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Fair Value Measurements
 6 Months Ended
Jun. 29, 2013
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Fair Value Measurements

Fair value is defined under ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following:
•
Level 1 - Quoted prices for identical assets or liabilities in active markets.
•
Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
•
Level 3 - Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable.

    
We measure certain financial assets and liabilities at fair value on a recurring basis, including available-for-sale securities and foreign currency derivatives. The fair value of these certain financial assets and liabilities was determined using the following inputs at June 29, 2013 and December 31, 2012:
 
 
Fair Value Measurements at June 29, 2013
(In thousands)
Total
 
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Available-for-sale securities(1)
 
 
 
 
 
 
 
Commercial paper
$
9,099

 
$
—

 
$
9,099

 
$
—

Money market funds
11,415

 
11,415

 
—

 
—

U.S. treasury bills and notes
6,018

 
—

 
6,018

 
—

Securities and obligations of U.S. government agencies
225,393

 
—

 
225,393

 
—

 
251,925

 
11,415

 
240,510

 
—

Foreign currency derivatives(2)
8

 
—

 
8

 
—

Foreign currency derivatives(3)
(19
)
 
—

 
(19
)
 
—

 
$
251,914

 
$
11,415

 
$
240,499

 
$
—

 
 
 
 
 
 
 
 
 
Fair Value Measurements at December 31, 2012
(In thousands)
Total
 
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Available-for-sale securities(1)
 
 
 
 
 
 
 
Commercial paper
$
19,996

 
$
—

 
$
19,996

 
$
—

Money market funds
15,107

 
15,107

 
—

 
—

U.S. treasury bills and notes
6,045

 
—

 
6,045

 
—

Securities and obligations of U.S. government agencies
210,730

 
—

 
210,730

 
—

 
251,878

 
15,107

 
236,771

 
—

Foreign currency derivatives(2)
28

 
—

 
28

 
—

Foreign currency derivatives(3)
(31
)
 
—

 
(31
)
 
—

 
$
251,875

 
$
15,107

 
$
236,768

 
$
—

________________ 
(1)
Included in cash and cash equivalents and short-term investments on our condensed consolidated balance sheets. See “Investments” in Note 6 for further details.
(2)
Included in other current assets on our condensed consolidated balance sheets. Consisted of forward foreign exchange contracts for the Japanese yen. See “Derivative Instruments and Hedging” in Note 7 for further details.
(3)
Included in other current liabilities on our condensed consolidated balance sheets. Consisted of forward foreign exchange contracts for the Japanese yen. See “Derivative Instruments and Hedging” in Note 7 for further details.