Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

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, 2026	Fair Value		Quoted 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 securities	35.1		35.1		—		—		M
Corporate bonds and notes	91.9		—		91.9		—		M
Redeemable noncontrolling interests	57.9		—		—		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 securities	40.4		40.4		—		—		M
Corporate bonds and notes	69.1		—		69.1		—		M
Redeemable noncontrolling interests	58.3		—		—		58.3		I

(1) The two valuation techniques are: market approach (M) and income approach (I).

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, 2026				As of December 31, 2025
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated 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 payable	81.9		81.9		93.6		93.6
Financial commitments:
Letters of credit	—		53.6		—		46.3