XML 66 R14.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Cash, Cash Equivalents, and Investments | 6 Months Ended
--- | ---
Jun. 29, 2014
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents, and Investments | Cash, Cash Equivalents, and Investments Cash, cash equivalents, and investments consisted of the following (in thousands):
| June 29, 2014 |  | December 31, 2013
Cash | $ | 38,814 |  |  | $ | 40,124 |
Money market instruments | 1,358 |  |  | 520 |
Cash and cash equivalents | 40,172 |  |  | 40,644 |
Asset-backed securities | 33,733 |  |  | 53,559 |
Corporate bonds | 28,013 |  |  | 109,040 |
Treasury bills | 12,996 |  |  | — |
Municipal bonds | 5,707 |  |  | 9,276 |
Sovereign bonds | 3,228 |  |  | 11,448 |
Agency bonds | — |  |  | 1,499 |
Short-term investments | 83,677 |  |  | 184,822 |
Corporate bonds | 207,767 |  |  | 109,909 |
Treasury bills | 74,971 |  |  | 73,666 |
Asset-backed securities | 36,959 |  |  | 21,820 |
Sovereign bonds | 15,687 |  |  | 16,385 |
Municipal bonds | 4,885 |  |  | 5,919 |
Agency bonds | 1,500 |  |  | — |
Limited partnership interest | 1,956 |  |  | 1,956 |
Long-term investments | 343,725 |  |  | 229,655 |
| $ | 467,574 |  |  | $ | 455,121 |
The Company’s investment portfolio includes asset-backed securities, corporate bonds, treasury bills, municipal bonds, sovereign bonds, and agency bonds. Asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; corporate bonds consist of debt securities issued by both domestic and foreign companies; treasury bills consist of debt securities issued by both the U.S. and foreign governments; municipal bonds consist of debt securities issued by state and local government entities; sovereign bonds consist of direct debt issued by foreign governments; and agency bonds consist of domestic or foreign obligations of government agencies and government sponsored enterprises that have government backing. The following table summarizes the Company’s available-for-sale investments as of June 29, 2014 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Short-term: |  |  |  |  |  |  |
Asset-backed securities | $ | 33,721 |  |  | $ | 32 |  |  | $ | (20 | ) |  | $ | 33,733 |
Corporate bonds | 27,927 |  |  | 86 |  |  | — |  |  | 28,013 |
Treasury bills | 12,995 |  |  | 1 |  |  | — |  |  | 12,996 |
Municipal bonds | 5,699 |  |  | 8 |  |  | — |  |  | 5,707 |
Sovereign bonds | 3,219 |  |  | 9 |  |  | — |  |  | 3,228 |
Long-term: |  |  |  |  |  |  |
Corporate bonds | 206,863 |  |  | 920 |  |  | (16 | ) |  | 207,767 |
Treasury bills | 74,953 |  |  | 20 |  |  | (2 | ) |  | 74,971 |
Asset-backed securities | 36,930 |  |  | 36 |  |  | (7 | ) |  | 36,959 |
Sovereign bonds | 15,631 |  |  | 58 |  |  | (2 | ) |  | 15,687 |
Municipal bonds | 4,838 |  |  | 47 |  |  | — |  |  | 4,885 |
Agency bonds | 1,500 |  |  | — |  |  | — |  |  | 1,500 |
| $ | 424,276 |  |  | $ | 1,217 |  |  | $ | (47 | ) |  | $ | 425,446 |
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 June 29, 2014 (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 | $ | 19,003 |  |  | $ | (15 | ) |  | $ | 1,729 |  |  | $ | (1 | ) |  | $ | 20,732 |  |  | $ | (16 | )
Treasury bills | 19,147 |  |  | (2 | ) |  | — |  |  | — |  |  | 19,147 |  |  | (2 | )
Asset-backed securities | 8,050 |  |  | (2 | ) |  | 5,679 |  |  | (25 | ) |  | 13,729 |  |  | (27 | )
Sovereign bonds | 3,363 |  |  | (2 | ) |  | — |  |  | — |  |  | 3,363 |  |  | (2 | )
| $ | 49,563 |  |  | $ | (21 | ) |  | $ | 7,408 |  |  | $ | (26 | ) |  | $ | 56,971 |  |  | $ | (47 | )
As of June 29, 2014, 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 $117,000 and $12,000, respectively, during the three-month period ended June 29, 2014 and $101,000 and $49,000, respectively, during the three-month period ended June 30, 2013. The Company recorded gross realized gains and gross realized losses on the sale of investments totaling $629,000 and $23,000, respectively, during the six-month period ended June 29, 2014 and $150,000 and $67,000, respectively, during the six-month period ended June 30, 2013. These gains and losses are included in "Investment income" on the Consolidated Statements of Operations. The following table presents the effective maturity dates of the Company’s available-for-sale investments as of June 29, 2014 (in thousands):
| 1 Year or Less |  | 1-2 Years |  | 2-3 Years |  | 3-4 Years |  | 4-5 Years |  | Total
Corporate bonds | $ | 28,013 |  |  | $ | 70,775 |  |  | $ | 102,454 |  |  | $ | 12,061 |  |  | $ | 22,477 |  |  | $ | 235,780 |
Treasury bills | 12,996 |  |  | 66,770 |  |  | 8,201 |  |  | — |  |  | — |  |  | 87,967 |
Asset-backed securities | 33,733 |  |  | 17,947 |  |  | 5,506 |  |  | 8,087 |  |  | 5,419 |  |  | 70,692 |
Sovereign bonds | 3,228 |  |  | 12,324 |  |  | 3,363 |  |  | — |  |  | — |  |  | 18,915 |
Municipal bonds | 5,707 |  |  | 1,848 |  |  | 2,533 |  |  | 504 |  |  | — |  |  | 10,592 |
Agency bonds | — |  |  | — |  |  | 1,500 |  |  | — |  |  | — |  |  | 1,500 |
| $ | 83,677 |  |  | $ | 169,664 |  |  | $ | 123,557 |  |  | $ | 20,652 |  |  | $ | 27,896 |  |  | $ | 425,446 |
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, 2015. As of June 29, 2014, 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, 2015. Distributions and contributions are at the discretion of Venrock’s management. No contributions were made and no distributions were received during the six-month period ended June 29, 2014.

X
- Details
Name: | us-gaap_CashAndCashEquivalentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_InvestmentsInDebtAndEquityInstrumentsCashAndCashEquivalentsUnrealizedAndRealizedGainsLossesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration