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Fair Value Disclosure (Tables) | 9 Months Ended
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Sep. 30, 2025
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 September 30, 2025 |  |  | Fair Value December 31, 2024
Derivative Assets |  |  |  |  |  |  |
Foreign exchange contracts (1) | Other assets |  |  | $ | 0.3 |  |  |  | $ | — |
Total derivative assets |  |  |  | $ | 0.3 |  |  |  | $ | — |
Derivative Liabilities |  |  |  |  |  |  |
Interest rate contracts (1) | Other liabilities |  |  | $ | 1.8 |  |  |  | $ | 4.0 |
Foreign exchange contracts (2) | Other liabilities |  |  | 9.7 |  |  |  | 8.1 |
Total derivative liabilities |  |  |  | $ | 11.5 |  |  |  | $ | 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 |  | September 30 2025 |  | December 31 2024 |  | September 30 2025 |  | December 31 2024
Recourse debt |  | $ | (49.6) |  |  | $ | (198.9) |  |  | $ | (1.8) |  |  | $ | (4.0) |
The following tables show the impacts of our derivative instruments on our statements of comprehensive income (in millions):
|  | Amount of Loss (Gain) Recognized in Other Comprehensive (Loss) Income
|  | Three Months Ended September 30 |  | Nine Months Ended September 30
Derivative Designation |  | 2025 |  | 2024 |  | 2025 |  | 2024
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 0.3 |  |  | $ | — |  |  | $ | (0.1) |  |  | $ | (3.4) |
Total |  | $ | 0.3 |  |  | $ | — |  |  | $ | (0.1) |  |  | $ | (3.4) |
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 September 30 |  | Nine Months Ended September 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Interest expense |  | $ | 0.3 |  |  | $ | 0.4 |  |  | $ | 0.9 |  |  | $ | 1.2 |
Other income (expense) |  | (0.5) |  |  | — |  |  | 0.3 |  |  | (3.7) |
Total |  | $ | (0.2) |  |  | $ | 0.4 |  |  | $ | 1.2 |  |  | $ | (2.5) |
Cash flow hedging instruments | The following tables show the impacts 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 (in millions):
| Amount of Gain (Loss) Recognized in Interest Expense on Fair Value and Cash Flow Hedging Relationships
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Total interest expense | $ | (98.2) |  |  | $ | (88.9) |  |  | $ | (289.3) |  |  | $ | (249.5) |
Gain (loss) on fair value hedging relationships |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |
Hedged items | (0.4) |  |  | (3.1) |  |  | (2.2) |  |  | (3.7) |
Derivatives designated as hedging instruments | 0.4 |  |  | 3.1 |  |  | 2.2 |  |  | 3.7 |
Loss on cash flow hedging relationships |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |
Amount of loss reclassified from accumulated other comprehensive loss into earnings | (0.3) |  |  | (0.4) |  |  | (0.9) |  |  | (1.2) |
| Amount of Gain (Loss) Recognized in Other Income (Expense) on Cash Flow Hedging Relationships and Non-Designated Derivative Contracts
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Total other income (expense) | $ | 6.5 |  |  | $ | (0.9) |  |  | $ | 2.7 |  |  | $ | (10.9) |
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings (1) | 0.5 |  |  | — |  |  | (0.3) |  |  | 3.7 |
Gain (loss) on non-designated foreign exchange derivative contracts (2) | 0.5 |  |  | 0.9 |  |  | (0.9) |  |  | (0.3) |
_________ (1) These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other income (expense). (2) Foreign exchange contracts.
Carrying amounts and fair values of other financial instruments | The following table shows the carrying amounts and fair values of our other financial instruments (in millions):
| September 30, 2025 |  | December 31, 2024
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Liabilities |  |  |  |  |  |  |
Recourse fixed rate debt | $ | 8,002.7 |  |  | $ | 7,841.4 |  |  | $ | 7,609.5 |  |  | $ | 7,243.9 |
Recourse floating rate debt | 748.6 |  |  | 759.2 |  |  | 605.8 |  |  | 617.3 |
Total | $ | 8,751.3 |  |  | $ | 8,600.6 |  |  | $ | 8,215.3 |  |  | $ | 7,861.2 |

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