Fair Value Measurements (Tables)

6 Months Ended

Jul. 01, 2023

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):

	July 1, 2023						December 31, 2022
Measured at fair value on a recurring basis:	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Investment securities	$	—	$	—	$	—	$	0.1	$	—	$	—
Foreign currency forward contracts	—		3.1		—		—		4.2		—
Interest rate swap agreements	—		53.8		—		—		3.0		—
Total assets	$	—	$	56.9	$	—	$	0.1	$	7.2	$	—
Liabilities:
Cross-currency swap	$	—	$	136.3	$	—	$	—	$	96.1	$	—
Foreign currency forward contracts	—		3.2		—		—		5.2		—
Total liabilities	$	—	$	139.5	$	—	$	—	$	101.3	$	—

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

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

	July 1, 2023		December 31, 2022
Public Bonds	Level 1		Level 1
Carrying value (excluding discount)	$	2,544.4	$	2,544.4
Fair value	$	2,310.2	$	2,225.4