Fair Value Measurements (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
The table below summarizes changes in contingent earn-out liabilities during the twenty-six weeks ended June 29, 2023.
(1) During the twenty-six weeks ended June 29, 2023, the Company acquired a commercial flooring and installation supplies distributor for total consideration of $21.2 million, including $17.2 million of cash and $4.0 million of contingent earn-out consideration. Payout of the contingent consideration is subject to the acquired company’s achievement of certain annual gross margin and gross profit targets in fiscal years 2023 through 2025. A portion of these earn-out opportunities is payable each year subject to achievement of the applicable performance targets for that year, with the maximum payout requiring that each of the individual annual targets are met. Refer to Note 10, “Acquisition” for additional information.
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