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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Jan. 01, 2022
Fair Value Disclosures [Abstract]  
Assets and liabilities carried at fair value, measured on a recurring basis
The following table provides the assets and liabilities carried at fair value, measured on a recurring basis, as of January 1,
2022:
 
 
 
  
  
 
 
 
  
 
 
  
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
    $ 33.9              $ 27.1              $ 6.8              $   –  
Derivative assets
      7.1                .6                6.5                –  
Bank drafts
      14.1                14.1                –                –  
Liabilities
                                                            
Cross-currency swap
    $ 10.3              $ –              $ 10.3              $   –  
Derivative liabilities
      3.6    
 
 
 
 
 
 
      –    
 
 
 
 
 
 
      3.6    
 
 
 
 
 
 
      –  
Contingent consideration liabilities
 
 
7.6
 
 
 
 
 
 
 
–
 
 
 
 
 
 
 
–
 
 
 
 
 
 
 
7.6
 
The following table provides the assets and liabilities carried at fair value, measured on a recurring basis, as of
 
January 2, 2021:
 
 
 
     
 
      
 
     
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
    $ 33.6              $ 27.4              $ 6.2              $   –  
Derivative assets
      5.2                .1                5.1                –  
Bank drafts
      12.8                12.8                –                –  
Liabilities
                                                            
Cross-currency swap
    $ 36.7              $ –              $ 36.7              $   –  
Derivative liabilities
      9.5    
 
 
 
 
 
 
      .3    
 
 
 
 
 
 
      9.2    
 
 
 
 
 
 
        –  
Summary of activity related to contingent consideration
The activity related to contingent consideration in 2021 is shown below.
(In millions)
  
   
 
 
Acquisition
  
$
11.6
 
Payments
  
 
(2.6
) 
Adjustments
  
 
(1.4
) 
Balance at year end
  
$
7.6
 
In addition to the investments
described
above, we also hold venture investments in privately held companies and utilize the measurement alternative for equity investments that do not have readily determinable fair values, measuring these investments at cost less impairment plus or minus observable price changes in orderly transactions. We recognized net gains of $23 million and $5.4 million in 2021 and 2020, respectively, in “Other expense (income), net” in the Consolidated Income Statements related to these venture investments. The total carrying values of our venture investments were $49.3 million and $22 million as of January 1, 2022 and January 2, 2021, respectively, and included in “Other assets” in the Consolidated Balance Sheets.