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Fair Value Disclosure (Tables)
 3 Months Ended
Mar. 31, 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
March 31, 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
 
$
8.3

 
$
—

 
$
8.3

 
$
—

Foreign exchange contracts (1)
Other assets
 
0.9

 
—

 
0.9

 
—

Foreign exchange contracts (2)
Other assets
 
1.5

 
—

 
1.5

 
—

Total derivative assets
 
 
$
10.7

 
$
—

 
$
10.7

 
$
—

Derivative Liabilities
 
 
 
 
 
 
 
 
 
Interest rate contracts (1)
Other liabilities
 
$
0.3

 
$
—

 
$
0.3

 
$
—

Foreign exchange contracts (1)
Other liabilities
 
2.1

 
—

 
2.1

 
—

Total derivative liabilities
 
 
$
2.4

 
$
—

 
$
2.4

 
$
—

 
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 March 31, 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
 
March 31
2020
 
December 31
2019
 
March 31
2020
 
December 31
2019
 
 
 
 
 
 
 
 
 
Recourse debt
 
$
(304.9
)
 
$
(449.9
)
 
$
8.3

 
$
1.4


The following table shows the impacts of our derivative instruments on our statement of comprehensive income for the three months ended March 31, 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 March 31
 
 
Three Months Ended March 31
 
Derivative Designation
 
2020
 
2019
 
 
2020
 
2019
 
Derivatives in cash flow hedging relationships:
 
 
 
 
 
 
 
Interest rate contracts
 
$
(0.1
)
 
$
—

 
Interest expense
 
$
0.4

 
$
0.8

 
Foreign exchange contracts
 
(3.8
)
 
(12.9
)
 
Other (income) expense
 
(5.3
)
 
(11.0
)
 
Total
 
$
(3.9
)
 
$
(12.9
)
 
Total
 
$
(4.9
)
 
$
(10.2
)
 
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 statement of comprehensive income for the three months ended March 31, 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
March 31
Three Months Ended
March 31
 
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
$
(46.8
)
 
$
(8.2
)
 
$
(46.5
)
 
$
(3.2
)
 
Gain (loss) on fair value hedging relationships
 
 
 
 
 
 
 
 
Interest rate contracts:
 
 
 
 
 
 
 
 
Hedged items
(6.9
)
 
—

 
(3.2
)
 
—

 
Derivatives designated as hedging instruments
6.9

 
—

 
3.2

 
—

 
Gain (loss) on cash flow hedging relationships
 
 
 
 
 
 
 
 
Interest rate contracts:
 
 
 
 
 
 
 
 
Amount of gain (loss) reclassified from accumulated other comprehensive income into income
(0.4
)
 
—

 
(0.8
)
 
—

 
Foreign exchange contracts:
 
 
 
 
 
 
 
 
Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1)
—

 
5.3

 
—

 
11.0

 
Gain (loss) on non-designated derivative contracts
—

 
6.9

 
—

 
(0.8
)
 
Other financial instruments
The following table shows the carrying amounts and fair values of our other financial instruments (in millions):
 
March 31, 2020
 
December 31, 2019
 
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Liabilities
 
 
 
 
 
 
 
Recourse fixed rate debt
$
4,153.8

 
$
4,354.7

 
$
4,389.3

 
$
4,644.6

Recourse floating rate debt
915.6

 
911.8

 
417.5

 
419.0

Borrowings under bank credit facilities
250.0

 
248.9

 
—

 
—