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Fair Value Measurements
 6 Months Ended
Jun. 30, 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 June 30, 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:
 June 30, 2022
(in millions)Level 1Level 2Level 3Total
Assets at Fair Value:
Marketable securities:
Corporate debt securities$12.7 $— $— $12.7 
Mutual funds82.2 — — 82.2 
Equity securities0.2 — — 0.2 
Total Marketable Securities95.1 — — 95.1 
Total Assets at Fair Value$95.1 $— $— $95.1 
Non-Recurring Fair Value Measurements. The company also recognized net unrealized loss on investments of $9.9 million on equity investments without readily determinable fair value. The fair value of these investments were estimated to be $27.1 million at June 30, 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 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 are classified as level 2 under the fair value hierarchy and were estimated using quoted market prices in inactive markets.
At June 30, 2022, the fair values (in U.S. dollar equivalent) were as follows:
(in millions)Fair ValueLevel
€15.0 million fixed rate notes due May 202316.1 Level 2
$750.0 million fixed rate notes due March 2025742.9 Level 2
$500.0 million fixed rate notes due June 2028488.1 Level 2
$750.0 million fixed rate notes due March 2032658.5 Level 2
$750.0 million fixed rate notes due September 2043812.8 Level 2
$700.0 million fixed rate notes due June 2048661.4 Level 2