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Fair Value Measurements
9 Months Ended
Oct. 01, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 12. Fair Value Measurements

The following tables summarize assets and liabilities measured at fair value on a recurring basis:

 

 

 

October 1, 2023

 

(In thousands)

 

Total

 

 

Quoted market
prices in active
markets
(Level 1)

 

 

Significant
other
observable
inputs
(Level 2)

 

Assets:

 

 

 

 

 

 

 

 

 

Cash equivalents: money-market funds

 

$

24,110

 

 

$

24,110

 

 

$

 

Available-for-sale investments: U.S. treasury securities(1)

 

 

88,693

 

 

 

 

 

 

88,693

 

Trading securities: mutual funds(1)

 

 

7,720

 

 

 

7,720

 

 

 

 

Available-for-sale investments: convertible debt securities(2)

 

 

173

 

 

 

 

 

 

173

 

Foreign currency forward contracts(3)

 

 

1,873

 

 

 

 

 

1,873

 

Total assets measured at fair value

 

$

122,569

 

 

$

31,830

 

 

$

90,739

 

Liabilities:

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts(4)

 

$

554

 

 

$

 

 

$

554

 

Total liabilities measured at fair value

 

$

554

 

 

$

 

 

$

554

 

 

 

 

 

December 31, 2022

 

(In thousands)

 

Total

 

 

Quoted market
prices in active
markets
(Level 1)

 

 

Significant
other
observable
inputs
(Level 2)

 

Assets:

 

 

 

 

 

 

 

 

 

Cash equivalents: money-market funds

 

$

25,744

 

 

$

25,744

 

 

$

 

Available-for-sale investments: U.S. treasury securities(1)

 

 

73,800

 

 

 

 

 

 

73,800

 

Trading securities: mutual funds(1)

 

 

6,946

 

 

 

6,946

 

 

 

 

Available-for-sale investments: certificates of deposit(1)

 

 

6

 

 

 

 

 

 

6

 

Available-for-sale investments: convertible debt securities(2)

 

 

346

 

 

 

 

 

 

346

 

Foreign currency forward contracts(3)

 

 

652

 

 

 

 

 

652

 

Total assets measured at fair value

 

$

107,494

 

 

$

32,690

 

 

$

74,804

 

Liabilities:

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts(4)

 

$

4,083

 

 

$

 

 

$

4,083

 

Total liabilities measured at fair value

 

$

4,083

 

 

$

 

 

$

4,083

 

 

 

(1)
Included in Short-term investments on the Company's unaudited condensed consolidated balance sheets.
(2)
On the Company’s unaudited condensed consolidated balance sheets, $173,000 included in Short-term investments as of October 1, 2023, and $173,000 included in Short-term investments and the remaining included in Other non-current assets as of December 31, 2022.
(3)
Included in Prepaid expenses and other current assets on the Company's unaudited condensed consolidated balance sheets.
(4)
Included in Other accrued liabilities on the Company's unaudited condensed consolidated balance sheets.

 

The Company’s investments in money-market funds and mutual funds are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company’s investments in U.S. treasury securities are classified within Level 2 of the fair value hierarchy because they are valued based on readily available pricing sources for comparable or identical instruments in less active markets. The Company’s investments in convertible debt securities issued by a publicly held company and certificates of deposits are classified within Level 2 of the fair value hierarchy as the fair value for the instrument approximates its cost based on the contractual terms of the arrangement. The Company’s foreign currency forward contracts are classified within Level 2 of the fair value hierarchy as they are valued using pricing models that consider the contract terms as well as currency rates and counterparty credit rates. The Company verifies the reasonableness of these pricing models using observable market data for related inputs into such models. The Company enters into foreign currency forward contracts with only those counterparties that have long-term credit ratings of A-/A3 or higher. The carrying value of non-financial assets and liabilities measured at fair value in the financial statements on a recurring basis, including accounts receivable and accounts payable, approximate fair value due to their short maturities.