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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

The carrying amounts and estimated fair values of the Company's long-term debt at March 31, 2020 and December 31, 2019 were as follows:


	March 31, 2020						December 31, 2019			Fair Value Level Hierarchy
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
	(in millions)
Fixed-rate senior term loans	$	287.8	$	269.4	$	296.1	$	296.4	Level 3

Fixed-rate term loans	927.4		916.9		778.2		823.6		Level 3
2015-1 EETC Class A	348.6		313.8		348.6		372.2		Level 2
2015-1 EETC Class B	72.0		62.6		72.0		74.5		Level 2
2015-1 EETC Class C	98.1		83.6		98.1		100.5		Level 2
2017-1 EETC Class AA	221.4		201.5		228.4		237.0		Level 2
2017-1 EETC Class A	73.8		64.6		76.1		78.8		Level 2
2017-1 EETC Class B	65.6		52.5		70.6		72.0		Level 2
2017-1 EETC Class C	85.3		72.2		85.5		88.0		Level 2
Revolving credit facilities	160.0		160.0		160.0		160.0		Level 3
Total long-term debt	$	2,340.0	$	2,197.1	$	2,213.6	$	2,303.0

Assets and liabilities measured at gross fair value on a recurring basis are summarized below:


	Fair Value Measurements as of March 31,2020
	Total		Level 1		Level 2		Level 3
	(in millions)
Cash and cash equivalents	$	788.2	$	788.2	$	—	$	—


Short-term investment securities	106.2		106.2		—		—
Assets held for sale	2.3		—		—		2.3
Total assets	$	896.7	$	894.4	$	—	$	2.3




Total liabilities	$	—	$	—	$	—	$	—


	Fair Value Measurements as of December 31, 2019
	Total		Level 1		Level 2		Level 3
	(in millions)
Cash and cash equivalents	$	979.0	$	979.0	$	—	$	—


Short-term investment securities	105.3		105.3		—		—
Assets held for sale	2.3						2.3
Total assets	$	1,086.6	$	1,084.3	$	—	$	2.3




Total liabilities	$	—	$	—	$	—	$	—


	Assets Held for Sale Activity for the Three Months Ended March 31, 2020
	(in millions)
Balance at December 31, 2019	$	2.3
Purchases	—
Sales	—

Total realized or unrealized gains (losses) included in earnings, net	$	—
Balance at March 31, 2020	$	2.3