Fair Value Disclosure (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023		Fair Value December 31, 2022
Derivative Assets
Foreign exchange contracts (1)	Other assets	$	0.1	$	—
Foreign exchange contracts (2)	Other assets	—		0.7
Total derivative assets		$	0.1	$	0.7
Derivative Liabilities
Interest rate contracts (1)	Other liabilities	$	11.9	$	11.6
Foreign exchange contracts (1)	Other liabilities	3.0		0.5
Foreign exchange contracts (2)	Other liabilities	10.4		—
Total derivative liabilities		$	25.3	$	12.1

_________

(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 (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	June 30 2023		December 31 2022		June 30 2023		December 31 2022
Recourse debt	$	(195.2)	$	(195.2)	$	(11.9)	$	(11.6)

The following tables show the impacts of our derivative instruments on our statements of comprehensive income (loss) (in millions):

	Amount of Loss (Gain) Recognized in Other Comprehensive Income (Loss)
	Three Months Ended June 30				Six Months Ended June 30
Derivative Designation	2023		2022		2023		2022
Derivatives in cash flow hedging relationships:
Foreign exchange contracts	$	1.0	$	(4.6)	$	2.5	$	(7.9)
Total	$	1.0	$	(4.6)	$	2.5	$	(7.9)

Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into Earnings	Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into Earnings
	Three Months Ended June 30				Six Months Ended June 30
	2023		2022		2023		2022
Interest expense	$	0.4	$	0.4	$	0.8	$	0.8
Other expense	0.8		(5.2)		2.4		(8.1)
Total	$	1.2	$	(4.8)	$	3.2	$	(7.3)

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 statements of comprehensive income (loss) (in millions):

	Amount of Gain (Loss) Recognized in Interest Expense on Fair Value and Cash Flow Hedging Relationships
	Three Months Ended June 30				Six Months Ended June 30
	2023		2022		2023		2022
Total interest expense	$	(63.7)	$	(51.9)	$	(122.7)	$	(103.1)
Gain (loss) on fair value hedging relationships
Interest rate contracts:
Hedged items	2.6		1.5		0.3		7.2
Derivatives designated as hedging instruments	(2.6)		(1.5)		(0.3)		(7.2)
Gain (loss) on cash flow hedging relationships
Interest rate contracts:
Amount of loss reclassified from accumulated other comprehensive loss into earnings	(0.4)		(0.4)		(0.8)		(0.8)

Cash flow hedging instruments

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

Other financial instruments

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

	June 30, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Liabilities
Recourse fixed rate debt	$	6,248.3	$	5,564.2	$	6,045.1	$	5,309.8
Recourse floating rate debt	570.0		567.9		417.8		417.0