Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Net Assets (Liabilities) Measured on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions):

	Level 2
	December 31, 2019			December 31, 2018
Interest rate swaps (1)	$	(12.4	)	$	—
Commodity swaps (2)	$	8.4		$	8.5

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(1) The fair values of the interest rate swaps are estimated based on the difference between expected cash flows calculated at the contracted interest rates and the expected cash flows using observable benchmarks for the variable interest rates.

(2)

The fair values of commodity swaps represent the amount at which the instruments could be exchanged in a current arms-length transaction adjusted for our credit risk and/or the counterparty credit risk as required under ASC 820.

Schedule of the Estimated Fair Value of Financial Instruments

Considerable judgment is required to develop the estimates of fair value; thus, the estimates provided below are not necessarily indicative of the amount we could realize upon the sale or refinancing of such financial instruments (in millions):

	December 31, 2019				December 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt (1)	$	4,764.3	$	4,444.2	$	4,430.8	$	4,065.0
Obligations under financing lease	$	—	$	—	$	2.5	$	2.2
Secured term loan receivable (2)	$	—	$	—	$	51.1	$	51.1

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(1) The carrying value of long-term debt as of December 31, 2018 includes current maturities. The carrying value of the long-term debt is reduced by debt issuance costs of $29.8 million and $24.5 million at December 31, 2019 and 2018, respectively. The respective fair values do not factor in debt issuance costs.

(2) In late May 2019, White Star, the counterparty to our $58.0 million second lien secured term loan receivable, filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code and was not able to repay the outstanding amounts owed to us under the second lien secured term loan. For additional information regarding this transaction, refer to “Note 2—Significant Accounting Policies.”