Fair Value Disclosure (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Assets and liabilities at fair value recurring basis

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

		Significant Observable Inputs (Level 2)
	Balance Sheet Location	Fair Value September 30, 2022		Fair Value December 31, 2021
Derivative Assets
Interest rate contracts (1)	Other assets	$	—	$	1.4
Foreign exchange contracts (1)	Other assets	6.0		3.6
Foreign exchange contracts (2)	Other assets	8.1		3.9
Total derivative assets		$	14.1	$	8.9
Derivative Liabilities
Interest rate contracts (1)	Other liabilities	$	12.1	$	0.3
Foreign exchange contracts (1)	Other liabilities	0.5		—
Total derivative liabilities		$	12.6	$	0.3

_________

(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, 2022 and December 31, 2021 (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 2022		December 31 2021		September 30 2022		December 31 2021
Recourse debt	$	(195.0)	$	(300.4)	$	(12.1)	$	1.1

The following table shows the impacts of our derivative instruments on our statements of comprehensive (loss) income for the three and nine months ended September 30, 2022 and 2021 (in millions):

	Amount of Loss (Gain) Recognized in Other Comprehensive (Loss) Income				Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive (Loss) Income into Income	Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive (Loss) Income into Income
	Three Months Ended September 30					Three Months Ended September 30
Derivative Designation	2022		2021			2022		2021
Derivatives in cash flow hedging relationships:
Interest rate contracts	$	—	$	—	Interest expense	$	0.4	$	0.4
Foreign exchange contracts	(6.8)		(6.4)		Other expense	(6.8)		(6.4)
Total	$	(6.8)	$	(6.4)	Total	$	(6.4)	$	(6.0)

	Amount of Loss (Gain) Recognized in Other Comprehensive (Loss) Income				Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive (Loss) Income into Income	Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive (Loss) Income into Income
	Nine Months Ended September 30					Nine Months Ended September 30
Derivative Designation	2022		2021			2022		2021
Derivatives in cash flow hedging relationships:
Interest rate contracts	$	—	$	—	Interest expense	$	1.2	$	1.5
Foreign exchange contracts	(14.7)		(10.3)		Other expense	(14.9)		(10.6)
Total	$	(14.7)	$	(10.3)	Total	$	(13.7)	$	(9.1)

Cash flow hedging instruments

The following table shows the impact of our fair value and cash flow hedge accounting relationships, as well as the impact of our non-designated derivatives, on the statements of comprehensive (loss) income for the three and nine months ended September 30, 2022 and 2021 (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
	2022				2021
	Interest (expense), net		Other expense		Interest (expense), net		Other 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	$	(53.6)	$	(2.5)	$	(49.8)	$	(0.3)
Gain (loss) on fair value hedging relationships
Interest rate contracts:
Hedged items	6.0		—		0.8		—
Derivatives designated as hedging instruments	(6.0)		—		(0.8)		—
Gain (loss) on cash flow hedging relationships
Interest rate contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income	(0.4)		—		(0.4)		—
Foreign exchange contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income (1)	—		6.8		—		6.4
Gain (loss) on non-designated derivative contracts	—		2.7		—		2.6

	Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Nine Months Ended September 30				Nine Months Ended September 30
	2022				2021
	Interest (expense), net		Other expense		Interest (expense), net		Other 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	$	(156.7)	$	(15.8)	$	(153.4)	$	(9.7)
Gain (loss) on fair value hedging relationships
Interest rate contracts:
Hedged items	13.2		—		3.2		—
Derivatives designated as hedging instruments	(13.2)		—		(3.2)		—
Gain (loss) on cash flow hedging relationships
Interest rate contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income	(1.2)		—		(1.5)		—
Foreign exchange contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income (1)	—		14.9		—		10.6
Gain (loss) on non-designated derivative contracts	—		7.4		—		0.9

_______

(1) These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other income (expense).

Other financial instruments

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

	September 30, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Liabilities
Recourse fixed rate debt	$	6,085.2	$	5,261.6	$	5,666.1	$	6,040.2
Recourse floating rate debt	300.0		300.0		250.0		250.0