Venture Investments

9 Months Ended

Sep. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

Venture Investments

Venture Investments

We invest primarily in privately held companies and utilize the measurement alternative for venture investments where we do not exercise significant influence. These investments do not have a readily determinable fair value; therefore, we measure them at cost less impairment plus or minus observable price changes in an orderly transaction. Venture investments in publicly traded companies are recorded at fair value using Level 1 inputs. The carrying value of our venture investments was included in “Other assets” in the unaudited Condensed Consolidated Balance Sheets.

On April 27, 2026, we completed an approximately $75 million minority investment in Wiliot Ltd., a company specializing in physical artificial intelligence for supply chains. We expect this investment to enhance our portfolio of sensor technologies and solutions. We funded this investment using cash and commercial paper borrowings.

Venture investments by form and measurement category as of September 30, 2026 were as follows:

			Fair Value Measurements Using
(In millions)	Total		Fair Value (Level 1)		Measurement Alternative		Other
Venture investments
Equity securities	$	133.6	$	.2	$	133.4	$	—
Other investments	4.3		—		—		4.3
Total	$	137.9	$	.2	$	133.4	$	4.3

Venture investments by form and measurement category as of December 31, 2025 were as follows:

			Fair Value Measurements Using
(In millions)	Total		Fair Value (Level 1)		Measurement Alternative		Other
Venture investments
Equity securities	$	58.8	$	1.1	$	57.7	$	—
Other investments	2.9		—		—		2.9
Total	$	61.7	$	1.1	$	57.7	$	2.9

Unrealized gain (loss) on venture investments, net, was as follows and recorded in “Other expense (income), net” in the unaudited Condensed Consolidated Statements of Income:

	Three Months Ended				Nine Months Ended
(In millions)	September 30, 2026		September 27, 2025		September 30, 2026		September 27, 2025
Unrealized gain (loss) on venture investments, net	$	(1.0)	$	(2.2)	$	(1.7)	$	(6.9)

Cumulative upward adjustments on venture investments recorded under the measurement alternative were $27.7 million at both September 30, 2026 and December 31, 2025. Cumulative downward adjustments and impairments on venture investments recorded under the measurement alternative were $8.4 million and $7.6 million at September 30, 2026 and December 31, 2025, respectively.