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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 January 2, 2021 and December 28, 2019.
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January 2, 2021
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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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|
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Forward foreign exchange contracts
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$
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211
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$
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—
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$
|
211
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$
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—
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Total
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$
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211
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$
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—
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$
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211
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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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7,679
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$
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—
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$
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7,679
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$
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—
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Forward foreign exchange contracts
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1,551
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—
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1,551
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—
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Contingent consideration
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1,919
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—
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—
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1,919
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Total
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$
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11,149
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|
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$
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—
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|
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$
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9,230
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$
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1,919
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|
65
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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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|
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Forward foreign exchange contracts
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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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$
|
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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|
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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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$
|
828
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A summary of changes in the estimated fair value of contingent consideration at January 2, 2021 and December 28, 2019 is as follows:
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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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|
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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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Change in estimated fair value
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(47
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)
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Contingent consideration incurred in connection with Balboa acquisition
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|
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1,919
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Payment on liability
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|
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(830
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)
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Currency remeasurement
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|
49
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Balance at January 2, 2021
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$
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1,919
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During the years ended December 28, 2019, and January 2, 2021, the third and final payment to the sellers of Enovation Controls was made as well as the final payment to the sellers of Faster, respectively.
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