Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Financial instruments measured at fair value on a recurring basis

The following table presents financial instruments measured at fair value on a recurring basis:

	March 31, 2020
(in millions)	Level 1		Level 2		Level 3		Total
Assets at Fair Value:
Marketable securities:
Corporate debt securities	$	17.3	$	—	$	—	$	17.3
Mutual funds	59.9		—		—		59.9
Equity securities	0.1		—		—		0.1
Asset-backed securities	—		0.2		—		0.2
Total Marketable Securities	77.3		0.2		—		77.5
Performance bonds and guaranty fund contributions (1):
U.S. Treasury securities	1,369.9		—		—		1,369.9
U.S. government agency securities	1,838.4		—		—		1,838.4
Total Assets at Fair Value	$	3,285.6	$	0.2	$	—	$	3,285.8

(1) Performance bonds and guaranty fund contributions on the consolidated balance sheet at March 31, 2020 include U.S. Treasury securities and U.S. government agency securities purchased with cash collateral.

Fair value of Debt Instruments

At March 31, 2020, the fair values (in U.S. dollar equivalent) were as follows:

(in millions)	Fair Value		Level
$750.0 million fixed rate notes due September 2022	$	760.7	Level 2
€15.0 million fixed rate notes due May 2023	17.6		Level 2
$750.0 million fixed rate notes due March 2025	774.7		Level 2
$500.0 million fixed rate notes due June 2028	560.2		Level 2
$750.0 million fixed rate notes due September 2043	1,095.1		Level 2
$700.0 million fixed rate notes due June 2048	918.0		Level 2
Commercial paper	100.0		Level 3