Benefit for income taxes	10.8	12.3	17.7	15.3
Net loss	(36.6)	(32.6)	(100.6)	(80.8)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	2.7	0.9	5.7	(19.5)
Unrealized gain (loss) on derivative contracts	(6.0)	(6.8)	3.4	(47.5)
Amount reclassified from accumulated other comprehensive income (loss) to earnings	4.5	1.7	8.5	1.3
Other comprehensive income (loss)	1.2	(4.2)	17.6	(65.7)
Comprehensive loss	$ (35.4)	$ (36.8)	$ (83.0)	$ (146.5)
Net loss per share:
Basic (in dollars per share)	$ (0.18)	$ (0.20)	$ (0.49)	$ (0.49)
Diluted (in dollars per share)	$ (0.18)	$ (0.20)	$ (0.49)	$ (0.49)
Weighted average number of shares outstanding:
Basic (in shares)	207.9	165.5	206.2	165.4
Diluted (in shares)	207.9	165.5	206.2	165.4

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows From Operating Activities
Net loss	$ (100.6)	$ (80.8)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	216.3	237.6
Amortization of operating right-of-use assets	36.0	36.3
Deferred income taxes	(23.1)	(19.2)
Share-based compensation expense	37.6	16.6
Gain on sale of land	(19.9)	0.0
Debt modification and extinguishment costs	37.5	0.0
Unrealized (gain) loss on derivative contracts	10.8	(2.7)
(Gain) loss on investments, net	3.6	(0.9)
Provision for bad debts and accrued customer credits	(8.0)	10.1
Amortization of debt issuance costs and debt discount	4.8	9.4
Other operating activities	(0.6)	(1.8)
Changes in operating assets and liabilities:
Accounts receivable	(8.9)	(47.1)
Prepaid expenses and other current assets	11.5	2.9
Accounts payable, accrued expenses, and other current liabilities	19.1	(31.8)
Deferred revenue	16.5	(9.0)
Operating lease liabilities	(31.9)	(33.7)
Other non-current assets and liabilities	8.2	12.9
Net cash provided by operating activities	208.9	98.8
Cash Flows From Investing Activities
Purchases of property, equipment and software	(66.0)	(66.4)
Proceeds from sale of land	31.3	0.0
Other investing activities	3.0	3.6
Net cash used in investing activities	(31.7)	(62.8)
Cash Flows From Financing Activities
Proceeds from issuance of common stock, net	0.0	0.5
Proceeds from employee stock plans	43.9	0.0
Shares of common stock withheld for employee taxes	0.0	(0.6)
Proceeds from borrowings under long-term debt arrangements	2,838.5	310.0
Payments on long-term debt	(2,866.4)	(259.5)
Payments for debt issuance costs	(34.5)	(1.0)
Payments on financing component of interest rate swap	(4.3)	0.0
Principal payments of finance lease liabilities	(21.4)	(7.1)
Proceeds from financing obligations	0.0	20.9
Principal payments of financing obligations	(22.6)	(19.9)
Net cash provided by (used in) financing activities	(66.8)	43.3
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(0.4)	(1.7)
Increase in cash, cash equivalents, and restricted cash	110.0	77.6
Cash, cash equivalents, and restricted cash at beginning of period	108.1	87.1
Cash, cash equivalents, and restricted cash at end of period	218.1	164.7
Supplemental Cash Flow Information
Cash payments for interest, net of amount capitalized	90.6	131.4
Cash payments for income taxes, net of refunds	6.5	8.1
Non-cash Investing and Financing Activities
Acquisition of property, equipment and software by finance leases	38.4	42.5
Acquisition of property, equipment and software by financing obligations	40.1	19.9
Decrease in property, equipment and software accrued in liabilities	(3.7)	(2.6)
Non-cash purchases of property, equipment and software	74.8	59.8
Non-cash increase in buildings within property, equipment and software, net due to lease modification	0.0	220.3
Other non-cash investing and financing activities	0.3	2.3
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	214.8	161.4
Restricted cash included in other non-current assets	3.3	3.3
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 218.1	$ 164.7

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2019		165.4
Beginning balance at Dec. 31, 2019	$ 898.8	$ 1.6	$ 1,602.7	$ 12.0	$ (717.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and release of stock awards (in shares)		0.2
Exercise of stock options and release of stock awards	(0.1)		(0.1)
Share-based compensation expense	16.6		16.6
Net loss	(80.8)				(80.8)
Other comprehensive income (loss)	(65.7)			(65.7)
Ending balance (in shares) at Jun. 30, 2020		165.6
Ending balance at Jun. 30, 2020	768.8	$ 1.6	1,619.2	(53.7)	(798.3)
Beginning balance (in shares) at Mar. 31, 2020		165.4
Beginning balance at Mar. 31, 2020	796.6	$ 1.6	1,610.2	(49.5)	(765.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and release of stock awards (in shares)		0.2
Exercise of stock options and release of stock awards	(0.1)		(0.1)
Share-based compensation expense	9.1		9.1
Net loss	(32.6)				(32.6)
Other comprehensive income (loss)	(4.2)			(4.2)
Ending balance (in shares) at Jun. 30, 2020		165.6
Ending balance at Jun. 30, 2020	768.8	$ 1.6	1,619.2	(53.7)	(798.3)
Beginning balance (in shares) at Dec. 31, 2020		201.8
Beginning balance at Dec. 31, 2020	1,383.7	$ 2.0	2,363.6	(18.6)	(963.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		2.7
Exercise of stock options and release of stock awards (in shares)		4.1
Exercise of stock options and release of stock awards	37.9	$ 0.1	37.8
Issuance of shares from Employee Stock Purchase Plans (in shares)		0.4
Issuance of shares from Employee Stock Purchase Plan	6.3		6.3
Share-based compensation expense	37.6		37.6
Net loss	(100.6)				(100.6)
Other comprehensive income (loss)	17.6			17.6
Ending balance (in shares) at Jun. 30, 2021		209.0
Ending balance at Jun. 30, 2021	1,382.5	$ 2.1	2,445.3	(1.0)	(1,063.9)
Beginning balance (in shares) at Mar. 31, 2021		207.0
Beginning balance at Mar. 31, 2021	1,375.2	$ 2.1	2,402.6	(2.2)	(1,027.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and release of stock awards (in shares)		1.6
Exercise of stock options and release of stock awards	16.0		16.0
Issuance of shares from Employee Stock Purchase Plans (in shares)		0.4
Issuance of shares from Employee Stock Purchase Plan	6.3		6.3
Share-based compensation expense	20.4		20.4
Net loss	(36.6)				(36.6)
Other comprehensive income (loss)	1.2			1.2
Ending balance (in shares) at Jun. 30, 2021		209.0
Ending balance at Jun. 30, 2021	$ 1,382.5	$ 2.1	$ 2,445.3	$ (1.0)	$ (1,063.9)

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies	Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies Nature of Operations and Basis of Presentation Rackspace Technology, Inc. ("Rackspace Technology") is a Delaware corporation controlled by investment funds affiliated with Apollo Global Management, Inc. and its subsidiaries (“Apollo”). Rackspace Technology was formed on July 21, 2016 but had no assets, liabilities or operating results until November 3, 2016 when Rackspace Hosting, Inc. (now named Rackspace Technology Global, Inc., or “Rackspace Technology Global”), a global provider of modern information technology-as-a-service, was acquired by Inception Parent, Inc., a wholly-owned entity indirectly owned by Rackspace Technology (the “Rackspace Acquisition”). Rackspace Technology Global commenced operations in 1998 as a limited partnership, and was incorporated in Delaware in March 2000. Rackspace Technology serves as the holding company for Rackspace Technology Global and does not engage in any material business or operations other than those related to its indirect ownership of the capital stock of Rackspace Technology Global and its subsidiaries or business or operations otherwise customarily undertaken by a holding company. For ease of reference, the terms “we,” “our company,” “the company,” “us,” or “our” as used in this report refer to Rackspace Technology and its consolidated subsidiaries. The unaudited consolidated financial statements include the accounts of Rackspace Technology, Inc. and our wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. Unaudited Interim Financial Information The unaudited consolidated financial statements as of June 30, 2021, and for the three and six months ended June 30, 2020 and 2021, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, certain financial information and disclosures required for financial statements prepared under GAAP have been omitted in accordance with the SEC disclosure rules and regulations that permit reduced disclosure for interim periods. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 ("Annual Report on Form 10-K"). The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements included in our Annual Report on Form 10-K and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of our financial position as of June 30, 2021, our results of operations and stockholders' equity for the three and six months ended June 30, 2020 and 2021, and our cash flows for the six months ended June 30, 2020 and 2021. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2021, or for any other interim period, or for any other future year. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities in the consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to the allowance for doubtful accounts, useful lives of property, equipment and software, software capitalization, incremental borrowing rates for lease liability measurement, fair values of intangible assets and reporting units, useful lives of intangible assets, share-based compensation, contingencies, and income taxes, among others. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from our estimates. Impact of COVID-19 In March 2020, the World Health Organization declared COVID-19 a global pandemic. The effects of COVID-19 (and any variations thereof) continue to evolve, and the full impact and duration of the virus are unknown. Currently, COVID-19 has not had a significant impact on our operations or financial performance; however, the ultimate extent of the impact of COVID-19 on our operational and financial performance will depend on certain developments, including the duration and severity of the outbreak, the pace of economic recovery, the possible resurgence in the spread of the virus or any variant strain(s) of the virus, advances in testing, treatment, and prevention, including the efficacy and availability of vaccines, its impact on our customers, vendors and employees, and its impact on our sales cycles as well as industry events, all of which are uncertain and cannot be predicted. We continue to face a greater degree of uncertainty in making estimates and assumptions needed to prepare our consolidated financial statements and footnotes as a result of COVID-19. Subsequent Events On July 21, 2021, we committed to an internal restructuring plan, which will drive a change in the types of and location of certain positions and is expected to result in the termination of approximately 10% of our workforce. We anticipate that approximately 85% of these roles will be backfilled in our offshore service centers. As part of the plan, we are also expanding our internal training program to further develop expertise in cloud services. The rebalance in workforce is a component of a broader strategic review of our operations that is intended to more effectively align our resources with our business priorities in high growth areas. Substantially all of the employees impacted by the reduction in force were notified of the reduction on July 22, 2021 and will exit the company over the next 12 months. We estimate that we will incur expenses of approximately $70 million to $80 million related to the restructuring plan over the next 12-24 months with the majority of expenses incurred in the next 12 months. These expenses will consist primarily of termination benefits to the affected employees, including, but not limited to, severance payments, healthcare benefits and other exit costs. The remainder of these expenses will consist of various costs associated with the restructuring plan, including one time offshore build-out costs, asset write-offs, professional fees, and expected investments in automation and technology. During the second quarter of 2021, we incurred costs of $6.4 million related to the restructuring plan which are included within "Selling, general and administrative expenses" in the Consolidated Statements of Comprehensive Loss and consist mainly of certain contractual termination benefits and professional fees. Significant Accounting Policies and Estimates Our Annual Report on Form 10-K includes an additional discussion of the significant accounting policies and estimates used in the preparation of our consolidated financial statements. There were no material changes to our significant accounting policies and estimates during the six months ended June 30, 2021. Change in Accounting Estimate In March 2021, we completed an assessment of the useful lives of certain assets within the Computers and equipment asset class. The timing of this review was based on a combination of factors accumulating over time that provided the company with updated information to make a better estimate on the economic lives of certain property and equipment. These factors included changes in customer purchasing patterns, technological advancements and the availability of extended equipment warranties. The assessment resulted in a revision within our policy ranges for certain useful lives in this asset class. This change in accounting estimate was effective in the first quarter of 2021. The effect of this change was a reduction in depreciation expense of $7.5 million and $14.1 million for the three and six months ended June 30, 2021, respectively. Reclassifications Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation. Specifically, the current portion of "Finance lease liabilities" is now presented separately from "Other current liabilities" in the Consolidated Balance Sheets. Recently Adopted Accounting Pronouncements Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, which removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. We adopted this guidance on January 1, 2021. The adoption of this guidance did not have a material impact on our consolidated financial statements.

Customer Contracts

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Customer Contracts

The following table presents the balances related to customer contracts:


(In millions)	Consolidated Balance Sheets Account	December 31, 2020		June 30, 2021
Accounts receivable, net	Accounts receivable, net (1)	$	483.0	$	501.1
Current portion of contract assets	Other current assets	12.2		15.3
Non-current portion of contract assets	Other non-current assets	13.9		10.5
Current portion of deferred revenue	Deferred revenue	76.7		93.0
Non-current portion of deferred revenue	Other non-current liabilities	14.2		14.6

(1) Allowance for doubtful accounts and accrued customer credits was $28.3 million and $16.0 million as of December 31, 2020 and June 30, 2021, respectively.

Amounts recognized in revenue for the three months ended June 30, 2020 and 2021, which were included in deferred revenue as of the beginning of each period, totaled $29.1 million and $25.2 million, respectively. Amounts recognized in revenue for the six months ended June 30, 2020 and 2021, which were included in deferred revenue as of the beginning of each period, totaled $46.9 million and $46.1 million, respectively.

Cost Incurred to Obtain and Fulfill a Contract

As of December 31, 2020 and June 30, 2021, the balances of capitalized costs to obtain a contract were $59.3 million and $57.8 million, respectively, and the balances of capitalized costs to fulfill a contract were $25.0 million and $25.6 million, respectively. These capitalized costs are included in “Other non-current assets” on the Consolidated Balance Sheets.

Amortization of capitalized sales commissions and implementation costs was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2020		2021		2020		2021
Amortization of capitalized sales commissions	$	11.4	$	10.7	$	22.3	$	21.5
Amortization of capitalized implementation costs	4.4		4.4		8.6		8.9

Remaining Performance Obligations

As of June 30, 2021, the aggregate amount of transaction price allocated to remaining performance obligations was $801.3 million, of which 38% is expected to be recognized as revenue during 2021 and the remainder thereafter. These remaining performance obligations primarily relate to our fixed-term arrangements. Our other revenue arrangements are usage-based, and as such, we recognize revenue based on the right to invoice for the services performed.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Net Loss Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted average shares outstanding during the period.

The following table sets forth the computation of basic and diluted net loss per share:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share data)	2020		2021		2020		2021
Basic and diluted net loss per share:
Net loss attributable to common stockholders	$	(32.6)	$	(36.6)	$	(80.8)	$	(100.6)
Weighted average shares outstanding:
Common stock	165.5		207.9		165.4		206.2
Number of shares used in per share computations	165.5		207.9		165.4		206.2
Net loss per share	$	(0.20)	$	(0.18)	$	(0.49)	$	(0.49)

Potential common share equivalents consist of shares issuable upon the exercise of stock options, vesting of restricted stock or purchase under the Employee Stock Purchase Plan (the "ESPP"), as well as contingent shares associated with our acquisition of Datapipe Parent, Inc. Since we were in a net loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. We excluded 25.4 million and 19.4 million potential common shares from the computation of dilutive loss per share for the three months ended June 30, 2020 and 2021, respectively, and 25.4 million and 19.4 million potential shares for the six months ended June 30, 2020 and 2021, respectively, because the effect would have been anti-dilutive.

Property, Equipment and Software, net

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Property, Equipment and Software, net

Property, equipment and software, net, consisted of the following:


(In millions)	December 31, 2020		June 30, 2021
Computers and equipment	$	1,191.8	$	1,220.9
Software	472.4		503.3
Furniture and fixtures	22.4		21.5
Buildings and leasehold improvements	513.1		513.9
Land	32.6		21.2
Property, equipment and software, at cost	2,232.3		2,280.8
Less: Accumulated depreciation	(1,366.8)		(1,408.9)
Work in process	19.1		20.1
Property, equipment and software, net	$	884.6	$	892.0

On January 15, 2021, we completed the sale of a parcel of undeveloped land in the United Kingdom adjacent to one of our existing data centers. The net book value of the land prior to the sale was $11.4 million and we received cash proceeds of $32.2 million, less brokerage and professional fees of $0.9 million, resulting in net cash proceeds of $31.3 million. Therefore, we recorded a gain on sale of land of $19.9 million to "Gain on sale of land" in the Consolidated Statements of Comprehensive Loss for the six months ended June 30, 2021.

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The following table sets forth the changes in the carrying amounts of goodwill by reportable segment:


(In millions)	Multicloud Services		Apps & Cross Platform		OpenStack Public Cloud		Total Consolidated
Balance as of December 31, 2020 (1)	$	2,386.0	$	322.6	$	52.5	$	2,761.1

Foreign currency translation	4.3		0.2		0.2		4.7
Balance as of June 30, 2021	$	2,390.3	$	322.8	$	52.7	$	2,765.8

(1) Multicloud Services had accumulated impairment charges of $295.0 million as of December 31, 2020.

The following table provides information regarding our intangible assets other than goodwill:


	December 31, 2020						June 30, 2021
(In millions)	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Customer relationships	$	1,986.2	$	(624.0)	$	1,362.2	$	1,987.8	$	(706.7)	$	1,281.1
Property tax abatement	16.0		(7.4)		8.6		16.0		(8.3)		7.7
Other	47.7		(22.2)		25.5		47.6		(32.6)		15.0
Total definite-lived intangible assets	2,049.9		(653.6)		1,396.3		2,051.4		(747.6)		1,303.8
Trade name (indefinite-lived)	250.0		—		250.0		250.0		—		250.0
Total intangible assets other than goodwill	$	2,299.9	$	(653.6)	$	1,646.3	$	2,301.4	$	(747.6)	$	1,553.8

Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt

Debt consisted of the following:


(In millions, except %)		December 31, 2020			June 30, 2021
Debt Instrument	Maturity Date	Interest Rate(1)	Amount		Interest Rate(1)	Amount
Prior Term Loan Facility	November 3, 2023	4.00%	$	2,795.6	—%	$	—
Term Loan Facility	February 15, 2028	—%	—		3.50%	2,294.3
Revolving Credit Facility	August 7, 2025	—%	—		—%	—
3.50% Senior Secured Notes	February 15, 2028	—%	—		3.50%	550.0
5.375% Senior Notes	December 1, 2028	5.375%	550.0		5.375%	550.0
Receivables Financing Facility	July 19, 2022	2.37%	65.0		—%	—
Less: unamortized debt issuance costs			(44.2)			(39.1)
Less: unamortized debt discount			(3.7)			(13.5)
Total debt			3,362.7			3,341.7
Less: current portion of debt			(43.4)			(23.0)
Debt, excluding current portion			$	3,319.3		$	3,318.7

(1) Interest rates are as of each respective balance sheet date.

Senior Facilities

Our senior secured credit facilities include a first lien term loan facility (the "Term Loan Facility") and a revolving credit facility (the "Revolving Credit Facility" and, together with the Term Loan Facility, the "Senior Facilities").

On February 9, 2021, we amended and restated the credit agreement governing our Senior Facilities (the "First Lien Credit Agreement"), which included a new seven-year $2,300.0 million senior secured first lien term loan facility due on February 15, 2028 and our existing $375.0 million Revolving Credit Facility. We used the borrowings under the Term Loan Facility, together with the proceeds from the issuance of the 3.50% Senior Secured Notes described below (together, the "February 2021 Refinancing Transaction"), to repay all borrowings under our prior term loan facility (the "Prior Term Loan Facility"), to pay related fees and expenses and for general corporate purposes.

Borrowings under the Senior Facilities bear interest at an annual rate equal to an applicable margin plus, at our option, either (a) a LIBOR rate determined by reference to the costs of funds for Eurodollar deposits for the interest period relevant to such borrowing, adjusted for certain additional costs, subject to a 0.75% floor, in the case of the Term Loan Facility, and a 1.00% floor, in the case of the Revolving Credit Facility, or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50%, (ii) the prime rate of Citibank, N.A. and (iii) the one-month adjusted LIBOR plus 1.00%. The applicable margin for the Term Loan Facility is 2.75% for LIBOR loans and 1.75% for base rate loans and the applicable margin for the Revolving Credit Facility is 3.00% for LIBOR loans and 2.00% for base rate loans. Interest is due at the end of each interest period elected, not exceeding 90 days, for LIBOR loans and at the end of every calendar quarter for base rate loans.

In addition to paying interest on the outstanding principal under the Senior Facilities, the Revolving Credit Facility also includes a commitment fee equal to 0.50% per annum in respect of the unused commitments that is due quarterly. This commitment fee is subject to one step-down based on the net first lien leverage ratio.

As of June 30, 2021, the interest rate on the Term Loan Facility was 3.50%. Beginning June 30, 2021, we are required to make quarterly principal payments of $5.8 million. See Note 10, "Derivatives" for information on interest rate swap agreements we utilize to manage the interest rate risk on the Term Loan Facility.

In addition to the quarterly amortization payments discussed above, the Senior Facilities require us to make certain mandatory prepayments, including using (i) a portion of annual excess cash flow, as defined in the First Lien Credit Agreement, to prepay the Term Loan Facility, (ii) net cash proceeds of certain non-ordinary assets sales or dispositions of property to prepay the Term Loan Facility and (iii) net cash proceeds of any issuance or incurrence of debt not permitted under the Senior Facilities to prepay the Term Loan Facility. We may make voluntary prepayments at any time without penalty, except in connection with a repricing event, as defined in the First Lien Credit Agreement.

The fair value of the Term Loan Facility as of June 30, 2021 was $2,282.8 million, based on quoted market prices for identical assets that are traded in over-the-counter secondary markets that are not considered active. The fair value of the Term Loan Facility is classified as Level 2 within the fair value hierarchy.

Rackspace Technology Global is the borrower under the Senior Facilities, and all obligations under the Senior Facilities are (i) guaranteed by Inception Parent, Inc., Rackspace Technology Global’s immediate parent company, on a limited recourse basis and secured by the equity interests of Rackspace Technology Global held by Inception Parent, Inc. and (ii) guaranteed by Rackspace Technology Global’s wholly-owned domestic restricted subsidiaries and secured by substantially all material owned assets of Rackspace Technology Global and the subsidiary guarantors, including the equity interests held by each, in each case subject to certain exceptions. The only financial covenant is with respect to the Revolving Credit Facility which limits the net first lien leverage ratio to a maximum of 5.00 to 1.00; however, this covenant is only applicable and tested if the aggregate amount of outstanding borrowings under the Revolving Credit Facility and letters of credit issued thereunder (excluding $25.0 million of undrawn letters of credit and cash collateralized letters of credit) is equal to or greater than 35% of the Revolving Credit Facility commitments at the end of a fiscal quarter. Other covenants include limitations on restricted payments, indebtedness, investments, liens, asset sales and transactions with affiliates. As of June 30, 2021, we were in compliance with all covenants under the Senior Facilities.

The Revolving Credit Facility matures on August 7, 2025. As of June 30, 2021, we had total commitments of $375.0 million and no outstanding borrowings under the Revolving Credit Facility.

3.50% Senior Secured Notes due 2028

On February 9, 2021, Rackspace Technology Global issued $550.0 million aggregate principal amount of 3.50% Senior Secured Notes due 2028 (the “3.50% Senior Secured Notes”). The 3.50% Senior Secured Notes will mature on February 15, 2028 and bear interest at an annual fixed rate of 3.50%. Interest is payable semiannually on each February 15 and August 15, commencing on August 15, 2021. The 3.50% Senior Secured Notes are not subject to registration rights. As noted above, we used the net proceeds from the issuance of the 3.50% Senior Secured Notes, together with borrowings under the Term Loan Facility described above, to repay all borrowings outstanding under the Prior Term Loan Facility, to pay related fees and expenses and for general corporate purposes.

Rackspace Technology Global is the issuer of the 3.50% Senior Secured Notes, and obligations under the 3.50% Senior Secured Notes are fully and unconditionally guaranteed, jointly and severally, by all of Rackspace Technology Global’s wholly-owned domestic restricted subsidiaries (as subsidiary guarantors) that guarantee the Senior Facilities. The 3.50% Senior Secured Notes and the related guarantees are secured by first-priority security interests in substantially all material owned assets of Rackspace Technology Global and the subsidiary guarantors, including the equity interest held by each, subject to certain exceptions, which assets also secure the Senior Facilities.

Rackspace Technology Global may redeem the 3.50% Senior Secured Notes at its option, in whole at any time or in part from time to time, at the following redemption prices: prior to February 15, 2024, at a redemption price equal to 100.000% of the principal amount, plus the applicable premium described in the indenture governing the 3.50% Senior Secured Notes (the "3.50% Notes Indenture") and accrued and unpaid interest, if any, to but excluding the redemption date; from February 15, 2024 to February 14, 2025, at a redemption price equal to 101.750% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date; from February 15, 2025 to February 14, 2026, at a redemption price equal to 100.875% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date; and from February 15, 2026 and thereafter, at a redemption price equal to 100.000% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date. Rackspace Technology Global may also redeem prior to February 15, 2024 up to 40.0% of the aggregate principal amount of the 3.50% Senior Secured Notes with funds in an aggregate amount not to exceed the net cash proceeds from certain equity offerings at a redemption price equal to 103.500% of the principal amount of the 3.50% Senior Secured Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Notwithstanding the foregoing, Rackspace Technology Global may redeem during each twelve-month period, commencing with February 9, 2021, up to 10.0% of the original aggregate principal amount of the 3.50% Senior Secured Notes at a redemption price of 103.00%, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date.

The 3.50% Notes Indenture contains covenants that, among other things, limit our ability to incur certain additional debt, incur certain liens securing debt, pay certain dividends or make other restricted payments, make certain investments, make certain asset sales and enter into certain transactions with affiliates. These covenants are subject to a number of exceptions, limitations, and qualifications as set forth in the 3.50% Notes Indenture. Additionally, upon the occurrence of a change of control (as defined in the 3.50% Notes Indenture), we will be required to make an offer to repurchase all of the outstanding 3.50% Senior Secured Notes at a price in cash equal to 101% of the aggregate principal amount, plus accrued and unpaid interest, if any, to, but not including the purchase date.

As of June 30, 2021, Rackspace Technology Global was in compliance with all covenants under the 3.50% Notes Indenture.

The fair value of the 3.50% Senior Secured Notes as of June 30, 2021 was $532.1 million, based on quoted market prices for identical assets that are traded in over-the-counter secondary markets that are not considered active. The fair value of the 3.50% Senior Secured Notes are classified as Level 2 within the fair value hierarchy.

5.375% Senior Notes due 2028

On December 1, 2020, Rackspace Technology Global issued $550.0 million aggregate principal amount of 5.375% Senior Notes due 2028 (the "5.375% Senior Notes"). The 5.375% Senior Notes will mature on December 1, 2028 and bear interest at an annual fixed rate of 5.375%. Interest is payable semiannually on each June 1 and December 1, commencing on June 1, 2021. The 5.375% Senior Notes are not subject to registration rights.

Rackspace Technology Global is the issuer of the 5.375% Senior Notes, and obligations under the 5.375% Senior Notes are guaranteed on a senior unsecured basis by all of Rackspace Technology Global’s wholly-owned domestic restricted subsidiaries (as subsidiary guarantors) that guarantee the Senior Facilities. The 5.375% Senior Notes are effectively junior to the indebtedness under the Senior Facilities and the 3.50% Senior Secured Notes, to the extent of the collateral securing the Senior Facilities and the 3.50% Senior Secured Notes.

Rackspace Technology Global may redeem the 5.375% Senior Notes at its option, in whole at any time or in part from time to time, at the following redemption prices: prior to December 1, 2023, at a redemption price equal to 100.000% of the principal amount, plus the applicable premium described in the indenture governing the 5.375% Senior Notes (the "5.375% Notes Indenture") and accrued and unpaid interest, if any, to but excluding the redemption date; from December 1, 2023 to December 1, 2024, at a redemption price equal to 102.688% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date; from December 1, 2024 to December 1, 2025, at a redemption price equal to 101.344% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date; and from December 1, 2025 and thereafter, at a redemption price equal to 100.000% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date. Rackspace Technology Global may also redeem prior to December 1, 2023 up to 40.0% of the aggregate principal amount of the 5.375% Senior Notes with funds in an aggregate amount not to exceed the net cash proceeds from certain equity offerings at a redemption price equal to 105.375% of the principal amount of the 5.375% Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

The 5.375% Notes Indenture contains covenants that, among other things, limit our ability to incur certain additional debt, incur certain liens securing debt, pay certain dividends or make other restricted payments, make certain investments, make certain asset sales and enter into certain transactions with affiliates. These covenants are subject to a number of exceptions, limitations, and qualifications as set forth in the 5.375% Notes Indenture. Additionally, upon the occurrence of a change of control (as defined in the 5.375% Notes Indenture), we will be required to make an offer to repurchase all of the outstanding 5.375% Senior Notes at a price in cash equal to 101.0% of the aggregate principal amount, plus accrued and unpaid interest, if any, to, but not including the purchase date.

As of June 30, 2021, Rackspace Technology Global was in compliance with all covenants under the 5.375% Notes Indenture.

The fair value of the 5.375% Senior Notes as of June 30, 2021 was $563.8 million, based on quoted market prices for identical assets that are traded in over-the-counter secondary markets that are not considered active. The fair value of the 5.375% Senior Notes are classified as Level 2 within the fair value hierarchy.

Accounts Receivable Financing Agreement

Under the accounts receivable financing agreement (the "Receivables Financing Facility") entered into in 2020, a bankruptcy-remote special purpose vehicle ("SPV") indirectly wholly owned by Rackspace Technology Global granted a security interest in all of its current and future receivables and related assets in exchange for a credit facility permitting borrowings of up to a maximum aggregate amount of $100.0 million from time to time. Rackspace Technology Global was the primary beneficiary of the SPV.

During the three months ended June 30, 2021, the SPV repaid the outstanding balance of $50.0 million and terminated the Receivables Financing Facility. The termination resulted in expense of $0.5 million recorded within "Debt modification and extinguishment costs" in our Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2021. The expense was comprised of the write-off of the unamortized debt issuance costs, as well as third party fees associated with the termination.

February 2021 Refinancing Transaction

The February 2021 Refinancing Transaction represented an extinguishment and modification of debt. We derecognized $2,795.6 million of the Prior Term Loan Facility and wrote off $9.4 million in unamortized debt issuance costs and debt discount associated with the portion of the Prior Term Loan Facility that was deemed extinguished. We recognized $2,300.0 million borrowed under the Term Loan Facility and $41.0 million of associated debt issuance costs and debt discount, including amounts allocated from the Prior Term Loan Facility, both classified as a direct deduction from the carrying value of non-current debt on our Consolidated Balance Sheets. We recognized $550.0 million aggregate principal amount of the 3.50% Senior Secured Notes due 2028 and $6.8 million of associated debt issuance costs, including amounts allocated from the Prior Term Loan Facility. The February 2021 Refinancing Transaction resulted in expense of $37.0 million recorded within "Debt modification and extinguishment costs" in our Consolidated Statements of Comprehensive Loss for the six months ended June 30, 2021. The expense was comprised of the write-off of unamortized debt issuance costs and debt discount associated with the portion of the Prior Term Loan Facility that was deemed extinguished, as well as $27.6 million in third party fees associated with the modification.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We have contingencies that arise from various litigation, claims and commitments, none of which we consider to be material. From time to time, we are a party to various claims asserting that certain of our services and technologies infringe the intellectual property rights of others. Adverse results in these lawsuits may include awards of substantial monetary damages, costly royalty or licensing agreements, or orders preventing us from offering certain features, products, or services, and may also cause us to change our business practices and require development of non-infringing products or technologies, which could result in a loss of revenue for us or otherwise harm our business. We record an accrual for a loss contingency when a loss is considered probable and reasonably estimable. As additional facts concerning a loss contingency become known, we reassess our position and make appropriate adjustments to a recorded accrual. The amount that will ultimately be paid related to a matter may differ from the recorded accrual, and the timing of such payments, if any, may be uncertain. We are not a party to any litigation, the outcome of which, if determined adversely to us, would individually or in the aggregate be reasonably expected to have a material and adverse effect on our business, financial position or results of operations.

Share-Based Compensation

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

During the six months ended June 30, 2021, we granted 4.0 million restricted stock units ("RSUs") under the Rackspace Technology, Inc. 2020 Equity Incentive Plan with a weighted-average grant date fair value of $22.55. The majority of the RSUs were granted as part of our annual compensation award process and vest ratably over a three-year period, subject to continued service.

Share-based compensation expense recognized was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2020		2021		2020		2021
Cost of revenue	$	2.3	$	4.3	$	4.1	$	9.2
Selling, general and administrative expenses	6.8		16.1		12.5		28.4
Pre-tax share-based compensation expense	9.1		20.4		16.6		37.6
Less: Income tax benefit	(1.9)		(4.3)		(3.5)		(7.9)
Total share-based compensation expense, net of tax	$	7.2	$	16.1	$	13.1	$	29.7

As of June 30, 2021, there was $128.6 million of total unrecognized compensation cost related to stock options, RSUs and the ESPP, which will be recognized using the straight-line method over a weighted average period of 2.0 years.

Taxes	6 Months Ended
Taxes	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Taxes	Taxes We are subject to U.S. federal income tax and various state, local, and international income taxes in numerous jurisdictions. The differences between our effective tax rate and the U.S. federal statutory rate of 21% generally result from various factors, including the geographical distribution of taxable income, tax credits, contingency reserves for uncertain tax positions, and permanent differences between the book and tax treatment of certain items. Additionally, the amount of income taxes paid is subject to our interpretation of applicable tax laws in the jurisdictions in which we file. For the three months ended June 30, 2021, our effective tax rate is higher than the U.S. federal statutory rate of 21% due to the net impact of the geographic distribution of our earnings and application of the global intangible low-taxed income (“GILTI”) provisions that were implemented with the Tax Cuts and Jobs Act (the “Act”) that was passed on December 22, 2017. For the six months ended June 30, 2021, our effective tax rate is lower than the U.S. federal statutory rate due to the net impact of the geographical distribution of our earnings, the application of the GILTI provisions, as well as executive compensation that is nondeductible under Internal Revenue Code ("IRC") Section 162(m). In the next 12 months, we are likely to have a release of historic tax reserves that will result in a tax benefit of $10 million to $15 million due to the lapse of statute of limitations.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Derivatives

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

We utilize derivative instruments, including interest rate swap agreements and foreign currency hedging contracts, to manage our exposure to interest rate risk and foreign currency fluctuations. We only hold such instruments for economic hedging purposes, not for speculative or trading purposes. Our derivative instruments are transacted only with highly-rated institutions, which reduces our exposure to credit risk in the event of nonperformance.

Interest Rate Swaps

We are exposed to interest rate risk associated with fluctuations in interest rates on the floating-rate Term Loan Facility. The objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we have entered into interest rate swap agreements as part of our interest rate risk management strategy. Interest rate swaps involve the receipt of variable amounts from a counterparty in exchange for the company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

On a quarterly basis, we net settle with the counterparty for the difference between the fixed rate specified in each swap agreement and the variable rate based upon the three-month LIBOR as applied to the notional amount of the swap.

On January 9, 2020, we designated certain of our swaps as cash flow hedges. On the designation date, the cash flow hedges were in a $39.9 million liability position. The cash flow hedges were expected to be highly effective on the designation date and, on a quarterly basis, we performed retrospective and prospective regression assessments to determine whether the cash flow hedges continue to be highly effective. As long as the cash flow hedges are highly effective, changes in fair value are recorded to "Accumulated other comprehensive income (loss)" in the Consolidated Balance Sheets and reclassified to "Interest expense" in the period when the underlying transaction affects earnings. The income tax effects of cash flow hedges are released from "Accumulated other comprehensive income (loss)" in the period when the underlying transaction affects earnings. Any stranded income tax effects are released from “Accumulated other comprehensive income (loss)” into “Benefit (provision) for income taxes” under the portfolio approach. As of December 31, 2020, all of our cash flow hedges were highly effective.

During the six months ended June 30, 2021, we completed a series of transactions to modify our interest rate swap positions as follows: (i) All the interest rate swaps outstanding as of December 31, 2020, as shown in the table below, with the exception of the agreement that matured on February 3, 2021, were de-designated as cash flow hedges on January 31, 2021, (ii) on February 12, 2021, we entered into a $900.0 million receive-fixed interest rate swap which was designed to offset the terms of the remaining two December 2016 swaps, and (iii) on February 12, 2021, we terminated all December 2018 swaps and entered into a $1.35 billion pay-fixed interest rate swap, effectively blending the liability position of our existing interest rate swap agreements into the new swap and extending the term of our hedged position to February 2026.

The amount remaining in “Accumulated other comprehensive income (loss)" for the de-designated December 2016 and December 2018 swaps at the de-designation date was approximately $51.6 million, and will be amortized as an increase to "Interest expense" over the effective period of the original swap agreements.

The new receive-fixed interest rate swap qualifies as a hybrid instrument in accordance with ASC 815, Derivatives and Hedging, consisting of a loan and an embedded derivative for which the fair value option has been elected. This $900.0 million swap will remain undesignated to economically offset the now undesignated December 2016 swaps. This new swap and the December 2016 swaps mature on February 3, 2022. Cash settlements related to this receive-fixed interest rate swap will offset and are classified as operating activities in the Consolidated Statements of Cash Flows.

The new pay-fixed interest rate swap also qualifies as a hybrid instrument in accordance with ASC 815, Derivatives and Hedging, consisting of a loan and an embedded at-market derivative that was designated as a cash flow hedge. The loan is accounted for at amortized cost over the life of the swap while the embedded at-market derivative is accounted for at fair value. This new $1.35 billion swap is indexed to three-month LIBOR and will be net settled on a quarterly basis with the counterparty for the difference between the fixed rate of 2.3820% and the variable rate based upon three-month LIBOR (subject to a floor of 0.75%) as applied to the notional amount of the swap. In connection with the transactions discussed above, no cash was exchanged between us and the counterparty. The liability of the terminated interest rate swaps as well as the inception value of the receive-fixed interest rate swap was blended into the new pay-fixed interest rate swap. The cash flows related to the portion treated as debt will be classified as financing activities in the Consolidated Statements of Cash Flows while the portion treated as an at-market derivative will be classified as operating activities.

As of June 30, 2021, the cash flow hedge was highly effective.

The key terms of interest rate swaps outstanding are presented below:


Effective Date	Fixed Rate Paid (Received)	December 31, 2020			June 30, 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

Our interest rate swap agreements, excluding the portion treated as debt, are recognized at fair value in the Consolidated Balance Sheets and are valued using pricing models that rely on market observable inputs such as yield curve data, which are classified as Level 2 inputs within the fair value hierarchy.

Foreign Currency Hedging Contracts

The majority of our customers are invoiced, and the majority of our expenses are paid, by us or our subsidiaries in the functional currency of our company or our subsidiaries, respectively. We also have exposure to foreign currency transaction gains and losses as the result of certain receivables due from our foreign subsidiaries. As such, the results of operations and cash flows of our foreign subsidiaries are subject to fluctuations in foreign currency exchange rates. The objective of our foreign currency hedging contracts is to manage our exposure to foreign currency movements. To accomplish this objective, we may enter into foreign currency forward contracts and collars. A forward contract is an agreement to buy or sell a quantity of a currency at a predetermined future date and at a predetermined exchange rate. A collar is a strategy that uses a combination of a purchased put option and a sold call option with equal premiums to hedge a portion of anticipated cash flows, or to limit possible gains or losses on an underlying asset or liability to a specific range. The put and call options have identical notional amounts and settlement dates.

In November 2019, we entered into two foreign currency net-zero cost collar contracts with an aggregate notional amount of £100 million and a maturity date of November 30, 2020. Under the terms of the contracts, the British pound sterling to U.S. dollar exchange rate floats between 1.2375 and 1.3475. On March 26, 2020, we settled one of these contracts, with an aggregate notional amount of £50 million, and we received a final net payment of $1.9 million and on November 19, 2020, we settled the remaining contract, with an aggregate notional amount of £50 million, and we made a final net payment of $0.2 million.

During 2020, we entered into a series of foreign currency contracts to manage our exposure to movements in the British pound sterling, Euro, and Mexican peso. These contracts had three-month terms and settlement dates throughout the year. The June 30, 2020 settlement date resulted in us making a final net payment of $1.7 million. As of December 31, 2020, there was no notional amount outstanding related to these contracts.

During the fourth quarter of 2020, we entered into two foreign currency forward contracts. Under the terms of these contracts, on November 30, 2021, we will sell a total of £80 million at an average rate of 1.3388 British pound sterling to U.S. dollar and receive $107.1 million.

These contracts are recognized at fair value in the Consolidated Balance Sheets and are valued using pricing models that rely on market observable inputs such as current exchange rates, which are classified as Level 2 inputs within the fair value hierarchy. We have not designated these contracts as cash flow hedges for accounting purposes, therefore, all changes in fair value are recorded in "Other income (expense), net."

Fair Values of Derivatives 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 June 30, 2021 were as follows:


		December 31, 2020				June 30, 2021
(In millions)		Assets		Liabilities		Assets		Liabilities
Derivatives not designated as hedging instruments	Location
Interest rate swaps	Other current assets (1)	$	—	$	—	$	9.4	$	—

Interest rate swaps	Other current liabilities	—		—		—		9.4




Foreign currency contracts	Other current liabilities	—		1.7		—		3.7

Total		$	—	$	1.7	$	9.4	$	13.1

Derivatives designated as hedging instruments	Location

Interest rate swaps	Other non-current assets	$	—	$	—	$	11.0	$	—
Interest rate swaps	Other current liabilities (2)	—		22.6		—		21.3
Interest rate swaps	Other non-current liabilities (3)	—		64.4		—		65.1
Total		$	—	$	87.0	$	11.0	$	86.4

(1) The entire balance as of June 30, 2021 is comprised of the receive-fixed interest rate swap for which the fair value option has been elected.

(2) The balance as of June 30, 2021 includes $17.2 million related to the financing component of the pay-fixed interest rate swap.

(3) The entire balance as of June 30, 2021 is comprised of the financing component of the pay-fixed interest rate swap.

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						June 30, 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	$	—	$	—	$	—	$	20.4	$	(20.4)	$	—

Total	$	—	$	—	$	—	$	20.4	$	(20.4)	$	—

Liabilities
Interest rate swaps	$	87.0	$	—	$	87.0	$	95.8	$	(20.4)	$	75.4
Foreign currency contracts	1.7		—		1.7		3.7		—		3.7
Total	$	88.7	$	—	$	88.7	$	99.5	$	(20.4)	$	79.1

Effect of Derivatives on the Consolidated Statements of Comprehensive Loss

The effect of our derivatives and their location on the Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2020 and 2021 was as follows:


		Three Months Ended June 30,				Six Months Ended June 30,
(In millions)		2020		2021		2020		2021
Derivatives not designated as hedging instruments	Location
Interest rate swaps	Interest expense	$	—	$	(4.8)	$	(3.2)	$	(9.4)

Foreign currency contracts	Other income (expense), net	0.3		(0.7)		3.6		(2.0)

Derivatives designated as hedging instruments	Location
Interest rate swaps	Interest expense	$	(2.2)	$	(1.3)	$	(1.7)	$	(3.6)

Interest expense was $68.9 million and $50.5 million for the three months ended June 30, 2020 and 2021, respectively, and $140.9 million and $103.1 million for the six months ended June 30, 2020 and 2021, respectively. As of June 30, 2021, the amount of cash flow hedge losses included within "Accumulated other comprehensive income (loss)" that is expected to be reclassified as an increase to "Interest expense" over the next 12 months is approximately $23.8 million. See Note 11, "Accumulated Other Comprehensive Income (Loss)," for information regarding changes in fair value of our derivatives designated as hedging instruments.

Credit-risk-related Contingent Features

We have agreements with interest rate swap counterparties that contain a provision whereby if we default on any of our material indebtedness, then we could also be declared in default of our interest rate swap agreements. As of June 30, 2021, our interest rate swap agreements with an aggregate fair value of $95.8 million were in a net liability position. However, if we were in default, our master netting arrangements with certain of our interest rate swap counterparties contain provisions which could result in net settlement of all outstanding agreements.

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) consisted of the following:


(In millions)	Accumulated Foreign Currency Translation Adjustments		Accumulated Loss on Derivative Contracts		Accumulated Other Comprehensive Loss
Balance at March 31, 2020	$	(8.4)	$	(41.1)	$	(49.5)
Foreign currency translation adjustments, net of tax benefit of $0.2	0.9		—		0.9
Unrealized loss on derivative contracts, net of tax benefit of $2.3	—		(6.8)		(6.8)
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $0.5(1)	—		1.7		1.7
Balance at June 30, 2020	$	(7.5)	$	(46.2)	$	(53.7)

(1) Includes interest expense recognized of $3.7 million, partially offset by amortization of off-market swap value of $1.5 million for the three months ended June 30, 2020.


(In millions)	Accumulated Foreign Currency Translation Adjustments		Accumulated Loss on Derivative Contracts		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2019	$	12.0	$	—	$	12.0
Foreign currency translation adjustments, net of tax benefit of $1.4	(19.5)		—		(19.5)
Unrealized loss on derivative contracts, net of tax benefit of $16.3	—		(47.5)		(47.5)
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $0.4 (1)	—		1.3		1.3
Balance at June 30, 2020	$	(7.5)	$	(46.2)	$	(53.7)

(1) Includes interest expense recognized of $4.4 million, partially offset by amortization of off-market swap value of $2.7 million for the six months ended June 30, 2020.


(In millions)	Accumulated Foreign Currency Translation Adjustments		Accumulated Loss on Derivative Contracts		Accumulated Other Comprehensive Loss
Balance at March 31, 2021	$	23.8	$	(26.0)	$	(2.2)
Foreign currency translation adjustments, net of tax expense of $0.2	2.7		—		2.7
Unrealized loss on derivative contracts, net of tax benefit of $2.0	—		(6.0)		(6.0)
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $1.5 (1)	—		4.5		4.5
Balance at June 30, 2021	$	26.5	$	(27.5)	$	(1.0)

(1) Includes interest expense recognized of $1.2 million and amortization of off-market swap value and accumulated loss at hedge de-designation of $4.8 million for the three months ended June 30, 2021.


(In millions)	Accumulated Foreign Currency Translation Adjustments		Accumulated Loss on Derivative Contracts		Accumulated Other Comprehensive Loss
Balance at December 31, 2020	$	20.8	$	(39.4)	$	(18.6)
Foreign currency translation adjustments, net of tax expense of $0.3	5.7		—		5.7
Unrealized gain on derivative contracts, net of tax expense of $1.2	—		3.4		3.4
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $2.9 (1)	—		8.5		8.5
Balance at June 30, 2021	$	26.5	$	(27.5)	$	(1.0)

(1) Includes interest expense recognized of $4.0 million and amortization of off-market swap value and accumulated loss at hedge de-designation of $7.4 million for the six months ended June 30, 2021.

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In connection with the Rackspace Acquisition, we entered into a management consulting agreement with affiliates of Apollo and Searchlight Capital Partners L.P (“Searchlight”), (the “Apollo/Searchlight Management Consulting Agreement”) and a transaction fee agreement with an affiliate of Apollo (the “Transaction Fee Agreement”). In addition, on November 15, 2017, we entered into a management consulting agreement with ABRY Partners, LLC and ABRY Partners II, LLC (collectively, “ABRY”) (the “ABRY Management Consulting Agreement”). For the three and six months ended June 30, 2020, we recorded $3.5 million and $7.1 million, respectively, of management consulting fees within "Selling, general and administrative expenses" in the Consolidated Statements of Comprehensive Loss. On July 24, 2020, we executed termination letters with each of the parties to the Apollo/Searchlight Management Consulting Agreement, the Transaction Fee Agreement and the ABRY Management Consulting Agreement, whereby all such agreements terminated effective as of the pricing of our initial public offering on August 4, 2020. Therefore no management consulting or transaction fees were accrued or were payable under any of these agreements for periods subsequent to August 4, 2020. Affiliates of ABRY are also Term Loan Facility lenders under the First Lien Credit Agreement. As of June 30, 2021, the outstanding principal amount of the Term Loan Facility was $2,294.3 million, of which $47.9 million, or 2.1%, is due to ABRY affiliates. On February 2, 2021, we issued 2,665,935 shares of common stock to DPH 123, LLC, an ABRY affiliate, for no additional consideration pursuant to the Agreement and Plan of Merger, dated as of September 6, 2017, in connection with our November 15, 2017 acquisition of Datapipe Parent, Inc. Apollo Global Securities, LLC ("Apollo Global Securities"), an affiliate of Apollo, received approximately $0.6 million in connection with their role as an initial purchaser of the 3.50% Senior Secured Notes issued on February 9, 2021. Apollo Global Securities also received $2.3 million in arranger fees in connection with the entry into the Term Loan Facility on February 9, 2021.

Segment Reporting

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Reporting

We have organized our operations into the following three operating segments, which correspond directly to our reportable segments: Multicloud Services, Apps & Cross Platform, and OpenStack Public Cloud. Our segments are based upon a number of factors, including, the basis for our budgets and forecasts, organizational and management structure and the financial information regularly used by our Chief Operating Decision Maker to make key decisions and to assess performance. We assess financial performance of our segments on the basis of revenue and non-GAAP gross profit, which is a non-GAAP measure of profitability. For the calculation of non-GAAP gross profit, we allocate certain costs, such as data center operating costs, customer support costs, license expense, and depreciation, to our segments generally based on segment revenue.

The table below presents a reconciliation of revenue by reportable segment to consolidated revenue and a reconciliation of segment non-GAAP gross profit to total consolidated gross profit for the three and six months ended June 30, 2020 and 2021.


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2020		2021		2020		2021
Revenue by segment:
Multicloud Services	$	519.0	$	605.1	$	1,026.9	$	1,184.7
Apps & Cross Platform	79.9		92.7		161.4		190.0
OpenStack Public Cloud	57.6		46.0		120.9		95.0

Total consolidated revenue	$	656.5	$	743.8	$	1,309.2	$	1,469.7

Non-GAAP gross profit by segment:
Multicloud Services	$	200.7	$	202.0	$	397.5	$	398.4
Apps & Cross Platform	27.0		32.0		57.1		66.9
OpenStack Public Cloud	23.7		16.1		53.0		34.7

Less:
Share-based compensation expense	(2.3)		(4.3)		(4.1)		(9.2)
Other compensation expense (1)	(1.5)		(0.4)		(3.4)		(1.7)

Purchase accounting impact on expense (2)	(1.6)		(1.2)		(3.5)		(2.4)
Restructuring and transformation expenses (3)	(4.1)		(8.7)		(5.4)		(15.9)
Total consolidated gross profit	$	241.9	$	235.5	$	491.2	$	470.8

(1) Adjustments for retention bonuses, mainly in connection with restructuring and transformation projects, and the related payroll tax, and payroll taxes associated with the exercise of stock options and vesting of restricted stock.

(2) Adjustment for the impact of purchase accounting from the Rackspace Acquisition on expenses.

(3) Adjustment for the impact of business transformation and optimization activities, as well as associated severance, facility closure costs and lease termination expenses.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Principles of Consolidation	The unaudited consolidated financial statements include the accounts of Rackspace Technology, Inc. and our wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The unaudited consolidated financial statements as of June 30, 2021, and for the three and six months ended June 30, 2020 and 2021, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, certain financial information and disclosures required for financial statements prepared under GAAP have been omitted in accordance with the SEC disclosure rules and regulations that permit reduced disclosure for interim periods. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 ("Annual Report on Form 10-K"). The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements included in our Annual Report on Form 10-K and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of our financial position as of June 30, 2021, our results of operations and stockholders' equity for the three and six months ended June 30, 2020 and 2021, and our cash flows for the six months ended June 30, 2020 and 2021. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2021, or for any other interim period, or for any other future year.
Use of Estimates And Change in Accounting Estimate	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities in the consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to the allowance for doubtful accounts, useful lives of property, equipment and software, software capitalization, incremental borrowing rates for lease liability measurement, fair values of intangible assets and reporting units, useful lives of intangible assets, share-based compensation, contingencies, and income taxes, among others. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from our estimates. Change in Accounting EstimateIn March 2021, we completed an assessment of the useful lives of certain assets within the Computers and equipment asset class. The timing of this review was based on a combination of factors accumulating over time that provided the company with updated information to make a better estimate on the economic lives of certain property and equipment. These factors included changes in customer purchasing patterns, technological advancements and the availability of extended equipment warranties. The assessment resulted in a revision within our policy ranges for certain useful lives in this asset class. This change in accounting estimate was effective in the first quarter of 2021.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation. Specifically, the current portion of "Finance lease liabilities" is now presented separately from "Other current liabilities" in the Consolidated Balance Sheets.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, which removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. We adopted this guidance on January 1, 2021. The adoption of this guidance did not have a material impact on our consolidated financial statements.
Net Loss Per Share	Net Loss Per ShareBasic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted average shares outstanding during the period.
Derivatives	Derivatives We utilize derivative instruments, including interest rate swap agreements and foreign currency hedging contracts, to manage our exposure to interest rate risk and foreign currency fluctuations. We only hold such instruments for economic hedging purposes, not for speculative or trading purposes. Our derivative instruments are transacted only with highly-rated institutions, which reduces our exposure to credit risk in the event of nonperformance. We are exposed to interest rate risk associated with fluctuations in interest rates on the floating-rate Term Loan Facility. The objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we have entered into interest rate swap agreements as part of our interest rate risk management strategy. Interest rate swaps involve the receipt of variable amounts from a counterparty in exchange for the company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. On January 9, 2020, we designated certain of our swaps as cash flow hedges. On the designation date, the cash flow hedges were in a $39.9 million liability position. The cash flow hedges were expected to be highly effective on the designation date and, on a quarterly basis, we performed retrospective and prospective regression assessments to determine whether the cash flow hedges continue to be highly effective. As long as the cash flow hedges are highly effective, changes in fair value are recorded to "Accumulated other comprehensive income (loss)" in the Consolidated Balance Sheets and reclassified to "Interest expense" in the period when the underlying transaction affects earnings. The income tax effects of cash flow hedges are released from "Accumulated other comprehensive income (loss)" in the period when the underlying transaction affects earnings. Any stranded income tax effects are released from “Accumulated other comprehensive income (loss)” into “Benefit (provision) for income taxes” under the portfolio approach. As of December 31, 2020, all of our cash flow hedges were highly effective.The majority of our customers are invoiced, and the majority of our expenses are paid, by us or our subsidiaries in the functional currency of our company or our subsidiaries, respectively. We also have exposure to foreign currency transaction gains and losses as the result of certain receivables due from our foreign subsidiaries. As such, the results of operations and cash flows of our foreign subsidiaries are subject to fluctuations in foreign currency exchange rates. The objective of our foreign currency hedging contracts is to manage our exposure to foreign currency movements. To accomplish this objective, we may enter into foreign currency forward contracts and collars. A forward contract is an agreement to buy or sell a quantity of a currency at a predetermined future date and at a predetermined exchange rate. A collar is a strategy that uses a combination of a purchased put option and a sold call option with equal premiums to hedge a portion of anticipated cash flows, or to limit possible gains or losses on an underlying asset or liability to a specific range. The put and call options have identical notional amounts and settlement dates.These contracts are recognized at fair value in the Consolidated Balance Sheets and are valued using pricing models that rely on market observable inputs such as current exchange rates, which are classified as Level 2 inputs within the fair value hierarchy. We have not designated these contracts as cash flow hedges for accounting purposes, therefore, all changes in fair value are recorded in "Other income (expense), net."

Customer Contracts (Tables)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Balances Related to Customer Contracts

The following table presents the balances related to customer contracts:


(In millions)	Consolidated Balance Sheets Account	December 31, 2020		June 30, 2021
Accounts receivable, net	Accounts receivable, net (1)	$	483.0	$	501.1
Current portion of contract assets	Other current assets	12.2		15.3
Non-current portion of contract assets	Other non-current assets	13.9		10.5
Current portion of deferred revenue	Deferred revenue	76.7		93.0
Non-current portion of deferred revenue	Other non-current liabilities	14.2		14.6

(1) Allowance for doubtful accounts and accrued customer credits was $28.3 million and $16.0 million as of December 31, 2020 and June 30, 2021, respectively.

Schedule of Capitalized Contract Cost

Amortization of capitalized sales commissions and implementation costs was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2020		2021		2020		2021
Amortization of capitalized sales commissions	$	11.4	$	10.7	$	22.3	$	21.5
Amortization of capitalized implementation costs	4.4		4.4		8.6		8.9

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Income (Loss) Per Share

The following table sets forth the computation of basic and diluted net loss per share:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share data)	2020		2021		2020		2021
Basic and diluted net loss per share:
Net loss attributable to common stockholders	$	(32.6)	$	(36.6)	$	(80.8)	$	(100.6)
Weighted average shares outstanding:
Common stock	165.5		207.9		165.4		206.2
Number of shares used in per share computations	165.5		207.9		165.4		206.2
Net loss per share	$	(0.20)	$	(0.18)	$	(0.49)	$	(0.49)

Property, Equipment and Software, net (Tables)

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property, Equipment, and Software, net

Property, equipment and software, net, consisted of the following:


(In millions)	December 31, 2020		June 30, 2021
Computers and equipment	$	1,191.8	$	1,220.9
Software	472.4		503.3
Furniture and fixtures	22.4		21.5
Buildings and leasehold improvements	513.1		513.9
Land	32.6		21.2
Property, equipment and software, at cost	2,232.3		2,280.8
Less: Accumulated depreciation	(1,366.8)		(1,408.9)
Work in process	19.1		20.1
Property, equipment and software, net	$	884.6	$	892.0

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amounts of Goodwill by Reportable Segment

The following table sets forth the changes in the carrying amounts of goodwill by reportable segment:


(In millions)	Multicloud Services		Apps & Cross Platform		OpenStack Public Cloud		Total Consolidated
Balance as of December 31, 2020 (1)	$	2,386.0	$	322.6	$	52.5	$	2,761.1

Foreign currency translation	4.3		0.2		0.2		4.7
Balance as of June 30, 2021	$	2,390.3	$	322.8	$	52.7	$	2,765.8

(1) Multicloud Services had accumulated impairment charges of $295.0 million as of December 31, 2020.

Schedule of Finite-Lived Intangible Assets Other Than Goodwill

The following table provides information regarding our intangible assets other than goodwill:


	December 31, 2020						June 30, 2021
(In millions)	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Customer relationships	$	1,986.2	$	(624.0)	$	1,362.2	$	1,987.8	$	(706.7)	$	1,281.1
Property tax abatement	16.0		(7.4)		8.6		16.0		(8.3)		7.7
Other	47.7		(22.2)		25.5		47.6		(32.6)		15.0
Total definite-lived intangible assets	2,049.9		(653.6)		1,396.3		2,051.4		(747.6)		1,303.8
Trade name (indefinite-lived)	250.0		—		250.0		250.0		—		250.0
Total intangible assets other than goodwill	$	2,299.9	$	(653.6)	$	1,646.3	$	2,301.4	$	(747.6)	$	1,553.8

Schedule of Indefinite-Lived Intangible Assets Other Than Goodwill

The following table provides information regarding our intangible assets other than goodwill:


	December 31, 2020						June 30, 2021
(In millions)	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Customer relationships	$	1,986.2	$	(624.0)	$	1,362.2	$	1,987.8	$	(706.7)	$	1,281.1
Property tax abatement	16.0		(7.4)		8.6		16.0		(8.3)		7.7
Other	47.7		(22.2)		25.5		47.6		(32.6)		15.0
Total definite-lived intangible assets	2,049.9		(653.6)		1,396.3		2,051.4		(747.6)		1,303.8
Trade name (indefinite-lived)	250.0		—		250.0		250.0		—		250.0
Total intangible assets other than goodwill	$	2,299.9	$	(653.6)	$	1,646.3	$	2,301.4	$	(747.6)	$	1,553.8

Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt consisted of the following:


(In millions, except %)		December 31, 2020			June 30, 2021
Debt Instrument	Maturity Date	Interest Rate(1)	Amount		Interest Rate(1)	Amount
Prior Term Loan Facility	November 3, 2023	4.00%	$	2,795.6	—%	$	—
Term Loan Facility	February 15, 2028	—%	—		3.50%	2,294.3
Revolving Credit Facility	August 7, 2025	—%	—		—%	—
3.50% Senior Secured Notes	February 15, 2028	—%	—		3.50%	550.0
5.375% Senior Notes	December 1, 2028	5.375%	550.0		5.375%	550.0
Receivables Financing Facility	July 19, 2022	2.37%	65.0		—%	—
Less: unamortized debt issuance costs			(44.2)			(39.1)
Less: unamortized debt discount			(3.7)			(13.5)
Total debt			3,362.7			3,341.7
Less: current portion of debt			(43.4)			(23.0)
Debt, excluding current portion			$	3,319.3		$	3,318.7

(1) Interest rates are as of each respective balance sheet date.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Share-Based Compensation and Settlement of Share-Based Awards (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Expense Recognized Under the Incentive Plan

Share-based compensation expense recognized was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2020		2021		2020		2021
Cost of revenue	$	2.3	$	4.3	$	4.1	$	9.2
Selling, general and administrative expenses	6.8		16.1		12.5		28.4
Pre-tax share-based compensation expense	9.1		20.4		16.6		37.6
Less: Income tax benefit	(1.9)		(4.3)		(3.5)		(7.9)
Total share-based compensation expense, net of tax	$	7.2	$	16.1	$	13.1	$	29.7

Derivatives (Tables)

6 Months Ended

Jun. 30, 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			June 30, 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 June 30, 2021 were as follows:


		December 31, 2020				June 30, 2021
(In millions)		Assets		Liabilities		Assets		Liabilities
Derivatives not designated as hedging instruments	Location
Interest rate swaps	Other current assets (1)	$	—	$	—	$	9.4	$	—

Interest rate swaps	Other current liabilities	—		—		—		9.4




Foreign currency contracts	Other current liabilities	—		1.7		—		3.7

Total		$	—	$	1.7	$	9.4	$	13.1

Derivatives designated as hedging instruments	Location

Interest rate swaps	Other non-current assets	$	—	$	—	$	11.0	$	—
Interest rate swaps	Other current liabilities (2)	—		22.6		—		21.3
Interest rate swaps	Other non-current liabilities (3)	—		64.4		—		65.1
Total		$	—	$	87.0	$	11.0	$	86.4

(1) The entire balance as of June 30, 2021 is comprised of the receive-fixed interest rate swap for which the fair value option has been elected.

(2) The balance as of June 30, 2021 includes $17.2 million related to the financing component of the pay-fixed interest rate swap.

(3) The entire balance as of June 30, 2021 is comprised of the financing component of the pay-fixed interest rate swap.

Schedule Offsetting Assets Under Master Netting Arrangements


	December 31, 2020						June 30, 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	$	—	$	—	$	—	$	20.4	$	(20.4)	$	—

Total	$	—	$	—	$	—	$	20.4	$	(20.4)	$	—

Liabilities
Interest rate swaps	$	87.0	$	—	$	87.0	$	95.8	$	(20.4)	$	75.4
Foreign currency contracts	1.7		—		1.7		3.7		—		3.7
Total	$	88.7	$	—	$	88.7	$	99.5	$	(20.4)	$	79.1

Schedule Offsetting Liabilities Under Master Netting Arrangements


	December 31, 2020						June 30, 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	$	—	$	—	$	—	$	20.4	$	(20.4)	$	—

Total	$	—	$	—	$	—	$	20.4	$	(20.4)	$	—

Liabilities
Interest rate swaps	$	87.0	$	—	$	87.0	$	95.8	$	(20.4)	$	75.4
Foreign currency contracts	1.7		—		1.7		3.7		—		3.7
Total	$	88.7	$	—	$	88.7	$	99.5	$	(20.4)	$	79.1

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 and six months ended June 30, 2020 and 2021 was as follows:


		Three Months Ended June 30,				Six Months Ended June 30,
(In millions)		2020		2021		2020		2021
Derivatives not designated as hedging instruments	Location
Interest rate swaps	Interest expense	$	—	$	(4.8)	$	(3.2)	$	(9.4)

Foreign currency contracts	Other income (expense), net	0.3		(0.7)		3.6		(2.0)

Derivatives designated as hedging instruments	Location
Interest rate swaps	Interest expense	$	(2.2)	$	(1.3)	$	(1.7)	$	(3.6)

- 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.

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Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) consisted of the following:


(In millions)	Accumulated Foreign Currency Translation Adjustments		Accumulated Loss on Derivative Contracts		Accumulated Other Comprehensive Loss
Balance at March 31, 2020	$	(8.4)	$	(41.1)	$	(49.5)
Foreign currency translation adjustments, net of tax benefit of $0.2	0.9		—		0.9
Unrealized loss on derivative contracts, net of tax benefit of $2.3	—		(6.8)		(6.8)
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $0.5(1)	—		1.7		1.7
Balance at June 30, 2020	$	(7.5)	$	(46.2)	$	(53.7)

(1) Includes interest expense recognized of $3.7 million, partially offset by amortization of off-market swap value of $1.5 million for the three months ended June 30, 2020.


(In millions)	Accumulated Foreign Currency Translation Adjustments		Accumulated Loss on Derivative Contracts		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2019	$	12.0	$	—	$	12.0
Foreign currency translation adjustments, net of tax benefit of $1.4	(19.5)		—		(19.5)
Unrealized loss on derivative contracts, net of tax benefit of $16.3	—		(47.5)		(47.5)
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $0.4 (1)	—		1.3		1.3
Balance at June 30, 2020	$	(7.5)	$	(46.2)	$	(53.7)

(1) Includes interest expense recognized of $4.4 million, partially offset by amortization of off-market swap value of $2.7 million for the six months ended June 30, 2020.


(In millions)	Accumulated Foreign Currency Translation Adjustments		Accumulated Loss on Derivative Contracts		Accumulated Other Comprehensive Loss
Balance at March 31, 2021	$	23.8	$	(26.0)	$	(2.2)
Foreign currency translation adjustments, net of tax expense of $0.2	2.7		—		2.7
Unrealized loss on derivative contracts, net of tax benefit of $2.0	—		(6.0)		(6.0)
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $1.5 (1)	—		4.5		4.5
Balance at June 30, 2021	$	26.5	$	(27.5)	$	(1.0)


(In millions)	Accumulated Foreign Currency Translation Adjustments		Accumulated Loss on Derivative Contracts		Accumulated Other Comprehensive Loss
Balance at December 31, 2020	$	20.8	$	(39.4)	$	(18.6)
Foreign currency translation adjustments, net of tax expense of $0.3	5.7		—		5.7
Unrealized gain on derivative contracts, net of tax expense of $1.2	—		3.4		3.4
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $2.9 (1)	—		8.5		8.5
Balance at June 30, 2021	$	26.5	$	(27.5)	$	(1.0)

(1) Includes interest expense recognized of $4.0 million and amortization of off-market swap value and accumulated loss at hedge de-designation of $7.4 million for the six months ended June 30, 2021.

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2020		2021		2020		2021
Revenue by segment:
Multicloud Services	$	519.0	$	605.1	$	1,026.9	$	1,184.7
Apps & Cross Platform	79.9		92.7		161.4		190.0
OpenStack Public Cloud	57.6		46.0		120.9		95.0

Total consolidated revenue	$	656.5	$	743.8	$	1,309.2	$	1,469.7

Non-GAAP gross profit by segment:
Multicloud Services	$	200.7	$	202.0	$	397.5	$	398.4
Apps & Cross Platform	27.0		32.0		57.1		66.9
OpenStack Public Cloud	23.7		16.1		53.0		34.7

Less:
Share-based compensation expense	(2.3)		(4.3)		(4.1)		(9.2)
Other compensation expense (1)	(1.5)		(0.4)		(3.4)		(1.7)

Purchase accounting impact on expense (2)	(1.6)		(1.2)		(3.5)		(2.4)
Restructuring and transformation expenses (3)	(4.1)		(8.7)		(5.4)		(15.9)
Total consolidated gross profit	$	241.9	$	235.5	$	491.2	$	470.8

(2) Adjustment for the impact of purchase accounting from the Rackspace Acquisition on expenses.

(3) Adjustment for the impact of business transformation and optimization activities, as well as associated severance, facility closure costs and lease termination expenses.

Reconciliation of Gross Profit from Segments to Consolidated


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2020		2021		2020		2021
Revenue by segment:
Multicloud Services	$	519.0	$	605.1	$	1,026.9	$	1,184.7
Apps & Cross Platform	79.9		92.7		161.4		190.0
OpenStack Public Cloud	57.6		46.0		120.9		95.0

Total consolidated revenue	$	656.5	$	743.8	$	1,309.2	$	1,469.7

Non-GAAP gross profit by segment:
Multicloud Services	$	200.7	$	202.0	$	397.5	$	398.4
Apps & Cross Platform	27.0		32.0		57.1		66.9
OpenStack Public Cloud	23.7		16.1		53.0		34.7

Less:
Share-based compensation expense	(2.3)		(4.3)		(4.1)		(9.2)
Other compensation expense (1)	(1.5)		(0.4)		(3.4)		(1.7)

Purchase accounting impact on expense (2)	(1.6)		(1.2)		(3.5)		(2.4)
Restructuring and transformation expenses (3)	(4.1)		(8.7)		(5.4)		(15.9)
Total consolidated gross profit	$	241.9	$	235.5	$	491.2	$	470.8

(2) Adjustment for the impact of purchase accounting from the Rackspace Acquisition on expenses.

(3) Adjustment for the impact of business transformation and optimization activities, as well as associated severance, facility closure costs and lease termination expenses.

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	Jul. 21, 2021	Jun. 30, 2021	Jun. 30, 2021
Internal restructuring plan \| Subsequent Event
Subsequent Event [Line Items]
Percent of workforce to be terminated	10.00%
Percent of workforce expected to be backfilled	85.00%
Employee force reduction period	12 months
Maximum restructuring plan expected period	12 months
Internal restructuring plan \| Selling, general and administrative expenses
Subsequent Event [Line Items]
Restructuring costs		$ 6.4
Internal restructuring plan \| Minimum \| Subsequent Event
Subsequent Event [Line Items]
Restructuring plan expected cost	$ 70.0
Restructuring plan expected period	12 months
Internal restructuring plan \| Maximum \| Subsequent Event
Subsequent Event [Line Items]
Restructuring plan expected cost	$ 80.0
Restructuring plan expected period	24 months
Service Life
Subsequent Event [Line Items]
Decrease in depreciation expense		$ 7.5	$ 14.1

Customer Contracts - Schedule of Balances Related to Customer Contracts (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 501.1	$ 483.0
Current portion of contract assets	15.3	12.2
Non-current portion of contract assets	10.5	13.9
Current portion of deferred revenue	93.0	76.7
Non-current portion of deferred revenue	14.6	14.2
Allowance for doubtful accounts and accrued customer credits	$ 16.0	$ 28.3

Customer Contracts - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Capitalized Contract Cost [Line Items]
Revenue recognized included in deferred revenue	$ 25.2	$ 29.1	$ 46.1	$ 46.9
Cost To Obtain A Contract
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	57.8		57.8		$ 59.3
Cost To Fulfill A Contract
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	$ 25.6		$ 25.6		$ 25.0

Customer Contracts - Schedule of Amortization of Capitalized Contract Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Amortization of capitalized sales commissions
Capitalized Contract Cost [Line Items]
Capitalized contract cost, amortization	$ 10.7	$ 11.4	$ 21.5	$ 22.3
Amortization of capitalized implementation costs
Capitalized Contract Cost [Line Items]
Capitalized contract cost, amortization	$ 4.4	$ 4.4	$ 8.9	$ 8.6

Customer Contracts - Remaining Performance Obligations (Details) $ in Millions	Jun. 30, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 801.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation expected to be recognized, percentage	38.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period

Net Loss Per Share - Computation of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net loss per share:
Net loss attributable to common stockholders	$ (36.6)	$ (32.6)	$ (100.6)	$ (80.8)
Net loss attributable to common stockholders	$ (36.6)	$ (32.6)	$ (100.6)	$ (80.8)
Common stock (in shares)	207.9	165.5	206.2	165.4
Number of shares used in per share computations (in shares)	207.9	165.5	206.2	165.4
Net loss per share (in dollars per share)	$ (0.18)	$ (0.20)	$ (0.49)	$ (0.49)
Net loss per share (in dollars per share)	$ (0.18)	$ (0.20)	$ (0.49)	$ (0.49)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Net Loss Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Anti-dilutive potential common shares excluded from computation of dilutive net income (loss) per share (in shares)	19.4	25.4	19.4	25.4

Property, Equipment and Software, net - Schedule of Property, Equipment and Software, net (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	$ 2,280.8	$ 2,232.3
Less: Accumulated depreciation	(1,408.9)	(1,366.8)
Property, equipment and software, net	892.0	884.6
Computers and equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	1,220.9	1,191.8
Software
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	503.3	472.4
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	21.5	22.4
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	513.9	513.1
Land
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	21.2	32.6
Work in process
Property, Plant and Equipment [Line Items]
Work in process	$ 20.1	$ 19.1

Property, Equipment and Software, net - Narrative (Details) - USD ($) $ in Millions	Jan. 15, 2021	Jan. 14, 2021
Property, Plant and Equipment [Abstract]
Land available-for-sale		$ 11.4
Proceeds from sale of land held-for-use	$ 32.2
Payments for brokerage fees and professional fees	0.9
Proceeds from sale of land held-for-use, net of brokerage and professional fees	31.3
Gain on sale of land	$ 19.9

Goodwill and Intangible Assets - Changes in Carrying Amounts of Goodwill by Reportable Segment (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,761.1
Foreign currency translation	4.7
Goodwill, ending balance	2,765.8
Multicloud Services
Goodwill [Roll Forward]
Goodwill, beginning balance	2,386.0
Foreign currency translation	4.3
Goodwill, ending balance	2,390.3
Accumulated impairment charges		$ 295.0
Apps & Cross Platform
Goodwill [Roll Forward]
Goodwill, beginning balance	322.6
Foreign currency translation	0.2
Goodwill, ending balance	322.8
OpenStack Public Cloud
Goodwill [Roll Forward]
Goodwill, beginning balance	52.5
Foreign currency translation	0.2
Goodwill, ending balance	$ 52.7

Goodwill and Intangible Assets - Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 2,051.4	$ 2,049.9
Accumulated amortization	(747.6)	(653.6)
Net carrying amount	1,303.8	1,396.3
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross carrying amount	2,301.4	2,299.9
Accumulated amortization	(747.6)	(653.6)
Net carrying amount	1,553.8	1,646.3
Trade name (indefinite-lived)
Indefinite-lived Intangible Assets [Line Items]
Trade name (indefinite-lived)	250.0	250.0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,987.8	1,986.2
Accumulated amortization	(706.7)	(624.0)
Net carrying amount	1,281.1	1,362.2
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	(706.7)	(624.0)
Property tax abatement
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	16.0	16.0
Accumulated amortization	(8.3)	(7.4)
Net carrying amount	7.7	8.6
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	(8.3)	(7.4)
Other
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	47.6	47.7
Accumulated amortization	(32.6)	(22.2)
Net carrying amount	15.0	25.5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	$ (32.6)	$ (22.2)

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Feb. 28, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Less: unamortized debt issuance costs	$ (39.1)		$ (44.2)
Less: unamortized debt discount	(13.5)		(3.7)
Total debt	3,341.7		3,362.7
Less: current portion of debt	(23.0)		(43.4)
Debt, excluding current portion	$ 3,318.7		$ 3,319.3
3.50% Senior Secured Notes
Debt Instrument [Line Items]
Less: unamortized debt issuance costs		$ (6.8)

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Debt - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended		80 Months Ended
Debt - Narrative (Details) - USD ($)	Feb. 09, 2021	Feb. 28, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Feb. 15, 2028	Dec. 31, 2020	Dec. 01, 2020	Mar. 19, 2020
Debt Instrument [Line Items]
Debt modification and extinguishment costs			$ 500,000	$ 0	$ 37,500,000	$ 0
Unamortized debt issuance cost			$ 39,100,000		$ 39,100,000			$ 44,200,000
Loan modification fee		$ 27,600,000
3.50% Senior Secured Notes
Debt Instrument [Line Items]
Debt modification and extinguishment costs		37,000,000.0
Unamortized debt issuance cost		6,800,000
Term Loan Facility
Debt Instrument [Line Items]
Debt Instrument, unamortized discount and debt issuance costs		9,400,000
Term Loan Facility \| Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, term	7 years
Aggregate principal amount	$ 2,300,000,000.0
Debt instrument, basis spread on variable rate floor	0.75%
Interest payment period (not exceed)	90 days
Effective interest rate			3.50%		3.50%			0.00%
Fair value of debt			$ 2,282,800,000		$ 2,282,800,000
Principal balance			2,294,300,000		2,294,300,000			$ 0
Debt Instrument, unamortized discount and debt issuance costs		$ 41,000,000.0
Term Loan Facility \| Term Loan Facility \| Forecast \| Subsequent Event
Debt Instrument [Line Items]
Quarterly principal payment							$ 5,800,000
Term Loan Facility \| Term Loan Facility \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.75%
Term Loan Facility \| Term Loan Facility \| Base rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Term Loan Facility \| Senior Facilities
Debt Instrument [Line Items]
Principal balance			$ 2,294,300,000		$ 2,294,300,000
Term Loan Facility \| Senior Facilities \| Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Term Loan Facility \| Senior Facilities \| One-month Adjusted LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Term Loan Facility \| Prior Term Loan Facility
Debt Instrument [Line Items]
Effective interest rate			0.00%		0.00%			4.00%
Principal balance			$ 0		$ 0			$ 2,795,600,000
Line of Credit \| Receivables Financing Facility
Debt Instrument [Line Items]
Effective interest rate			0.00%		0.00%			2.37%
Principal balance			$ 0		$ 0			$ 65,000,000.0
Senior notes \| 3.50% Senior Secured Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 550,000,000.0
Interest rate	3.50%		3.50%		3.50%			0.00%
Fair value of debt			$ 532,100,000		$ 532,100,000
Principal balance			$ 550,000,000.0		$ 550,000,000.0			$ 0
Redemption price, percentage					101.00%
Senior notes \| 3.50% Senior Secured Notes \| Prior to February 15, 2024
Debt Instrument [Line Items]
Redemption price, percentage	100.00%
Percent of redeemable debt	40.00%
Senior notes \| 3.50% Senior Secured Notes \| From February 15, 2024 to February 14, 2025
Debt Instrument [Line Items]
Redemption price, percentage	101.75%
Senior notes \| 3.50% Senior Secured Notes \| From February 15, 2025 to February 14, 2026
Debt Instrument [Line Items]
Redemption price, percentage	100.875%
Senior notes \| 3.50% Senior Secured Notes \| from February 15, 2026 and thereafter
Debt Instrument [Line Items]
Redemption price, percentage	100.00%
Senior notes \| 3.50% Senior Secured Notes \| Commencing with February 9
Debt Instrument [Line Items]
Redemption price, percentage	103.00%
Percent of redeemable debt	10.00%
Senior notes \| 5.375% Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount									$ 550,000,000.0
Interest rate			5.375%		5.375%			5.375%
Principal balance			$ 550,000,000.0		$ 550,000,000.0			$ 550,000,000.0
Percent of redeemable debt					40.00%
Fair value			563,800,000		$ 563,800,000
Senior notes \| 5.375% Senior Notes \| Prior to December 1, 2023
Debt Instrument [Line Items]
Redemption price, percentage					100.00%
Senior notes \| 5.375% Senior Notes \| December 1, 2023 to December 1, 2024
Debt Instrument [Line Items]
Redemption price, percentage					102.688%
Senior notes \| 5.375% Senior Notes \| December 1, 2024 to December 1, 202
Debt Instrument [Line Items]
Redemption price, percentage					101.344%
Senior notes \| 5.375% Senior Notes \| December 1, 2025 and thereafter
Debt Instrument [Line Items]
Redemption price, percentage					100.00%
Senior notes \| 5.375% Senior Notes \| Upon change of control
Debt Instrument [Line Items]
Redemption price, percentage					101.00%
Senior notes \| Forty Percent Of Senior Notes, 5.375%, Due 2028 \| Prior to December 1, 2023
Debt Instrument [Line Items]
Redemption price, percentage					105.375%
Senior notes \| Forty Percent Of 3.50% Senior Secured Notes Due 2028 \| Prior to February 15, 2024
Debt Instrument [Line Items]
Redemption price, percentage	103.50%
Revolving Credit Facility \| Receivables Financing Facility
Debt Instrument [Line Items]
Repayments of lines of credit			50,000,000.0
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Total commitments			$ 375,000,000.0		$ 375,000,000.0
Debt instrument, basis spread on variable rate floor	1.00%
Unused commitment fee percentage	0.50%
Effective interest rate			0.00%		0.00%			0.00%
Principal balance			$ 0		$ 0			$ 0
Revolving Credit Facility \| Line of Credit \| Senior Facilities
Debt Instrument [Line Items]
Debt instrument, leverage ratio, maximum	5.00
Debt instrument, covenant, undrawn letters of credit and cash collateralized letters of credit excluded from threshold trigger	$ 25,000,000.0
Debt instrument, covenant, percentage of outstanding borrowings trigger, minimum	35.00%
Revolving Credit Facility \| Line of Credit \| Senior Facilities \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.00%
Revolving Credit Facility \| Line of Credit \| Senior Facilities \| Base rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.00%
Revolving Credit Facility \| Line of Credit \| Receivables Financing Facility
Debt Instrument [Line Items]
Total commitments										$ 100,000,000.0
Debt modification and extinguishment costs			$ 500,000		$ 500,000

Share-Based Compensation and Settlement of Share-Based Awards - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $	$ 128.6
Unrecognized compensation cost, period for recognition	2 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted (in shares) \| shares	4.0
Weighted average grant date fair value, RSUs granted during period (in usd per share) \| $ / shares	$ 22.55
Vesting period	3 years

Share-Based Compensation and Settlement of Share-Based Awards - Schedule of Share-Based Compensation Expense Recognized Under the Incentive Plan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax share-based compensation expense	$ 20.4	$ 9.1	$ 37.6	$ 16.6
Less: Income tax benefit	(4.3)	(1.9)	(7.9)	(3.5)
Total share-based compensation expense, net of tax	16.1	7.2	29.7	13.1
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax share-based compensation expense	4.3	2.3	9.2	4.1
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax share-based compensation expense	$ 16.1	$ 6.8	$ 28.4	$ 12.5

Taxes - Narrative (Details) - Forecast $ in Millions	12 Months Ended
Taxes - Narrative (Details) - Forecast $ in Millions	Jun. 30, 2022 USD ($)
Minimum
Income Tax Examination [Line Items]
Reduction resulting from lapse of applicable statute of limitations	$ 10.0
Maximum
Income Tax Examination [Line Items]
Reduction resulting from lapse of applicable statute of limitations	$ 15.0

Derivatives - Narrative (Details)	3 Months Ended		6 Months Ended		12 Months Ended
Derivatives - Narrative (Details)	Jun. 30, 2021 USD ($) instrument	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) instrument	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) instrument	Feb. 12, 2021 USD ($)	Jan. 31, 2021 USD ($)	Dec. 31, 2020 GBP (£) instrument	Nov. 19, 2020 USD ($)	Nov. 19, 2020 GBP (£)	Mar. 26, 2020 USD ($) instrument	Mar. 26, 2020 GBP (£) instrument	Jan. 09, 2020 USD ($)	Nov. 30, 2019 GBP (£) instrument £ / $
Derivative [Line Items]
Liabilities	$ 99,500,000		$ 99,500,000		$ 88,700,000
Accumulated other comprehensive loss	1,000,000.0		1,000,000.0		18,600,000
Interest expense	50,500,000	$ 68,900,000	103,100,000	$ 140,900,000
Cash flow hedge losses expected to be reclassified as an increase to interest expense over the next twelve months			23,800,000
Derivatives designated as hedging instruments
Derivative [Line Items]
Liabilities	86,400,000		86,400,000		87,000,000.0
Interest rate swaps
Derivative [Line Items]
Liabilities	95,800,000		95,800,000		87,000,000.0
Derivative, notional amount	$ 1,350,000,000.0		$ 1,350,000,000.0		2,400,000,000.0	$ 900,000,000.0
Accumulated other comprehensive loss							$ 51,600,000
Derivative, fixed interest rate						2.382%
Interest rate swaps \| LIBOR
Derivative [Line Items]
Variable interest rate						0.75%
Interest rate swaps \| Cash Flow Hedging \| Derivatives designated as hedging instruments
Derivative [Line Items]
Liabilities													$ 39,900,000
Receive fixed interest rate swap
Derivative [Line Items]
Derivative, notional amount						$ 900,000,000.0
Number of derivative instruments \| instrument	2		2
Pay-fixed interest rate swap
Derivative [Line Items]
Derivative, notional amount						$ 1,350,000,000
Foreign Currency Net Zero Cost Collar Contract - Entered In November 2019
Derivative [Line Items]
Derivative, notional amount \| £														£ 100,000,000
Number of derivative instruments \| instrument														2
Number of derivative instruments settled \| instrument											1	1
Notional amount settled \| £										£ 50,000,000		£ 50,000,000
Net payment (receipt) after settlement									$ 200,000		$ (1,900,000)
Foreign Currency Net Zero Cost Collar Contract - Entered In November 2019 \| Minimum
Derivative [Line Items]
Forward exchange rate \| £ / $														1.2375
Foreign Currency Net Zero Cost Collar Contract - Entered In November 2019 \| Maximum
Derivative [Line Items]
Forward exchange rate \| £ / $														1.3475
Foreign Currency Forward Contract - Entered in during 2020
Derivative [Line Items]
Derivative, notional amount					$ 0
Net payment (receipt) after settlement		$ 1,700,000		$ 1,700,000
Derivative term of contract					3 months
Foreign Currency Forward Contract - Entered in fourth quarter 2020
Derivative [Line Items]
Derivative, notional amount					$ 107,100,000			£ 80,000,000
Number of derivative instruments \| instrument					2			2
Forward exchange rate					1.3388			1.3388

Derivatives - Interest Rate Swaps Outstanding (Details) - USD ($)	Jun. 30, 2021	Feb. 12, 2021	Dec. 31, 2020
Interest rate swaps
Derivative [Line Items]
Fixed Rate Paid (Received)		2.382%
Notional Amount (in millions)	$ 1,350,000,000.0	$ 900,000,000.0	$ 2,400,000,000.0
Interest Rate Swap - Entered in December 2016
Derivative [Line Items]
Fixed Rate Paid (Received)			1.7625%
Notional Amount (in millions)			$ 150,000,000.0
Interest Rate Swap - Entered in December 2016
Derivative [Line Items]
Fixed Rate Paid (Received)	1.904%
Notional Amount (in millions)	$ 450,000,000.0		450,000,000.0
Interest Rate Swap - Entered in December 2016
Derivative [Line Items]
Fixed Rate Paid (Received)	1.904%
Notional Amount (in millions)	$ 450,000,000.0		$ 450,000,000.0
Interest Rate Swap - Entered in December 2018
Derivative [Line Items]
Fixed Rate Paid (Received)			2.749%
Notional Amount (in millions)			$ 150,000,000.0
Interest Rate Swap - Entered in December 2018
Derivative [Line Items]
Fixed Rate Paid (Received)			2.735%
Notional Amount (in millions)			$ 150,000,000.0
Interest Rate Swap - Entered in December 2018
Derivative [Line Items]
Fixed Rate Paid (Received)			2.736%
Notional Amount (in millions)			$ 150,000,000.0
Interest Rate Swap - Entered in December 2018
Derivative [Line Items]
Fixed Rate Paid (Received)			2.78%
Notional Amount (in millions)			$ 900,000,000.0
Interest Rate Swap - Entered in February 2021
Derivative [Line Items]
Fixed Rate Paid (Received)	(1.904%)
Notional Amount (in millions)	$ (900,000,000.0)
Interest Rate Swap - Entered in February 2021
Derivative [Line Items]
Fixed Rate Paid (Received)	2.382%
Notional Amount (in millions)	$ 1,350,000,000.0

Derivatives - Schedule of Fair Values of Derivatives on the Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Assets	$ 20.4	$ 0.0
Liabilities	99.5	88.7
Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	20.4	0.0
Liabilities	95.8	87.0
Foreign currency contracts
Derivatives, Fair Value [Line Items]
Liabilities	3.7	1.7
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Assets	9.4	0.0
Liabilities	13.1	1.7
Derivatives not designated as hedging instruments \| Other current assets \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	9.4	0.0
Liabilities	0.0	0.0
Derivatives not designated as hedging instruments \| Other current liabilities \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	0.0	0.0
Liabilities	9.4	0.0
Derivatives not designated as hedging instruments \| Other current liabilities \| Foreign currency contracts
Derivatives, Fair Value [Line Items]
Assets	0.0	0.0
Liabilities	3.7	1.7
Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Assets	11.0	0.0
Liabilities	86.4	87.0
Derivatives designated as hedging instruments \| Other non-current assets \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	11.0	0.0
Liabilities	0.0	0.0
Derivatives designated as hedging instruments \| Other current liabilities \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	0.0	0.0
Liabilities	21.3	22.6
Derivatives designated as hedging instruments \| Other current liabilities \| Pay-fixed interest rate swap
Derivatives, Fair Value [Line Items]
Liabilities	17.2
Derivatives designated as hedging instruments \| Other non-current liabilities \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	0.0	0.0
Liabilities	$ 65.1	$ 64.4

Derivatives - Derivatives Presented on a Net Asset and Net Liability basis (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Assets
Gross Amounts on Balance Sheet	$ 20.4	$ 0.0
Effect of Counter-Party Netting	(20.4)	0.0
Net Amounts	0.0	0.0
Liabilities
Gross Amounts on Balance Sheet	99.5	88.7
Effect of Counter-Party Netting	(20.4)	0.0
Net Amounts	79.1	88.7
Interest rate swaps
Assets
Gross Amounts on Balance Sheet	20.4	0.0
Effect of Counter-Party Netting	(20.4)	0.0
Net Amounts	0.0	0.0
Liabilities
Gross Amounts on Balance Sheet	95.8	87.0
Effect of Counter-Party Netting	(20.4)	0.0
Net Amounts	75.4	87.0
Foreign currency contracts
Liabilities
Gross Amounts on Balance Sheet	3.7	1.7
Effect of Counter-Party Netting	0.0	0.0
Net Amounts	$ 3.7	$ 1.7

Derivatives - Effect of Derivatives on the Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest expense \| Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments	$ (4.8)	$ 0.0	$ (9.4)	$ (3.2)
Derivatives designated as hedging instruments	(1.3)	(2.2)	(3.6)	(1.7)
Other income (expense), net \| Foreign currency contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments	$ (0.7)	$ 0.3	$ (2.0)	$ 3.6

Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,375.2	$ 796.6	$ 1,383.7	$ 898.8
Foreign currency translation adjustments, net of tax benefit	2.7	0.9	5.7	(19.5)
Unrealized gain (loss) on derivative contracts, net of tax benefit	(6.0)	(6.8)	3.4	(47.5)
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit	4.5	1.7	8.5	1.3
Ending balance	1,382.5	768.8	1,382.5	768.8
Foreign currency translation adjustment, tax benefit	0.2	0.2	0.3	1.4
Unrealized losses on derivative contracts, before reclassification, tax expense (benefit)	2.0	2.3	1.2	16.3
Tax benefit, reclassification from AOCI	1.5	0.5	(2.9)	(0.4)
Interest expense	50.5	68.9	103.1	140.9
Reclassification out of Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Interest expense	1.2	3.7	4.0	4.4
Amortization of off-market swap	4.8	1.5	7.4	2.7
Accumulated Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	23.8	(8.4)	20.8	12.0
Foreign currency translation adjustments, net of tax benefit	2.7	0.9	5.7	(19.5)
Unrealized gain (loss) on derivative contracts, net of tax benefit	0.0	0.0	0.0	0.0
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit	0.0	0.0	0.0	0.0
Ending balance	26.5	(7.5)	26.5	(7.5)
Accumulated Loss on Derivative Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(26.0)	(41.1)	(39.4)	0.0
Foreign currency translation adjustments, net of tax benefit	0.0	0.0	0.0	0.0
Unrealized gain (loss) on derivative contracts, net of tax benefit	(6.0)	(6.8)	3.4	(47.5)
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit	4.5	1.7	8.5	1.3
Ending balance	(27.5)	(46.2)	(27.5)	(46.2)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(2.2)	(49.5)	(18.6)	12.0
Ending balance	$ (1.0)	$ (53.7)	$ (1.0)	$ (53.7)

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions			3 Months Ended	6 Months Ended
	Feb. 09, 2021	Feb. 02, 2021	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020
Datapipe Parent Inc
Related Party Transaction [Line Items]
Equity issued in acquisition (in shares)		2,665,935
Term Loan Facility \| Senior Facilities
Related Party Transaction [Line Items]
Principal balance					$ 2,294.3
Senior notes \| 3.50% Senior Secured Notes
Related Party Transaction [Line Items]
Principal balance					$ 550.0	$ 0.0
Interest Rate	3.50%				3.50%	0.00%
Apollo Global Securities, LLC \| Senior notes
Related Party Transaction [Line Items]
Underwriting fees	$ 0.6
Arranger Fees \| Apollo Global Securities, LLC
Related Party Transaction [Line Items]
Underwriting fees	$ 2.3
Affiliated Entity \| Affiliates of ABRY \| Term Loan Facility \| Senior Facilities
Related Party Transaction [Line Items]
Principal balance					$ 47.9
Percentage of debt due to related party					2.10%
Affiliated Entity \| Consulting Fees \| ABRY
Related Party Transaction [Line Items]
Related party consulting fees			$ 3.5	$ 7.1

Segment Reporting - Narrative (Details)	6 Months Ended
Segment Reporting - Narrative (Details)	Jun. 30, 2021 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments	3

Segment Reporting - Reconciliation of Revenue and Gross Profits from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 743.8	$ 656.5	$ 1,469.7	$ 1,309.2
Non-GAAP gross profit	235.5	241.9	470.8	491.2
Share-based compensation expense	(20.4)	(9.1)	(37.6)	(16.6)
Other compensation expense	(0.4)	(1.5)	(1.7)	(3.4)
Purchase accounting impact on expense	(1.2)	(1.6)	(2.4)	(3.5)
Restructuring and transformation expenses	(8.7)	(4.1)	(15.9)	(5.4)
Cost of revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Share-based compensation expense	(4.3)	(2.3)	(9.2)	(4.1)
Multicloud Services
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	605.1	519.0	1,184.7	1,026.9
Non-GAAP gross profit	202.0	200.7	398.4	397.5
Apps & Cross Platform
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	92.7	79.9	190.0	161.4
Non-GAAP gross profit	32.0	27.0	66.9	57.1
OpenStack Public Cloud
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	46.0	57.6	95.0	120.9
Non-GAAP gross profit	$ 16.1	$ 23.7	$ 34.7	$ 53.0