Fair Value
9 Months Ended
Sep. 30, 2011
Fair value of financial instruments [Abstract] 
Fair value of financial instruments

Note 9 – Fair value of financial instruments

 

Investments in Available-for-sale Securities

We have available-for-sale securities that are carried at fair value in the financial statements. For these investments, fair value was estimated based on quoted prices categorized as a Level 1 valuation, except for non-U.S. debt securities. These securities were valued at December 31, 2010, using a discounted cash flow methodology using yields and discount rates based on management's best estimate of rates that would approximate those that a market participant would use. Due to the high level of judgment involved in this valuation, we have categorized these investments as Level 3 (valuation levels are defined in our 2010 Form 10-K).

        September 30,  December 31, 
 (In millions)    2011  2010 
             
 Cost        
  Mutual funds $  16.7   16.9 
  Non-U.S. debt securities    -   3.6 
  Equity securities    -   3.7 
   Total   $  16.7   24.2 
             
 Gross Unrealized Gains        
  Mutual funds $  2.9   3.4 
  Non-U.S. debt securities    -   - 
  Equity securities    -   2.2 
   Total   $  2.9   5.6 
             
 Gross Unrealized Losses        
  Mutual funds $  -   - 
  Non-U.S. debt securities    -   (0.2) 
  Equity securities    -   - 
   Total   $  -   (0.2) 
             
 Fair Value        
  Mutual funds $  19.6   20.3 
  Non-U.S. debt securities    -   3.4 
  Equity securities    -   5.9 
   Total   $  19.6   29.6 

Fixed-Rate Debt

 

     September 30, December 31,  
 (In millions)  2011 2010  
          
 DTA bonds       
  Carrying value $ 43.2  43.2  
  Fair value   43.0  42.9  

Other Financial Instruments

Other financial instruments include cash and cash equivalents, short-term fixed rate deposits, accounts receivable, floating rate debt, accounts payable and accrued liabilities. The financial statement carrying amounts of these items approximate the fair value due to their short-term nature.