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Fair Value (Tables)
 9 Months Ended
Sep. 30, 2013
Fair Value Disclosures [Abstract]  
Fair Value Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets and Liabilities Recorded at Fair Value on a Recurring Basis
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, 2013:
 
Level 1
 
Level 2
 
Total
Assets:
 
 
 
 
 
Money market funds
$
7.6

 
$
—

 
$
7.6

Available-for-sale securities
2.2

 
—

 
2.2

Foreign exchange forward contracts
—

 
2.6

 
2.6

Total
$
9.8

 
$
2.6

 
$
12.4

Liabilities:
 
 
 
 
 
Foreign exchange forward contracts
$
—

 
$
4.1

 
$
4.1

Total
$
—

 
$
4.1

 
$
4.1


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, 2012:
 
Level 1
 
Level 2
 
Total
Assets:
 
 
 
 
 
Money market funds
$
26.9

 
$
—

 
$
26.9

Available-for-sale securities
1.9

 
—

 
1.9

Interest-rate swap agreements
—

 
94.8

 
94.8

Foreign exchange forward contracts
—

 
4.9

 
4.9

Total
$
28.8

 
$
99.7

 
$
128.5

Liabilities:
 
 
 
 
 
Interest-rate swap agreements
$
—

 
$
1.7

 
$
1.7

Foreign exchange forward contracts
—

 
1.5

 
1.5

Total
$
—

 
$
3.2

 
$
3.2


The money market funds are held in a Healthcare trust in order to fund future benefit payments for both active and retiree benefit plans.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
Our financial instruments include cash and cash equivalents, available-for-sale securities, short-term investments, money market funds, accounts receivable, loans receivable, debt maturing within one year, accounts payable, long-term debt, foreign exchange forwards contracts, and interest-rate swap agreements. The carrying value for cash and cash equivalents, accounts receivable, accounts payable, and short-term investments approximate fair value because of the short-term nature of these instruments. The net asset (liability) amounts recorded in the balance sheet (carrying amount) and the estimated fair values of our remaining financial instruments at September 30, 2013 and December 31, 2012, respectively, consisted of the following:
 
September 30, 2013
 
December 31, 2012
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Available-for-sale securities
$
2.2

 
$
2.2

 
$
1.9

 
$
1.9

Money market funds
7.6

 
7.6

 
26.9

 
26.9

Debt maturing within one year(1)
(243.1
)
 
(243.1
)
 
(572.0
)
 
(572.2
)
Long-term debt(1)
(2,541.2
)
 
(2,560.2
)
 
(2,623.8
)
 
(2,547.7
)
Foreign exchange forward contracts
(1.5
)
 
(1.5
)
 
3.4

 
3.4

Interest-rate swap agreements
—

 
—

 
93.1

 
93.1


(1) The carrying value of debt maturing within one year and long-term debt includes any related discount or premium, unamortized deferred gains on terminated interest-rate swap agreements, and unrealized losses from interest-rate swap agreements.
The methods and assumptions used to estimate fair value are as follows:
Available-for-sale securities and money market funds - The fair values of these investments were the quoted market prices for issues listed on securities exchanges.
Debt maturing within one year and long-term debt - The fair values of all debt and other financing were determined using Level 2 inputs based on indicative market prices.
Foreign exchange forward contracts - The fair values of forward contracts were estimated 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.