Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis

Our financial assets and liabilities that are measured at fair value on a recurring basis are as follows (in millions):


			Fair Value Measurements at Reporting Date Using
As of September 30, 2022	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Valuation Technique (1)



Equity securities (2)	$	98.5	$	3.5	$	95.0	$	—	M

Redeemable noncontrolling interests	37.8		—		—		37.8		I
As of December 31, 2021

Equity securities (2)	$	82.2	$	4.1	$	78.1	$	—	M

Redeemable noncontrolling interests	42.2		—		—		42.2		I

(1) The three valuation techniques are: market approach (M), cost approach (C), and income approach (I).

(2) As of September 30, 2022, $28.5 million are included in Other current assets and $70.0 million are included in Other long-term assets in the condensed consolidated balance sheet. As of December 31, 2021, $82.2 million are included in Other long-term assets in the condensed consolidated balance sheet.

Schedule of Carrying Amounts and Estimated Fair Values, Financial Instruments

The carrying amounts and estimated fair values for all of our other financial instruments are presented in the following table (in millions):


	As of September 30, 2022				As of December 31, 2021
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt:
Advances under revolving credit facility	$	40.0	$	40.0	$	200.0	$	200.0
Term loan facilities	—		—		238.5		239.6
5.125% Senior Notes due 2023	—		—		99.6		100.2
5.75% Senior Notes due 2025	347.6		347.4		347.0		357.9
4.50% Senior Notes due 2028	781.0		690.6		786.8		823.0
4.75% Senior Notes due 2030	778.4		667.5		784.7		824.0
4.625% Senior Notes due 2031	390.4		317.4		393.7		407.0
Other notes payable	41.7		41.7		47.7		47.7
Financial commitments:
Letters of credit	—		32.7		—		38.2