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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 4, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________to _________

Commission file number: 000-29823

SILICON LABORATORIES INC.

(Exact name of registrant as specified in its charter)

Delaware

    

74-2793174

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

400 West Cesar Chavez, Austin, Texas

    

78701

(Address of principal executive offices)

(Zip Code)

(512) 416-8500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbol(s)

    

Name of each exchange
on which registered

Common Stock, $0.0001 par value

SLAB

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ    Accelerated filer      Non-accelerated filer     Smaller reporting company     Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of July 21, 2020, 43,795,567 shares of common stock of Silicon Laboratories Inc. were outstanding.

Table of Contents

Part I. Financial Information

Page
Number

Item 1.

Financial Statements (Unaudited):

Condensed Consolidated Balance Sheets at July 4, 2020 and December 28, 2019

3

Condensed Consolidated Statements of Operations for the three and six months ended July 4, 2020 and June 29, 2019

4

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended July 4, 2020 and June 29, 2019

5

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended July 4, 2020 and June 29, 2019

6

Condensed Consolidated Statements of Cash Flows for the six months ended July 4, 2020 and June 29, 2019

7

Notes to Condensed Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

21

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

29

Item 4.

Controls and Procedures

30

Part II. Other Information

Item 1.

Legal Proceedings

30

Item 1A.

Risk Factors

30

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

46

Item 3.

Defaults Upon Senior Securities

46

Item 4.

Mine Safety Disclosures

46

Item 5.

Other Information

46

Item 6.

Exhibits

47

Cautionary Statement

Except for the historical financial information contained herein, the matters discussed in this report on Form 10-Q (as well as documents incorporated herein by reference) may be considered “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include declarations regarding the intent, belief or current expectations of Silicon Laboratories Inc. and its management and may be signified by the words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “plan,” “project,” “will” or similar language. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. Actual results could differ materially from those indicated by such forward-looking statements. Factors that could cause or contribute to such differences include those discussed under “Risk Factors” and elsewhere in this report. Silicon Laboratories disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

2

Part I. Financial Information

Item 1. Financial Statements

Silicon Laboratories Inc.

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

    

July 4,

    

December 28,

2020

2019

Assets

Current assets:

Cash and cash equivalents

$

277,659

$

227,146

Short-term investments

445,685

 

498,825

Accounts receivable, net

70,487

 

75,639

Inventories

70,022

 

73,057

Prepaid expenses and other current assets

53,584

 

69,192

Total current assets

917,437

 

943,859

Property and equipment, net

140,200

 

135,939

Goodwill

631,932

 

398,402

Other intangible assets, net

189,923

 

134,279

Other assets, net

44,215

 

62,374

Total assets

$

1,923,707

$

1,674,853

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

40,245

$

38,899

Deferred revenue and returns liability

26,358

 

19,251

Other current liabilities

68,397

 

79,551

Total current liabilities

135,000

 

137,701

Convertible debt

571,774

368,257

Other non-current liabilities

59,287

 

53,844

Total liabilities

766,061

 

559,802

Commitments and contingencies

Stockholders' equity:

Preferred stock – $0.0001 par value; 10,000 shares authorized; no shares issued

 

Common stock – $0.0001 par value; 250,000 shares authorized; 43,796 and 43,496 shares issued and outstanding at July 4, 2020 and December 28, 2019, respectively

4

 

4

Additional paid-in capital

173,477

 

133,793

Retained earnings

981,554

 

980,608

Accumulated other comprehensive income

2,611

 

646

Total stockholders’ equity

1,157,646

 

1,115,051

Total liabilities and stockholders’ equity

$

1,923,707

$

1,674,853

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

3

Silicon Laboratories Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Six Months Ended

    

July 4,

    

June 29,

    

July 4,

    

June 29,

2020

2019

2020

2019

Revenues

$

207,533

$

206,709

$

422,410

$

394,822

Cost of revenues

81,222

 

79,660

166,933

 

151,899

Gross profit

126,311

 

127,049

255,477

 

242,923

Operating expenses:

Research and development

70,838

 

63,856

142,061

 

125,422

Selling, general and administrative

48,404

 

48,637

102,400

 

97,853

Operating expenses

119,242

 

112,493

244,461

 

223,275

Operating income

7,069

14,556

11,016

 

19,648

Other income (expense):

Interest income and other, net

3,267

3,696

6,518

 

6,519

Interest expense

(11,778)

(5,005)

(17,319)

 

(10,002)

Income (loss) before income taxes

(1,442)

13,247

215

 

16,165

Provision (benefit) for income taxes

381

 

29,276

(206)

 

26,796

Net income (loss)

$

(1,823)

$

(16,029)

$

421

$

(10,631)

Earnings (loss) per share:

Basic

$

(0.04)

$

(0.37)

$

0.01

$

(0.25)

Diluted

$

(0.04)

$

(0.37)

$

0.01

$

(0.25)

Weighted-average common shares outstanding:

Basic

43,761

 

43,386

43,699

43,287

Diluted

43,761

 

43,386

44,219

43,287

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

4

Silicon Laboratories Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(In thousands)

(Unaudited)

Three Months Ended

Six Months Ended

    

July 4,

    

June 29,

    

July 4,

    

June 29,

2020

2019

2020

2019

Net income (loss)

$

(1,823)

$

(16,029)

$

421

$

(10,631)

Other comprehensive income, before tax

Net changes to available-for-sale securities

Unrealized gains arising during the period

3,068

 

1,207

2,598

 

2,632

Reclassification for gains included in net income (loss)

(121)

(222)

Net changes to cash flow hedges

Unrealized gains (losses) arising during the period

496

44

(311)

56

Reclassification for losses included in net income (loss)

282

194

423

 

431

Other comprehensive income, before tax

3,725

1,445

2,488

 

3,119

Provision for income taxes

783

 

304

523

 

655

Other comprehensive income

2,942

 

1,141

1,965

 

2,464

Comprehensive income (loss)

$

1,119

$

(14,888)

$

2,386

$

(8,167)

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

5

Silicon Laboratories Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(In thousands)

(Unaudited)

    

    

    

Additional

    

    

Accumulated Other

    

Total

Common

Paid-In

Retained

Comprehensive

Stockholders’

Three Months Ended July 4, 2020

Shares

Stock

Capital

Earnings

Income (Loss)

Equity

Balance as of April 4, 2020

43,670

$

4

$

116,553

$

983,377

$

(331)

$

1,099,603

Net income (loss)

 

 

 

(1,823)

(1,823)

Other comprehensive income

 

 

 

 

2,942

 

2,942

Stock issuances, net of shares withheld for taxes

126

 

 

7,295

 

 

 

7,295

Stock-based compensation

 

 

14,458

 

 

 

14,458

Convertible debt issuance

35,171

35,171

Balance as of July 4, 2020

43,796

$

4

$

173,477

$

981,554

$

2,611

$

1,157,646

    

    

    

Additional

    

    

Accumulated Other

    

Total

Common

Paid-In

Retained

Comprehensive

Stockholders’

Three Months Ended June 29, 2019

Shares

Stock

Capital

Earnings

Income (Loss)

Equity

Balance as of March 30, 2019

43,341

$

4

$

90,988

$

966,741

$

(251)

$

1,057,482

Net income (loss)

 

 

 

(16,029)

 

 

(16,029)

Other comprehensive income

 

 

 

 

1,141

 

1,141

Stock issuances, net of shares withheld for taxes

127

 

 

6,713

 

 

 

6,713

Repurchases of common stock

(124)

 

 

(11,712)

 

 

 

(11,712)

Stock-based compensation

 

 

13,676

 

 

 

13,676

Balance as of June 29, 2019

43,344

$

4

$

99,665

$

950,712

$

890

$

1,051,271

    

    

    

Additional

    

    

Accumulated Other 

    

Total

Common

Paid-In

Retained

Comprehensive 

Stockholders’

Six Months Ended July 4, 2020

Shares

Stock

Capital

Earnings

Income (Loss)

Equity

Balance as of December 28, 2019

 

43,496

$

4

$

133,793

$

980,608

$

646

$

1,115,051

Cumulative effect of adoption of accounting standard

525

525

Net income (loss)

 

 

 

 

421

 

 

421

Other comprehensive income

 

 

 

 

 

1,965

 

1,965

Stock issuances, net of shares withheld for taxes

 

509

 

 

(8,999)

 

 

 

(8,999)

Repurchases of common stock

 

(209)

 

 

(16,287)

 

 

 

(16,287)

Stock-based compensation

 

 

 

29,799

 

 

 

29,799

Convertible debt issuance

35,171

35,171

Balance as of July 4, 2020

 

43,796

$

4

$

173,477

$

981,554

$

2,611

$

1,157,646

    

    

    

Additional

    

    

Accumulated Other

    

Total

Common

Paid-In

Retained

Comprehensive 

Stockholders’

Six Months Ended June 29, 2019

Shares

Stock

Capital

Earnings

Income (Loss)

Equity

Balance as of December 29, 2018

 

43,088

$

4

$

107,517

$

961,343

$

(1,574)

$

1,067,290

Net income (loss)

 

 

 

 

(10,631)

 

 

(10,631)

Other comprehensive income

 

 

 

 

 

2,464

 

2,464

Stock issuances, net of shares withheld for taxes

 

557

 

 

(7,400)

 

 

 

(7,400)

Repurchases of common stock

 

(301)

 

 

(26,716)

 

 

 

(26,716)

Stock-based compensation

 

 

 

26,264

 

 

 

26,264

Balance as of June 29, 2019

 

43,344

$

4

$

99,665

$

950,712

$

890

$

1,051,271

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

6

Silicon Laboratories Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Six Months Ended

    

July 4,

    

June 29,

2020

2019

Operating Activities

Net income (loss)

$

421

$

(10,631)

Adjustments to reconcile net income (loss) to cash provided by operating activities:

Depreciation of property and equipment

8,428

 

8,447

Amortization of other intangible assets and other assets

21,568

 

20,476

Amortization of debt discount and debt issuance costs

8,359

6,659

Loss on extinguishment of convertible debt

3,685

Stock-based compensation expense

29,770

 

26,253

Deferred income taxes

1,177

 

24,043

Changes in operating assets and liabilities:

Accounts receivable

7,070

 

893

Inventories

6,767

 

1,118

Prepaid expenses and other assets

21,821

 

11,326

Accounts payable

(769)

 

5,321

Other current liabilities and income taxes

(15,442)

 

(18,101)

Deferred revenue and returns liability

6,678

 

(1,228)

Other non-current liabilities

970

(3,222)

Net cash provided by operating activities

100,503

 

71,354

Investing Activities

Purchases of available-for-sale investments

(199,347)

 

(184,170)

Sales and maturities of available-for-sale investments

255,112

 

151,428

Purchases of property and equipment

(10,394)

 

(9,402)

Purchases of other assets

(820)

(2,588)

Acquisition of business, net of cash acquired

(316,809)

Net cash used in investing activities

(272,258)

 

(44,732)

Financing Activities

Proceeds from issuance of debt

845,000

Payments on debt

(597,446)

Repurchases of common stock

(16,287)

(26,716)

Payment of taxes withheld for vested stock awards

(16,756)

(14,509)

Proceeds from the issuance of common stock

7,757

7,109

Net cash provided by (used in) financing activities

222,268

 

(34,116)

Increase (decrease) in cash and cash equivalents

50,513

 

(7,494)

Cash and cash equivalents at beginning of period

227,146

 

197,043

Cash and cash equivalents at end of period

$

277,659

$

189,549

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

7

Table of Contents

Silicon Laboratories Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The Condensed Consolidated Financial Statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments which, in the opinion of management, are necessary to present fairly the condensed consolidated financial position of Silicon Laboratories Inc. and its subsidiaries (collectively, the “Company”) at July 4, 2020 and December 28, 2019, the condensed consolidated results of its operations for the three and six months ended July 4, 2020 and June 29, 2019, the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended July 4, 2020 and June 29, 2019, the Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended July 4, 2020 and June 29, 2019, and the Condensed Consolidated Statements of Cash Flows for the six months ended July 4, 2020 and June 29, 2019. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated results of operations for the three and six months ended July 4, 2020 are not necessarily indicative of the results to be expected for the full year.

The accompanying unaudited Condensed Consolidated Financial Statements do not include certain footnotes and financial presentations normally required under U.S. generally accepted accounting principles (GAAP). Therefore, these Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto for the year ended December 28, 2019, included in the Company’s Form 10-K filed with the Securities and Exchange Commission (SEC) on January 29, 2020.

The Company prepares financial statements on a 52- or 53-week fiscal year that ends on the Saturday closest to December 31. Fiscal 2020 will have 53 weeks with the extra week occurring in the first quarter of the year. Fiscal 2019 had 52 weeks. In a 52-week year, each fiscal quarter consists of 13 weeks.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Among the significant estimates affecting the financial statements are those related to inventories, goodwill, acquired intangible assets, other long-lived assets, revenue recognition, stock-based compensation and income taxes. Actual results could differ from those estimates, and such differences could be material to the financial statements.

Adoption of New Accounting Standard

The Company adopted Accounting Standards Update (ASU) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, on December 29, 2019, the first day of its fiscal year ending January 2, 2021. The adoption did not have a material impact on its financial statements.

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Substantially all of the Company’s contracts with customers contain a single performance obligation, the sale of mixed-signal integrated circuit (IC) products. This performance obligation is satisfied when control of the product is transferred to the customer, which typically occurs upon delivery. Unsatisfied performance obligations primarily represent contracts for products with future delivery dates. The Company has opted to not disclose the amount of unsatisfied performance obligations as these contracts have original expected durations of less than one year.

8

Table of Contents

Silicon Laboratories Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

The transaction price reflects the Company’s expectations about the consideration it will be entitled to receive from the customer and may include fixed or variable amounts. Variable consideration primarily includes sales made to distributors under agreements allowing certain rights of return, referred to as stock rotation, and credits issued to the distributor due to price protection. The Company estimates variable consideration at the most likely amount to which it expects to be entitled. The estimate is based on information available to the Company, including recent sales activity and pricing data. The Company applies a constraint to its variable consideration estimate which considers both the likelihood of a return and the amount of a potential price concession. Variable consideration that does not meet revenue recognition criteria is deferred. The Company records a right of return asset in prepaid expenses and other current assets for the costs of distributor inventory not meeting revenue recognition criteria. A corresponding deferred revenue and returns liability amount is recorded for unrecognized revenue associated with such costs. The Company’s products carry a one-year replacement warranty. Payments are typically due within 30 days of invoicing and do not include a significant financing component.

2. Earnings (Loss) Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share data):

Three Months Ended

Six Months Ended

    

July 4,

    

June 29,

    

July 4,

    

June 29,

2020

2019

2020

2019

Net income (loss)

$

(1,823)

$

(16,029)

$

421

$

(10,631)

Shares used in computing basic earnings (loss) per share

43,761

 

43,386

43,699

 

43,287

Effect of dilutive securities:

Stock-based awards and convertible debt

 

520

 

Shares used in computing diluted earnings (loss) per share

43,761

 

43,386

44,219

 

43,287

Earnings (loss) per share:

Basic

$

(0.04)

$

(0.37)

$

0.01

$

(0.25)

Diluted

$

(0.04)

$

(0.37)

$

0.01

$

(0.25)

For the three months ended July 4, 2020 and June 29, 2019 and the six months ended July 4, 2020 and June 29, 2019, approximately 0.4 million, 0.0 million, 0.3 million and 0.5 million shares, respectively, consisting of restricted stock awards (RSUs) and market stock awards (MSUs), were not included in the diluted earnings (loss) per share calculation since the shares were anti-dilutive. Further, diluted shares used in calculating net loss per share for the three months ended July 4, 2020 and the three and six months ended June 29, 2019 excluded 0.3 million shares, 0.6 million shares and 0.6 million shares, respectively, due to the Company’s net loss for the periods.

The Company intends to settle the principal amount of its convertible senior notes in cash and any excess value in shares in the event of a conversion. Accordingly, shares issuable upon conversion of the principal amount have been excluded from the calculation of diluted earnings per share. If the market value of the notes under certain prescribed conditions exceeds the conversion amount, the excess is included in the denominator for the computation of diluted earnings per share using the treasury stock method. For three and six months ended July 4, 2020, approximately 0.0 million shares and 0.2 million shares, respectively, were included in the denominator for the calculation of diluted earnings per share. See Note 7, Debt, to the Condensed Consolidated Financial Statements for additional information.

9

Table of Contents

Silicon Laboratories Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

3. Fair Value of Financial Instruments

The fair values of the Company's financial instruments are recorded using a hierarchical disclosure framework based upon the level of subjectivity of the inputs used in measuring assets and liabilities. The three levels are described below:

Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2 - Inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 - Inputs are unobservable for the asset or liability and are developed based on the best information available in the circumstances, which might include the Company’s own data.

The following summarizes the valuation of the Company’s financial instruments (in thousands). The tables do not include either cash on hand or assets and liabilities that are measured at historical cost or any basis other than fair value.

Fair Value Measurements

at July 4, 2020 Using

    

Quoted Prices in

    

Significant Other

    

Significant

    

Active Markets for

Observable

Unobservable

Identical Assets

Inputs

Inputs

Description

(Level 1)

(Level 2)

(Level 3)

Total

Assets:

Cash equivalents:

Money market funds

$

179,239

$

$

$

179,239

Corporate debt securities

2,397

2,397

Government debt securities

22,344

22,344

Total cash equivalents

$

179,239

$

24,741

$

$

203,980

Short-term investments:

Government debt securities

$

77,409

$

45,443

$

$

122,852

Corporate debt securities

322,833

322,833

Total short-term investments

$

77,409

$

368,276

$

$

445,685

Other assets, net:

Auction rate securities

$

$

$

5,400

$

5,400

Total

$

$

$

5,400

$

5,400

Total

$

256,648

$

393,017

$

5,400

$

655,065

10

Table of Contents

Silicon Laboratories Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Fair Value Measurements

at December 28, 2019 Using

    

Quoted Prices in

    

Significant Other

    

Significant

    

Active Markets for

Observable

Unobservable

Identical Assets

Inputs

Inputs

Description

(Level 1)

(Level 2)

(Level 3)

Total

Assets:

Cash equivalents:

Money market funds

$

92,379

$

$

$

92,379

Corporate debt securities

1,325

1,325

Total cash equivalents

$

92,379

$

1,325

$

$

93,704

Short-term investments:

Government debt securities

$

85,189

$

86,682

$

$

171,871

Corporate debt securities

 

326,954

326,954

Total short-term investments

$

85,189

$

413,636

$

$

498,825

Other assets, net:

Auction rate securities

$

$

$

5,647

$

5,647

Total

$

$

$

5,647

$

5,647

Total

$

177,568

$

414,961

$

5,647

$

598,176

Valuation methodology

The Company’s cash equivalents and short-term investments that are classified as Level 2 are valued using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments in active markets; or pricing models, such as a discounted cash flow model, with all significant inputs derived from or corroborated with observable market data. Investments classified as Level 3 are valued using a discounted cash flow model. The assumptions used in preparing the discounted cash flow model include estimates for interest rates, amount of cash flows, expected holding periods of the securities and a discount to reflect the Company’s inability to liquidate the securities. The Company’s derivative instruments are valued using discounted cash flow models. The assumptions used in preparing the valuation models include quoted interest swap rates, foreign exchange rates, forward and spot prices for currencies, and market observable data of similar instruments.

Available-for-sale investments

The Company's investments are reported at fair value, with unrealized gains and losses, net of tax, recorded as a component of accumulated other comprehensive income in the Consolidated Balance Sheet. The following summarizes the contractual underlying maturities of the Company’s available-for-sale investments at July 4, 2020 (in thousands):

    

    

Fair

Cost

Value

Due in one year or less

$

438,505

$

439,825

Due after one year through ten years

207,194

209,840

Due after ten years