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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
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:
 
March 31, 2019
 
December 31, 2018
(In millions)
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities(a)
$
53.7

 
$
53.7

 
$
—

 
$
—

 
$
40.4

 
$
40.4

 
$
—

 
$
—

Money market fund
1.6

 
—

 
1.6

 
—

 
1.6

 
—

 
1.6

 
—

Stable value fund(b)
0.5

 
—

 
—

 
—

 
0.5

 
—

 
—

 
—

Available-for-sale debt securities
19.7

 
19.7

 
—

 
—

 
—

 
—


—

 
—

Held-to-maturity debt securities
60.0

 
—

 
60.0

 
—

 
20.0

 
—

 
20.0

 
—

Derivative financial instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Synthetic bonds - call option premium
12.5

 
—

 
12.5

 
—

 
9.2

 
—

 
9.2

 
—

Foreign exchange contracts
100.1

 
—

 
100.1

 
—

 
104.8

 
—

 
104.8

 
—

Asset held for sale
13.8

 
—

 
—

 
13.8

 
9.6

 
—

 
—

 
9.6

Total assets
$
261.9

 
$
73.4

 
$
174.2

 
$
13.8

 
$
186.1

 
$
40.4

 
$
135.6

 
$
9.6

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Redeemable financial liability
$
318.3

 
$
—

 
$
—

 
$
318.3

 
$
408.5

 
$
—

 
$
—

 
$
408.5

Derivative financial instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Synthetic bonds - embedded derivatives
12.5

 
—

 
12.5

 
—

 
9.2

 
—

 
9.2

 
—

Foreign exchange contracts
186.4

 
—

 
186.4

 
—

 
174.1

 
—

 
174.1

 
—

Liabilities held for sale
20.4

 
—

 
—

 
20.4

 
16.2

 
—

 
—

 
16.2

Total liabilities
$
537.6

 
$
—

 
$
198.9

 
$
338.7

 
$
608.0

 
$
—

 
$
183.3

 
$
424.7


(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:
 
Three Months Ended
 
March 31,
(In millions)
2019
 
2018
Balance at beginning of period
$
408.5

 
$
312.0

Less: Gains (losses) recognized in net interest expense
(84.7
)
 
(71.2
)
Less: Settlements
174.9

 
—

Balance at end of period
$
318.3

 
$
383.2