Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Financial Assets and Liabilities Accounted at Fair Value

The following table summarizes fair value measurements by level for cash equivalents and registered investment companies that were measured at fair value on a recurring basis:



	Quoted Prices in Active Markets for Identical Assets (Level 1)
March 31, 2018
Registered investment companies ⁽¹⁾	$	3.8
December 31, 2017
Registered investment companies ⁽¹⁾	$	3.8

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⁽¹⁾	Registered investment companies are classified as available-for-sale securities and are valued using quoted prices in active markets multiplied by the number of shares owned.

Summary of Carrying Value and Estimated Fair Value of Long-Term Debt

The following table summarizes the carrying value and estimated fair value of these financial instruments as of March 31, 2018 and December 31, 2017, respectively:



		2018				2017
	Fair Value Hierarchy	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial instruments not carried at fair value:
Subordinated promissory note receivable	Level 2	$	95.8	$	84.8	$	95.3	$	83.3
Total debt excluding capitalized leases and credit facility	Level 2	$	2,281.4	$	2,386.9	$	2,280.6	$	2,439.8

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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