Fair Value Measurements (Tables)

12 Months Ended

Jan. 02, 2021

Schedule of financial assets and liabilities measured at fair value on a recurring basis

The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):


	Fair Value Measurements as of
	January 2, 2021
	Level 1		Level 2 (1)		Level 3
Assets:
Money market funds	$	47,529	$	—	$	—
Marketable equity securities, $46,578 at cost (2)	47,576		—		—
Corporate bonds, $3,498 at cost (3)	—		3,505		—

Derivative instruments (Note 9)	—		5,206		—
Total assets measured at fair value	$	95,105	$	8,711	$	—

Liabilities:
Derivative instruments (Note 9)	$	—	$	12,822	$	—
Total liabilities measured at fair value	$	—	$	12,822	$	—

The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):


	Fair Value Measurements as of
	December 28, 2019
	Level 1		Level 2 (1)		Level 3
Assets:

Corporate and government bonds, $17,016 at cost	$	—	$	17,032	$	—

Derivative instruments (Note 9)	—		15,314		—
Total assets measured at fair value	$	—	$	32,346	$	—

Liabilities:
Derivative instruments (Note 9)	$	—	$	758	$	—
Total liabilities measured at fair value	$	—	$	758	$	—

(1)Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

(2)The related unrealized gain recorded in Other income, net was $1.0 million for the fiscal year ended January 2, 2021. Marketable equity securities are included in short term investments on the consolidated balance sheet.

(3)As of January 2, 2021, the Company’s investment had a maturity date of March 2021.