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Investments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 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):



	December 29, 2013		December 30, 2012
Cash and cash equivalents	$	986,246	$	995,470
Short-term marketable securities	1,919,611		1,880,034
Long-term marketable securities	3,179,471		2,835,931
Total cash, cash equivalents and marketable securities	$	6,085,328	$	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):



	December 29, 2013								December 30, 2012
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Money market funds	$	760,363	$	—	$	—	$	760,363	$	582,743	$	—	$	—	$	582,743
Fixed income securities	160,194		4,985,059		—		5,145,253		27,386		4,917,939		—		4,945,325
Derivative assets	—		777		—		777		—		20,058		—		20,058
Total financial assets	$	920,557	$	4,985,836	$	—	$	5,906,393	$	610,129	$	4,937,997	$	—	$	5,548,126
Derivative liabilities	$	—	$	45,859	$	—	$	45,859	$	—	$	13,584	$	—	$	13,584
Total financial liabilities	$	—	$	45,859	$	—	$	45,859	$	—	$	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 Consolidated Balance Sheets as follows (in thousands):



	December 29, 2013								December 30, 2012
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash equivalents⁽¹⁾	$	773,435	$	33,099	$	—	$	806,534	$	582,743	$	229,360	$	—	$	812,103
Short-term marketable securities	15,090		1,904,521		—		1,919,611		16,589		1,863,445		—		1,880,034
Long-term marketable securities	132,032		3,047,439		—		3,179,471		10,797		2,825,134		—		2,835,931
Other current assets	—		777		—		777		—		19,064		—		19,064
Other non-current assets	—		—		—		—		—		994		—		994
Total financial assets	$	920,557	$	4,985,836	$	—	$	5,906,393	$	610,129	$	4,937,997	$	—	$	5,548,126
Other current accrued liabilities	$	—	$	45,741	$	—	$	45,741	$	—	$	13,584	$	—	$	13,584
Non-current liabilities	—		118		—		118		—		—		—		—
Total financial liabilities	$	—	$	45,859	$	—	$	45,859	$	—	$	13,584	$	—	$	13,584


⁽¹⁾	Cash equivalents exclude cash of $179.7 million and $183.4 million included in Cash and cash equivalents on the Consolidated Balance Sheets as of December 29, 2013 and December 30, 2012, respectively.

Available for Sale Investments

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



	December 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	$	160,598	$	21	$	(424	)	$	160,195	$	27,377	$	9	$	—		$	27,386
U.S. government-sponsored agency securities	8,112		10		(1		)	8,121		28,339		41		(1		)	28,379
International government securities	38,492		1		(224		)	38,269		153,936		13		(3		)	153,946
Corporate notes and bonds	864,331		1,504		(1,565		)	864,270		864,170		3,890		(938		)	867,122
Asset-backed securities	226,620		114		(170		)	226,564		179,356		453		—			179,809
Mortgage-backed securities	86,542		18		(554		)	86,006		1,872		8		(14		)	1,866
Municipal notes and bonds	3,744,138		18,931		(1,241		)	3,761,828		3,665,032		22,697		(912		)	3,686,817
Total available-for-sale investments	$	5,128,833	$	20,599	$	(4,179	)	$	5,145,253	$	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 loss on the available-for-sale securities that have been in a continuous unrealized loss position, aggregated by type of investment instrument for 12 months or less, are summarized in the following table (in thousands). As of December 29, 2013, the Company had an immaterial amount of securities that have been in a continuous unrealized loss position for more than twelve months. The unrealized loss on these securities was immaterial. 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	$	136,621	$	(424	)
U.S. government-sponsored agency securities	2,858		(1		)
International government securities	36,265		(224		)
Corporate notes and bonds	453,671		(1,565		)
Asset-backed securities	129,855		(170		)
Mortgage-backed securities	64,811		(554		)
Municipal notes and bonds	430,620		(1,241		)
Total	$	1,254,701	$	(4,179	)

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
	December 29, 2013			December 30, 2012			January 1, 2012
Gross realized gains	$	4,724		$	3,867		$	36,762
Gross realized losses	(2,349		)	(898		)	(2,213		)

Fixed income securities by contractual maturity

Fixed income securities by contractual maturity as of December 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	$	1,220,506	$	1,224,980
After one year through five years	3,338,613		3,350,852
After five years through ten years	79,295		79,084
After ten years	490,419		490,337
Total	$	5,128,833	$	5,145,253

For those financial instruments where the carrying amounts differ from fair value, the following table represents the related carrying values and fair values, which are based on quoted market prices (in thousands). These financial instruments were categorized as Level 1 as of both December 29, 2013 and December 30, 2012 with the exception of the 0.5% Sr. Convertible Notes due 2020, which is categorized as Level 2. See Note 6, “Financing Arrangements,” regarding details of each convertible note presented.



	December 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	829,792		1,467,160		789,913		1,159,370
0.5% Sr. Convertible Notes due 2020	1,155,571		1,480,290		—		—
Total	$	1,985,363	$	2,947,450	$	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