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Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
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 31, 2026 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$48.7 $24.1 $24.6 $— 
Derivative assets30.4 .7 29.7 — 
Bank drafts5.6 5.6 — — 
Liabilities
Derivative liabilities$40.9 $.2 $40.7 $— 
Contingent consideration liabilities2.7 — — 2.7 
Assets and liabilities carried at fair value, measured on a recurring basis, as of December 31, 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$49.1 $24.1 $25.0 $— 
Derivative assets7.2 — 7.2 — 
Bank drafts7.5 7.5 — — 
Liabilities
Derivative liabilities$18.0 $.3 $17.7 $— 
Contingent consideration liabilities2.7 — — 2.7 
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. Investments of $1.4 million and $1.1 million were included in "Cash and cash equivalents," $46.6 million and $46.9 million in "Other current assets," and $0.7 million and $1.1 million in “Other assets” as of March 31, 2026 and December 31, 2025, 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 31, 2026 and December 31, 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 within Level 3 of the valuation hierarchy. Activity related to contingent consideration was immaterial for the three months ended March 31, 2026 and March 29, 2025.
In addition to the investments described above, we hold venture investments that had a total carrying value of approximately $57 million and $58 million as of March 31, 2026 and December 31, 2025, respectively, which was included in “Other assets” in the unaudited Condensed Consolidated Balance Sheets. We hold certain venture investments based on Level 1 inputs; the fair value of these investments was $0.7 million and $1.1 million as of March 31, 2026 and December 31, 2025, respectively. We recognized a net loss of $1.3 million and $14.3 million in our venture and other investments for the three months ended March 31, 2026 and March 29, 2025, respectively. These net losses were recorded in “Other expense (income), net” in the unaudited Condensed Consolidated Statements of Income.