Fair Value Measurements of Financial Instruments

6 Months Ended

Jun. 29, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements of Financial Instruments

Fair Value Measurements of Financial Instruments

For recognition purposes, on a recurring basis, the Corporation is required to measure at fair value its marketable securities, derivative financial instruments, and put option liabilities. The marketable securities are comprised of money market funds, government securities, corporate bonds, and mutual funds. When available, the Corporation uses quoted market prices to determine fair value and classifies such measurements within Level 1. Where market prices are not available, the Corporation makes use of observable market-based inputs (prices or quotes from published exchanges and indexes) to calculate fair value using the market approach, in which case the measurements are classified within Level 2. Significant unobservable inputs, which are classified within Level 3, are used in the estimation of the fair value of put option liabilities, determined using a simulation model based on assumptions including future cash flows, discount rates, and volatility.

Financial instruments measured at fair value were as follows:

	Fair value as of measurement date		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Balance as of June 29, 2024
Cash and cash equivalents (including money market funds) (1)	$	28.2	$	28.2	$	—	$	—
Mutual funds (2)	$	10.9	$	10.9	$	—	$	—
Government securities (2)	$	5.5	$	—	$	5.5	$	—
Corporate bonds (2)	$	7.9	$	—	$	7.9	$	—
Interest rate swap derivative - asset (3)	$	0.2	$	—	$	0.2	$	—
Interest rate swap derivative - liability (4)	$	(1.5)	$	—	$	(1.5)	$	—
Put option liability (4)	$	(5.7)	$	—	$	—	$	(5.7)
Balance as of December 30, 2023
Cash and cash equivalents (including money market funds) (1)	$	28.9	$	28.9	$	—	$	—
Mutual funds (2)	$	11.3	$	11.3	$	—	$	—
Government securities (2)	$	5.7	$	—	$	5.7	$	—
Corporate bonds (2)	$	7.8	$	—	$	7.8	$	—
Interest rate swap derivative - liability (4)	$	(3.5)	$	—	$	(3.5)	$	—
Put option liability (4)	$	(5.7)	$	—	$	—	$	(5.7)

Amounts in parentheses indicate liabilities.

The index below indicates the line item in the Condensed Consolidated Balance Sheets where the financial instruments are reported:

(1) "Cash and cash equivalents"

(2) Current portion - "Short-term investments"; Long-term portion - "Other Assets"

(3) "Prepaid expenses and other current assets"

(4) "Other Long-Term Liabilities"