XML 26 R16.htm IDEA: XBRL DOCUMENT
v3.23.3

Fair Value Measurements | 9 Months Ended
--- | ---
Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements Recurring Fair Value Measurements Assets and liabilities carried at fair value, measured on a recurring basis, as of September 30, 2023 were as follows:
|  |  | 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 | $ | 35.9 |  |  | $ | 18.5 |  |  | $ | 17.4 |  |  | $ | — |
Derivative assets | 7.2 |  |  | .1 |  |  | 7.1 |  |  | — |
Bank drafts | 6.7 |  |  | 6.7 |  |  | — |  |  | — |
Cross-currency swap | 12.8 |  |  | — |  |  | 12.8 |  |  | — |
Liabilities |  |  |  |  |  |  |
Derivative liabilities | $ | 7.9 |  |  | $ | .9 |  |  | $ | 7.0 |  |  | $ | — |
Contingent consideration liabilities | 4.9 |  |  | — |  |  | — |  |  | 4.9 |
Assets and liabilities carried at fair value, measured on a recurring basis, as of December 31, 2022 were as follows:
|  |  | 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 | $ | 31.3 |  |  | $ | 22.6 |  |  | $ | 8.7 |  |  | $ | — |
Derivative assets | 4.3 |  |  | — |  |  | 4.3 |  |  | — |
Bank drafts | 3.2 |  |  | 3.2 |  |  | — |  |  | — |
Cross-currency swap | 15.5 |  |  | — |  |  | 15.5 |  |  | — |
Liabilities |  |  |  |  |  |  |
Derivative liabilities | $ | 12.2 |  |  | $ | .3 |  |  | $ | 11.9 |  |  | $ | — |
Contingent consideration liabilities | 6.0 |  |  | — |  |  | — |  |  | 6.0 |
Investments include fixed income securities (primarily U.S. government and corporate debt securities) measured at fair value using quoted prices/bids and a money market fund measured at fair value using net asset value. As of September 30, 2023, investments of $1.9 million and $34.0 million were included in “Cash and cash equivalents” and “Other current assets,” respectively, in the unaudited Condensed Consolidated Balance Sheets. As of December 31, 2022, investments of $0.7 million and $30.6 million were included in “Cash and cash equivalents” and “Other current assets,” respectively, in the unaudited Condensed Consolidated Balance Sheets. Derivatives that are exchange-traded are measured at fair value using quoted market prices and classified within Level 1 of the valuation hierarchy. Derivatives measured based on foreign exchange rate inputs that are readily available in public markets are classified within Level 2 of the valuation hierarchy. Bank drafts (maturities greater than three months) are valued at face value due to their short-term nature and were included in “Other current assets” in the unaudited Condensed Consolidated Balance Sheets. Contingent consideration liabilities as of September 30, 2023 relate to estimated earn-out payments associated with one of our acquisitions completed in 2022, which are subject to the acquired company achieving certain post-acquisition performance targets. These liabilities were recorded based on the expected payments as of September 30, 2023 and have been classified as Level 3. In addition to the items described above, we also have made venture investments in privately held companies and utilize the measurement alternative for equity investments that do not have readily determinable fair values, measuring them at cost less impairment plus or minus observable price changes in orderly transactions. We recognized no net gains or losses on these investments in the three or nine months ended September 30, 2023. We recognized net gains on these investments of $8.7 million and $12.4 million in the three and nine months ended October 1, 2022, respectively. These net gains were recorded in "Other expense (income), net” in the unaudited Condensed Consolidated Statements of Income. The total carrying value of our venture investments was approximately $70 million as of September 30, 2023 and December 31, 2022 and included in “Other assets” in the unaudited Condensed Consolidated Balance Sheets.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration