Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018								December 31, 2017
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets
Investments
Nonqualified Plan:
Equity securities^(a)	$	40.4	$	40.4	$	—	$	—	$	63.7	$	63.7	$	—	$	—
Money market fund	1.6		—		1.6		—		2.4		—		2.4		—
Stable value fund^(b)	0.5		—		—		—		0.6		—		—		—
Derivative financial instruments
Synthetic bonds - call option premium	9.2		—		9.2		—		62.2		—		62.2		—
Foreign exchange contracts	104.8		—		104.8		—		111.0		—		111.0		—
Asset held for sale	9.6		—		—		9.6		50.2		—		—		50.2
Total assets	$	166.1	$	40.4	$	115.6	$	9.6	$	290.1	$	63.7	$	175.6	$	50.2
Liabilities
Redeemable financial liability	$	408.5	$	—	$	—	$	408.5	$	312.0	$	—	$	—	$	312.0
Derivative financial instruments
Synthetic bonds - embedded derivatives	9.2		—		9.2		—		62.2		—		62.2		—
Foreign exchange contracts	174.1		—		174.1		—		74.9		—		74.9		—
Liabilities held for sale	16.2		—		—		16.2		13.7		—		—		13.7
Total liabilities	$	608.0	$	—	$	183.3	$	424.7	$	462.8	$	—	$	137.1	$	325.7


(a)	Includes fixed income and other investments measured at fair value.


(b)	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

Change in the fair value of our Level 3 mandatorily redeemable financial liability is recorded as interest expense on the consolidated statements of income and is presented below:



	Year Ended December 31,
(In millions)	2018			2017
Balance at beginning of period	$	312.0		$	174.8
Less: Gains (losses) recognized in net interest expense	(322.3		)	(293.7		)
Less: Settlements	225.8			156.5
Balance at end of period	$	408.5		$	312.0

Schedule of fair value of debt

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



	December 31, 2018				December 31, 2017
(In millions)	Carrying Amount ^(a)		Fair Value ^(b)		Carrying Amount ^(a)		Fair Value ^(b)
Synthetic bonds due 2021	$	490.9	$	532.4	$	502.4	$	647.4
3.45% Senior Notes due 2022	500.0		489.7		500.0		497.7
5.00% Notes due 2020	229.0		244.0		239.9		265.2
3.40% Notes due 2022	171.8		186.9		179.9		199.4
3.15% Notes due 2023	148.9		161.3		155.9		167.6
3.15% Notes due 2023	143.1		153.3		149.9		161.4
4.00% Notes due 2027	85.9		95.8		89.9		99.9
4.00% Notes due 2032	114.5		120.2		119.9		142.9
3.75% Notes due 2033	114.5		126.1		119.9		126.7


(a)	Carrying amounts include unamortized debt discounts and premiums and unamortized debt issuance costs of $11.4 million and $13.8 million as of 2018 and 2017, respectively.


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