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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 29, 2017
Fair Value Disclosures [Abstract]  
Fair Values of Financial Assets and Liabilities

The following table summarizes the fair values of the Company’s financial assets and liabilities as of September 29, 2017 (in thousands):

 

 

 

 

 

 

Quoted Prices in

 

 

 

 

 

 

Significant Other

 

 

 

 

 

 

Active Markets for

 

 

Significant Other

 

 

Unobservable

 

 

 

 

 

 

Identical Assets

 

 

Observable Inputs

 

 

Inputs

 

 

Fair Value

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

$

3,141

 

 

$

3,141

 

 

$

—

 

 

$

—

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration - Current

$

2,800

 

 

$

—

 

 

$

—

 

 

$

2,800

 

Contingent consideration - Long-term

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

2,800

 

 

$

—

 

 

$

—

 

 

$

2,800

 

 

The following table summarizes the fair values of the Company’s financial assets and liabilities as of December 31, 2016 (in thousands):

 

 

 

 

 

 

Quoted Prices in

 

 

 

 

 

 

Significant Other

 

 

 

 

 

 

Active Markets for

 

 

Significant Other

 

 

Unobservable

 

 

 

 

 

 

Identical Assets

 

 

Observable Inputs

 

 

Inputs

 

 

Fair Value

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

$

9,569

 

 

$

9,569

 

 

$

—

 

 

$

—

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration - Current

$

2,775

 

 

$

—

 

 

$

—

 

 

$

2,775

 

Contingent consideration - Long-term

 

2,381

 

 

 

—

 

 

 

—

 

 

 

2,381

 

 

$

5,156

 

 

$

—

 

 

$

—

 

 

$

5,156

 

 
Changes in Fair Value of Level 3 Contingent Consideration

Changes in the fair value of Level 3 contingent consideration during the nine months ended September 29, 2017 were as follows (in thousands):

 

 

Contingent Consideration

 

Balance at December 31, 2016

$

5,156

 

Payment to Applimotion

 

(1,200

)

Payment to Lincoln Laser

 

(1,433

)

Payment to Skyetek

 

(148

)

Fair value adjustments (1)

 

425

 

Balance at September 29, 2017

$

2,800

 

 

 

(1)

In the nine months ended September 29, 2017, the fair value of the contingent consideration in connection with the acquisition of Applimotion was increased by $0.4 million due to increased actual and projected revenue performance.