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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Values of Financial Assets and Liabilities
The fair values of financial assets and liabilities that are recorded at fair value in the Condensed Consolidated Balance Sheets and not described above were as follows (in millions):
 As of March 31, 2024As of December 31, 2023
 TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Financial assets:
Cash equivalents$367.5 $367.5 $— $— $344.8 $344.8 $— $— 
Derivative financial instruments30.2 — 30.2 — 24.9 — 24.9 — 
Total financial assets$397.7 $367.5 $30.2 $— $369.7 $344.8 $24.9 $— 
Financial liabilities:
Contingent consideration$0.7 $— $— $0.7 $0.4 $— $— $0.4 
Summary of Change in Fair Value of Contingent Consideration
The change in fair value of the contingent consideration (a Level 3 input) was as follows (in millions):
Contingent consideration liability - January 1, 2024$0.4 
Preliminary purchase price0.3 
Fair value adjustments0.0 
Accretion in value0.0 
Contingent consideration liability - March 31, 2024$0.7 
Summary of Carrying Values and Associated Fair Values of Financial Assets and Liabilities The Senior Notes represent a Level 2 fair value measurement and are as follows (in millions):
 As of March 31, 2024As of December 31, 2023
 Carrying ValueFair ValueCarrying ValueFair Value
Senior Notes(1)
$300.0 $293.1 $300.0 $296.2 
(1)Excludes the impact of unamortized debt issuance costs.