Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

12. Fair Value Measurements

Carrying amounts and the related estimated fair values of our financial instruments as of December 31, 2019 and 2018 are as follows:

	December 31, 2019				December 31, 2018
	Fair Value		Carrying Value		Fair Value		Carrying Value
(Dollars in millions)
Financial assets:
Cash and cash equivalents, including restricted cash	$	33.0	$	33.0	$	40.6	$	40.6
Investments and other assets(a)		1.2		1.2		1.2		1.2
Financial liabilities:
Long-term debt (including current portion)	$	896.2	$	911.9	$	945.3	$	1,002.6

(a)  Excludes equity method investments.  

Cash and cash equivalents – The carrying value approximates fair value because of the short maturity of those instruments.

Investments and other assets – Represents the broker-quoted cash surrender value on universal life insurance policies. This asset is classified as Level 2 in the valuation hierarchy and is measured from values received from financial institutions.

Debt – The fair value of our long-term debt is estimated based on the market prices for the same or similar issuances or on the current rates offered to us for debt of the same remaining maturities (Level 2). The fair value of our Credit Facility approximates carrying value due to the variable rate nature of this instrument.