Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments

v3.19.3
Fair Value of Financial Instruments
 9 Months Ended
Sep. 28, 2019
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 September 28, 2019 and December 29, 2018.

 

 

September 28, 2019

 

 

 

 

 

 

 

Quoted  Market

 

 

Significant Other Observable

 

 

Significant Unobservable

 

 

 

Total

 

 

Prices (Level 1)

 

 

Inputs (Level 2)

 

 

Inputs (Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward foreign exchange contracts

 

$

1,741

 

 

$

—

 

 

$

1,741

 

 

$

—

 

Total

 

$

1,741

 

 

$

—

 

 

$

1,741

 

 

$

—

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap contract

 

$

6,849

 

 

$

—

 

 

$

6,849

 

 

$

—

 

Contingent consideration

 

 

1,795

 

 

 

—

 

 

 

—

 

 

 

1,795

 

Total

 

$

8,644

 

 

$

—

 

 

$

6,849

 

 

$

1,795

 

 

 

 

December 29, 2018

 

 

 

 

 

 

 

Quoted  Market

 

 

Significant Other Observable

 

 

Significant Unobservable

 

 

 

Total

 

 

Prices (Level 1)

 

 

Inputs (Level 2)

 

 

Inputs (Level 3)

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap contract

 

$

2,309

 

 

$

—

 

 

$

2,309

 

 

$

—

 

Forward foreign exchange contracts

 

 

137

 

 

 

—

 

 

 

137

 

 

 

—

 

Contingent consideration

 

 

18,960

 

 

 

—

 

 

 

—

 

 

 

18,960

 

Total

 

$

21,406

 

 

$

—

 

 

$

2,446

 

 

$

18,960

 

A summary of the changes in the estimated fair value of contingent consideration at September 28, 2019 is as follows:

Balance, December 29, 2018

 

$

18,960

 

Change in estimated fair value

 

 

703

 

Payment on liability

 

 

(17,795

)

Currency translation

 

 

(73

)

Balance, September 28, 2019

 

$

1,795

 

During the nine months ended September 28, 2019, the Company recorded an adjustment to the estimated fair value of the contingent consideration liability incurred in connection with the acquisition of Faster. The adjustment was the result of revised estimates of future payments owed to the sellers for certain tax benefits to be realized.