Fair Value Measurements (Tables)

3 Months Ended

Apr. 02, 2022

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):

	April 2, 2022						December 31, 2021
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Measured at fair value on a recurring basis:
Assets:
Investment securities	$	0.2	$	—	$	—	$	0.4	$	—	$	—
Foreign currency forward contracts	—		4.3		—		—		5.7		—
Foreign currency option contracts	—		1.5		—		—		5.0		—
Total assets	$	0.2	$	5.8	$	—	$	0.4	$	10.7	$	—
Liabilities:
Cross-currency swap	$	—	$	—	$	—	$	—	$	13.8	$	—
Foreign currency forward contracts	—		3.4		—		—		2.4		—
Total liabilities	$	—	$	3.4	$	—	$	—	$	16.2	$	—
Measured at fair value on a non-recurring basis:
Assets:
Goodwill(1)	$	—	$	—	$	—	$	—	$	—	$	71.7
Total assets	$	—	$	—	$	—	$	—	$	—	$	71.7
Liabilities
Liabilities held for sale, net(2)	$	—	$	—	$	—	$	—	$	—	$	16.8
Total liabilities	$	—	$	—	$	—	$	—	$	—	$	16.8

(1)     During the year ended December 31, 2021, goodwill with a carrying value of $81.7 million was written down to a fair value of $71.7 million

(2)     We measured the net assets held for sale for impairment purposes and recorded a total impairment of $162.2 million, resulting in a net liability held for sale balance as of December 31, 2021.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

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

	April 2, 2022				December 31, 2021
	Level 1		Level 2		Level 1		Level 2
Public Bonds
Carrying Value (excluding discount)	$	2,760.0	$	—	$	2,760.0	$	—
Fair value	$	2,657.0	$	—	$	2,847.2	$	—
Private placement note
Carrying value (excluding premium)	$	—	$	149.3	$	—	$	153.5
Fair value	$	—	$	157.4	$	—	$	162.6