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Fair Value | 3 Months Ended
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Mar. 27, 2021
Fair Value Disclosures [Abstract] |
Fair Value | Fair Value Whenever possible, the fair values of our financial assets and liabilities are determined using quoted market prices of identical securities or quoted market prices of similar securities from active markets. The three levels of inputs that may be used to measure fair value are as follows: •Level 1 valuations are obtained from real-time quotes for transactions in active exchange markets involving identical securities; •Level 2 valuations utilize significant observable inputs, such as quoted prices for similar assets or liabilities, quoted prices near the reporting date in markets that are less active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and •Level 3 valuations utilize unobservable inputs to the valuation methodology and include our own data about assumptions market participants would use in pricing the asset or liability based on the best information available under the circumstances. We did not have any transfers of assets or liabilities measured at fair value on a recurring basis to or from Level 1, Level 2 or Level 3 during fiscal 2021, 2020 or 2019. The carrying values of Cash, Accounts receivable, net, Restricted cash, Prepaid expenses and other current assets, Accounts payable, Accrued liabilities, and Current portion of term loans, net of unamortized issuance costs approximate fair value due to their short maturities. No changes were made to our valuation techniques during fiscal 2021. Cash Equivalents The fair value of our cash equivalents is determined based on quoted market prices for similar or identical securities. Marketable Securities We classify our marketable securities as available-for-sale and value them utilizing a market approach. Our investments are priced by pricing vendors who provide observable inputs for their pricing without applying significant judgment. Broker pricing is used mainly when a quoted price is not available, the investment is not priced by our pricing vendors or when a broker price is more reflective of fair value. Our broker-priced investments are categorized as Level 2 investments because fair value is based on similar assets without applying significant judgments. In addition, all of our investments have a sufficient level of trading volume to demonstrate that the fair value is appropriate. Contingent Consideration Contingent consideration, arising from the acquisition of FRT (see Note 4, Acquisitions), was a cash amount equal to 1.5x EBIT as defined in the purchase agreement, up to a maximum of €10.3 million, payable subject to the performance of the acquired business in calendar 2020. We estimated the fair value of contingent consideration using a probability weighted approach. Key assumptions in determining the fair value of contingent consideration included estimating EBIT levels that we believed as of the acquisition date were likely to be achieved during the performance period, discounted to present value at an appropriate discount rate. In the second quarter of fiscal 2021, we paid $3.9 million in contingent consideration in satisfaction of our obligation under the purchase agreement, resulting in a $0.1 million credit to Selling, general and administrative expense with the remaining change from December 26, 2020 resulting from foreign currency translation. Assets and liabilities Measured at Fair Value on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):
December 25, 2021 | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 9,526 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,526 |
U.S. treasuries | 2,500 |  |  | — |  |  | — |  |  | 2,500 |
Commercial paper | — |  |  | 1,000 |  |  | — |  |  | 1,000 |
U.S. agency securities | — |  |  | 5,556 |  |  | — |  |  | 5,556 |
| 12,026 |  |  | 6,556 |  |  | — |  |  | 18,582 |
Marketable securities: |  |  |  |  |  |  |
U.S. treasuries | 38,985 |  |  | — |  |  | — |  |  | 38,985 |
Certificates of deposit | — |  |  | 1,199 |  |  | — |  |  | 1,199 |
Corporate bonds | — |  |  | 52,709 |  |  | — |  |  | 52,709 |
Commercial paper | — |  |  | 32,162 |  |  | — |  |  | 32,162 |
| 38,985 |  |  | 86,070 |  |  | — |  |  | 125,055 |
Interest rate swap derivative contracts | — |  |  | 629 |  |  | — |  |  | 629 |
Total assets | $ | 51,011 |  |  | $ | 93,255 |  |  | $ | — |  |  | $ | 144,266 |
Liabilities: |  |  |  |  |  |  |
Foreign exchange derivative contracts | $ | — |  |  | $ | (489) |  |  | $ | — |  |  | $ | (489) |
Interest rate swap derivative contracts | — |  |  | (55) |  |  | — |  |  | (55) |
Total liabilities | $ | — |  |  | $ | (544) |  |  | $ | — |  |  | $ | (544) |
December 26, 2020 | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 43,019 |  |  | $ | — |  |  | $ | — |  |  | $ | 43,019 |
Marketable securities: |  |  |  |  |  |  |
U.S. Treasuries | 40,726 |  |  | — |  |  | — |  |  | 40,726 |
Certificates of deposit | — |  |  | 2,179 |  |  | — |  |  | 2,179 |
Agency securities | — |  |  | 575 |  |  | — |  |  | 575 |
Corporate bonds | — |  |  | 24,330 |  |  | — |  |  | 24,330 |
| 40,726 |  |  | 27,084 |  |  | — |  |  | 67,810 |
Foreign exchange derivative contract | — |  |  | 1,057 |  |  | — |  |  | 1,057 |
Interest rate swap derivative contracts | — |  |  | 57 |  |  | — |  |  | 57 |
Total assets | $ | 83,745 |  |  | $ | 28,198 |  |  | $ | — |  |  | $ | 111,943 |
Liabilities: |  |  |  |  |  |  |
Interest rate swap derivative contracts | $ | — |  |  | $ | (87) |  |  | $ | — |  |  | $ | (87) |
Contingent consideration | — |  |  | — |  |  | (4,012) |  |  | (4,012) |
Total liabilities | $ | — |  |  | $ | (87) |  |  | $ | (4,012) |  |  | $ | (4,099) |
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis We measure and report our non-financial assets such as Property, plant and equipment, Goodwill and Intangible assets at fair value on a non-recurring basis if we determine these assets to be impaired or in the period when we make a business acquisition. Other than as discussed in Note 4, Acquisitions and Note 7, Restructuring Charges, there were no assets or liabilities measured at fair value on a non-recurring basis during fiscal 2021, 2020 or 2019.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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