v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value by Fair Value Hierarchy Level, Extensible Enumeration [Abstract]  
Fair Value Measurements Fair Value Measurements
The company uses a three-level classification hierarchy of fair value measurements for disclosure purposes:
•Level 1 inputs, which are considered the most reliable evidence of fair value, consist of quoted prices (unadjusted) for identical assets or liabilities in active markets.
•Level 2 inputs consist of observable market data, such as quoted prices for similar assets and liabilities in active markets, or inputs other than quoted prices that are directly observable.
•Level 3 inputs consist of unobservable inputs which are derived and cannot be corroborated by market data or other entity-specific inputs.
The company’s level 1 assets generally include investments in publicly traded mutual funds, equity securities and corporate debt securities with quoted market prices. In general, the company uses quoted prices in active markets for identical assets to determine the fair value of marketable securities.
The company’s level 2 assets and liabilities generally consist of long-term debt notes. The fair values of the long-term debt notes were based on quoted market prices in an inactive market.
The company’s level 3 assets and liabilities include certain investments that were adjusted to fair value.
Recurring Fair Value Measurements. Financial assets and liabilities recorded at fair value on the consolidated balance sheet as of March 31, 2026 were classified in their entirety based on the lowest level of input that was significant to each asset and liability’s fair value measurement. The following table presents financial instruments measured at fair value on a recurring basis:
 March 31, 2026
(in millions)Level 1Level 2Level 3Total
Assets at Fair Value:
Marketable securities:
Corporate debt securities$6.9 $— $— $6.9 
Mutual funds116.0 — — 116.0 
Equity securities1.3 — — 1.3 
Total Marketable Securities124.2 — — 124.2 
Total Assets at Fair Value$124.2 $— $— $124.2 
Non-Recurring Fair Value Measurements. The company recognized an impairment charge of $28.9 million related to two of its privately-held equity investments. The fair value of one of the investments was estimated to be zero at the impairment date and the fair value of the other investment was estimated to be $1.6 million at the impairment date. The company also recognized unrealized gains on investments of $4.8 million on equity investments without readily determinable fair values during the first quarter of 2026. The fair value of these investments were estimated to be $18.2 million at March 31, 2026. This fair value assessment was based on quantitative factors, including observable price changes. The fair value measurement of these investments are considered level 3 and non-recurring. These investments are included in other assets on the consolidated balance sheet.
Fair Values of Debt Notes. The following presents the estimated fair values of short-term and long-term debt notes, which are carried at amortized cost on the consolidated balance sheets. The fair values below are classified as level 2 under the fair value hierarchy and were estimated using quoted market prices in inactive markets.
At March 31, 2026, the fair values were as follows:
(in millions)Fair ValueLevel
$500.0 million fixed rate notes due June 2028$496.1 Level 2
$750.0 million fixed rate notes due March 2030751.4 Level 2
$750.0 million fixed rate notes due March 2032679.9 Level 2
$750.0 million fixed rate notes due September 2043732.6 Level 2
$700.0 million fixed rate notes due June 2048571.8 Level 2