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Fair Value Measurements
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair Value Measurements
Recurring Fair Value Measurements
The following information is presented for assets and liabilities that are recorded in the condensed consolidated balance sheets at fair value measured on a recurring basis. There were no transfers of assets and liabilities that were recorded at
fair value between the three-level fair value hierarchy during the periods reported.
In millions
Level 1(1)
Level 2(2)
Level 3(3)
Total
March 31, 2023
Assets:
Deferred compensation plan investments (4)
$1.5 $— $— $1.5 
Total assets$1.5 $— $— $1.5 
Liabilities:
Deferred compensation arrangement (4)
$14.6 $— $— $14.6 
Total liabilities$14.6 $— $— $14.6 
December 31, 2022
Assets:
Deferred compensation plan investments (4)
$1.1 $— $— $1.1 
Total assets$1.1 $— $— $1.1 
Liabilities:
Deferred compensation arrangement (4)
$12.5 $— $— $12.5 
Total liabilities$12.5 $— $— $12.5 
______________
(1) Quoted prices in active markets for identical assets.
(2) Quoted prices for similar assets and liabilities in active markets.
(3) Significant unobservable inputs.
(4) Consists of a deferred compensation arrangement, through which we hold various investment securities. Both the asset and liability are recorded at fair value, and are included within "Other assets" and "Other liabilities" on the condensed consolidated balance sheets, respectively. In addition to the investment securities, we also have company-owned life insurance ("COLI") related to the deferred compensation arrangement. COLI is recorded at cash surrender value and included in "Other assets" on the condensed consolidated balance sheets in the amount of $13.8 million and $13.3 million at March 31, 2023 and December 31, 2022, respectively.
Nonrecurring Fair Value Measurements
There were no nonrecurring fair value measurements in the condensed consolidated balance sheet during the quarters ended March 31, 2023, and December 31, 2022.
Strategic Investments
Equity Method Investments
The aggregate carrying value of all strategic equity method investments totaled $15.7 million and $28.2 million at March 31, 2023 and December 31, 2022, respectively. During the three months ended March 31, 2023, we sold a strategic equity method investment for $31.4 million, resulting in a $19.2 million gain, recorded within "Other (income) expense, net" on the condensed consolidated statement of operations. There were no adjustments to the carrying value of equity method investments for impairment for the periods ended March 31, 2023 and December 31, 2022.
Measurement Alternative Investments
The aggregate carrying value of all measurement alternative investments where fair value is not readily determinable totaled $83.2 million and $80.8 million at March 31, 2023 and December 31, 2022, respectively. There were no adjustments to the carrying value of the measurement alternative method investments for impairment or observable price changes for the periods ended March 31, 2023 and December 31, 2022.
Restricted Investment
At March 31, 2023 and December 31, 2022, the carrying value of our restricted investment, which is accounted for as held-to-maturity ("HTM") and therefore recorded at amortized costs, was $78.8 million and $78.0 million, net of an allowance for credit losses of $0.4 million and $0.6 million, and included cash of $7.7 million and $7.0 million, respectively. The fair value at March 31, 2023 and December 31, 2022 was $76.4 million and $74.7 million, respectively, based on Level 1 inputs.
The following table shows the total amortized cost of our HTM debt securities by credit rating, excluding the allowance for credit losses and cash. The primary factor in our expected credit loss calculation is the composite bond rating. As the rating decreases, the risk present in holding the bond is inherently increased, leading to an increase in expected credit losses.
HTM Debt Securities
In millionsAA+AAAA-AA-BBB+Total
March 31, 2023$13.4 — 10.4 13.2 14.1 20.4 $71.5 
December 31, 2022$13.4 — 10.5 13.2 14.1 20.4 $71.6 
Debt and Finance Lease Obligations
At March 31, 2023 and December 31, 2022, the carrying value of finance lease obligations was $101.6 million and $101.9 million, respectively, and the fair value was $106.8 million and $106.2 million, respectively. The fair value of our finance lease obligations is based on the period-end quoted market prices for the obligations, using Level 2 inputs. The fair value of all other finance lease obligations approximates their carrying values.
The carrying amount, excluding debt issuance fees, of our variable interest rate long-term debt was $858.0 million and $828.0 million as of March 31, 2023 and December 31, 2022, respectively. The carrying value is a reasonable estimate of the fair value of the outstanding debt based on the variable interest rate of the debt.
At March 31, 2023 and December 31, 2022, the carrying value of our fixed rate debt was $550.0 million and $550.0 million, respectively, and the fair value was $478.9 million and $471.8 million, respectively, based on Level 2 inputs.