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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Apr. 01, 2023
Fair Value Disclosures [Abstract] |
Schedule of assets and liabilities measured at fair value on a recurring basis | The following tables provide information regarding the Company’s assets and liabilities measured at f air value on a recurring basis at April 1, 2023 and December 31, 2022.
|  | April 1, 2023 |
|  |  |  |  | Quoted Market |  |  | Significant Other Observable |  |  | Significant Unobservable |
|  | Total |  |  | Prices (Level 1) |  |  | Inputs (Level 2) |  |  | Inputs (Level 3) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts |  | $ | 8.8 |  |  | $ | — |  |  | $ | 8.8 |  |  | $ | — |
Forward foreign exchange contracts |  |  | 0.6 |  |  |  | — |  |  |  | 0.6 |  |  |  | — |
Total |  | $ | 9.4 |  |  | $ | — |  |  | $ | 9.4 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts |  | $ | 0.8 |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | — |
Forward foreign exchange contracts |  |  | 0.3 |  |  |  | — |  |  |  | 0.3 |  |  |  | — |
Contingent consideration |  |  | 6.9 |  |  |  | — |  |  |  | — |  |  |  | 6.9 |
Total |  | $ | 8.0 |  |  | $ | — |  |  | $ | 1.1 |  |  | $ | 6.9 |
|  | December 31, 2022 |
|  |  |  |  | Quoted Market |  |  | Significant Other Observable |  |  | Significant 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 |
Summary of changes in estimated fair value of contingent consideration | A summary of the changes in the estimated fair value of contingent consideration at April 1, 2023 is as follows:
Balance at December 31, 2022 |  | $ | 6.7 |
Change in estimated fair value |  |  | 0.1 |
Accretion in value |  |  | 0.1 |
Balance at April 1, 2023 |  | $ | 6.9 |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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