Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Our financial assets and liabilities that are measured at fair value on a recurring basis are as follows (in millions):



			Fair Value Measurements at Reporting Date Using
As of December 31, 2019	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Valuation Technique ⁽¹⁾
Other long-term assets:
Equity securities	$	63.5	$	—	$	63.5	$	—	M
Debt securities	12.6		12.6		—		—		M
Redeemable noncontrolling interests	239.6		—		—		239.6		I
As of December 31, 2018
Other long-term assets:
Equity securities	$	55.6	$	—	$	55.6	$	—	M
Debt securities	6.4		6.4		—		—		M
Redeemable noncontrolling interests	261.7		—		—		261.7		I

⁽¹⁾

The three valuation techniques are: market approach (M), cost approach (C), and income approach (I).

The carrying amounts and estimated fair values for our other financial instruments are presented in the following table (in millions):



	As of December 31, 2019				As of December 31, 2018
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt:
Advances under revolving credit facility	$	45.0	$	45.0	$	30.0	$	30.0
Term loan facilities	265.2		266.6		280.1		281.3
5.125% Senior Notes due 2023	297.3		306.6		296.6		298.5
5.75% Senior Notes due 2024	697.3		708.8		1,194.7		1,200.0
5.75% Senior Notes due 2025	345.6		369.7		345.0		339.5
4.50% Senior Notes due 2028	491.7		519.4		—		—
4.75% Senior Notes due 2030	491.7		520.0		—		—
Other notes payable	44.7		44.7		104.2		104.2
Financial commitments:
Letters of credit	—		38.9		—		37.4