Derivatives and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments

The recorded amounts and estimated fair values of total debt at December 31 were as follows:

	2013				2012
In millions	Recorded Amount		Fair Value		Recorded Amount		Fair Value
Variable rate debt	$	528.9	$	528.9	$	427.7	$	427.7
Fixed rate debt	2,026.2		2,002.2		2,029.7		2,081.3
Total debt	$	2,555.1	$	2,531.1	$	2,457.4	$	2,509.0

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows:

Recurring fair value measurements	December 31, 2013
In millions	Level 1		Level 2			Level 3		Total
Foreign currency contract assets	$	—	$	3.6		$	—	$	3.6
Foreign currency contract liabilities	—		(0.9		)	—		(0.9		)
Deferred compensation plan assets (1)	32.1		—			—		32.1
Total recurring fair value measurements	$	32.1	$	2.7		$	—	$	34.8
Nonrecurring fair value measurements(2)

Recurring fair value measurements	December 31, 2012
In millions	Level 1		Level 2			Level 3		Total
Foreign currency contract assets	$	—	$	2.9		$	—	$	2.9
Foreign currency contract liabilities	—		(0.5		)	—		(0.5		)
Deferred compensation plan assets (1)	22.4		—			—		22.4
Total recurring fair value measurements	$	22.4	$	2.4		$	—	$	24.8
Nonrecurring fair value measurements
Trade name intangibles (2)	$	—	$	—		$	63.7	$	63.7

(1) Deferred compensation plan assets include mutual funds and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees. The fair value of these assets was based on quoted market prices in active markets.

(2) In the fourth quarter of 2013 and 2012, we completed our annual intangible assets impairment review. As a result, we recorded a pre-tax non-cash impairment charge of $11.0 million and $60.7 million for trade names intangibles in 2013 and 2012, respectively. The impairment charge in 2013 reduced the fair value of the impacted trade name intangibles to $0. The fair value of trade names is measured using the relief-from-royalty method. This method assumes the trade name has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires us to estimate the future revenue for the related brands, the appropriate royalty rate and the weighted average cost of capital.