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Fair Value Measurements
 3 Months Ended
Mar. 29, 2025
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 March 29, 2025 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$47.4 $22.3 $25.1 $— 
Derivative assets21.7 .4 21.3 — 
Bank drafts9.0 9.0 — — 
Liabilities
Derivative liabilities$22.0 $.8 $21.2 $— 
Contingent consideration liabilities4.8 — — 4.8 
Assets and liabilities carried at fair value, measured on a recurring basis, as of December 28, 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$48.0 $24.2 $23.8 $— 
Derivative assets41.2 .4 40.8 — 
Bank drafts5.2 5.2 — — 
Liabilities
Derivative liabilities$41.5 $.4 $41.1 $— 
Contingent consideration liabilities4.8 — — 4.8 
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 March 29, 2025, investments of $1.5 million, $38.8 million and $7.1 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 28, 2024, investments of $1.5 million, $38.1 million, and $8.4 million were included in “Cash and cash equivalents,” “Other current assets” and “Other 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 currency 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 March 29, 2025 relate to estimated earn-out payments associated with an acquisition completed in 2021, which are subject to the acquired company 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 three months ended March 29, 2025 and March 30, 2024.
In addition to the investments described above, we hold venture investments that had a total carrying value of approximately $50 million and $45 million as of March 29, 2025 and December 28, 2024, respectively, which was included in “Other assets” in the unaudited Condensed Consolidated Balance Sheets. Starting in the second quarter of 2024, we began revaluing certain venture investments based on Level 1 inputs; the fair value of these investments was $7.1 million and $8.4 million as of March 29, 2025 and December 28, 2024, respectively. We recognized net losses of $14.3 million and $2.2 million related to these investments in the three months ended March 29, 2025 and March 30, 2024, respectively. These net gains or losses were recorded in “Other expense (income), net” in the unaudited Condensed Consolidated Statements of Income.