Cash Equivalents and Investments

6 Months Ended

Jul. 03, 2011

Cash Equivalents and Investments [Abstract]

Cash Equivalents and Investments

Note 7 — Cash Equivalents and Investments

     The following tables summarize the Company’s cash equivalents and investments measured at fair value:

	Fair Value Measurements as of July 3, 2011
	Level 1			Level 2			Level 3		Total
				(In thousands)
Cash equivalents:
Money-market funds	$	606,045	(a)	$	—		$	—	$	606,045
Commercial paper		—			625	(b)		—		625
Total cash equivalents	$	606,045		$	625		$	—	$	606,670
Available-for-sale debt securities:
Asset-backed and mortgage-backed securities	$	—		$	109,783	(b)	$	—	$	109,783
U.S. government and agency securities		4,496	(a)		22,924	(b)		—		27,420
Corporate debt securities		—			13,865	(b)		—		13,865
Total short-term investments	$	4,496		$	146,572		$	—	$	151,068
Long-term investments in equity securities:
Marketable available-for-sale equity securities	$	1,907	(c)	$	—		$	—	$	1,907

	Fair Value Measurements as of December 31, 2010
	Level 1			Level 2			Level 3		Total
				(In thousands)
Cash equivalents:
Money-market funds	$	378,382	(a)	$	—		$	—	$	378,382
U.S. government and agency securities		2,000	(a)		—			—		2,000
Total cash equivalents	$	380,382		$	—		$	—	$	380,382
Available-for-sale debt securities:
Asset-backed and mortgage-backed securities	$	—		$	116,552	(b)	$	—	$	116,552
U.S. government and agency securities		1,496	(a)		24,502	(b)		—		25,998
Corporate debt securities		—			12,330	(b)		—		12,330
Total short-term investments	$	1,496		$	153,384		$	—	$	154,880
Long-term investments in equity securities:
Marketable available-for-sale equity securities	$	1,681	(c)	$	—		$	—	$	1,681

(a)	The fair value of money-market funds is determined using unadjusted prices in active markets. The fair value of these U.S. government and agency securities is determined using quoted prices in active markets.
(b)	These investments are traded less frequently than Level 1 securities and are valued using inputs that include quoted prices for similar assets in active markets and inputs other than quoted prices that are observable for the asset, such as interest rates, yield curves, prepayment speeds, collateral performance, broker/dealer quotes and indices that are observable at commonly quoted intervals.
(c)	The fair value of marketable equity securities is determined using quoted market prices in active markets. These amounts are included within other assets in the condensed consolidated balance sheets.

Investments in Non-Marketable Securities

     The Company does not estimate the fair value of non-marketable securities unless there are identified events or changes in circumstances that may have a significant adverse effect on the investment. There were no non-marketable securities fair-valued during the three and six months ended July 3, 2011. The following table summarizes certain non-marketable securities measured and recorded at fair value on a non-recurring basis during the six months ended July 4, 2010:

	Carrying Value		Fair Value Measurements						Losses for the		Losses for the
	as of		During the Six Months Ended July 4, 2010						Three Months Ended		Six Months Ended
	July 4, 2010		Level 1		Level 2		Level 3		July 4, 2010		July 4, 2010
	(In thousands)
Non-marketable securities	$	1,900	$	—	$	—	$	1,900	$	—	$	11,600

     As of July 3, 2011 and December 31, 2010, the aggregate carrying value of the Company’s non-marketable securities was $46.0 million and $39.9 million, respectively. There were no sales of non-marketable securities for the three and six months ended July 3, 2011 and July 4, 2010.

Investments in Available-for-Sale Securities

     The following tables summarize the Company’s available-for-sale securities:

	July 3, 2011
	Amortized		Gross Unrealized		Gross Unrealized
	Cost		Gain		Loss*			Fair Value
			(In thousands)
Short-term debt securities:
Asset-backed and mortgage-backed securities	$	101,714	$	8,294	$	(225	)	$	109,783
U.S. government and agency securities		26,801		634		(15	)		27,420
Corporate debt securities		13,677		203		(15	)		13,865
Total short-term debt securities	$	142,192	$	9,131	$	(255	)	$	151,068
Long-term marketable equity securities	$	852	$	1,097	$	(42	)	$	1,907

* As of July 3, 2011, there were 48 investments in an unrealized loss position.

	December 31, 2010
	Amortized		Gross Unrealized		Gross Unrealized
	Cost		Gain		Loss			Fair Value
			(In thousands)
Short-term debt securities:
Asset-backed and mortgage-backed securities	$	107,891	$	9,012	$	(351	)	$	116,552
U.S. government and agency securities		25,313		812		(127	)		25,998
Corporate debt securities		12,226		176		(72	)		12,330
Total short-term debt securities	$	145,430	$	10,000	$	(550	)	$	154,880
Long-term marketable equity securities	$	852	$	868	$	(39	)	$	1,681

     The following tables summarize the gross unrealized losses and fair values of the Company’s short-term investments that have been in a continuous unrealized loss position for less than and greater than 12 months, aggregated by investment category:

	July 3, 2011
	Less than 12 Months					Greater than 12 Months
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
			(In thousands)
Asset-backed and mortgage-backed securities	$	8,436	$	(133	)	$	868	$	(92	)
U.S. government and agency securities		6,403		(15	)		—		—
Corporate debt securities		3,513		(15	)		—		—
Total	$	18,352	$	(163	)	$	868	$	(92	)

	December 31, 2010
	Less than 12 Months					Greater than 12 Months
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
			(In thousands)
Asset-backed and mortgage-backed securities	$	11,807	$	(179	)	$	2,469	$	(172	)
U.S. government and agency securities		13,969		(127	)		—		—
Corporate debt securities		6,527		(72	)		—		—
Total	$	32,303	$	(378	)	$	2,469	$	(172	)

     There were no impairment charges for available-for-sale debt or equity securities for the three or six months ended July 3, 2011 and July 4, 2010. There were no material other than temporary impairment losses recorded in other comprehensive income for the three or six months ended July 3, 2011 and July 4, 2010. Net realized gain or loss on sales of available-for-sale debt and equity securities for the three and six months ended July 3, 2011 and July 4, 2010 was not significant.

     Contractual maturities of available-for-sale debt securities as of July 3, 2011 were as follows:

	Amount
	(In thousands)
Due within one year	$	7,871
Due in 1-5 years		39,181
Due in 5-10 years		10,113
Due after 10 years		93,903
Total	$	151,068

     The maturities of asset-backed and mortgage-backed securities were allocated based on contractual principal maturities assuming no prepayments.