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Fair Value Measurements
 9 Months Ended
Sep. 27, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair values of the Company’s financial assets and liabilities by level in the fair value hierarchy as of September 27, 2025 and December 31, 2024 were as follows: 
September 27, 2025Level 1Level 2Level 3Total
Assets:
Equity swap contracts1 — — 1 
Common stock45 — — 45 
Liabilities:
Foreign exchange derivative contracts$— $23 $— $23 
Contingent earnout consideration (Note 15)— — 38 38 
December 31, 2024Level 1Level 2Level 3Total
Assets:
Foreign exchange derivative contracts$— $10 $— $10 
Common stock23 — — 23 
Liabilities:
Foreign exchange derivative contracts$— $9 $— $9 
Equity swap contracts1 — — 1 
The Company had no foreign exchange derivative contracts, equity swap contracts or common stock investments in Level 3 holdings as of September 27, 2025 or December 31, 2024.
At September 27, 2025 and December 31, 2024, the Company had $568 million and $1.2 billion, respectively, of investments in money market government and U.S. treasury funds classified (Level 1) as Cash and cash equivalents in its Condensed Consolidated Balance Sheets. The money market funds had quoted market prices that are equivalent to par.
Using quoted market prices and market interest rates, the fair value of the Company's long-term debt as of September 27, 2025 was $9.4 billion. The fair value of long-term debt as of December 31, 2024 was $5.8 billion.
In connection with the acquisition of Silvus, contingent earnout consideration reflects the estimated fair value of the contingent future payments to the Seller following the achievement of certain financial targets. Refer to Note 15, “Intangible Assets and Goodwill” in this “Part 1 – Financial Information” of this Form 10-Q for more information regarding the details of the contingent earnout consideration. The Company determines the fair value of its contingent earnout consideration liability using a Monte Carlo simulation model, which requires the use of Level 3 inputs, such as projected future net sales, gross margin and cash flows. At the acquisition date, the Company recorded a contingent liability of approximately $38 million, related to the estimated fair value of the contingent earnout consideration, which was included in the purchase price. For the three months ended September 27, 2025, the fair value adjustment related to the contingent earnout consideration was de minimis.
All other financial instruments are carried at cost, which is not materially different from the instruments’ fair values.