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Fair Value and Derivative Instruments (Tables) | 6 Months Ended
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Jun. 27, 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):
June 27, 2020 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 96,474 |  |  | $ | — |  |  | $ | — |  |  | $ | 96,474 |
Marketable securities: |  |  |  |  |  |  |  |
U.S. treasuries |  | 33,279 |  |  | — |  |  | — |  |  | 33,279 |
Certificates of deposit |  | — |  |  | 3,157 |  |  | — |  |  | 3,157 |
U.S. agency securities |  | — |  |  | 2,643 |  |  | — |  |  | 2,643 |
Corporate bonds |  | — |  |  | 19,949 |  |  | — |  |  | 19,949 |
Commercial paper |  | — |  |  | 2,149 |  |  | — |  |  | 2,149 |
|  | 33,279 |  |  | 27,898 |  |  | — |  |  | 61,177 |
Foreign exchange derivative contracts |  | — |  |  | 153 |  |  | — |  |  | 153 |
Total assets |  | $ | 129,753 |  |  | $ | 28,051 |  |  | $ | — |  |  | $ | 157,804 |
Liabilities: |  |  |  |  |  |  |  |
Interest rate swap derivative contracts |  | $ | — |  |  | $ | (256) |  |  | $ | — |  |  | $ | (256) |
Contingent consideration |  | — |  |  | — |  |  | (2,862) |  |  | (2,862) |
Total liabilities |  | $ | — |  |  | $ | (256) |  |  | $ | (2,862) |  |  | $ | (3,118) |
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 June 27, 2020 |  | $ | (174) |  |  | Interest expense |  | $ | (10) |  |  | Interest expense |  | $ | — |
Three Months Ended June 29, 2019 |  | $ | (62) |  |  | Interest expense |  | $ | 175 |  |  | Interest expense |  | $ | — |
Six Months Ended June 27, 2020 |  | $ | (270) |  |  | Interest expense |  | $ | 12 |  |  | Interest expense |  | $ | — |
Six Months Ended June 29, 2019 |  | $ | (90) |  |  | Interest expense |  | $ | 383 |  |  | Interest expense |  | $ | — |
Schedule of Foreign Currency Forward Contracts | The following table provides information about our foreign currency forward contracts outstanding as of June 27, 2020 (in thousands):
Currency |  | Contract Position |  | Contract Amount (Local Currency) |  | Contract Amount (U.S. Dollars)
Euro Dollar |  | Buy |  | (1,897) |  |  | $ | (1,996) |
Japanese Yen |  | Sell |  | 1,475,099 |  |  | 13,766 |
Korean Won |  | Buy |  | (2,613,516) |  |  | (2,182) |
Total USD notional amount of outstanding foreign exchange contracts |  |  |  |  |  | $ | 9,588 |
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 June 27, 2020 |  | $ | 52 |  |  | Cost of revenues |  | $ | 139 |  |  |  |  |
|  |  |  | Research and development |  | 17 |  |  |  |  |
|  |  |  | Selling, general and administrative |  | 35 |  |  |  |  |
|  |  |  |  |  | $ | 191 |  |  |  |  |
Three Months Ended June 29, 2019 |  | $ | 213 |  |  | Cost of revenues |  | $ | 139 |  |  |  |  |
|  |  |  | Research and development |  | 12 |  |  |  |  |
|  |  |  | Selling, general and administrative |  | 32 |  |  |  |  |
|  |  |  |  |  | $ | 183 |  |  |  |  |
Six Months Ended June 27, 2020 |  | $ | 126 |  |  | Cost of revenues |  | $ | 258 |  |  |  |  |
|  |  |  | Research and development |  | 35 |  |  |  |  |
|  |  |  | Selling, general and administrative |  | 79 |  |  |  |  |
|  |  |  |  |  | $ | 372 |  |  |  |  |
Six Months Ended June 29, 2019 |  | $ | 213 |  |  | Cost of revenues |  | $ | 171 |  |  |  |  |
|  |  |  | Research and development |  | 19 |  |  |  |  |
|  |  |  | Selling, general and administrative |  | 51 |  |  |  |  |
|  |  |  |  |  | $ | 241 |  |  |  |  |
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 |  |  |  | Six Months Ended |  |
Derivatives Not Designated as Hedging Instruments |  | Location of Gain (Loss) Recognized on Derivatives |  | June 27, 2020 |  | June 29, 2019 |  | June 27, 2020 |  | June 29, 2019
Foreign exchange forward contracts |  | Other expense, net |  | $ | 234 |  |  | $ | 587 |  |  | $ | 349 |  |  | $ | 273 |

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