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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 29, 2020
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table summarizes the financial assets and liabilities required to be measured at fair value on a recurring basis as of March 29, 2020 (in thousands):
 
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
 
Significant  Other
Observable
Inputs (Level 2)
 

Unobservable
Inputs (Level 3)
Assets:
 
 
 
 
 
Money market instruments
$
13,990

 
$
—

 
$
—

Corporate bonds
—

 
232,806

 
 
Treasury bills
—

 
210,456

 
—

Asset-backed securities
—

 
121,351

 
—

Sovereign bonds
—

 
24,570

 
—

Municipal bonds
—

 
6,980

 
 
Agency bonds
—

 
5,915

 
—

Certificate of deposit
 
 
4,121

 
 
Economic hedge forward contracts
—

 
131

 
—

Liabilities:
 
 
 
 
 
Economic hedge forward contracts
—

 
703

 
—

Contingent consideration liabilities
—

 
—

 
1,153
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation The undiscounted potential outcomes related to future contingent consideration range from $0 to $1,250,000 based upon certain milestone revenue levels to be paid in 2020 if earned. The GVi contingent consideration liability was written down to zero as of December 31, 2019 resulting from a lower level of revenue in the Americas' automotive industry, and the balance remains at zero as of March 29, 2020. The undiscounted potential outcomes related to future contingent consideration range from $0 to $2,500,000 based upon certain revenue levels over the next two years.