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Investments and Fair Value Measurements (Tables)

9 Months Ended

12 Months Ended

Oct. 02, 2011

Jan. 02, 2011

Schedule of Available-for-sale Securities [Line Items]

Financial assets and liabilities measured at fair value on a recurring basis

Financial assets and liabilities measured at fair value on a recurring basis as of October 2, 2011 were as follows:



	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Money market funds	$	495,121	$	495,121	$	—	$	—
Fixed income securities	4,281,312		88,161		4,193,151		—
Equity securities	72,769		72,769		—		—
Derivative assets	29,026		—		29,026		—
Other	4,186		—		4,186		—
Total financial assets	$	4,882,414	$	656,051	$	4,226,363	$	—

Derivative liabilities	$	79,106	$	—	$	79,106	$	—
Total financial liabilities	$	79,106	$	—	$	79,106	$	—

Financial assets and liabilities measured at fair value on a recurring basis as of January 2, 2011 were as follows:



	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Money market funds	$	587,973	$	587,973	$	—	$	—
Fixed income securities	4,448,837		30,803		4,418,034		—
Equity securities	90,425		90,425		—		—
Derivative assets	19,462		—		19,462		—
Other	4,379		—		4,379		—
Total financial assets	$	5,151,076	$	709,201	$	4,441,875	$	—

Derivative liabilities	$	76,762	$	—	$	76,762	$	—
Total financial liabilities	$	76,762	$	—	$	76,762	$	—

Financial assets and liabilities measured at fair value on a recurring basis

Financial assets and liabilities measured at fair value on a recurring basis as of October 2, 2011, were presented on the Condensed Consolidated Balance Sheets as follows:



	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Cash equivalents⁽¹⁾	$	655,837	$	498,121	$	157,716	$	—
Short-term marketable securities	1,478,702		95,245		1,383,457		—
Long-term marketable securities	2,714,663		62,685		2,651,978		—
Other current assets and other non-current assets	33,212		—		33,212		—
Total assets	$	4,882,414	$	656,051	$	4,226,363	$	—

Other current accrued liabilities	$	72,682	$	—	$	72,682	$	—
Non-current liabilities	6,424		—		6,424		—
Total liabilities	$	79,106	$	—	$	79,106	$	—

__________


⁽¹⁾	Cash equivalents exclude cash of $419.0 million included in Cash and cash equivalents on the Condensed Consolidated Balance Sheets as of October 2, 2011.

Financial assets and liabilities measured at fair value on a recurring basis as of January 2, 2011, were presented on the Condensed Consolidated Balance Sheets as follows:



	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Cash equivalents⁽¹⁾	$	613,698	$	587,973	$	25,725	$	—
Short-term marketable securities	2,018,565		112,906		1,905,659		—
Long-term marketable securities	2,494,972		8,322		2,486,650		—
Other current assets and other non-current assets	23,841		—		23,841		—
Total assets	$	5,151,076	$	709,201	$	4,441,875	$	—

Other current accrued liabilities	$	33,606	$	—	$	33,606	$	—
Non-current liabilities	43,156		—		43,156		—
Total liabilities	$	76,762	$	—	$	76,762	$	—

__________


⁽¹⁾	Cash equivalents exclude cash of $215.5 million included in Cash and cash equivalents on the Condensed Consolidated Balance Sheets as of January 2, 2011.

Available for Sale Investments

Available-for-sale investments as of October 2, 2011 were as follows:



	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
	(In thousands)
Fixed income securities:
U.S. Treasury and government agency securities	$	93,557	$	41	$	(49	)	$	93,549
U.S. government-sponsored agency securities	75,269		5		(20		)	75,254
Corporate notes and bonds	862,096		1,649		(3,721		)	860,024
Asset-backed securities	173,926		80		(98		)	173,908
Mortgage-backed securities	5,466		30		—			5,496
Municipal notes and bonds	3,051,952		22,412		(1,283		)	3,073,081
	4,262,266		24,217		(5,171		)	4,281,312
Equity investments	68,164		4,605		—			72,769
Total available-for-sale investments	$	4,330,430	$	28,822	$	(5,171	)	$	4,354,081

Available-for-sale investments as of January 2, 2011 were as follows:



	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
	(In thousands)
Fixed income securities:
U.S. Treasury and government agency securities	$	36,015	$	53	$	(33	)	$	36,035
U.S. government-sponsored agency securities	24,336		85		—			24,421
Corporate notes and bonds	401,182		2,689		(196		)	403,675
Asset-backed securities	10,069		45		(5		)	10,109
Mortgage-backed securities	6,500		35		—			6,535
Municipal notes and bonds	3,972,268		9,435		(13,641		)	3,968,062
	4,450,370		12,342		(13,875		)	4,448,837
Equity investments	68,525		21,900		—			90,425
Total available-for-sale investments	$	4,518,895	$	34,242	$	(13,875	)	$	4,539,262

Available-for-sale securities that were in an unrealized gain position

The fair value and gross unrealized losses on the available-for-sale securities that have been in an unrealized loss position, aggregated by type of investment instrument, and the length of time that individual securities have been in a continuous unrealized loss position as of October 2, 2011, are summarized in the following table. Available-for-sale securities that were in an unrealized gain position have been excluded from the table.



	Less than 12 months					Greater than 12 months
	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
	(In thousands)
U.S. Treasury and government agency securities	$	63,863	$	(49	)	$	—	$	—
U.S. government-sponsored agency securities	74,243		(20		)	—		—
Corporate notes and bonds	368,016		(3,721		)	—		—
Asset-backed securities	130,334		(98		)	—		—
Municipal notes and bonds	361,035		(1,236		)	12,634		(47		)
Total	$	997,491	$	(5,124	)	$	12,634	$	(47	)

Gross realized gains and (losses) on sales of available-for-sale securities

The following table shows the gross realized gains and (losses) on sales of available-for-sale securities for the three and nine months ended October 2, 2011 and October 3, 2010.



	Three months ended						Nine months ended
	October 2, 2011			October 3, 2010			October 2, 2011			October 3, 2010
	(In thousands)
Gross realized gains	$	1,276		$	3,898		$	6,890		$	15,685
Gross realized (losses)	(672		)	(4		)	(882		)	(305		)

Fixed income securities by contractual maturity

Fixed income securities by contractual maturity as of October 2, 2011 are shown below. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to prepay obligations.



	Amortized Cost		Fair Value
	(In thousands)
Due in one year or less	$	1,563,875	$	1,566,649
Due after one year through five years	2,698,391		2,714,663
Total	$	4,262,266	$	4,281,312

For those financial instruments where the carrying amounts differ from fair value, the following table presents the related carrying values and the fair values, which are based on quoted market prices as of October 2, 2011 and January 2, 2011.



	October 2, 2011				January 2, 2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
1% Sr. Convertible Notes due 2013	$	839,224	$	901,843	$	993,199	$	1,118,375
1.5% Sr. Convertible Notes due 2017	743,934		1,053,400		717,833		1,132,500
Total	$	1,583,158	$	1,955,243	$	1,711,032	$	2,250,875

- Definition

Tabular disclosure of available-for-sale securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt.

+ References

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+ Details