XML 27 R18.htm IDEA: XBRL DOCUMENT
v3.22.1

Fair Value Measurements | 3 Months Ended
--- | ---
Mar. 31, 2022
Fair Value by Fair Value Hierarchy Level, Extensible Enumeration [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, 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. The company's 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. The company's level 2 assets and 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. The company's level 3 assets and liabilities include certain investments that were adjusted to fair value. Recurring Fair Value Measurements. Financial assets and liabilities recorded at fair value on the consolidated balance sheet as of March 31, 2022 were classified in their entirety based on the lowest level of input that was significant to each asset and liability's fair value measurement. The following table presents financial instruments measured at fair value on a recurring basis:
|  | March 31, 2022
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets at Fair Value: |  |  |  |  |  |  |  |
Marketable securities: |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 14.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 14.2 |
Mutual funds |  | 95.2 |  |  | — |  |  | — |  |  | 95.2 |
Equity securities |  | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Total Marketable Securities |  | 109.6 |  |  | — |  |  | — |  |  | 109.6 |
Total Assets at Fair Value |  | $ | 109.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 109.6 |
Non-Recurring Fair Valu e Measurements. During the first quarter of 2022, the company recognized a net unrealized gain on tan investment of $1.0 million on an equity investment without readily determinable fair value. The fair value of the investment was estimated to be $7.3 million at March 31, 2022. The assessment was based on quantitative and qualitative indicators of fair value. The fair value measurement of the investment is considered level 3 and non-recurring. Fair Values of Long-Term Debt Notes. The follo wing 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 are classified as level 2 under the fair value hierarchy and were estimated using quoted market prices in inactive markets. At March 31, 2022, the fair values (in U.S. dollar equivalent) were as follows:
(in millions) | Fair Value |  | Level
€15.0 million fixed rate notes due May 2023 | 17.4 |  |  | Level 2
$750.0 million fixed rate notes due March 2025 | 755.1 |  |  | Level 2
$500.0 million fixed rate notes due June 2028 | 511.9 |  |  | Level 2
$750.0 million fixed rate notes due March 2032 | 718.7 |  |  | Level 2
$750.0 million fixed rate notes due September 2043 | 914.4 |  |  | Level 2
$700.0 million fixed rate notes due June 2048 | 738.2 |  |  | Level 2

X
- References No definition available. + Details
Name: | us-gaap_FairValueByFairValueHierarchyLevelExtensibleListAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration