Annual report pursuant to Section 13 and 15(d)

Fair Value of Financial Instruments

v3.22.4
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS

4. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following tables provide information regarding the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2022 and January 1, 2022.

 

 

December 31, 2022

 

 

 

 

 

 

 

 

 

Significant Other

 

 

Significant

 

 

 

 

 

 

Quoted Market

 

 

Observable

 

 

Unobservable

 

 

 

Total

 

 

Prices (Level 1)

 

 

Inputs (Level 2)

 

 

Inputs (Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap contracts

 

$

11.1

 

 

$

—

 

 

$

11.1

 

 

$

—

 

Forward foreign exchange contracts

 

 

1.0

 

 

 

—

 

 

 

1.0

 

 

 

—

 

Total

 

$

12.1

 

 

$

—

 

 

$

12.1

 

 

$

—

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Forward foreign exchange contracts

 

$

0.3

 

 

$

—

 

 

$

0.3

 

 

$

—

 

Contingent consideration

 

 

6.7

 

 

 

—

 

 

 

—

 

 

 

6.7

 

Total

 

$

7.0

 

 

$

—

 

 

$

0.3

 

 

$

6.7

 

 

 

 

 

 

January 1, 2022

 

 

 

 

 

 

 

 

 

Significant Other

 

 

Significant

 

 

 

 

 

 

Quoted Market

 

 

Observable

 

 

Unobservable

 

 

 

Total

 

 

Prices (Level 1)

 

 

Inputs (Level 2)

 

 

Inputs (Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap contract

 

$

1.5

 

 

$

—

 

 

$

1.5

 

 

$

—

 

Forward foreign exchange contracts

 

 

1.1

 

 

 

—

 

 

 

1.1

 

 

 

—

 

Total

 

$

2.6

 

 

$

—

 

 

$

2.6

 

 

$

—

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap contract

 

$

3.2

 

 

$

—

 

 

$

3.2

 

 

$

—

 

Forward foreign exchange contracts

 

 

0.1

 

 

 

—

 

 

 

0.1

 

 

 

—

 

Contingent consideration

 

 

6.4

 

 

 

—

 

 

 

—

 

 

 

6.4

 

Total

 

$

9.7

 

 

$

—

 

 

$

3.3

 

 

$

6.4

 

 

A summary of changes in the estimated fair value of contingent consideration at December 31, 2022 and January 1, 2022 is as follows:

 

Balance at January 2, 2021

 

$

1.9

 

Change in estimated fair value

 

 

0.6

 

Contingent consideration incurred in connection with NEM acquisition

 

 

3.3

 

Measurement period adjustment to acquisition date fair value

 

 

0.6

 

Payment on liability

 

 

(0.3

)

Accretion in value

 

 

0.4

 

Currency remeasurement

 

 

(0.1

)

Balance at January 1, 2022

 

$

6.4

 

Change in estimated fair value

 

 

1.3

 

Payment on liability

 

 

(1.1

)

Accretion in value

 

 

0.5

 

Currency remeasurement

 

 

(0.4

)

Balance at December 31, 2022

 

$

6.7