Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize our financial assets and liabilities that are measured at fair value on a recurring basis and the fair value measurements, by level, within the fair value hierarchy as of December 31, 2024 and 2023, respectively:


			Fair Value Measurements Using:
As of December 31, 2024	Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(in millions)
Assets:
Investments—equity securities	$	—	$	—	$	—	$	—
Investments—guaranteed income fund	1.1		—		—		1.1
Investments—mutual funds and other	13.3		13.3		—		—
Total investments	14.4		13.3		—		1.1
Derivative assets	0.7		—		0.7		—
Total assets	$	15.1	$	13.3	$	0.7	$	1.1
Liabilities:
Derivative liabilities	$	0.1	$	—	$	0.1	$	—


			Fair Value Measurements Using:
As of December 31, 2023	Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(in millions)
Assets:
Investments—equity securities	$	—	$	—	$	—	$	—
Investments—guaranteed income fund	1.5		—		—		1.5
Investments—mutual funds and other	10.8		10.8		—		—
Total investments	12.3		10.8		—		1.5
Derivative assets	1.0		—		1.0		—
Total assets	$	13.3	$	10.8	$	1.0	$	1.5
Liabilities:
Derivative liabilities	$	1.3	$	—	$	1.3	$	—

Schedule of Changes in Fair Value of Plan Assets

The changes in the fair value of our Level 3 investments for the years ended December 31, 2024 and 2023 were not material. Investment income from our Level 3 investments is reflected in other income (expense), net in the consolidated statements of income.