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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Derivative Financial Assets and Liabilities Measured at Fair Value on Recurring Basis The tables below present information about the Company’s derivative financial assets and liabilities measured at fair value on a recurring basis (dollars in millions).

 

 

 

March 31, 2020

 

 

 

 

 

 

 

 

Fair Value

Measurements

 

 

Description

 

Nominal

volume

 

 

Derivative asset

(Other current assets)

 

 

Derivative liability

(Other current liabilities)

 

 

Derivatives not designated as hedging

   instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange swaps, less than

   6 months

 

$

661.0

 

1)

$

3.3

 

2)

$

7.7

 

3)

Total derivatives not designated as

   hedging instruments

 

$

661.0

 

 

$

3.3

 

 

$

7.7

 

 

 

1)

Net nominal amount after deducting for offsetting swaps under ISDA agreements is $661.0 million.

2)

Net amount after deducting for offsetting swaps under ISDA agreements is $3.3 million.

3)

Net amount after deducting for offsetting swaps under ISDA agreements is $7.7 million.

 

 

 

 

December 31, 2019

 

 

 

 

 

 

 

 

Fair Value

Measurements

 

 

Description

 

Nominal

volume

 

 

Derivative asset

(Other current assets)

 

 

Derivative liability

(Other current liabilities)

 

 

Derivatives not designated as hedging

   instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange swaps, less than

   6 months

 

$

934.2

 

1)

$

6.0

 

2)

$

1.8

 

3)

Total derivatives not designated as

   hedging instruments

 

$

934.2

 

 

$

6.0

 

 

$

1.8

 

 

 

1)

Net nominal amount after deducting for offsetting swaps under ISDA agreements is $860.6 million.

2)

Net amount after deducting for offsetting swaps under ISDA agreements is $5.8 million.

3)

Net amount after deducting for offsetting swaps under ISDA agreements is $1.6 million.
Fair Value of Debt

The fair value and carrying value of debt is summarized in the table below (dollars in millions).

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

Carrying

value1)

 

 

Fair

value

 

 

Carrying

value1)

 

 

Fair

value

 

Long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bonds

 

$

1,589.0

 

 

$

1,584.5

 

 

$

1,597.5

 

 

$

1,671.1

 

Loans

 

 

620.4

 

 

 

617.1

 

 

 

128.6

 

 

 

128.6

 

Total

 

$

2,209.4

 

 

$

2,201.6

 

 

$

1,726.1

 

 

$

1,799.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

125.5

 

 

$

125.5

 

 

$

230.7

 

 

$

230.7

 

Short-term portion of long-term debt

 

 

110.3

 

 

 

110.2

 

 

 

112.0

 

 

 

112.1

 

Overdrafts and other short-term debt

 

 

83.0

 

 

 

83.0

 

 

 

25.4

 

 

 

25.3

 

Total

 

$

318.8

 

 

$

318.7

 

 

$

368.1

 

 

$

368.1

 

 

1)

Debt as reported in balance sheet.