Financial Instruments and Derivative Instruments (Tables)

9 Months Ended

Sep. 24, 2023

Financial Instruments and Derivative Instruments

Schedule of fair value of financial assets and liabilities

	Fair Value Measurement at September 24, 2023 Using:
			Quoted Prices in Active		Significant Other		Significant
			Markets for Identical		Observable		Unobservable
			Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
	(in millions)
Assets
Plan asset for deferred compensation(1)	$	2.1	$	2.1	$	—	$	—
Interest rate swap(2)	$	9.0	$	—	$	9.0	$	—
Total assets	$	11.1	$	2.1	$	9.0	$	—
Liabilities
Plan liability for deferred compensation(3)	$	2.1	$	2.1	$	—	$	—
Contingent consideration(5)	$	2.5	$	—	$	—	$	2.5
Total liabilities	$	4.6	$	2.1	$	—	$	2.5

	Fair Value Measurements at December 31, 2022 Using:
			Quoted Prices in Active		Significant Other		Significant
			Markets for Identical		Observable		Unobservable
			Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
	(in millions)
Assets
Plan asset for deferred compensation(1)	$	1.9	$	1.9	$	—	$	—
Interest rate swap(2)	$	9.3	$	—	$	9.3	$	—
Designated foreign currency hedges(4)	$	0.2	$	—	$	0.2	$
Total assets	$	11.4	$	1.9	$	9.5	$	—
Liabilities
Plan liability for deferred compensation(3)	$	1.9	$	1.9	$	—	$	—
Contingent consideration(5)	$	2.5	$	—	$	—	$	2.5
Total liabilities	$	4.4	$	1.9	$	—	$	2.5

(1) Included on the Company’s consolidated balance sheet in other assets (other, net).

(2) As of September 24, 2023, $4.1 million classified in prepaid expenses and other current assets on the Company’s consolidated balance sheet and $4.9 million classified in other assets (other, net). As of December 31, 2022, $3.5 million classified in prepaid expenses and other current assets on the Company’s consolidated balance sheet and $5.8 million classified in other assets (other, net).

(3) Included on the Company’s consolidated balance sheet in accrued compensation and benefits.

(4)Included on the Company’s consolidated balance sheet in prepaid expenses and other current assets.

(5)As of September 24, 2023 and December 31, 2022, contingent consideration of $2.5 million related to an immaterial acquisition. The September 24, 2023 liability was classified in accrued expenses and other liabilities, and the December 31, 2022 liability was classified in other noncurrent liabilities on the Company’s consolidated balance sheet.