Fair Value of Assets and Liabilities

12 Months Ended

Dec. 31, 2016

Refer to note 1 for the Company’s accounting policies related to fair value accounting. Refer to note 15 for assets held in the Company’s defined pension plans, which are measured at fair value. Assets and liabilities subject to fair value measurement are as follows:



		December 31, 2016						December 31, 2015
	Classification on consolidated balance sheets			Fair Value Measurements Using						Fair Value Measurements Using
	Classification on consolidated balance sheets	Fair Value		Level 1		Level 2		Fair Value		Level 1		Level 2
Assets
Short-term investments
Certificates of deposit	Short-term investments	$	64.1	$	64.1	$	—	$	39.9	$	39.9	$	—
Foreign exchange forward contracts	Other current assets	7.2		—		7.2		3.5		—		3.5
Foreign exchange option contracts	Other current assets	—		—		—		7.0		—		7.0
Assets held in rabbi trusts	Securities and other investments	8.5		8.5		—		9.3		9.3		—
Interest rate swaps	Securities and other investments	8.4		—		8.4		—		—		—
Total		$	88.2	$	72.6	$	15.6	$	59.7	$	49.2	$	10.5

Liabilities
Foreign exchange forward contracts	Other current liabilities	$	7.7	$	—	$	7.7	$	1.5	$	—	$	1.5
Interest rate swaps	Other current liabilities	6.9		—		6.9		—		—		—
Deferred compensation	Other liabilities	8.5		8.5		—		9.3		9.3		—
Total		$	23.1	$	8.5	$	14.6	$	10.8	$	9.3	$	1.5

During the years ended December 31, 2016 and 2015, there were no transfers between levels. The redeemable noncontrolling interests were preliminarily recorded at fair value as of the Acquisition date by applying the income approach using unobservable inputs for projected cash flows and a discount rate, which are considered Level 3 inputs, and subject to change as the measurement period related to the Acquisition has not expired and purchase accounting remains preliminary. The balance of redeemable noncontrolling interests is reported at the greater of its carrying value or its maximum redemption value at each reporting date.

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



	December 31, 2016						December 31, 2015
	Fair Value			Carrying Value			Fair Value			Carrying Value
Notes payable	$	106.9		$	106.9		$	32.0		$	32.0

Revolving credit facility	—			—			168.0			168.0
Term Loan A Facility	201.3			201.3			218.5			218.5
Term Loan B Facility - USD	787.5			787.5			—			—
Term Loan B Facility - Euro	363.5			363.5			—			—
2024 Senior Notes	426.0			400.0			—			—
2006 Senior Notes	—			—			225.0			225.0
Other	0.8			0.8			1.6			1.6
Long-term deferred financing fees	(61.7		)	(61.7		)	(6.9		)	(6.9		)
Long-term debt	1,717.4			1,691.4			606.2			606.2
Total debt instruments	$	1,824.3		$	1,798.3		$	638.2		$	638.2

Refer to note 14 for further details surrounding the increase in long-term debt as of December 31, 2016.

- 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.

+ References + Details