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Assets and Liabilities Measured at Fair Value | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Assets and Liabilities Measured at Fair Value | Assets and Liabilities Measured at Fair Value The Company carries certain assets and liabilities at fair value in its Consolidated Balance Sheets. The fair value hierarchy is based on the quality of inputs used to measure fair value, with Level 1 being the highest quality and Level 3 being the lowest quality. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1. Level 3 inputs are unobservable inputs which reflect assumptions about pricing by market participants. The Company's available-for-sale marketable securities consist of high quality, investment grade securities from diverse issuers. We value these securities at the closing price in the principal active markets as of the last business day of the reporting period. The fair values of the Company's marketable securities by asset class are described in Note 4 "Marketable Securities" in these consolidated financial statements for the period ended September 30, 2023. We value the deferred compensation plan assets, which consist of money market and mutual funds, based on quoted prices in active markets at the measurement date. For additional information on deferred compensation plans see also Note 14 "Employee and Retirement Benefit Plans" in the audited consolidated financial statements for the year ended December 31, 2022 included in our Annual Report on Form 10-K for more information. At the balance sheet date, the fair value of commodity derivatives contracts was determined using NYMEX quoted values and the value of the Interest rate swap derivative was derived by using level 3 inputs. The tables below exclude Cash and cash equivalents, Accounts receivable-trade, and Trade accounts payable and accrued liabilities, all of which had fair values approximating carrying amounts. See also Note 10 "Financial Instruments and Risk Management" in these consolidated financial statements for the period ended September 30, 2023, for more information. Financial assets and liabilities measured at fair value on a recurring basis The following tables present the Company's financial assets and liabilities measured at fair value on a recurring basis, as of September 30, 2023 and December 31, 2022:
|  | September 30, 2023
(Millions of dollars) |  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value
Financial assets |  |  |  |  |  |  |  |
Marketable securities, current |  |  |  |  |  |  |  |
U.S. Government bonds |  | $ | — |  |  | $ | 5.9 |  |  | $ | — |  |  | $ | 5.9 |
U.S. Corporate bonds |  | — |  |  | 2.6 |  |  | — |  |  | 2.6 |
Prepaid expenses and other current assets: |  |  |  |  |  |  |  |
Fuel derivative |  | — |  |  | — |  |  | 0.2 |  |  | 0.2 |
Marketable securities, non-current |  |  |  |  |  |  |  |
U.S. Corporate bonds |  | — |  |  | 5.9 |  |  | — |  |  | 5.9 |
Non U.S. Corporate bonds |  | — |  |  | 1.5 |  |  | — |  |  | 1.5 |
Other assets |  |  |  |  |  |  |  |
Deferred compensation plan assets |  | 11.5 |  |  | — |  |  | — |  |  | 11.5 |
Financial liabilities |  |  |  |  |  |  |  |
Deferred credits and other liabilities |  |  |  |  |  |  |  |
Deferred compensation plan liabilities |  | (18.7) |  |  | — |  |  | — |  |  | (18.7) |
|  | $ | (7.2) |  |  | $ | 15.9 |  |  | $ | 0.2 |  |  | $ | 8.9 |
|  | December 31, 2022
(Millions of dollars) |  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value
Financial assets |  |  |  |  |  |  |  |
Marketable securities, current |  |  |  |  |  |  |  |
U.S. Government bonds |  | $ | — |  |  | $ | 8.8 |  |  | $ | — |  |  | $ | 8.8 |
U.S. Corporate bonds |  | — |  |  | 6.1 |  |  | — |  |  | 6.1 |
Non U.S. Corporate bonds |  | — |  |  | 3.0 |  |  | — |  |  | 3.0 |
Accounts receivable - trade |  |  |  |  |  |  |  |
Interest rate swap derivative |  | — |  |  | — |  |  | 1.3 |  |  | 1.3 |
Marketable securities, non-current |  |  |  |  |  |  |  |
U.S. Corporate bonds |  | — |  |  | 4.4 |  |  | — |  |  | 4.4 |
Other assets |  |  |  |  |  |  |  |
Deferred compensation plan assets |  | 9.5 |  |  | — |  |  | — |  |  | 9.5 |
Financial liabilities |  |  |  |  |  |  |  |
Deferred credits and other liabilities |  |  |  |  |  |  |  |
Deferred compensation plan liabilities |  | (14.7) |  |  | — |  |  | — |  |  | (14.7) |
|  | $ | (5.2) |  |  | $ | 22.3 |  |  | $ | 1.3 |  |  | $ | 18.4 |
Fair value of financial instruments not recognized at fair value The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The fair value of Current and Long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities. The Company has off-balance sheet exposures relating to certain financial guarantees and letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, was nominal. The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at September 30, 2023 and December 31, 2022.
|  | At September 30, 2023 |  | At December 31, 2022
|  | Carrying |  |  |  | Carrying |  |
(Millions of dollars) |  | Amount |  | Fair Value |  | Amount |  | Fair Value
Financial liabilities |  |  |  |  |  |  |  |
Current and long-term debt, excluding finance leases |  | $ | (1,673.1) |  |  | $ | (1,644.8) |  |  | $ | (1,673.3) |  |  | $ | (1,643.0) |

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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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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