FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2015

The Company’s population of financial assets and liabilities subject to fair value measurements as of December 31, 2015 and 2014 are as follows:



			Fair Value Measurements as of
			December 31, 2015
	Fair Value as of December 31, 2015		Using Fair Value Hierarchy
	Fair Value as of December 31, 2015		Level 1		Level 2		Level 3
Noncontrolling interest put	$	14.9	$	—	$	14.9	$	—
Interest rate swap	21.6		—		21.6		—
Cash surrender value of life insurance policies	45.5		—		45.5		—
Deferred compensation liability	46.4		—		46.4		—



			Fair Value Measurements as of
			December 31, 2014
	Fair Value as of December 31, 2014		Using Fair Value Hierarchy
	Fair Value as of December 31, 2014		Level 1		Level 2		Level 3
Noncontrolling interest put	$	17.7	$	—	$	17.7	$	—
Interest rate swap	18.5		—		18.5		—
Cash surrender value of life insurance policies	41.9		—		41.9		—
Deferred compensation liability	43.4		—		43.4		—

The noncontrolling interest put is valued at its contractually determined value, which approximate fair value. During the year ended December 31, 2015, the carrying value of the noncontrolling interest put decreased by $2.8 consisting of a $2.0 decrease in the contractually determined value and a $0.8 decrease for foreign currency translation.

The Company offers certain employees the opportunity to participate in a DCP. A participant's deferrals are allocated by the participant to one or more of 16 measurement funds, which are indexed to externally managed funds. From time to time, to offset the cost of the growth in the participant's investment accounts, the Company purchases life insurance policies, with the Company named as beneficiary of the policies. Changes in the cash surrender value of the life insurance policies are based upon earnings and changes in the value of the underlying investments, which are typically invested in a similar manner to the participants' allocations. Changes in the fair value of the DCP obligation are derived using quoted prices in active markets based on the market price per unit multiplied by the number of units. The cash surrender value and the DCP obligations are classified within Level 2 because their inputs are derived principally from observable market data by correlation to the hypothetical investments.

The carrying amounts of cash and cash equivalents, accounts receivable, income taxes receivable, and accounts payable are considered to be representative of their respective fair values due to their short-term nature. The fair market value of the zero-coupon subordinated notes, based on market pricing, was approximately $177.1 and $155.6 as of December 31, 2015 and 2014, respectively. The fair market value of the senior notes, based on market pricing, was approximately $6,070.5 and $2,949.8 as of December 31, 2015 and 2014, respectively. The Company's note and debt instruments are considered level 2 instruments, as the fair market values of these instruments are determined using other observable inputs. The Company's investment in equity securities of $0.0 and $1.0 as of December 31, 2015 and 2014, respectively, is considered a Level 1 instrument, as the fair market value of this instrument is determined using observable inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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