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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Investments, All Other Investments [Abstract]

Fair Values of Derivative Instruments Included within Accompanying Consolidated Balance Sheets

The fair values of derivative instruments included within the accompanying Consolidated Balance Sheets as of 2022 and 2021 year end are as follows:

												2022												2021
(Amounts in millions)						Balance Sheet Presentation						Derivative Assets Fair Value						Derivative Liability Fair Value						Derivative Assets Fair Value						Derivative Liability Fair Value
Derivatives not designated as hedging instruments:
Foreign currency forwards						Prepaid expenses and other assets						$	18.5					$	—					$	10.2					$	—
Foreign currency forwards						Other accrued liabilities						—						16.9						—						5.3
Equity forwards						Prepaid expenses and other assets						14.8						—						15.5						—
Total derivative instruments												$	33.3					$	16.9					$	25.7					$	5.3

Effect of Derivative Instruments Designated as Cash Flow Hedges Included in AOCI on the Consolidated Balance Sheets

The effect of derivative instruments designated as cash flow hedges as included in the Accumulated OCI on the Consolidated Balance Sheets is as follows:

						Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative Instruments
(Amounts in millions)						2022						2021						2020
Derivatives in Hedging Relationships:
Treasury locks						$	—					$	—					$	1.4

Effect of Derivative Instruments Designated as Fair Value and Cash Flow Hedges Included in the Consolidated Statements of Earnings

The effect of derivative instruments designated as fair value and cash flow hedges as included in the Consolidated Statements of Earnings is as follows: 

						Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
						2022												2021												2020
(Amounts in millions)						Interest expense						Other income (expense) - net						Interest expense						Other income (expense) - net						Interest expense						Other income (expense) - net
Total amounts of income and expense presented in the Consolidated Statements of Earnings:						$	(47.1)					$	42.5					$	(53.1)					$	16.5					$	(54.0)					$	8.7
Gain (loss) on fair value hedging relationships:
Interest rate swaps
Long-term debt						$	—					$	—					$	(10.2)					$	—					$	(15.7)					$	—
Derivatives designated as hedging instruments						—						—						2.7						—						3.9						—
Gain on cash flow hedging relationships:
Treasury locks
Gain reclassified from accumulated OCI into income						$	1.6					$	—					$	1.6					$	—					$	1.6					$	—

Derivative Instruments Not Designated as Hedges Included in Consolidated Statements of Earnings

The effects of derivative instruments not designated as hedging instruments as included in the Consolidated Statements of Earnings are as follows: 

						Statement of Earnings Presentation						Gain (Loss) Recognized in Income on Derivatives
			(Amounts in millions)																																	2022						2021						2020
Gain (loss) on derivative relationships:
Foreign currency forwards						Other income   (expense) –  net						$	(17.6)					$	(10.8)					$	(6.6)
Net exposures						Other income   (expense) –  net						10.1						9.6						2.7
Equity forwards						Operating expenses						$	1.4					$	4.1					$	1.0
Stock-based deferred compensation liabilities						Operating expenses						(1.4)						(4.3)						(1.2)

Fair Values of Financial Instruments Not Approximating Carrying Values in Financial Statements

The fair values of financial instruments that do not approximate the carrying values in the financial statements as of 2022 and 2021 year end are as follows: 

						2022												2021
(Amounts in millions)						Carrying Value						Fair Value						Carrying Value						Fair Value
Finance receivables – net						$	1,733.0					$	1,983.9					$	1,656.3					$	1,988.6
Contract receivables – net						493.7						520.4						488.6						542.5
Long-term debt and notes payable						1,201.0						982.1						1,200.3						1,339.7

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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