Fair Value Measurements and Other-Than-Temporary Impairments (Tables)

9 Months Ended

Sep. 28, 2013

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables represent the Company’s fair value hierarchy for its assets and liabilities measured at fair value on a recurring basis (in thousands):



	As of September 28, 2013								As of December 29, 2012
	Fair Value Measured Using								Fair Value Measured Using
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	72,386	$	—	$	—	$	72,386	$	25,560	$	—	$	—	$	25,560
Certificates of deposit	—		2,640		—		2,640		—		2,160		—		2,160
Commercial paper	—		88,720		—		88,720		—		14,843		—		14,843
Corporate bonds	—		109,540		—		109,540		—		57,467		—		57,467
U.S. treasuries	7,806		—		—		7,806		15,020		—		—		15,020
ARS	—		—		—		—		—		—		2,873		2,873
Total assets	$	80,192	$	200,900	$	—	$	281,092	$	40,580	$	74,470	$	2,873	$	117,923
Liabilities
Foreign currency exchange forward contracts	$	—	$	64	$	—	$	64	$	—	$	112	$	—	$	112

Reconciliation of All Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable (Level 3) inputs (in thousands):



	Nine Months Ended
	December 29, 2012		Total Net Gains Included in Other Comprehensive Loss		Calls				Sold				September 28, 2013
ARS – available-for-sale	$	2,873	$	—	$	(92	)	⁽¹⁾	$	(2,781	)	⁽²⁾	$	—



	Three Months Ended
	June 30, 2012		Total Net Gains Included in Other Comprehensive Loss			Calls		September 29, 2012
ARS – available-for-sale	$	2,796	$	83	⁽³⁾	$	—	$	2,879



	Nine Months Ended
	December 31, 2011		Total Net Gains Included in Other Comprehensive Loss			Calls				September 29, 2012
ARS – available-for-sale	$	7,675	$	143	⁽³⁾	$	(4,939	)	⁽⁴⁾	$	2,879


⁽¹⁾	Amount represents the fair market value of the securities called at par value. Realized gains for the nine months ended September 28, 2013 were not significant.


⁽²⁾	Amount represents the fair market value of the securities sold at 95% par value. Realized gains for the nine months ended September 28, 2013 were $0.2 million.


⁽³⁾	Amount represents the change in the non-credit loss related other-than-temporary impairments (“OTTI”) recorded in Accumulated other comprehensive loss in the accompanying condensed consolidated balance sheets.


⁽⁴⁾	Amount represents the fair market value of the securities called. Realized gains on these calls for the nine months ended September 29, 2012 were $0.5 million.

Investments at Fair Value

Investments at fair value were as follows (in thousands):



	September 28, 2013
	Adjusted Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Money market funds	$	72,386	$	—	$	—		$	72,386
Certificates of deposit	2,640		—		—			2,640
Commercial paper	88,713		13		(6		)	88,720
Corporate bonds	109,598		36		(94		)	109,540
U.S. treasuries	7,803		3		—			7,806
Total available-for-sale investments	$	281,140	$	52	$	(100	)	$	281,092



	December 29, 2012
	Adjusted Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Money market funds	$	25,560		$	—	$	—		$	25,560
Certificates of deposit	2,160			—		—			2,160
Commercial paper	14,848			—		(5		)	14,843
Corporate bonds	57,451			22		(6		)	57,467
U.S. treasuries	15,015			5		—			15,020
ARS	2,707		⁽¹⁾	166		—			2,873
Total available-for-sale investments	$	117,741		$	193	$	(11	)	$	117,923


⁽¹⁾	Amount represents the par value less $0.4 million of credit-related OTTI recognized through earnings in prior years.

Roll-Forward of Amortized Cost, Cumulative OTTI Recognized in Earnings and Accumulated Other Comprehensive Loss

A roll-forward of amortized cost, cumulative OTTI recognized in earnings and Accumulated other comprehensive loss is as follows (in thousands):



	Amortized Cost			Cumulative OTTI in Earnings			Unrealized Gain			OTTI Loss in Accumulated Other Comprehensive Loss			Accumulated Other Comprehensive Income (Loss)
Balance at December 29, 2012	$	2,707		$	(394	)	$	784		$	(618	)	$	166
Call on investments	(87		)	13			(25		)	20			(5		)
Investments sold	(2,620		)	381			(759		)	598			(161		)
Balance at September 28, 2013	$	—		$	—		$	—		$	—		$	—

- 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.

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