Fair Value Measurements

3 Months Ended

Mar. 31, 2012

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 8. Fair Value Measurements

The Company defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following three levels of inputs are used to measure fair value:

Level 1 —	quoted prices in active markets for identical assets and liabilities.
Level 2 —	observable inputs other than quoted prices in active markets for identical assets and liabilities.
Level 3 —	unobservable inputs in which there is little or no market data available, which require the reporting entity to develop its own assumptions.

The Company’s financial assets and (liabilities) measured at fair value on a recurring basis were, in millions, as follows:

	Fair Value March 31, 2012			Level 1		Level 2			Level 3		Fair Value December 31, 2011			Level 1		Level 2			Level 3
Cash Equivalents (1)	$	18.0		$	18.0	$	—		$	—	$	146.0		$	146.0	$	—		$	—
Derivative Financial Instruments (2)
Cash Flow Hedges		44.2			—		44.2			—		(6.5	)		—		(6.5	)		—
Rabbi Trust Assets (3)		66.1			66.1		—			—		56.6			56.6		—			—
Long-term debt (4)		(2,710.6	)		—		(2,710.6	)		—		(2,772.4	)		—		(2,772.4	)		—

(1) Because of their short maturities, the carrying value of these assets approximates fair value.

(2) See Note 18, “Derivatives and Hedging Activities”. Estimates of the fair value of the derivative financial instruments represent the Company’s best estimates based on its valuation models, which incorporate industry data and trends and relevant market rates and transactions.

(3) Rabbi trust assets include mutual funds and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees. The fair value of these assets was based on quoted market prices.

(4) The carrying amount of the Company’s long-term debt was $2,340.2 million and $2,352.3 million at March 31, 2012 and December 31, 2011, respectively. The fair value of long-term debt is based on quoted market prices or on rates available to the Company for debt with similar terms and maturities.