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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2016
Investments, All Other Investments [Abstract]  
Estimated Aggregate Fair Value of Debt Instruments
The estimated fair value, as well as the carrying value, of the Company's debt instruments are shown below (in millions):
December 31
2016
 
2015
Estimated aggregate fair value
$
2,004.8

 
$
1,992.3

Aggregate carrying value (1)
1,943.7

 
1,965.6


(1)
Credit agreement and senior notes, excluding the impact of unamortized debt issuance costs.
Notional Amount and Estimated Fair Value of Foreign Currency Derivative Contracts and Related Classification
The notional amount, estimated fair value and related classification in the accompanying consolidated balance sheets of the Company's foreign currency derivative contracts are shown below (in millions, except for maturities):
December 31,
2016
 
2015
Fair value of contracts designated as cash flow hedges:
 
 
 
Other current assets
$
11.2

 
$
8.2

Other long-term assets
0.5

 
0.3

Other current liabilities
(58.3
)
 
(51.5
)
Other long-term liabilities
(9.9
)
 
(3.4
)
 
(56.5
)
 
(46.4
)
 
 
 
 
Notional amount
$
1,275.0

 
$
1,394.6

Outstanding maturities in months, not to exceed
24

 
24

Fair value of contracts not designated as hedging instruments:
 
 
 
Other current assets
5.9

 
3.6

Other current liabilities
(3.8
)
 
(8.1
)
 
2.1

 
(4.5
)
 
 
 
 
Notional amount
$
681.2

 
$
423.4

Outstanding maturities in months, not to exceed
12

 
12

 
 
 
 
Total fair value
$
(54.4
)
 
$
(50.9
)
Total notional amount
$
1,956.2

 
$
1,818.0
Pretax Amounts Related to Foreign Currency Derivative Contracts
Pretax amounts related to foreign currency derivative contracts designated as cash flow hedges that were recognized in and reclassified from accumulated other comprehensive loss are shown below (in millions):
For the year ended December 31,
2016
 
2015
 
2014
Losses recognized in accumulated other comprehensive loss
$
96.8

 
$
47.3

 
$
36.0

Gains (losses) reclassified from accumulated other comprehensive loss to:
 
 
 
 
 
Net sales
(4.8
)
 
3.7

 
1.2

Cost of sales
(81.9
)
 
(42.3
)
 
7.0

Gains (losses) reclassified from accumulated other comprehensive loss
(86.7
)
 
(38.6
)
 
8.2

Comprehensive loss
$
10.1

 
$
8.7

 
$
44.2
Fair Value Measurements and Related Valuation Techniques and Fair Value Hierarchy Level
Fair value measurements and the related valuation techniques and fair value hierarchy level for the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015, are shown below (in millions):
 
December 31, 2016
 
Frequency
 
Asset
(Liability)
 
Valuation
Technique
 
Level 1
 
Level 2
 
Level 3
Foreign currency derivative contracts, net
Recurring
 
$
(54.4
)
 
Market / Income
 
$
—

 
$
(54.4
)
 
$
—

Marketable equity securities
Recurring
 
30.2

 
Market
 
30.2

 
—

 
—

 
December 31, 2015
 
Frequency
 
Asset
(Liability)
 
Valuation
Technique
 
Level 1
 
Level 2
 
Level 3
Foreign currency derivative contracts, net
Recurring
 
$
(50.9
)
 
Market / Income
 
$
—

 
$
(50.9
)
 
$
—

Marketable equity securities
Recurring
 
23.0

 
Market
 
23.0

 
—

 
—