v3.22.2.2
Fair Value Measurements
 9 Months Ended
Oct. 01, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
The table below summarizes the valuation of our financial instruments carried at fair value by the applicable pricing categories (in millions):
October 1, 2022December 31, 2021
Level 1Level 2Level 3Level 1Level 2Level 3
Measured at fair value on a recurring basis:
Assets:
Investment securities
$0.2 $— $— $0.4 $— $— 
Foreign currency forward contracts
— 9.6 — — 5.7 — 
Cross-currency swap
— 129.2 — — — — 
Interest rate swap agreements— 7.1 — — — — 
Foreign currency option contracts— — — — 5.0 — 
Total assets$0.2 $145.9 $— $0.4 $10.7 $— 
Liabilities:
Cross-currency swap$— $— $— $— $13.8 $— 
Foreign currency forward contracts— 4.6 — — 2.4 — 
Total liabilities$— $4.6 $— $— $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.

There were no transfers within Level 3 fair value measurements during the three and nine months ended October 1, 2022 or the year ended December 31, 2021.

Non-recurring Fair Value Measurements

The non-recurring fair values represent only those assets whose carrying values were adjusted to fair value during the prior reporting period.
Fixed Rate Long-term Debt    

Our fixed rate long-term debt consisted of the following (in millions):
October 1, 2022December 31, 2021
Level 1Level 2Level 1Level 2
Public Bonds
Carrying Value (excluding discount)$2,544.4 $— $2,760.0 $— 
Fair value$2,188.3 $— $2,847.2 $— 
Private placement note
Carrying value (excluding premium)$— $— $— $153.5 
Fair value$— $— $— $162.6 

The fair values of our public bonds for all periods were based on quoted market prices. The fair values of our private placement note for all periods were based on interest rates offered for borrowings of a similar nature and remaining maturities.
The carrying amounts of our other financial instruments, consisting of cash and cash equivalents, accounts receivable, accounts payable, short-term debt, revolving credit agreements, and variable rate long-term debt, approximate their fair value.