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Fair Value Measurements (Notes)

9 Months Ended

Sep. 26, 2020

Fair Value Measurements

The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):


	Fair Value Measurements as of September 26, 2020
	Level 1		Level 2 (1)		Level 3 (2)
Assets:
Money market funds	$	74,058	$	—	$	—
Marketable equity securities, $46,578 at cost (3)	52,106		—		—
Corporate bonds, $6,493 at cost (4)	—		6,524		—
Convertible notes	—		—		1,500
Derivative instruments (Note 8)	—		6,641		—
Total assets measured at fair value	$	126,164	$	13,165	$	1,500

Liabilities:
Derivative instruments (Note 8)	$	—	$	5,927	$	—
Total liabilities measured at fair value	$	—	$	5,927	$	—


	Fair Value Measurements as of December 28, 2019
	Level 1		Level 2 (1)		Level 3 (2)
Assets:

Corporate and government bonds, $17,016 at cost	$	—	$	17,032	$	—

Derivative instruments (Note 8)	—		15,314		—
Total assets measured at fair value	$	—	$	32,346	$	—

Liabilities:
Derivative instruments (Note 8)	$	—	$	758	$	—
Total liabilities measured at fair value	$	—	$	758	$	—

(1)Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

(2)Level 3 fair value estimates are based on inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. Unobservable inputs used in the models are significant to the fair values of the assets and liabilities.

(3)The related unrealized gain recorded in Other income, net was $5.5 million for the three months ended September 26, 2020. Marketable equity securities are included in short term investments on the consolidated balance sheet.

(4)As of September 26, 2020, the Company’s investments had maturity dates ranging from November 2020 to March 2021.

The following table provides a summary of changes in fair value of our Level 3 investment for the nine months ended September 26, 2020 (in thousands):


Balance as of December 28, 2019	$	—
Investment in convertible notes	1,500
Balance as of September 26, 2020	$	1,500

Convertible Debt [Table Text Block]

The following table provides a summary of changes in fair value of our Level 3 investment for the nine months ended September 26, 2020 (in thousands):


Balance as of December 28, 2019	$	—
Investment in convertible notes	1,500
Balance as of September 26, 2020	$	1,500

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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