Fair Value Measurements - (Tables)

9 Months Ended

Oct. 01, 2021

Fair Value Disclosures [Abstract]

Summary of Fair Value Available-for-sale Securities

The following table summarizes the Company's financial assets and liabilities, excluding pension assets, disaggregated by the security type, measured at fair value on a recurring basis (in millions):

As of October 1, 2021									Fair Value Level
Description	Amortized Cost		Unrealized gains		Unrealized losses		Fair value		Level 1		Level 2
Assets:
Cash and cash equivalents:
Demand and time deposits	$	8.1	$	—	$	—	$	8.1	$	8.1	$	—
Money market funds	2.3		—		—		2.3		2.3		—
Corporate bonds	2.5		—		—		2.5		—		2.5
Commercial paper	4.0		—		—		4.0		—		4.0
Other current assets:
Corporate bonds	12.7		—		—		12.7		—		12.7
Certificate of deposit	2.0		—		—		2.0		—		2.0
Commercial paper	4.9		—		—		4.9		2.9		2.0
US Treasury bonds	0.4		—		—		0.4		—		0.4
Other assets:
Corporate bonds	19.0		—		—		19.0		—		19.0
Certificate of deposit	0.5		—		—		0.5		—		0.5
US Treasury bonds	1.5		—		—		1.5		—		1.5

The investments included in other assets have maturity dates ranging between one and five years.

As of December 31, 2020									Fair Value Level
Description	Amortized Cost		Unrealized gains		Unrealized losses		Fair value		Level 1		Level 2
Assets:
Cash and cash equivalents:
Demand and time deposits	$	8.5	$	—	$	—	$	8.5	$	8.5	$	—

Summary of Fair Value, by Balance Sheet Grouping

The carrying amounts and fair values of the Company’s long-term borrowings were as follows (in millions):

	As of
	October 1, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion (1)
Convertible notes	$	845.7	$	1,443.1	$	515.6	$	967.1
Other long-term debt	2,267.8		2,259.7		2,975.7		2,966.8

(1)    Carrying amounts shown are net of debt discount and debt issuance costs.