|
Fair Value Measurements
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 28, 2019:
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|
(in millions) |
Level 1 |
|
Level 2 |
|
Total |
Assets: |
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|
|
|
|
Cash equivalents |
$ |
0.2 |
|
|
$ |
— |
|
|
$ |
0.2 |
|
Short-term investments in marketable securities |
0.8 |
|
|
— |
|
|
0.8 |
|
Restricted cash |
11.6 |
|
|
— |
|
|
11.6 |
|
Derivatives |
— |
|
|
11.7 |
|
|
11.7 |
|
Total assets |
$ |
12.6 |
|
|
$ |
11.7 |
|
|
$ |
24.3 |
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|
|
|
|
|
|
Liabilities: |
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|
|
|
|
|
|
|
Derivatives |
$ |
— |
|
|
$ |
1.8 |
|
|
$ |
1.8 |
|
Deferred compensation |
1.1 |
|
|
20.6 |
|
|
21.7 |
|
Total liabilities at fair value |
$ |
1.1 |
|
|
$ |
22.4 |
|
|
$ |
23.5 |
|
Liabilities measured at net asset value |
|
|
|
|
10.3 |
|
Total liabilities |
|
|
|
|
$ |
33.8 |
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The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2018:
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|
|
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|
|
|
(in millions) |
Level 1 |
|
Level 2 |
|
Total |
Assets: |
|
|
|
|
|
Short-term investments in marketable securities |
$ |
0.8 |
|
|
$ |
— |
|
|
$ |
0.8 |
|
Restricted cash |
9.0 |
|
|
— |
|
|
9.0 |
|
Derivatives |
— |
|
|
7.6 |
|
|
7.6 |
|
Total assets |
$ |
9.8 |
|
|
$ |
7.6 |
|
|
$ |
17.4 |
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Derivatives |
$ |
— |
|
|
$ |
2.2 |
|
|
$ |
2.2 |
|
Deferred compensation |
3.5 |
|
|
20.7 |
|
|
24.2 |
|
Total liabilities at fair value |
$ |
3.5 |
|
|
$ |
22.9 |
|
|
$ |
26.4 |
|
Liabilities measured at net asset value |
|
|
|
|
10.2 |
|
Total liabilities |
|
|
|
|
$ |
36.6 |
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The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 29, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
Level 1 |
|
Level 2 |
|
Total |
Assets: |
|
|
|
|
|
Short-term investments in marketable securities |
$ |
0.8 |
|
|
$ |
— |
|
|
$ |
0.8 |
|
Restricted cash |
9.5 |
|
|
— |
|
|
9.5 |
|
Derivatives |
— |
|
|
4.6 |
|
|
4.6 |
|
Total assets |
$ |
10.3 |
|
|
$ |
4.6 |
|
|
$ |
14.9 |
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Derivatives |
$ |
— |
|
|
$ |
4.9 |
|
|
$ |
4.9 |
|
Deferred compensation |
4.2 |
|
|
27.7 |
|
|
31.9 |
|
Total liabilities at fair value |
$ |
4.2 |
|
|
$ |
32.6 |
|
|
$ |
36.8 |
|
Liabilities measured at net asset value |
|
|
|
|
11.0 |
|
Total liabilities |
|
|
|
|
$ |
47.8 |
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In addition to the items shown in the tables above, refer to Note 18 in the Notes to Consolidated Financial Statements in the 2018 Form 10-K for further discussion regarding the fair value measurements associated with the Company’s postretirement benefit plans.
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