|
|
|
2017 |
|
2016 |
|
||||||||
|
Asset (liability) |
|
Carrying |
|
Fair |
|
Carrying |
|
Fair |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Long-term debt1,2 |
|
$ |
(5,346.7 |
) |
$ |
(5,658.0 |
) |
$ |
(5,669.9 |
) |
$ |
(5,835.5 |
) |
|
Derivative financial instruments3 |
|
|
|
|
|
|
|
|
|
||||
|
Early settlement options |
|
— |
|
— |
|
0.4 |
|
0.4 |
|
||||
|
Foreign exchange forward contracts4 |
|
(4.5 |
) |
(4.5 |
) |
2.5 |
|
2.5 |
|
||||
|
Interest rate swaps |
|
— |
|
— |
|
(0.3 |
) |
(0.3 |
) |
||||
|
Cross-currency interest rate swaps4 |
|
562.2 |
|
562.2 |
|
806.5 |
|
806.5 |
|
||||
|
1 |
The carrying value of long-term debt excludes adjustments to record changes in the fair value of long-term debt related to hedged interest risk, embedded derivatives and financing fees. |
|
2 |
The fair value of the long-term debt does not include the fair value of early settlement options, which is presented separately in the table. |
|
3 |
The fair value of derivative financial instruments designated as hedges is an asset position of $557.7 million as of December 31, 2017 ($808.7 million as of December 31, 2016). |
|
4 |
The value of foreign exchange forward contracts entered into to lock in the value of existing hedging positions is netted from the value of the offset financial instruments. |