Fair value of financial instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The fair value and carrying value of our material fixed-rate debt, excluding any unamortized debt issuance costs, are as follows:

(In millions)	September 30, 2023		December 31, 2022
$600 million senior unsecured notes
Carrying value	$	600.0	600.0
Fair value	520.2		528.7
$400 million senior unsecured notes
Carrying value	400.0		400.0
Fair value	372.3		369.0

Derivatives Not Designated as Hedging Instruments

Amounts under these contracts were recognized in other operating income (expense) as follows:

	Three Months Ended September 30,			Nine Months Ended September 30,
(in millions)	2023		2022	2023		2022
Derivative instrument gains included in other operating income (expense)	$	4.3	25.4	$	22.9	58.4

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Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

Amounts under this contract were recognized in other operating income (expense) to offset transaction gains or losses and in interest expense as follows:

	Three Months Ended September 30,			Nine Months Ended September 30,
(In millions)	2023		2022	2023		2022
Derivative instrument gains (losses) included in other operating income (expense)	$	(0.5)	0.3	$	(7.7)	(6.2)
Offsetting transaction gains (losses)	0.5		(0.3)	7.7		6.2
Derivative instrument losses included in interest expense	(0.2)		(0.3)	(0.7)		(1.0)
Net derivative instrument gains (losses)	(0.7)		—	(8.4)		(7.2)

Schedule of Interest Rate Derivatives

The effect of the interest rate swaps and the amortization of the spot-forward difference on the net investment hedges cross currency swaps is included in interest expense as follows:

	Three Months Ended September 30,			Nine Months Ended September 30,
(In millions)	2023		2022	2023	2022
Interest rate swaps designated as cash flow hedges	$	(5.4)	0.2	(14.4)	4.4
Cross currency swaps designated as net investment hedges	(1.2)		(1.3)	(4.1)	(4.4)
Net derivative instrument (gains) losses included in interest expense	$	(6.6)	(1.1)	(18.5)	—