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Fair value of Financial Instruments (Tables)

6 Months Ended

Jul. 03, 2021

Fair Value Disclosures [Abstract]

Schedule of assets that are measured and recorded at fair value on a recurring basis

The following table presents CRA’s financial instruments recorded in the condensed consolidated financial statements at January 2, 2021, which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

						January 2, 2021
						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

Schedule of liabilities that are measured and recorded at fair value on a recurring basis

The following table presents CRA’s financial instruments recorded in the condensed consolidated financial statements at January 2, 2021, which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

						January 2, 2021
						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

Summary of the changes in the contingent consideration liabilities

The following table summarizes the changes in the contingent consideration liabilities (in thousands):

						Fiscal Year-to-Date Period Ended						Fiscal Year Ended
						July 3, 2021						January 2, 2021
Beginning balance						$	14,620					$	11,579
Remeasurement of acquisition-related contingent consideration						—						1,156
Accretion						380						1,885
Payment of contingent consideration						(15,000)						—
Ending balance						$	—					$	14,620

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ 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 (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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-Subparagraph (a)
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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=123874694&loc=d3e19207-110258

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