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Fair Value Measurements (Tables)

9 Months Ended

Sep. 29, 2024

Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis

The following tables show the assets and liabilities carried at fair value measured on a recurring basis as of September 29, 2024 and December 31, 2023 classified in one of the three classifications described above:


			Fair Value Measurements at September 29, 2024 Using:
	Total Carrying Value at September 29, 2024		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Marketable securities - available for sale	$	31,000	$	31,000	$	—	$	—
Foreign exchange derivative assets	205		—		205		—
Foreign exchange derivative liabilities	(1,405)		—		(1,405)		—
Contingent consideration asset	14,890		—		—		14,890
Contingent consideration liabilities	(31,085)		—		—		(31,085)


			Fair Value Measurements at December 31, 2023 Using:
	Total Carrying Value at December 31, 2023		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Marketable securities - available for sale	$	13,913	$	13,913	$	—	$	—
Foreign exchange derivative assets	1,697		—		1,697		—
Foreign exchange derivative liabilities	(1,763)		—		(1,763)		—
Contingent consideration asset	14,890		—		—		14,890
Contingent consideration liabilities	(40,005)		—		—		(40,005)

Reconciliation of Beginning and Ending Level 3 Net Liabilities

A reconciliation of the beginning and ending Level 3 contingent consideration liabilities is as follows:


	Three Months Ended				Nine Months Ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
	(In thousands)
Balance at beginning of period	$	(30,540)	$	(37,561)	$	(40,005)	$	(46,618)

Amounts paid and foreign currency translation	(889)		817		14,925		10,959

Change in fair value (included within selling, general and administrative expenses)	344		(633)		(6,005)		(1,718)
Balance at end of period	$	(31,085)	$	(37,377)	$	(31,085)	$	(37,377)

Reconciliation of Beginning and Ending Level 3 Net Assets

A reconciliation of the beginning and ending Level 3 contingent consideration asset is as follows:


	Three Months Ended				Nine Months Ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
	(In thousands)
Balance at beginning of period	$	14,890	$	15,930	$	14,890	$	—
Amount recognized upon the sale of the Business	—		—		—		15,930
Change in fair value (included within selling, general and administrative expenses)	—		—		—		—
Balance at end of period	$	14,890	$	15,930	$	14,890	$	15,930

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 asset.

+ References + Details