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Impairment Charges | 12 Months Ended
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Dec. 31, 2023
Asset Impairment Charges [Abstract] |
Impairment Charges | 12. Impairment Charges The Company recorded impairment charges based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions):
| For the Year Ended December 31, |
| 2022 |  |  | 2021 |
Assets marketed for sale(A) | $ | — |  |  | $ | 7.3 |
Sale of building to tenant(B) |  | 2.5 |  |  |  | — |
Total impairment charges | $ | 2.5 |  |  | $ | 7.3 |
(A) The impairment charges recorded were triggered by a change in the hold period assumptions. (B) Recorded as a result of a tenant exercising a $7.0 million fixed-price purchase option on their building pursuant to the lease agreement. This asset was sold in the fourth quarter of 2022. The following table presents information about the fair value of real estate that was impaired, and therefore, measured on a fair value basis, along with the related impairment charge. The table also indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions).
|  | Fair Value Measurements |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Total Impairment Charges |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets held and used |  |  | — |  |  |  | — |  |  |  | 7.0 |  |  |  | 7.0 |  |  |  | 2.5 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets held and used |  |  | — |  |  |  | — |  |  |  | 10.0 |  |  |  | 10.0 |  |  |  | 7.3 |
The valuation techniques and unobservable inputs used by the Company to determine fair value measurements were based upon an indicative bid and developed by third-party sources (including offers and comparable sales values), subject to the Company’s corroboration for reasonableness. The Company does not have access to certain unobservable inputs used by these third parties to determine these estimated fair values. Assets where the Company identified an impairment charge, were generally sold within one year of the period in which the impairment charge was recorded.

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- Definition The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported. + References No definition available. + Details
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