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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 5. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). GAAP outlines a valuation framework and creates a fair value hierarchy intended to increase the consistency and comparability of fair value measurements and the related disclosures. Certain assets and liabilities must be measured at fair value, and disclosures are required for items measured at fair value. We measure our financial instruments using inputs from the following three levels of the fair value hierarchy. The three levels are as follows:
| • | Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
| • | Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (that is, interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).
| • | Level 3 inputs include unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability. These inputs are developed based on the best information available, including internal data.
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Our financial assets and liabilities measured at fair value on a recurring basis were categorized as follows:
|  | December 31, 2020 |
|  | Level 1 |  |  | Level 2 |  |  |  | Level 3 |  |  | Total |
|  | (Dollars in millions) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale customer trust funds assets |  | $ | — |  |  | $ | 1,719.1 |  | (a) |  | $ | — |  |  | $ | 1,719.1 |
Total assets measured at fair value |  | $ | — |  |  | $ | 1,719.1 |  |  |  | $ | — |  |  | $ | 1,719.1 |
|  | December 31, 2019 |
|  | Level 1 |  |  | Level 2 |  |  |  | Level 3 |  |  | Total |
|  | (Dollars in millions) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale customer trust funds assets |  | $ | — |  |  | $ | 1,826.8 |  | (a) |  | $ | — |  |  | $ | 1,826.8 |
Total assets measured at fair value |  | $ | — |  |  | $ | 1,826.8 |  |  |  | $ | — |  |  | $ | 1,826.8 |
(a) | Fair value is based on inputs that are observable for the asset or liability, other than quoted prices.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Assets acquired and liabilities assumed as part of a business combination are measured at fair value. Please refer to Note 4, “Business Combinations,” for additional information on our business combinations. During the years ended December 31, 2020 and 2019, we did not re-measure any financial assets or liabilities at fair value on a nonrecurring basis.

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- References No definition available. + Details
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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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