Financial Instruments (Tables)

3 Months Ended

Mar. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of cash, cash equivalents and marketable securities

The following table sets forth cash, cash equivalents and marketable securities as of March 30, 2019 (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash and Cash Equivalents		Marketable Securities
Cash	$	113,563	$	—	$	—		$	113,563	$	113,563	$	—
Money market funds	225,733		—		—			225,733		225,733		—
U.S. government agencies	80,796		20		(8		)	80,808		8,888		71,920
Corporate debt securities	224,068		32		(8		)	224,092		62,629		161,463
Total	$	644,160	$	52	$	(16	)	$	644,196	$	410,813	$	233,383

The following table sets forth cash, cash equivalents and marketable securities as of December 31, 2018 (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash and Cash Equivalents		Marketable Securities
Cash	$	148,110	$	—	$	—		$	148,110	$	148,110	$	—
Money market funds	273,546		—		—			273,546		273,546		—
U.S. government agencies	72,884		1		(45		)	72,840		9,738		63,102
Corporate debt securities	229,040		—		(87		)	228,953		42,562		186,391
Total	$	723,580	$	1	$	(132	)	$	723,449	$	473,956	$	249,493

The following table classifies marketable securities by contractual maturities (in thousands):

	March 30, 2019		December 31, 2018
Due in one year	$	230,382	$	249,493
Due in one to two years	3,001		—
Total	$	233,383	$	249,493

Schedule of derivative instruments in statement of financial position, fair value

The following table presents the fair value of the Company’s foreign currency derivative contracts as of the periods presented (in thousands):

		March 30, 2019				December 31, 2018
	Balance Sheet Location	Fair Value Derivative Assets		Fair Value Derivative Liabilities		Fair Value Derivative Assets		Fair Value Derivative Liabilities
Hedges not designated	Prepaid expenses and other current assets	464		—		623		—
Hedges not designated	Accrued liabilities	—		28		—		549
Total fair value of derivative instruments		$	464	$	28	$	623	$	549

Schedule of cash flow hedging instruments, statement of operations

The following table presents the pre-tax impact of the Company’s foreign currency derivative contracts on other comprehensive income (“OCI”) and the condensed consolidated statements of operations for the periods presented (in thousands):

		Three Months Ended
	Income Statement Location	March 30, 2019			March 31, 2018
Foreign exchange cash flow hedges:
Gain (loss) recognized in OCI – effective portion		$	—		$	664
Gain (loss) reclassified from OCI into income – effective portion	Revenue	—			—
Foreign exchange balance sheet hedges:
Gain (loss) recognized in income	Other income, net	(359		)	(2,493		)

Schedule of cash flow hedging instruments, comprehensive income

The following table presents the pre-tax impact of the Company’s foreign currency derivative contracts on other comprehensive income (“OCI”) and the condensed consolidated statements of operations for the periods presented (in thousands):

		Three Months Ended
	Income Statement Location	March 30, 2019			March 31, 2018
Foreign exchange cash flow hedges:
Gain (loss) recognized in OCI – effective portion		$	—		$	664
Gain (loss) reclassified from OCI into income – effective portion	Revenue	—			—
Foreign exchange balance sheet hedges:
Gain (loss) recognized in income	Other income, net	(359		)	(2,493		)

Schedule of derivative contracts on consolidated statement of operations

The following table provides the location in the condensed consolidated statements of operations and amount of the recognized gains or losses to the Company’s derivative instruments designated as hedging instruments (in thousands):

	Three Months Ended
	March 30, 2019		March 31, 2018
Total amounts presented in the condensed consolidated statement of operations in which the effects of cash flow hedges are recorded in revenue	$	271,890	$	247,865
Total amounts presented in the condensed consolidated statement of operations in which the effects of cash flow hedges are recorded in operating expenses	172,347		197,476

Schedule of offsetting of foreign currency derivative contracts

The following tables set forth the available offsetting of net derivative assets under the master netting arrangements as of March 30, 2019 and December 31, 2018 (in thousands):

	March 30, 2019
	Gross Amounts Offset in the Condensed Consolidated Balance Sheets						Gross Amounts Not Offset in Condensed Consolidated Balance Sheets
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments		Cash Collateral Received		Net Amount
Foreign exchange contracts assets	$	464	$	—	$	464	$	28	$	—	$	436
Foreign exchange contracts liabilities	28		—		28		28		—		—
	December 31, 2018
	Gross Amounts Offset in the Condensed Consolidated Balance Sheets						Gross Amounts Not Offset in Condensed Consolidated Balance Sheets
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments		Cash Collateral Received		Net Amount
Foreign exchange contracts assets	$	623	$	—	$	623	$	549	$	—	$	74
Foreign exchange contracts liabilities	549		—		549		549		—		—