Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The Company's borrowings as of December 31 follows:

	2017			2016			Fair Value (1)
(in millions)							2017		2016
3.75% Notes due 2027	$	600.0		$	—		$	607.1	$	—
3.5% Notes due 2024	400.0			—			403.7		—
3.75% Notes due 2022	350.0			350.0			358.9		347.2
5.125% Notes due 2020	250.0			250.0			264.8		263.1
Unamortized discount, debt issuance costs and other	(13.8		)	(3.6		)
Total long term-debt	1,586.2			596.4
Less current portion of long-term debt	—			—
Total long term-debt, net of current portion	$	1,586.2		$	596.4

⁽¹⁾ 

The fair value is estimated based on current yield rates plus the Company’s estimated credit spread available for financings with similar terms and maturities. Based on these inputs, debt instruments are classified as Level 2 in the fair value hierarchy.

Debt Instrument Redemption

The Notes may also be redeemed at any time after the dates noted below, in whole or in part, at the Company's option at 100% of the principal amount, plus accrued and unpaid interest.

Debt Instrument	Date	Spread
3.75% Notes due 2027	September 1, 2027	25 basis points
3.5% Notes due 2024	October 1, 2024	20 basis points
3.75% Notes due 2022	August 15, 2022	35 basis points
5.125% Notes due 2020	September 15, 2020	35 basis points