v3.26.1
Fair Value of Financial Instruments
 6 Months Ended
Jun. 28, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The Company measures certain financial instruments at fair value. The fair value hierarchy consists of three levels:
•Level 1 fair values are based on quoted market prices in active markets for identical assets or liabilities that the entity has the ability to access;
•Level 2 fair values are those based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities;
•Level 3 fair values are based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
There have been no transfers between levels within the fair value hierarchy.
As of June 28, 2026, June 29, 2025 and December 28, 2025, the Company had the following assets and liabilities measured at fair value in its Consolidated Balance Sheets:
Fair Value Measurements Using:
Fair
Value		Level 1Level 2Level 3
June 28, 2026
Assets:
Available-for-sale securities$527.9 $527.9 $— $— 
Derivative financial instruments3.3 3.3 — 
$531.2 $527.9 $3.3 $— 
Liabilities:
Derivative financial instruments$5.3 $— $5.3 $— 
June 29, 2025
Assets:
Available-for-sale securities$10.8 $10.8 $— $— 
Derivative financial instruments2.3 — 2.3 — 
$13.1 $10.8 $2.3 $— 
Liabilities:
Derivative financial instruments$11.5 $— $11.5 $— 
December 28, 2025
Assets:
Available-for-sale securities$106.0 $106.0 $— $— 
Derivative financial instruments2.0 — 2.0 — 
$108.0 $106.0 $2.0 $— 
Liabilities:
Derivative financial instruments$8.7 $— $8.7 $— 
Marketable securities are classified as available-for-sale since the Company does not have the positive intent and ability to hold the marketable securities until the maturity date. At June 28, 2026, the Company held $527.9 million of available-for-sale securities, of which $527.6 million consisted of U.S. Treasury securities. These investments are recorded at fair value within Short-term investments or Other assets in the Company's Consolidated Balance Sheets based on their contractual maturity dates, with an insignificant amount of unrealized gains and losses excluded from net income and deferred as a component of Other comprehensive earnings (loss), net of related tax effects, until realized. The accretion of discounts (amortization of premiums) is accounted for in the Company's Consolidated Statements of Operations within Other expense (income), net. At June 28, 2026, accrued interest receivable on available-for-sale securities totaled $3.7 million and was included within Accounts Receivable in the Consolidated Balance Sheets.
The Company's derivative financial instruments primarily consist of foreign currency forward and option contracts. The Company uses current forward rates of the respective foreign currencies to measure the fair value of these contracts. There were no changes in these valuation techniques during the six months ended June 28, 2026.
Other Fair Value Measurements
The Company's financial instruments include cash and cash equivalents, accounts receivable, short-term borrowings, accounts payable and certain accrued liabilities. At June 28, 2026, June 29, 2025, and December 28, 2025, the carrying cost of these instruments approximated their fair value. The Company's financial instruments at June 28, 2026, June 29, 2025, and December 28, 2025 also include certain assets and liabilities measured at fair value, as described above. Refer to Note 10, Long-Term Debt and Other Financing, to the consolidated financial statements for the fair value of the Company's outstanding debt.