Fair Value of Assets and Liabilities

3 Months Ended

Mar. 31, 2016

Fair Value of Assets and Liabilities

Assets and Liabilities Recorded at Fair Value

Assets and liabilities subject to fair value measurement are as follows:



	March 31, 2016						December 31, 2015
			Fair Value Measurements Using						Fair Value Measurements Using
	Fair Value		Level 1		Level 2		Fair Value		Level 1		Level 2
Assets
Short-term investments
Certificates of deposit	$	49.7	$	49.7	$	—	$	39.9	$	39.9	$	—
Restricted cash	116.1		116.1		—		—		—		—
Assets held in rabbi trusts	8.1		8.1		—		9.3		9.3		—
Foreign exchange forward contracts	4.9		—		4.9		3.5		—		3.5
Foreign currency option contracts	43.5		—		43.5		7.0		—		7.0
Total	$	222.3	$	173.9	$	48.4	$	59.7	$	49.2	$	10.5
Liabilities
Deferred compensation	$	8.1	$	8.1	$	—	$	9.3	$	9.3	$	—
Foreign exchange forward contracts	7.5		—		7.5		1.5		—		1.5
Total	$	15.6	$	8.1	$	7.5	$	10.8	$	9.3	$	1.5

The Company uses the end of period when determining the timing of transfers between levels. During the three months ended March 31, 2016, there were no transfers between levels.

The fair value and carrying value of the Company’s debt instruments are summarized as follows:



	March 31, 2016				December 31, 2015
	Fair Value		Carrying Value		Fair Value		Carrying Value
Notes payable	$	103.7	$	103.7	$	32.0	$	32.0
Long-term debt	428.9		428.9		613.0		606.2
Total debt instruments	$	532.6	$	532.6	$	645.0	$	638.2

The increase in notes payable as of March 31, 2016 compared to December 31, 2015 is primarily related to the reclassification of $50.0 of senior notes from long-term debt as the Company sent a prepayment notice informing the holders of the senior notes of the Company's intent to prepay the senior notes in full (refer to note 11). The carrying value of the long-term debt as of March 31, 2016 approximates fair value as the underlying debt instruments have market-based interest rates.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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