Fair Value Measurements (Tables)

9 Months Ended

Oct. 02, 2021

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

The table below summarizes the valuation of our financial instruments carried at fair value by the applicable pricing categories (in millions):

	October 2, 2021						December 31, 2020
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Measured at fair value on a recurring basis:
Assets:
Investment securities	$	1.5	$	—	$	—	$	2.5	$	—	$	—
Foreign currency forward contracts	—		5.8		—		—		9.8		—
Cross-currency swap	—		—		—		—		6.3		—
Foreign currency option contracts	—		13.3		—		—		—		—
Total assets	$	1.5	$	19.1	$	—	$	2.5	$	16.1	$	—
Liabilities:
Cross-currency swap	$	—	$	24.1	$	—	$	—	$	—	$	—
Foreign currency forward contracts	—		1.8		—		—		7.9		—
Total liabilities	$	—	$	25.9	$	—	$	—	$	7.9	$	—
Measured at fair value on a non-recurring basis:
Liabilities
Liabilities held for sale, net(1)	$	—	$	—	$	15.8	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	15.8	$	—	$	—	$	—

(1)     We measured the net assets held for sale for impairment purposes and recorded a total impairment of $161.2 million, resulting in a net liability held for sale balance (refer to Note 9).

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The table below summarizes the change in fair value of the Royalty Pharma contingent milestone (in millions):

	Three Months Ended		Nine Months Ended
	September 26, 2020		September 26, 2020
Beginning balance	$	99.0	$	95.3
Change in fair value	22.2		25.9
Ending balance	$	121.2	$	121.2

Schedule of Fair Value Assumptions

The table below represents the volatility and rate of return:

	Three Months Ended
	September 26, 2020
Volatility	30.0	%
Rate of return	6.84	%

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

Our fixed rate long-term debt consisted of the following (in millions):

	October 2, 2021				December 31, 2020
	Level 1		Level 2		Level 1		Level 2
Public Bonds
Carrying Value (excluding discount)	$	2,760.0	$	—	$	2,760.0	$	—
Fair value	$	2,906.0	$	—	$	3,031.1	$	—
Private placement note
Carrying value (excluding premium)	$	—	$	156.6	$	—	$	164.9
Fair value	$	—	$	166.9	$	—	$	177.5