Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024	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)	$	117.3	$	4.0	$	113.3	$	—	M

Redeemable noncontrolling interests	48.6		—		—		48.6		I
As of December 31, 2023

Equity securities (2)	$	126.2	$	4.0	$	122.2	$	—	M

Redeemable noncontrolling interests	42.0		—		—		42.0		I

(1) The two valuation techniques are: market approach (M) and income approach (I).

(2) As of June 30, 2024, $37.4 million are included in Other current assets and $79.9 million are included in Other long-term assets in the condensed consolidated balance sheet. As of December 31, 2023, $37.6 million are included in Other current assets and $88.6 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 June 30, 2024				As of December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt:


5.75% Senior Notes due 2025	$	349.0	$	349.0	$	348.5	$	349.3
4.50% Senior Notes due 2028	786.7		759.0		785.0		763.6
4.75% Senior Notes due 2030	782.8		748.4		781.5		755.0
4.625% Senior Notes due 2031	392.0		367.4		391.5		369.4
Other notes payable	76.7		76.7		66.0		66.0
Financial commitments:
Letters of credit	—		36.3		—		31.9