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]  
Fair Value, by Balance Sheet Grouping
The following represents the assets and liabilities measured at fair value:
 
(In Millions)
 
March 31, 2019
 
Quoted Prices in Active
Markets for Identical Assets/Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
—

 
$
357.6

 
$
—

 
$
357.6

Derivative assets
—

 
0.7

 
106.7

 
107.4

Total
$
—

 
$
358.3

 
$
106.7

 
$
465.0

Liabilities:
 
 
 
 
 
 
 
Derivative liabilities
$
—

 
$
0.7

 
$
9.8

 
$
10.5

Total
$
—

 
$
0.7

 
$
9.8

 
$
10.5

 
(In Millions)
 
December 31, 2018
 
Quoted Prices in Active
Markets for Identical Assets/Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
0.8

 
$
542.6

 
$
—

 
$
543.4

Derivative assets
—

 
0.1

 
91.4

 
91.5

Total
$
0.8

 
$
542.7

 
$
91.4

 
$
634.9

Liabilities:
 
 
 
 
 
 
 
Derivative liabilities
$
—

 
$
3.7

 
$
—

 
$
3.7

Total
$
—

 
$
3.7

 
$
—

 
$
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):
 
(In Millions)
 
Level 3 Assets
 
Three Months Ended
March 31,
 
2019
 
2018
Beginning balance
$
91.4

 
$
49.5

Total gains included in earnings
15.3

 
44.3

Settlements
—

 
(0.2
)
Ending balance - March 31
$
106.7

 
$
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

 
$
44.5

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

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

 
2.2

Ending balance - March 31
$
(9.8
)
 
$
—

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
)
 
$
—

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:
 
 
 
(In Millions)
 
 
 
March 31, 2019
 
December 31, 2018
 
Classification
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Long-term debt:
 
 
 
 
 
 
 
 
 
Secured Notes
 
 
 
 
 
 
 
 
 
$400 Million 4.875% 2024 Senior Notes
Level 1
 
$
392.4

 
$
398.0

 
$
392.1

 
$
370.2

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

 
115.7

 
123.8

 
122.3

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

 
432.5

 
235.2

 
352.4

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

 
1,035.5

 
1,048.8

 
962.0

$800 Million 6.25% 2040 Senior Notes
Level 1
 
292.9

 
255.0

 
292.8

 
232.8

ABL Facility
Level 2
 
—

 
—

 
—

 
—

Fair value adjustment to interest rate hedge
Level 2
 
0.2

 
0.2

 
0.2

 
0.2

Total long-term debt
 
 
$
2,087.0

 
$
2,236.9

 
$
2,092.9

 
$
2,039.9