Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020:


(in millions)	Level 1		Level 2		Total
Assets:
Cash equivalents	$	19.3	$	—	$	19.3
Short-term investments in marketable securities	56.7		—		56.7
Restricted cash	10.7		—		10.7
Derivatives	—		2.2		2.2
Total assets	$	86.7	$	2.2	$	88.9

Liabilities:
Derivatives	$	—	$	12.0	$	12.0
Deferred compensation	1.1		18.7		19.8
Total liabilities at fair value	$	1.1	$	30.7	$	31.8
Liabilities measured at net asset value					10.7
Total liabilities					$	42.5

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

Refer to Note 14 – Financial Instruments for additional information related to the fair value of derivative assets and liabilities by class. In addition to the items shown in the tables above, see Note 17 – Postretirement Benefits for further discussion regarding the fair value measurements associated with the Company's postretirement benefit plans.