Fair Value Measurements (Tables)

9 Months Ended

Sep. 25, 2020

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	September 25, 2020		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:
Common stock purchase obligation	$	8.2	$	—	$	—	$	8.2
Pension obligation	$	5.2	$	—	$	—	$	5.2

			Fair Value Measurement at
			Reporting Date Using
Description	December 27, 2019		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:
Contingent earn-out liability	$	9.5	$	—	$	—	$	9.5
Common stock purchase obligation	$	6.8	$	—	$	—	$	6.8
Pension obligation	$	4.4	$	—	$	—	$	4.4

Summary of Qualitative Information About Level 3 Fair Value Measurements

The fair value of the contingent earn-out liability was transferred to Level 1 from Level 3 due to the achievement of the maximum amount of the earn-out as defined in the purchase agreement with DMS dated April 15, 2019. 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 are primarily as follows:

	September 25,		Valuation	Unobservable
	2020		Techniques	Input	Range
(Dollars in millions, except rate/multiple)
Common stock purchase obligation	$	8.2	Discounted cash flow	Revenue multiple		1.5
				EBITDA Multiple		5.5
				Discount rate	25.0%
Pension obligation	$	5.2	Projected unit credit method	Discount rate	2.0%
				Rate on return	1.7%
				Salary increase rate	4.5%

Summary of Level 3 Activity

Following is a summary of the Level 3 activity:

(In millions)	Common stock Purchase obligation		Pension obligation
As of December 27, 2019	$	6.8	$	4.4
Fair value adjustments	1.4		0.8
As of September 25, 2020	$	8.2	$	5.2