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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2018
Fair Value Measurements  
Summary of financial assets and liabilities measured at fair value on a recurring basis

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2018.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

    

Level 2

 

Level 3

    

Total

Financial Assets

 

(in millions)

Interest rate swaps (1)

 

$

 —

 

$
4.1

 

$

 —

 

$
4.1

Total

 

$

 —

 

$
4.1

 

$

 —

 

$
4.1

Financial Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps (1)

 

$

 —

 

$

4.9

 

$

 —

 

$

4.9

Long-term debt (2)

 

 

 —

 

 

2,144.1

 

 

 —

 

 

2,144.1

Total

 

$

 —

 

$

2,149.0

 

$

 —

 

$

2,149.0

(1)

Measured as the present value of all expected future cash flows based on the LIBOR-based swap yield curves as of June 30, 2018. The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparties.

(2)

Measured based on dealer quotes considering current market rates for the Company’s credit facility. The ratio of the Company’s aggregate debt balance has trended from quoted market prices in active markets to quoted prices in non-active markets. Debt fair value does not include debt issuance costs and discount.