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Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the bases used to measure financial assets and liabilities that are carried at fair value on a recurring basis in the consolidated balance sheets.

 

 

 

 

 

Basis of fair value measurement

 

 

Balance as of December 31, 2016

 

 

Quoted prices in active markets for identical assets

(Level 1)

 

 

Significant other observable inputs

(Level 2)

 

 

Significant unobservable inputs

(Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts

$

1.7

 

 

$

 

 

$

1.7

 

 

$

 

Available-for-sale securities

 

328.7

 

 

 

 

 

 

328.7

 

 

 

 

Total assets

$

330.4

 

 

$

 

 

$

330.4

 

 

$

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts

1.5

 

 

 

 

 

1.5

 

 

 

 

Total liabilities

$

1.5

 

 

$

 

 

$

1.5

 

 

$

 

 

 

 

 

 

 

Basis of fair value measurement

 

 

Balance as of December 31, 2015

 

 

Quoted prices in active markets for identical assets

(Level 1)

 

 

Significant other observable inputs

(Level 2)

 

 

Significant unobservable inputs

(Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts

$

1.8

 

 

$

 

 

$

1.8

 

 

$

 

Interest rate swap

0.4

 

 

 

 

 

0.4

 

 

 

 

Total assets

$

2.2

 

 

$

 

 

$

2.2

 

 

$

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts

1.5

 

 

 

 

 

1.5

 

 

 

 

Total liabilities

$

1.5

 

 

$

 

 

$

1.5

 

 

$

 

 

Assets Measured at Fair Value on a Nonrecurring Basis

The fair value as of the measurement date, net book value as of the end of the year and related impairment charge for assets measured at fair value on a nonrecurring basis subsequent to initial recognition during the years ended December 31, 2016, 2015 and 2014 were as follows:

 

 

Year Ended

December 31, 2016

 

 

As of

December 31, 2016

 

 

Impairment

Charge

 

 

Fair Value

Measurement

(Level 3)

 

 

Net Book

Value

 

Long-lived assets held for sale or disposal

$

0.6

 

 

$

 

 

$

 

Goodwill

 

527.8

 

 

 

15.2

 

 

 

15.2

 

Other intangible assets

 

29.7

 

 

 

4.6

 

 

 

4.3

 

Total

$

558.1

 

 

$

19.8

 

 

$

19.5

 

 

 

 

Year Ended

December 31, 2015

 

 

As of

December 31, 2015

 

 

Impairment

Charge

 

 

Fair Value

Measurement

(Level 3)

 

 

Net Book

Value

 

Long-lived assets held and used

$

0.3

 

 

$

 

 

$

 

Long-lived assets held for sale or disposal

 

1.5

 

 

 

2.8

 

 

 

 

Goodwill

 

18.0

 

 

 

 

 

 

 

Other intangible assets

 

11.9

 

 

 

 

 

 

 

Total

$

31.7

 

 

$

2.8

 

 

$

 

 

 

Year Ended

December 31, 2014

 

 

As of

December 31, 2014

 

 

Impairment

Charge

 

 

Fair Value

Measurement

(Level 3)

 

 

Net Book

Value

 

Long-lived assets held and used

$

5.2

 

 

$

0.6

 

 

$

0.7

 

Long-lived assets held for sale or disposal

 

8.7

 

 

 

9.2

 

 

 

2.0

 

Other intangible assets

 

13.2

 

 

 

 

 

 

 

Total

$

27.1

 

 

$

9.8

 

 

$

2.7

 

 

Fair Values, Valuation Techniques and Related Unobservable Inputs of Level Three

The following table presents the fair value, valuation techniques and related unobservable inputs for these Level 3 measurements for the years ended December 31, 2016, 2015 and 2014:

 

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input

 

Range

 

2016

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

$

4.6

 

 

Excess earnings

 

Attrition rate

 

 

5.0%

 

 

 

 

 

 

 

 

Discount Rate

 

 

13.0%

 

2015

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

$

 

 

Excess earnings

 

Attrition rate

 

 

2.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

$

 

 

Excess Earnings

 

Discount rate

 

12.0 - 18.0%

 

 

 

 

 

 

 

 

Attrition Rate

 

6.6% - 12.0%