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Balance Sheet Accounts
 9 Months Ended
Sep. 30, 2022
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, 2022
 TotalQuoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Other
Observable
Inputs
(Level 2)
Unobservable
Inputs
(Level 3)
 (In millions)
Money market funds$261.5 $261.5 $— $— 
Registered investment companies0.6 0.6 — — 
Equity securities9.2 9.2 — — 
Total$271.3 $271.3 $— $— 
 Fair value measurement as of December 31, 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$388.6 $388.6 $— $— 
Registered investment companies1.3 1.3 — — 
Commercial paper35.0 — 35.0 — 
Equity securities10.6 10.6 — — 
Total$435.5 $400.5 $35.0 $— 
As of December 31, 2021, 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, 2022December 31, 2021September 30, 2022December 31, 2021
 (In millions)
Term Loan$262.4 $275.8 $265.7 $282.2 
21/4% Notes
— 266.1 — 145.9 
Total$262.4 $541.9 $265.7 $428.1 
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) at December 31, 2021. The fair value of the Term Loan (as defined below) 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, 2022December 31, 2021
 (In millions)
Billed receivables under long-term contracts$133.9 $60.3 
Other trade receivables0.1 0.3 
Accounts receivable$134.0 $60.6 
c. Other Current Assets
September 30, 2022December 31, 2021
 (In millions)
Deferred costs recoverable from the U.S. government $39.4 $37.4 
Income tax receivable— 13.8 
Inventories13.3 10.0 
Prepaid expenses17.6 15.3 
Other47.4 23.0 
Other current assets$117.7 $99.5 
d. Property, Plant and Equipment, net
September 30, 2022December 31, 2021
 (In millions)
Land$71.1 $71.1 
Buildings and improvements525.6 503.0 
Machinery and equipment, including capitalized software514.8 499.1 
Construction-in-progress37.0 50.0 
1,148.5 1,123.2 
Less: accumulated depreciation(735.2)(702.1)
Property, plant and equipment, net$413.3 $421.1 

e. Other Noncurrent Assets
September 30, 2022December 31, 2021
 (In millions)
Real estate held for entitlement and leasing$105.5 $103.7 
Deferred costs recoverable from the U.S. government 61.7 62.1 
Receivable from Northrop Grumman Corporation for environmental remediation costs30.0 34.5 
Other9.9 43.0 
Other noncurrent assets$207.1 $243.3 
f. Other Current Liabilities
September 30, 2022December 31, 2021
 (In millions)
Accrued compensation and employee benefits$127.6 $122.0 
Income taxes payable104.8 — 
Other 48.2 50.7 
Other current liabilities$280.6 $172.7 
As of September 30, 2022, the income tax payable balance totaled $104.8 million. The increase in the income tax payable balance compared with an income tax receivable balance of $13.8 million as of December 31, 2021, is primarily the result of the elimination of the option for the Company to deduct Research and Development ("R&D") expenditures in the current period and requires the Company to capitalize such costs and amortize the costs over five years when incurred in the U.S.
g.  Treasury Stock
As of September 30, 2022, the Company had 2.0 million of its common shares classified as treasury stock. During the nine months ended September 30, 2022, the Company issued 0.1 million of its common shares at a cost of $3.3 million to fund a deferred compensation liability. Treasury stock is stated at cost (first-in, first-out basis) and the Company reflects stock repurchases in its financial statements on a "settlement" basis.