XML 118 R33.htm IDEA: XBRL DOCUMENT v3.19.3
Investments and Fair Value Measurements (Tables)
 12 Months Ended
Sep. 27, 2019
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured on Recurring Basis Our cash and investment portfolio consisted of the following (in thousands):
 
September 27,
2019
 
Cost
Unrealized
 
 
Estimated Fair Value
 
Gains
Losses
Total
 
Level 1
Level 2
Level 3
Cash and cash equivalents:








 






Cash
$
680,287

$
—

$
—

$
680,287

 
$
680,287

$
—

$
—

Cash equivalents:








 






Corporate bonds
1,000

—

—

1,000

 
—

1,000

—

Money market funds
115,270

—

—

115,270

 
115,270

—

—

Government bonds
653

—

—

653

 
653

—

—

Cash and cash equivalents
797,210

—

—

797,210

 
796,210

1,000

—










 






Short-term investments:








 






Certificate of deposit
1,265

1

—

1,266

 
—

1,266

—

U.S. agency securities
10,973

8

(9
)
10,972

 
—

10,972

—

Government bonds
8,381

11

(1
)
8,391

 
5,784

2,607

—

Commercial paper
6,347

9

—

6,356

 
—

6,356

—

Corporate bonds
76,802

172

(34
)
76,940

 
—

76,940

—

Municipal debt securities
15,210

18

(7
)
15,221

 
—

15,221

—

Short-term investments
118,978

219

(51
)
119,146

 
5,784

113,362

—










 






Long-term investments:








 






Asset backed securities
400

2

—

402

 
—

402

—

U.S. agency securities
7,102

146

—

7,248

 
—

7,248

—

Government bonds
23,563

187

—

23,750

 
19,670

4,080

—

Corporate bonds
134,360

1,700

—

136,060

 
—

136,060

—

Municipal debt securities
10,315

87

(6
)
10,396

 
—

10,396

—

Other long-term investments (1)
1,731

—

—

1,731

 
—

—

—

Long-term investments
177,471

2,122

(6
)
179,587

 
19,670

158,186

—










 






Total cash, cash equivalents, and investments
$
1,093,659

$
2,341

$
(57
)
$
1,095,943

 
$
821,664

$
272,548

$
—

 
 
 
 
 
 
 
 
 
Investments held in supplemental retirement plan:
 
 
 
 
 
 
 
 
Assets
3,564

—

—

3,564

 
3,564

—

—

Included in prepaid expenses and other current assets & other non-current assets
 
 
 
 
 
Liabilities
3,564

—

—

3,564

 
3,564

—

—

Included in accrued liabilities & other non-current liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Currency derivatives as hedge instruments:
 
 
 
 
 
 
 
 
Assets
—

—

—

—

 
—

—

—

Included in other current assets
 
 
 
 
 
 
 
 
Liabilities
—

—

(242
)
(242
)
 
—

(242
)
—

Included in other accrued expenses
 
 
 
 
 
 
 
 
(1)
Other long-term investments as of September 27, 2019 includes an investment that is not carried at fair value including an equity method investment of $1.7 million.
 
September 28,
2018
 
Cost
Unrealized
 
 
Estimated Fair Value
 
Gains
Losses
Total
 
Level 1
Level 2
Level 3
Cash and cash equivalents:








 






Cash
$
905,660

$
—

$
—

$
905,660

 
$
905,660

$
—

$
—

Cash equivalents:








 






Commercial paper
5,058

—

—

5,058

 
—

5,058

—

Corporate bonds
1,005

—

—

1,005

 
—

1,005

—

Money market funds
3,301

—

—

3,301

 
3,301

—

—

Municipal debt securities
545

—

(1
)
544

 
—

544

—

Government bonds
2,495

—

—

2,495

 
2,495

—

—

Cash and cash equivalents
918,064

—

(1
)
918,063

 
911,456

6,607

—










 






Short-term investments:








 






Certificate of deposit
12,875

14

—

12,889

 
—

12,889

—

U.S. agency securities
11,997

—

(135
)
11,862

 
—

11,862

—

Government bonds
7,970

—

(15
)
7,955

 
7,955

—

—

Commercial paper
4,276

—

—

4,276

 
—

4,276

—

Corporate bonds
111,245

50

(494
)
110,801

 
—

110,801

—

Municipal debt securities
30,475

—

(120
)
30,355

 
—

30,355

—

Short-term investments
178,838

64

(764
)
178,138

 
7,955

170,183

—










 






Long-term investments:








 






U.S. agency securities
9,791

—

(166
)
9,625

 
—

9,625

—

Government bonds
15,966

—

(317
)
15,649

 
15,649

—

—

Corporate bonds
146,561

33

(1,810
)
144,784

 
—

144,784

—

Municipal debt securities
17,235

—

(112
)
17,123

 
—

17,123

—

Other long-term investments (1)
355

246

—

601

 
246

—

—

Long-term investments
189,908

279

(2,405
)
187,782

 
15,895

171,532

—










 






Total cash, cash equivalents, and investments
$
1,286,810

$
343

$
(3,170
)
$
1,283,983

 
$
935,306

$
348,322

$
—

 
 
 
 
 
 
 
 
 
Investments held in supplemental retirement plan:
 
 
 
 
 
 
 
Assets
3,486

—

—

3,486

 
3,486

—

—

Included in prepaid expenses and other current assets & other non-current assets
 
 
 
 
 
Liabilities
3,486

—

—

3,486

 
3,486

—

—

Included in accrued liabilities & other non-current liabilities
 
 
 
 
 

(1)
Other long-term investments as of September 28, 2018 include a marketable equity security of $0.2 million, and other investments that are not carried at fair value including an equity method investment of $0.4 million. During fiscal 2018, we recorded write-off charges to reduce the carrying value of two cost method equity investments to zero in recognition of an other-than-temporary impairment for each investment.
Available for sale Securities, Unrealized Loss Position The following table presents the gross unrealized losses and fair value for those AFS securities that were in an unrealized loss position as of September 27, 2019 and September 28, 2018 (in thousands):
 
September 27, 2019
 
September 28, 2018
 
Less Than 12 Months
Greater Than 12 Months
 
Less Than 12 Months
Greater Than 12 Months
Investment Type
Fair Value
Gross Unrealized Losses
Fair Value
Gross Unrealized Losses
 
Fair Value
Gross Unrealized Losses
Fair Value
Gross Unrealized Losses
Certificate of deposit
$
300

$
—

$
—

$
—

 
$
—

$
—

$
—

$
—

U.S. agency securities
—

—

4,787

(9
)
 
—

—

21,486

(302
)
Government bonds
1,426

—

—

—

 
16,633

(332
)
—

—

Commercial paper
—

—

—

—

 
5,737

(1
)
—

—

Corporate bonds
7,647

(3
)
27,078

(32
)
 
143,051

(1,680
)
52,162

(624
)
Municipal debt securities
9,552

(13
)
900

—

 
41,058

(191
)
6,965

(41
)
Total
$
18,925

$
(16
)
$
32,765

$
(41
)
 
$
206,479

$
(2,204
)
$
80,613

$
(967
)
Available-for-sale Securities
Investment Maturities.    The following table summarizes the amortized cost and estimated fair value of the AFS securities within our investment portfolio based on stated maturities as of September 27, 2019 and September 28, 2018, which are recorded within cash equivalents and both short and long-term investments in our consolidated balance sheets (in thousands):
 
September 27, 2019
 
September 28, 2018
Range of maturity
Amortized Cost
Fair Value
 
Amortized Cost
Fair Value
Due within 1 year
$
238,186

$
238,354

 
$
191,241

$
190,541

Due in 1 to 2 years
93,948

94,899

 
122,131

120,545

Due in 2 to 3 years
81,793

82,957

 
67,423

66,637

Total
$
413,927

$
416,210

 
$
380,795

$
377,723