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Fair Value Measurements, Equity Investments and Other Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value Hierarchy of Financial Instruments | The fair value, measured on a recurring basis, of our financial instruments, using the fair value hierarchy under U.S. GAAP, are included in the table below.
|  | March 31, 2021
(In millions) |  | Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Cash equivalents |  | $ | 140.3 |  |  | $ | 140.3 |  |  | $ | — |  |  | $ | — |
Derivative financial and hedging instruments net asset (liability): |  |  |  |  |  |  |  |
Foreign currency forward and option contracts |  | $ | (3.2) |  |  | $ | — |  |  | $ | (3.2) |  |  | $ | — |
|  | December 31, 2020
(In millions) |  | Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Cash equivalents |  | $ | 235.1 |  |  | $ | 235.1 |  |  | $ | — |  |  | $ | — |
Derivative financial and hedging instruments net asset (liability): |  |  |  |  |  |  |  |
Foreign currency forward and option contracts |  | $ | 0.3 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | — |
Carrying Value of Investments Without Readily Determinable Fair Values | The following carrying value of these investments were included within Other non-current assets in our Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020:
(In millions) |  | March 31, 2021 |  | December 31, 2020
Carrying value at the beginning of period |  | $ | 25.4 |  |  | $ | 7.5 |
Purchases |  | 5.7 |  |  | 2.6 |
Impairments or downward adjustments |  | — |  |  | — |
Upward adjustments(1) |  | — |  |  | 15.1 |
Currency translation on investments |  | (0.4) |  |  | 0.2 |
Carrying value at the end of period |  | $ | 30.7 |  |  | $ | 25.4 |
(1)The upward fair value adjustment in the year ended December 31, 2020 was recorded during the fourth quarter, based on the valuation of additional equity issued by the investee which was deemed to be an observable transaction of a similar investment under ASC 321.
Carrying Amounts and Estimated Fair Values of Debt | The table below shows the carrying amounts and estimated fair values of our debt, excluding our lease liabilities.
|  |  |  | March 31, 2021 |  | December 31, 2020
(In millions) |  | Interest rate |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Term Loan A Facility due August 2022 |  |  |  | $ | 474.7 |  |  | $ | 474.7 |  |  | $ | 474.7 |  |  | $ | 474.7 |
Term Loan A Facility due July 2023(1) |  |  |  | 217.6 |  |  | 217.6 |  |  | 220.0 |  |  | 220.0 |
Senior Notes due December 2022 |  | 4.875 | % |  | 423.5 |  |  | 444.3 |  |  | 423.3 |  |  | 446.0 |
Senior Notes due April 2023 |  | 5.250 | % |  | 423.1 |  |  | 449.5 |  |  | 422.9 |  |  | 450.8 |
Senior Notes due September 2023(1) |  | 4.500 | % |  | 467.1 |  |  | 508.2 |  |  | 490.2 |  |  | 537.5 |
Senior Notes due December 2024 |  | 5.125 | % |  | 422.3 |  |  | 461.2 |  |  | 422.1 |  |  | 466.8 |
Senior Notes due September 2025 |  | 5.500 | % |  | 397.9 |  |  | 437.0 |  |  | 397.8 |  |  | 446.7 |
Senior Notes due December 2027 |  | 4.000 | % |  | 421.0 |  |  | 434.9 |  |  | 420.9 |  |  | 453.6 |
Senior Notes due July 2033 |  | 6.875 | % |  | 446.1 |  |  | 553.3 |  |  | 446.0 |  |  | 594.4 |
Other borrowings(1) |  |  |  | 11.4 |  |  | 11.5 |  |  | 8.8 |  |  | 9.1 |
Total debt(2) |  |  |  | $ | 3,704.7 |  |  | $ | 3,992.2 |  |  | $ | 3,726.7 |  |  | $ | 4,099.6 |
(1)Includes borrowings denominated in currencies other than U.S. dollars. (2)The carrying amount and estimated fair value of debt exclude lease liabilities.

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