Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

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 September 30, 2020	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	$	70.9	$	—	$	70.9	$	—	M
Debt securities	3.0		3.0		—		—		M
Redeemable noncontrolling interests	34.0		—		—		34.0		I
As of December 31, 2019
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

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

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


	As of September 30, 2020				As of December 31, 2019
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt:
Advances under revolving credit facility	$	—	$	—	$	45.0	$	45.0
Term loan facilities	254.8		256.5		265.2		266.6
5.125% Senior Notes due 2023	297.9		302.6		297.3		306.6
5.75% Senior Notes due 2024	697.7		701.5		697.3		708.8
5.75% Senior Notes due 2025	346.1		361.4		345.6		369.7
4.50% Senior Notes due 2028	784.6		804.0		491.7		519.4
4.75% Senior Notes due 2030	782.8		814.0		491.7		520.0
Other notes payable	40.2		40.2		44.7		44.7
Financial commitments:
Letters of credit	—		36.4		—		38.9