Fair Value Measurements (Tables)

9 Months Ended

Sep. 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:



	September 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⁾	$	27.5	$	27.5	$	—	$	—	$	—	$	—	$	—	$	—
Money market fund	1.9		—		1.9		—		—		—		—		—
Stable value fund ⁽²⁾	0.8								—
Available-for-sale securities	24.6		24.6		—		—		27.9		27.9		—		—
Derivative financial instruments:
Synthetic bonds - call option premium	47.3		—		47.3		—		180.1		—		180.1		—
Foreign exchange contracts	162.7		—		162.7		—		57.9		—		57.9		—
Total assets	$	264.8	$	52.1	$	211.9	$	—	$	265.9	$	27.9	$	238.0	$	—
Liabilities
Redeemable financial liability	$	301.1	$	—	$	—	$	301.1	$	174.8	$	—	$	—	$	174.8
Derivative financial instruments:
Synthetic bonds - embedded derivatives	47.3		—		47.3		—		180.1		—		180.1		—
Foreign exchange contracts	118.7		—		118.7		—		230.6		—		230.6		—
Total liabilities	$	467.1	$	—	$	166.0	$	301.1	$	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)	Nine Months Ended September 30, 2017
Balance at beginning of period	$	174.8
Less: Gains (losses) recognized in profit and loss statement	(202.9		)
Less: Settlements	76.6
Balance at end of period	$	301.1

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:



	September 30, 2017				December 31, 2016
(In millions)	Carrying Amount ⁽¹⁾		Fair Value ⁽²⁾		Carrying Amount ⁽¹⁾		Fair Value ⁽²⁾
Synthetic bonds due 2021	$	490.9	$	619.4	$	428.0	$	663.2
2.00% Senior Notes due 2017	300.0		300.0		—		—
3.45% Senior Notes due 2022	500.0		501.5		—		—
5.00% Notes due 2020	236.3		263.7		209.7		237.7
3.40% Notes due 2022	177.9		194.5		158.0		177.6
3.15% Notes due 2023	153.3		165.1		136.1		152.0
3.15% Notes due 2023	148.1		160.5		131.4		142.5
4.00% Notes due 2027	88.9		98.6		79.0		89.5
4.00% Notes due 2032	114.1		135.1		101.2		122.9
3.75% Notes due 2033	114.8		121.9		101.8		103.4

_______________________


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