Fair Value and Derivative Instruments (Tables)

9 Months Ended

Sep. 28, 2019

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): 

September 28, 2019	Level 1		Level 2		Total
Assets:
Cash equivalents:
Money market funds	$	959	$	—	$	959
Marketable securities:
U.S. treasuries	31,832		—		31,832
Certificates of deposit	—		3,648		3,648
U.S. agency securities	—		3,088		3,088
Corporate bonds	—		33,737		33,737
Commercial paper	—		4,720		4,720
	31,832		45,193		77,025
Foreign exchange derivative contracts	—		93		93
Interest rate swap derivative contracts	—		86		86
Total assets	$	32,791	$	45,372	$	78,163
Liabilities:
Foreign exchange derivative contracts	$	—	$	739	$	739

December 29, 2018	Level 1		Level 2		Total
Assets:
Cash equivalents:
Money market funds	$	1,184	$	—	$	1,184
Marketable securities:
U.S. treasuries	7,997		—		7,997
Certificates of deposit	—		957		957
U.S. agency securities	—		8,608		8,608
Corporate bonds	—		30,674		30,674
Commercial paper	—		2,295		2,295
	7,997		42,534		50,531
Interest rate swap derivative contracts	—		871		871
Total assets	$	9,181	$	43,405	$	52,586

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 Accumulated OCI on Derivative			Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income		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 September 28, 2019	$	12		Interest expense	$	113	Interest expense	$	—
Three Months Ended September 29, 2018	$	62		Interest expense	$	196	Interest expense	$	—
Nine Months Ended September 28, 2019	$	(78	)	Interest expense	$	496	Interest expense	$	—
Nine Months Ended September 29, 2018	$	418		Interest expense	$	514	Interest expense	$	—

Schedule of Foreign Currency Forward Contracts

The following table provides information about our foreign currency forward contracts outstanding as of September 28, 2019 (in thousands):

Currency	Contract Position	Contract Amount (Local Currency)		Contract Amount (U.S. Dollars)
Euro Dollar	Buy	(924	)	$	(1,715	)
Japanese Yen	Sell	2,974,829		27,613
Korean Won	Sell	3,019,313		2,516
Total USD notional amount of outstanding foreign exchange contracts				$	28,414

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 September 28, 2019	$	642	Cost of revenues	$	126
			Research and development	23
			Selling, general and administrative	58
				$	207
Three Months Ended September 29, 2018	$	—		$	—
Nine Months Ended September 28, 2019	$	1,096	Cost of revenues	$	297
			Research and development	42
			Selling, general and administrative	109
				$	448
Nine Months Ended September 29, 2018	$	—		$	—

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					Nine Months Ended
Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized on Derivatives	September 28, 2019			September 29, 2018		September 28, 2019		September 29, 2018
Foreign exchange forward contracts	Other income (expense), net	$	(76	)	$	706	$	198	$	923