v3.26.1
Fair Value Disclosure (Tables)
 6 Months Ended
Jun. 30, 2026
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
June 30, 2026		Fair Value
December 31, 2025
Derivative Assets
Interest rate contracts (1)Other assets$9.7 $— 
Foreign exchange contracts (2)Other assets0.4 — 
Total derivative assets$10.1 $— 
Derivative Liabilities
Interest rate contracts (1)
Other liabilities
$1.1 $28.5 
Foreign exchange contracts (1)
Other liabilities
0.7 — 
Foreign exchange contracts (2)
Other liabilities
8.0 12.5 
Total derivative liabilities$9.8 $41.0 
_________
(1)    Designated as hedges.
(2)    Not designated as hedges.
Fair value hedging instruments
The following table shows the amounts recorded on the condensed consolidated balance sheets related to cumulative basis adjustments for fair value hedges (in millions):
Carrying Amount of the Hedged LiabilitiesCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities
Line Item in the Balance Sheet in Which the Hedged Item Is IncludedJune 30
2026		December 31
2025		June 30
2026		December 31
2025
Recourse debt$49.8 $49.7 $1.1 $1.4 
The following tables show the impacts of our derivative instruments on our condensed consolidated statements of comprehensive income (in millions):
Amount of (Gain) Loss Recognized in Other Comprehensive Income (Loss)
Three Months Ended
June 30		Six Months Ended
June 30
Derivative Designation2026202520262025
Derivatives in cash flow hedging relationships:
Interest rate contracts$(19.0)$— $(25.0)$— 
Foreign exchange contracts0.3 — 0.8 (0.4)
Total$(18.7)$— $(24.2)$(0.4)

Location of (Gain) Loss Reclassified from Accumulated Other Comprehensive Loss into EarningsAmount of (Gain) Loss Reclassified from Accumulated Other Comprehensive Loss into Earnings
Three Months Ended
June 30		Six Months Ended
June 30
2026202520262025
Interest expense$(0.9)$0.3 $(0.2)$0.6 
Other income (expense)
0.1 0.8 0.1 0.8 
Total$(0.8)$1.1 $(0.1)$1.4 
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 condensed consolidated statements of income (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
2026202520262025
Total interest expense$(143.0)$(96.2)$(294.0)$(191.1)
Gain (loss) on fair value hedging relationships
Interest rate contracts:
Hedged items
— (0.4)(0.1)(1.8)
Derivatives designated as hedging instruments
— 0.4 0.1 1.8 
Gain (loss) on cash flow hedging relationships
Interest rate contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings0.9 (0.3)0.2 (0.6)
Amount of Gain (Loss) Recognized in Other Income (Expense) on Cash Flow Hedging Relationships and Non-Designated Derivative Contracts
Three Months Ended
June 30		Six Months Ended
June 30
2026202520262025
Total other income (expense)$12.7 $(1.1)$18.9 $(3.8)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of loss reclassified from accumulated other comprehensive loss into earnings (1)(0.1)(0.8)(0.1)(0.8)
Gain (loss) on non-designated foreign exchange derivative contracts (2)0.2 1.9 4.1 (1.4)
_________
(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):
June 30, 2026December 31, 2025

Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Liabilities
Recourse fixed rate debt$9,616.5 $9,341.8 $8,622.5 $8,443.1 
Recourse floating rate debt2,672.8 2,697.1 3,829.2 3,870.2 
Total$12,289.3 $12,038.9 $12,451.7 $12,313.3