v3.25.1
Fair Value Disclosure (Tables)
 3 Months Ended
Mar. 31, 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 LocationFair Value
March 31, 2025		Fair Value
December 31, 2024
Derivative Assets
Foreign exchange contracts (1)Other assets$0.3 $— 
Foreign exchange contracts (2)Other assets0.1 — 
Total derivative assets$0.4 $— 
Derivative Liabilities
Interest rate contracts (1)
Other liabilities
$2.6 $4.0 
Foreign exchange contracts (2)
Other liabilities
11.4 8.1 
Total derivative liabilities$14.0 $12.1 
_________
(1)    Designated as hedges.
(2)    Not designated as hedges.
Fair value hedging instruments
The following table shows the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges (in millions):
Carrying Amount of the Hedged Assets/(Liabilities)Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
Line Item in the Balance Sheet in Which the Hedged Item is IncludedMarch 31
2025		December 31
2024		March 31
2025		December 31
2024
Recourse debt$(49.5)$(198.9)$(2.6)$(4.0)

The following tables show the impacts of our derivative instruments on our statements of comprehensive income (in millions):
Amount of (Gain) Loss Recognized in Other Comprehensive Income (Loss)
Three Months Ended March 31
Derivative Designation20252024
Derivatives in cash flow hedging relationships:
Foreign exchange contracts$(0.4)$(3.4)
Total$(0.4)$(3.4)

Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into EarningsAmount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into Earnings
Three Months Ended March 31
20252024
Interest expense$0.3 $0.4 
Other (expense) income
— (3.7)
Total$0.3 $(3.3)
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 March 31
20252024
Total interest expense$(94.9)$(77.8)
Gain (loss) on fair value hedging relationships
Interest rate contracts:
Hedged items
(1.4)0.4 
Derivatives designated as hedging instruments
1.4 (0.4)
Gain (loss) on cash flow hedging relationships
Interest rate contracts:
Amount of loss reclassified from accumulated other comprehensive loss into earnings(0.3)(0.4)

Amount of Gain (Loss) Recognized in Other Expense on Cash Flow Hedging Relationships and Non-Designated Derivative Contracts
Three Months Ended March 31
20252024
Total other (expense) income$(2.7)$0.8 
Gain on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain reclassified from accumulated other comprehensive loss into earnings (1)— 3.7 
Loss on non-designated foreign exchange derivative contracts (2)(3.3)(0.9)
_________
(1)    These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other expense.
(2)    Foreign exchange contracts.
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 March 31
20252024
Total interest expense$(94.9)$(77.8)
Gain (loss) on fair value hedging relationships
Interest rate contracts:
Hedged items
(1.4)0.4 
Derivatives designated as hedging instruments
1.4 (0.4)
Gain (loss) on cash flow hedging relationships
Interest rate contracts:
Amount of loss reclassified from accumulated other comprehensive loss into earnings(0.3)(0.4)

Amount of Gain (Loss) Recognized in Other Expense on Cash Flow Hedging Relationships and Non-Designated Derivative Contracts
Three Months Ended March 31
20252024
Total other (expense) income$(2.7)$0.8 
Gain on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain reclassified from accumulated other comprehensive loss into earnings (1)— 3.7 
Loss on non-designated foreign exchange derivative contracts (2)(3.3)(0.9)
_________
(1)    These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other expense.
(2)    Foreign exchange contracts.
Other financial instruments
The following table shows the carrying amounts and fair values of our other financial instruments (in millions):
March 31, 2025December 31, 2024
 
 		Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Liabilities
Recourse fixed rate debt$8,028.8 $7,717.5 $7,609.5 $7,243.9 
Recourse floating rate debt624.3 634.5 605.8 617.3 
Total$8,653.1 $8,352.0 $8,215.3 $7,861.2