Fair Value Measurements - (Tables)

6 Months Ended

Jul. 01, 2022

Fair Value Disclosures [Abstract]

Summary of Fair Value Available-for-sale Securities

The following table summarizes the Company's financial assets and liabilities, excluding pension assets, disaggregated by the security type, measured at fair value on a recurring basis (in millions):

As of July 1, 2022									Fair Value Level
Description	Amortized Cost		Unrealized gains		Unrealized losses		Fair value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Demand and time deposits	$	19.0	$	—	$	—	$	19.0	$	19.0	$	—	$	—
Money market funds	1.0		—		—		1.0		1.0		—		—
Other current assets:
Corporate bonds	$	21.1	$	—	$	—	$	21.1	$	—	$	21.1	$	—
Certificate of deposit	4.7		—		—		4.7		—		4.7		—
Commercial paper	7.4		—		—		7.4		2.5		4.9		—
US Treasury bonds	1.6		—		—		1.6		—		1.6		—
Other assets:
Corporate bonds	$	11.0	$	—	$	—	$	11.0	$	—	$	11.0	$	—
US Treasury bonds	0.4		—		—		0.4		—		0.4		—

The investments included in other assets have maturity dates ranging between one and five years.

As of December 31, 2021									Fair Value Level
Description	Amortized Cost		Unrealized gains		Unrealized losses		Fair value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Demand and time deposits	$	19.5	$	—	$	—	$	19.5	$	19.5	$	—	$	—
Money market funds	0.7		—		—		0.7		0.7		—		—
Corporate bonds	1.6		—		—		1.6		—		1.6		—
Commercial paper	2.0		—		—		2.0		—		2.0		—
Other current assets:
Corporate bonds	$	16.0	$	—	$	—	$	16.0	$	—	$	16.0	$	—
Certificate of deposit	1.9		—		—		1.9		—		1.9		—
Commercial paper	5.0		—		—		5.0		3.0		2.0		—
US Treasury bonds	0.4		—		—		0.4		—		0.4		—
Other assets:
Corporate bonds	$	19.7	$	—	$	—	$	19.7	$	—	$	19.7	$	—
US Treasury bonds	1.6		—		—		1.6		—		1.6		—

Summary of Fair Value, by Balance Sheet Grouping

The carrying amounts and fair values of the Company’s long-term borrowings were as follows (in millions):

	As of
	July 1, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion (1)
0% Notes	$	789.5	$	883.6	$	664.8	$	1,183.1
1.625% Notes	154.4		380.4		144.6		513.6
Other long-term debt	2,268.7		2,092.9		2,265.2		2,245.5

(1)    Carrying amounts shown are net of debt discount, if applicable, and debt issuance costs.