Fair Value Measurements (Tables)

3 Months Ended

Apr. 01, 2022

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	April 1, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(In millions)
Other liabilities:
Forward contracts	$	0.6	$	—	$	0.6	$	—
Pension obligation	$	4.5	$	—	$	—	$	4.5

			Fair Value Measurement at
			Reporting Date Using
Description	December 31, 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 liabilities:
Forward contracts	$	0.8	$	—	$	0.8	$	—
Pension obligation	$	4.0	$	—	$	—	$	4.0

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:

	April 1,		Valuation	Unobservable
	2022		Techniques	Input	Range/Multiple
(Dollars in millions, except rate/multiple)
Pension obligation	$	4.5	Projected unit credit method	Discount rate	2.1% to 2.7%
				Rate on return	1.5% to 2.1%
				Salary increase rate	2.0% to 3.0%

Summary of Level 3 Activity

Following is a summary of the Level 3 activity:

(In millions)	Pension obligation
As of December 31, 2021	$	4.0
Benefits, payments and other adjustments		0.5
As of April 1, 2022	$	4.5