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Fair Value Measurements (Tables) | 6 Months Ended
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Jul. 01, 2022
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value On a Recurring Basis | 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 Second Quarter of 2022 |  | Fair Values at the end of 2021
| 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) | $ | 33.4 |  | $ | — |  | $ | — |  | $ | 33.4 |  | $ | 44.7 |  | $ | — |  | $ | — |  | $ | 44.7
Derivatives (2) | — |  | 0.7 |  | — |  | 0.7 |  | — |  | 0.1 |  | — |  | 0.1
Total assets measured at fair value | $ | 33.4 |  | $ | 0.7 |  | $ | — |  | $ | 34.1 |  | $ | 44.7 |  | $ | 0.1 |  | $ | — |  | $ | 44.8
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan (1) | $ | 33.4 |  | $ | — |  | $ | — |  | $ | 33.4 |  | $ | 44.7 |  | $ | — |  | $ | — |  | $ | 44.7
Derivatives (2) | — |  | 0.1 |  | — |  | 0.1 |  | — |  | 0.2 |  | — |  | 0.2
Contingent consideration (3) | — |  | — |  | — |  | — |  | — |  | — |  | 12.8 |  | 12.8
Total liabilities measured at fair value | $ | 33.4 |  | $ | 0.1 |  | $ | — |  | $ | 33.5 |  | $ | 44.7 |  | $ | 0.2 |  | $ | 12.8 |  | $ | 57.7
(1) Represents a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees included in Other non-current assets and Other non-current liabilities on our Condensed Consolidated Balance Sheets. 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. (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.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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