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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 28, 2019 and December 29, 2018.
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December 28, 2019
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Significant Other
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Significant
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Quoted Market
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Observable
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Unobservable
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Total
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Prices (Level 1)
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Inputs (Level 2)
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Inputs (Level 3)
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Assets
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Forward foreign exchange contracts
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$
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815
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$
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—
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$
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815
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$
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—
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Total
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$
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815
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$
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—
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$
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815
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$
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—
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Liabilities
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Interest rate swap contract
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$
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5,792
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$
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—
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$
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5,792
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$
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—
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Forward foreign exchange contracts
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219
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—
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219
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—
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Contingent consideration
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828
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—
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—
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828
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Total
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$
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6,839
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$
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—
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$
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6,011
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$
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828
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61
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December 29, 2018
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Significant Other
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Significant
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Quoted Market
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Observable
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Unobservable
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Total
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Prices (Level 1)
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Inputs (Level 2)
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Inputs (Level 3)
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Liabilities
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Interest rate swap contract
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$
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2,309
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$
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—
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$
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2,309
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$
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—
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Forward foreign exchange contracts
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137
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—
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137
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—
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Contingent consideration
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18,960
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—
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—
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18,960
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Total
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$
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21,406
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$
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—
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$
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2,446
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$
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18,960
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A summary of changes in the estimated fair value of contingent consideration at December 28, 2019 and December 29, 2018 is as follows:
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Balance at December 30, 2017
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$
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33,882
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Contingent consideration incurred in connection with Faster acquisition
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938
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Change in estimated fair value
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391
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Accretion in value
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1,091
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Payment on liability
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(17,342
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)
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Balance at December 29, 2018
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$
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18,960
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Change in estimated fair value
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652
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Payment on liability
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(18,747
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)
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Currency remeasurement
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(37
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)
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Balance at December 28, 2019
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$
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828
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As part of the Faster acquisition, a contingent liability was recorded pursuant to the Share Purchase Agreement that allows for future payments to the sellers for certain tax benefits realized. During the year ended December 28, 2019 the third and final payment to the sellers of Enovation Controls was made as well as the first payment to the sellers of Faster.
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