Financial Instruments and Derivative Instruments (Tables)

3 Months Ended

Mar. 27, 2022

Financial Instruments and Derivative Instruments

Schedule of fair value of financial assets and liabilities

	Fair Value Measurement at March 27, 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)	$	2.4	$	2.4	$	—	$	—
Interest rate swap(2)	$	5.7	$	—	$	5.7	$	—
Total assets	$	8.1	$	2.4	$	5.7	$	—
Liabilities
Plan liability for deferred compensation(3)	$	2.4	$	2.4	$	—	$	—
Designated foreign currency hedges(4)	$	0.2	$	—	$	0.2	$	—
Contingent consideration(5)	$	6.3	$	—	$	—	$	6.3
Total liabilities	$	8.9	$	2.4	$	0.2	$	6.3

	Fair Value Measurements at December 31, 2021 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)	$	2.6	$	2.6	$	—	$	—
Interest rate swap(1)	$	1.4	$	—	$	1.4	$	—
Total assets	$	4.0	$	2.6	$	1.4	$	—
Liabilities
Interest rate swap(4)	$	0.6	$	—	$	0.6	$	—
Plan liability for deferred compensation(3)	$	2.6	$	2.6	$	—	$	—
Contingent consideration(5)	$	6.3	$	—	$	—	$	6.3
Total liabilities	$	9.5	$	2.6	$	0.6	$	6.3

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

(2) As of March 27, 2022, $0.7 million classified in prepaid expenses and other current assets on the Company’s consolidated balance sheet and $5.0 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 accrued expenses and other liabilities.

(5)Contingent consideration of $6.3 million includes $3.8 million classified in accrued expenses and other liabilities on the Company’s consolidated balance sheet related to contingent consideration as part of the acquisition of Australian Valve Group Pty Ltd (“AVG”) and $2.5 million classified in other noncurrent liabilities on the Company’s consolidated balance sheet related to contingent consideration as part of the acquisition of Sentinel Hydrosolutions, LLC (“Sentinel”).