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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The company uses a three-level classification hierarchy of fair value measurements for disclosure purposes: •Level 1 inputs, which are considered the most reliable evidence of fair value, consist of quoted prices (unadjusted) for identical assets or liabilities in active markets. •Level 2 inputs consist of observable market data, other than level 1 inputs, such as quoted prices for similar assets and liabilities in active markets or inputs other than quoted prices that are directly observable. •Level 3 inputs consist of unobservable inputs, which are derived and cannot be corroborated by market data or other entity-specific inputs. Level 1 assets generally include investments in publicly traded mutual funds, equity securities and corporate debt securities with quoted market prices. In general, the company uses quoted prices in active markets for identical assets to determine the fair value of marketable securities. Level 2 liabilities generally consist of long-term debt notes. The fair values of the long-term debt notes were based on quoted market prices in an inactive market. Level 3 assets include certain fixed assets and investments that were adjusted to fair value. Recurring Fair Value Measurements. Financial assets recorded at fair value on the consolidated balance sheets as of December 31, 2021 and 2020 were classified in their entirety based on the lowest level of input that was significant to each asset's fair value measurement. Financial Instruments Measured at Fair Value on a Recurring Basis:
|  | December 31, 2021
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets at Fair Value: |  |  |  |  |  |  |  |
Marketable securities: |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 16.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 16.2 |
Mutual funds |  | 98.6 |  |  | — |  |  | — |  |  | 98.6 |
Equity securities |  | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Total Marketable Securities |  | 115.0 |  |  | — |  |  | — |  |  | 115.0 |
Total Assets at Fair Value |  | $ | 115.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 115.0 |
|  | December 31, 2020
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets at Fair Value: |  |  |  |  |  |  |  |
Marketable securities: |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 17.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 17.9 |
Mutual funds |  | 82.6 |  |  | — |  |  | — |  |  | 82.6 |
Equity securities |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Asset-backed securities |  | — |  |  | 0.3 |  |  | — |  |  | 0.3 |
Total Marketable Securities |  | 100.6 |  |  | 0.3 |  |  | — |  |  | 100.9 |
Total Assets at Fair Value |  | $ | 100.6 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 100.9 |
Non-Recurring Fair Value Measurements. During 2021, the company recognized impairment charg es of $0.9 million related to certain fixed assets. The combined fair values of the assets were estimated to be zero at December 31, 2021. The company also recognized net unrealized gains on certain investments of $14.5 million. The combined fair values of these investments were estimated to be $41.4 million at December 31, 2021. These assessments were based on qualitative indications of impairment. The fair value measurements of the investments and fixed assets are considered level 3 and non-recurring. Fair Values of Debt Notes. The following presents the estimated fair values of long-term debt notes, which are carried at amortized cost on the consolidated balance sheets. The fair values below that are classified as level 2 under the fair value hierarchy were estimated using quoted market prices in inactive markets. At December 31, 2021, the fair values (in U.S. dollar equivalents) were as follows:
(in millions) |  | Fair Value |  | Level
$750.0 million fixed rate notes due September 2022 |  | 763.4 |  |  | Level 2
€15.0 million fixed rate notes due May 2023 |  | 18.1 |  |  | Level 2
$750.0 million fixed rate notes due March 2025 |  | 789.1 |  |  | Level 2
$500.0 million fixed rate notes due June 2028 |  | 556.8 |  |  | Level 2
$750.0 million fixed rates notes due September 2043 |  | 1,035.2 |  |  | Level 2
$700.0 million fixed rate notes due June 2048 |  | 903.9 |  |  | Level 2

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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