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Venture Investments
 6 Months Ended
Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Venture Investments Venture Investments
We invest primarily in privately held companies and utilize the measurement alternative for venture investments where we do not exercise significant influence. These investments do not have a readily determinable fair value; therefore, we measure them at cost less impairment plus or minus observable price changes in an orderly transaction. Venture investments that are publicly traded companies are recorded at fair value using Level 1 inputs. The carrying value of our venture investments was included in “Other assets” in the unaudited Condensed Consolidated Balance Sheets.
On April 27, 2026, we completed an approximately $75 million minority investment in Wiliot Ltd., a company specializing in physical artificial intelligence for supply chains. We expect this investment to expand our portfolio of sensor technologies and solutions. We funded this investment using a combination of cash and commercial paper borrowings.
Venture investments by form and measurement category as of June 30, 2026 were as follows:
Fair Value Measurements Using
(In millions)Total
Fair Value
(Level 1)
Measurement AlternativeOther
Venture investments:
Equity securities$130.0 $.4 $129.6 $— 
Other investments2.3 — — 2.3 
Total$132.3 $.4 $129.6 $2.3 
Venture investments by form and measurement category as of December 31, 2025 were as follows:
Fair Value Measurements Using
(In millions)Total
Fair Value
(Level 1)
Measurement Alternative
Other
Venture investments:
Equity securities
$58.8 $1.1 $57.7 $— 
Other investments1.9 — — 1.9 
Total
$60.7 $1.1 $57.7 $1.9 
Unrealized gain (loss) on venture investments, net, was as follows and recorded in “Other expense (income), net” in the unaudited Condensed Consolidated Statements of Income:
Three Months EndedSix Months Ended
(In millions)June 30, 2026June 28, 2025June 30, 2026June 28, 2025
Unrealized gain (loss) on venture investments, net$(.3)$.2 $(.7)$(4.7)
Cumulative upward adjustments on venture investments recorded under the measurement alternative were $27.7 million at June 30, 2026 and December 31, 2025. Cumulative downward adjustments and impairments on venture investments recorded under the measurement alternative were $7.6 million at June 30, 2026 and December 31, 2025.