Fair Value Measurements

6 Months Ended

Jun. 30, 2023

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, 2023	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 (2)	$	114.3	$	3.8	$	110.5	$	—	M
Redeemable noncontrolling interests	39.3		—		—		39.3		I
As of December 31, 2022
Equity securities (2)	$	110.0	$	3.7	$	106.3	$	—	M
Redeemable noncontrolling interests	35.6		—		—		35.6		I

(1) The three valuation techniques are: market approach (M), cost approach (C), and income approach (I).

(2) As of June 30, 2023, $33.0 million are included in Other current assets and $81.3 million are included in Other long-term assets in the condensed consolidated balance sheet. As of December 31, 2022, $30.9 million are included in Other current assets and $79.1 million are included in Other long-term assets in the condensed consolidated balance sheet.

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, 2023 and 2022, 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 2022 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, 2023				As of December 31, 2022
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt:
Advances under revolving credit facility	$	—	$	—	$	55.0	$	55.0
5.75% Senior Notes due 2025	348.1		347.4		347.7		347.7
4.50% Senior Notes due 2028	783.4		745.5		781.8		726.7
4.75% Senior Notes due 2030	780.2		733.3		779.0		703.7
4.625% Senior Notes due 2031	391.0		356.0		390.6		342.2
Other notes payable	67.4		67.4		53.1		53.1
Financial commitments:
Letters of credit	—		33.9		—		32.7

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 2022 Form 10‑K.