v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
11. 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, 2026 and December 31, 2025.
Financial Instruments Measured at Fair Value on a Recurring Basis
June 30, 2026December 31, 2025
(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)
$160.7 $— $— $160.7 $150.6 $— $— $150.6 
Derivative financial instruments (fair value hedges)— 1.4 — 1.4 — 4.9 — 4.9 
(1)Approximately $7.7 million and $10.9 million of participant cash was withdrawn from our deferred compensation plan investments during the six months ended June 30, 2026 and the year ended December 31, 2025, respectively.
Non-Recurring Fair Value Disclosures. During the six months ended June 30, 2026, we recognized a $4.9 million impairment charge related to certain technology investments, as further disclosed in Note 2. "Summary of Significant Accounting Policies and Recent Accounting Pronouncements."
Financial Instrument Fair Value Disclosures. The following table presents the carrying and estimated fair values of our notes payable at June 30, 2026 and December 31, 2025.
June 30, 2026December 31, 2025
(in millions)Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
Fixed rate notes payable$3,350.3 $3,178.0 $2,766.9 $2,629.6 
Floating rate notes payable (1)
1,498.0 1,496.9 1,133.9 1,140.9 
(1) Includes the senior unsecured notes payable and a term loan due in 2026, and the commercial paper notes outstanding at June 30, 2026 and December 31, 2025. Also includes borrowings outstanding under our unsecured credit facility at June 30, 2026.