v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets and liabilities measured at fair value on a recurring basis are summarized as follows:
Fair Value Measurements as of
 June 30, 2025December 31, 2024
 (in millions)
Assets
Foreign currency derivatives$— $7.9 
Deferred compensation assets14.0 14.0 
$14.0 $21.9 
Liabilities
Deferred compensation liabilities$14.8 $14.8 
Foreign currency derivatives4.4 — 
$19.2 $14.8 
Our deferred compensation assets and liabilities are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. Our foreign currency derivatives are classified as Level 2 because their value is calculated based upon observable inputs including market USD/Euro exchange rates and market interest rates.
The carrying values of our significant financial instruments reflected in the Consolidated Balance Sheets, including our Senior Notes that have a determinable fair-value based on quoted market prices for identical liabilities and are classified as Level 2 since the market is not active. At June 30, 2024, the fair value of these instruments was approximately 3% higher than the carrying value. At December 31, 2024, the carrying value approximated the respective fair value.