Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.0.8
Fair Value Measurements (Tables)
3 Months Ended
Dec. 28, 2013
Fair Value Disclosures [Abstract]  
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of December 28, 2013 (in thousands):

 

     Level 1      Level 2      Level 3      Total  

Assets:

           

Certificates of deposit (a)

   $ 0       $ 14,220       $ 0       $ 14,220   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

   $ 0       $ 14,220       $ 0       $ 14,220   
  

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities:

           

Liability for contingent consideration (c)

   $ 0       $ 0       $ 4,165       $ 4,165   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

   $ 0       $ 0       $ 4,165       $ 4,165   
  

 

 

    

 

 

    

 

 

    

 

 

 

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of December 29, 2012:

 

     Level 1      Level 2      Level 3      Total  

Assets:

           

Certificates of deposit (a)

   $ 0       $ 17,820       $ 0       $ 17,820   

Derivative assets (b)

     0         18         0         18   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

   $ 0       $ 17,838       $ 0       $ 17,838   
  

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities:

           

Derivative liabilities (b)

   $ 0       $ 548       $ 0       $ 548   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

   $ 0       $ 548       $ 0       $ 548   
  

 

 

    

 

 

    

 

 

    

 

 

 

The following table presents our financial assets and liabilities at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of September 28, 2013:

 

     Level 1      Level 2      Level 3      Total  

Assets:

           

Certificates of deposit (a)

   $ 0       $ 17,820       $ 0       $ 17,820   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

   $ 0       $ 17,820       $ 0       $ 17,820   
  

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities:

           

Liability for contingent consideration (c)

   $ 0       $ 0       $ 4,165       $ 4,165   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

   $ 0       $ 0       $ 4,165       $ 4,165   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) The fair value of our time deposits is based on the most recent observable inputs for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable. These are presented as short term investments in our condensed consolidated balance sheets.
(b) Derivative assets and liabilities were valued using quoted forward pricing from bank counterparties and are presented as other current assets and liabilities in our condensed consolidated balance sheets.
(c) The liability for contingent consideration relates to an earn-out for B2E, acquired in December 2012. The fair value of the contingent consideration arrangement is determined based on the Company’s evaluation as to the probability and discounted amount of any earn-out that will be achieved based on expected future performance by the acquired entity. This is presented as part of long-term liabilities in our condensed consolidated balance sheets.
Summary of Changes in Fair Value of Level 3 Financial Instruments

The following table provides a summary of changes in fair value of our Level 3 financial instruments for the period ended September 28, 2013 and December 28, 2013 (in thousands):

 

     Amount  

Balance as of September 28, 2013

   $ 4,165   

Changes in the fair value of contingent performance-based payments established at the time of acquisition

     0   
  

 

 

 

Balance as of December 28, 2013

   $ 4,165