v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
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
 March 31, 2026December 31, 2025
 (in millions)
Assets
Deferred compensation assets$17.0 $16.8 
$17.0 $16.8 
Liabilities
Deferred compensation liabilities$18.2 $17.8 
Foreign currency derivatives2.0 4.4 
$20.2 $22.2 
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 March 31, 2026, the fair value of these instruments was approximately 1.5% higher than the carrying value driven by our Senior Notes. At March 31, 2025, the carrying value approximated the respective fair value.