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FINANCIAL INSTRUMENTS: (Tables)
 3 Months Ended
Mar. 31, 2015
FAIR VALUE MEASUREMENT:  
Schedule of carrying amount and estimated fair values of the Company's financial instruments

Consequently, such financial instruments are not included in the following table that provides information about the carrying amounts and estimated fair values of other financial instruments that are not measured at fair value in the condensed consolidated balance sheet as of March 31, 2015 and December 31, 2014 (in millions):

 

 

 

At March 31, 2015

 

At December 31, 2014

 

 

 

Carrying Value

 

Fair Value

 

Carrying Value

 

Fair Value

 

Liabilities:

 

 

 

 

 

 

 

 

 

Long-term debt

 

$
4,206.3 

 

$
4,411.4 

 

$
4,206.0 

 

$
4,369.6 

 

 

Schedule of fair values of assets and liabilities measured at fair value on a recurring basis

 

Fair values of assets and liabilities measured at fair value on a recurring basis were calculated as follows as of March 31, 2015 and December 31, 2014 (in millions):

 

Fair Value at Measurement Date Using:

 

Description

 

Fair Value
as of
March 31,
2015

 

Quoted prices in
active markets for
identical assets
(Level 1)

 

Significant other
observable
inputs
(Level 2)

 

Significant
unobservable
inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

Short term investment:

 

 

 

 

 

 

 

 

 

- Trading securities

 

$
79.1 

 

$
79.1 

 

—

 

$

—

 

- Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

Corporate bonds

 
0.3 

 

—

 

$
0.3 

 

—

 

Asset backed securities

 

—

 

—

 

—

 

—

 

Mortgage backed securities

 
4.4 

 

—

 
4.4 

 

—

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable:

 

 

 

 

 

 

 

 

 

- Embedded derivatives - Not classified as hedges:

 

 

 

 

 

 

 

 

 

Provisionally priced sales:

 

 

 

 

 

 

 

 

 

Copper

 
167.4 

 
167.4 

 

—

 

—

 

Molybdenum

 
85.1 

 
85.1 

 

—

 

—

 

Total

 

$
336.3 

 

$
331.6 

 

$
4.7 

 

$

—

 

 

Fair Value at Measurement Date Using:

 

Description

 

Fair Value
as of
December
31, 2014

 

Quoted prices in
active markets for
identical assets
(Level 1)

 

Significant other
observable inputs
(Level 2)

 

Significant
unobservable
inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

Short term investment:

 

 

 

 

 

 

 

 

 

- Trading securities

 

$
333.7 

 

$
333.7 

 

—

 

$

—

 

- Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

Corporate bonds

 
0.3 

 

—

 

$
0.3 

 

—

 

Asset backed securities

 

—

 

—

 

—

 

—

 

Mortgage backed securities

 
4.6 

 

—

 
4.6 

 

—

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable:

 

 

 

 

 

 

 

 

 

- Embedded derivatives - Not classified as hedges:

 

 

 

 

 

 

 

 

 

Provisionally priced sales:

 

 

 

 

 

 

 

 

 

Copper

 
202.2 

 
202.2 

 

—

 

—

 

Molybdenum

 
105.5 

 
105.5 

 

—

 

—

 

Total

 

$
646.3 

 

$
641.4 

 

$
4.9 

 

$

—