Fair Value Measurements

12 Months Ended

Dec. 28, 2019

The following tables represent the Company’s fair value hierarchy for its marketable securities measured at fair value on a recurring basis (in thousands):



	As of December 28, 2019								As of December 29, 2018
	Fair Value Measured Using								Fair Value Measured Using
	Level 1		Level 2			Total			Level 1		Level 2			Total
Assets
Money market funds	$	—	$	—		$	—		$	10,347	$	—		$	10,347
Corporate bonds	—		—			—			—		23,512			23,512
U.S. agency notes	—		—			—			—		2,999			2,999
U.S. treasuries	—		—			—			23,987		—			23,987
Total assets	$	—	$	—		$	—		$	34,334	$	26,511		$	60,845
Liabilities
Foreign currency exchange forward contracts	$	—	$	(159	)	$	(159	)	$	—	$	(91	)	$	(91	)

During 2019 and 2018, there were no transfers of assets or liabilities between Level 1 and Level 2. As of December 29, 2018, none of the Company’s existing securities were classified as Level 3 securities.

The Company classifies certain facilities-related charges within Level 3 of the fair value hierarchy and applies fair value accounting on a nonrecurring basis when impairment indicators exist or upon the existence of observable fair values. The fair values are classified as Level 3 measurements due to the significance of unobservable inputs. These analysis require management to make assumptions and estimates regarding industry and economic factors, future operating results and discount rates.

Facilities-related Charges

In connection with the 2018 Restructuring Plan (as defined in Note 10, “Restructuring and Other Related Costs” to the Notes to Consolidated Financial Statements), the Company calculated the fair value of the $15.9 million in facilities-related charges based on estimated future discounted cash flows and classified the fair value as a Level 3 measurement due to the significance of unobservable inputs, which included the amount and timing of estimated sublease rental receipts that the Company could reasonably obtain over the remaining lease term and the discount rate. See Note 10, “Restructuring and Other Related Costs” to the Notes to Consolidated Financial Statements for more information on the 2018 Restructuring Plan.

Cash and Cash Equivalents

Cash, cash equivalents and investments were as follows (in thousands):



	December 28, 2019
	Adjusted Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash	$	109,201	$	—	$	—	$	109,201
Total cash	$	109,201	$	—	$	—	$	109,201



	December 29, 2018
	Adjusted Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash	$	168,620	$	—	$	—		$	168,620
Money market funds	10,347		—		—			10,347
U.S. treasuries	23,986		1		—			23,987
Total cash and cash equivalents	$	202,953	$	1	$	—		$	202,954
U.S. agency notes	3,000		—		(1		)	2,999
Corporate bonds	23,603		—		(91		)	23,512
Total short-term investments	$	26,603	$	—	$	(92	)	$	26,511
Total cash, cash equivalents and investments	$	229,556	$	1	$	(92	)	$	229,465

As of December 28, 2019, the Company has liquidated all its investments. Gross realized gains and losses on short-term and long-term investments were insignificant for all periods. The specific identification method is used to account for gains and losses on available-for-sale investments.

As of December 28, 2019, the Company had $109.2 million of cash including $68.7 million of cash held by its foreign subsidiaries. The Company's cash in foreign locations is used for operational and investing activities in those locations, and the Company does not currently have the need or the intent to repatriate those funds to the United States.