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Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.19.1
FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract] Ìý
Fair Value, by Balance Sheet Grouping
The following represents the assets and liabilities measured at fair value:
Ìý
(In Millions)
Ìý
MarchÌý31, 2019
Ìý
Quoted Prices in Active
Markets for Identical Assets/Liabilities
(Level 1)
Ìý
Significant Other Observable Inputs
(Level 2)
Ìý
Significant Unobservable Inputs
(Level 3)
Ìý
Total
Assets:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Cash equivalents
$
—

Ìý
$
357.6

Ìý
$
—

Ìý
$
357.6

Derivative assets
—

Ìý
0.7

Ìý
106.7

Ìý
107.4

Total
$
—

Ìý
$
358.3

Ìý
$
106.7

Ìý
$
465.0

Liabilities:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Derivative liabilities
$
—

Ìý
$
0.7

Ìý
$
9.8

Ìý
$
10.5

Total
$
—

Ìý
$
0.7

Ìý
$
9.8

Ìý
$
10.5

Ìý
(In Millions)
Ìý
DecemberÌý31, 2018
Ìý
Quoted Prices in Active
Markets for Identical Assets/Liabilities
(Level 1)
Ìý
Significant Other Observable Inputs
(Level 2)
Ìý
Significant Unobservable Inputs
(Level 3)
Ìý
Total
Assets:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Cash equivalents
$
0.8

Ìý
$
542.6

Ìý
$
—

Ìý
$
543.4

Derivative assets
—

Ìý
0.1

Ìý
91.4

Ìý
91.5

Total
$
0.8

Ìý
$
542.7

Ìý
$
91.4

Ìý
$
634.9

Liabilities:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Derivative liabilities
$
—

Ìý
$
3.7

Ìý
$
—

Ìý
$
3.7

Total
$
—

Ìý
$
3.7

Ìý
$
—

Ìý
$
3.7

Fair Value, Recurring and Nonrecurring, Valuation Techniques
The provisional pricing arrangements included in our Level 3 assets/liabilities specify provisional price calculations, where the pricing mechanisms generally are based on market pricing, with the final revenue rate to be based on market inputs at a specified point in time in the future, per the terms of the supply agreements.
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation
The following tables represent a reconciliation of the changes in fair value of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Ìý
(In Millions)
Ìý
Level 3 Assets
Ìý
Three Months Ended
March 31,
Ìý
2019
Ìý
2018
Beginning balance
$
91.4

Ìý
$
49.5

Total gains included in earnings
15.3

Ìý
44.3

Settlements
—

Ìý
(0.2
)
Ending balance - March 31
$
106.7

Ìý
$
93.6

Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
$
15.3

Ìý
$
44.5

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Ìý
(In Millions)
Ìý
Level 3 Liabilities
Ìý
Three Months Ended
March 31,
Ìý
2019
Ìý
2018
Beginning balance
$
—

Ìý
$
(1.7
)
Total losses included in earnings
(9.8
)
Ìý
(0.5
)
Settlements
—

Ìý
2.2

Ending balance - March 31
$
(9.8
)
Ìý
$
—

Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$
(9.8
)
Ìý
$
—

Schedule Of Carrying Value And Fair Value Of Financial Instruments
A summary of the carrying value and fair value of other financial instruments were as follows:
Ìý
Ìý
Ìý
(In Millions)
Ìý
Ìý
Ìý
MarchÌý31, 2019
Ìý
DecemberÌý31, 2018
Ìý
Classification
Ìý
Carrying
Value
Ìý
Fair Value
Ìý
Carrying
Value
Ìý
Fair Value
Long-term debt:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Secured Notes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$400 Million 4.875% 2024 Senior Notes
Level 1
Ìý
$
392.4

Ìý
$
398.0

Ìý
$
392.1

Ìý
$
370.2

Unsecured Notes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$700 Million 4.875% 2021 Senior Notes
Level 1
Ìý
113.8

Ìý
115.7

Ìý
123.8

Ìý
122.3

$316.25 Million 1.50% 2025 Convertible Senior Notes
Level 1
Ìý
238.0

Ìý
432.5

Ìý
235.2

Ìý
352.4

$1.075 Billion 5.75% 2025 Senior Notes
Level 1
Ìý
1,049.7

Ìý
1,035.5

Ìý
1,048.8

Ìý
962.0

$800 Million 6.25% 2040 Senior Notes
Level 1
Ìý
292.9

Ìý
255.0

Ìý
292.8

Ìý
232.8

ABL Facility
Level 2
Ìý
—

Ìý
—

Ìý
—

Ìý
—

Fair value adjustment to interest rate hedge
Level 2
Ìý
0.2

Ìý
0.2

Ìý
0.2

Ìý
0.2

Total long-term debt
Ìý
Ìý
$
2,087.0

Ìý
$
2,236.9

Ìý
$
2,092.9

Ìý
$
2,039.9