Fair Value Measurements (Tables)

3 Months Ended

Mar. 26, 2021

Fair Value Disclosures [Abstract]

Assets or Liabilities Measured at Fair Value

The following table summarizes, for assets or liabilities measured at fair value, the respective fair value and the classification by level of input within the fair value hierarchy:

			Fair Value Measurement at
			Reporting Date Using
Description	March 26, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(In millions)
Other current liabilities:
Forward contracts	$	0.7	$	—	$	0.7	$	—
Other liabilities:
Common stock purchase obligation	$	12.6	$	—	$	—	$	12.6
Pension obligation	$	5.0	$	—	$	—	$	5.0

			Fair Value Measurement at
			Reporting Date Using
Description	December 25, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(In millions)
Other assets:
Forward contracts	$	1.1	$	—	$	1.1	$	—
Other liabilities:
Common stock purchase obligation	$	12.6	$	—	$	—	$	12.6
Pension obligation	$	4.7	$	—	$	—	$	4.7

Summary of Qualitative Information About Level 3 Fair Value Measurements

There were no transfers from Level 1 or Level 2. Fair value adjustments were noncash, and therefore did not impact the Company’s liquidity or capital resources. Qualitative information about Level 3 fair value measurements is as follows:

	March 26,		Valuation	Unobservable
	2021		Techniques	Input	Range/Multiple
(Dollars in millions, except rate/multiple)
Common stock purchase obligation	$	12.6	Discounted cash flow	Revenue multiple	1.3 - 1.7
				EBITDA Multiple	5.5 - 7.4
				Discount rate	15.5% - 20.0%
Pension obligation	$	5.0	Projected unit credit method	Discount rate		2.1	%
				Rate on return		2.4	%
				Salary increase rate		4.0	%

Summary of Level 3 Activity

Following is a summary of the Level 3 activity:

(In millions)	Common stock Purchase obligation		Pension obligation
As of December 25, 2020	$	12.6	$	4.7
Fair value adjustments	—		0.3
As of March 26, 2021	$	12.6	$	5.0