v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
12. Fair Value Measurements
The following disclosures present information about our fair value measurements using the inputs and fair value hierarchy discussed in Note 2. "Summary of Significant Accounting Policies and Recent Accounting Pronouncements."
Recurring Fair Value Measurements. The following table presents information about our financial instruments measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024.
Financial Instruments Measured at Fair Value on a Recurring Basis
 June 30, 2025December 31, 2024
(in millions)Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)TotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total
Other Assets
Deferred compensation plan investments (1)
$142.4 $— $— $142.4 $134.1 $— $— $134.1 
Derivative financial instruments (fair value hedges)$— $6.3 $— $6.3 $— $5.3 $— $5.3 
(1)Approximately $6.9 million and $17.7 million of participant cash was withdrawn from our deferred compensation plan investments during the six months ended June 30, 2025 and the year ended December 31, 2024, respectively.
Non-Recurring Fair Value Disclosures. We did not have any non-recurring fair value measurements during the six months ended June 30, 2025. During the year ended December 31, 2024, we recognized an impairment of approximately $41.0 million related to three land holdings. The fair market value of the impaired land holdings totaled approximately $46.7 million, which was determined using Level 3 inputs primarily based on comparable sales.
Financial Instrument Fair Value Disclosures. The following table presents the carrying and estimated fair values of our notes payable at June 30, 2025 and December 31, 2024.
 June 30, 2025December 31, 2024
(in millions)Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
Fixed rate notes payable$2,765.7 $2,602.6 $2,764.4 $2,528.6 
Floating rate notes payable (1)
1,060.3 1,070.1 721.2 733.0 
(1) Includes the senior unsecured notes payable and a term loan due in 2026 at June 30, 2025 and December 31, 2024, and includes commercial paper notes at June 30, 2025 and balances outstanding under our unsecured revolving credit facility at December 31, 2024.