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Fair Value Measurements and Other Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Fair Value Hierarchy of Financial Instruments

The fair value of our financial instruments, using the fair value hierarchy under U.S. GAAP detailed in “Fair Value Measurements,” of Note 2, “Summary of Significant Accounting Policies and Recently Issued Accounting Standards,” are included in the table below.

 

 

 

December 31, 2015

 

(In millions)

 

Total Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash equivalents

 

$

56.3

 

 

$

48.3

 

 

$

8.0

 

 

$

—

 

Compensating balance deposits

 

$

56.5

 

 

$

56.5

 

 

$

—

 

 

$

—

 

Derivative financial and hedging instruments net asset

   (liability):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

(16.5

)

 

$

—

 

 

$

(16.5

)

 

$

—

 

Interest rate and currency swaps

 

$

44.0

 

 

$

—

 

 

$

44.0

 

 

$

—

 

Cross-currency swaps

 

$

(12.0

)

 

$

—

 

 

$

(12.0

)

 

$

—

 

 

 

 

December 31, 2014

 

(In millions)

 

Total Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash equivalents(1)(2)

 

$

28.5

 

 

$

23.2

 

 

$

5.3

 

 

$

—

 

Compensating balance deposits(1)

 

$

36.2

 

 

$

36.2

 

 

$

—

 

 

$

—

 

Derivative financial instruments net asset (liability):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

(22.4

)

 

$

—

 

 

$

(22.4

)

 

$

—

 

Interest rate and currency swaps

 

$

17.8

 

 

$

—

 

 

$

17.8

 

 

$

—

 

 

 

(1)

For the year ended December 31, 2014 we reclassified $36.2 million of deposits held as compensating balances for certain short-term borrowings from cash to other current and other non-current assets.  Refer to Note 2, “Summary of Significant Accounting Policies and Recently Issued Accounting Standards,” under the heading “Reclassifications and Revisions” for additional details on this revision.

(2)

Within the fair value hierarchy, we reclassified $23.2 million of bank time deposits from Level 2 to Level 1.  See below for additional disclosures on cash equivalents disclosed in the table above.  
Carrying Amounts and Estimated Fair Values of Debt

The table below shows the carrying amounts and estimated fair values of our total debt:

 

 

 

December 31, 2015

 

 

December 31, 2014

 

 

 

Carrying

 

 

Fair

 

 

Carrying

 

 

Fair

 

(In millions)

 

Amount

 

 

Value

 

 

Amount

 

 

Value

 

Term Loan A Facility due July 2017

 

$

249.8

 

 

$

249.8

 

 

$

249.7

 

 

$

249.7

 

Term Loan A Facility due July 2019(1)

 

 

1,105.4

 

 

 

1,105.4

 

 

 

1,129.4

 

 

 

1,129.4

 

6.50% Senior Notes due December 2020

 

 

427.6

 

 

 

473.7

 

 

 

428.1

 

 

 

469.7

 

8.375% Senior Notes due September 2021

 

 

—

 

 

 

—

 

 

 

750.0

 

 

 

843.3

 

4.875% Senior Notes due December 2022

 

 

425.0

 

 

 

426.5

 

 

 

425.0

 

 

 

423.3

 

5.25% Senior Notes due April 2023

 

 

425.0

 

 

 

436.2

 

 

 

425.0

 

 

 

429.6

 

4.50% Senior Notes due September 2023(1)

 

 

437.3

 

 

 

452.7

 

 

 

—

 

 

 

—

 

5.125% Senior Notes due December 2024

 

 

425.0

 

 

 

427.6

 

 

 

425.0

 

 

 

428.5

 

5.50% Senior Notes due September 2025

 

 

400.0

 

 

 

410.2

 

 

 

—

 

 

 

—

 

6.875% Senior Notes due July 2033

 

 

448.7

 

 

 

462.7

 

 

 

448.7

 

 

 

462.9

 

Other foreign loans(1)

 

 

165.7

 

 

 

165.8

 

 

 

73.9

 

 

 

73.8

 

Other domestic loans

 

 

81.7

 

 

 

81.9

 

 

 

71.5

 

 

 

71.5

 

Total debt

 

$

4,591.2

 

 

$

4,692.5

 

 

$

4,426.3

 

 

$

4,581.7

 

 

 

(1)

Includes borrowings denominated in currencies other than U.S. dollars.