The Company, when it considers it to be appropriate, enters into forward contracts to hedge the economic exposures arising from foreign currency denominated transactions. At July 1, 2023, these contracts included the future sale of euro, Japanese yen, Korean won, Singapore dollar, and Taiwanese dollar to purchase U.S. dollars. At December 31, 2022, these contracts included the future sale of euro, Japanese yen, Korean won, Singapore dollar, Taiwanese dollar, and Chinese renminbi to purchase U.S. dollars. Foreign currency forward contracts are not designated as hedges for accounting purposes, and therefore, the change in fair value is recorded in “Other expense, net,” in the Condensed Consolidated Statements of Operations. The Company records its forward contracts at fair value in either prepaid expenses and other current assets or other current liabilities in the Condensed Consolidated Balance Sheets.

The dollar equivalent of the U.S. dollar forward contracts and related fair values as of July 1, 2023 and December 31, 2022 were as follows:


	July 1, 2023		December 31, 2022
Notional amount	$	21,607	$	27,923
Fair value of asset (liability)	$	44	$	(135	)