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Fair Value and Derivative Instruments (Tables) | 6 Months Ended
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Jun. 26, 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):
June 26, 2021 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 25,917 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,917 |
Marketable securities: |  |  |  |  |  |  |  |
U.S. treasuries |  | 27,112 |  |  | — |  |  | — |  |  | 27,112 |
Certificates of deposit |  | — |  |  | 1,207 |  |  | — |  |  | 1,207 |
U.S. agency securities |  | — |  |  | 575 |  |  | — |  |  | 575 |
Corporate bonds |  | — |  |  | 28,893 |  |  | — |  |  | 28,893 |
Commercial paper |  | — |  |  | 38,175 |  |  | — |  |  | 38,175 |
|  | 27,112 |  |  | 68,850 |  |  | — |  |  | 95,962 |
Foreign exchange derivative contracts (Designated) |  | — |  |  | 152 |  |  | — |  |  | 152 |
Interest rate swap derivative contracts |  | — |  |  | 571 |  |  | — |  |  | 571 |
Total assets |  | $ | 53,029 |  |  | $ | 69,573 |  |  | $ | — |  |  | $ | 122,602 |
Liabilities: |  |  |  |  |  |  |  |
Foreign exchange derivative contracts (Designated) |  | $ | — |  |  | $ | (53) |  |  | $ | — |  |  | $ | (53) |
Interest rate swap derivative contracts |  | — |  |  | (103) |  |  | — |  |  | (103) |
Total liabilities |  | $ | — |  |  | $ | (156) |  |  | $ | — |  |  | $ | (156) |
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 June 26, 2021 |  | $ | (203) |  |  | Interest expense |  | $ | (39) |  |  | Interest expense |  | $ | — |
Three Months Ended June 27, 2020 |  | $ | (174) |  |  | Interest expense |  | $ | (10) |  |  | Interest expense |  | $ | — |
Six Months Ended June 26, 2021 |  | $ | 421 |  |  | Interest expense |  | $ | (77) |  |  | Interest expense |  | $ | — |
Six Months Ended June 27, 2020 |  | $ | (270) |  |  | Interest expense |  | $ | 12 |  |  | Interest expense |  | $ | — |
Schedule of Foreign Currency Forward Contracts | The following table provides information about our foreign currency forward contracts outstanding as of June 26, 2021 (in thousands):
Currency |  | Contract Position |  | Contract Amount (Local Currency) |  | Contract Amount (U.S. Dollars)
Euro Dollar |  | Buy |  | (12,678) |  |  | $ | (15,124) |
Japanese Yen |  | Sell |  | 1,802,229 |  |  | 16,251 |
Korean Won |  | Buy |  | (3,050,367) |  |  | (2,703) |
Total USD notional amount of outstanding foreign exchange contracts |  |  |  |  |  | $ | (1,576) |
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 June 26, 2021 |  | $ | 278 |  |  | Cost of revenues |  | $ | 134 |  |  |  |  |
|  |  |  | Research and development |  | 16 |  |  |  |  |
|  |  |  | Selling, general and administrative |  | 52 |  |  |  |  |
|  |  |  |  |  | $ | 202 |  |  |  |  |
Three Months Ended June 27, 2020 |  | $ | 52 |  |  | Cost of revenues |  | $ | (139) |  |  |  |  |
|  |  |  | Research and development |  | (17) |  |  |  |  |
|  |  |  | Selling, general and administrative |  | (35) |  |  |  |  |
|  |  |  |  |  | $ | (191) |  |  |  |  |
Six Months Ended June 26, 2021 |  | $ | (248) |  |  | Cost of revenues |  | $ | 384 |  |  |  |  |
|  |  |  | Research and development |  | 46 |  |  |  |  |
|  |  |  | Selling, general and administrative |  | 134 |  |  |  |  |
|  |  |  |  |  | $ | 564 |  |  |  |  |
Six Months Ended June 27, 2020 |  | $ | (126) |  |  | Cost of revenues |  | $ | (258) |  |  |  |  |
|  |  |  | Research and development |  | (35) |  |  |  |  |
|  |  |  | Selling, general and administrative |  | (79) |  |  |  |  |
|  |  |  |  |  | $ | (372) |  |  |  |  |
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 26, 2021 |  | June 27, 2020 |  | June 26, 2021 |  | June 27, 2020
Foreign exchange forward contracts |  | Other expense, net |  | $ | (69) |  |  | $ | 234 |  |  | $ | 1,220 |  |  | $ | 349 |

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