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Investments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 29, 2013

Schedule of Available-for-sale Securities

Cash and Cash Equivalents and Marketable Securities

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



	September 29, 2013		December 30, 2012
Cash and cash equivalents	$	902,765	$	995,470
Short-term marketable securities	1,142,616		1,880,034
Long-term marketable securities	2,243,700		2,835,931
Total cash, cash equivalents and marketable securities	$	4,289,081	$	5,711,435

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):



	September 29, 2013								December 30, 2012
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Money market funds	$	577,438	$	—	$	—	$	577,438	$	582,743	$	—	$	—	$	582,743
Fixed income securities	40,892		3,483,935		—		3,524,827		27,386		4,917,939		—		4,945,325
Derivative assets	—		8,932		—		8,932		—		20,058		—		20,058
Total financial assets	$	618,330	$	3,492,867	$	—	$	4,111,197	$	610,129	$	4,937,997	$	—	$	5,548,126
Derivative liabilities	$	—	$	1,759	$	—	$	1,759	$	—	$	13,584	$	—	$	13,584
Total financial liabilities	$	—	$	1,759	$	—	$	1,759	$	—	$	13,584	$	—	$	13,584

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 Condensed Consolidated Balance Sheets as follows (in thousands):



	September 29, 2013								December 30, 2012
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash equivalents⁽¹⁾	$	577,438	$	138,511	$	—	$	715,949	$	582,743	$	229,360	$	—	$	812,103
Short-term marketable securities	22,520		1,120,096		—		1,142,616		16,589		1,863,445		—		1,880,034
Long-term marketable securities	18,372		2,225,328		—		2,243,700		10,797		2,825,134		—		2,835,931
Other current assets and other non-current assets	—		8,932		—		8,932		—		20,058		—		20,058
Total financial assets	$	618,330	$	3,492,867	$	—	$	4,111,197	$	610,129	$	4,937,997	$	—	$	5,548,126

Other current accrued liabilities	$	—	$	1,759	$	—	$	1,759	$	—	$	13,584	$	—	$	13,584
Total financial liabilities	$	—	$	1,759	$	—	$	1,759	$	—	$	13,584	$	—	$	13,584

————


⁽¹⁾	Cash equivalents exclude cash of $186.8 million and $183.4 million included in Cash and cash equivalents on the Condensed Consolidated Balance Sheets as of September 29, 2013 and December 30, 2012, respectively.

Available for Sale Investments

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



	September 29, 2013									December 30, 2012
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value		Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
U.S. Treasury securities	$	40,859	$	33	$	—		$	40,892	$	27,377	$	9	$	—		$	27,386
U.S. government-sponsored agency securities	90,588		30		(5		)	90,613		28,339		41		(1		)	28,379
International government securities	2,001		3		—			2,004		153,936		13		(3		)	153,946
Corporate notes and bonds	494,411		1,413		(310		)	495,514		864,170		3,890		(938		)	867,122
Asset-backed securities	103,768		24		(125		)	103,667		179,356		453		—			179,809
Mortgage-backed securities	392		—		(10		)	382		1,872		8		(14		)	1,866
Municipal notes and bonds	2,775,784		18,175		(2,204		)	2,791,755		3,665,032		22,697		(912		)	3,686,817
Total available-for-sale investments	$	3,507,803	$	19,678	$	(2,654	)	$	3,524,827	$	4,920,082	$	27,111	$	(1,868	)	$	4,945,325

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 a continuous unrealized loss position, aggregated by type of investment instrument, are summarized in the following table (in thousands). As of September 29, 2013, no securities have been in a continuous unrealized loss position for more than twelve months. Available-for-sale securities that were in an unrealized gain position have been excluded from the table.



	Fair Value		Gross Unrealized Loss
U.S. Treasury securities	$	17,520	$	—
U.S. government-sponsored agency securities	2,745		(5		)
International government securities	—		—
Corporate notes and bonds	134,699		(310		)
Asset-backed securities	70,872		(125		)
Mortgage-backed securities	382		(10		)
Municipal notes and bonds	419,480		(2,204		)
Total	$	645,698	$	(2,654	)

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).



	Three months ended						Nine months ended
	September 29, 2013			September 30, 2012			September 29, 2013			September 30, 2012
Gross realized gains	$	2,184		$	940		$	3,869		$	2,964
Gross realized losses	(1,105		)	(52		)	(2,239		)	(874		)

Fixed income securities by contractual maturity

Fixed income securities by contractual maturity as of September 29, 2013 are shown below (in thousands). Actual maturities may differ from contractual maturities because issuers of the securities may have the right to prepay obligations or the Company has the option to demand payment.



	Amortized Cost		Fair Value
Due in one year or less	$	1,144,475	$	1,148,917
After one year through five years	2,282,282		2,294,867
After five years through ten years	15,531		15,537
After ten years	65,515		65,506
Total	$	3,507,803	$	3,524,827

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). These financial instruments were categorized as Level 1 as of both September 29, 2013 and December 30, 2012. See Note 6, “Financing Arrangements,” regarding maturity of the 1% Sr. Convertible Notes due 2013.



	September 29, 2013				December 30, 2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
1% Sr. Convertible Notes due 2013	$	—	$	—	$	906,708	$	927,820
1.5% Sr. Convertible Notes due 2017	819,681		1,327,200		789,913		1,159,370
Total	$	819,681	$	1,327,200	$	1,696,621	$	2,087,190

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References+ Details