v2.4.0.6
Fair Value
 12 Months Ended
Dec. 31, 2012
Fair Value [Abstract]  
Fair Value

16. Fair Value

Financial instruments measured at fair value on a recurring basis as of December 31, 2012, consisted of the following:

 

                                 

(in millions)

   Total     Level 1     Level 2     Level 3  

Trading securities

   $ 11.4     $ 11.4     $ —       $ —    

Interest rate swaps

     (5.8 )      —         (5.8 )      —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Total financial instruments at fair value

   $ 5.6     $ 11.4     $ (5.8 )    $ —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Level 1 investments, which use quoted market prices in active markets for identical assets to establish fair value, consist of exchange-traded mutual funds and publicly traded equity investments valued at their current market prices. Level 2 investments consist of interest rate swaps that are further discussed in Note 13, “Debt.” We determined the fair value of the interest rate swaps using standard valuation models with market-based observable inputs including forward and spot exchange rates and interest rate curves. At December 31, 2012, we did not have any investments valued using Level 3 inputs.