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Fair Value Measurements and Other Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
Fair Value Hierarchy of Financial Instruments

The following table details the fair value hierarchy of our financial instruments:

 

 

 

March 31, 2017

 

(In millions)

 

Total Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash equivalents

 

$

40.8

 

 

$

40.8

 

 

$

—

 

 

$

—

 

Compensating balance deposits

 

$

54.1

 

 

$

54.1

 

 

$

—

 

 

$

—

 

Derivative financial and hedging instruments net asset

   (liability):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts and options

 

$

17.1

 

 

$

—

 

 

$

17.1

 

 

$

—

 

Interest rate and currency swaps

 

$

20.0

 

 

$

—

 

 

$

20.0

 

 

$

—

 

Cross-currency swaps

 

$

(7.0

)

 

$

—

 

 

$

(7.0

)

 

$

—

 

 

 

 

December 31, 2016

 

(In millions)

 

Total Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash equivalents

 

$

71.3

 

 

$

71.3

 

 

$

—

 

 

$

—

 

Compensating balance deposits

 

$

52.9

 

 

$

52.9

 

 

$

—

 

 

$

—

 

Derivative financial and hedging instruments net asset

   (liability):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

4.7

 

 

$

—

 

 

$

4.7

 

 

$

—

 

Interest rate and currency swaps

 

$

23.9

 

 

$

—

 

 

$

23.9

 

 

$

—

 

Cross-currency swaps

 

$

(5.3

)

 

$

—

 

 

$

(5.3

)

 

$

—

 

 
Carrying Amounts and Estimated Fair Values of Debt

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

 

 

 

March 31, 2017

 

 

December 31, 2016

 

 

 

Carrying

 

 

Fair

 

 

Carrying

 

 

Fair

 

(In millions)

 

Amount

 

 

Value

 

 

Amount

 

 

Value

 

Term Loan A Facility due July 2017

 

 

249.9

 

 

 

249.9

 

 

$

249.9

 

 

$

249.9

 

Term Loan A Facility due July 2019(1)

 

 

1,059.5

 

 

 

1,059.5

 

 

 

1,067.8

 

 

 

1,067.8

 

6.50% Senior Notes due December 2020

 

 

423.2

 

 

 

475.3

 

 

 

423.1

 

 

 

477.3

 

4.875% Senior Notes due December 2022

 

 

419.8

 

 

 

442.0

 

 

 

419.6

 

 

 

437.6

 

5.25% Senior Notes due April 2023

 

 

419.9

 

 

 

444.3

 

 

 

419.7

 

 

 

441.1

 

4.50% Senior Notes due September 2023(1)

 

 

423.1

 

 

 

469.6

 

 

 

416.7

 

 

 

453.4

 

5.125% Senior Notes due December 2024

 

 

420.3

 

 

 

442.1

 

 

 

420.2

 

 

 

437.3

 

5.50% Senior Notes due September 2025

 

 

396.5

 

 

 

423.2

 

 

 

396.4

 

 

 

418.8

 

6.875% Senior Notes due July 2033

 

 

445.3

 

 

 

489.0

 

 

 

445.3

 

 

 

462.7

 

Other foreign loans(1)

 

 

88.0

 

 

 

88.2

 

 

 

78.9

 

 

 

79.2

 

Other domestic loans

 

 

37.2

 

 

 

37.0

 

 

 

21.4

 

 

 

21.3

 

Total debt

 

 

4,382.7

 

 

 

4,620.1

 

 

 

4,359.0

 

 

 

4,546.4

 

Less amounts included as liabilities held for sale

 

 

226.6

 

 

 

226.6

 

 

 

216.4

 

 

 

216.4

 

Total debt from continuing operations

 

$

4,156.1

 

 

$

4,393.5

 

 

$

4,142.6

 

 

$

4,330.0

 

  

(1)

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