Fair Value Measurements (Tables)

6 Months Ended

Jun. 28, 2019

Fair Value Disclosures [Abstract]

Fair Values of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes the fair values of the Company’s assets and liabilities measured at fair value on a recurring basis as of June 28, 2019 (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	$	3,184	$	3,184	$	—	$	—
Prepaid expenses and other current assets:
Foreign currency forward contracts		47		—		47		—
	$	3,231	$	3,184	$	47	$	—
Liabilities
Accrued expenses and other current liabilities:
Contingent consideration - Current	$	3,091	$	—	$	—	$	3,091
Foreign currency forward contracts		31		—		31		—
Other liabilities:
Contingent consideration - Long-term		7,436		—		—		7,436
	$	10,558	$	—	$	31	$	10,527

The following table summarizes the fair values of the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 (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	$	4,288	$	4,288	$	—	$	—
Prepaid expenses and other current assets:
Foreign currency forward contracts		15		—		15		—
	$	4,303	$	4,288	$	15	$	—
Liabilities
Accrued expenses and other current liabilities:
Foreign currency forward contracts	$	182	$	—	$	182	$	—
Other liabilities:
Contingent consideration - Long-term		3,376		—		—		3,376
	$	3,558	$	—	$	182	$	3,376

Changes in Fair Value of Level 3 Contingent Consideration

Changes in the fair value of Level 3 contingent consideration during the six months ended June 28, 2019 were as follows (in thousands):

	Contingent Consideration
Balance at December 31, 2018	$	3,376
Acquisition of Ingenia		6,569
Fair value adjustments		547
Effect of foreign exchange rates		35
Balance at June 28, 2019	$	10,527

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table provides quantitative information associated with the fair value measurement of the Company’s Level 3 liabilities:

Liability	June 28, 2019 Fair Value (in thousands)	Valuation Technique	Unobservable Inputs	Percentage Applied
Contingent consideration (Ingenia)	$6,604	Monte Carlo method	Historical and projected revenues from April 2019 through March 2022	N/A
			Revenue volatility	31.3%
			Cost of debt	1.0%
			Revenue discount rate	14.3%
Contingent consideration (Other)	$3,923	Discounted cash flow method	Historical and projected revenues for fiscal years 2018 to 2021	N/A
			Discount rate	22.8%