Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

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

FAIR VALUE MEASUREMENTS

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

	March 31, 2020								December 31, 2019
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets
Investments
Equity securities(a)	$	35.9	$	35.9	$	—	$	—	$	54.8	$	54.8	$	—	$	—
Money market fund	1.7		—		1.7		—		1.5		—		1.5		—
Stable value fund(b)	1.8		—		—		—		2.1		—		—		—
Held-to-maturity debt securities	71.9		—		71.9		—		71.9		—		71.9		—
Derivative financial instruments
Synthetic bonds - call option premium	0.3		—		0.3		—		4.3		—		4.3		—
Foreign exchange contracts	437.0		—		437.0		—		137.1		—		137.1		—
Assets held for sale	11.2		—		—		11.2		25.8		—		—		25.8
Total assets	$	559.8	$	35.9	$	510.9	$	11.2	$	297.5	$	54.8	$	214.8	$	25.8
Liabilities
Redeemable financial liability	$	300.1	$	—	$	—	$	300.1	$	268.8	$	—	$	—	$	268.8
Derivative financial instruments
Synthetic bonds - embedded derivatives	0.3		—		0.3		—		4.3		—		4.3		—
Foreign exchange contracts	583.5		—		583.5		—		189.7		—		189.7		—
Liabilities held for sale	9.3		—		—		9.3		9.3		—		—		9.3
Total liabilities	$	893.2	$	—	$	583.8	$	309.4	$	472.1	$	—	$	194.0	$	278.1

(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)	2020			2019
Balance at beginning of period	$	268.8		$	408.5
Less: Gains (losses) recognized in net interest expense	(35.5		)	(84.7		)
Less: Settlements	4.2			174.9
Balance at end of period	$	300.1		$	318.3