The Company’s financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, debt instruments, interest rate swap contracts and foreign currency contracts. For cash and cash equivalents, trade receivables and trade payables, the carrying amounts of these financial instruments as of December 31, 2023 and 2022 were considered representative of their fair values due to their short terms to maturity. The fair values of the Company’s debt instruments, interest rate swap contracts and foreign currency contracts were based on indicative quotes.

Fair value measurements using quoted prices in active markets for identical assets and liabilities fall within Level 1 of the fair value hierarchy, measurements using significant other observable inputs fall within Level 2, and measurements using significant unobservable inputs fall within Level 3.

The carrying amounts, estimated fair values and valuation input levels of the Company’s debt instruments, interest rate derivatives and foreign currency contracts as of December 31, 2023 and 2022, are as follows:


	December 31, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Valuation Inputs
Assets:
Foreign currency contracts	$	8.7	$	8.7	$	9.9	$	9.9	Level 2
Interest rate swap contracts		—		—		8.6		8.6	Level 2
Liabilities:
7.125% senior notes due 2028	$	641.6	$	301.6	$	700.0	$	502.6	Level 2
5.00% senior notes due 2027		750.0		312.2		750.0		513.4	Level 2
8.25% senior notes due 2027		866.9		454.9		1,000.0		780.8	Level 2
6.00% senior notes due 2025		1,274.6		1,038.8		1,300.0		1,183.4	Level 2
4.75% senior secured notes due 2029		1,250.0		840.6		1,250.0		1,000.0	Level 2
6.00% senior secured notes due 2026		1,500.0		1,327.5		1,500.0		1,383.3	Level 2
Senior secured term loan due 2026		3,064.0		2,742.3		3,096.0		2,925.7	Level 2
Foreign currency contracts		3.6		3.6		6.5		6.5	Level 2
Interest rate swap contracts		8.0		8.0		—		—	Level 2

During the annual impairment test in the fourth quarter of 2023, a goodwill impairment charge of $46.4 million was recorded related to the ANS reporting unit which is the same as the ANS segment, and $99.1 million was recorded related to the BDCC reporting unit which is part of the CCS segment. The fair value of the reporting unit was determined using a discounted cash flow (DCF) model and a guideline public company approach, with 75% of the value determined using the DCF model and 25% of the value determined using the guideline public company approach. Under the DCF method, the fair value of a reporting unit is based on the present value of estimated future cash flows. Under the guideline public company method, the fair value is based upon market multiples of revenue and earnings derived from publicly-traded companies with similar operating and investment characteristics as the reporting unit. The inputs to both the DCF model and the guideline public company analysis are Level 3 valuation inputs. Changes in any of these inputs, among other factors, could negatively affect the fair value of the ANS and BDCC reporting units and result in a material impairment charge in the future.

In the third quarter of 2023, a goodwill impairment charge of $425.9 million was recorded related to the ANS reporting unit. The fair value of each reporting unit was determined using Level 3 valuation inputs with an approach consistent with the 2023 annual impairment test.

During the annual impairment test in the fourth quarter of 2022, a goodwill impairment charge of $1,119.6 million was recorded related to the ANS reporting unit. The fair value of each reporting unit was determined using Level 3 valuation inputs with an approach consistent with the 2023 annual impairment test.

These fair value estimates are based on pertinent information available to management as of the valuation date. Although management is not aware of any factors that would significantly affect these fair value estimates, such amounts have not been comprehensively revalued for purposes of these financial statements since those dates, and current estimates of fair value may differ significantly from the amounts presented.