Fair Value

9 Months Ended

Sep. 30, 2011

Fair Value Disclosures [Abstract]

Fair Value

FAIR VALUE

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of September 30, 2011:

	Level 1		Level 2		Total
Assets:
Available-for-sale securities	$	1.6	$	—	$	1.6
Interest-rate swap agreements	—		169.1		169.1
Foreign exchange forward contracts	—		3.3		3.3
Total	$	1.6	$	172.4	$	174.0
Liabilities:
Interest-rate swap agreements	$	—	$	9.0	$	9.0
Foreign exchange forward contracts	—		19.4		19.4
Total	$	—	$	28.4	$	28.4

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2010:

	Level 1		Level 2		Total
Assets:
Available-for-sale securities	$	1.8	$	—	$	1.8
Interest-rate swap agreements	—		124.8		124.8
Foreign exchange forward contracts	—		11.1		11.1
Total	$	1.8	$	135.9	$	137.7
Liabilities:
Interest-rate swap agreements	$	—	$	9.9	$	9.9
Foreign exchange forward contracts	—		4.3		4.3
Total	$	—	$	14.2	$	14.2

Fair Value of Financial Instruments

The net asset (liability) amounts recorded in the balance sheet (carrying amount) and the estimated fair values of financial instruments at September 30, 2011 and December 31, 2010, respectively, consisted of the following:

	2011						2010
	Carrying Amount			Fair Value			Carrying Amount		Fair Value
Cash and cash equivalents	$	988.2		$	988.2		$	1,179.9	$	1,179.9
Available-for-sale securities	1.6			1.6			1.8		1.8
Grantor trust cash and cash equivalents	1.9			1.9			1.1		1.1
Short term investments	13.5			13.5			17.1		17.1
Cash surrender value of supplemental life insurance	45.6			45.6			44.7		44.7
Debt maturing within one year	785.7			785.7			727.6		727.6
Long-term debt, net of related discount or premium	2,464.8			2,462.6			2,408.6		2,502.4
Foreign exchange forward contracts	(16.1		)	(16.1		)	6.8		6.8
Interest-rate swap agreements	160.1			160.1			114.9		114.9

The methods and assumptions used to estimate fair value are as follows:

Cash and cash equivalents, Grantor trust cash and cash equivalents, and Short term investments - Given the short term nature of these financial instruments, the stated cost approximates fair value.

Available-for-sale securities - The fair values of these investments were the quoted market prices for issues listed on securities exchanges.

Cash surrender value of supplemental life insurance - The fair value is equal to the cash surrender value of the life insurance policy.

Debt maturing within one year and long-term debt - The fair values of all debt and other financing were determined based on quoted market prices.

Foreign exchange forward contracts - The fair values of forward contracts were primarily based on quoted forward foreign exchange prices at the reporting date.

Interest-rate swap agreements - The fair values of interest-rate swap agreements were estimated based on LIBOR yield curves at the reporting date.