Marketable Securities

6 Months Ended

Jun. 30, 2023

Investments Debt And Equity Securities [Abstract]

Marketable Securities

Note 5 – Marketable securities:

			Cost or
			amortized		Unrealized
	Market value		cost		loss, net
	(In millions)
December 31, 2022:
Current assets	$	75.1	$	75.7	$	(.6)
Noncurrent assets	$	1.2	$	1.2	$	—
June 30, 2023:
Current assets	$	99.0	$	99.4	$	(.4)
Noncurrent assets	$	3.3	$	3.5	$	(.2)

Our marketable securities consist of investments in marketable equity and debt securities. We classify all of our marketable securities as available-for-sale. Our marketable equity securities are carried at fair value using quoted market prices, primarily Level 1 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures, with any unrealized gains or losses on the securities recognized in other income, net on our Condensed Consolidated Statements of Operations. Our current marketable securities are primarily debt securities invested in U.S. government treasuries. The fair value of our marketable debt securities is generally determined using Level 2 inputs because although these securities are traded in many cases, the market is not active and the quarter-end valuation is generally based on the last trade of the quarter, which may be several days prior to quarter end. We accumulate unrealized gains and losses on marketable debt securities as part of accumulated other comprehensive income (loss), net of related deferred income taxes.