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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
The carrying values and estimated fair values of certain of our financial instruments were as follows (in millions):
December 31, 2024December 31, 2023
Carrying
Value		Estimated
  Fair
Value		Carrying
Value 		Estimated
  Fair
Value
Second Lien Notes (1)
$1,082.7 $1,112.7 $1,079.3 $1,126.1 
Notes Receivable from ARO (2)(3)
$296.2 $378.3 $282.3 $423.5 

(1)The estimated fair value of the 8.375% Senior Secured Second Lien Notes due 2030 (the "Second Lien Notes") was determined using quoted market prices, which are level 1 inputs.
(2)The estimated fair value of the Notes Receivable from ARO was estimated using an income approach to value the forecasted cash flows attributed to the Notes Receivable from ARO using a discount rate based on a comparable yield with a country-specific risk premium, which are considered to be level 2 inputs.
(3)The aggregate principal balance of the Notes Receivable from ARO includes a net reduction of $26.1 million, which is comprised of a $50.7 million decrease resulting from the Net Settlement Agreement with ARO (executed in June 2024) and an increase of $24.6 million related to paid in kind interest, which was applied to the principal balance on December 31, 2024. See "Note 3 - Equity Method Investment in ARO" for additional information.
The estimated fair values of our cash and cash equivalents, restricted cash, accounts receivable and trade payables approximated their carrying values as of December 31, 2024 and 2023.