Fair Value Disclosure (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Assets and liabilities at fair value recurring basis

The following tables show our derivative assets and liabilities that are measured at fair value (in millions):

	Balance Sheet Location	Fair Value September 30, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Derivative Assets
Interest rate contracts (1)	Other assets	$	6.9	$	—	$	6.9	$	—
Total derivative assets		$	6.9	$	—	$	6.9	$	—
Derivative Liabilities
Foreign exchange contracts (1)	Other liabilities	$	9.0	$	—	$	9.0	$	—
Foreign exchange contracts (2)	Other liabilities	0.9		—		0.9		—
Total derivative liabilities		$	9.9	$	—	$	9.9	$	—

	Balance Sheet Location	Fair Value December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Derivative Assets
Interest rate contracts (1)	Other assets	$	1.4	$	—	$	1.4	$	—
Foreign exchange contracts (1)	Other assets	6.9		—		6.9		—
Foreign exchange contracts (2)	Other assets	0.2		—		0.2		—
Total derivative assets		$	8.5	$	—	$	8.5	$	—
Derivative Liabilities
Interest rate contracts (1)	Other liabilities	$	0.6	$	—	$	0.6	$	—
Foreign exchange contracts (1)	Other liabilities	7.0		—		7.0		—
Foreign exchange contracts (2)	Other liabilities	6.0		—		6.0		—
Total derivative liabilities		$	13.6	$	—	$	13.6	$	—

_________

(1)     Designated as hedges.

(2)     Not designated as hedges.

Fair value hedging instruments

The following table shows the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of September 30, 2020 and December 31, 2019 (in millions).

	Carrying Amount of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
Line Item in the Balance Sheet in Which the Hedged Item is Included	September 30 2020		December 31 2019		September 30 2020		December 31 2019
Recourse debt	$	(304.3)	$	(449.9)	$	6.9	$	1.4

The following tables show the impacts of our derivative instruments on our statement of comprehensive income for the three and nine months ended September 30, 2020 and 2019 (in millions):

	Amount of Loss (Gain) Recognized in Other Comprehensive Income				Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income	Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income
	Three Months Ended September 30					Three Months Ended September 30
Derivative Designation	2020		2019			2020		2019
Derivatives in cash flow hedging relationships:
Interest rate contracts	$	—	$	1.6	Interest expense	$	0.6	$	0.5
Foreign exchange contracts	10.5		(19.8)		Other (income) expense	10.4		(19.3)
Total	$	10.5	$	(18.2)	Total	$	11.0	$	(18.8)

Cash flow hedging instruments

The following tables show the impact of our fair value and cash flow hedge accounting relationships, as well as the impact of our non-designated derivatives, on the statement of comprehensive income for the three and nine months ended September 30, 2020 and 2019 (in millions):

	Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Three Months Ended September 30				Three Months Ended September 30
	2020				2019
	Interest (expense), net		Other income (expense)		Interest (expense), net		Other income (expense)
Total amounts of income and expense presented in the statements of comprehensive income in which the effects of fair value or cash flow hedges are recorded	$	(48.6)	$	(1.2)	$	(44.7)	$	(1.7)
Gain (loss) on fair value hedging relationships
Interest rate contracts:
Hedged items	1.3		—		(1.3)		—
Derivatives designated as hedging instruments	(1.3)		—		1.3		—
Gain (loss) on cash flow hedging relationships
Interest rate contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	(0.6)		—		(0.5)		—
Foreign exchange contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1)	—		(10.4)		—		19.3
Gain (loss) on non-designated derivative contracts	—		2.2		—		4.0

Other financial instruments

The following table shows the carrying amounts and fair values of our other financial instruments (in millions):

	September 30, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Liabilities
Recourse fixed rate debt	$	4,788.3	$	5,295.4	$	4,389.3	$	4,644.6
Recourse floating rate debt	422.9		419.7		417.5		419.0