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Fair Value and Derivative Instruments (Tables)

3 Months Ended

Mar. 28, 2020

Fair Value Disclosures [Abstract]

Fair Value Assets Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis were as follows (in thousands): 

March 28, 2020						Level 1						Level 2						Level 3						Total
Assets:
Cash equivalents:
Money market funds						$	74,992					$	—					$	—					$	74,992
Marketable securities:
U.S. treasuries						30,873						—						—						30,873
Certificates of deposit						—						3,841						—						3,841
U.S. agency securities						—						3,751						—						3,751
Corporate bonds						—						28,657						—						28,657
Commercial paper						—						2,637						—						2,637
						30,873						38,886						—						69,759
Foreign exchange derivative contracts						—						4						—						4
Total assets						$	105,865					$	38,890					$	—					$	144,755
Liabilities:
Foreign exchange derivative contracts						$	—					$	(154)					$	—					$	(154)
Interest rate swap derivative contracts						—						(93)						—						(93)
Contingent consideration						—						—						(6,515)						(6,515)
Total liabilities						$	—					$	(247)					$	(6,515)					$	(6,762)

December 28, 2019						Level 1						Level 2						Level 3						Total
Assets:
Cash equivalents:
Money market funds						$	17,056					$	—					$	—					$	17,056
Marketable securities:
U.S. treasuries						10,468						—						—						10,468
Certificates of deposit						—						3,590						—						3,590
U.S. agency securities						—						24,430						—						24,430
Corporate bonds						—						33,928						—						33,928
Commercial paper						—						3,911						—						3,911
						10,468						65,859						—						76,327
Foreign exchange derivative contracts						—						41						—						41
Interest rate swap derivative contracts						—						26						—						26
Total assets						$	27,524					$	65,926					$	—					$	93,450
Liabilities:
Foreign exchange derivative contracts						$	—					$	(240)					$	—					$	(240)
Contingent consideration						—						—						(5,364)						(5,364)
Total liabilities						$	—					$	(240)					$	(5,364)					$	(5,604)

Schedule of the Impact of Cash Flow Hedges on Consolidated Financial Statements

The impact of the interest rate swaps on our Condensed Consolidated Statements of Income was as follows (in thousands):

						Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)						Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)						Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)						Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion)						Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion)
Three Months Ended March 28, 2020						$	(96)					Interest expense, net						$	22					Interest expense, net						$	—
Three Months Ended March 30, 2019						$	(28)					Interest expense, net						$	(208)					Interest expense, net						$	—

Schedule of Foreign Currency Forward Contracts

The following table provides information about our foreign currency forward contracts outstanding as of March 28, 2020 (in thousands):

Currency						Contract Position						Contract Amount (Local Currency)						Contract Amount (U.S. Dollars)
Euro Dollar						Buy						(3,061)						$	(3,557)
Japanese Yen						Sell						1,346,506						12,503
Korean Won						Buy						(2,526,325)						(2,088)
Total USD notional amount of outstanding foreign exchange contracts																		$	6,858

The impact of foreign exchange derivative contracts designated as cash flow hedges on our Condensed Consolidated Statements of Income was as follows (in thousands):

						Amount of Loss Recognized in Accumulated OCI on Derivative						Location of Loss Reclassified from Accumulated OCI into Income						Amount of Loss Reclassified from Accumulated OCI into Income
Three Months Ended March 28, 2020						$	(3)					Cost of revenues						$	(120)
												Research and development						(18)
												Selling, general and administrative						(43)
																		$	(181)
Three Months Ended March 30, 2019						$	(435)					Cost of revenues						$	(32)
												Research and development						(19)
												Selling, general and administrative						(7)
																		$	(58)

Schedule of Gains and Losses Related to Non-designated Derivative Instruments

The impact of foreign exchange derivative contracts not designated as cash flow hedges on our Condensed Consolidated Statements of Income was as follows (in thousands):

Amount of Gain (Loss) Recognized on Derivatives

Three Months Ended

Derivatives Not Designated as Hedging Instruments

Location of Gain (Loss) Recognized on Derivatives

March 28, 2020

March 30, 2019

Foreign exchange forward contracts

Other expense, net

$

(115)

$

314

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

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-Topic 815
-SubTopic 10
-Section 50
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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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-Name Accounting Standards Codification
-Topic 820
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Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Subparagraph (c)(1)
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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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