Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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:

	June 30, 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)	$	37.6	$	37.6	$	—	$	—	$	54.8	$	54.8	$	—	$	—
Money market fund	1.8		—		1.8		—		1.5		—		1.5		—
Stable value fund(b)	1.5		—		—		—		2.1		—		—		—
Held-to-maturity debt securities	72.0		—		72.0		—		71.9		—		71.9		—
Derivative financial instruments
Synthetic bonds - call option premium	0.1		—		0.1		—		4.3		—		4.3		—
Foreign exchange contracts	279.0		—		279.0		—		137.1		—		137.1		—
Assets held for sale	1.9		—		—		1.9		25.8		—		—		25.8
Total assets	$	393.9	$	37.6	$	352.9	$	1.9	$	297.5	$	54.8	$	214.8	$	25.8
Liabilities
Redeemable financial liability	$	219.8	$	—	$	—	$	219.8	$	268.8	$	—	$	—	$	268.8
Derivative financial instruments
Synthetic bonds - embedded derivatives	0.1		—		0.1		—		4.3		—		4.3		—
Foreign exchange contracts	375.6		—		375.6		—		189.7		—		189.7		—
Liabilities held for sale	—		—		—		—		9.3		—		—		9.3
Total liabilities	$	595.5	$	—	$	375.7	$	219.8	$	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				Six Months Ended
	June 30,				June 30,
(In millions)	2020		2019		2020		2019
Balance at beginning of period	$	300.1	$	318.3	$	268.8	$	408.5
Less: Expenses recognized in net interest expense	(50.8)		(140.2)		(86.3)		(224.9)
Less: Settlements	131.1		45.7		135.3		220.6
Balance at end of period	$	219.8	$	412.8	$	219.8	$	412.8