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Fair Value Measurements
 12 Months Ended
Dec. 29, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the following periods:
 December 29, 2024December 31, 2023
(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Marketable securities$— $— $— $— $— $55.8 $— $55.8 
Derivative assets— 36.6 — 36.6 — 6.9 — 6.9 
Total assets measured at fair value$— $36.6 $— $36.6 $— $62.7 $— $62.7 
Liabilities:
Derivative liabilities$— $5.4 $— $5.4 $— $27.5 $— $27.5 
Contingent consideration— — — — — — 0.1 0.1 
Total liabilities measured at fair value$— $5.4 $— $5.4 $— $27.5 $0.1 $27.6 
There were no transfers of assets or liabilities into or out of Level 3 of the fair value hierarchy during fiscal years ended 2024 and 2023.
Marketable securities consist of investment-grade corporate and government debt securities, corporate asset-backed securities and commercial paper. Derivative financial instruments are based on observable inputs that are corroborated by market data. Observable inputs include broker quotes, daily market foreign currency rates and forward pricing curves.
Financial Instruments Not Measured at Fair Value
The estimated fair value of the Company’s borrowings under the Term Loan was $2,254.2 million at December 29, 2024, compared to the carrying amount, excluding debt issuance costs, of $2,282.7 million. The estimated fair value of the Company’s borrowings under the Term Loan was $2,396.0 million at December 31, 2023, compared to the carrying amount, excluding debt issuance costs of $2,420.2 million. The estimate of fair value is generally based on the quoted market prices for similar issuances of long-term debt with the same maturities, which is classified as a Level 2 input.