Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following information is presented for assets and liabilities that are recorded in the consolidated balance sheets at fair value measured on a recurring basis. There were no transfers of assets and liabilities that are recorded at fair value between the three-level fair value hierarchy during the periods reported.

In millions	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
December 31, 2021
Assets:
Deferred compensation plan investments (5)	$	0.9	$	—	$	—	$	0.9
Total assets	$	0.9	$	—	$	—	$	0.9
Liabilities:
Deferred compensation arrangement (5)	$	13.7	$	—	$	—	$	13.7
Contingent consideration (6)	—		—		0.8		0.8
Total liabilities	$	13.7	$	—	$	0.8	$	14.5

In millions	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
December 31, 2020
Assets:
Equity securities (4)	$	0.2	$	—	$	—	$	0.2
Deferred compensation plan investments (5)	1.7		—		—		1.7
Total assets	$	1.9	$	—	$	—	$	1.9
Liabilities:
Deferred compensation arrangement (5)	$	11.6	$	—	$	—	$	11.6
Contingent consideration (6)	—		—		0.8		0.8
Total liabilities	$	11.6	$	—	$	0.8	$	12.4

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(1) Quoted prices in active markets for identical assets.

(2) Quoted prices for similar assets and liabilities in active markets.

(3) Significant unobservable inputs.

(4) Included within "Prepaid and other current assets" on the consolidated balance sheet.

(5) Consists of a deferred compensation arrangement through which we hold various investment securities recognized on our balance sheets. Both the asset and liability related to investment securities are recorded at fair value, and are included within "Other assets" and "Other liabilities" on the consolidated balance sheets, respectively. In addition to the investment securities, we also had company-owned life insurance related to the deferred compensation arrangement recorded at cash surrender value in "Other assets" of $14.0 million and $10.8 million at December 31, 2021 and 2020, respectively.

(6) Included within "Other liabilities" on the consolidated balance sheet.

Debt Securities, Held-to-maturity, Credit Quality Indicator

The following table shows the total amortized cost of our HTM debt securities by credit rating, excluding the allowance for credit losses and cash. The primary factor in our expected credit loss calculation is the composite bond rating. As the rating decreases, the risk present in holding the bond is inherently increased, leading to an increase in expected credit losses.

	HTM Debt Securities
In millions	AA+		AA	AA-	A	A-	BBB+	Total
December 31, 2021	$	13.4	—	10.6	13.3	14.1	20.5	$	71.9
December 31, 2020	$	13.5	10.6	—	24.2	13.4	10.4	$	72.1

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the activity for financial liabilities utilizing Level 3 fair value measurements:

	Contingent Consideration
In millions	December 31, 2021		December 31, 2020
Beginning balance	$	0.8	$	—
Newly issued	—		1.1
Change in revaluation of contingent consideration included in earnings	—		(0.3)
Exercises/settlements	—		—
Ending balance (1)	$	0.8	$	0.8

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(1) Included within "Other liabilities" on the consolidated balance sheets.