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Fair Value
 6 Months Ended
Jun. 30, 2013
Fair Value Disclosures [Abstract]  
Fair Value
Note 15 - Fair Value

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The FASB provides accounting rules that classify the inputs used to measure fair value into the following hierarchy:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 – Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.

Level 3 – Unobservable inputs for the asset or liability.

The following table presents the fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2013:
 
June 30, 2013
 
Total
Level 1
Level 2
Level 3
Assets:
 
 
 
 
Cash and cash equivalents
$
396.8

$
396.8

$
—

$
—

Short-term investments
24.9

24.9

—

—

Foreign currency hedges
2.1

—

2.1

—

Total Assets
$
423.8

$
421.7

$
2.1

$
—

Liabilities:
 
 
 
 
Foreign currency hedges
$
0.9

$
—

$
0.9

$
—

Total Liabilities
$
0.9

$
—

$
0.9

$
—



Cash and cash equivalents are highly liquid investments with maturities of three months or less when purchased and are valued at the redemption value. Short-term investments are investments with maturities between four months and one year and are valued at the amortized cost. The Company uses publicly available foreign currency forward and spot rates to measure the fair value of its foreign currency forward contracts.

The Company does not believe it has significant concentrations of risk associated with the counterparts to its financial instruments.

Financial Instruments

The Company’s financial instruments consist primarily of cash and cash equivalents, short-term investments, accounts receivable, net, accounts payable, trade, short-term borrowings and long-term debt. Due to their short-term nature, the carrying value of cash and cash equivalents, short-term investments, accounts receivable, net, accounts payable, trade and short-term borrowings are a reasonable estimate of their fair value. The fair value of the Company’s long-term fixed-rate debt, based on quoted market prices, was $460.6 million and $481.3 million at June 30, 2013 and December 31, 2012, respectively. The carrying value of this debt was $424.9 million at June 30, 2013 and December 31, 2012. The fair value of long-term fixed debt was measured using Level 2 inputs.