Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2016

Non-Pension Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following tables present the Company’s non-pension financial assets and liabilities, which are measured at fair value on a recurring basis (in millions):



Fair value as of December 31, 2016	Total		Level 1		Level 2		Level 3
Assets
Investment securities, including mutual funds⁽¹⁾	$	14.7	$	4.8	$	9.9	$	—
Derivatives	33.3		—		33.3		—
Total	$	48.0	$	4.8	$	43.2	$	—
Liabilities
Derivatives	$	36.8	—		36.8		—
Total	$	36.8	$	—	$	36.8	$	—
Fair value as of December 31, 2015
Assets
Investment securities, including mutual funds⁽¹⁾	$	6.9	$	4.5	$	2.4	$	—
Derivatives	9.5		—		9.5		—
Total	$	16.4	$	4.5	$	11.9	$	—
Liabilities
Derivatives	$	13.5	—		13.5		—
Total	$	13.5	$	—	$	13.5	$	—

(1)

The values of investment securities, including mutual funds, are classified as cash and cash equivalents ($7.9 million and $2.0 million as of December 31, 2016 and 2015, respectively) and other assets ($6.8 million and $4.9 million as of December 31, 2016 and 2015, respectively). For mutual funds that are publicly traded, fair value is determined on the basis of quoted market prices and, accordingly, these investments have been classified as Level 1. Other investment securities are valued at the net asset value per share or unit multiplied by the number of shares or units held as of the measurement date and have been classified as Level 2.

Fair Value Of Certain Short And Long-Term Debt, Based On Market Prices

The fair values of the Company’s senior notes (see Footnote 11) are based on quoted market prices and are as follows as of December 31, (in millions):



	2016				2015
	Fair Value		Book Value		Fair Value		Book Value
Senior notes	$	11,979.2	$	11,234.1	$	2,660.7	$	2,692.6