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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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).

 

 

 

June 30, 2020

 

 

 

December 31, 2019

 

 

 

 

 

 

 

 

Fair Value Measurements

 

 

 

 

 

 

 

Fair Value Measurements

 

 

Description

 

Nominal

volume

 

 

Derivative

asset

(Other

current assets)

 

 

Derivative

liability

(Other

current

liabilities)

 

 

 

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

 

$

650.1

 

1)

$

5.2

 

2)

$

2.6

 

3)

 

$

934.2

 

4)

$

6.0

 

5)

$

1.8

 

6)

Total derivatives not designated

   as hedging instruments

 

$

650.1

 

 

$

5.2

 

 

$

2.6

 

 

 

$

934.2

 

 

$

6.0

 

 

$

1.8

 

 

 

1)

Net nominal amount after deducting for offsetting swaps under ISDA agreements is $626.0 million.

2)

Net amount after deducting for offsetting swaps under ISDA agreements is $5.2 million.

3)

Net amount after deducting for offsetting swaps under ISDA agreements is $2.6 million.

4)

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

5)

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

6)

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).

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

Carrying

value1)

 

 

Fair

value

 

 

Carrying

value1)

 

 

Fair

value

 

Long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bonds

 

$

1,323.8

 

 

$

1,363.8

 

 

$

1,597.5

 

 

$

1,671.1

 

Loans

 

 

1,243.2

 

 

 

1,244.9

 

 

 

128.6

 

 

 

128.6

 

Total

 

$

2,567.0

 

 

$

2,608.7

 

 

$

1,726.1

 

 

$

1,799.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

26.8

 

 

$

26.8

 

 

$

230.7

 

 

$

230.7

 

Short-term portion of long-term debt

 

 

387.2

 

 

 

390.0

 

 

 

112.0

 

 

 

112.1

 

Overdrafts and other short-term debt

 

 

78.9

 

 

 

78.9

 

 

 

25.4

 

 

 

25.3

 

Total

 

$

492.9

 

 

$

495.7

 

 

$

368.1

 

 

$

368.1

 

 

1)

Debt as reported in balance sheet.