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Balance Sheet Accounts
 9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Accounts Balance Sheet Accounts
a. Fair Value of Financial Instruments
Financial instruments are classified using a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
 Fair value measurement as of September 30, 2021
 TotalQuoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Other
Observable
Inputs
(Level 2)
Unobservable
Inputs
(Level 3)
 (In millions)
Money market funds$328.6 $328.6 $— $— 
Registered investment companies1.6 1.6 — — 
Commercial paper10.0 — 10.0 — 
Equity securities9.8 9.8 — — 
Total$350.0 $340.0 $10.0 $— 
 Fair value measurement as of December 31, 2020
 TotalQuoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Other
Observable
Inputs
(Level 2)
Unobservable
Inputs
(Level 3)
 (In millions)
Money market funds$569.3 $569.3 $— $— 
Registered investment companies2.5 2.5 — — 
Commercial paper232.0 — 232.0 — 
Equity securities7.0 7.0 — — 
Total$810.8 $578.8 $232.0 $— 
As of September 30, 2021 and December 31, 2020, the total estimated fair value for commercial paper was classified as cash and cash equivalents as the remaining maturity at date of purchase was less than three months.
The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued compensation, and other accrued liabilities, approximate fair value because of their short maturities.
The following table summarizes the estimated fair value and principal amount for outstanding debt obligations excluding finance lease obligations:
 Fair ValuePrincipal Amount
 September 30, 2021December 31, 2020September 30, 2021December 31, 2020
 (In millions)
Term loan$281.9 $306.5 $288.8 $308.5 
21/4% Notes
246.4 609.5 145.9 300.0 
Total$528.3 $916.0 $434.7 $608.5 
The fair value of the 2¼% Notes was determined using broker quotes that are based on open markets for the Company's debt securities (Level 2 securities). The fair value of the term loan was estimated based on a third-party model used to derive a relative value price using comparable corporate loans within a similar industry, credit quality, and currency.
b. Accounts Receivable
September 30, 2021December 31, 2020
 (In millions)
Billed receivables under long-term contracts$84.8 $75.3 
Other trade receivables0.4 0.3 
Accounts receivable$85.2 $75.6 
c. Other Current Assets
September 30, 2021December 31, 2020
 (In millions)
Deferred costs recoverable from the U.S. government $40.2 $41.0 
Income tax receivable30.1 46.9 
Inventories11.5 10.0 
Prepaid expenses17.5 18.0 
Other22.0 20.6 
Other current assets$121.3 $136.5 
d. Property, Plant and Equipment, net
September 30, 2021December 31, 2020
 (In millions)
Land$71.1 $71.2 
Buildings and improvements471.8 433.4 
Machinery and equipment, including capitalized software486.0 471.3 
Construction-in-progress71.2 105.5 
1,100.1 1,081.4 
Less: accumulated depreciation(690.6)(658.3)
Property, plant and equipment, net$409.5 $423.1 
e. Other Noncurrent Assets
September 30, 2021December 31, 2020
 (In millions)
Real estate held for entitlement and leasing$103.4 $101.8 
Deferred costs recoverable from the U.S. government 55.0 54.7 
Receivable from Northrop Grumman Corporation for environmental remediation costs36.0 40.5 
Other42.6 57.8 
Other noncurrent assets$237.0 $254.8 
f. Other Current Liabilities
September 30, 2021December 31, 2020
 (In millions)
Accrued compensation and employee benefits$115.1 $118.0 
Dividend payable1.7 447.8 
Other 46.6 43.9 
Other current liabilities$163.4 $609.7