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Fair Value (Tables)

12 Months Ended

Sep. 27, 2019

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis consist of the following (in thousands):

 

	September 27, 2019
	Fair Value				Active Markets for Identical Assets (Level 1)				Observable Inputs (Level 2)				Unobservable Inputs (Level 3)
Assets
Money market funds	$	261			$	261			$	—			$	—
Commercial paper	71,629				—				71,629				—
Corporate bonds	29,597				—				29,597				—
Total assets measured at fair value	$	101,487			$	261			$	101,226			$	—
Liabilities
Warrant liability	12,364				—				—				12,364
Total liabilities measured at fair value	$	12,364			$	—			$	—			$	12,364

	September 28, 2018
	Fair Value				Active Markets for Identical Assets (Level 1)				Observable Inputs (Level 2)				Unobservable Inputs (Level 3)
Assets
Money market funds	$	253			$	253			$	—			$	—
Commercial paper	69,950				—				69,950				—
Corporate bonds	28,271				—				28,271				—
Total assets measured at fair value	$	98,474			$	253			$	98,221			$	—
Liabilities
Contingent consideration	$	585			$	—			$	—			$	585
Warrant liability	13,129				—				—				13,129
Total liabilities measured at fair value	$	13,714			$	—			$	—			$	13,714

Quantitative Information Used in Fair Value Calculation of Level 3 Liabilities

The quantitative information utilized in the fair value calculation of our Level 3 liabilities are as follows:

Liabilities	Valuation Technique		Unobservable Input		September 27, 2019		September 28, 2018
Contingent consideration	Discounted cash flow		Discount rate		N/A		9.2%
			Probability of achievement		N/A		90%
			Timing of cash flows		N/A		1 month
Warrant liability	Black-Scholes model		Volatility		61.4%		60.7%
			Discount rate		1.71%		2.81%
			Expected life		1.2 years		2.2 years
			Exercise price		$14.05		$14.05
			Stock price		$21.68		$20.60
			Dividend rate		—%		—%

Changes in Assets with Inputs Classified within Level 3 of Fair Value

The changes in assets and liabilities with inputs classified within Level 3 of the fair value hierarchy consist of the following (in thousands): 

	Fiscal Year 2019
	September 28, 2018				Net Realized/Unrealized Losses (Gains) Included in Earnings				Purchases and Issuances				Sales and Settlements				September 27, 2019
Contingent consideration	$	585			$	65			$	—			$	(650	)		$	—
Warrant liability	$	13,129			$	(765	)		$	—			$	—			$	12,364

	Fiscal Year 2018
	September 29, 2017				Net Realized/Unrealized Losses (Gains) Included in Earnings				Purchases and Issuances				Sales and Settlements				September 28, 2018
Contingent consideration	$	1,679			$	(394	)		$	—			$	(700	)		$	585
Warrant liability	$	40,775			$	(27,646	)		$	—			$	—			$	13,129

	Fiscal Year 2017
	September 30, 2016				Net Realized/Unrealized Losses (Gains) Included in Earnings				Purchases and Issuances				Sales and Settlements				September 29, 2017
Contingent consideration	$	848			$	180			$	1,701			$	(1,050	)		$	1,679
Warrant liability	$	38,253			$	2,522			$	—			$	—			$	40,775

Changes in Liabilities with Inputs Classified within Level 3 of Fair Value

The changes in assets and liabilities with inputs classified within Level 3 of the fair value hierarchy consist of the following (in thousands): 

	Fiscal Year 2019
	September 28, 2018				Net Realized/Unrealized Losses (Gains) Included in Earnings				Purchases and Issuances				Sales and Settlements				September 27, 2019
Contingent consideration	$	585			$	65			$	—			$	(650	)		$	—
Warrant liability	$	13,129			$	(765	)		$	—			$	—			$	12,364

	Fiscal Year 2018
	September 29, 2017				Net Realized/Unrealized Losses (Gains) Included in Earnings				Purchases and Issuances				Sales and Settlements				September 28, 2018
Contingent consideration	$	1,679			$	(394	)		$	—			$	(700	)		$	585
Warrant liability	$	40,775			$	(27,646	)		$	—			$	—			$	13,129

	Fiscal Year 2017
	September 30, 2016				Net Realized/Unrealized Losses (Gains) Included in Earnings				Purchases and Issuances				Sales and Settlements				September 29, 2017
Contingent consideration	$	848			$	180			$	1,701			$	(1,050	)		$	1,679
Warrant liability	$	38,253			$	2,522			$	—			$	—			$	40,775

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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-Publisher FASB
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-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19279-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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