FAIR VALUE

9 Months Ended

Sep. 30, 2017

NOTE 10. FAIR VALUE

The table below presents information about items that are carried at fair value at September 30, 2017 and December 31, 2016:

		Fair Value Measurement as of September 30, 2017
Description		Balance		Level 1		Level 2
Assets:
	Derivatives ^(a)	$	22.9	$	-	$	22.9
	Money market mutual funds		18.5		18.5		-
	Fixed maturity and open ended mutual funds ^(b)		27.0		27.0		-
	Total	$	68.4	$	45.5	$	22.9
Liabilities:
	Derivatives ^(a)	$	5.1	$	-	$	5.1
	Total	$	5.1	$	-	$	5.1

		Fair Value Measurement as of December 31, 2016
Description		Balance		Level 1		Level 2
Assets:
	Derivatives ^(a)	$	7.6	$	-	$	7.6
	Money market mutual funds		189.0		189.0		-
	Fixed maturity and open ended mutual funds ^(b)		32.6		32.6		-
	Total	$	229.2	$	221.6	$	7.6
Liabilities:
	Derivatives ^(a)	$	5.4	$	-	$	5.4
	Total	$	5.4	$	-	$	5.4
^(a) Represents FX forwards on certain assets and liabilities and on net investments in certain foreign subsidiaries as well as FX options, interest rate swaps and cross-currency swaps as more fully described in Note 8 to the condensed consolidated financial statements.
^(b)Consists of investments in fixed maturity mutual funds and open-ended mutual funds.

The money market mutual funds as well as the fixed maturity and open ended mutual funds in the table above are deemed to be ‘available for sale’ under ASC Topic 320 and the fair value of these instruments is determined using Level 1 inputs as defined in the ASC.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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