v3.26.1
Fair Value Measures
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measures Fair Value Measures
Measured on a Recurring Basis
The fair values of our assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 are shown in the below table.
 June 30,
2026		December 31,
2025
Assets
Cash equivalents (Level 1)$157.8 $406.1 
Foreign currency forward contracts (Level 2)28.5 18.3 
Commodity forward contracts (Level 2)10.6 21.2 
Total$196.9 $445.6 
Liabilities
Foreign currency forward contracts (Level 2)$3.7 $17.4 
Commodity forward contracts (Level 2)0.8 0.3 
Total$4.5 $17.7 
Refer to Note 14: Derivative Instruments and Hedging Activities for additional information regarding our forward contracts. Cash equivalents consist of U.S. Government Treasury money market funds and are classified as Level 1 as they are exchange traded in an active market.
Financial Instruments Not Recorded at Fair Value
The following table presents the carrying values and fair values of financial instruments not recorded at fair value in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. All fair value measures presented are categorized in Level 2 of the fair value hierarchy.
 June 30, 2026December 31, 2025
 
Carrying Value(1)
Fair Value
Carrying Value(1)
Fair Value
Liabilities
4.0% Senior Notes
$239.9 $233.4 $646.0 $632.2 
4.375% Senior Notes
$450.0 $437.9 $450.0 $439.8 
5.875% Senior Notes
$500.0 $502.8 $500.0 $507.9 
3.75% Senior Notes
$750.0 $702.4 $750.0 $703.1 
6.625% Senior Notes
$500.0 $515.3 $500.0 $523.8 
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(1)    Excluding any related debt discounts, premiums, and deferred financing costs.
We hold certain equity investments that do not have readily determinable fair values for which we use the measurement alternative prescribed in FASB ASC Topic 321. Such investments are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. As of June 30, 2026 and December 31, 2025, we held equity investments under the measurement alternative of $7.2 million and $7.3 million, respectively, which are presented in other assets in the condensed consolidated balance sheets.