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Fair Value and Derivative Instruments (Tables)

6 Months Ended

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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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.

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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
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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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-SubTopic 10
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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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