Business Acquisitions and Investments

3 Months Ended

Mar. 27, 2021

Business Combinations [Abstract]

Business Acquisitions and Investments

2. Business Acquisitions and Investments

On January 2, 2020, we acquired the remaining outstanding stock of Power Train Industries, Inc. (“PTI”) not already owned by the Company. The total purchase price for PTI was approximately $30.7 million, which included $18.4 million paid for the remaining 60% of the outstanding stock, subject to customary purchase price adjustments, and $12.3 million which represents the fair value of the previously held 40% equity interest in PTI that was acquired by the Company in 2016. As a result of the acquisition, we recorded a gain of $2.5 million in other (expense) income, net during the quarter ended March 28, 2020 from the increase in fair value of our original 40% interest in PTI. We previously accounted for our 40% interest as an equity-method investment.