Related-Party Transactions

3 Months Ended

Mar. 28, 2021

Related Party Transactions [Abstract]

Related-Party Transactions

Related-Party Transactions

Tax Overpayment/Underpayment Amount

In connection with the Business Combination, the Shay Stockholders are entitled to a payment of the net cash savings in U.S. federal, state and local income tax that the post-closing company actually realizes (or is deemed to realize in certain circumstances) in periods after the Closing Date. The liability for this estimated payment and the corresponding charge to equity of $4.7 million are reflected in the Company’s consolidated balance sheets as of March 28, 2021.

Advisory Services

During the three months ended March 28, 2021, there were no management fees, transaction and advisory fee recognized related to any of the Company affiliates. During the three months ended March 29, 2020, the Company recognized management fees, transaction and advisory fees, and related expenses of approximately $15.0 million. These expenses were for services rendered by one or more affiliates of Platinum Equity, LLC. As a result of the Business Combination, $15.0 million was included with other similar transactional expenses and recorded as a reduction to the recapitalized equity.