Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

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, 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	$	81.2	$	4.0	$	77.2	$	—	M

Redeemable noncontrolling interests	32.5		—		—		32.5		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).

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, 2021				As of December 31, 2020
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt:
Advances under revolving credit facility	$	90.0	$	90.0	$	—	$	—
Term loan facilities	241.8		243.0		251.6		253.1
5.125% Senior Notes due 2023	99.6		100.3		298.1		302.6
5.75% Senior Notes due 2025	346.8		358.8		346.3		361.4
4.50% Senior Notes due 2028	786.4		830.3		785.0		840.0
4.75% Senior Notes due 2030	784.3		842.3		783.2		856.0
4.625% Senior Notes due 2031	393.6		421.0		393.2		424.9
Other notes payable	49.7		49.7		39.8		39.8
Financial commitments:
Letters of credit	—		38.2		—		36.7