FAIR VALUE

Assets, liabilities, and redeemable noncontrolling interest measured at fair value on a recurring basis are summarized below:



	December 31, 2016
	Level 1		Level 2		Level 3		Total

	(in thousands)
Cash equivalents	$	—	$	21	$	—	$	21
Other assets:
Life insurance policies	—		22,121		—		22,121
Total assets measured at fair value	$	—	$	22,142	$	—	$	22,142

Other current liabilities:
Contingent consideration	$	—	$	—	$	3,621	$	3,621
Total liabilities measured at fair value	$	—	$	—	$	3,621	$	3,621



	December 26, 2015
	Level 1		Level 2		Level 3		Total

	(in thousands)
Cash equivalents	$	—	$	190	$	—	$	190
Other current assets:
Marketable securities	4,509		—		—		4,509
Foreign currency forward contracts	—		15		—		15
Other assets:
Life insurance policies	—		20,364		—		20,364
Total assets measured at fair value	$	4,509	$	20,569	$	—	$	25,078

Other current liabilities:
Contingent consideration	$	—	$	—	$	1,172	$	1,172
Other long-term liabilities:
Contingent consideration	—		—		198		198
Redeemable noncontrolling interest	—		—		28,008		28,008
Total liabilities and redeemable noncontrolling interest measured at fair value	$	—	$	—	$	29,378	$	29,378

During fiscal years 2016 and 2015, there were no transfers between fair value levels.

Contingent Consideration

The following table provides a rollforward of the contingent consideration related to previous business acquisitions. See Note 2, “Business Acquisitions.”



	Fiscal Year
	2016			2015

	(in thousands)
Beginning balance	$	1,370		$	2,828
Additions	3,600			973
Payments	(872		)	(600		)
Total gains or losses (realized/unrealized):
Reversal of previously recorded contingent liability and change in fair value	(477		)	(1,831		)
Ending balance	$	3,621		$	1,370

The unobservable inputs used in the fair value measurement of the Company’s contingent consideration are the probabilities of successful achievement of certain financial targets and a discount rate. Increases or decreases in any of the probabilities of success would result in a higher or lower fair value measurement, respectively. Increases or decreases in the discount rate would result in a lower or higher fair value measurement, respectively.

Debt Instruments

The book value of the Company’s term and revolving loans, which are variable rate loans carried at amortized cost, approximates their fair value based on current market pricing of similar debt. As the fair value is based on significant other observable inputs, including current interest and foreign currency exchange rates, it is deemed to be Level 2 within the fair value hierarchy.

Redeemable Noncontrolling Interest

The Company’s redeemable noncontrolling interest resulted from the acquisition of an interest in Vital River in January 2013 and July 2016.

The following table provides a rollforward of the fair value of the Company’s redeemable noncontrolling interest for fiscal year 2015:



	Redeemable Noncontrolling Interest
	(in thousands)
December 27, 2014	$	28,419
Total gains or losses (realized/unrealized):
Net income attributable to noncontrolling interest	838
Foreign currency translation	(1,066		)
Change in fair value, included in additional paid-in capital	(183		)
December 26, 2015	28,008
Total gains or losses (realized/unrealized):
Net income attributable to noncontrolling interest	320
Foreign currency translation	(653		)
Change in fair value, included in additional paid-in capital	(1,690		)
July 7, 2016	$	25,985

Since July 7, 2016, the redeemable noncontrolling interest is no longer reported at fair value. See Note 8, “Equity and Redeemable Noncontrolling Interest.”