XML 30 R18.htm IDEA: XBRL DOCUMENT
v3.25.2

Fair Value of Financial Instruments | 6 Months Ended
--- | ---
Jun. 29, 2025
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company measures certain financial instruments at fair value. The fair value hierarchy consists of three levels: •Level 1 fair values are based on quoted market prices in active markets for identical assets or liabilities that the entity has the ability to access; •Level 2 fair values are those based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities; •Level 3 fair values are based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company had the following assets and liabilities measured at fair value in its Consolidated Balance Sheets (excluding assets for which the fair value is measured using net asset value per share):
| Fair Value Measurements Using:
| Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
June 29, 2025 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Available-for-sale securities | $ | 10.8 |  |  | $ | 10.8 |  |  | $ | — |  |  | $ | — |
Derivatives | 2.3 |  |  | — |  |  | 2.3 |  |  | — |
Total assets | $ | 13.1 |  |  | $ | 10.8 |  |  | $ | 2.3 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Derivatives | $ | 11.5 |  |  | $ | — |  |  | $ | 11.5 |  |  | $ | — |
Total liabilities | $ | 11.5 |  |  | $ | — |  |  | $ | 11.5 |  |  | $ | — |
June 30, 2024 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Short-term investments | $ | 483.0 |  |  | $ | 483.0 |  |  | $ | — |  |  | $ | — |
Available-for-sale securities | 0.8 |  |  | 0.8 |  |  | — |  |  | — |
Derivatives | 3.5 |  |  | — |  |  | 3.5 |  |  | — |
Total assets | $ | 487.3 |  |  | $ | 483.8 |  |  | $ | 3.5 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Derivatives | $ | 8.5 |  |  | $ | — |  |  | $ | 8.5 |  |  | $ | — |
Option agreement | 1.7 |  |  | — |  |  | — |  |  | 1.7 |
Total liabilities | $ | 10.2 |  |  | $ | — |  |  | $ | 8.5 |  |  | $ | 1.7 |
December 29, 2024 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Available-for-sale securities | $ | 0.6 |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | — |
Derivatives | 9.7 |  |  | — |  |  | 9.7 |  |  | — |
Total assets | $ | 10.3 |  |  | $ | 0.6 |  |  | $ | 9.7 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Derivatives | $ | 1.7 |  |  | $ | — |  |  | $ | 1.7 |  |  | $ | — |
Total Liabilities | $ | 1.7 |  |  | $ | — |  |  | $ | 1.7 |  |  | $ | — |
At June 29, 2025, the Company held $10.0 million of U.S. Treasury bills. These investments are recorded at fair value and recorded in Other assets in the Company's Consolidated Balance Sheet, with unrealized gains and losses excluded from net income and is recorded in components of Other comprehensive earnings (loss), net of related tax effects, until realized. At June 30, 2024, the Company held $483.0 million of U.S. Treasury bills which were classified as held-to-maturity and carried at amortized cost, and were recorded in Short-term investments in the Company's Consolidated Balance Sheet. This amount reflects the proceeds from the Company's $500.0 million debt offering completed in May 2024, which the proceeds, together with available cash, were used to repay the 2024 Notes. The Company's derivatives primarily consist of foreign currency forward and option contracts. The Company uses current forward rates of the respective foreign currencies to measure the fair value of these contracts. There were no changes in these valuation techniques during the six months ended June 29, 2025. There were no material changes to fair value measurements of the Company's financial instruments which use significant unobservable inputs (Level 3) for six months ended June 30, 2024. Other Fair Value Measurements The Company's financial instruments include cash and cash equivalents, accounts receivable, short-term borrowings, accounts payable and certain Accrued liabilities. At June 29, 2025, June 30, 2024, and December 29, 2024, the carrying cost of these instruments approximated their fair value. The Company's financial instruments at June 29, 2025, June 30, 2024, and December 29, 2024 also include certain assets and liabilities measured at fair value, as described above. See Note 8, Long-Term Debt and Other Financing, to the consolidated financial statements for the fair value of the Company's outstanding debt.

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 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration