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Fair Value Measurements
 9 Months Ended
Sep. 30, 2015
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Fair Value Measurements
 
The following fair value hierarchy table categorizes information regarding our net financial assets measured at fair value on a recurring basis (in millions):
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
As of September 30, 2015
 
 
 

 
 

 
 

Supplemental executive retirement plan assets 
$
42.8

 
$
—

 
$
—

 
$
42.8

Total financial assets
42.8

 
—

 
—

 
42.8

Derivatives, net 
—

 
(32.7
)
 
—

 
(32.7
)
Total financial liabilities
$
—

 
$
(32.7
)
 
$
—

 
$
(32.7
)
 
 
 
 
 
 
 
 
As of December 31, 2014
 
 
 

 
 

 
 

Supplemental executive retirement plan assets
$
43.2

 
$
—

 
$
—

 
$
43.2

Total financial assets
43.2

 
—

 
—

 
43.2

Derivatives, net 
—

 
(26.3
)
 
—

 
(26.3
)
Total financial liabilities
$
—

 
$
(26.3
)
 
$
—

 
$
(26.3
)


Supplemental Executive Retirement Plan Assets
 
Our supplemental executive retirement plans (the "SERP") are non-qualified plans that provide eligible employees an opportunity to defer a portion of their compensation for use after retirement. Assets held in the SERP were marketable securities measured at fair value on a recurring basis using Level 1 inputs and were included in other assets, net, on our condensed consolidated balance sheets. The fair value measurement of assets held in the SERP was based on quoted market prices.
 
Derivatives
 
Our derivatives were measured at fair value on a recurring basis using Level 2 inputs. See "Note 3 - Derivative Instruments" for additional information on our derivatives, including a description of our foreign currency hedging activities and related methodologies used to manage foreign currency exchange rate risk. The fair value measurement of our derivatives was based on market prices that are generally observable for similar assets or liabilities at commonly-quoted intervals.
 
Other Financial Instruments
 
The carrying values and estimated fair values of our long-term debt instruments were as follows (in millions):
 
September 30,
2015
 
December 31,
2014
 
Carrying Value  
 
Estimated Fair Value  
 
Carrying Value  
 
Estimated Fair Value  
4.70% Senior notes due 2021
$
1,482.0

 
$
1,254.7

 
$
1,479.9

 
$
1,505.3

5.75% Senior notes due 2044
1,004.0

 
706.9

 
622.3

 
615.8

6.875% Senior notes due 2020
995.4

 
886.5

 
1,008.2

 
1,008.5

5.20% Senior notes due 2025
697.5

 
572.3

 
—

 
—

4.50% Senior notes due 2024
624.2

 
487.5

 
624.2

 
602.0

8.50% Senior notes due 2019
570.8

 
517.5

 
583.8

 
611.8

7.875% Senior notes due 2040
380.2

 
253.0

 
381.2

 
363.8

7.20% Debentures due 2027
149.2

 
136.7

 
149.2

 
171.4

4.33% MARAD bonds, including current maturities, due 2016
—

 
—

 
46.6

 
46.8

4.65% MARAD bonds, including current maturities, due 2020
—

 
—

 
27.0

 
29.7

3.25% Senior notes due 2016
—

 
—

 
998.0

 
1,018.3

Total
$
5,903.3

 
$
4,815.1

 
$
5,920.4

 
$
5,973.4



The estimated fair values of our senior notes and debentures were determined using quoted market prices. The estimated fair values of our Maritime Administration ("MARAD") bonds were determined using an income approach valuation model.

The estimated fair values of our cash and cash equivalents, short-term investments, receivables, trade payables and other financial liabilities approximated their carrying values as of September 30, 2015 and December 31, 2014.