Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

As of March 31, 2025 and December 31, 2024, the cost and market values of our debt and equity securities were as follows:


	Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
Balance as of March 31, 2025
Available-for-sale debt securities	$	12.1	$	12.3	$	—	$	—
Equity securities	20.0		20.0		—		—
Total debt and equity securities	$	32.1	$	32.3	$	—	$	—

Balance as of December 31, 2024
Available-for-sale debt securities	$	12.1	$	12.3	$	0.2	$	—
Equity securities	20.0		20.0		—		—
Total debt and equity securities	$	32.1	$	32.3	$	0.2	$	—

Scheduled maturities of our debt securities were as follows:

Our population of assets and liabilities subject to fair value measurements at March 31, 2025 was as follows:


	Fair Value		Level 1		Level 2		Level 3
Assets:
Equity securities	$	20.0	$	—	$	—	$	20.0
Debt securities	12.3		—		—		12.3
Foreign currency forward contracts	0.7		—		0.7		—
Cross-currency swaps	2.6		—		2.6		—
Total assets	35.6		—		3.3		32.3
Liabilities:
Cross-currency swaps	4.9		—		4.9		—
Interest rate swaps	0.7		—		0.7		—
Total liabilities	$	5.6	$	—	$	5.6	$	—

Our population of assets and liabilities subject to fair value measurements at December 31, 2024 was as follows:


	Fair Value		Level 1		Level 2		Level 3
Assets:
Equity securities	$	20.0	$	—	$	—	$	20.0
Debt securities	12.3		—		—		12.3
Foreign currency forward contracts	0.8		—		0.8		—
Cross-currency swaps	3.4		—		3.4		—
Interest rate swaps	0.1		—		0.1		—
Total assets	36.6		—		4.3		32.3
Liabilities:
Interest rate swaps	0.2		—		0.2		—
Total liabilities	$	0.2	$	—	$	0.2	$	—

TENNANT CO 10-Q