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Fair Value (Tables)
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present financial assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheets (unaudited) on a recurring basis and their level within the fair value hierarchy as of March 31, 2021 and December 31, 2020:
Recurring Fair Value Measurements
March 31, 2021
(in millions)
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Balance as of
March 31, 2021
Assets
Risk management assets$— $4.2 $— $4.2 
Available-for-sale debt securities— 167.9 — 167.9 
Total$ $172.1 $ $172.1 
Liabilities
Risk management liabilities$— $101.0 $— $101.0 
Total$ $101.0 $ $101.0 
Recurring Fair Value Measurements
December 31, 2020
(in millions)
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Balance as of
December 31, 2020
Assets
Risk management assets$— $13.2 $— $13.2 
Available-for-sale debt securities— 170.9 — 170.9 
Total$ $184.1 $ $184.1 
Liabilities
Risk management liabilities$— $222.8 $— $222.8 
Total$ $222.8 $ $222.8 
Schedule of Available-For-Sale Securities
The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of available-for-sale securities at March 31, 2021 and December 31, 2020 were: 
March 31, 2021 (in millions)
Amortized
Cost
Gross Unrealized Gains
Gross Unrealized Losses(1)
Allowance for Credit LossesFair
Value
Available-for-sale debt securities
U.S. Treasury debt securities$37.1 $0.2 $(0.3)$— $37.0 
Corporate/Other debt securities126.7 5.3 (0.8)(0.3)130.9 
Total$163.8 $5.5 $(1.1)$(0.3)$167.9 
December 31, 2020 (in millions)
Amortized
Cost
Gross Unrealized Gains
Gross Unrealized Losses(2)
Allowance for Credit LossesFair
Value
Available-for-sale debt securities
U.S. Treasury debt securities$33.7 $0.3 $— $— $34.0 
Corporate/Other debt securities130.2 7.7 (0.5)(0.5)136.9 
Total$163.9 $8.0 $(0.5)$(0.5)$170.9 
(1)Fair value of U.S. Treasury debt securities and Corporate/Other debt securities in an unrealized loss position without an allowance for credit losses is $22.1 and $25.7 million, respectively, at March 31, 2021.
(2)Fair value of U.S. Treasury debt securities and Corporate/Other debt securities in an unrealized loss position without an allowance for credit losses is $0 million and $13.2 million, respectively, at December 31, 2020.
Carrying Amount And Estimated Fair Values Of Financial Instruments
The carrying amount and estimated fair values of these financial instruments were as follows: 
(in millions)
Carrying
Amount as of
March 31, 2021
Estimated Fair
Value as of
March 31, 2021
Carrying
Amount as of
Dec. 31, 2020
Estimated Fair
Value as of
Dec. 31, 2020
Long-term debt (including current portion)$9,246.7 $10,178.0 $9,243.1 $11,034.2