Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis

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.

Schedule of Carrying Amounts and Estimated Fair Values, Financial Instruments

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