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Fair Value Measurements and Other Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2014
Fair Value Disclosures [Abstract]  
Fair Value Hierarchy of Financial Instruments

The fair value of our financial instruments, using the fair value hierarchy under U.S. GAAP detailed in “Fair Value Measurements,” of Note 2, “Summary of Significant Accounting Policies and Recently Issued Accounting Standards,” are included in the table below.

 

 

 

December 31, 2014

 

(In millions)

 

Total Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash equivalents

 

$

64.7

 

 

$

—

 

 

$

64.7

 

 

$

—

 

Derivative financial instruments net asset (liability):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Foreign currency forward contracts

 

$

(22.4

)

 

$

—

 

 

$

(22.4

)

 

$

—

 

Interest rate and currency swaps

 

$

17.8

 

 

$

—

 

 

$

17.8

 

 

$

—

 

 

 

 

December 31, 2013

 

(In millions)

 

Total Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash equivalents

 

$

491.9

 

 

$

—

 

 

$

491.9

 

 

$

—

 

Derivative financial instruments net asset (liability):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

$

(1.0

)

 

$

—

 

 

$

(1.0

)

 

$

—

 

Foreign currency forward contracts

 

$

(40.0

)

 

$

—

 

 

$

(40.0

)

 

$

—

 

 
Carrying Amounts and Estimated Fair Values of Debt

The table below shows the carrying amounts and estimated fair values of our total debt:

 

 

 

December 31, 2014

 

 

December 31, 2013

 

 

 

Carrying

 

 

Fair

 

 

Carrying

 

 

Fair

 

(In millions)

 

Amount

 

 

Value

 

 

Amount

 

 

Value

 

12% Senior Notes due February 2014

 

$

—

 

 

$

—

 

 

$

150.3

 

 

$

150.6

 

Term Loan A Facility due July 2017

 

 

249.7

 

 

 

249.7

 

 

 

—

 

 

 

—

 

Term Loan A Facility due July 2019 (October 2016 prior to

   refinance)

 

 

1,129.4

 

 

 

1,129.4

 

 

 

684.5

 

 

 

684.5

 

Term Loan B Facility

 

 

—

 

 

 

—

 

 

 

681.6

 

 

 

681.6

 

8.125% Senior Notes due September 2019

 

 

—

 

 

 

—

 

 

 

750.0

 

 

 

841.4

 

6.50% Senior Notes due December 2020

 

 

428.1

 

 

 

469.7

 

 

 

424.1

 

 

 

456.7

 

8.375% Senior Notes due September 2021

 

 

750.0

 

 

 

843.3

 

 

 

750.0

 

 

 

853.1

 

4.875% Senior Notes due December 2022

 

 

425.0

 

 

 

423.3

 

 

 

—

 

 

 

—

 

5.25% Senior Notes due April 2023

 

 

425.0

 

 

 

429.6

 

 

 

425.0

 

 

 

414.7

 

5.125% Senior Notes due December 2024

 

 

425.0

 

 

 

428.5

 

 

 

—

 

 

 

—

 

6.875% Senior Notes due July 2033

 

 

448.7

 

 

 

462.9

 

 

 

448.6

 

 

 

431.2

 

Other foreign loans

 

 

73.9

 

 

 

73.8

 

 

 

85.0

 

 

 

84.9

 

Other domestic loans(1)

 

 

59.2

 

 

 

59.2

 

 

 

0.4

 

 

 

0.4

 

Total debt

 

$

4,414.0

 

 

$

4,569.4

 

 

$

4,399.5

 

 

$

4,599.1

 

  

 

(1) 

Includes borrowings denominated in currencies other than U.S. dollars.