Investments and Fair Value Measurements (Tables)

12 Months Ended

Jan. 01, 2012

Jan. 02, 2011

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

Cash and Cash Equivalents and Marketable Securities [Table Text Block]

The Company’s total cash, cash equivalents and marketable securities was as follows (in thousands):

	January 1, 2012		January 2, 2011
Cash and cash equivalents	$	1,167,496	$	829,149
Short-term marketable securities	1,681,492		2,018,565
Long-term marketable securities	2,766,263		2,494,972
Total cash, cash equivalents and marketable securities	$	5,615,251	$	5,342,686

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

Financial assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following types of instruments (in thousands):

	January 1, 2012								January 2, 2011
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Money market funds	$	901,500	$	—	$	—	$	901,500	$	587,973	$	—	$	—	$	587,973
Fixed income securities	214,431		4,312,929		—		4,527,360		30,803		4,418,034		—		4,448,837
Equity securities	—		—		—		—		90,425		—		—		90,425
Derivative assets	—		21,093		—		21,093		—		19,462		—		19,462
Other	—		4,501		—		4,501		—		4,379		—		4,379
Total financial assets	$	1,115,931	$	4,338,523	$	—	$	5,454,454	$	709,201	$	4,441,875	$	—	$	5,151,076
Derivative liabilities	$	—	$	45,835	$	—	$	45,835	$	—	$	76,762	$	—	$	76,762
Total financial liabilities	$	—	$	45,835	$	—	$	45,835	$	—	$	76,762	$	—	$	76,762

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

Financial assets and liabilities measured and recorded at fair value on a recurring basis were presented on the Company’s Consolidated Balance Sheets as follows (in thousands):

	January 1, 2012								January 2, 2011
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash equivalents(1)	$	926,994	$	54,111	$	—	$	981,105	$	587,973	$	25,725	$	—	$	613,698
Short-term marketable securities	155,538		1,525,954		—		1,681,492		112,906		1,905,659		—		2,018,565
Long-term marketable securities	33,399		2,732,864		—		2,766,263		8,322		2,486,650		—		2,494,972
Other current assets and other non-current assets	—		25,594		—		25,594		—		23,841		—		23,841
Total assets	$	1,115,931	$	4,338,523	$	—	$	5,454,454	$	709,201	$	4,441,875	$	—	$	5,151,076
Other current accrued liabilities	$	—	$	40,045	$	—	$	40,045	$	—	$	33,606	$	—	$	33,606
Non-current liabilities	—		5,790		—		5,790		—		43,156		—		43,156
Total liabilities	$	—	$	45,835	$	—	$	45,835	$	—	$	76,762	$	—	$	76,762

————

⁽¹⁾  Cash equivalents exclude cash of $186.4 million and $215.5 million included in Cash and cash equivalents on the Consolidated Balance Sheets as of January 1, 2012 and January 2, 2011, respectively.

Available for Sale Investments

Available-for-sale investments were as follows (in thousands):

	January 1, 2012									January 2, 2011
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value		Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Fixed income securities:
U.S. Treasury and government agency securities	$	219,366	$	69	$	(4	)	$	219,431	$	36,015	$	53	$	(33	)	$	36,035
U.S. government-sponsored agency securities	97,087		10		(26		)	97,071		24,336		85		—			24,421
Corporate notes and bonds	780,650		1,707		(3,889		)	778,468		401,182		2,689		(196		)	403,675
Asset-backed securities	180,828		61		(149		)	180,740		10,069		45		(5		)	10,109
Mortgage-backed securities	1,137		5		—			1,142		6,500		35		—			6,535
Municipal notes and bonds	3,231,240		20,470		(1,202		)	3,250,508		3,972,268		9,435		(13,641		)	3,968,062
Total fixed income securities	4,510,308		22,322		(5,270		)	4,527,360		4,450,370		12,342		(13,875		)	4,448,837
Equity investments	—		—		—			—		68,525		21,900		—			90,425
Total available-for-sale investments	$	4,510,308	$	22,322	$	(5,270	)	$	4,527,360	$	4,518,895	$	34,242	$	(13,875	)	$	4,539,262

Available-for-sale investments were as follows (in thousands):

	January 1, 2012									January 2, 2011
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value		Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Fixed income securities:
U.S. Treasury and government agency securities	$	219,366	$	69	$	(4	)	$	219,431	$	36,015	$	53	$	(33	)	$	36,035
U.S. government-sponsored agency securities	97,087		10		(26		)	97,071		24,336		85		—			24,421
Corporate notes and bonds	780,650		1,707		(3,889		)	778,468		401,182		2,689		(196		)	403,675
Asset-backed securities	180,828		61		(149		)	180,740		10,069		45		(5		)	10,109
Mortgage-backed securities	1,137		5		—			1,142		6,500		35		—			6,535
Municipal notes and bonds	3,231,240		20,470		(1,202		)	3,250,508		3,972,268		9,435		(13,641		)	3,968,062
Total fixed income securities	4,510,308		22,322		(5,270		)	4,527,360		4,450,370		12,342		(13,875		)	4,448,837
Equity investments	—		—		—			—		68,525		21,900		—			90,425
Total available-for-sale investments	$	4,510,308	$	22,322	$	(5,270	)	$	4,527,360	$	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 January 1, 2012, are summarized in the following table (in thousands). 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
U.S. Treasury and government agency securities	$	23,680	$	(4	)	$	—	$	—
U.S. government-sponsored agency securities	79,922		(26		)	—		—
Corporate notes and bonds	311,254		(3,889		)	—		—
Asset-backed securities	122,694		(149		)	—		—
Municipal notes and bonds	346,930		(1,152		)	21,713		(50		)
Total	$	884,480	$	(5,220	)	$	21,713	$	(50	)

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 (in thousands).

	Fiscal years ended
	January 1, 2012			January 2, 2011			January 3, 2010
Gross realized gains	$	36,762		$	20,867		$	13,997
Gross realized losses	(2,213		)	(344		)	(576		)

Fixed income securities by contractual maturity

Fixed income securities by contractual maturity as of January 1, 2012 are shown below (in thousands). Actual maturities may differ from contractual maturities because issuers of the securities may have the right to prepay obligations.

	Amortized Cost		Fair Value
Due in one year or less	$	1,758,354	$	1,761,097
Due after one year through five years	2,751,954		2,766,263
Total	$	4,510,308	$	4,527,360

Related costs and the fair values based on quoted market prices

For those financial instruments where the carrying amounts differ from fair value, the following table represents the related carrying values and the fair values, which are based on quoted market prices (in thousands).

	January 1, 2012				January 2, 2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
1% Sr. Convertible Notes due 2013	$	852,146	$	914,140	$	993,199	$	1,118,375
1.5% Sr. Convertible Notes due 2017	752,765		1,177,500		717,833		1,132,500
Total	$	1,604,911	$	2,091,640	$	1,711,032	$	2,250,875