XML 30 R18.htm IDEA: XBRL DOCUMENT v3.25.3
Fair Value of Financial Instruments
 9 Months Ended
Sep. 28, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The Company measures certain financial instruments at fair value. The fair value hierarchy consists of three levels:
•Level 1 fair values are based on quoted market prices in active markets for identical assets or liabilities that the entity has the ability to access;
•Level 2 fair values are those based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities;
•Level 3 fair values are based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The Company had the following assets and liabilities measured at fair value in its Consolidated Balance Sheets:
Fair Value Measurements Using:
Fair
Value		Quoted
Prices in
Active
Markets
for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
September 28, 2025
Assets:
Available-for-sale securities$55.9 $55.9 $— $— 
Derivatives1.0 — 1.0 — 
Total assets$56.9 $55.9 $1.0 $— 
Liabilities:
Derivatives$8.6 $— $8.6 $— 
Total liabilities$8.6 $— $8.6 $— 
Fair Value Measurements Using:
Fair
Value		Quoted
Prices in
Active
Markets
for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
September 29, 2024
Assets:
Short-term investments$489.3 $489.3 $— $— 
Available-for-sale securities0.6 0.6 — — 
Derivatives3.4 — 3.4 — 
Total assets$493.3 $489.9 $3.4 $— 
Liabilities:
Derivatives$5.9 $— $5.9 $— 
Option agreement1.7 — — 1.7 
Total liabilities$7.6 $— $5.9 $1.7 
December 29, 2024
Assets:
Available-for-sale securities$0.6 $0.6 $— $— 
Derivatives9.7 — 9.7 — 
Total assets$10.3 $0.6 $9.7 $— 
Liabilities:
Derivatives$1.7 $— $1.7 $— 
Total Liabilities$1.7 $— $1.7 $— 
At September 28, 2025, the Company held $55.9 million of available-for-sale securities, of which $55.2 million consisted of U.S. Treasury bills. These investments, which are classified as available-for-sale, are recorded at fair value within Other assets in the Company's Consolidated Balance Sheet, with unrealized gains and losses excluded from net income and deferred as components of Other comprehensive earnings (loss), net of related tax effects, until realized. At September 29, 2024, the Company held $489.3 million of U.S. Treasury bills which were classified as held-to-maturity and carried at amortized cost, and were recorded in Short-term investments in the Company's Consolidated Balance Sheet. This amount reflects the proceeds from the Company's $500.0 million debt offering completed in May 2024, which the proceeds, together with available cash, were used to repay the 2024 Notes.
The Company's derivatives primarily consist of foreign currency forward and option contracts. The Company uses current forward rates of the respective foreign currencies to measure the fair value of these contracts. There were no changes in these valuation techniques during the nine months ended September 28, 2025. There were no material changes to fair value measurements of the Company's financial instruments which use significant unobservable inputs (Level 3) for nine months ended September 29, 2024.
Other Fair Value Measurements
The Company's financial instruments include cash and cash equivalents, accounts receivable, short-term borrowings, accounts payable and certain accrued liabilities. At September 28, 2025, September 29, 2024, and December 29, 2024, the carrying cost of these instruments approximated their fair value. The Company's financial instruments at September 28, 2025, September 29, 2024, and December 29, 2024 also include certain assets and liabilities measured at fair value, as described above. See Note 8, Long-Term Debt and Other Financing, to the consolidated financial statements for the fair value of the Company's outstanding debt.