Financial Instruments |
Teradyne considers all highly liquid investments with maturities of three months or less at the date of acquisition to be cash equivalents. Teradyne’s debt securities are classified as Level 2 and equity and debt mutual funds are classified as Level 1. Contingent consideration is classified as Level 3. The vast majority of Level 2 securities are fixed income securities priced by third party pricing vendors. These pricing vendors utilize the most recent observable market information in pricing these securities or, if specific prices are not available, use other observable inputs like market transactions involving identical or comparable securities. During the three months ended April 3, 2022 and April 4, 2021, there were no transfers in or out of Level 1, Level 2, or Level 3 financial instruments. Realized gains recorded in the three months ended April 3, 2022 and April 4, 2021 were $0.4 million and $1.2 million, respectively. Realized losses recorded in the three months ended April 3, 2022 were $0.2 million. No realized losses were recorded in the three months ended April 4, 2021. Realized gains and losses are included in other (income) expense, net. Unrealized losses on equity securities recorded in the three months ended April 3, 2022 were $2.2 million. Unrealized gains on equity securities recorded in the three months ended April 4, 2021 were $1.4 million. Unrealized gains and losses on equity securities are included in other (income) expense, net.
Unrealized gains and losses on debt securities are included in accumulated other comprehensive income (loss). The cost of securities sold is based on average cost.
The following table sets forth by fair value hierarchy Teradyne’s financial assets and liabilities that were measured at fair value on a recurring basis as of April 3, 2022 and December 31, 2021.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
508,245 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
508,245 |
|
Cash equivalents |
|
|
212,647 |
|
|
|
73,711 |
|
|
|
— |
|
|
|
286,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
|
— |
|
|
|
179,481 |
|
|
|
— |
|
|
|
179,481 |
|
U.S. Treasury securities |
|
|
— |
|
|
|
119,837 |
|
|
|
— |
|
|
|
119,837 |
|
Corporate debt securities |
|
|
— |
|
|
|
53,161 |
|
|
|
— |
|
|
|
53,161 |
|
Debt mutual funds |
|
|
7,030 |
|
|
|
— |
|
|
|
— |
|
|
|
7,030 |
|
U.S. government agency securities |
|
|
— |
|
|
|
4,714 |
|
|
|
— |
|
|
|
4,714 |
|
Certificates of deposit and time deposits |
|
|
— |
|
|
|
1,312 |
|
|
|
— |
|
|
|
1,312 |
|
Non-U.S. government securities |
|
|
— |
|
|
|
578 |
|
|
|
— |
|
|
|
578 |
|
Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds |
|
|
42,033 |
|
|
|
— |
|
|
|
— |
|
|
|
42,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
769,955 |
|
|
$ |
432,794 |
|
|
$ |
— |
|
|
$ |
1,202,749 |
|
Derivative assets |
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
769,955 |
|
|
$ |
432,803 |
|
|
$ |
— |
|
|
$ |
1,202,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities |
|
$ |
— |
|
|
$ |
469 |
|
|
$ |
— |
|
|
$ |
469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
— |
|
|
$ |
469 |
|
|
$ |
— |
|
|
$ |
469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
720,892 |
|
|
$ |
73,711 |
|
|
$ |
— |
|
|
$ |
794,603 |
|
Marketable securities |
|
|
— |
|
|
|
282,016 |
|
|
|
— |
|
|
|
282,016 |
|
Long-term marketable securities |
|
|
49,063 |
|
|
|
77,067 |
|
|
|
— |
|
|
|
126,130 |
|
Prepayments |
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
769,955 |
|
|
$ |
432,803 |
|
|
$ |
— |
|
|
$ |
1,202,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current liabilities |
|
$ |
— |
|
|
$ |
469 |
|
|
$ |
— |
|
|
$ |
469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
— |
|
|
$ |
469 |
|
|
$ |
— |
|
|
$ |
469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
628,740 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
628,740 |
|
Cash equivalents |
|
|
412,212 |
|
|
|
81,247 |
|
|
|
— |
|
|
|
493,459 |
|
Available for sale securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
|
— |
|
|
|
189,620 |
|
|
|
— |
|
|
|
189,620 |
|
U.S. Treasury securities |
|
|
— |
|
|
|
77,789 |
|
|
|
— |
|
|
|
77,789 |
|
Corporate debt securities |
|
|
— |
|
|
|
56,901 |
|
|
|
— |
|
|
|
56,901 |
|
Debt mutual funds |
|
|
7,971 |
|
|
|
— |
|
|
|
— |
|
|
|
7,971 |
|
U.S. government agency securities |
|
|
— |
|
|
|
4,610 |
|
|
|
— |
|
|
|
4,610 |
|
Certificates of deposit and time deposits |
|
|
— |
|
|
|
1,356 |
|
|
|
— |
|
|
|
1,356 |
|
Non-U.S. government securities |
|
|
— |
|
|
|
589 |
|
|
|
— |
|
|
|
589 |
|
Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds |
|
|
39,253 |
|
|
|
— |
|
|
|
— |
|
|
|
39,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,088,176 |
|
|
$ |
412,112 |
|
|
$ |
— |
|
|
$ |
1,500,288 |
|
Derivative assets |
|
|
— |
|
|
|
92 |
|
|
|
— |
|
|
|
92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,088,176 |
|
|
$ |
412,204 |
|
|
$ |
— |
|
|
$ |
1,500,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities |
|
$ |
— |
|
|
$ |
118 |
|
|
$ |
— |
|
|
$ |
118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
— |
|
|
$ |
118 |
|
|
$ |
— |
|
|
$ |
118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,040,952 |
|
|
$ |
81,247 |
|
|
$ |
— |
|
|
$ |
1,122,199 |
|
Marketable securities |
|
|
— |
|
|
|
244,231 |
|
|
|
— |
|
|
|
244,231 |
|
Long-term marketable securities |
|
|
47,224 |
|
|
|
86,634 |
|
|
|
— |
|
|
|
133,858 |
|
Prepayments |
|
|
— |
|
|
|
92 |
|
|
|
— |
|
|
|
92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,088,176 |
|
|
$ |
412,204 |
|
|
$ |
— |
|
|
$ |
1,500,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current liabilities |
|
$ |
— |
|
|
$ |
118 |
|
|
$ |
— |
|
|
$ |
118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
— |
|
|
$ |
118 |
|
|
$ |
— |
|
|
$ |
118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Changes in the fair value of Level 3 contingent consideration for the three months ended April 3, 2022, and April 4, 2021 were as follows:
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
— |
|
|
$ |
7,227 |
|
Fair value adjustment (a) |
|
|
— |
|
|
|
(7,227 |
) |
|
|
|
|
|
|
|
|
|
Balance at end of period |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
(a) |
In the three months ended April 4, 2021, the fair value of contingent consideration for the earn-outs in connection with the acquisition of AutoGuide was reduced to zero, which resulted in a benefit of $7.2 million, primarily due to a decrease in forecasted revenues and earnings before interest and taxes. | On March 25, 2022, the arbitration claim filed by Industrial Automation LLC, sellers of AutoGuide, against Teradyne alleging non-compliance with the earn-out provisions of the Membership Interests Purchase Agreement (the “Purchase Agreement”), dated as of October 18, 2019, among Industrial Automation LLC, Teradyne and AutoGuide was settled for $26.7 million. As a result, Teradyne has no remaining earn-out obligations. The carrying amounts and fair values of Teradyne’s financial instruments at April 3, 2022 and December 31, 2021 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
794,603 |
|
|
$ |
794,603 |
|
|
$ |
1,122,199 |
|
|
$ |
1,122,199 |
|
Marketable securities |
|
|
408,146 |
|
|
|
408,146 |
|
|
|
378,089 |
|
|
|
378,089 |
|
Derivative assets |
|
|
9 |
|
|
|
9 |
|
|
|
92 |
|
|
|
92 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities |
|
|
469 |
|
|
|
469 |
|
|
|
118 |
|
|
|
118 |
|
Convertible debt |
|
|
95,875 |
|
|
|
323,670 |
|
|
|
108,426 |
|
|
|
604,648 |
| The fair values of accounts receivable, net and accounts payable approximate the carrying value due to the short-term nature of these instruments.
The following table summarizes the composition of marketable securities at April 3, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
$ |
179,736 |
|
|
$ |
3 |
|
|
$ |
(258 |
) |
|
$ |
179,481 |
|
|
$ |
106,951 |
|
U.S. Treasury securities |
|
|
121,504 |
|
|
|
8 |
|
|
|
(1,675 |
) |
|
|
119,837 |
|
|
|
114,043 |
|
Corporate debt securities |
|
|
53,079 |
|
|
|
1,585 |
|
|
|
(1,503 |
) |
|
|
53,161 |
|
|
|
32,283 |
|
Debt mutual funds |
|
|
7,150 |
|
|
|
— |
|
|
|
(120 |
) |
|
|
7,030 |
|
|
|
— |
|
U.S. government agency securities |
|
|
4,795 |
|
|
|
— |
|
|
|
(81 |
) |
|
|
4,714 |
|
|
|
4,714 |
|
Certificates of deposit and time deposits |
|
|
1,312 |
|
|
|
— |
|
|
|
— |
|
|
|
1,312 |
|
|
|
— |
|
Non-U.S. government securities |
|
|
578 |
|
|
|
— |
|
|
|
— |
|
|
|
578 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
368,154 |
|
|
$ |
1,596 |
|
|
$ |
(3,637 |
) |
|
$ |
366,113 |
|
|
$ |
257,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities |
|
$ |
282,563 |
|
|
$ |
11 |
|
|
$ |
(558 |
) |
|
$ |
282,016 |
|
|
$ |
202,243 |
|
Long-term marketable securities |
|
|
85,591 |
|
|
|
1,585 |
|
|
|
(3,079 |
) |
|
|
84,097 |
|
|
|
55,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
368,154 |
|
|
$ |
1,596 |
|
|
$ |
(3,637 |
) |
|
$ |
366,113 |
|
|
$ |
257,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The following table summarizes the composition of marketable securities at December 31, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
$ |
189,614 |
|
|
$ |
15 |
|
|
$ |
(9 |
) |
|
$ |
189,620 |
|
|
$ |
22,784 |
|
U.S. Treasury securities |
|
|
77,707 |
|
|
|
551 |
|
|
|
(470 |
) |
|
|
77,789 |
|
|
|
46,435 |
|
Corporate debt securities |
|
|
52,266 |
|
|
|
4,863 |
|
|
|
(227 |
) |
|
|
56,901 |
|
|
|
19,422 |
|
Debt mutual funds |
|
|
7,928 |
|
|
|
43 |
|
|
|
— |
|
|
|
7,971 |
|
|
|
— |
|
U.S. government agency securities |
|
|
4,617 |
|
|
|
5 |
|
|
|
(12 |
) |
|
|
4,610 |
|
|
|
3,296 |
|
Certificates of deposit and time deposits |
|
|
1,356 |
|
|
|
— |
|
|
|
— |
|
|
|
1,356 |
|
|
|
— |
|
Non-U.S. government securities |
|
|
589 |
|
|
|
— |
|
|
|
— |
|
|
|
589 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
334,077 |
|
|
$ |
5,477 |
|
|
$ |
(718 |
) |
|
$ |
338,836 |
|
|
$ |
91,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities |
|
$ |
244,213 |
|
|
$ |
64 |
|
|
$ |
(46 |
) |
|
$ |
244,231 |
|
|
$ |
54,798 |
|
Long-term marketable securities |
|
|
89,864 |
|
|
|
5,413 |
|
|
|
(672 |
) |
|
|
94,605 |
|
|
|
37,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
334,077 |
|
|
$ |
5,477 |
|
|
$ |
(718 |
) |
|
$ |
338,836 |
|
|
$ |
91,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As of April 3, 2022, the fair market value of investments with unrealized losses less than one year and greater than one year totaled $248.2 million and $9.8 million , respectively. As of December 31, 2021, the fair market value of investments with unrealized losses for less than one year and greater than one year totaled $85.4 million and $6.5 million, respectively. Teradyne reviews its investments to identify and evaluate investments that have an indication of possible impairment. Based on this review, Teradyne determined that the unrealized losses related to these investments at April 3, 2022 and December 31, 2021 were not other than temporary. The contractual maturities of investments in securities held at April 3, 2022 were as follows:
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due within one year |
|
$ |
282,563 |
|
|
$ |
282,016 |
|
Due after 1 year through 5 years |
|
|
36,844 |
|
|
|
35,718 |
|
Due after 5 years through 10 years |
|
|
6,117 |
|
|
|
5,978 |
|
Due after 10 years |
|
|
35,480 |
|
|
|
35,371 |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
361,004 |
|
|
$ |
359,083 |
|
|
|
|
|
|
|
|
|
| Contractual maturities of investments in securities held at April 3 , 2022 exclude debt mutual funds with a fair market value of $7.0 million, as they do not have a contractual maturity date. Teradyne conducts business in a number of foreign countries, with certain transactions denominated in local currencies. The purpose of Teradyne’s foreign currency management is to minimize the effect of exchange rate fluctuations on certain foreign currency denominated monetary assets and liabilities. Teradyne does not use derivative financial instruments for trading or speculative purposes. To minimize the effect of exchange rate fluctuations associated with the remeasurement of monetary assets and liabilities denominated in foreign currencies, Teradyne enters into foreign currency forward contracts. The change in fair value of these derivatives is recorded directly in earnings and is used to offset the change in value of monetary assets and liabilities denominated in foreign currencies. At April 3, 2022 and December 31, 2021, Teradyne had the following contracts to buy and sell non-U.S. currencies for U.S. dollars and other non-U.S. currencies with the following notional amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(45.9 |
) |
|
$ |
— |
|
|
$ |
(45.9 |
) |
|
$ |
(31.4 |
) |
|
$ |
— |
|
|
$ |
(31.4 |
) |
|
|
|
(43.7 |
) |
|
|
— |
|
|
|
(43.7 |
) |
|
|
(35.1 |
) |
|
|
— |
|
|
|
(35.1 |
) |
|
|
|
(5.0 |
) |
|
|
— |
|
|
|
(5.0 |
) |
|
|
(4.2 |
) |
|
|
— |
|
|
|
(4.2 |
) |
|
|
|
(2.9 |
) |
|
|
— |
|
|
|
(2.9 |
) |
|
|
(1.8 |
) |
|
|
— |
|
|
|
(1.8 |
) |
|
|
|
— |
|
|
|
75.5 |
|
|
|
75.5 |
|
|
|
— |
|
|
|
61.9 |
|
|
|
61.9 |
|
|
|
|
— |
|
|
|
42.3 |
|
|
|
42.3 |
|
|
|
— |
|
|
|
44.9 |
|
|
|
44.9 |
|
|
|
|
— |
|
|
|
3.8 |
|
|
|
3.8 |
|
|
|
— |
|
|
|
3.9 |
|
|
|
3.9 |
|
|
|
|
— |
|
|
|
2.8 |
|
|
|
2.8 |
|
|
|
— |
|
|
|
2.8 |
|
|
|
2.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(97.5 |
) |
|
$ |
124.4 |
|
|
$ |
26.9 |
|
|
$ |
(72.5 |
) |
|
$ |
113.5 |
|
|
$ |
41.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The fair value of the outstanding contracts was a loss of $0.5 million and $0.1 million, respectively, at April 3, 2022 and December 31, 2021. Gains and losses on foreign currency forward contracts and foreign currency remeasurement gains and losses on monetary assets and liabilities are included in other (income) expense, net. The following table summarizes the fair value of derivative instruments as of April 3, 2022 and December 31,
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives not designated as hedging instruments: |
|
|
|
|
|
|
|
|
|
|
Foreign exchange contracts |
|
Prepayments |
|
$ |
9 |
|
|
$ |
92 |
|
Foreign exchange contracts |
|
Other current liabilities |
|
|
(469 |
) |
|
|
(118 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total derivatives |
|
|
|
$ |
(460 |
) |
|
$ |
(26 |
) |
|
|
|
|
|
|
|
|
|
|
| The following table summarizes the effect of derivative instruments recognized in the statement of operations for the three months ended April 3, 2022 and April 4, 2021:
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Location of (Gains) Losses |
|
|
|
|
|
|
Recognized in Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives not designated as hedging instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange contracts |
|
|
Other (income) expense, net |
|
|
$ |
(1,752 |
) |
|
$ |
2,118 |
|
(1) |
The table does not reflect the corresponding gains and losses from the remeasurement of the monetary assets and liabilities denominated in foreign currencies. |
(2) |
For the three months ended April 3, 2022 , net losses from the remeasurement of monetary assets and liabilities denominated in foreign currencies were $4.3 million. |
(3) |
For the three months ended April 4, 2021, net gains from the remeasurement of monetary assets and liabilities denominated in foreign currencies were $0.2 million. | See Note H: “Debt” regarding derivatives related to the convertible senior notes.
|