FAIR VALUE

Financial Assets Measured at Fair Value on a Recurring Basis

The carrying value of accounts receivable and accounts payable approximates fair value due to the short maturity of those instruments.

The following table presents the Company’s financial assets that are measured at fair value on a recurring basis at June 28, 2014 and December 31, 2013. Level 1 inputs are based on quoted prices in active markets accessible at the reporting date for identical assets and liabilities. Level 2 inputs are based on quoted prices for similar instruments in active markets and quoted prices for identical or similar instruments in markets that are not active, or model-based valuation techniques for which all significant assumptions are observable in a market. Level 3 inputs are based on prices or valuations that require inputs that are significant to the valuation and are unobservable.



	June 28, 2014								December 31, 2013
(In thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Commercial paper	$	—	$	—	$	—	$	—	$	—	$	49,988	$	—	$	49,988
Money market fund deposits	7,096		—		—		7,096		118,090		—		—		118,090
Short-term investments
Common stock	6,040		—		—		6,040		—		—		—		—
Time deposits	4,916		—		—		4,916		—		—		—		—
Total assets measured and recorded at fair value	$	18,052	$	—	$	—	$	18,052	$	118,090	$	49,988	$	—	$	168,078
Liabilities:
Other accrued liabilities
Foreign currency contracts^(a)	$	—	$	693	$	—	$	693	$	—	$	514	$	—	$	514
Contingent consideration obligation	—		—		—		—		—		—		1,282		1,282
Total liabilities measured and recorded at fair value	$	—	$	693	$	—	$	693	$	—	$	514	$	1,282	$	1,796


(a)	Based on observable market transactions of spot currency rates and forward currency rates on equivalently termed instruments.

A reconciliation of the net fair value of foreign currency contract assets and liabilities subject to master netting arrangements that are recorded in the June 28, 2014 and December 31, 2013 condensed consolidated balance sheets to the net fair value that could have been reported in the respective condensed consolidated balance sheets is as follows:



	June 28, 2014						December 31, 2013
(In thousands)	Gross amounts of recognized liabilities		Gross amounts offset in the condensed consolidated balance sheet		Net amount of liabilities in the condensed consolidated balance sheet		Gross amounts of recognized liabilities		Gross amounts offset in the condensed consolidated balance sheet		Net amount of liabilities in the condensed consolidated balance sheet
Foreign currency contracts	$	1,561	$	868	$	693	$	620	$	106	$	514

Losses associated with derivatives are recorded in other expense (income), net in the condensed consolidated statements of operations. Losses associated with derivative instruments not designated as hedging instruments were as follows:



	Three months ended						Six months ended
(In thousands)	June 28, 2014			June 29, 2013			June 28, 2014			June 29, 2013
Losses on foreign currency contracts	$	(693	)	$	(1,074	)	$	(437	)	$	(4,428	)