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Fair Value Measurements
 6 Months Ended
Jun. 29, 2024
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 June 29, 2024 were as follows:
Fair Value Measurements Using
(In millions)Total
Quoted
Prices
in Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Other
Unobservable
Inputs
(Level 3)
Assets
Investments$48.8 $29.2 $19.6 $— 
Derivative assets5.8 — 5.8 — 
Bank drafts6.1 6.1 — — 
Cross-currency swap9.8 — 9.8 — 
Liabilities
Derivative liabilities$7.8 $.7 $7.1 $— 
Contingent consideration liabilities9.9 — — 9.9 
Assets and liabilities carried at fair value, measured on a recurring basis, as of December 30, 2023 were as follows:
Fair Value Measurements Using
(In millions)Total
Quoted
Prices
in Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Other
Unobservable
Inputs
(Level 3)
Assets
Investments$37.8 $19.6 $18.2 $— 
Derivative assets6.3 — 6.3 — 
Bank drafts5.3 5.3 — — 
Cross-currency swap2.3 — 2.3 — 
Liabilities
Derivative liabilities$7.6 $1.6 $6.0 $— 
Contingent consideration liabilities10.0 — — 10.0 
Investments include fixed income securities (primarily U.S. government and corporate debt and equity securities) measured at fair value using quoted prices/bids and a money market fund measured at fair value using net asset value. As of June 29, 2024, investments of $2.2 million, $36.2 million and $10.4 million were included in “Cash and cash equivalents,” “Other current assets,” and "Other assets," respectively, in the unaudited Condensed Consolidated Balance Sheets. As of December 30, 2023, investments of $2.7 million and $35.1 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), which are valued at face value due to their short-term nature, were included in “Other current assets” in the unaudited Condensed Consolidated Balance Sheets.
Contingent consideration liabilities as of June 29, 2024 relate to estimated earn-out payments associated with certain acquisitions completed in 2023, 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 was immaterial for the six months ended June 29, 2024 and July 1, 2023.
In addition to the investments described above, we hold venture investments that had a total carrying value of approximately $44 million and $71 million as of June 29, 2024 and December 30, 2023, respectively, which was included in “Other assets” in the unaudited Condensed Consolidated Balance Sheets. During the three months ended June 29, 2024, we began revaluing certain venture investments based on Level 1 inputs; the fair value of these investments was $10.4 million as of June 29, 2024.
We recognized $15.0 million in net losses on venture investments in the three months ended June 29, 2024 and $17.2 million in net losses in the six months ended June 29, 2024. We recognized no net gains or losses on venture investments in the three and six months ended July 1, 2023. These net gains or losses were recorded in "Other expense (income), net” in the unaudited Condensed Consolidated Statements of Income.