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3. 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 June 27, 2020 and December 28, 2019.
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June 27, 2020
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Quoted Market
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Significant Other Observable
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Significant 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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1,108
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$
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—
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$
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1,108
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$
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—
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Total
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$
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1,108
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$
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—
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$
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1,108
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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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9,523
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$
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—
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$
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9,523
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$
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—
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Forward foreign exchange contracts
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|
115
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—
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115
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—
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Contingent consideration
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|
797
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—
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—
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797
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Total
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$
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10,435
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$
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—
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$
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9,638
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$
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797
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December 28, 2019
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Quoted Market
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Significant Other Observable
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Significant 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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A summary of the changes in the estimated fair value of contingent consideration at June 27, 2020 is as follows:
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Balance at December 28, 2019
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$
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828
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Change in estimated fair value
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(34
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)
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Currency remeasurement
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3
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Balance at June 27, 2020
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$
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797
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During the first six months of 2020, 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.
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