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Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
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, 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 recorded at fair value on the consolidated balance sheets as of December 31, 2023 and 2022 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, 2023
(in millions)Level 1Level 2Level 3Total
Assets at Fair Value:
Marketable securities:
Corporate debt securities$10.2 $— $— $10.2 
Mutual funds101.3 — — 101.3 
Equity securities0.2 — — 0.2 
Total Marketable Securities111.7 — — 111.7 
Total Assets at Fair Value$111.7 $— $— $111.7 
 December 31, 2022
(in millions)Level 1Level 2Level 3Total
Assets at Fair Value:
Marketable securities:
Corporate debt securities$11.3 $— $— $11.3 
Mutual funds84.5 — — 84.5 
Equity securities0.2 — — 0.2 
Total Marketable Securities96.0 — — 96.0 
Total Assets at Fair Value$96.0 $— $— $96.0 
Non-Recurring Fair Value Measurements. During 2023, the company recognized net unrealized losses of $1.4 million on equity investments without readily determinable fair value. The fair value of these investments were estimated to be $8.6 million at December 31, 2023. This fair value assessments were based on quantitative factors, including observable price changes. The fair value measurements of these investments 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 are classified as level 2 under the fair value hierarchy and were estimated using quoted market prices in inactive markets.
At December 31, 2023, the fair values (in U.S. dollar equivalents) were as follows:
(in millions)Fair ValueLevel
$750.0 million fixed rate notes due March 2025733.8 Level 2
$500.0 million fixed rate notes due June 2028489.3 Level 2
$750.0 million fixed rate notes due March 2032669.0 Level 2
$750.0 million fixed rate notes due September 2043802.2 Level 2
$700.0 million fixed rate notes due June 2048641.0 Level 2