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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024:


			Fair Value Measurements Using:
As of March 31, 2025	Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(in millions)
Assets:

Investments—guaranteed income fund	$	1.0	$	—	$	—	$	1.0
Investments—mutual funds and other	13.4		13.4		—		—
Total investments	14.4		13.4		—		1.0
Derivative assets	0.7		—		0.7		—
Total assets	$	15.1	$	13.4	$	0.7	$	1.0
Liabilities:
Derivative liabilities	$	1.0	$	—	$	1.0	$	—


			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—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	$	—

Summary of Changes in Fair Value of Investments

The changes in the fair value of Level 3 investments for the three months ended March 31, 2025 and 2024 were not material.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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