The Company’s financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, debt instruments, interest rate swap contracts and foreign currency contracts. For cash and cash equivalents, trade receivables and trade payables, the carrying amounts of these financial instruments as of June 30, 2025 and December 31, 2024 were considered representative of their fair values due to their short terms to maturity. The fair values of the Company’s debt instruments, interest rate swap contracts and foreign currency contracts were based on indicative quotes.

Fair value measurements using quoted prices in active markets for identical assets and liabilities fall within Level 1 of the fair value hierarchy, measurements using significant other observable inputs fall within Level 2, and measurements using significant unobservable inputs fall within Level 3.

The carrying amounts, estimated fair values and valuation input levels of the Company’s debt instruments, interest rate swap contracts and foreign currency contracts as of June 30, 2025 and December 31, 2024, are as follows:


	June 30, 2025				December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Valuation Inputs
Assets:
Foreign currency contracts	$	5.5	$	5.5	$	—	$	—	Level 2
Liabilities:
7.125% senior notes due 2028	$	641.6	$	630.2	$	641.6	$	561.4	Level 2
5.00% senior notes due 2027		750.0		730.2		750.0		669.5	Level 2
8.25% senior notes due 2027		866.9		860.6		866.9		826.8	Level 2
9.50% senior secured notes due 2031		1,000.0		1,043.6		1,000.0		1,035.0	Level 2
4.75% senior secured notes due 2029		951.0		928.5		1,250.0		1,117.2	Level 2
6.00% senior secured notes due 2026		—		—		1,500.0		1,486.9	Level 2
Senior secured term loan due 2029		3,150.0		3,193.3		3,150.0		3,189.4	Level 2
Senior secured revolving credit facility		—		—		200.0		190.0	Level 2
Foreign currency contracts		—		—		3.4		3.4	Level 2
Interest rate swap contracts		3.7		3.7		2.4		2.4	Level 2

During the six months ended June 30, 2025, the Company recorded a gain on disposal of the OWN segment and DAS business unit in income from discontinued operations, net of income taxes, on the Condensed Consolidated Statements of Operations. The fair values were determined using Level 2 and Level 3 valuation inputs. See Note 3 in these unaudited condensed consolidated financial statements.

These fair value estimates are based on pertinent information available to management as of the valuation date. Although management is not aware of any factors that would significantly affect these fair value estimates, such amounts have not been comprehensively revalued for purposes of these financial statements since those dates, and current estimates of fair value may differ significantly from the amounts presented.