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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

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

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 March 31, 2021			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			$	73.1					$	—					$	73.1					$	—					M
Redeemable noncontrolling interests			31.7						—						—						31.7						I
As of December 31, 2020
Other long-term assets:
Equity securities			$	72.6					$	—					$	72.6					$	—					M
Redeemable noncontrolling interests			31.6						—						—						31.6						I

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

Schedule of Carrying Amounts and Estimated Fair Values, Financial Instruments

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

			As of March 31, 2021												As of December 31, 2020
			Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
Long-term debt:
Term loan facilities			$	248.3					$	249.8					$	251.6					$	253.1
5.125% Senior Notes due 2023			298.3						300.8						298.1						302.6
5.75% Senior Notes due 2025			346.5						361.6						346.3						361.4
4.50% Senior Notes due 2028			785.5						820.2						785.0						840.0
4.75% Senior Notes due 2030			783.5						824.0						783.2						856.0
4.625% Senior Notes due 2031			393.3						415.0						393.2						424.9
Other notes payable			39.7						39.7						39.8						39.8
Financial commitments:
Letters of credit			—						37.7						—						36.7

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- References

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- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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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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