v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 30, 2025
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:
 March 30, 2025December 29, 2024
(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Derivative assets$— $15.2 $— $15.2 $— $36.6 $— $36.6 
Liabilities:
Derivative liabilities$— $20.1 $— $20.1 $— $5.4 $— $5.4 
There were no transfers of assets or liabilities into or out of Level 3 of the fair value hierarchy during the three months ended March 30, 2025 and fiscal year ended 2024.
Financial Instruments Not Measured at Fair Value
The estimated fair value of the Company’s borrowings under the Term Loan was $2,217.4 million at March 30, 2025, compared to the carrying amount, excluding debt issuance costs, of $2,248.3 million. 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 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.