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Marketable Securities
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities Marketable Securities
The Company invests a portion of its excess operational cash in marketable securities. The goal of the Company's investment policy, in order of priority, are as follows: (1) preservation of principal, (2) maintaining a high degree of liquidity to meet cash flow requirements, and (3) deliver competitive returns subject to prevailing market conditions and the Company's stated objectives related to safety and liquidity. Nothing in the policy is intended to indicate that management must invest excess operational cash; it allows it to be subject to specific limitations.

Securities are generally required to have a final maturity of 24 months or less with a weighted average maturity for the portfolio of no longer than 12 months and must have an active secondary market. Investments may include U.S. Treasury bills, notes and bonds, U.S. Agency securities, repurchase agreements, certificates of deposit, institutional, government money market funds that maintain a stable $1.00 net asset value, domestic and foreign commercial paper, municipal securities, domestic and foreign debt issued by corporations or financial institutions with the primary objective of minimizing the potential risk of principal loss. The Company determines the classification of its marketable securities based on its investment strategy at the time of purchase. All marketable securities in the periods presented have been classified as available-for-sale.

The carrying values of marketable securities and the balance sheet location at September 30, 2023 and December 31, 2022 consisted of the following:

September 30, 2023
(Millions of dollars)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Available-for-sale securities:
Marketable securities current
U.S. Government bonds$5.9 $— — $5.9 
U.S. Corporate bonds2.5 — — 2.5 
Investment income receivable0.1 — — 0.1 
8.5 — — 8.5 
September 30, 2023
(Millions of dollars)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Marketable securities non-current
U.S. Corporate bonds5.9 — — 5.9 
Non U.S. Corporate bonds1.5 — — 1.5 
7.4 — — 7.4 
Total marketable securities$15.9 $— $— $15.9 

December 31, 2022
(Millions of dollars)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Available-for-sale securities:
Marketable securities current
U.S. Government bonds$8.8 $— $— $8.8 
U.S. Corporate bonds6.0 — — 6.0 
Non U.S. Corporate bonds3.0 — — 3.0 
Investment income receivable0.1 — — 0.1 
17.9 — — 17.9 
Marketable securities non-current
U.S. Corporate bonds4.4 — — 4.4 
Total marketable securities$22.3 $— $— $22.3 

The amortized cost basis and fair value of the Company's available-for-sale marketable securities at September 30, 2023, by contractual maturity, are as follows:

(Millions of dollars)
Amortized CostFair Value
Less than 1 year$15.8 $15.8 
1 to 2 years— — 
Total$15.8 $15.8 


There was no impairment on any available-for-sale marketable securities as of September 30, 2023 or December 31, 2022.