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Fair value of financial instruments (Tables) | 9 Months Ended
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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) |  |  | — |

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