Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.20.2
Fair Value Measurements
6 Months Ended
Jun. 27, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 27, 2020:
(in millions)
Level 1
 
Level 2
 
Total
Assets:
 
 
 
 
 
Cash equivalents
$
0.2

 
$

 
$
0.2

Short-term investments in marketable securities
0.8

 

 
0.8

Restricted cash
11.6

 

 
11.6

Derivatives

 
3.5

 
3.5

Total assets
$
12.6

 
$
3.5

 
$
16.1

 
 
 
 
 
 
Liabilities:
 

 
 

 
 

Derivatives
$

 
$
2.5

 
$
2.5

Deferred compensation
0.9

 
15.5

 
16.4

Total liabilities at fair value
$
0.9

 
$
18.0

 
$
18.9

Liabilities measured at net asset value
 
 
 
 
9.4

Total liabilities
 
 
 
 
$
28.3


The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2019:
(in millions)
Level 1
 
Level 2
 
Total
Assets:
 
 
 
 
 
Cash equivalents
$
0.3

 
$

 
$
0.3

Short-term investments in marketable securities
0.8

 

 
0.8

Restricted cash
11.6

 

 
11.6

Derivatives

 
4.2

 
4.2

Total assets
$
12.7

 
$
4.2

 
$
16.9

 
 
 
 
 
 
Liabilities:
 

 
 

 
 

Derivatives
$

 
$
3.2

 
$
3.2

Deferred compensation
1.2

 
18.8

 
20.0

Total liabilities at fair value
$
1.2

 
$
22.0

 
$
23.2

Liabilities measured at net asset value
 
 
 
 
8.5

Total liabilities
 
 
 
 
$
31.7



The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 29, 2019:
(in millions)
Level 1
 
Level 2
 
Total
Assets:
 
 
 
 
 
Cash equivalents
$
150.2

 
$

 
$
150.2

Short-term investments in marketable securities
0.8

 

 
0.8

Restricted cash
11.6

 

 
11.6

Derivatives

 
7.3

 
7.3

Total assets
$
162.6

 
$
7.3

 
$
169.9

 
 
 
 
 
 
Liabilities:
 

 
 

 
 

Derivatives
$

 
$
2.2

 
$
2.2

Deferred compensation
2.7

 
25.7

 
28.4

Total liabilities at fair value
$
2.7

 
$
27.9

 
$
30.6

Liabilities measured at net asset value
 
 
 
 
11.5

Total liabilities
 
 
 
 
$
42.1



In addition to the items shown in the tables above, refer to Note 7 in the Notes to Consolidated Financial Statements in the 2019 Form 10-K for further information regarding the fair value measurements associated with the Company’s postretirement benefit plans.