v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Our financial assets and liabilities that are measured at fair value on a recurring basis are as follows (in millions):
Fair Value Measurements at Reporting Date Using
As of June 30, 2026Fair ValueQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Valuation Technique (1)
Equity securities$32.6 $24.6 $8.0 $— M
Available-for-sale debt securities:
U.S. government and agency securities35.1 35.1 — — M
Corporate bonds and notes91.9 — 91.9 — M
Redeemable noncontrolling interests57.9 — — 57.9 I
As of December 31, 2025
Equity securities$36.3 $20.3 $16.0 $— M
Available-for-sale debt securities:
U.S. government and agency securities40.4 40.4 — — M
Corporate bonds and notes69.1 — 69.1 — M
Redeemable noncontrolling interests58.3 — — 58.3 I
(1) The two valuation techniques are: market approach (M) and income approach (I).
There are assets and liabilities that are not required to be measured at fair value on a recurring basis. However, these assets may be recorded at fair value as a result of impairment charges or other adjustments made to the carrying value of the applicable assets. During the three and six months ended June 30, 2026 and 2025, we did not record any material gains or losses related to these assets.
As discussed in Note 1, Summary of Significant Accounting Policies, “Fair Value Measurements,” to the consolidated financial statements accompanying the 2025 Form 10‑K, the carrying value equals fair value for our financial instruments that are not included in the table below and are classified as current in our condensed consolidated balance sheets. The carrying amounts and estimated fair values for all of our other financial instruments are presented in the following table (in millions):
As of June 30, 2026As of December 31, 2025
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
Long-term debt:
Advances under revolving credit facility$200.0 $200.0 $130.0 $130.0 
4.50% Senior Notes due 2028
396.9 397.8 792.0 799.6 
4.75% Senior Notes due 2030
788.4 787.8 787.0 796.6 
4.625% Senior Notes due 2031
394.1 387.0 393.6 392.7 
5.875% Senior Notes due 2034
491.0 499.2 — — 
Other notes payable81.9 81.9 93.6 93.6 
Financial commitments:
Letters of credit— 53.6 — 46.3 
Fair values for our long-term debt and financial commitments are determined using inputs, including quoted prices in nonactive markets, that are observable either directly or indirectly, or Level 2 inputs within the fair value hierarchy. See Note 1, Summary of Significant Accounting Policies, “Fair Value Measurements,” to the consolidated financial statements accompanying the 2025 Form 10‑K.