Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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:

	June 30, 2020
(in millions)	Level 1		Level 2		Level 3		Total
Assets at Fair Value:
Marketable securities:
Corporate debt securities	$	18.5	$	—	$	—	$	18.5
Mutual funds	69.2		—		—		69.2
Equity securities	0.1		—		—		0.1
Asset-backed securities	—		0.3		—		0.3
Total Marketable Securities	87.8		0.3		—		88.1
Performance bonds and guaranty fund contributions (1):
U.S. Treasury securities	3,539.3		—		—		3,539.3
U.S. government agency securities	299.9		—		—		299.9
Total Assets at Fair Value	$	3,927.0	$	0.3	$	—	$	3,927.3

(1) Performance bonds and guaranty fund contributions on the consolidated balance sheet at June 30, 2020 include U.S. Treasury securities and U.S. government agency securities purchased with cash collateral.

Fair value of Debt Instruments

At June 30, 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	$	791.9	Level 2
€15.0 million fixed rate notes due May 2023	18.4		Level 2
$750.0 million fixed rate notes due March 2025	828.8		Level 2
$500.0 million fixed rate notes due June 2028	602.7		Level 2
$750.0 million fixed rate notes due September 2043	1,100.9		Level 2
$700.0 million fixed rate notes due June 2048	941.4		Level 2