v3.20.1

FAIR VALUE MEASUREMENT | 3 Months Ended
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Mar. 28, 2020
FAIR VALUE MEASUREMENTS |
Fair Value Measurement | 8. Fair Value Measurement The outstanding Phantom Equity (PE) and Phantom Equity Appreciation Rights (PEAR) awards under the Company’s Value Creation Incentive Plan (VCIP; see Note 19) were recorded at fair value using the Black-Scholes option pricing model. There were no PE or PEAR appreciation awards granted during the quarter ended March 28, 2020 or March 30, 2019. The following assumptions were used in determining the fair value of the award liability as of March 28, 2020.
Risk-free interest rate |  |  | 1.58% - 1.62% |
Dividend rate |  |  | 0.00% |
Volatility range |  |  | 24% - 38% |
Weighted average expected term (years) |  |  | 3.8 |
The following table is a reconciliation for the PE and PEAR liability measured at fair value using Level 3 unobservable inputs (in thousands):
Balance at December 28, 2019 |  | $ | 496 |
Awards related to acquired companies |  |  | - |
Change due to vesting of awards granted |  |  | 166 |
Change in fair value measurement of liability |  |  | (52) |
Balance at March 28, 2020 |  | $ | 610 |
Contingent consideration was recorded at fair value using a Monte Carlo Simulation model. The following assumptions were used in determining the fair value of contingent consideration at March 28, 2020:
Risk-free interest rate |  |  | .09% - 1.6% |
Expected term (years) |  |  | .18 - 2.33 |
The following table is a reconciliation for the contingent consideration liability measured at fair value using Level 3 unobservable inputs (in thousands):
Balance at December 28, 2019 |  | $ | 1,482 |
Contingent consideration granted with acquisitions |  |  | - |
Change in fair value measurement of liability |  |  | 120 |
Balance at March 28, 2020 |  | $ | 1,602 |
The ARO liabilities were recorded at fair value using an expected present value technique. The following assumptions were used in determining the fair value of the ARO liabilities at March 28, 2020:
Credit adjusted risk-free interest rate |  |  | 3.66% |
Expected term (years) |  |  | 4.5 |

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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