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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable. •Level 1 - Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets or liabilities. •Level 2 - Inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. These are typically obtained from readily available pricing sources for comparable instruments. •Level 3 - Unobservable inputs, for which there is little or no market activity for the asset or liability. These inputs reflect the reporting entity's own assumptions of the data that market participants would use in pricing the asset or liability, based on the best information available in the circumstances. 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.

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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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