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Fair Value Measurements | 3 Months Ended
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Apr. 02, 2021
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The following table summarizes the fair values of financial instruments at fair value on a recurring basis for the periods indicated and determined using the following inputs:
| Fair Values as of the end of the First Quarter of Fiscal 2021 |  | Fair Values at the end of Fiscal 2020
| Quoted prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs |  |  |  | Quoted prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs |  |
(In millions) | (Level I) |  | (Level II) |  | (Level III) |  | Total |  | (Level I) |  | (Level II) |  | (Level III) |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan (1) | $ | 42.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 42.7 |  |  | $ | 41.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 41.9 |
Derivatives (2) | — |  |  | 0.2 |  |  | — |  |  | 0.2 |  |  | — |  |  | 0.9 |  |  | — |  |  | 0.9 |
Total assets measured at fair value | $ | 42.7 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | 42.9 |  |  | $ | 41.9 |  |  | $ | 0.9 |  |  | $ | — |  |  | $ | 42.8 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan (1) | $ | 42.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 42.7 |  |  | $ | 41.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 41.9 |
Derivatives (2) | — |  |  | 0.3 |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.5 |  |  | — |  |  | 0.5 |
Contingent consideration (3) | — |  |  | — |  |  | 13.6 |  |  | 13.6 |  |  | — |  |  | — |  |  | 12.3 |  |  | 12.3 |
Total liabilities measured at fair value | $ | 42.7 |  |  | $ | 0.3 |  |  | $ | 13.6 |  |  | $ | 56.6 |  |  | $ | 41.9 |  |  | $ | 0.5 |  |  | $ | 12.3 |  |  | $ | 54.7 |
(1) Represents a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees that are included in Other non-current assets and Other non-current liabilities on our Condensed Consolidated Balance Sheets, respectively. The plan is invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets. (2) Represents forward currency exchange contracts that are included in Other current assets and Other current liabilities on our Condensed Consolidated Balance Sheets, respectively. (3) Represents arrangements to pay the former owners of certain companies that we acquired that are included in Other current liabilities on our Condensed Consolidated Balance Sheets. The fair values are estimated using scenario-based methods or option pricing methods based upon estimated future revenues, gross margins, or other milestones. Additional Fair Value Information The total estimated fair value of all outstanding financial instruments that are not recorded at fair value on a recurring basis (debt) was approximately $1.5 billion and $1.8 billion at the end of the first quarter of fiscal 2021 and at the end of fiscal 2020, respectively. The fair value of the senior notes was determined based on observable market prices in less active markets and is categorized accordingly as Level II. The uncommitted facilities, promissory notes, and other debt are all short-term in nature; therefore, the amounts reported in our Condensed Balance Sheet approximate their fair value. The fair values do not indicate the amount we would currently have to pay to extinguish any of this debt.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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