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Fair Value Measurements (Tables)

3 Months Ended

Apr. 01, 2023

Fair Value Disclosures [Abstract]

Carrying Value and Fair Value of Debt

The carrying value and fair value of debt as of April 1, 2023 and December 31, 2022 were as follows:

(In millions)		April 1, 2023								December 31, 2022
		Carrying Value				Fair Value				Carrying Value				Fair Value
Notes, net of underwriting commissions, price discounts and debt issuance costs		$	2,674.4			$	2,455.1			$	2,673.5			$	2,412.6

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of April 1, 2023 and December 31, 2022 were as follows:

(In millions)		Fair Value
		April 1, 2023				December 31, 2022
Assets
Derivative financial instruments (Level 2)		$	76.7			$	89.6
Deferred compensation program assets (Level 2)			15.5				14.9
Total assets		$	92.2			$	104.5
Liabilities
Derivative financial instruments (Level 2)		$	2.5			$	4.3

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- References

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- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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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

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