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Fair Value and Derivative Instruments (Tables)

6 Months Ended

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

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