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Fair Value Disclosure (Tables) | 3 Months Ended
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Mar. 31, 2019
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, 2019 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Derivative Assets |  |  |  |  |  |  |  |  |
Foreign exchange contracts (1) | Other assets |  | $ | 9.9 |  |  | $ | — |  |  | $ | 9.9 |  |  | $ | — |
Foreign exchange contracts (2) | Other assets |  | 0.4 |  |  | — |  |  | 0.4 |  |  | — |
Total derivative assets |  |  | $ | 10.3 |  |  | $ | — |  |  | $ | 10.3 |  |  | $ | — |
Derivative Liabilities |  |  |  |  |  |  |  |  |
Interest rate contracts (1) | Other liabilities |  | $ | 4.4 |  |  | $ | — |  |  | $ | 4.4 |  |  | $ | — |
Foreign exchange contracts (1) | Other liabilities |  | 8.5 |  |  | — |  |  | 8.5 |  |  | — |
Foreign exchange contracts (2) | Other liabilities |  | 5.3 |  |  | — |  |  | 5.3 |  |  | — |
Total derivative liabilities |  |  | $ | 18.2 |  |  | $ | — |  |  | $ | 18.2 |  |  | $ | — |
| Balance Sheet Location |  | Fair Value December 31, 2018 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Derivative Assets |  |  |  |  |  |  |  |  |
Foreign exchange contracts (1) | Other assets |  | $ | 4.4 |  |  | $ | — |  |  | $ | 4.4 |  |  | $ | — |
Foreign exchange contracts (2) | Other assets |  | 0.5 |  |  | — |  |  | 0.5 |  |  | — |
Total derivative assets |  |  | $ | 4.9 |  |  | $ | — |  |  | $ | 4.9 |  |  | $ | — |
Derivative Liabilities |  |  |  |  |  |  |  |  |
Interest rate contracts (1) | Other liabilities |  | $ | 7.7 |  |  | $ | — |  |  | $ | 7.7 |  |  | $ | — |
Foreign exchange contracts (1) | Other liabilities |  | 18.2 |  |  | — |  |  | 18.2 |  |  | — |
Foreign exchange contracts (2) | Other liabilities |  | 4.7 |  |  | — |  |  | 4.7 |  |  | — |
Total derivative liabilities |  |  | $ | 30.6 |  |  | $ | — |  |  | $ | 30.6 |  |  | $ | — |
_________ (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, 2019 and December 31, 2018 (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, 2019 |  | December 31, 2018 |  | March 31, 2019 |  | December 31, 2018
Recourse Debt |  | $ | 445.7 |  |  | $ | 493.5 |  |  | $ | (4.4 | ) |  | $ | (7.7 | )
The following table shows the impacts of our derivative instruments on our statement of comprehensive income for the three months ended March 31, 2019 and 2018 (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
Derivative Designation |  | 2019 |  | 2018 |  |  | 2019 |  | 2018
Derivatives in cash flow hedging relationships: |  |  |  |  |  |
Interest rate contracts |  | $ | 13.0 |  |  | $ | (10.8 | ) |  | Interest expense |  | $ | 0.8 |  |  | $ | 1.1 |
Foreign exchange contracts |  | (0.1 | ) |  | (0.7 | ) |  | Other (income) expense |  | (11.0 | ) |  | 8.2 |
Total |  | $ | 12.9 |  |  | $ | (11.5 | ) |  | Total |  | $ | (10.2 | ) |  | $ | 9.3 |
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, 2019 and 2018 (in millions):
| Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
| 2019 |  | 2018
| 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 | $ | (46.5 | ) |  | $ | (3.2 | ) |  | $ | (39.9 | ) |  | $ | (1.3 | )
Gain (loss) on fair value hedging relationships |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |
Hedged items | (3.2 | ) |  | — |  |  | 5.8 |  |  | — |
Derivatives designated as hedging instruments | 3.2 |  |  | — |  |  | (5.8 | ) |  | — |
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | (0.8 | ) |  | — |  |  | (1.1 | ) |  | — |
Foreign exchange contracts: |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) | — |  |  | 11.0 |  |  | — |  |  | (8.2 | )
Gain (loss) on non-designated derivative contracts | — |  |  | (0.8 | ) |  | — |  |  | 0.7 |
Other financial instruments | The following table shows the carrying amounts and fair values of our other financial instruments (in millions):
| March 31, 2019 |  | December 31, 2018
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Liabilities |  |  |  |  |  |  |
Recourse fixed rate debt | $ | 4,436.1 |  |  | $ | 4,470.6 |  |  | $ | 3,933.4 |  |  | $ | 3,836.0 |
Recourse floating rate debt | 361.4 |  |  | 359.8 |  |  | 522.7 |  |  | 515.1 |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=99377789&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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