Fair Value Measurements

9 Months Ended

Sep. 26, 2020

Fair Value Measurements

Fair Value Measurements

Note 11. Fair Value Measurements

Recurring Fair Value Measurements

The assets and liabilities carried at fair value, measured on a recurring basis, as of September 26, 2020 were as follows:

			Fair Value Measurements Using
					Significant		Significant
			Quoted Prices		Other		Other
			in Active		Observable		Unobservable
			Markets		Inputs		Inputs
(In millions)	Total		(Level 1)		(Level 2)		(Level 3)
Assets
Investments	$	33.0	$	27.1	$	5.9	$	—
Derivative assets		8.3		.2		8.1		—
Bank drafts		19.5		19.5		—		—
Liabilities
Derivative liabilities	$	24.1	$	—	$	24.1	$	—

The assets and liabilities carried at fair value, measured on a recurring basis, as of December 28, 2019 were as follows:

			Fair Value Measurements Using
					Significant		Significant
			Quoted Prices		Other		Other
			in Active		Observable		Unobservable
			Markets		Inputs		Inputs
(In millions)	Total		(Level 1)		(Level 2)		(Level 3)
Assets
Investments	$	30.6	$	26.0	$	4.6	$	—
Derivative assets		5.2		—		5.2		—
Bank drafts		21.3		21.3		—		—
Liabilities
Derivative liabilities	$	6.0	$	.4	$	5.6	$	—

Investments include fixed income securities (primarily U.S. government and corporate debt securities) measured at fair value using quoted prices/bids and a money market fund measured at fair value using net asset value.  As of September 26, 2020, investments of $.9 million and $32.1 million were included in “Cash and cash equivalents” and “Other current assets,” respectively, in the unaudited Condensed Consolidated Balance Sheets. As of December 28, 2019, investments of $.4 million and $30.2 million were included in “Cash and cash equivalents” and “Other current assets,” respectively, in the unaudited Condensed Consolidated Balance Sheets.  Derivatives that are exchange-traded are measured at fair value using quoted market prices and classified within Level 1 of the valuation hierarchy. Derivatives measured based on foreign exchange rate inputs that are readily available in public markets are classified within Level 2 of the valuation hierarchy. Bank drafts (maturities greater than three months) are valued at face value due to their short-term nature and were included in “Other current assets” in the unaudited Condensed Consolidated Balance Sheets.