Fair Value

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The inputs used to measure fair value are classified into the following hierarchy:



Level 1	Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2	Unadjusted quoted prices in active markets for similar assets or liabilities, or
	Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or
	Inputs other than quoted prices that are observable for the asset or liability
Level 3	Unobservable inputs for the asset or liability

The Company uses the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2016 and January 2, 2016, respectively (in millions):



	December 31, 2016		January 2, 2016
	December 31, 2016		January 2, 2016		Classification
Assets:
Prepaid Expenses and Other Current Assets:
Derivative Currency Contracts	$	2.8	$	1.2	Level 2
Derivative Commodity Contracts	7.3		5.2		Level 2
Other Non-Current Assets:
Assets Held in Rabbi Trust	5.4		5.2		Level 1
Derivative Currency Contracts	0.4		1.0		Level 2
Liabilities:
Hedging Obligations Current:
Interest Rate Swap	3.3		—		Level 2
Derivative Currency Contracts	45.7		30.8		Level 2
Derivative Commodity Contracts	—		13.9		Level 2
Hedging Obligations:
Interest Rate Swap	—		7.8		Level 2
Derivative Currency Contracts	17.6		19.8		Level 2

Level 1 fair value measurements for assets held in a Rabbi Trust are unadjusted quoted prices.

Level 2 fair value measurements for derivative assets and liabilities are measured using quoted prices in active markets for similar assets and liabilities. Interest rate swaps are valued based on the discounted cash flows for the LIBOR forward yield curve for a swap with similar contractual terms. Foreign currency forwards are valued based on exchange rates quoted by domestic and foreign banks for similar instruments. Commodity forwards are valued based on observable market transactions of forward commodity prices.

The Company did not change its valuation techniques during fiscal 2016.