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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements |
13. | Fair Value Measurements
Assets and liabilities measured at fair value on a recurring basis are summarized as follows:
| Fair Value Measurements as of
| December 31, 2021 |  | December 31, 2020
| (in millions)
Assets |  |  |
Time deposits | $ | — |  |  | $ | 4.2 |
Foreign currency derivatives | 8.7 |  |  | — |
Deferred compensation assets | 10.9 |  |  | 8.6 |
| $ | 19.6 |  |  | $ | 12.8 |
Liabilities |  |  |
Deferred compensation liabilities | $ | 11.4 |  |  | $ | 8.9 |
Foreign currency derivatives | — |  |  | 9.5 |
| $ | 11.4 |  |  | $ | 18.4 |
Our time deposits and deferred compensation assets and liabilities are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. Our foreign currency derivatives are classified as Level 2 as their value is calculated based upon observable inputs including market USD/Euro exchange rates and market interest rates. The carrying values of our significant financial instruments reflected in the Consolidated Balance Sheets approximate their respective fair values, except for the following:
| December 31, 2021 |  | December 31, 2020
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
| (in millions)
Long-term debt | $ | 976.6 |  |  | $ | 998.3 |  |  | $ | 491.3 |  |  | $ | 520.8 |
The fair values for long-term debt are based on quoted market prices for identical liabilities, but this would be considered a Level 2 computation because the market is not active.

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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=123874694&loc=d3e19207-110258 + Details
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