|
Fair Value Measurements
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 28, 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 |
— |
|
|
12.3 |
|
|
12.3 |
|
Total assets |
$ |
12.6 |
|
|
$ |
12.3 |
|
|
$ |
24.9 |
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Derivatives |
$ |
— |
|
|
$ |
3.6 |
|
|
$ |
3.6 |
|
Deferred compensation |
0.5 |
|
|
14.6 |
|
|
15.1 |
|
Total liabilities at fair value |
$ |
0.5 |
|
|
$ |
18.2 |
|
|
$ |
18.7 |
|
Liabilities measured at net asset value |
|
|
|
|
7.5 |
|
Total liabilities |
|
|
|
|
$ |
26.2 |
|
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2019:
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|
|
|
|
|
|
|
|
|
|
|
|
(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 March 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
9.1 |
|
|
— |
|
|
9.1 |
|
Derivatives |
— |
|
|
7.8 |
|
|
7.8 |
|
Total assets |
$ |
10.1 |
|
|
$ |
7.8 |
|
|
$ |
17.9 |
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Derivatives |
$ |
— |
|
|
$ |
0.8 |
|
|
$ |
0.8 |
|
Deferred compensation |
3.8 |
|
|
22.2 |
|
|
26.0 |
|
Total liabilities at fair value |
$ |
3.8 |
|
|
$ |
23.0 |
|
|
$ |
26.8 |
|
Liabilities measured at net asset value |
|
|
|
|
10.2 |
|
Total liabilities |
|
|
|
|
$ |
37.0 |
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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.
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