Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Assets And Liabilities Measured On A Recurring Basis At Fair Value

Assets and liabilities measured at fair value on a recurring basis were as follows:


	March 31, 2017								December 31, 2016
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
	As Restated						As Restated		As Restated						As Restated
Assets
Investments:
Nonqualified Plan:
Traded securities ⁽¹⁾	$	26.2	$	26.2	$	—	$	—	$	—	$	—	$	—	$	—
Money market fund		1.7		—		1.7		—		—		—		—		—
Stable value fund ⁽²⁾		0.8								—
Available-for-sale securities		29.5		29.5		—		—		27.9		27.9		—		—
Derivative financial instruments:
Synthetic bonds-call option premium		108.4		—		108.4		—		180.1		—		180.1		—
Foreign exchange contracts		104.9		—		104.9		—		57.9		—		57.9		—

Total assets	$	271.5	$	55.7	$	215.0	$	—	$	265.9	$	27.9	$	238.0	$	—

Liabilities
Redeemable financial liability	$	242.9	$	—	$	—	$	242.9	$	174.8	$	—	$	—	$	174.8
Derivative financial instruments:
Synthetic bonds-embedded derivatives		108.4		—		108.4		—		180.1		—		180.1		—
Foreign exchange contracts		230.8		—		230.8		—		230.6		—		230.6		—

Total liabilities	$	582.1	$	—	$	339.2	$	242.9	$	585.5	$	—	$	410.7	$	174.8

⁽¹⁾	Includes equity securities, fixed income and other investments measured at fair value.

⁽²⁾	Certain investments that are measured at fair value using net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

Changes in the fair value of our Level 3 mandatorily redeemable financial liability is presented below. Since the liability was created during the three months ended December 31, 2016, no changes in fair value are presented for the prior period.


(In millions)	Three Months Ended March 31, 2017
	As Restated
Balance at beginning of period	$	174.8
Remeasurement adjustment included in earnings		68.1
Settlements		—

Balance at end of period	$	242.9

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

Fair value of debt—The fair value of our Synthetic Bonds, Senior Notes and private placement notes are as follows:


	March 31, 2017				December 31, 2016
(In millions)	Carrying Amount ⁽¹⁾		Fair Value ⁽²⁾		Carrying Amount ⁽¹⁾		Fair Value ⁽²⁾
Synthetic bonds due 2021	$	441.5	$	633.6	$	428.0	$	663.2
2.00% Senior Notes due 2017		300.0		300.6		—		—
3.45% Senior Notes due 2022		500.0		506.8		—		—
5.00% Notes due 2020		215.0		240.8		209.7		237.7
3.40% Notes due 2022		161.9		178.0		158.0		177.6
3.15% Notes due 2023^(a)		139.5		154.5		136.1		152.0
3.15% Notes due 2023		134.8		146.5		131.4		142.5
4.00% Notes due 2027		81.0		90.9		79.0		89.5
4.00% Notes due 2032		103.8		123.3		101.2		122.1
3.75% Notes due 2033		104.4		108.2		101.8		104.1

⁽¹⁾	Carrying amounts are shown net of unamortized debt discounts and premiums and unamortized debt issuance costs.

⁽²⁾	Fair values are based on Level 1 quoted market rates, except for the 4.00% Notes due 2027 and 3.15% Notes Due 2023^(a), which are based on Level 2, quoted market rates on similar liabilities with an appropriate credit spread applied.