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Fair Value Measurements and Other Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Fair Value Hierarchy of Financial Instruments

The following table details the fair value hierarchy of our financial instruments:

 

 

 

September 30, 2016

 

(In millions)

 

Total Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash equivalents

 

$

76.3

 

 

$

76.3

 

 

$

—

 

 

$

—

 

Compensating balance deposits

 

$

55.0

 

 

$

55.0

 

 

$

—

 

 

$

—

 

Derivative financial and hedging instruments net asset

   (liability):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts and options

 

$

1.8

 

 

$

—

 

 

$

1.8

 

 

$

—

 

Interest rate and currency swaps

 

$

23.1

 

 

$

—

 

 

$

23.1

 

 

$

—

 

Cross-currency swaps

 

$

(29.2

)

 

$

—

 

 

$

(29.2

)

 

$

—

 

 

 

 

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

)

 

$

—

 

 
Carrying Amounts and Estimated Fair Values of Debt

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

 

 

 

September 30, 2016

 

 

December 31, 2015

 

 

 

Carrying

 

 

Fair

 

 

Carrying

 

 

Fair

 

(In millions)

 

Amount

 

 

Value

 

 

Amount(2)

 

 

Value

 

Term Loan A Facility due July 2017

 

$

249.8

 

 

$

249.8

 

 

$

249.7

 

 

$

249.7

 

Term Loan A Facility due July 2019(1)

 

 

1,104.1

 

 

 

1,104.1

 

 

 

1,103.8

 

 

 

1,103.8

 

6.50% Senior Notes due December 2020

 

 

423.0

 

 

 

485.0

 

 

 

422.7

 

 

 

473.7

 

4.875% Senior Notes due December 2022

 

 

419.4

 

 

 

446.3

 

 

 

418.9

 

 

 

426.5

 

5.25% Senior Notes due April 2023

 

 

419.5

 

 

 

451.8

 

 

 

419.0

 

 

 

436.2

 

4.50% Senior Notes due September 2023(1)

 

 

444.8

 

 

 

491.6

 

 

 

432.9

 

 

 

452.7

 

5.125% Senior Notes due December 2024

 

 

420.1

 

 

 

450.7

 

 

 

419.7

 

 

 

427.6

 

5.50% Senior Notes due September 2025

 

 

396.3

 

 

 

430.9

 

 

 

396.1

 

 

 

410.2

 

6.875% Senior Notes due July 2033

 

 

445.3

 

 

 

484.0

 

 

 

445.2

 

 

 

462.7

 

Other foreign loans(1)

 

 

222.5

 

 

 

222.8

 

 

 

165.7

 

 

 

165.8

 

Other domestic loans

 

 

116.7

 

 

 

116.9

 

 

 

81.6

 

 

 

81.9

 

Total debt

 

$

4,661.5

 

 

$

4,933.9

 

 

$

4,555.3

 

 

$

4,690.8

 

  

(1)

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

(2)

As of January 1, 2016, we have adopted ASU 2015-03 and ASU 2015-15 which resulted in $35.9 million of unamortized debt issuance costs being reclassified from other assets to long-term debt as of December 31, 2015. See Note 2, “Recently Issued Accounting Standards” for additional information related to this adoption.