The estimated fair value of financial instruments at September 30, 2022 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting Date Using | (In millions) | Total Carrying Amount | | Total Estimated Fair Value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Observable Inputs (Level 2) | Cash and cash equivalents | $ | 329.1 | | | $ | 329.1 | | | $ | 329.1 | | | $ | — | | Derivative financial instruments: | | | | | | | | Assets | 18.6 | | | 18.6 | | | — | | | 18.6 | | Liabilities | 3.8 | | | 3.8 | | | — | | | 3.8 | | Debt (a) | 1,747.3 | | | 1,839.6 | | | 1,558.7 | | | 280.9 | |
The estimated fair value of financial instruments at December 31, 2021 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting Date Using | (In millions) | Total Carrying Amount | | Total Estimated Fair Value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Observable Inputs (Level 2) | Cash and cash equivalents | $ | 687.7 | | | $ | 687.7 | | | $ | 687.7 | | | $ | — | | Derivative financial instruments: | | | | | | | | Assets | 7.6 | | | 7.6 | | | — | | | 7.6 | | Liabilities | 2.7 | | | 2.7 | | | — | | | 2.7 | | Debt (a) | 1,863.7 | | | 2,003.2 | | | 1,690.1 | | | 313.1 | |
(a)The total carrying amount for debt for both periods excludes debt issuance costs related to the recognized debt liability which is presented in the consolidated balance sheet as a direct reduction from the carrying amount of the debt liability.
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