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Fair Value Measurements (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2020
Dec. 31, 2020
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: 
 December 31, 2020December 31, 2019
(In millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets
Investments
Equity securities(a)
$65.6 $65.6 $— $— $54.8 $54.8 $— $— 
Money market fund1.7 — 1.7 — 1.5 — 1.5 — 
Stable value fund(b)
0.9 — — — 2.1 — — — 
Held-to-maturity debt securities24.2 — 24.2 — 71.9 — 71.9 — 
Derivative financial instruments
Synthetic bonds - call option premium— — — — 4.3 — 4.3 — 
Foreign exchange contracts337.3 — 337.3 — 137.1 — 137.1 — 
Assets held for sale47.3 — — 47.3 25.8 — — 25.8 
Total assets$477.0 $65.6 $363.2 $47.3 $297.5 $54.8 $214.8 $25.8 
Liabilities
Redeemable financial liability$246.6 $— $— $246.6 $268.8 $— $— $268.8 
Derivative financial instruments
Synthetic bonds - embedded derivatives— — — — 4.3 — 4.3 — 
Foreign exchange contracts190.5 — 190.5 — 189.7 — 189.7 — 
Liabilities held for sale— — — — 9.3 — — 9.3 
Total liabilities$437.1 $— $190.5 $246.6 $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 was as follows:
Year Ended December 31,
(In millions)202020192018
Balance at beginning of period$268.8 $408.5 $312.0 
Less: Expenses recognized in net interest expense(202.0)(423.1)(322.3)
Less: Settlements224.2 562.8 225.8 
Balance at end of period$246.6 $268.8 $408.5 
  
Schedule of fair value of debt   The fair value of our Synthetic Bonds, Senior Notes and private placement notes are as follows:
December 31, 2020December 31, 2019
(In millions)
Carrying Amount (a)
Fair Value (b)
Carrying Amount (a)
Fair Value (b)
Synthetic bonds due 2021$551.2 $552.0 $492.9 $513.1 
3.45% Senior Notes due 2022500.0 513.2 500.0 499.2 
5.00% Notes due 2020— — 224.6 230.0 
3.40% Notes due 2022184.0 188.8 168.5 180.6 
3.15% Notes due 2023159.5 163.7 146.0 156.8 
3.15% Notes due 2023153.4 161.8 140.4 150.5 
4.50% Notes due 2025245.4 256.8 — — 
4.00% Notes due 202792.0 99.7 84.2 96.4 
4.00% Notes due 2032122.7 136.8 112.3 127.8 
3.75% Notes due 2033122.7 126.4 112.3 123.8 
(a)Carrying amounts include unamortized debt discounts and premiums and unamortized debt issuance costs of $12.8 million and $9.1 million as of December 31, 2020, and 2019, respectively.
(b)Fair values are based on Level 2 quoted market prices.
Fair Value Measurements, Nonrecurring   The following summarizes impairments of long-lived assets and related post-impairment fair value for the years ended December 31, 2020 and 2019:
Year Ended December 31,
20202019
(In millions)Impairment
Fair Value (a)
Impairment
Fair Value (a)
Long-lived assets$204.0 $464.7 $495.4 $342.5 (b)
(a)Measured as of the impairment date using the income approach and a 10.8% risk-adjusted rate of interest, resulting in a Level 3 fair value measurement.
(b)Includes $104.0 million fair value of vessels determined using the transaction price of a similar vessel, resulting in a Level 2 fair value measurement.