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Fair Value Measurements (Tables) | 6 Months Ended
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Jul. 02, 2022
Fair Value Disclosures [Abstract] |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | The table below summarizes the valuation of our financial instruments carried at fair value by the applicable pricing categories (in millions):
|  | July 2, 2022 |  | December 31, 2021
|  | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Measured at fair value on a recurring basis: |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Investment securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | — |
Foreign currency forward contracts |  | — |  |  | 4.9 |  |  | — |  |  | — |  |  | 5.7 |  |  | — |
Cross-currency swap |  | — |  |  | 38.7 |  |  | — |  |  | — |  |  | — |  |  | — |
Interest rate swap agreements |  | — |  |  | 4.8 |  |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency option contracts |  | — |  |  | — |  |  | — |  |  | — |  |  | 5.0 |  |  | — |
Total assets |  | $ | — |  |  | $ | 48.4 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | 10.7 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swap |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13.8 |  |  | $ | — |
Foreign currency forward contracts |  | — |  |  | 3.1 |  |  | — |  |  | — |  |  | 2.4 |  |  | — |
Interest rate swap agreements |  | — |  |  | 11.0 |  |  | — |  |  | — |  |  | — |  |  | — |
Total liabilities |  | $ | — |  |  | $ | 14.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 16.2 |  |  | $ | — |
Measured at fair value on a non-recurring basis: |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Goodwill(1) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 71.7 |
Total assets |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 71.7 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Liabilities held for sale, net(2) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16.8 |
Total liabilities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16.8 |
(1) During the year ended December 31, 2021, goodwill with a carrying value of $81.7 million was written down to a fair value of $71.7 million (2) We measured the net assets held for sale for impairment purposes and recorded a total impairment of $162.2 million, resulting in a net liability held for sale balance as of December 31, 2021.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | Our fixed rate long-term debt consisted of the following (in millions):
| July 2, 2022 |  | December 31, 2021
| Level 1 |  | Level 2 |  | Level 1 |  | Level 2
Public Bonds |  |  |  |  |  |  |
Carrying Value (excluding discount) | $ | 2,544.4 |  |  | $ | — |  |  | $ | 2,760.0 |  |  | $ | — |
Fair value | $ | 2,271.1 |  |  | $ | — |  |  | $ | 2,847.2 |  |  | $ | — |
Private placement note |  |  |  |  |  |  |
Carrying value (excluding premium) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 153.5 |
Fair value | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 162.6 |

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- Definition Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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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. + References No definition available. + Details
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