Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Unrealized gains recognized on equity securities

The following is the portion of unrealized gains recognized during the years ended December 31, 2020 and 2019, related to equity securities still held at December 31:


	2020		2019
Net gains recognized during the period on equity securities	$	131.5	$	25.7
Less: Net gains recognized during the period on equity securities sold during the period	63.4		—
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date	$	68.1	$	25.7

Summary Of Carrying Values And Fair Values Of Fixed Rate Debt

A summary of the aggregate carrying values and fair values of our fixed rate long-term debt at December 31 is as follows:


	2020		2019
Carrying value	$	2,101.8	$	1,934.1
Fair value	$	2,341.1	$	2,001.8

Nonfinancial Assets Measured and Recorded At Fair Value On A Nonrecurring Basis

The following table presents assets measured and recorded at fair value on a nonrecurring basis during the years ended December 31, 2020 and 2019:


	2020				2019
Description	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)		Gain/(Loss)		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)		Gain/(Loss)
Goodwill	$	457.5	$	(318.3)	$	—	$	—
Franchise rights and other	$	26.2	$	(59.9)	$	8.9	$	(9.9)
Equity investment	$	—	$	—	$	75.7	$	25.7
Right-of-use assets	$	5.0	$	(3.1)	$	0.1	$	(0.2)
Long-lived assets held and used	$	1.8	$	(9.2)	$	—	$	(0.1)
Long-lived assets held for sale:
Continuing operations	$	—	$	—	$	26.1	$	(1.6)
Discontinued operations	—		—		5.4		(0.5)
Total assets held for sale	$	—	$	—	$	31.5	$	(2.1)

Quantitative Information about Level 3 Fair Value Measurements


Description	Fair Value at March 31, 2020		Valuation Technique	Unobservable Input	Range (Average)
Franchise rights	$	24.6	Discounted cash flow	Weighted average cost of capital	8.5	%
				Discount rate	11.1% - 14.3% (12.1%)
				Long-term revenue growth rate	2.0	%
				Long-term pretax income margin	0.6% - 2.8% (1.4%)
				Contributory asset charges	4.2% - 12.1% (6.2%)