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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Apr. 02, 2016
Fair Value of Financial Instruments |
Financial assets and liabilities measured at fair value on a recurring basis | The following summarizes the valuation of the Company’s financial instruments (in thousands). The tables do not include either cash on hand or assets and liabilities that are measured at historical cost or any basis other than fair value.
|  | Fair Value Measurements at April 2, 2016 Using |  |  |
Description |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total |
Assets: |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 40,720 |  | $ | — |  | $ | — |  | $ | 40,720 |
Municipal bonds |  | — |  | 5,724 |  | — |  | 5,724 |
Certificates of deposit |  | — |  | 2,849 |  | — |  | 2,849 |
Commercial paper |  | — |  | 1,200 |  | — |  | 1,200 |
Total cash equivalents |  | $ | 40,720 |  | $ | 9,773 |  | $ | — |  | $ | 50,493 |
Short-term investments: |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | — |  | $ | 85,709 |  | $ | — |  | $ | 85,709 |
Variable-rate demand notes |  | — |  | 18,395 |  | — |  | 18,395 |
Corporate bonds |  | — |  | 8,003 |  | — |  | 8,003 |
U.S. government bonds |  | 6,009 |  | — |  | — |  | 6,009 |
Asset-backed securities |  | — |  | 3,998 |  | — |  | 3,998 |
Commercial paper |  | — |  | 2,489 |  | — |  | 2,489 |
International government bonds |  | — |  | 2,221 |  | — |  | 2,221 |
Total short-term investments |  | $ | 6,009 |  | $ | 120,815 |  | $ | — |  | $ | 126,824 |
Long-term investments: |  |  |  |  |  |  |  |  |
Auction rate securities |  | $ | — |  | $ | — |  | $ | 6,845 |  | $ | 6,845 |
Total long-term investments |  | $ | — |  | $ | — |  | $ | 6,845 |  | $ | 6,845 |
Total |  | $ | 46,729 |  | $ | 130,588 |  | $ | 6,845 |  | $ | 184,162 |
Liabilities: |  |  |  |  |  |  |  |  |
Other non-current liabilities: |  |  |  |  |  |  |  |  |
Derivative instruments |  | $ | — |  | $ | 129 |  | $ | — |  | $ | 129 |
Total |  | $ | — |  | $ | 129 |  | $ | — |  | $ | 129 |
|  | Fair Value Measurements at January 2, 2016 Using |  |  |
Description |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total |
Assets: |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 37,721 |  | $ | — |  | $ | — |  | $ | 37,721 |
Commercial paper |  | — |  | 11,272 |  | — |  | 11,272 |
Certificates of deposit |  | — |  | 2,845 |  | — |  | 2,845 |
U.S. government agency |  | — |  | 1,599 |  | — |  | 1,599 |
Municipal bonds |  | — |  | 1,577 |  | — |  | 1,577 |
Total cash equivalents |  | $ | 37,721 |  | $ | 17,293 |  | $ | — |  | $ | 55,014 |
Short-term investments: |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | — |  | $ | 93,516 |  | $ | — |  | $ | 93,516 |
Commercial paper |  | — |  | 11,176 |  | — |  | 11,176 |
Variable-rate demand notes |  | — |  | 8,995 |  | — |  | 8,995 |
Certificates of deposit |  | — |  | 8,000 |  | — |  | 8,000 |
U.S. government agency |  | — |  | 3,998 |  | — |  | 3,998 |
International government bonds |  | — |  | 2,220 |  | — |  | 2,220 |
Corporate bonds |  | — |  | 996 |  | — |  | 996 |
Total short-term investments |  | $ | — |  | $ | 128,901 |  | $ | — |  | $ | 128,901 |
Long-term investments: |  |  |  |  |  |  |  |  |
Auction rate securities |  | $ | — |  | $ | — |  | $ | 7,126 |  | $ | 7,126 |
Total long-term investments |  | $ | — |  | $ | — |  | $ | 7,126 |  | $ | 7,126 |
Other assets, net: |  |  |  |  |  |  |  |  |
Derivative instruments |  | $ | — |  | $ | 92 |  | $ | — |  | $ | 92 |
Total |  | $ | — |  | $ | 92 |  | $ | — |  | $ | 92 |
Total |  | $ | 37,721 |  | $ | 146,286 |  | $ | 7,126 |  | $ | 191,133 |
Liabilities: |  |  |  |  |  |  |  |  |
Accrued expenses: |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | — |  | $ | — |  | $ | 4,749 |  | $ | 4,749 |
Other non-current liabilities: |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | — |  | $ | — |  | $ | 9,324 |  | $ | 9,324 |
Total |  | $ | — |  | $ | — |  | $ | 14,073 |  | $ | 14,073 |
Summary of quantitative information about level 3 asset fair value measurements | The following summarizes quantitative information about Level 3 fair value measurements. Auction rate securities
Fair Value at April 2, 2016 (000s) |  | Valuation Technique |  | Unobservable Input |  | Weighted Average |
$ | 6,845 |  | Discounted cash flow |  | Estimated yield |  | 1.09% |
|  |  |  | Expected holding period |  | 10 years |
|  |  |  | Estimated discount rate |  | 3.27% |
Summary of activity in Level 3 financial instruments | The following summarizes the activity in Level 3 financial instruments for the three months ended April 2, 2016 (in thousands): Assets
Auction Rate Securities |  | Three Months Ended |
Beginning balance |  | $ | 7,126 |
Loss included in other comprehensive loss |  | (281 | )
Balance at April 2, 2016 |  | $ | 6,845 |
Liabilities
Contingent Consideration (1) |  | Three Months Ended |
Beginning balance |  | $ | 14,073 |
Settlements (2) |  | (11,375 | )
Gain recognized in earnings (3) |  | (2,698 | )
Balance at April 2, 2016 |  | $ | — |
(1) In connection with the acquisition of Energy Micro, the Company recorded contingent consideration based upon the expected achievement of certain milestone goals. Changes to the fair value of contingent consideration due to changes in assumptions used in preparing the valuation model were recorded in selling, general and administrative expenses in the Consolidated Statement of Income. (2) On March 11, 2016, the Company entered into an agreement which settled the total amount of contingent consideration related to the Energy Micro acquisition (including all amounts for fiscal 2015 through 2018). See Note 7, Acquisitions, for additional information. (3) The gain recognized in earnings was due to the settlement of the Energy Micro contingent consideration. This gain was offset in part by a charge of approximately $2.7 million recorded in the three months ended April 2, 2016 for a portion of the contingent consideration accounted for as post-combination compensation expense.

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- Definition Tabular disclosure of the fair value measurement of assets and liabilities 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, 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, issuances, 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 and liability. + References No definition available. + Details
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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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