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Cash, Cash Equivalents, and Investments | 9 Months Ended
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Sep. 29, 2013
Cash And Cash Equivalents [Abstract] |
Cash, Cash Equivalents, and Investments | NOTE 4: Cash, Cash Equivalents, and Investments Cash, cash equivalents, and investments consisted of the following (in thousands):
|  | September 29, 2013 |  |  | December 31, 2012 |
Cash |  | $ | 30,221 |  |  | $ | 34,986 |
Cash equivalents |  |  | — |  |  |  | 5,098 |
Money market instruments |  |  | 225 |  |  |  | 5,076 |
Cash and cash equivalents |  |  | 30,446 |  |  |  | 45,160 |
Corporate bonds |  |  | 104,720 |  |  |  | 46,001 |
Asset-backed securities |  |  | 41,269 |  |  |  | 17,666 |
Municipal bonds |  |  | 17,013 |  |  |  | 16,224 |
Treasury bills |  |  | 11,654 |  |  |  | 5,997 |
Sovereign bonds |  |  | 8,553 |  |  |  | 3,986 |
Corporate stock |  |  | 1,864 |  |  |  | 2,131 |
Agency bonds |  |  | 1,499 |  |  |  | 7,482 |
Covered bonds |  |  | — |  |  |  | 5,618 |
Short-term investments |  |  | 186,572 |  |  |  | 105,105 |
Corporate bonds |  |  | 105,621 |  |  |  | 100,072 |
Treasury bills |  |  | 57,623 |  |  |  | 36,276 |
Asset-backed securities |  |  | 28,659 |  |  |  | 34,710 |
Sovereign bonds |  |  | 21,370 |  |  |  | 10,606 |
Municipal bonds |  |  | 10,992 |  |  |  | 17,846 |
Agency bonds |  |  | — |  |  |  | 29,441 |
Covered bonds |  |  | — |  |  |  | 5,564 |
Limited partnership interest (accounted for using cost method) |  |  | 2,455 |  |  |  | 3,740 |
Long-term investments |  |  | 226,720 |  |  |  | 238,255 |
|  | $ | 443,738 |  |  | $ | 388,520 |
The Company’s investment portfolio includes corporate bonds, asset-backed securities, treasury bills, sovereign bonds, municipal bonds, and agency bonds. Corporate bonds consist of debt securities issued by both domestic and foreign companies; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; treasury bills consist of debt securities issued by both the U.S. and foreign governments; sovereign bonds consist of direct debt issued by foreign governments; municipal bonds consist of debt securities issued by state and local government entities; and agency bonds consist of domestic or foreign obligations of government agencies and government sponsored enterprises that have government backing. The following tables summarize the Company’s available-for-sale investments as of September 29, 2013 (in thousands):
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Short-term: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 104,580 |  |  | $ | 270 |  |  | $ | (130 | ) |  | $ | 104,720 |
Asset-backed securities |  |  | 41,600 |  |  |  | 7 |  |  |  | (338 | ) |  |  | 41,269 |
Municipal bonds |  |  | 16,969 |  |  |  | 44 |  |  |  | — |  |  |  | 17,013 |
Treasury bills |  |  | 11,647 |  |  |  | 7 |  |  |  | — |  |  |  | 11,654 |
Sovereign bonds |  |  | 8,554 |  |  |  | 9 |  |  |  | (10 | ) |  |  | 8,553 |
Agency bonds |  |  | 1,500 |  |  |  | — |  |  |  | (1 | ) |  |  | 1,499 |
Long-term: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 105,251 |  |  |  | 513 |  |  |  | (143 | ) |  |  | 105,621 |
Treasury bills |  |  | 57,604 |  |  |  | 24 |  |  |  | (5 | ) |  |  | 57,623 |
Asset-backed securities |  |  | 28,810 |  |  |  | 10 |  |  |  | (161 | ) |  |  | 28,659 |
Sovereign bonds |  |  | 21,386 |  |  |  | 57 |  |  |  | (73 | ) |  |  | 21,370 |
Municipal bonds |  |  | 10,957 |  |  |  | 45 |  |  |  | (10 | ) |  |  | 10,992 |
|  | $ | 408,858 |  |  | $ | 986 |  |  | $ | (871 | ) |  | $ | 408,973 |
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of September 29, 2013 (in thousands):
|  | Unrealized Loss Position For: |  |  |  |
|  | Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Corporate bonds |  | $ | 62,910 |  |  | $ | (272 | ) |  | $ | 2,455 |  |  | $ | (1 | ) |  | $ | 65,365 |  |  | $ | (273 | )
Asset- backed securities |  |  | 41,848 |  |  |  | (102 | ) |  |  | 16,332 |  |  |  | (397 | ) |  |  | 58,180 |  |  |  | (499 | )
Sovereign bonds |  |  | 9,300 |  |  |  | (25 | ) |  |  | 888 |  |  |  | (58 | ) |  |  | 10,188 |  |  |  | (83 | )
Treasury bills |  |  | 7,614 |  |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | 7,614 |  |  |  | (5 | )
Municipal bonds |  |  | 4,374 |  |  |  | (10 | ) |  |  | — |  |  |  | — |  |  |  | 4,374 |  |  |  | (10 | )
Agency bonds |  |  | 1,499 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 1,499 |  |  |  | (1 | )
|  | $ | 127,545 |  |  | $ | (415 | ) |  | $ | 19,675 |  |  | $ | (456 | ) |  | $ | 147,220 |  |  | $ | (871 | )
As of September 29, 2013, the Company did not recognize an other-than-temporary impairment of these investments. In its evaluation, management considered the type of security, the credit rating of the security, the length of time the security has been in a loss position, the size of the loss position, our intent and ability to hold the security to expected recovery of value, and other meaningful information. The Company does not intend to sell, and is unlikely to be required to sell, any of these available-for-sale investments before its effective maturity or market price recovery. The Company recorded gross realized gains and gross realized losses on the sale of investments totaling $32,000 and $12,000, respectively, during the three-month period ended September 29, 2013 and $342,000 and $1,000, respectively, during the three-month period ended September 30, 2012. The Company recorded gross realized gains and gross realized losses of $182,000 and $79,000, respectively, during the nine-month period ending September 29, 2013, and $1,669,000 and $239,000, respectively, during the nine-month period ended September 30, 2012. The following table presents the effective maturity dates of the Company’s available-for-sale investments as of September 29, 2013 (in thousands):
|  | <1 Year |  |  | 1-2 Years |  |  | 2-3 Years |  |  | 3-4 Years |  |  | 4-5 Years |  |  | Total |
Corporate bonds |  | $ | 104,720 |  |  | $ | 61,596 |  |  | $ | 41,299 |  |  | $ | 2,203 |  |  | $ | 523 |  |  | $ | 210,341 |
Asset-backed securities |  |  | 41,269 |  |  |  | 28,659 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 69,928 |
Treasury bills |  |  | 11,654 |  |  |  | 48,015 |  |  |  | 9,608 |  |  |  | — |  |  |  | — |  |  |  | 69,277 |
Sovereign bonds |  |  | 8,553 |  |  |  | 9,571 |  |  |  | 10,911 |  |  |  | — |  |  |  | 888 |  |  |  | 29,923 |
Municipal bonds |  |  | 17,013 |  |  |  | 4,576 |  |  |  | 4,531 |  |  |  | 1,385 |  |  |  | 500 |  |  |  | 28,005 |
Agency bonds |  |  | 1,499 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,499 |
|  | $ | 184,708 |  |  | $ | 152,417 |  |  | $ | 66,349 |  |  | $ | 3,588 |  |  | $ | 1,911 |  |  | $ | 408,973 |
During the fourth quarter of 2012, the Company purchased equity securities, representing stock in a publicly-traded U.S. company, with an aggregate fair value of $2,131,000 as of December 31, 2012. As of September 29, 2013, these securities had an aggregate fair value of $1,864,000, resulting in a net unrealized loss of $267,000. The Company is a Limited Partner in Venrock Associates III, L.P. (Venrock), a venture capital fund. The Company has committed to a total investment in the limited partnership of up to $20,500,000, with an expiration date of December 31, 2013. As of September 29, 2013, the Company contributed $19,886,000 to the partnership. The remaining commitment of $614,000 can be called by Venrock at any time before December 31, 2013. Distributions and contributions are at the discretion of Venrock’s management. No contributions were made during the nine-month period ended September 29, 2013. The Company received a cash distribution of $1,285,000 during the second quarter of 2013, which was accounted for as a return of capital.

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- Definition The entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment. + References No definition available. + Details
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