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Fair Value Disclosure (Tables) | 6 Months Ended
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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 |

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + 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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + 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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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