Fair Value

3 Months Ended

Mar. 27, 2026

FAIR VALUE

The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring 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 27, 2026		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(In millions)
Other non-current assets:
Plan assets	$	0.3	$	—	$	—	$	0.3
Other liabilities:
Pension obligation	$	2.4	$	—	$	—	$	2.4

			Fair Value Measurement at Reporting Date Using
Description	December 26, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(In millions)
Other non-current assets:
Plan assets	$	0.7	$	—	$	—	$	0.7
Other liabilities:
Pension obligation	$	2.3	$	—	$	—	$	2.3

The estimated fair value of pension obligation is based on expected years of service and average compensation. The valuation model used to value pension obligation utilizes mortality rate, inflation, interest rate risks and changes in the life expectancy for pensioners. These assumptions are routinely made in the appraisal process by the independent actuary resulting in a Level 3 classification. As of March 27, 2026, the Company’s aggregate pension benefit obligations was $15.0 million and the fair value of the pension plan assets was $12.9 million, resulting in underfunded pension benefit obligations of $2.1 million. The Company recognizes the overfunded or underfunded status of defined benefit pension plans, measured as the difference between the fair value of the plan assets and the benefit obligation. Each overfunded plan is recognized as an asset and each underfunded plan is recognized as a liability.

There were no transfers in or out of any level during the three months ended March 27, 2026 and March 28, 2025. Fair value adjustments were noncash, and therefore did not impact the Company’s liquidity or capital resources.