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FAIR VALUE (Tables)
12 Months Ended
Dec. 31, 2016
Financial Instruments Carried at Fair Value on Recurring Basis
Fair Value Measurement as of December 31, 2016
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (a)$7.6$-$7.6
Money market mutual funds189.0189.0-
Fixed maturity and open ended mutual funds32.632.6-
Total$229.2$221.6$7.6
Liabilities:
Derivatives (a)$5.4$-$5.4
Total$5.4$-$5.4
Fair Value Measurement as of December 31, 2015
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (a)$12.6$-$12.6
Money market mutual funds 188.3188.3-
Fixed maturity and open ended mutual funds31.931.9-
Total$232.8$220.2$12.6
Liabilities:
Derivatives (a)$10.4$-$10.4
Total$10.4$-$10.4
(a) Represents FX forwards on certain assets and liabilities and on net investments in certain foreign subsidiaries as well as interest rate swaps and cross-currency swaps as more fully described in Note 5 to the financial statements.
Changes in Fair Value of Level Three Liabilities
Changes in Contingent Consideration for Years Ended December 31,
20152014
Balance as of January 1$2.1$17.5
Contingent consideration payments (1.9)(16.5)
Losses included in earnings-1.3
Foreign currency translation adjustments(0.2)(0.2)
Balance as of December 31$-$2.1