Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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:



	June 30, 2017								December 31, 2016
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets
Investments:
Nonqualified Plan:
Traded securities ⁽¹⁾	$	26.7	$	26.7	$	—	$	—	$	—	$	—	$	—	$	—
Money market fund	2.0		—		2.0		—		—		—		—		—
Stable value fund ⁽²⁾	0.8								—
Available-for-sale securities	25.7		25.7		—		—		27.9		27.9		—		—
Derivative financial instruments:
Synthetic bonds - call option premium	60.9		—		60.9		—		180.1		—		180.1		—
Foreign exchange contracts	100.0		—		100.0		—		57.9		—		57.9		—
Total assets	$	216.1	$	52.4	$	162.9	$	—	$	265.9	$	27.9	$	238.0	$	—
Liabilities
Redeemable financial liability	$	227.8	$	—	$	—	$	227.8	$	174.8	$	—	$	—	$	174.8
Derivative financial instruments:
Synthetic bonds - embedded derivatives	60.9		—		60.9		—		180.1		—		180.1		—
Foreign exchange contracts	146.6		—		146.6		—		230.6		—		230.6		—
Total liabilities	$	435.3	$	—	$	207.5	$	227.8	$	585.5	$	—	$	410.7	$	174.8

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⁽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)	Six Months Ended June 30, 2017
Balance at beginning of period	$	174.8
Less: Gains (losses) recognized in profit and loss statement	(129.6		)
Less: Settlements	76.6
Balance at end of period	$	227.8

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

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



	June 30, 2017				December 31, 2016
(In millions)	Carrying Amount ⁽¹⁾		Fair Value ⁽²⁾		Carrying Amount ⁽¹⁾		Fair Value ⁽²⁾
Synthetic bonds due 2021	$	459.3	$	586.7	$	428.0	$	663.2
2.00% Senior Notes due 2017	300.0		299.7		—		—
3.45% Senior Notes due 2022	500.0		497.7		—		—
5.00% Notes due 2020	222.5		249.6		209.7		237.7
3.40% Notes due 2022	167.5		182.6		158.0		177.6
3.15% Notes due 2023	144.3		155.0		136.1		152.0
3.15% Notes due 2023	139.4		149.7		131.4		142.5
4.00% Notes due 2027	83.7		92.9		79.0		89.5
4.00% Notes due 2032	107.3		126.7		101.2		122.9
3.75% Notes due 2033	108.0		110.1		101.8		103.4

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⁽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, which are based on Level 2, quoted market rates on similar liabilities with an appropriate credit spread applied.