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Fair Value Measurements
12 Months Ended
Dec. 31, 2021
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, other than level 1 inputs, 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.
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.
Level 2 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.
Level 3 assets include certain fixed assets and 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, 2021 and 2020 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, 2021
(in millions)Level 1Level 2Level 3Total
Assets at Fair Value:
Marketable securities:
Corporate debt securities$16.2 $— $— $16.2 
Mutual funds98.6 — — 98.6 
Equity securities0.2 — — 0.2 
Total Marketable Securities115.0 — — 115.0 
Total Assets at Fair Value$115.0 $— $— $115.0 
 December 31, 2020
(in millions)Level 1Level 2Level 3Total
Assets at Fair Value:
Marketable securities:
Corporate debt securities$17.9 $— $— $17.9 
Mutual funds82.6 — — 82.6 
Equity securities0.1 — — 0.1 
Asset-backed securities— 0.3 — 0.3 
Total Marketable Securities100.6 0.3 — 100.9 
Total Assets at Fair Value$100.6 $0.3 $— $100.9 
Non-Recurring Fair Value Measurements. During 2021, the company recognized impairment charges of $0.9 million related to certain fixed assets. The combined fair values of the assets were estimated to be zero at December 31, 2021. The company also recognized net unrealized gains on certain investments of $14.5 million. The combined fair values of these investments were estimated to be $41.4 million at December 31, 2021. These assessments were based on qualitative indications of impairment. The fair value measurements of the investments and fixed assets 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 that are classified as level 2 under the fair value hierarchy were estimated using quoted market prices in inactive markets.
At December 31, 2021, the fair values (in U.S. dollar equivalents) were as follows:
(in millions)Fair ValueLevel
$750.0 million fixed rate notes due September 2022763.4 Level 2
€15.0 million fixed rate notes due May 202318.1 Level 2
$750.0 million fixed rate notes due March 2025789.1 Level 2
$500.0 million fixed rate notes due June 2028556.8 Level 2
$750.0 million fixed rates notes due September 20431,035.2 Level 2
$700.0 million fixed rate notes due June 2048903.9 Level 2