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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 28, 2024
Fair Value Disclosures [Abstract] |
Schedule of 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):
|  | September 28, 2024 |  | December 31, 2023
Measured at fair value on a recurring basis: |  | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Investment securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | — |
Foreign currency forward contracts |  | — |  |  | 2.6 |  |  | — |  |  | — |  |  | 0.6 |  |  | — |
Interest rate swap agreements |  | — |  |  | 1.8 |  |  | — |  |  | — |  |  | 30.5 |  |  | — |
Total assets |  | $ | — |  |  | $ | 4.4 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 31.1 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swap |  | $ | — |  |  | $ | 152.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 172.0 |  |  | $ | — |
Foreign currency forward contracts |  | — |  |  | 3.9 |  |  | — |  |  | — |  |  | 2.7 |  |  | — |
Interest rate swap agreements |  | — |  |  | 45.6 |  |  | — |  |  | — |  |  | 11.7 |  |  | — |
Total liabilities |  | $ | — |  |  | $ | 202.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 186.4 |  |  | $ | — |
Measured at fair value on a non-recurring basis: |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Goodwill(1) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 118.9 |
Assets held for sale, net(2) |  | $ | — |  |  | $ | — |  |  | $ | 4.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total assets held for sale, net |  | $ | — |  |  | $ | — |  |  | $ | 4.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 118.9 |
(1) During the year ended December 31, 2023, goodwill within the Rare Diseases Business with a carrying value of $208.9 million was written down to a fair value of $118.9 million. (2) We measured the net assets held for sale for impairment purposes and recorded a total impairment of $10.8 million, resulting in a net asset held for sale balance of $4.8 million (refer to Note 4).
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | Our fixed rate long-term debt consisted of the following (in millions):
| September 28, 2024 | December 31, 2023
Public Bonds | Level 1 |  | Level 1 |  |
Carrying value (excluding discount) | $ | 3,350.0 |  |  | $ | 2,244.4 |  |  |
Fair value | $ | 3,272.2 |  |  | $ | 2,062.2 |  |  |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + 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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