Fair Value Of Financial Instruments |
Fair Value Measurements The following tables summarize assets and liabilities measured at fair value on a recurring basis as of October 1, 2017: | | | | | | | | | | | | | | | | | | As of October 1, 2017 | | Total | | Quoted market prices in active markets (Level 1) | | Significant other observable inputs (Level 2) | | Significant unobservable inputs (Level 3) | | (In thousands) | Assets: | | | | | | | | Cash equivalents: money-market funds | $ | 15,105 |
| | $ | 15,105 |
| | $ | — |
| | $ | — |
| Available-for-sale securities: U.S. treasuries (1) | 124,087 |
| | 124,087 |
| | — |
| | — |
| Available-for-sale securities: certificates of deposit (1) | 162 |
| | 162 |
| | — |
| | — |
| Trading securities: mutual funds (1) | 1,964 |
| | 1,964 |
| | — |
| | — |
| Foreign currency forward contracts (2) | 2,540 |
| | — |
| | 2,540 |
| | — |
| Total assets measured at fair value | $ | 143,858 |
| | $ | 141,318 |
| | $ | 2,540 |
| | $ | — |
|
________________________ | | (1) | Included in short-term investments on the Company’s unaudited condensed consolidated balance sheets. |
| | (2) | Included in prepaid expenses and other current assets on the Company’s unaudited condensed consolidated balance sheets. |
| | | | | | | | | | | | | | | | | | As of October 1, 2017 | | Total | | Quoted market prices in active markets (Level 1) | | Significant other observable inputs (Level 2) | | Significant unobservable inputs (Level 3) | | (In thousands) | Liabilities: | | | | | | | | Foreign currency forward contracts (3) | $ | 11,749 |
| | $ | — |
| | $ | 11,749 |
| | $ | — |
| Total liabilities measured at fair value | $ | 11,749 |
| | $ | — |
| | $ | 11,749 |
| | $ | — |
|
_________________________ | | (3) | Included in other accrued liabilities on the Company’s unaudited condensed consolidated balance sheets. |
The following tables summarize assets and liabilities measured at fair value on a recurring basis as of December 31, 2016: | | | | | | | | | | | | | | | | | | As of December 31, 2016 | | Total | | Quoted market prices in active markets (Level 1) | | Significant other observable inputs (Level 2) | | Significant unobservable inputs (Level 3) | | (In thousands) | Assets: | | | | | | | | Cash equivalents: money-market funds | $ | 17,027 |
| | $ | 17,027 |
| | $ | — |
| | $ | — |
| Available-for-sale securities: U.S. treasuries (1) | 123,838 |
| | 123,838 |
| | — |
| | — |
| Available-for-sale securities: certificates of deposit (1) | 148 |
| | 148 |
| | — |
| | — |
| Trading securities: mutual funds (1) | 1,528 |
| | 1,528 |
| | — |
| | — |
| Foreign currency forward contracts (2) | 8,763 |
| | — |
| | 8,763 |
| | — |
| Total assets measured at fair value | $ | 151,304 |
| | $ | 142,541 |
| | $ | 8,763 |
| | $ | — |
|
_________________________ | | (1) | Included in short-term investments on the Company’s unaudited condensed consolidated balance sheets. |
| | (2) | Included in prepaid expenses and other current assets on the Company’s unaudited condensed consolidated balance sheets. |
| | | | | | | | | | | | | | | | | | As of December 31, 2016 | | Total | | Quoted market prices in active markets (Level 1) | | Significant other observable inputs (Level 2) | | Significant unobservable inputs (Level 3) | | (In thousands) | Liabilities: | | | | | | | | Foreign currency forward contracts (3) | $ | 1,705 |
| | $ | — |
| | $ | 1,705 |
| | $ | — |
| Total liabilities measured at fair value | $ | 1,705 |
| | $ | — |
| | $ | 1,705 |
| | $ | — |
|
_________________________ | | (3) | Included in other accrued liabilities on the Company’s unaudited condensed consolidated balance sheets. |
The Company’s investments in cash equivalents and available-for-sale securities are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company enters into foreign currency forward contracts with only those counterparties that have long-term credit ratings of A-/A3 or higher. The Company’s foreign currency forward contracts are classified within Level 2 of the fair value hierarchy as they are valued using pricing models that take into account the contract terms as well as currency rates and counterparty credit rates. The Company verifies the reasonableness of these pricing models using observable market data for related inputs into such models. Additionally, the Company includes an adjustment for non-performance risk in the recognized measure of fair value of derivative instruments. As of October 1, 2017 and December 31, 2016, the adjustment for non-performance risk did not have a material impact on the fair value of the Company’s foreign currency forward contracts. The carrying value of non-financial assets and liabilities measured at fair value in the financial statements on a recurring basis, including accounts receivable and accounts payable, approximate fair value due to their short maturities.
|