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Fair Value (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present financial assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheets (unaudited) on a recurring basis and their level within the fair value hierarchy as of September 30, 2020 and December 31, 2019:

Recurring Fair Value Measurements September 30, 2020 (in millions)			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Balance as of September 30, 2020
Assets
Risk management assets			$	—					$	20.4					$	—					$	20.4
Available-for-sale debt securities			—						161.8						—						161.8
Total			$	—					$	182.2					$	—					$	182.2
Liabilities
Risk management liabilities			$	—					$	266.4					$	—					$	266.4
Total			$	—					$	266.4					$	—					$	266.4

Recurring Fair Value Measurements December 31, 2019 (in millions)			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Balance as of December 31, 2019
Assets
Risk management assets			$	—					$	4.4					$	—					$	4.4
Available-for-sale debt securities			—						154.2						—						154.2
Total			$	—					$	158.6					$	—					$	158.6
Liabilities
Risk management liabilities			$	—					$	146.6					$	—					$	146.6
Total			$	—					$	146.6					$	—					$	146.6

Schedule of Available-For-Sale Securities

The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of available-for-sale securities at September 30, 2020 and December 31, 2019 were: 

September 30, 2020 (in millions)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses(1)						Allowance for Credit Losses						Fair Value
Available-for-sale debt securities
U.S. Treasury debt securities			$	31.5					$	0.4					$	—					$	—					$	31.9
Corporate/Other debt securities			124.6						7.0						(1.0)						(0.7)						129.9
Total			$	156.1					$	7.4					$	(1.0)					$	(0.7)					$	161.8
December 31, 2019 (in millions)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses(2)						Allowance for Credit Losses						Fair Value
Available-for-sale debt securities
U.S. Treasury debt securities			$	31.4					$	0.1					$	(0.1)					$	—					$	31.4
Corporate/Other debt securities			118.7						4.2						(0.1)						—						122.8
Total			$	150.1					$	4.3					$	(0.2)					$	—					$	154.2

(1)Fair value of U.S. Treasury debt securities and Corporate/Other debt securities in an unrealized loss position without an allowance for credit losses is $0 and $20.4 million, respectively, at September 30, 2020.

(2)Fair value of U.S. Treasury debt securities and Corporate/Other debt securities in an unrealized loss position without an allowance for credit losses is $17.2 million and $12.2 million, respectively, at December 31, 2019.

Carrying Amount And Estimated Fair Values Of Financial Instruments

The carrying amount and estimated fair values of these financial instruments were as follows: 

(in millions)			Carrying Amount as of September 30, 2020						Estimated Fair Value as of September 30, 2020						Carrying Amount as of Dec. 31, 2019						Estimated Fair Value as of Dec. 31, 2019
Long-term debt (including current portion)			$	9,230.3					$	10,723.5					$	7,869.6					$	8,764.4

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- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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