Fair Value Measurements

(19) Fair Value Measurements

The carrying value and fair value of the notes and term loans as of December 31 were as follows:

	2016
	Outstanding Principal		Unamortized Debt Issuance Costs			Unamortized Discount			Carrying Value		Fair Value
	(In millions)
Registered Notes	$	600.0		(9.2	)		—			590.8		625.5
USD Term Loan		1,011.5		(7.6	)		(4.7	)		999.2		1,017.8
Euro Term Loan		233.3		(0.1	)		(0.9	)		232.3		234.8

	2015
	Outstanding Principal		Unamortized Debt Issuance Costs			Unamortized Discount			Carrying Value		Fair Value
	(In millions)
Registered Notes	$	600.0		(10.4	)		—			589.6		605.9
USD Term Loan		1,022.2		(9.1	)		(5.6	)		1,007.5		1,000.5
Euro Term Loan		244.1		(0.1	)		(1.1	)		242.9		243.2

The fair values of the Registered Notes and term loans were estimated using quoted market prices. As the markets for this debt are not active, the debt is categorized as Level 2 within the fair value hierarchy.

The fair value of the Company’s other financial instruments, cash and cash equivalents, revolving lines of credit and other long-term debt, are estimated to equal their carrying values due to their short-term nature.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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