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Fair Value Measurements (Tables)
6 Months Ended
Jul. 02, 2022
Fair Value Measurements  
Schedule of fair value of the Company's financial liabilities that are measured at fair value on recurring basis

Fair Value at July 2, 2022

(in thousands)

    

Carrying Value

    

Level 1

    

Level 2

    

Level 3

Financial liabilities

Contingent consideration

$

26,556

$

$

$

26,556

Warrant liability - private placement warrants

77

77

$

26,633

$

$

$

26,633

Fair Value at December 31, 2021

(in thousands)

    

Carrying Value

    

Level 1

    

Level 2

    

Level 3

Financial liabilities

Contingent consideration

$

30,756

$

$

$

30,756

$

30,756

$

$

$

30,756

Summary of changes in fair value of Level 3 financial liabilities

The following table sets forth a summary of the changes in fair value of the Company’s financial liabilities:

Warrant

Contingent

liability

consideration

January 1, 2022

    

$

    

$

30,756

Assumption of private placement warrants in Business Combination

77

Accretion

800

Reclassification to short term debt

(5,000)

July 2, 2022

$

77

$

26,556

Contingent

Consideration

January 1, 2021

    

$

18,129

Acquisition (see Note 4)

8,200

Accretion

440

Reclassification to acquisition debt

(10,000)

July 3, 2021

$

16,769