Derivative Instruments (Tables)
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9 Months Ended |
Oct. 04, 2015 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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Outstanding Forward Contracts Table |
The Company had the following outstanding forward contracts (in thousands): | | | | | | | | | | | | | | | | October 4, 2015 | | December 31, 2014 | Currency | Notional Value | | USD Equivalent | | Notional Value | | USD Equivalent | Derivatives Designated as Hedging Instruments: | | | | | | | | Japanese Yen | 1,000,000 |
| | $ | 8,176 |
| | 1,225,000 |
| | $ | 10,211 |
| United States Dollar | 7,870 |
| | 7,870 |
| | — |
| | — |
| Hungarian Forint | 774,000 |
| | 2,767 |
| | 803,000 |
| | 3,099 |
| Singapore Dollar | 2,903 |
| | 2,055 |
| | 3,515 |
| | 2,564 |
| Canadian Dollar | 140 |
| | 127 |
| | 758 |
| | 688 |
| British Pound | 87 |
| | 121 |
| | 491 |
| | 732 |
| Derivatives Not Designated as Hedging Instruments: | | | | | Japanese Yen | 600,000 |
| | $ | 4,993 |
| | 345,000 |
| | $ | 2,878 |
| British Pound | 1,695 |
| | 2,562 |
| | 1,400 |
| | 2,183 |
| Korean Won | 1,440,000 |
| | 1,206 |
| | 940,000 |
| | 858 |
| Singapore Dollar | 1,700 |
| | 1,176 |
| | 1,225 |
| | 922 |
| Taiwanese Dollar | 31,250 |
| | 941 |
| | 28,000 |
| | 883 |
| Hungarian Forint | 220,000 |
| | 786 |
| | 410,000 |
| | 1,569 |
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
Information regarding the fair value of the outstanding forward contracts was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | Asset Derivatives | | Liability Derivatives | | Balance | | Fair Value | | Balance | | Fair Value | | Sheet Location | | October 4, 2015 | | December 31, 2014 | | Sheet Location | | October 4, 2015 | | December 31, 2014 | Derivatives Designated as Hedging Instruments: | | | | | | | | | Cash flow hedge forward contracts | Prepaid expenses and other current assets | | $ | 82 |
| | $ | 108 |
| | Accrued expenses | | $ | 227 |
| | $ | 84 |
| Derivatives Not Designated as Hedging Instruments: | | | | | | | | | Economic hedge forward contracts | Prepaid expenses and other current assets | | $ | 32 |
| | $ | 5 |
| | Accrued expenses | | $ | — |
| | $ | 13 |
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Offsetting Assets |
The table below details the gross activity for all derivative assets and liabilities which were presented on a net basis on the Consolidated Balance Sheets due to the right of offset with each counterparty (in thousands): | | | | | | | | | | | | | | | | | | | | Asset Derivatives | | Liability Derivatives | | | October 4, 2015 | | December 31, 2014 | | | | October 4, 2015 | | December 31, 2014 | Gross amounts of recognized assets | | $ | 118 |
| | $ | 187 |
| | Gross amounts of recognized liabilities | | $ | 347 |
| | $ | 149 |
| Gross amounts offset | | (4 | ) | | (74 | ) | | Gross amounts offset | | (120 | ) | | (52 | ) | Net amount of assets presented | | $ | 114 |
| | $ | 113 |
| | Net amount of liabilities presented | | $ | 227 |
| | $ | 97 |
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Derivative Instruments, Gain (Loss) |
Information regarding the effect of derivative instruments, net of the underlying exposure, on the consolidated financial statements was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | Location in Financial Statements | | Three-months Ended | | Nine-months Ended | | | October 4, 2015 | | September 28, 2014 | | October 4, 2015 | | September 28, 2014 | Derivatives Designated as Hedging Instruments: | | | | Gains (losses) recorded in shareholders' equity (effective portion) | Accumulated other comprehensive income (loss), net of tax | | $ | (122 | ) | | $ | 32 |
| | $ | (122 | ) | | $ | 32 |
| Gains (losses) reclassified from accumulated other comprehensive income (loss) into current operations (effective portion) | Product revenue | | $ | (125 | ) | | $ | (50 | ) | | $ | (436 | ) | | $ | (33 | ) | | Research, development, and engineering expenses | | (3 | ) | | (15 | ) | | 16 |
| | (40 | ) | | Selling, general, and administrative expenses | | 38 |
| | 21 |
| | 151 |
| | (28 | ) | | Total gains (losses) reclassified from accumulated other comprehensive income (loss) into current operations | | $ | (90 | ) | | $ | (44 | ) | | $ | (269 | ) | | $ | (101 | ) | Gains (losses) recognized in current operations (ineffective portion and discontinued derivatives) | Foreign currency gain (loss) | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| Derivatives Not Designated as Hedging Instruments: | | | | Gains (losses) recognized in current operations | Foreign currency gain (loss) | | $ | (322 | ) | | $ | 197 |
| | $ | 20 |
| | $ | 59 |
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Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) |
The following table provides the changes in accumulated other comprehensive income (loss), net of tax, related to derivative instruments (in thousands): | | | | | | Balance as of December 31, 2014 | | $ | 32 |
| Reclassification of net realized loss on cash flow hedges into current operations | | 269 |
| Net unrealized loss on cash flow hedges | | (423 | ) | Balance as of October 4, 2015 | | $ | (122 | ) |
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