Fair Value (Tables)

6 Months Ended

Jun. 28, 2014

Fair value of financial assets and liabilities

The fair value of financial assets and liabilities was determined using the following levels of inputs as of June 28, 2014 and December 28, 2013:



	Fair Value Measurements as of June 28, 2014:
	Total		Level 1		Level 2		Level 3
	(In thousands)
Assets
Cash equivalents:
Money market funds	$	357,616	$	357,616	$	—	$	—
Short-term investments:
Corporate debt securities	36,625		—		36,625		—
Bank certificates of deposit	24,259		—		24,259		—
United States Treasury securities	19,310		19,310		—		—
United States government agency securities	11,361		11,361		—		—
Commercial paper	1,995		—		1,995		—
Marketable equity securities	4,360		4,360		—		—
Trading securities held in Non-Qualified Deferred Compensation, or NQDC, trust	25,070		25,070		—		—
2015 Notes Hedges	455,844		—		455,844		—
Foreign currency exchange contracts	471		—		471		—
Total Assets	$	936,911	$	417,717	$	519,194	$	—

	Total		Level 1		Level 2		Level 3
	(In thousands)
Liabilities
Acquisition-related contingent consideration	$	1,850	$	—	$	—	$	1,850
2015 Notes Embedded Conversion Derivative	455,844		—		455,844		—
Total Liabilities	$	457,694	$	—	$	455,844	$	1,850



	Fair Value Measurements as of December 28, 2013:
	Total		Level 1		Level 2		Level 3
	(In thousands)
Assets
Cash equivalents:
Money market funds	$	345,872	$	345,872	$	—	$	—
Bank certificates of deposit	2,300		—		2,300		—
Short-term investments:
Corporate debt securities	37,441		—		37,441		—
Bank certificates of deposit	20,308		—		20,308		—
United States Treasury securities	24,246		24,246		—		—
United States government agency securities	10,223		10,223		—		—
Commercial paper	2,493		—		2,493		—
Marketable equity securities	2,077		2,077		—		—
Trading securities held in NQDC trust	23,960		23,960		—		—
2015 Notes Hedges	306,817		—		306,817		—
Foreign currency exchange contracts	262		—		262		—
Total Assets	$	775,999	$	406,378	$	369,621	$	—

	Total		Level 1		Level 2		Level 3
	(In thousands)
Liabilities
Acquisition-related contingent consideration	$	4,091	$	—	$	—	$	4,091
2015 Notes Embedded Conversion Derivative	306,817		—		306,817		—
Total Liabilities	$	310,908	$	—	$	306,817	$	4,091

Liabilities included in level 3 representing fair value of contingent consideration associated with acquisitions

The following table summarizes the level 3 activity for the six months ended June 28, 2014:



	(In thousands)
Balance as of December 28, 2013	$	4,091
Payments	(2,329		)
Adjustments	88
Balance as of June 28, 2014	$	1,850

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References+ Details