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Fair Value Measurements and Other Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2016
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,” of the Notes to the Consolidated Financial Statements are included in the table below.

 

 

 

December 31, 2016

 

(In millions)

 

Total Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash equivalents

 

$

71.3

 

 

$

71.3

 

 

$

—

 

 

$

—

 

Compensating balance deposits

 

$

52.9

 

 

$

52.9

 

 

$

—

 

 

$

—

 

Derivative financial and hedging instruments net asset

   (liability):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward and option contracts

 

$

4.7

 

 

$

—

 

 

$

4.7

 

 

$

—

 

Interest rate and currency swaps

 

$

23.9

 

 

$

—

 

 

$

23.9

 

 

$

—

 

Cross-currency swaps

 

$

(5.3

)

 

$

—

 

 

$

(5.3

)

 

$

—

 

 

 

 

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:

 

 

 

December 31, 2016

 

 

December 31, 2015

 

 

 

Carrying

 

 

Fair

 

 

Carrying

 

 

Fair

 

(In millions)

 

Amount

 

 

Value

 

 

Amount(2)

 

 

Value

 

Term Loan A Facility due July 2017

 

$

249.9

 

 

$

249.9

 

 

$

249.7

 

 

$

249.7

 

Term Loan A Facility due July 2019(1)

 

 

1,067.8

 

 

 

1,067.8

 

 

 

1,103.8

 

 

 

1,103.8

 

6.50% Senior Notes due December 2020

 

 

423.1

 

 

 

477.3

 

 

 

422.7

 

 

 

473.7

 

4.875% Senior Notes due December 2022

 

 

419.6

 

 

 

437.6

 

 

 

418.9

 

 

 

426.5

 

5.25% Senior Notes due April 2023

 

 

419.7

 

 

 

441.1

 

 

 

419.0

 

 

 

436.2

 

4.50% Senior Notes due September 2023(1)

 

 

416.7

 

 

 

453.4

 

 

 

432.9

 

 

 

452.7

 

5.125% Senior Notes due December 2024

 

 

420.2

 

 

 

437.3

 

 

 

419.7

 

 

 

427.6

 

5.50% Senior Notes due September 2025

 

 

396.4

 

 

 

418.8

 

 

 

396.1

 

 

 

410.2

 

6.875% Senior Notes due July 2033

 

 

445.3

 

 

 

462.7

 

 

 

445.2

 

 

 

462.7

 

Other foreign loans(1)

 

 

78.9

 

 

 

79.2

 

 

 

165.7

 

 

 

165.8

 

Other domestic loans

 

 

21.4

 

 

 

21.3

 

 

 

87.9

 

 

 

88.2

 

Total debt

 

$

4,359.0

 

 

$

4,546.4

 

 

$

4,561.6

 

 

$

4,697.1

 

 

 

(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. Additionally, certain amounts related to external payment terms were misclassified in the Consolidated Balance Sheet. The revision of this item resulted in a decrease in accounts payable and an increase in short-term borrowings of $6.3 million as of December 31, 2015. See Note 2, “Summary of Significant Accounting Policies and Recently Issued Accounting Standards” of the Notes to Consolidated Financial Statements for additional information related to this adoption.