Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of assets and liabilities measured at fair value on a recurring basis

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



	December 31, 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⁾	$	26.2	$	26.2	$	—	$	—	$	—	$	—	$	—	$	—
Money market fund	2.4		—		2.4		—		—		—		—		—
Stable value fund ⁽²⁾	0.6								—
Available-for-sale securities	37.5		37.5		—		—		27.9		27.9		—		—
Derivative financial instruments:
Synthetic bonds - call option premium	62.2		—		62.2		—		180.1		—		180.1		—
Foreign exchange contracts	111.0		—		111.0		—		57.9		—		57.9		—
Assets held for sale	50.2		—		—		50.2		2.2		—		—		2.2
Total assets	$	290.1	$	63.7	$	175.6	$	50.2	$	268.1	$	27.9	$	238.0	$	2.2
Liabilities
Redeemable financial liability	$	312.0	$	—	$	—	$	312.0	$	174.8	$	—	$	—	$	174.8
Derivative financial instruments:
Synthetic bonds - embedded derivatives	62.2		—		62.2		—		180.1		—		180.1		—
Foreign exchange contracts	74.9		—		74.9		—		230.6		—		230.6		—
Liabilities held for sale	13.7		—		—		13.7		—		—		—		—
Total liabilities	$	462.8	$	—	$	137.1	$	325.7	$	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.

Schedule of changes in fair value of level 3 mandatorily redeemable financial liabilities

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)	Year Ended December 31, 2017
Balance at beginning of period	$	174.8
Less: Gains (losses) recognized in interest expense	(293.7		)
Less: Settlements	156.5
Balance at end of period	$	312.0

Schedule of fair value of debt

Other fair value disclosures:

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



	December 31, 2017				December 31, 2016
(In millions)	Carrying Amount ⁽¹⁾		Fair Value ⁽²⁾		Carrying Amount ⁽¹⁾		Fair Value ⁽²⁾
Synthetic bonds due 2021	$	499.2	$	647.4	$	428.0	$	661.5
3.45% Senior Notes due 2022	500.0		497.7		—		—
5.00% Notes due 2020	238.9		265.2		209.7		239.0
3.40% Notes due 2022	179.8		199.4		158.0		177.8
3.15% Notes due 2023	155.0		167.6		136.1		153.1
3.15% Notes due 2023	149.6		161.4		131.4		142.8
4.00% Notes due 2027	89.9		99.9		79.0		89.6
4.00% Notes due 2032	115.4		142.9		101.2		127.3
3.75% Notes due 2033	116.0		126.7		101.8		107.8

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⁽¹⁾	Carrying amounts are shown net of unamortized debt discounts and premiums and unamortized debt issuance costs of $13.8 million and $14.2 million as of 2017 and 2016, respectively.


⁽²⁾	Fair values are based on Level 2 quoted market rates.