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FAIR VALUE MEASUREMENTS
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
Recurring Fair Value Measurements
Assets and liabilities carried at fair value, measured on a recurring basis, as of December 31, 2022, were as follows:
Fair Value Measurements Using
(In millions)TotalQuoted
Prices in
Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Other
Unobservable
Inputs
(Level 3)
Assets
Investments$31.3 $22.6 $8.7 $— 
Derivative assets4.3 — 4.3 — 
Bank drafts3.2 3.2 — — 
Cross-currency swap15.5 — 15.5 — 
Liabilities
Derivative liabilities$12.2 $.3 $11.9 $— 
Contingent consideration liabilities6.0 — — 6.0 
Assets and liabilities carried at fair value, measured on a recurring basis, as of January 1, 2022 were as follows:
Fair Value Measurements Using
(In millions)TotalQuoted
Prices in
Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Other
Unobservable
Inputs
(Level 3)
Assets
Investments$33.9 $27.1 $6.8 $— 
Derivative assets7.1 .6 6.5 — 
Bank drafts14.1 14.1 — — 
Liabilities
Cross-currency swap$10.3 $— $10.3 $— 
Derivative liabilities3.6 — 3.6 — 
Contingent consideration liabilities7.6 — — 7.6 
Investments included 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 NAV. As of December 31, 2022, investments of $0.7 million and $30.6 million were included in “Cash and cash equivalents” and “Other current assets,” respectively, in the Consolidated Balance Sheets. As of January 1, 2022, investments of $0.5 million and $33.4 million were included in “Cash and cash equivalents” and “Other current assets,” respectively, in the 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 Consolidated Balance Sheets.
Contingent consideration liabilities relate to estimated earn-out payments associated with certain acquisitions completed in 2022 and 2021, which are subject to the acquired companies achieving certain post-acquisition performance targets. These liabilities were recorded based on the expected payments and have been classified as Level 3. Activity related to contingent consideration in 2022 and 2021 were immaterial.
In addition to the investments described above, we hold venture investments that had a total carrying value of $70 million and $52 million as of December 31, 2022 and January 1, 2022, respectively, which was included in “Other assets” in the Consolidated Balance Sheets. We recognized net gains on our venture investments of $13.5 million, $23 million and $5.4 million in 2022, 2021 and 2020, respectively, in “Other expense (income), net” in the Consolidated Statements of Income.