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Fair Value of Financial Instruments

12 Months Ended

Jan. 02, 2021

The following table shows CRA's financial instruments as of January 2, 2021 and December 28, 2019 that are measured and recorded in the consolidated financial statements at fair value on a recurring basis (in thousands):


	January 2, 2021
	Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Other Observable Inputs		Significant Unobservable Inputs
	Level 1		Level 2		Level 3
Assets:
Money market mutual funds	$	150	$	—	$	—
Total Assets	$	150	$	—	$	—
Liabilities:
Contingent consideration liability	$	—	$	—	$	14,620
Total Liabilities	$	—	$	—	$	14,620


	December 28, 2019
	Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Other Observable Inputs		Significant Unobservable Inputs
	Level 1		Level 2		Level 3
Assets:
Money market mutual funds	$	150	$	—	$	—
Total Assets	$	150	$	—	$	—
Liabilities:
Contingent consideration liability	$	—	$	—	$	11,579
Total Liabilities	$	—	$	—	$	11,579

The fair value of CRA's money market mutual fund share holdings is $1.00 per share.

The contingent consideration liability in the table above is for estimated future contingent consideration payments related to the acquisition of C1. In February 2021, CRA paid the contingent consideration. The following table summarizes the changes in the contingent consideration liabilities (in thousands):


	Fiscal Year		Fiscal Year
	2020		2019
Beginning balance	$	11,579	$	6,197
Remeasurement of acquisition-related contingent consideration	1,156		3,285
Accretion	1,885		2,097
Ending balance	$	14,620	$	11,579

- 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.

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