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Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company has various financial instruments that must be measured at fair value on a recurring basis, including marketable debt and equity securities held by Astec Insurance and marketable equity securities held in the Company's deferred compensation programs. The Company's deferred compensation programs (each, a "DCP") include a non-qualified Supplemental Executive Retirement Plan ("SERP") and a separate non-qualified Deferred Compensation Plan. Although the DCP's investments are allocated to individual participants, and investment decisions are made solely by those participants, they are non-qualified plans. Consequently, the Company owns the assets and the related offsetting liability for disbursement until such time as a participant makes a qualifying withdrawal. The DCP assets and related offsetting liabilities are recorded in non-current "Investments" and "Other long-term liabilities," respectively, in the Consolidated Balance Sheets. The Company's
subsidiaries also occasionally enter into foreign currency exchange contracts to mitigate exposure to fluctuations in currency exchange rates.

The carrying amount of cash, cash equivalents and restricted cash, trade receivables and contract assets, other receivables, accounts payable, short-term debt and long-term debt approximates their fair value because of their short-term nature and/or interest rates associated with the instruments. Investments are carried at their fair value based on quoted market prices for identical or similar assets or, where no quoted prices exist, other observable inputs for the asset. The fair values of foreign currency exchange contracts are based on quotations from various banks for similar instruments using models with market-based inputs.

Financial assets and liabilities are categorized based on the level of judgment associated with the inputs used to measure their fair value. The inputs used to measure the fair value are identified in the following hierarchy:

Level 1 -Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 -Unadjusted quoted prices in active markets for similar assets or liabilities; or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable for the asset or liability.
Level 3 -Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date.

As indicated in the tables below, the Company has determined that all of its financial assets and liabilities as of June 30, 2024 and December 31, 2023 are Level 1 and Level 2 in the fair value hierarchy defined above:

June 30, 2024
(in millions)Level 1Level 2Total
Financial assets:
Trading equity securities:
Deferred compensation programs' mutual funds$4.9 $— $4.9 
Preferred stocks0.3 — 0.3 
Equity funds0.5 — 0.5 
Trading debt securities:
Corporate bonds3.6 — 3.6 
Agency bonds— 2.5 2.5 
U.S. government securities2.9 — 2.9 
Asset-backed securities— 5.5 5.5 
Exchange traded funds1.2 — 1.2 
Mortgage backed securities— 0.4 0.4 
Other0.2 0.4 0.6 
Total financial assets$13.6 $8.8 $22.4 
Financial liabilities:
Deferred compensation programs' liabilities$— $6.0 $6.0 
Total financial liabilities$— $6.0 $6.0 
December 31, 2023
(in millions)Level 1Level 2Total
Financial assets:
Trading equity securities:
Deferred compensation programs' mutual funds$4.2 $— $4.2 
Preferred stocks0.3 — 0.3 
Equity funds0.7 — 0.7 
Trading debt securities:
Corporate bonds3.4 — 3.4 
Agency bonds— 2.5 2.5 
U.S. government securities1.9 — 1.9 
Asset-backed securities— 4.0 4.0 
Exchange traded funds1.3 — 1.3 
Mortgage backed securities— 0.5 0.5 
Other0.2 0.5 0.7 
Total financial assets$12.0 $7.5 $19.5 
Financial liabilities:
Derivative financial instruments$— $0.1 $0.1 
Deferred compensation programs' liabilities— 5.5 5.5 
Total financial liabilities$— $5.6 $5.6