Note 6 - Fair Value Measurements |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||
| Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Text Block] |
Our assets and liabilities measured at fair value are based on valuation techniques which consider prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. These valuation methods are based on either quoted market prices (Level 1) or inputs, other than quoted prices in active markets, that are observable either directly or indirectly (Level 2).
Assets Measured at Fair Value on a Recurring Basis
The following assets are measured at fair value on a recurring basis (in millions):
The fair value of trading investments has been measured using the market approach (Level 1) and reflects quoted market prices. Trading investments are classified in other assets in our Condensed Consolidated Balance Sheets.
Financial Instruments
The carrying amount of our senior credit facility and senior notes was $1.72 billion and $1.48 billion at June 30, 2025 and December 31, 2024, respectively. The estimated fair value of these liabilities using the income approach (Level 2), based on their net present value, discounted at our current borrowing rate, was $1.76 billion and $1.48 billion at June 30, 2025 and December 31, 2024, respectively.
The carrying amounts of all other instruments at June 30, 2025, approximate their fair value due to the short maturity of these instruments. |
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