Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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 December 31, 2023	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	$	126.2	$	4.0	$	122.2	$	—	M

Redeemable noncontrolling interests	42.0		—		—		42.0		I
As of December 31, 2022

Equity securities	$	110.0	$	3.7	$	106.3	$	—	M

Redeemable noncontrolling interests	35.6		—		—		35.6		I

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

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


	As of December 31, 2023				As of December 31, 2022
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt:
Advances under revolving credit facility	$	—	$	—	$	55.0	$	55.0

5.75% Senior Notes due 2025	348.5		349.3		347.7		347.7
4.50% Senior Notes due 2028	785.0		763.6		781.8		726.7
4.75% Senior Notes due 2030	781.5		755.0		779.0		703.7
4.625% Senior Notes due 2031	391.5		369.4		390.6		342.2
Other notes payable	66.0		66.0		53.1		53.1
Financial commitments:
Letters of credit	—		31.9		—		32.7