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Fair Value and Derivative Instruments (Tables)

3 Months Ended

Mar. 27, 2021

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 27, 2021						Level 1						Level 2						Level 3						Total
Assets:
Cash equivalents:
Money market funds						$	34,254					$	—					$	—					$	34,254
Commercial paper						5,500						—						—						5,500
						39,754						—						—						39,754
Marketable securities:
U.S. treasuries						32,669						—						—						32,669
Certificates of deposit						—						1,212						—						1,212
U.S. agency securities						—						575						—						575
Corporate bonds						—						44,146						—						44,146
Commercial paper						—						15,491						—						15,491
						32,669						61,424						—						94,093
Foreign exchange derivative contracts (Designated)						—						144						—						144
Interest rate swap derivative contracts						—						745						—						745
Total assets						$	72,423					$	62,313					$	—					$	134,736
Liabilities:
Foreign exchange derivative contracts (Designated)						$	—					$	(100)					$	—					$	(100)
Interest rate swap derivative contracts						—						(113)						—						(113)
Contingent consideration						—						—						(3,884)						(3,884)
Total liabilities						$	—					$	(213)					$	(3,884)					$	(4,097)

December 26, 2020						Level 1						Level 2						Level 3						Total
Assets:
Cash equivalents:
Money market funds						$	43,019					$	—					$	—					$	43,019
Marketable securities:
U.S. treasuries						40,726						—						—						40,726
Certificates of deposit						—						2,179						—						2,179
U.S. agency securities						—						575						—						575
Corporate bonds						—						24,330						—						24,330
						40,726						27,084						—						67,810
Foreign exchange derivative contracts						—						1,057						—						1,057
Interest rate swap derivative contracts						—						57						—						57
Total assets						$	83,745					$	28,198					$	—					$	111,943
Liabilities:
Interest rate swap derivative contracts						$	—					$	(87)					$	—					$	(87)
Contingent consideration						—						—						(4,012)						(4,012)
Total liabilities						$	—					$	(87)					$	(4,012)					$	(4,099)

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 27, 2021						$	624					Interest expense						$	(38)					Interest expense						$	—
Three Months Ended March 28, 2020						$	(96)					Interest expense						$	22					Interest expense						$	—

Schedule of Foreign Currency Forward Contracts

The following table provides information about our foreign currency forward contracts outstanding as of March 27, 2021 (in thousands):

Currency						Contract Position						Contract Amount (Local Currency)						Contract Amount (U.S. Dollars)
Euro Dollar						Buy						(10,141)						$	(12,025)
Euro Dollar						Sell						11,043						13,026
Japanese Yen						Buy						(1,971,765)						(17,977)
Korean Won						Sell						3,129,743						2,767
Taiwan Dollar						Sell						7,972						279
Total USD notional amount of outstanding foreign exchange contracts																		$	(13,930)

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 Gain (Loss) Recognized in Accumulated OCI on Derivative						Location of Gain (Loss) Reclassified from Accumulated OCI into Income						Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
Three Months Ended March 27, 2021						$	(526)					Cost of revenues						$	250
												Research and development						30
												Selling, general and administrative						82
																		$	362
Three Months Ended March 28, 2020						$	(3)					Cost of revenues						$	(120)
												Research and development						(18)
												Selling, general and administrative						(43)
																		$	(181)

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 27, 2021

March 28, 2020

Foreign exchange forward contracts

Other income (expense), net

$

1,288

$

(115)

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
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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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-Publisher FASB
-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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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL109998890-113959

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