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Balance Sheet Accounts
 9 Months Ended
Sep. 30, 2020
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, 2020
 TotalQuoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Other
Observable
Inputs
(Level 2)
Unobservable
Inputs
(Level 3)
 (In millions)
Money market funds$659.8 $659.8 $— $— 
Registered investment companies2.8 2.8 — — 
Equity securities1.5 1.5 — — 
Total$664.1 $664.1 $— $— 
 Fair value measurement as of December 31, 2019
 TotalQuoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Other
Observable
Inputs
(Level 2)
Unobservable
Inputs
(Level 3)
 (In millions)
Money market funds$626.0 $626.0 $— $— 
Registered investment companies3.7 3.7 — — 
Commercial paper99.9 — 99.9 — 
Total$729.6 $629.7 $99.9 $— 
As of December 31, 2019, 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, 2020December 31, 2019September 30, 2020December 31, 2019
 (In millions)
Term loan$304.0 $328.1 $315.0 $328.1 
21/4% Notes
478.1 546.0 300.0 300.0 
Total$782.1 $874.1 $615.0 $628.1 
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). The fair value of the term loan at September 30, 2020, was estimated based on a third-party model used to derive a relative value price using comparable corporate loans within the same industry, credit quality, and currency. At December 31, 2019, the term loan carrying value approximated fair value.
b. Accounts Receivable, net
September 30, 2020December 31, 2019
 (In millions)
Billed receivables under long-term contracts$183.1 $122.9 
Reserve on billed trade receivables(1.0)(10.6)
Other trade receivables0.3 0.2 
Accounts receivable, net$182.4 $112.5 
c. Other Current Assets, net
September 30, 2020December 31, 2019
 (In millions)
Deferred costs recoverable from the U.S. government $43.5 $47.1 
Income taxes receivable48.3 43.4 
Inventories10.7 24.0 
Prepaid expenses16.3 13.9 
Other19.7 17.4 
Other current assets, net$138.5 $145.8 
d. Property, Plant and Equipment, net
September 30, 2020December 31, 2019
 (In millions)
Land$71.2 $71.2 
Buildings and improvements435.4 434.9 
Machinery and equipment, including capitalized software460.9 488.2 
Construction-in-progress86.4 70.2 
1,053.9 1,064.5 
Less: accumulated depreciation(650.1)(654.6)
Property, plant and equipment, net$403.8 $409.9 
e. Other Noncurrent Assets, net
September 30, 2020December 31, 2019
 (In millions)
Real estate held for entitlement and leasing$101.7 $100.3 
Deferred costs recoverable from the U.S. government 56.5 54.8 
Receivable from Northrop Grumman Corporation for environmental remediation costs42.0 46.5 
Other47.2 54.0 
Other noncurrent assets, net$247.4 $255.6 
f. Other Current Liabilities
September 30, 2020December 31, 2019
 (In millions)
Accrued compensation and employee benefits$102.1 $103.1 
Other 42.1 52.4 
Other current liabilities$144.2 $155.5 
g. Treasury Stock
During the nine months ended September 30, 2020, the Company repurchased 0.3 million of its common shares at a cost of $12.3 million. The Company reflects stock repurchases in its financial statements on a "settlement" basis.