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Subsequent Events | 6 Months Ended
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Jun. 28, 2020
Subsequent Events [Abstract] |
Subsequent Events | Subsequent EventsWe completed the sale of Grass Valley to Black Dragon Capital on July 2, 2020 for gross cash consideration of $120.0 million, or approximately $67.0 million net of cash delivered with the business. The cash consideration is subject to certain working capital adjustments. The sale also included deferred consideration consisting of a $175.0 million five-year seller’s note, up to $88 million in PIK (payment-in-kind) interest on the seller’s note over its five-year term, and $178.0 million in potential earn-out payments. As part of the transaction, we also invested $3.0 million for a 9% equity interest in Grass Valley with the right to put the equity back to Black Dragon Capital at any time on or before October 31, 2020. We deconsolidated Grass Valley as of July 2, 2020 and are accounting for our equity interest under the cost method.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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