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Fair Value Measurements | 9 Months Ended
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Sep. 29, 2023
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair value reflects the amounts that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy has the following three levels: •Level 1 - quoted prices (unadjusted) in active markets for identical assets and liabilities; •Level 2 - inputs other than level 1 that are observable either directly or indirectly, such as quoted prices in active markets for similar instruments or on industry models using data inputs, such as interest rates and prices that can be directly observed or corroborated in active markets; and •Level 3 - unobservable inputs that are supported by little or no market activity that are significant to the fair value measurement. The classifications within the fair value hierarchy of our financial assets that were measured and recorded at fair value on a recurring basis were as follows (in thousands):
| September 30, 2023
| Level 1 |  | Level 2 |  | Total
Commercial paper | $ | — |  |  | $ | 386,363 |  |  | $ | 386,363 |
Corporate bonds | — |  |  | 820,095 |  |  | 820,095 |
U.S. Treasury and government-sponsored enterprises | — |  |  | 435,826 |  |  | 435,826 |
Municipal bonds | — |  |  | 5,915 |  |  | 5,915 |
Total debt securities available-for-sale | — |  |  | 1,648,199 |  |  | 1,648,199 |
Money market funds | 182,464 |  |  | — |  |  | 182,464 |
Certificates of deposit | — |  |  | 84,404 |  |  | 84,404 |
Total financial assets carried at fair value | $ | 182,464 |  |  | $ | 1,732,603 |  |  | $ | 1,915,067 |
| December 31, 2022
| Level 1 |  | Level 2 |  | Total
Commercial paper | $ | — |  |  | $ | 722,018 |  |  | $ | 722,018 |
Corporate bonds | — |  |  | 797,848 |  |  | 797,848 |
U.S. Treasury and government-sponsored enterprises | — |  |  | 332,587 |  |  | 332,587 |
Municipal bonds | — |  |  | 16,162 |  |  | 16,162 |
Total debt securities available-for-sale | — |  |  | 1,868,615 |  |  | 1,868,615 |
Money market funds | 94,344 |  |  | — |  |  | 94,344 |
Certificates of deposit | — |  |  | 103,681 |  |  | 103,681 |
Total financial assets carried at fair value | $ | 94,344 |  |  | $ | 1,972,296 |  |  | $ | 2,066,640 |
When available, we value investments based on quoted prices for those financial instruments, which is a Level 1 input. Our remaining investments are valued using third-party pricing sources, which use observable market prices, interest rates and yield curves observable at commonly quoted intervals for similar assets as observable inputs for pricing, which is a Level 2 input. The carrying amount of our remaining financial assets and liabilities, which include receivables and payables, approximate their fair values due to their short-term nature. Forward Foreign Currency Contracts We have entered into forward contracts to hedge certain operational exposures for the changes in foreign currency exchange rates associated with assets or liabilities denominated in foreign currencies, primarily the Euro. As of September 30, 2023, we had one forward contract outstanding to sell €3.9 million. The forward contract with a maturity of three months is recorded at fair value and is included in other current liabilities in the accompanying Condensed Consolidated Balance Sheets. The unrealized loss on the forward contract is immaterial as of September 30, 2023. The forward contract is considered a Level 2 in the fair value hierarchy of our fair value measurements. The net realized gains we recognized on the maturity of forward contracts were immaterial for the nine months ended September 30, 2023 and $1.5 million for the corresponding prior year period. Realized and unrealized gains and losses on our forward contracts are included in other income (expense), net on our Condensed Consolidated Statements of Income.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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