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Cover Page - shares	6 Months Ended
Cover Page - shares	Jul. 03, 2020	Jul. 27, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 03, 2020
Document Transition Report	false
Entity File Number	000-30235
Entity Registrant Name	EXELIXIS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3257395
Entity Address, Address Line One	1851 Harbor Bay Parkway
Entity Address, City or Town	Alameda,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94502
City Area Code	650
Local Phone Number	837-7000
Title of 12(b) Security	Common Stock $.001 Par Value per Share
Trading Symbol	EXEL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		308,995,819
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000939767
Current Fiscal Year End Date	--01-01

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 03, 2020	Jan. 03, 2020
Current assets:
Cash and cash equivalents	$ 527,143	$ 266,501
Short-term investments	685,895	585,742
Trade receivables, net	121,080	119,073
Inventory	16,608	12,886
Prepaid expenses and other current assets	43,937	26,988
Total current assets	1,394,663	1,011,190
Long-term investments	327,141	536,385
Property and equipment, net	52,323	48,892
Deferred tax assets, net	148,235	172,374
Goodwill	63,684	63,684
Other long-term assets	60,502	53,145
Total assets	2,046,548	1,885,670
Current liabilities:
Accounts payable	9,103	11,581
Accrued compensation and benefits	33,156	37,364
Accrued clinical trial liabilities	39,940	38,777
Rebates and fees due to customers	16,957	18,719
Accrued collaboration liabilities	10,695	11,856
Other current liabilities	32,830	24,449
Total current liabilities	142,681	142,746
Long-term portion of deferred revenues	15,003	6,596
Long-term portion of operating lease liabilities	48,334	48,011
Other long-term liabilities	7,206	2,347
Total liabilities	213,224	199,700
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares issued	0	0
Common stock, $0.001 par value; 400,000 shares authorized; issued and outstanding: 308,886 and 304,831 at June 30, 2020 and December 31, 2019, respectively	309	305
Additional paid-in capital	2,269,093	2,241,947
Accumulated other comprehensive income	7,840	3,069
Accumulated deficit	(443,918)	(559,351)
Total stockholders’ equity	1,833,324	1,685,970
Total liabilities and stockholders’ equity	$ 2,046,548	$ 1,885,670

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 03, 2020	Jan. 03, 2020
Preferred stock
Par value (in dollars per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	10,000,000	10,000,000
Shares issued (in shares)	0	0
Common stock
Par value (in dollars per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	400,000,000	400,000,000
Shares issued (in shares)	308,886,497	304,830,706
Shares outstanding (in shares)	308,886,497	304,830,706

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2020	Jun. 28, 2019	Jul. 03, 2020	Jun. 28, 2019
Revenue from contract with customer	$ 259,479	$ 240,275	$ 486,394	$ 455,762
Revenues	259,479	240,275	486,394	455,762
Operating expenses:
Cost of goods sold	9,221	7,539	18,510	15,040
Research and development	114,933	81,932	216,810	145,221
Selling, general and administrative	59,791	58,815	122,731	118,953
Total operating expenses	183,945	148,286	358,051	279,214
Income from operations	75,534	91,989	128,343	176,548
Interest income	5,162	6,975	12,382	13,062
Other income, net	0	803	6	828
Income before income taxes	80,696	99,767	140,731	190,438
Provision for income taxes	13,875	20,725	25,298	35,621
Net income	$ 66,821	$ 79,042	$ 115,433	$ 154,817
Net income per share:
Basic (in dollars per share)	$ 0.22	$ 0.26	$ 0.38	$ 0.51
Diluted (in dollars per share)	$ 0.21	$ 0.25	$ 0.36	$ 0.49
Weighted-average common shares outstanding:
Basic (in shares)	307,807	302,188	306,598	301,365
Diluted (in shares)	318,144	314,911	316,992	314,786
Net product revenues
Revenue from contract with customer	$ 178,730	$ 193,675	$ 372,610	$ 373,256
License revenues
Revenue from contract with customer	59,234	37,742	80,113	63,306
Collaboration services revenues
Revenue not from contract with customer	$ 21,515	$ 8,858	$ 33,671	$ 19,200

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2020	Jun. 28, 2019	Jul. 03, 2020	Jun. 28, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 66,821	$ 79,042	$ 115,433	$ 154,817
Other comprehensive income:
Net unrealized gains on available-for-sale debt securities, net of tax impact of $2,287, $413, $1,346 and $807, respectively	8,062	1,479	4,771	2,908
Comprehensive income	$ 74,883	$ 80,521	$ 120,204	$ 157,725

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2020	Jun. 28, 2019	Jul. 03, 2020	Jun. 28, 2019
Other comprehensive income:
Unrealized gains (losses) on available-for-sale securities, tax impact	$ 1,346	$ 807	$ 2,287	$ 413

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 28, 2018		299,876,000
Beginning balance at Dec. 28, 2018	$ 1,287,453	$ 300	$ 2,168,217	$ (701)	$ (880,363)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	154,817				154,817
Other comprehensive income	2,908			2,908
Issuance of common stock under equity incentive and stock purchase plans (in shares)		2,909,000
Issuance of common stock under equity incentive and stock purchase plans	18,280	$ 3	18,277
Stock transactions associated with taxes withheld on equity awards (in shares)		0
Stock transactions associated with taxes withheld on equity awards	(2,434)	$ 0	(2,434)
Stock-based compensation	27,608		27,608
Ending balance (in shares) at Jun. 28, 2019		302,785,000
Ending balance at Jun. 28, 2019	1,488,632	$ 303	2,211,668	2,207	(725,546)
Beginning balance (in shares) at Mar. 29, 2019		301,520,000
Beginning balance at Mar. 29, 2019	1,385,020	$ 302	2,188,578	728	(804,588)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	79,042				79,042
Other comprehensive income	1,479			1,479
Issuance of common stock under equity incentive and stock purchase plans (in shares)		1,265,000
Issuance of common stock under equity incentive and stock purchase plans	8,866	$ 1	8,865
Stock transactions associated with taxes withheld on equity awards (in shares)		0
Stock transactions associated with taxes withheld on equity awards	(854)	$ 0	(854)
Stock-based compensation	15,079		15,079
Ending balance (in shares) at Jun. 28, 2019		302,785,000
Ending balance at Jun. 28, 2019	$ 1,488,632	$ 303	2,211,668	2,207	(725,546)
Beginning balance (in shares) at Jan. 03, 2020	304,830,706	304,831,000
Beginning balance at Jan. 03, 2020	$ 1,685,970	$ 305	2,241,947	3,069	(559,351)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	115,433				115,433
Other comprehensive income	4,771			4,771
Issuance of common stock under equity incentive and stock purchase plans (in shares)		4,055,000
Issuance of common stock under equity incentive and stock purchase plans	17,955	$ 4	17,951
Stock transactions associated with taxes withheld on equity awards (in shares)		0
Stock transactions associated with taxes withheld on equity awards	(20,941)	$ 0	(20,941)
Stock-based compensation	$ 30,136		30,136
Ending balance (in shares) at Jul. 03, 2020	308,886,497	308,886,000
Ending balance at Jul. 03, 2020	$ 1,833,324	$ 309	2,269,093	7,840	(443,918)
Beginning balance (in shares) at Apr. 03, 2020		305,780,000
Beginning balance at Apr. 03, 2020	1,747,652	$ 306	2,258,307	(222)	(510,739)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	66,821				66,821
Other comprehensive income	8,062			8,062
Issuance of common stock under equity incentive and stock purchase plans (in shares)		3,106,000
Issuance of common stock under equity incentive and stock purchase plans	13,783	$ 3	13,780
Stock transactions associated with taxes withheld on equity awards (in shares)		0
Stock transactions associated with taxes withheld on equity awards	(19,148)	$ 0	(19,148)
Stock-based compensation	$ 16,154		16,154
Ending balance (in shares) at Jul. 03, 2020	308,886,497	308,886,000
Ending balance at Jul. 03, 2020	$ 1,833,324	$ 309	$ 2,269,093	$ 7,840	$ (443,918)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2020	Jun. 28, 2019
Statement of Cash Flows [Abstract]
Net income	$ 115,433	$ 154,817
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	4,376	3,998
Stock-based compensation	30,136	27,608
Non-cash lease expense	2,383	1,099
Deferred taxes	22,793	33,067
Other, net	726	(98)
Changes in operating assets and liabilities:
Trade receivables, net	(2,014)	65,230
Inventory	(7,049)	(2,514)
Prepaid expenses and other assets	(18,954)	(9,278)
Deferred revenue	9,659	4,656
Accounts payable and other liabilities	262	14,736
Net cash provided by operating activities	157,751	293,321
Cash flows from investing activities:
Purchases of property, equipment and other	(9,925)	(3,516)
Purchases of investments	(433,154)	(518,268)
Proceeds from maturities and sales of investments	548,973	271,198
Net cash provided by (used in) investing activities	105,894	(250,586)
Cash flows from financing activities:
Proceeds from issuance of common stock under equity incentive and stock purchase plans	17,938	14,735
Taxes paid related to net share settlement of equity awards	(20,941)	(2,434)
Other, net	0	(22)
Net cash (used in) provided by financing activities	(3,003)	12,279
Net increase in cash, cash equivalents and restricted cash	260,642	55,014
Cash, cash equivalents and restricted cash at beginning of period	268,137	315,875
Cash, cash equivalents and restricted cash at end of period	528,779	370,889
Supplemental cash flow disclosure:
Right-of-use assets obtained in exchange for lease obligations	1,824	11,338
Unpaid liabilities incurred for purchases of property and equipment	$ 804	$ 1,350

Organization and Summary of Significant Accounting Policies	6 Months Ended
	Jul. 03, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Exelixis, Inc. (Exelixis, we, our or us) is an oncology-focused biotechnology company that strives to accelerate the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Our drug discovery and development capabilities and commercialization platform are the foundations upon which we intend to bring to market novel, effective and tolerable therapies to provide cancer patients with additional treatment options. Since we were founded in 1994, four products resulting from our discovery efforts have progressed through clinical development, received regulatory approval and established a commercial presence in various geographies around the world. Two are derived from cabozantinib, our flagship molecule, an inhibitor of multiple tyrosine kinases including MET, AXL, VEGF receptors and RET. Our cabozantinib products are: CABOMETYX® (cabozantinib) tablets approved for advanced renal cell carcinoma and previously treated hepatocellular carcinoma; and COMETRIQ® (cabozantinib) capsules approved for progressive, metastatic medullary thyroid cancer. For these types of cancer, cabozantinib has become or is becoming a standard of care. Beyond these approved indications, cabozantinib is currently the focus of a broad clinical development program and is being investigated both alone and in combination with other therapies in a wide variety of cancers. The other two products resulting from our discovery efforts are: COTELLIC® (cobimetinib), an inhibitor of MEK, approved as part of multiple combination regimens to treat specific forms of advanced melanoma and marketed under a collaboration with Genentech, Inc. (a member of the Roche Group) (Genentech); and MINNEBRO® (esaxerenone), an oral, non-steroidal, selective blocker of the mineralocorticoid receptor, approved for the treatment of hypertension in Japan and licensed to Daiichi Sankyo Company, Limited (Daiichi Sankyo). Basis of Presentation The accompanying Condensed Consolidated Financial Statements include the accounts of Exelixis and those of our wholly-owned subsidiaries. These entities’ functional currency is the U.S. dollar. All intercompany balances and transactions have been eliminated. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial statements for the periods presented have been included. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 or for any future period. The accompanying Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with our Consolidated Financial Statements and Notes thereto for the year ended December 31, 2019, included in our Annual Report on Form 10-K filed with the SEC on February 25, 2020. We have adopted a 52- or 53-week fiscal year policy that generally ends on the Friday closest to December 31^st. Fiscal year 2020, which is a 52-week fiscal year, will end on January 1, 2021 and fiscal year 2019, which was a 53-week fiscal year, ended on January 3, 2020. For convenience, references in this report as of and for the fiscal periods ended July 3, 2020 and June 28, 2019, and as of and for the fiscal years ending January 1, 2021, and ended January 3, 2020, are indicated as being as of and for the fiscal periods ended June 30, 2020 and June 30, 2019 and the years ending December 31, 2020 and ended December 31, 2019, respectively. Similarly, references in this report to the first day of the fiscal year ending January 1, 2021 are indicated as being as of January 1, 2020. Reclassifications Certain prior period amounts in the accompanying Condensed Consolidated Financial Statements have been reclassified to conform to the current period presentation. Such reclassifications did not impact previously reported total revenues, income from operations, net income, total assets, total liabilities or total stockholders’ equity. Segment Information We operate in one business segment that focuses on the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Our Chief Executive Officer, as the chief operating decision-maker, manages and allocates resources to our operations on a total consolidated basis. Consistent with this decision-making process, our Chief Executive Officer uses consolidated, single-segment financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. All of our long-lived assets are located in the U.S. See “Note 2. Revenues” for enterprise-wide disclosures about product sales, revenues from major customers and revenues by geographic region. Use of Estimates The preparation of the accompanying Condensed Consolidated Financial Statements conforms to accounting principles generally accepted in the U.S., which requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses, and related disclosures. We base our estimates on historical experience and on various other market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates. In March 2020, we received the 2020 preliminary fee notice from the Internal Revenue Service for the Branded Prescription Drug Fee for the 2018 sales year, which resulted in an increase in our estimate of such fees for the 2018 and 2019 sales years. Accordingly, we recorded an adjustment to increase selling, general and administrative expenses and our accrual for these fees by $5.4 million during the three months ended March 31, 2020. This adjustment resulted in a $0.02 decrease in basic and diluted earnings per share for the six months ended June 30, 2020. Our total accrual for the Branded Prescription Drug Fee was $15.1 million and $6.0 million as of June 30, 2020 and December 31, 2019, respectively, of which $8.6 million and $4.4 million was recorded in other current liabilities, and $6.5 million and $1.6 million was recorded in other long-term liabilities. Recently Adopted Accounting Pronouncements On January 1, 2020, we adopted Accounting Standards Update (ASU) No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 (ASU 2018-18). ASU 2018-18 clarifies that certain transactions between collaborative arrangement participants should be accounted for as part of revenues under Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (Topic 606) when the counterparty is a customer for a distinct good or service (i.e. a unit of account). For units of account that are in the scope of Topic 606, all of the guidance in Topic 606 should be applied, including the guidance on recognition, measurement, presentation and disclosure. ASU 2018-18 precludes entities from presenting amounts related to transactions with a counterparty in a collaborative arrangement that is not a customer as revenue from contracts with customers. If a portion of a distinct bundle of goods or services within an arrangement is not with a customer, then the unit of account is not within the scope of Topic 606, and the recognition and measurement of that unit of account shall be based on analogy to authoritative accounting literature or, if there is no appropriate analogy, a reasonable, rational, and consistently applied accounting policy election. Upon adoption of ASU 2018-18, we have presented revenues from performance obligations associated with our collaboration arrangements that are within the scope of Topic 606 (license revenues) separately from revenues from performance obligations that are not subject to Topic 606 (collaboration services revenues). The adoption of ASU 2018-18 was applied retrospectively, and prior periods have been restated to conform to the presentation prescribed by ASU 2018-18. The adoption of ASU 2018-18 did not impact total revenues for the prior period presented in the accompanying Condensed Consolidated Statements of Income. On January 1, 2020, we adopted ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). ASU 2017-04 simplifies goodwill impairment testing by eliminating the second step of the impairment test. The amended guidance requires an impairment charge to be recognized for the amount by which the carrying amount of a reporting unit exceeds its fair value under a one-step impairment test. The adoption of ASU 2017-04 did not impact the accompanying Condensed Consolidated Financial Statements. On January 1, 2020, we adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) (ASU 2016-13). ASU 2016-13 implements an impairment model, known as the current expected credit loss model, that is based on expected losses rather than incurred losses. Under the new guidance, we will recognize our estimate of current expected credit losses as an allowance on financial assets measured at amortized cost, including accounts receivable, unbilled collaboration revenues, and investments classified as available for sale. Current expected credit losses were immaterial as of the date of adoption, and the adoption of ASU 2016-13 did not have a significant impact on the accompanying Condensed Consolidated Financial Statements. Investment Impairment Quarterly, we assess each of our investments in debt securities available-for-sale whose fair value is below its cost basis to determine if the investment’s impairment is due to credit-related factors or noncredit-related factors. Factors considered in determining whether an impairment is credit-related include the extent to which the investment’s fair value is less than its cost basis, declines in published credit ratings, issuer default on interest or principal payments, and declines in the financial condition and near-term prospects of the issuer. If we determine a credit-related impairment exists, we will measure the credit loss based on a discounted cash flows model. Credit-related impairments on debt securities available-for-sale are recognized as an allowance for credit losses with a corresponding adjustment to other income, net in the accompanying Condensed Consolidated Statements of Income. The portion of the impairment that is not credit-related is recorded, net of applicable taxes, as a reduction of other comprehensive income. We have elected to exclude accrued interest from both the fair value and the amortized cost basis of debt securities available-for-sale for the purposes of identifying and measuring an impairment. We write-off accrued interest as a reduction of interest income when an issuer has defaulted on interest payments due on a security. Accounts Receivable Trade receivables, net contain amounts billed to our customers for product sales, and amounts billed to our collaboration partners for development, regulatory and sales-based milestone payments, royalties on the sale of licensed products, profit-sharing arrangements, development cost reimbursements, and payments for product supply services. Our customers are primarily pharmaceutical and biotechnology companies that are located in the U.S., and collaboration partners that are located in Europe and Japan. We record trade receivables net of allowances for credit losses and chargebacks, and cash discounts for prompt payment. We apply an aging method to estimate credit losses and consider our historical loss information, adjusted to account for current conditions, and reasonable and supportable forecasts of future economic conditions affecting our customers. Goodwill We recorded goodwill amounts as the excess purchase price over tangible assets, liabilities and intangible assets acquired based on their estimated fair value. We review the carrying amount of goodwill for impairment annually and whenever events or changes in circumstance indicate that the carrying value may not be recoverable. We perform our annual assessment of the recoverability of our goodwill as of the first day of our fourth quarter. The assessment of recoverability may first consider qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of our reporting unit is less than its carrying amount. We perform a quantitative assessment if the qualitative assessment results in a more likely than not determination or if a qualitative assessment is not performed. The quantitative assessment determines whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recognized for the amount by which the carrying amount of a reporting unit exceeds its fair value, limited to the goodwill balance. We operate in one business segment, which is also considered to be our sole reporting unit and therefore, goodwill is tested for impairment at the enterprise level. We did not recognize any impairment charges in any of the periods presented. Collaboration Agreements We assess whether our collaboration agreements are subject to ASC Topic 808, Collaborative Arrangements (Topic 808) based on whether they involve joint operating activities and whether both parties have active participation in the arrangement and are exposed to significant risks and rewards. To the extent that the arrangement falls within the scope of Topic 808, we apply the unit of account guidance under Topic 606 to identify distinct performance obligations, and then determine whether a customer relationship exists for each distinct performance obligation. If we determine a performance obligation within the arrangement is with a customer, we apply the guidance in Topic 606. If a portion of a distinct bundle of goods or services within an arrangement is not with a customer, then the unit of account is not within the scope of Topic 606, and the recognition and measurement of that unit of account shall be based on analogy to authoritative accounting literature or, if there is no appropriate analogy, a reasonable, rational, and consistently applied accounting policy election. We enter into collaboration arrangements, under which we license certain rights to our intellectual property to third parties. The terms of these arrangements typically include payments to us for one or more of the following: non-refundable, up-front license fees; development, regulatory and sales-based milestone payments; product supply services; development cost reimbursements; profit-sharing arrangements; and royalties on net sales of licensed products. As part of the accounting for these arrangements, we develop assumptions that require judgment to determine the standalone selling price for each performance obligation identified in the contract. These key assumptions may include forecasted revenues, clinical development timelines and costs, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. Up-front License Fees: If the license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize revenues from nonrefundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license, which happens at or near the inception of the contract. For licenses that are bundled with other promises, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenues from non-refundable, up-front fees. We evaluate the measure of progress at the end of each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. Regulatory and Development Milestone Payments: At the inception of each arrangement that includes development milestone payments, we evaluate whether the milestones are considered probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within our or the licensee’s control, such as regulatory approvals, are not considered probable of being achieved until uncertainty associated with the approvals has been resolved. The transaction price is then allocated to each performance obligation, on a relative standalone selling price basis, for which we recognize revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, we re-evaluate the probability of achieving such development and regulatory milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis. Product Supply Services: Arrangements that include a promise for the future supply of drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered as options. We assess if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations. Development Cost Reimbursements: Our collaboration arrangements may include promises of future clinical development and drug safety services, as well as participation on certain joint committees. When such services are provided to a customer, and they are distinct from the licenses provided to our collaboration partners, these promises are accounted for as a separate performance obligation which we estimate using internal development costs incurred and projections through the term of the arrangements. We record revenues for these services as the performance obligations are satisfied over time. However, if we conclude that our collaboration partner is not a customer for those collaborative research and development activities, we present such payments as a reduction of research and development expenses. Profit-sharing Arrangements: Under the terms of our collaboration agreement with Genentech for cobimetinib, we are entitled to a share of U.S. profits and losses received in connection with the commercialization of cobimetinib. We account for this arrangement in accordance with Topic 606. We have determined that we are an agent under the agreement and therefore revenues are recorded net of costs incurred. We record revenues for the variable consideration associated with the profits and losses under the collaboration agreement when it is probable that a significant reversal in the amount of cumulative revenues recognized will not occur. Royalty and Sales-based Milestone Payments: For arrangements that include royalties and sales-based milestone payments, including milestone payments earned for the first commercial sale of a product, the license is deemed to be the predominant item to which such payments relate and we recognize revenues at the later of when the related sales occur or when the performance obligation to which the royalty has been allocated has been satisfied. Recent Accounting Pronouncements Not Yet Adopted In December 2019, the Financial Accounting Standards Board issued ASU 2019-12, Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes (ASU 2019-12). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740, Income Taxes and clarifying and amending existing guidance. ASU 2019-12 will be effective for us in the first quarter of 2021 with early adoption permitted. We are currently assessing the impact of ASU 2019-12 on our financial statements.

Revenues

6 Months Ended

Jul. 03, 2020

Revenue from Contract with Customer [Abstract]

REVENUES

Revenues consisted of the following (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Product revenues:
Gross product revenues	$	229,898		$	240,418		$	482,464		$	464,168
Discounts and allowances	(51,168		)	(46,743		)	(109,854		)	(90,912		)
Net product revenues	178,730			193,675			372,610			373,256
Collaboration revenues:
License revenues	59,234			37,742			80,113			63,306
Collaboration services revenues	21,515			8,858			33,671			19,200
Total collaboration revenues	80,749			46,600			113,784			82,506
Total revenues	$	259,479		$	240,275		$	486,394		$	455,762

Net product revenues and license revenues are recorded in accordance with Topic 606. License revenues include the recognition of the portion of milestones payments allocated to the transfer of intellectual property licenses for which it had become probable in the current period that the milestone would be achieved and a significant reversal of revenues would not occur, as well as royalty revenues and our share of profits under our collaboration agreement with Genentech. Collaboration services revenues were recorded in accordance with Topic 808 and by analogy to Topic 606. Collaboration services revenues include the recognition of deferred revenues for the portion of upfront and milestone payments allocated to our research and development services performance obligations, development cost reimbursements earned under our collaboration agreements, product supply revenues, net of product supply costs, and the royalties we paid to GlaxoSmithKline (GSK) on sales of products containing cabozantinib by our collaboration partners.

Net product revenues by product were as follows (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
CABOMETYX	$	173,610	$	189,015	$	362,826	$	364,905
COMETRIQ	5,120		4,660		9,784		8,351
Net product revenues	$	178,730	$	193,675	$	372,610	$	373,256

The percentage of total revenues by customer who individually accounted for 10% or more of our total revenues were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Ipsen Pharma SAS (Ipsen)	20	%	9	%	17	%	10	%
Affiliates of CVS Health Corporation	13	%	15	%	15	%	15	%
Affiliates of McKesson Corporation	11	%	13	%	13	%	12	%
Affiliates of AmerisourceBergen Corporation	11	%	10	%	11	%	10	%
Affiliates of Optum Specialty Pharmacy	10	%	8	%	11	%	8	%
Takeda Pharmaceutical Company Limited (Takeda)	10	%	1	%	5	%	3	%
Accredo Health, Incorporated	10	%	8	%	9	%	9	%

Revenues by geographic region were as follows (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
U.S.	$	181,231	$	196,347	$	377,827	$	378,473
Europe	52,917		22,249		81,953		44,117
Japan	25,331		21,679		26,614		33,172
Total revenues	$	259,479	$	240,275	$	486,394	$	455,762

Net product revenues are attributed to geographic region based on the ship-to location. License and collaboration services revenues are attributed to geographic region based on the location of our collaboration partners’ headquarters.

Product Sales Discounts and Allowances

The activities and ending reserve balances for each significant category of discounts and allowances, which constitute variable consideration, were as follows (in thousands):



	Chargebacks and Discounts for Prompt Payment			Other Customer Credits/Fees and Co-pay Assistance			Rebates			Total
Balance at December 31, 2019	$	7,514		$	3,497		$	15,222		$	26,233
Provision related to sales made in:
Current period	72,874			8,339			28,226			109,439
Prior periods	39			(364		)	740			415
Payments and customer credits issued	(72,169		)	(9,111		)	(29,592		)	(110,872		)
Balance at June 30, 2020	$	8,258		$	2,361		$	14,596		$	25,215

The allowance for chargebacks and discounts for prompt payment is recorded as a reduction of trade receivables, net and the remaining reserves are recorded as rebates and fees due to customers in the accompanying Condensed Consolidated Balance Sheets.

Contract Assets and Liabilities

We receive payments from our collaboration partners based on billing schedules established in each contract. Amounts are recorded as accounts receivable when our right to consideration is unconditional. We may also recognize revenues in advance of the contractual billing schedule and such amounts are recorded, net of any allowance for credit losses, as a contract asset when recognized. Contract assets, which are presented in prepaid expenses and other current assets in the accompanying Condensed Consolidated Balance Sheets, were $13.8 million and $1.1 million as of June 30, 2020 and December 31, 2019, respectively. We may be required to defer recognition of revenues for upfront and milestone payments until we perform our obligations under these arrangements, and such amounts are recorded as deferred revenues upon receipt or when due. Contract liabilities were $16.3 million and $6.6 million as of June 30, 2020 and December 31, 2019, respectively. The current portion of the contract liabilities totaling $1.3 million and $0 as of June 30, 2020 and December 31, 2019, respectively, are presented in other current liabilities and the remainder of the contract liabilities are presented in long-term portion of deferred revenues as of those dates in the accompanying Condensed Consolidated Balance Sheets. For those contracts that have multiple performance obligations, contract assets and liabilities are reported on a net basis at the contract level.

Significant changes in contract assets during the six months ended June 30, 2020 include the impact of a $20.0 million development milestone from Ipsen we determined was probable of achievement, which was offset by the impact of a $10.0 million milestone from Takeda which was recognized as revenues during the year ended December 31, 2019 and was achieved, invoiced and collected during the current period.

During the six months ended June 30, 2020 and 2019, we recognized $3.4 million and $1.8 million, respectively, in revenues that were included in the beginning deferred revenues balance for those periods.

During the three and six months ended June 30, 2020, we recognized $62.0 million and $82.2 million, respectively, in revenues for performance obligations satisfied in previous periods as compared to $36.1 million and $61.4 million during the comparable periods in 2019. Such revenues primarily related to milestone and royalty payments allocated to the license performance obligations for our collaborations with Ipsen, Takeda, Daiichi Sankyo and Genentech.

As of June 30, 2020, $71.4 million of the transaction price was allocated to performance obligations that had not yet been satisfied. See “Note 3. Collaboration Agreements - Cabozantinib Commercial Collaborations - Performance Obligations and Transaction Prices for our Ipsen and Takeda Collaborations” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 for information about the expected timing to satisfy these performance obligations.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Collaboration Agreements

6 Months Ended

Jul. 03, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

COLLABORATION AGREEMENTS

We have established multiple collaborations with leading pharmaceutical companies for the commercialization and further development of cabozantinib. Additionally, consistent with our business strategy prior to the commercialization of cabozantinib, we entered into other collaborations with leading pharmaceutical companies for other compounds and programs in our portfolio. Under these collaborations, we are generally entitled to receive milestone and royalty payments, and for certain collaborations receive payments for product supply services, development cost reimbursements, and/or profit-sharing payments. See “Note 2. Revenues” for additional information on revenues recognized under our collaboration agreements.

We have also established multiple collaborations with smaller, discovery-focused biotechnology companies to expand our product pipeline. Under these collaborations, we may be required to make milestone and royalty payments, and for certain collaborations make payments for development cost reimbursements and/or option exercise fees.

See “Note 3. Collaboration Agreements” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 for a description of each of our collaboration agreements.

Cabozantinib Collaborations

Ipsen Collaboration

In February 2016, we entered into a collaboration agreement with Ipsen for the commercialization and further development of cabozantinib. Under the terms of the collaboration agreement, as amended, Ipsen received exclusive commercialization rights for current and potential future cabozantinib indications outside of the U.S. and Japan. We have also agreed to collaborate with Ipsen on the development of cabozantinib for current and potential future indications. The parties’ efforts are governed through a joint steering committee and appropriate subcommittees established to guide and oversee the collaboration’s operation and strategic direction; provided, however, that we retain final decision-making authority with respect to cabozantinib’s ongoing development. During the second quarter of 2020, Ipsen opted into and is now co-funding the development costs for CONTACT-01 and CONTACT-02, two phase 3 pivotal trials of cabozantinib in combination with atezolizumab in patients with previously treated, metastatic non-small cell lung cancer and metastatic castration-resistant prostate cancer, respectively, and the four remaining cohorts of COSMIC-021 it had not previously opted into.

Revenues under the collaboration agreement with Ipsen were as follows (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
License revenues	$	33,597	$	14,946	$	51,546	$	28,909
Collaboration services revenues	19,320		7,303		30,407		15,208
Total	$	52,917	$	22,249	$	81,953	$	44,117

Revenues for both the three and six months ended June 30, 2020 included $18.8 million in revenues recognized in connection with a $20.0 million development milestone from Ipsen we determined was probable of achievement.

As of June 30, 2020, $46.2 million of the transaction price was allocated to our research and development services performance obligation that has not yet been satisfied.

Takeda Collaboration

In January 2017, we entered into a collaboration agreement with Takeda. Under this collaboration agreement, as amended, Takeda has exclusive commercialization rights for current and potential future cabozantinib indications in Japan, and the parties have agreed to collaborate on the clinical development of cabozantinib in Japan. The operation and strategic direction of the parties’ collaboration is governed through a joint executive committee and appropriate subcommittees.

Revenues under the collaboration agreement with Takeda were as follows (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
License revenues	$	22,946	$	—	$	22,946	$	9,056
Collaboration services revenues	2,195		1,565		3,264		4,002
Total	$	25,141	$	1,565	$	26,210	$	13,058

Revenues for both the three and six months ended June 30, 2020 included $23.7 million in revenues recognized in connection with $31.0 million in milestones we achieved upon Takeda’s first commercial sale of CABOMETYX as a treatment for patients with curatively unresectable or metastatic renal cell carcinoma in Japan, as well as royalties earned related to sales of cabozantinib in Japan.

As of June 30, 2020, $25.1 million of the transaction price was allocated to our research and development services performance obligation that has not yet been satisfied.

GSK

In October 2002, we established a product development and commercialization collaboration agreement with GSK. We are required to pay a 3% royalty to GSK on the net sales of any product incorporating cabozantinib by us and our collaboration partners. Royalties earned by GSK in connection with the sales of cabozantinib are included in cost of goods sold for sales by us and as a reduction of collaboration services revenues for sales by our collaboration partners. Such royalties were $7.6 million and $15.7 million during the three and six months ended June 30, 2020, respectively, as compared to $7.8 million and $15.1 million during the comparable periods in 2019.

Genentech Collaboration

In December 2006, we out-licensed the development and commercialization of cobimetinib to Genentech under a worldwide collaboration agreement. In November 2015, the U.S. Food and Drug Administration (FDA) approved cobimetinib, under the brand name COTELLIC, in combination with Genentech’s Zelboraf (vemurafenib) as a treatment for patients with BRAF V600E or V600K mutation-positive advanced melanoma. COTELLIC in combination with Zelboraf has also been approved in the European Union and multiple additional countries for use in the same indication. In July 2020, the FDA also approved COTELLIC for use in combination with Zelboraf and Tecentriq (atezolizumab) as a treatment for BRAF V600-mutation positive advanced melanoma in previously untreated patients. License revenues under the collaboration agreement with Genentech were as follows (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Profits on U.S. commercialization	$	1,376	$	1,349	$	2,783	$	2,404
Royalty revenues on ex-U.S. sales	$	1,125	$	1,323	$	2,434	$	2,813

Cash and Investments

6 Months Ended

Jul. 03, 2020

Investments, Debt and Equity Securities [Abstract]

CASH AND INVESTMENTS

Cash, Cash Equivalents and Restricted Cash Equivalents

A reconciliation of cash, cash equivalents, and restricted cash equivalents reported in the accompanying Condensed Consolidated Balance Sheets to the amount reported within the accompanying Condensed Consolidated Statements of Cash Flows was as follows (in thousands):



	June 30, 2020		December 31, 2019
Cash and cash equivalents	$	527,143	$	266,501
Restricted cash equivalents included in long-term investments	1,636		1,636
Cash, cash equivalents, and restricted cash equivalents as reported in the accompanying Condensed Consolidated Statements of Cash Flows	$	528,779	$	268,137

Restricted cash equivalents consisted of certificates of deposit with original maturities of 90 days or less used to collateralize letters of credit. The long-term classification of restricted cash equivalents is based upon the remaining term of the underlying restriction.

Cash and Investments

Cash and investments consisted of the following (in thousands):



	June 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Debt securities available-for-sale:
Commercial paper	$	239,685	$	245	$	—		$	239,930
Corporate bonds	663,491		9,527		(150		)	672,868
U.S. Treasury and government-sponsored enterprises	89,890		462		—			90,352
Municipal bonds	28,229		152		(1		)	28,380
Total debt securities available-for-sale	1,021,295		10,386		(151		)	1,031,530
Cash	52,053		—		—			52,053
Money market funds	404,313		—		—			404,313
Certificates of deposit	52,283		—		—			52,283
Total cash and investments	$	1,529,944	$	10,386	$	(151	)	$	1,540,179



	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Debt securities available-for-sale:
Commercial paper	$	389,573	$	—	$	—		$	389,573
Corporate bonds	752,295		3,934		(3		)	756,226
U.S. Treasury and government-sponsored enterprises	166,483		187		(5		)	166,665
Total debt securities available-for-sale	1,308,351		4,121		(8		)	1,312,464
Cash	40,964		—		—			40,964
Money market funds	2,467		—		—			2,467
Certificates of deposit	32,728		5		—			32,733
Total cash and investments	$	1,384,510	$	4,126	$	(8	)	$	1,388,628

Interest receivable was $5.3 million and $6.2 million as of June 30, 2020 and December 31, 2019, respectively, and is included in prepaid expenses and other current assets in the accompanying Condensed Consolidated Balance Sheets.

Realized gains and losses on the sales of investments were insignificant during the three and six months ended June 30, 2020 and 2019.

We manage credit risk associated with our investment portfolio through our investment policy, which limits purchases to high-quality issuers and limits the amount of our portfolio that can be invested in a single issuer. The fair value and gross unrealized losses on debt securities available-for-sale in an unrealized loss position were as follows (in thousands):



	June 30, 2020
	Fair Value		Gross Unrealized Losses
Corporate bonds	$	27,850	$	(150	)
U.S. Treasury and government-sponsored enterprises	4,997		—
Municipal bonds	2,471		(1		)
Total	$	35,318	$	(151	)



	December 31, 2019
	Fair Value		Gross Unrealized Losses
Corporate bonds	$	14,529	$	(3	)
U.S. Treasury and government-sponsored enterprises	2,848		(5		)
Total	$	17,377	$	(8	)

All securities presented have been in an unrealized loss position less than 12 months. There were 17 and 9 investments in an unrealized loss position as of June 30, 2020 and December 31, 2019, respectively. During the six months ended June 30, 2020 and 2019, we did not record an allowance for credit losses or other impairment charges on our investment securities. Based upon our quarterly impairment review, we determined that the unrealized losses were not attributed to credit risk but were primarily associated with changes in interest rates and market liquidity. Based on the scheduled maturities of our investments, we determined that it was more likely than not that we will hold these investments for a period of time sufficient for a recovery of our cost basis.

The fair value of debt securities available-for-sale by contractual maturity was as follows (in thousands):



	June 30, 2020		December 31, 2019
Maturing in one year or less	$	720,089	$	789,913
Maturing after one year through five years	311,441		522,551
Total debt securities available-for-sale	$	1,031,530	$	1,312,464

Fair Value Measurements

6 Months Ended

Jul. 03, 2020

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value reflects the amounts that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy has the following three levels:


•	Level 1 - quoted prices (unadjusted) in active markets for identical assets and liabilities;


•	Level 2 - inputs other than level 1 that are observable either directly or indirectly, such as quoted prices in active markets for similar instruments or on industry models using data inputs, such as interest rates and prices that can be directly observed or corroborated in active markets;


•	Level 3 - unobservable inputs that are supported by little or no market activity that are significant to the fair value measurement

The classifications within the fair value hierarchy of our financial assets that were measured and recorded at fair value on a recurring basis were as follows (in thousands):



	June 30, 2020
	Level 1		Level 2		Total
Commercial paper	$	—	$	239,930	$	239,930
Corporate bonds	—		672,868		672,868
U.S. Treasury and government-sponsored enterprises	—		90,352		90,352
Municipal bonds	—		28,380		28,380
Total debt securities available-for-sale	—		1,031,530		1,031,530
Money market funds	404,313		—		404,313
Certificates of deposit	—		52,283		52,283
Total financial assets carried at fair value	$	404,313	$	1,083,813	$	1,488,126



	December 31, 2019
	Level 1		Level 2		Total
Commercial paper	$	—	$	389,573	$	389,573
Corporate bonds	—		756,226		756,226
U.S. Treasury and government-sponsored enterprises	—		166,665		166,665
Total debt securities available-for-sale	—		1,312,464		1,312,464
Money market funds	2,467		—		2,467
Certificates of deposit	—		32,733		32,733
Total financial assets carried at fair value	$	2,467	$	1,345,197	$	1,347,664

When available, we value investments based on quoted prices for those financial instruments, which is a Level 1 input. Our remaining investments are valued using third-party pricing sources, which use observable market prices, interest rates and yield curves observable at commonly quoted intervals for similar assets as observable inputs for pricing, which is a Level 2 input.

The carrying amount of our remaining financial assets and liabilities, which include cash, receivables and payables, approximate their fair values due to their short-term nature.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Inventory

6 Months Ended

Jul. 03, 2020

Inventory Disclosure [Abstract]

INVENTORY

Inventory consisted of the following (in thousands):



	June 30, 2020		December 31, 2019
Raw materials	$	1,876	$	2,709
Work in process	15,275		9,447
Finished goods	5,086		4,367
Total	$	22,237	$	16,523
Balance Sheet classification:
Current portion included in inventory	$	16,608	$	12,886
Long-term portion included in other long-term assets	5,629		3,637
Total	$	22,237	$	16,523

Write-downs related to excess and expiring inventory were $1.3 million and $0.4 million for the six months ended June 30, 2020 and 2019, respectively.

Stock-Based Compensation

6 Months Ended

Jul. 03, 2020

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

We allocated the stock-based compensation expense for our equity incentive plans and our 2000 Employee Stock Purchase Plan (ESPP) as follows (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Research and development	$	6,112	$	5,138	$	11,198	$	9,444
Selling, general and administrative	10,042		9,941		18,938		18,164
Total stock-based compensation	$	16,154	$	15,079	$	30,136	$	27,608

As of June 30, 2020, 25,749,356 shares were available for grant under the Exelixis, Inc. 2017 Equity Incentive Plan (as amended and restated, the 2017 Plan). The share reserve is reduced by 1 share for each share issued pursuant to a stock option or stock appreciation award and 1.5 shares for full value awards granted in the form of restricted stock units (RSUs). On May 20, 2020, at our 2020 Annual Meeting of Stockholders, our stockholders approved the amendment and restatement of the 2017 Plan. The amendment and restatement increased the share reserve under the 2017 Plan by 21,000,000 shares (the Additional Shares), subject to adjustment for certain changes in our capitalization, which became effective immediately upon stockholder approval. The Additional Shares will be registered on a Form S-8 prior to grant.

During the six months ended June 30, 2020, we granted 839,318 stock options with a weighted average exercise price of $21.40 per share and a weighted average grant date fair value of $9.74 per share. As of June 30, 2020, there were 16,655,274 stock options outstanding and $30.3 million unrecognized compensation expense.

During the six months ended June 30, 2020, we granted 889,023 RSUs with a weighted average grant date fair value of $21.43 per share. As of June 30, 2020, there were 4,774,852 RSUs outstanding and $75.1 million unrecognized compensation expense.

Stock options and RSUs granted to employees during the six months ended June 30, 2020 have vesting conditions and contractual lives of a similar nature to those described in “Note 8. Employee Benefit Plans” of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019.

During the year ended December 31, 2018, in connection with our long-term incentive compensation program, we granted 308,365 performance-based stock options (PSOs) to our President and Chief Executive Officer. In addition to the standard service-based vesting conditions included in our other stock options, these PSOs contain a market vesting condition such that they may not be exercised until, at any time after the grant date, the closing market price of our Common Stock is equal to or greater than 125% of the per share exercise price of the PSOs over a period of at least 30 consecutive calendar days. This market vesting condition was achieved during the three months ended June 30, 2020. The stock-based compensation expense for the PSOs is being recognized on an accelerated basis over the service period of the award, which commenced on the date of grant. The achievement of the market vesting condition did not impact the compensation expense recognized during the period.

As of June 30, 2020, there were 4,343,852 performance-based restricted stock units (PSUs) outstanding with $79.7 million in related unrecognized compensation expense. Expense recognition for PSUs commences when it is determined that achievement of the performance target is probable. Of the outstanding PSUs, 237,945 relate to awards for which we achieved the performance target during 2019 or had determined during 2019 that it was probable that we would achieve the performance target during 2020. During the three months ended June 30, 2020, we determined that it had become probable that we would achieve an additional performance target for 98,653 additional PSUs granted during 2018 resulting in $0.9 million in compensation expense during the period. For more information about our PSUs, see “Note 8. Employee Benefit Plans” of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019.

Income Taxes	6 Months Ended
Income Taxes	Jul. 03, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our effective income tax rate was 17.2% and 18.0% during the three and six months ended June 30, 2020, respectively, as compared to 20.8% and 18.7% for the comparable periods in 2019. The effective tax rate for the three and six months ended June 30, 2020 and 2019 differed from the U.S. federal statutory rate of 21% primarily due to excess tax benefits related to the exercise of certain stock options during the periods.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net Income Per Share

6 Months Ended

Jul. 03, 2020

Earnings Per Share [Abstract]

NET INCOME PER SHARE

Net income per share - basic and diluted, were computed as follows (in thousands, except per share amounts):



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Numerator:
Net income	$	66,821	$	79,042	$	115,433	$	154,817
Denominator:
Weighted-average common shares outstanding - basic	307,807		302,188		306,598		301,365
Dilutive securities	10,337		12,723		10,394		13,421
Weighted-average common shares outstanding - diluted	318,144		314,911		316,992		314,786
Net income per share - basic	$	0.22	$	0.26	$	0.38	$	0.51
Net income per share - diluted	$	0.21	$	0.25	$	0.36	$	0.49

Dilutive securities included stock options, RSUs, PSUs and ESPP contributions.

Certain potential common shares were excluded from our calculation of weighted-average common shares outstanding - diluted because either they would have had an anti-dilutive effect on net income per share or they were related to shares from PSOs and PSUs for which the contingent vesting condition had not been achieved. These excluded potential common shares were as follows (in thousands):



	Three Months Ended June 30,		Six Months Ended June 30,
	2020	2019	2020	2019
Anti-dilutive securities and contingently issuable shares excluded	8,812	5,935	10,413	5,625

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jul. 03, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In September 2019, we received a notice letter regarding an Abbreviated New Drug Application (ANDA) submitted to the FDA by MSN Pharmaceuticals, Inc. (MSN), requesting approval to market a generic version of CABOMETYX tablets. MSN’s initial notice letter included a Paragraph IV certification with respect to our U.S. Patent Nos. 8,877,776, 9,724,342, 10,034,873 and 10,039,757, which are listed in the Approved Drug Products with Therapeutic Equivalence Evaluations, also referred to as the Orange Book. MSN’s initial notice letter did not provide a Paragraph IV certification against U.S. Patent No. 7,579,473, the composition of matter patent, or U.S. Patent No. 8,497,284, a method of use patent. On October 29, 2019, we filed a complaint in the United States District Court for the District of Delaware for patent infringement against MSN asserting U.S. Patent No. 8,877,776 arising from MSN’s ANDA filing with the FDA. On November 20, 2019, MSN filed its response to the complaint, alleging that U.S. Patent No. 8,877,776 is invalid and not infringed. On May 5, 2020, we received notice from MSN that it had amended its ANDA to assert additional Paragraph IV certifications. The ANDA now requests approval to market a generic version of CABOMETYX tablets prior to expiration of the two previously-unasserted CABOMETYX patents: U.S. Patent No. 7,579,473 and U.S. Patent No. 8,497,284. On May 11, 2020, we filed a complaint in the United States District Court for the District of Delaware for patent infringement against MSN asserting U.S. Patent No. 7,579,473 and U.S. Patent No. 8,497,284 arising from MSN’s amended ANDA filing with the FDA. On May 22, 2020, MSN filed its response to the complaint, alleging that each of U.S. Patent No. 7,579,473 and U.S. Patent No. 8,497,284 is invalid and not infringed. Neither of our complaints alleges infringement of U.S. Patent Nos. 9,724,342, 10,034,873 and 10,039,757. In our complaints, we are seeking, among other relief, an order that the effective date of any FDA approval of the ANDA would be a date no earlier than the expiration of all of U.S. Patent No. 7,579,473, U.S. Patent No. 8,497,284 and U.S. Patent No. 8,877,776, the latest of which expires on October 8, 2030, and equitable relief enjoining MSN from infringing these patents. These two lawsuits against MSN have been consolidated, and a bench trial has been scheduled for May 2022. The sale of a generic version of CABOMETYX earlier than its patent expiration could significantly decrease our revenues and thereby materially harm our business, financial condition and results of operations. It is not possible at this time to determine the likelihood of an unfavorable outcome or estimate of the amount or range of any potential loss. We may also from time to time become a party or subject to various other legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. Some of these proceedings have involved, and may involve in the future, claims that are subject to substantial uncertainties and unascertainable damages.

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 03, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	The accompanying Condensed Consolidated Financial Statements include the accounts of Exelixis and those of our wholly-owned subsidiaries. These entities’ functional currency is the U.S. dollar. All intercompany balances and transactions have been eliminated.
Basis of Presentation	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial statements for the periods presented have been included. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 or for any future period. The accompanying Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with our Consolidated Financial Statements and Notes thereto for the year ended December 31, 2019, included in our Annual Report on Form 10-K filed with the SEC on February 25, 2020.
Fiscal Period	We have adopted a 52- or 53-week fiscal year policy that generally ends on the Friday closest to December 31^st. Fiscal year 2020, which is a 52-week fiscal year, will end on January 1, 2021 and fiscal year 2019, which was a 53-week fiscal year, ended on January 3, 2020. For convenience, references in this report as of and for the fiscal periods ended July 3, 2020 and June 28, 2019, and as of and for the fiscal years ending January 1, 2021, and ended January 3, 2020, are indicated as being as of and for the fiscal periods ended June 30, 2020 and June 30, 2019 and the years ending December 31, 2020 and ended December 31, 2019, respectively. Similarly, references in this report to the first day of the fiscal year ending January 1, 2021 are indicated as being as of January 1, 2020.
Reclassifications	Certain prior period amounts in the accompanying Condensed Consolidated Financial Statements have been reclassified to conform to the current period presentation. Such reclassifications did not impact previously reported total revenues, income from operations, net income, total assets, total liabilities or total stockholders’ equity.
Segment Information	We operate in one business segment that focuses on the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Our Chief Executive Officer, as the chief operating decision-maker, manages and allocates resources to our operations on a total consolidated basis. Consistent with this decision-making process, our Chief Executive Officer uses consolidated, single-segment financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets.
Use of Estimates	The preparation of the accompanying Condensed Consolidated Financial Statements conforms to accounting principles generally accepted in the U.S., which requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses, and related disclosures. We base our estimates on historical experience and on various other market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates. In March 2020, we received the 2020 preliminary fee notice from the Internal Revenue Service for the Branded Prescription Drug Fee for the 2018 sales year, which resulted in an increase in our estimate of such fees for the 2018 and 2019 sales years.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements On January 1, 2020, we adopted Accounting Standards Update (ASU) No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 (ASU 2018-18). ASU 2018-18 clarifies that certain transactions between collaborative arrangement participants should be accounted for as part of revenues under Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (Topic 606) when the counterparty is a customer for a distinct good or service (i.e. a unit of account). For units of account that are in the scope of Topic 606, all of the guidance in Topic 606 should be applied, including the guidance on recognition, measurement, presentation and disclosure. ASU 2018-18 precludes entities from presenting amounts related to transactions with a counterparty in a collaborative arrangement that is not a customer as revenue from contracts with customers. If a portion of a distinct bundle of goods or services within an arrangement is not with a customer, then the unit of account is not within the scope of Topic 606, and the recognition and measurement of that unit of account shall be based on analogy to authoritative accounting literature or, if there is no appropriate analogy, a reasonable, rational, and consistently applied accounting policy election. Upon adoption of ASU 2018-18, we have presented revenues from performance obligations associated with our collaboration arrangements that are within the scope of Topic 606 (license revenues) separately from revenues from performance obligations that are not subject to Topic 606 (collaboration services revenues). The adoption of ASU 2018-18 was applied retrospectively, and prior periods have been restated to conform to the presentation prescribed by ASU 2018-18. The adoption of ASU 2018-18 did not impact total revenues for the prior period presented in the accompanying Condensed Consolidated Statements of Income. On January 1, 2020, we adopted ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). ASU 2017-04 simplifies goodwill impairment testing by eliminating the second step of the impairment test. The amended guidance requires an impairment charge to be recognized for the amount by which the carrying amount of a reporting unit exceeds its fair value under a one-step impairment test. The adoption of ASU 2017-04 did not impact the accompanying Condensed Consolidated Financial Statements. On January 1, 2020, we adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) (ASU 2016-13). ASU 2016-13 implements an impairment model, known as the current expected credit loss model, that is based on expected losses rather than incurred losses. Under the new guidance, we will recognize our estimate of current expected credit losses as an allowance on financial assets measured at amortized cost, including accounts receivable, unbilled collaboration revenues, and investments classified as available for sale. Current expected credit losses were immaterial as of the date of adoption, and the adoption of ASU 2016-13 did not have a significant impact on the accompanying Condensed Consolidated Financial Statements. Investment Impairment Quarterly, we assess each of our investments in debt securities available-for-sale whose fair value is below its cost basis to determine if the investment’s impairment is due to credit-related factors or noncredit-related factors. Factors considered in determining whether an impairment is credit-related include the extent to which the investment’s fair value is less than its cost basis, declines in published credit ratings, issuer default on interest or principal payments, and declines in the financial condition and near-term prospects of the issuer. If we determine a credit-related impairment exists, we will measure the credit loss based on a discounted cash flows model. Credit-related impairments on debt securities available-for-sale are recognized as an allowance for credit losses with a corresponding adjustment to other income, net in the accompanying Condensed Consolidated Statements of Income. The portion of the impairment that is not credit-related is recorded, net of applicable taxes, as a reduction of other comprehensive income. We have elected to exclude accrued interest from both the fair value and the amortized cost basis of debt securities available-for-sale for the purposes of identifying and measuring an impairment. We write-off accrued interest as a reduction of interest income when an issuer has defaulted on interest payments due on a security. Accounts Receivable Trade receivables, net contain amounts billed to our customers for product sales, and amounts billed to our collaboration partners for development, regulatory and sales-based milestone payments, royalties on the sale of licensed products, profit-sharing arrangements, development cost reimbursements, and payments for product supply services. Our customers are primarily pharmaceutical and biotechnology companies that are located in the U.S., and collaboration partners that are located in Europe and Japan. We record trade receivables net of allowances for credit losses and chargebacks, and cash discounts for prompt payment. We apply an aging method to estimate credit losses and consider our historical loss information, adjusted to account for current conditions, and reasonable and supportable forecasts of future economic conditions affecting our customers. Goodwill We recorded goodwill amounts as the excess purchase price over tangible assets, liabilities and intangible assets acquired based on their estimated fair value. We review the carrying amount of goodwill for impairment annually and whenever events or changes in circumstance indicate that the carrying value may not be recoverable. We perform our annual assessment of the recoverability of our goodwill as of the first day of our fourth quarter. The assessment of recoverability may first consider qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of our reporting unit is less than its carrying amount. We perform a quantitative assessment if the qualitative assessment results in a more likely than not determination or if a qualitative assessment is not performed. The quantitative assessment determines whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recognized for the amount by which the carrying amount of a reporting unit exceeds its fair value, limited to the goodwill balance. We operate in one business segment, which is also considered to be our sole reporting unit and therefore, goodwill is tested for impairment at the enterprise level. We did not recognize any impairment charges in any of the periods presented. Collaboration Agreements We assess whether our collaboration agreements are subject to ASC Topic 808, Collaborative Arrangements (Topic 808) based on whether they involve joint operating activities and whether both parties have active participation in the arrangement and are exposed to significant risks and rewards. To the extent that the arrangement falls within the scope of Topic 808, we apply the unit of account guidance under Topic 606 to identify distinct performance obligations, and then determine whether a customer relationship exists for each distinct performance obligation. If we determine a performance obligation within the arrangement is with a customer, we apply the guidance in Topic 606. If a portion of a distinct bundle of goods or services within an arrangement is not with a customer, then the unit of account is not within the scope of Topic 606, and the recognition and measurement of that unit of account shall be based on analogy to authoritative accounting literature or, if there is no appropriate analogy, a reasonable, rational, and consistently applied accounting policy election. We enter into collaboration arrangements, under which we license certain rights to our intellectual property to third parties. The terms of these arrangements typically include payments to us for one or more of the following: non-refundable, up-front license fees; development, regulatory and sales-based milestone payments; product supply services; development cost reimbursements; profit-sharing arrangements; and royalties on net sales of licensed products. As part of the accounting for these arrangements, we develop assumptions that require judgment to determine the standalone selling price for each performance obligation identified in the contract. These key assumptions may include forecasted revenues, clinical development timelines and costs, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. Up-front License Fees: If the license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize revenues from nonrefundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license, which happens at or near the inception of the contract. For licenses that are bundled with other promises, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenues from non-refundable, up-front fees. We evaluate the measure of progress at the end of each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. Regulatory and Development Milestone Payments: At the inception of each arrangement that includes development milestone payments, we evaluate whether the milestones are considered probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within our or the licensee’s control, such as regulatory approvals, are not considered probable of being achieved until uncertainty associated with the approvals has been resolved. The transaction price is then allocated to each performance obligation, on a relative standalone selling price basis, for which we recognize revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, we re-evaluate the probability of achieving such development and regulatory milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis. Product Supply Services: Arrangements that include a promise for the future supply of drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered as options. We assess if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations. Development Cost Reimbursements: Our collaboration arrangements may include promises of future clinical development and drug safety services, as well as participation on certain joint committees. When such services are provided to a customer, and they are distinct from the licenses provided to our collaboration partners, these promises are accounted for as a separate performance obligation which we estimate using internal development costs incurred and projections through the term of the arrangements. We record revenues for these services as the performance obligations are satisfied over time. However, if we conclude that our collaboration partner is not a customer for those collaborative research and development activities, we present such payments as a reduction of research and development expenses. Profit-sharing Arrangements: Under the terms of our collaboration agreement with Genentech for cobimetinib, we are entitled to a share of U.S. profits and losses received in connection with the commercialization of cobimetinib. We account for this arrangement in accordance with Topic 606. We have determined that we are an agent under the agreement and therefore revenues are recorded net of costs incurred. We record revenues for the variable consideration associated with the profits and losses under the collaboration agreement when it is probable that a significant reversal in the amount of cumulative revenues recognized will not occur. Royalty and Sales-based Milestone Payments: For arrangements that include royalties and sales-based milestone payments, including milestone payments earned for the first commercial sale of a product, the license is deemed to be the predominant item to which such payments relate and we recognize revenues at the later of when the related sales occur or when the performance obligation to which the royalty has been allocated has been satisfied. Recent Accounting Pronouncements Not Yet Adopted In December 2019, the Financial Accounting Standards Board issued ASU 2019-12, Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes (ASU 2019-12). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740, Income Taxes and clarifying and amending existing guidance. ASU 2019-12 will be effective for us in the first quarter of 2021 with early adoption permitted. We are currently assessing the impact of ASU 2019-12 on our financial statements.
Revenues	The allowance for chargebacks and discounts for prompt payment is recorded as a reduction of trade receivables, net and the remaining reserves are recorded as rebates and fees due to customers in the accompanying Condensed Consolidated Balance Sheets. Contract Assets and Liabilities We receive payments from our collaboration partners based on billing schedules established in each contract. Amounts are recorded as accounts receivable when our right to consideration is unconditional. We may also recognize revenues in advance of the contractual billing schedule and such amounts are recorded, net of any allowance for credit losses, as a contract asset when recognized. Contract assets, which are presented in prepaid expenses and other current assets in the accompanying Condensed Consolidated Balance Sheets, were $13.8 million and $1.1 million as of June 30, 2020 and December 31, 2019, respectively. We may be required to defer recognition of revenues for upfront and milestone payments until we perform our obligations under these arrangements, and such amounts are recorded as deferred revenues upon receipt or when due. Contract liabilities were $16.3 million and $6.6 million as of June 30, 2020 and December 31, 2019, respectively. The current portion of the contract liabilities totaling $1.3 million and $0 as of June 30, 2020 and December 31, 2019, respectively, are presented in other current liabilities and the remainder of the contract liabilities are presented in long-term portion of deferred revenues as of those dates in the accompanying Condensed Consolidated Balance Sheets. For those contracts that have multiple performance obligations, contract assets and liabilities are reported on a net basis at the contract level. Net product revenues and license revenues are recorded in accordance with Topic 606. License revenues include the recognition of the portion of milestones payments allocated to the transfer of intellectual property licenses for which it had become probable in the current period that the milestone would be achieved and a significant reversal of revenues would not occur, as well as royalty revenues and our share of profits under our collaboration agreement with Genentech. Collaboration services revenues were recorded in accordance with Topic 808 and by analogy to Topic 606. Collaboration services revenues include the recognition of deferred revenues for the portion of upfront and milestone payments allocated to our research and development services performance obligations, development cost reimbursements earned under our collaboration agreements, product supply revenues, net of product supply costs, and the royalties we paid to GlaxoSmithKline (GSK) on sales of products containing cabozantinib by our collaboration partners. Net product revenues are attributed to geographic region based on the ship-to location. License and collaboration services revenues are attributed to geographic region based on the location of our collaboration partners’ headquarters.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130563-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130564-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

+ Details

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Revenues (Tables)

6 Months Ended

Jul. 03, 2020

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenues consisted of the following (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Product revenues:
Gross product revenues	$	229,898		$	240,418		$	482,464		$	464,168
Discounts and allowances	(51,168		)	(46,743		)	(109,854		)	(90,912		)
Net product revenues	178,730			193,675			372,610			373,256
Collaboration revenues:
License revenues	59,234			37,742			80,113			63,306
Collaboration services revenues	21,515			8,858			33,671			19,200
Total collaboration revenues	80,749			46,600			113,784			82,506
Total revenues	$	259,479		$	240,275		$	486,394		$	455,762

Net product revenues by product were as follows (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
CABOMETYX	$	173,610	$	189,015	$	362,826	$	364,905
COMETRIQ	5,120		4,660		9,784		8,351
Net product revenues	$	178,730	$	193,675	$	372,610	$	373,256

The percentage of total revenues by customer who individually accounted for 10% or more of our total revenues were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Ipsen Pharma SAS (Ipsen)	20	%	9	%	17	%	10	%
Affiliates of CVS Health Corporation	13	%	15	%	15	%	15	%
Affiliates of McKesson Corporation	11	%	13	%	13	%	12	%
Affiliates of AmerisourceBergen Corporation	11	%	10	%	11	%	10	%
Affiliates of Optum Specialty Pharmacy	10	%	8	%	11	%	8	%
Takeda Pharmaceutical Company Limited (Takeda)	10	%	1	%	5	%	3	%
Accredo Health, Incorporated	10	%	8	%	9	%	9	%

Revenues by geographic region were as follows (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
U.S.	$	181,231	$	196,347	$	377,827	$	378,473
Europe	52,917		22,249		81,953		44,117
Japan	25,331		21,679		26,614		33,172
Total revenues	$	259,479	$	240,275	$	486,394	$	455,762

Schedule of Activities and Ending Reserve Balances for Significant Categories of Discounts and Allowances

The activities and ending reserve balances for each significant category of discounts and allowances, which constitute variable consideration, were as follows (in thousands):



	Chargebacks and Discounts for Prompt Payment			Other Customer Credits/Fees and Co-pay Assistance			Rebates			Total
Balance at December 31, 2019	$	7,514		$	3,497		$	15,222		$	26,233
Provision related to sales made in:
Current period	72,874			8,339			28,226			109,439
Prior periods	39			(364		)	740			415
Payments and customer credits issued	(72,169		)	(9,111		)	(29,592		)	(110,872		)
Balance at June 30, 2020	$	8,258		$	2,361		$	14,596		$	25,215

Collaboration Agreements (Tables)

6 Months Ended

Jul. 03, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Collaborative Revenues Under Collaboration Agreement

Revenues under the collaboration agreement with Ipsen were as follows (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
License revenues	$	33,597	$	14,946	$	51,546	$	28,909
Collaboration services revenues	19,320		7,303		30,407		15,208
Total	$	52,917	$	22,249	$	81,953	$	44,117

License revenues under the collaboration agreement with Genentech were as follows (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Profits on U.S. commercialization	$	1,376	$	1,349	$	2,783	$	2,404
Royalty revenues on ex-U.S. sales	$	1,125	$	1,323	$	2,434	$	2,813

Revenues under the collaboration agreement with Takeda were as follows (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
License revenues	$	22,946	$	—	$	22,946	$	9,056
Collaboration services revenues	2,195		1,565		3,264		4,002
Total	$	25,141	$	1,565	$	26,210	$	13,058

Cash and Investments (Tables)

6 Months Ended

Jul. 03, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash



	June 30, 2020		December 31, 2019
Cash and cash equivalents	$	527,143	$	266,501
Restricted cash equivalents included in long-term investments	1,636		1,636
Cash, cash equivalents, and restricted cash equivalents as reported in the accompanying Condensed Consolidated Statements of Cash Flows	$	528,779	$	268,137

Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash



	June 30, 2020		December 31, 2019
Cash and cash equivalents	$	527,143	$	266,501
Restricted cash equivalents included in long-term investments	1,636		1,636
Cash, cash equivalents, and restricted cash equivalents as reported in the accompanying Condensed Consolidated Statements of Cash Flows	$	528,779	$	268,137

Schedule of Investments by Security Type

Cash and investments consisted of the following (in thousands):



	June 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Debt securities available-for-sale:
Commercial paper	$	239,685	$	245	$	—		$	239,930
Corporate bonds	663,491		9,527		(150		)	672,868
U.S. Treasury and government-sponsored enterprises	89,890		462		—			90,352
Municipal bonds	28,229		152		(1		)	28,380
Total debt securities available-for-sale	1,021,295		10,386		(151		)	1,031,530
Cash	52,053		—		—			52,053
Money market funds	404,313		—		—			404,313
Certificates of deposit	52,283		—		—			52,283
Total cash and investments	$	1,529,944	$	10,386	$	(151	)	$	1,540,179



	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Debt securities available-for-sale:
Commercial paper	$	389,573	$	—	$	—		$	389,573
Corporate bonds	752,295		3,934		(3		)	756,226
U.S. Treasury and government-sponsored enterprises	166,483		187		(5		)	166,665
Total debt securities available-for-sale	1,308,351		4,121		(8		)	1,312,464
Cash	40,964		—		—			40,964
Money market funds	2,467		—		—			2,467
Certificates of deposit	32,728		5		—			32,733
Total cash and investments	$	1,384,510	$	4,126	$	(8	)	$	1,388,628

Schedule of Fair Value and Gross Unrealized Losses of Investments Available-for-Sale in an Unrealized Loss Position

The fair value and gross unrealized losses on debt securities available-for-sale in an unrealized loss position were as follows (in thousands):



	June 30, 2020
	Fair Value		Gross Unrealized Losses
Corporate bonds	$	27,850	$	(150	)
U.S. Treasury and government-sponsored enterprises	4,997		—
Municipal bonds	2,471		(1		)
Total	$	35,318	$	(151	)



	December 31, 2019
	Fair Value		Gross Unrealized Losses
Corporate bonds	$	14,529	$	(3	)
U.S. Treasury and government-sponsored enterprises	2,848		(5		)
Total	$	17,377	$	(8	)

Schedule of Fair Value of Cash Equivalents and Investments by Contractual Maturity

The fair value of debt securities available-for-sale by contractual maturity was as follows (in thousands):



	June 30, 2020		December 31, 2019
Maturing in one year or less	$	720,089	$	789,913
Maturing after one year through five years	311,441		522,551
Total debt securities available-for-sale	$	1,031,530	$	1,312,464

Fair Value Measurements (Tables)

6 Months Ended

Jul. 03, 2020

Fair Value Disclosures [Abstract]

Schedule of Classification of Financial Assets Measured and Recorded at Fair Value on a Recurring Basis

The classifications within the fair value hierarchy of our financial assets that were measured and recorded at fair value on a recurring basis were as follows (in thousands):



	June 30, 2020
	Level 1		Level 2		Total
Commercial paper	$	—	$	239,930	$	239,930
Corporate bonds	—		672,868		672,868
U.S. Treasury and government-sponsored enterprises	—		90,352		90,352
Municipal bonds	—		28,380		28,380
Total debt securities available-for-sale	—		1,031,530		1,031,530
Money market funds	404,313		—		404,313
Certificates of deposit	—		52,283		52,283
Total financial assets carried at fair value	$	404,313	$	1,083,813	$	1,488,126



	December 31, 2019
	Level 1		Level 2		Total
Commercial paper	$	—	$	389,573	$	389,573
Corporate bonds	—		756,226		756,226
U.S. Treasury and government-sponsored enterprises	—		166,665		166,665
Total debt securities available-for-sale	—		1,312,464		1,312,464
Money market funds	2,467		—		2,467
Certificates of deposit	—		32,733		32,733
Total financial assets carried at fair value	$	2,467	$	1,345,197	$	1,347,664

Inventory (Tables)

6 Months Ended

Jul. 03, 2020

Inventory Disclosure [Abstract]

Inventory

Inventory consisted of the following (in thousands):



	June 30, 2020		December 31, 2019
Raw materials	$	1,876	$	2,709
Work in process	15,275		9,447
Finished goods	5,086		4,367
Total	$	22,237	$	16,523
Balance Sheet classification:
Current portion included in inventory	$	16,608	$	12,886
Long-term portion included in other long-term assets	5,629		3,637
Total	$	22,237	$	16,523

Stock-Based Compensation (Tables)

6 Months Ended

Jul. 03, 2020

Share-based Payment Arrangement [Abstract]

Allocated Employee Stock-Based Compensation Expense

We allocated the stock-based compensation expense for our equity incentive plans and our 2000 Employee Stock Purchase Plan (ESPP) as follows (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Research and development	$	6,112	$	5,138	$	11,198	$	9,444
Selling, general and administrative	10,042		9,941		18,938		18,164
Total stock-based compensation	$	16,154	$	15,079	$	30,136	$	27,608

Net Income Per Share (Tables)

6 Months Ended

Jul. 03, 2020

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income Per Share

Net income per share - basic and diluted, were computed as follows (in thousands, except per share amounts):



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Numerator:
Net income	$	66,821	$	79,042	$	115,433	$	154,817
Denominator:
Weighted-average common shares outstanding - basic	307,807		302,188		306,598		301,365
Dilutive securities	10,337		12,723		10,394		13,421
Weighted-average common shares outstanding - diluted	318,144		314,911		316,992		314,786
Net income per share - basic	$	0.22	$	0.26	$	0.38	$	0.51
Net income per share - diluted	$	0.21	$	0.25	$	0.36	$	0.49

Schedule of Potential Shares of Common Stock Not Included in the Computation of Diluted Net Income (Loss) Per Share

These excluded potential common shares were as follows (in thousands):



	Three Months Ended June 30,		Six Months Ended June 30,
	2020	2019	2020	2019
Anti-dilutive securities and contingently issuable shares excluded	8,812	5,935	10,413	5,625

Organization and Summary of Significant Accounting Policies (Details)	3 Months Ended			6 Months Ended
	Jul. 03, 2020 USD ($)	Apr. 03, 2020 USD ($)	Jun. 28, 2019 USD ($)	Jul. 03, 2020 USD ($) segment product $ / shares	Jun. 28, 2019 USD ($)	Jan. 03, 2020 USD ($)
Organization And Summary Of Significant Policies [Line Items]
Number of business segments \| segment				1
Selling, general and administrative	$ 59,791,000		$ 58,815,000	$ 122,731,000	$ 118,953,000
Branded prescription drug fee, accrual	15,100,000			15,100,000		$ 6,000,000.0
Branded prescription drug fee, accrual, current	8,600,000			8,600,000		4,400,000
Branded prescription drug fee, accrual, noncurrent	$ 6,500,000			6,500,000		$ 1,600,000
Goodwill impairment				$ 0
Resulting from discovery efforts
Organization And Summary Of Significant Policies [Line Items]
Number of products that entered in the commercial marketplace \| product				4
Products derived from cabozantinib
Organization And Summary Of Significant Policies [Line Items]
Number of products that entered in the commercial marketplace \| product				2
Products derived from other compounds
Organization And Summary Of Significant Policies [Line Items]
Number of products that entered in the commercial marketplace \| product				2
New information
Organization And Summary Of Significant Policies [Line Items]
Selling, general and administrative		$ 5,400,000
Decrease in earnings per share due to change in accounting estimate (USD per share) \| $ / shares				$ 0.02

Revenues - Revenues by Disaggregated Category (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2020	Jun. 28, 2019	Jul. 03, 2020	Jun. 28, 2019
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 259,479	$ 240,275	$ 486,394	$ 455,762
Revenues	259,479	240,275	486,394	455,762
Net product revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	178,730	193,675	372,610	373,256
Gross product revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	229,898	240,418	482,464	464,168
Discounts and allowances
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	(51,168)	(46,743)	(109,854)	(90,912)
Total collaboration revenues
Disaggregation of Revenue [Line Items]
Revenues	80,749	46,600	113,784	82,506
License revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	59,234	37,742	80,113	63,306
Collaboration services revenues
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	$ 21,515	$ 8,858	$ 33,671	$ 19,200

Revenues - Net Product Revenues Disaggregated by Product (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2020	Jun. 28, 2019	Jul. 03, 2020	Jun. 28, 2019
Disaggregation of Revenue [Line Items]
Net product revenues	$ 259,479	$ 240,275	$ 486,394	$ 455,762
Net product revenues
Disaggregation of Revenue [Line Items]
Net product revenues	178,730	193,675	372,610	373,256
CABOMETYX
Disaggregation of Revenue [Line Items]
Net product revenues	173,610	189,015	362,826	364,905
COMETRIQ
Disaggregation of Revenue [Line Items]
Net product revenues	$ 5,120	$ 4,660	$ 9,784	$ 8,351

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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+ Details

Revenues - Revenues Disaggregated by Significant Customer (Details) - Revenue - Customer Concentration Risk	3 Months Ended		6 Months Ended
	Jul. 03, 2020	Jun. 28, 2019	Jul. 03, 2020	Jun. 28, 2019
Ipsen Pharma SAS (Ipsen)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Percent of total revenues	20.00%	9.00%	17.00%	10.00%
Affiliates of CVS Health Corporation
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Percent of total revenues	13.00%	15.00%	15.00%	15.00%
Affiliates of McKesson Corporation
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Percent of total revenues	11.00%	13.00%	13.00%	12.00%
Affiliates of AmerisourceBergen Corporation
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Percent of total revenues	11.00%	10.00%	11.00%	10.00%
Affiliates of Optum Specialty Pharmacy
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Percent of total revenues	10.00%	8.00%	11.00%	8.00%
Takeda Pharmaceutical Company Limited (Takeda)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Percent of total revenues	10.00%	1.00%	5.00%	3.00%
Accredo Health, Incorporated
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Percent of total revenues	10.00%	8.00%	9.00%	9.00%

Revenues - Revenues Disaggregated by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2020	Jun. 28, 2019	Jul. 03, 2020	Jun. 28, 2019
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 259,479	$ 240,275	$ 486,394	$ 455,762
U.S.
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	181,231	196,347	377,827	378,473
Europe
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	52,917	22,249	81,953	44,117
Japan
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 25,331	$ 21,679	$ 26,614	$ 33,172

- Definition

+ References

+ Details

Revenues - Activities and Ending Reserve Balances for Significant Categories of Discounts and Allowances (Details) $ in Thousands	6 Months Ended
	Jul. 03, 2020 USD ($)
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2019	$ 26,233
Provision related to sales made in:
Current period	109,439
Prior periods	415
Payments and customer credits issued	(110,872)
Balance at June 30, 2020	25,215
Chargebacks and Discounts for Prompt Payment
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2019	7,514
Provision related to sales made in:
Current period	72,874
Prior periods	39
Payments and customer credits issued	(72,169)
Balance at June 30, 2020	8,258
Other Customer Credits/Fees and Co-pay Assistance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2019	3,497
Provision related to sales made in:
Current period	8,339
Prior periods	(364)
Payments and customer credits issued	(9,111)
Balance at June 30, 2020	2,361
Rebates
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2019	15,222
Provision related to sales made in:
Current period	28,226
Prior periods	740
Payments and customer credits issued	(29,592)
Balance at June 30, 2020	$ 14,596

Revenues - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2020	Jun. 28, 2019	Jul. 03, 2020	Jun. 28, 2019	Jan. 03, 2020
Disaggregation of Revenue [Line Items]
Contract assets	$ 13.8		$ 13.8		$ 1.1
Contract with customer, liability	16.3		16.3		6.6
Contract with customer, liability, current	1.3		1.3		$ 0.0
Amount of revenues recognized included in the beginning contract liability balance			3.4	$ 1.8
Revenues recognized for performance obligations satisfied in previous periods	62.0	$ 36.1	82.2	$ 61.4
Remaining performance obligation	71.4		71.4
Takeda
Disaggregation of Revenue [Line Items]
Reduction related to a milestone	$ 10.0		$ 10.0

Collaboration Agreements - Collaboration Revenues under the Collaboration Agreement with Ipsen (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2020	Jun. 28, 2019	Jul. 03, 2020	Jun. 28, 2019
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from contract with customer	$ 259,479	$ 240,275	$ 486,394	$ 455,762
Revenues	259,479	240,275	486,394	455,762
Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues	52,917	22,249	81,953	44,117
License revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from contract with customer	59,234	37,742	80,113	63,306
License revenues \| Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from contract with customer	33,597	14,946	51,546	28,909
Collaboration services revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue not from contract with customer	21,515	8,858	33,671	19,200
Collaboration services revenues \| Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue not from contract with customer	$ 19,320	$ 7,303	$ 30,407	$ 15,208

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Paragraph 1
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Collaboration Agreements - Ipsen Collaboration (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 03, 2020 USD ($)	Jul. 03, 2020 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Remaining performance obligation	$ 71.4	$ 71.4
Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments earned	18.8	18.8
Eligible payment from collaboration for development and regulatory milestone achievement under collaborations agreement	20.0	20.0
Remaining performance obligation	$ 46.2	$ 46.2

Collaboration Agreements - Collaboration Revenues under the Collaboration Agreement with Takeda (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2020	Jun. 28, 2019	Jul. 03, 2020	Jun. 28, 2019
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from contract with customer	$ 259,479	$ 240,275	$ 486,394	$ 455,762
Revenues	259,479	240,275	486,394	455,762
Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues	25,141	1,565	26,210	13,058
License revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from contract with customer	59,234	37,742	80,113	63,306
License revenues \| Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from contract with customer	22,946	0	22,946	9,056
Collaboration services revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue not from contract with customer	21,515	8,858	33,671	19,200
Collaboration services revenues \| Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue not from contract with customer	$ 2,195	$ 1,565	$ 3,264	$ 4,002

Collaboration Agreements - Takeda Collaboration (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 03, 2020 USD ($)	Jul. 03, 2020 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Remaining performance obligation	$ 71.4	$ 71.4
Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments earned	23.7	23.7
Eligible payment from collaboration for development and regulatory milestone achievement under collaborations agreement	31.0	31.0
Remaining performance obligation	$ 25.1	$ 25.1

Collaboration Agreements - GSK (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2020	Jun. 28, 2019	Jul. 03, 2020	Jun. 28, 2019
Collaboration Agreement with GlaxoSmithKline
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty expense	$ 7.6	$ 7.8	$ 15.7	$ 15.1
GSK
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percent of royalty on net sale			3.00%

Collaboration Agreements - Royalty Revenues under the Collaboration Agreement with Genentech (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2020	Jun. 28, 2019	Jul. 03, 2020	Jun. 28, 2019
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty revenues on ex-U.S. sales	$ 259,479	$ 240,275	$ 486,394	$ 455,762
Cotellic \| Collaborative Arrangement with Genentech
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Profits on U.S. commercialization	1,376	1,349	2,783	2,404
Royalty revenues on ex-U.S. sales	$ 1,125	$ 1,323	$ 2,434	$ 2,813

- Definition

+ References

+ Details

Cash and Investments - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jul. 03, 2020	Jan. 03, 2020	Jun. 28, 2019	Dec. 28, 2018
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 527,143	$ 266,501
Restricted cash equivalents included in long-term investments	1,636	1,636
Cash, cash equivalents, and restricted cash equivalents as reported in the accompanying Condensed Consolidated Statements of Cash Flows	$ 528,779	$ 268,137	$ 370,889	$ 315,875

Cash and Investments - Investments by Security Type (Details) - USD ($) $ in Thousands	Jul. 03, 2020	Jan. 03, 2020
Debt Securities, Available-for-sale [Line Items]
Investments, available-for-sale, amortized cost	$ 1,021,295	$ 1,308,351
Investments available-for-sale, gross unrealized gains	10,386	4,121
Investments available-for-sale, gross unrealized losses	(151)	(8)
Investments available-for-sale, fair value	1,031,530	1,312,464
Cash, cash equivalents, restricted cash and restricted cash equivalents and available-for-sale debt securities, amortized cost	1,529,944	1,384,510
Cash, cash equivalents, restricted cash and restricted cash equivalents and available-for-sale debt securities, gross unrealized gains	10,386	4,126
Cash, cash equivalents, restricted cash and restricted cash equivalents and available-for-sale debt securities, gross unrealized losses	(151)	(8)
Cash, cash equivalents, restricted cash and restricted cash equivalents and available-for-sale debt securities	1,540,179	1,388,628
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Investments, available-for-sale, amortized cost	239,685	389,573
Investments available-for-sale, gross unrealized gains	245	0
Investments available-for-sale, gross unrealized losses	0	0
Investments available-for-sale, fair value	239,930	389,573
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Investments, available-for-sale, amortized cost	663,491	752,295
Investments available-for-sale, gross unrealized gains	9,527	3,934
Investments available-for-sale, gross unrealized losses	(150)	(3)
Investments available-for-sale, fair value	672,868	756,226
U.S. Treasury and government-sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Investments, available-for-sale, amortized cost	89,890	166,483
Investments available-for-sale, gross unrealized gains	462	187
Investments available-for-sale, gross unrealized losses	0	(5)
Investments available-for-sale, fair value	90,352	166,665
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Investments, available-for-sale, amortized cost	28,229
Investments available-for-sale, gross unrealized gains	152
Investments available-for-sale, gross unrealized losses	(1)
Investments available-for-sale, fair value	28,380
Cash
Debt Securities, Available-for-sale [Line Items]
Cash, cash equivalents, restricted cash and restricted cash equivalents, amortized cost	52,053	40,964
Cash, cash equivalents, restricted cash and restricted cash equivalents, gross unrealized gain	0	0
Cash, cash equivalents, restricted cash and restricted cash equivalents, gross unrealized loss	0	0
Cash, cash equivalents, restricted cash and restricted cash equivalents	52,053	40,964
Money market funds
Debt Securities, Available-for-sale [Line Items]
Cash, cash equivalents, restricted cash and restricted cash equivalents, amortized cost	404,313	2,467
Cash, cash equivalents, restricted cash and restricted cash equivalents, gross unrealized gain	0	0
Cash, cash equivalents, restricted cash and restricted cash equivalents, gross unrealized loss	0	0
Cash, cash equivalents, restricted cash and restricted cash equivalents	404,313	2,467
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Cash, cash equivalents, restricted cash and restricted cash equivalents, amortized cost	52,283	32,728
Cash, cash equivalents, restricted cash and restricted cash equivalents, gross unrealized gain	0	5
Cash, cash equivalents, restricted cash and restricted cash equivalents, gross unrealized loss	0	0
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 52,283	$ 32,733

Cash and Investments - Narrative (Details)	3 Months Ended		6 Months Ended
Cash and Investments - Narrative (Details)	Jul. 03, 2020 USD ($) investment	Jun. 28, 2019 USD ($)	Jul. 03, 2020 USD ($) investment	Jun. 28, 2019 USD ($)	Jan. 03, 2020 USD ($) investment
Investments, Debt and Equity Securities [Abstract]
Interest receivable	$ 5,300,000		$ 5,300,000		$ 6,200,000
Gain (loss) on sales of investments available-for-sale	$ 0	$ 0	$ 0	$ 0
Number of investments in an unrealized loss position \| investment	17		17		9
Allowance for credit losses	$ 0	$ 0	$ 0	$ 0

Cash and Investments - Fair Value and Gross Unrealized Losses of Investments Available-for-Sale in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jul. 03, 2020	Jan. 03, 2020
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	$ 35,318	$ 17,377
Gross Unrealized Losses	(151)	(8)
Corporate bonds
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	27,850	14,529
Gross Unrealized Losses	(150)	(3)
U.S. Treasury and government-sponsored enterprises
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	4,997	2,848
Gross Unrealized Losses	0	$ (5)
Municipal bonds
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	2,471
Gross Unrealized Losses	$ (1)

Cash and Investments - Fair Value of Cash Equivalents and Investments by Contractual Maturity (Details) - USD ($) $ in Thousands	Jul. 03, 2020	Jan. 03, 2020
Investments, Debt and Equity Securities [Abstract]
Maturing in one year or less	$ 720,089	$ 789,913
Maturing after one year through five years	311,441	522,551
Total debt securities available-for-sale	$ 1,031,530	$ 1,312,464

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jul. 03, 2020	Jan. 03, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments available-for-sale	$ 1,031,530	$ 1,312,464
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments available-for-sale	1,031,530	1,312,464
Total financial assets carried at fair value	1,488,126	1,347,664
Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments available-for-sale	0	0
Total financial assets carried at fair value	404,313	2,467
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments available-for-sale	1,031,530	1,312,464
Total financial assets carried at fair value	1,083,813	1,345,197
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments available-for-sale	239,930	389,573
Commercial paper \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments available-for-sale	239,930	389,573
Commercial paper \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments available-for-sale	0	0
Commercial paper \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments available-for-sale	239,930	389,573
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments available-for-sale	672,868	756,226
Corporate bonds \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments available-for-sale	672,868	756,226
Corporate bonds \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments available-for-sale	0	0
Corporate bonds \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments available-for-sale	672,868	756,226
U.S. Treasury and government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments available-for-sale	90,352	166,665
U.S. Treasury and government-sponsored enterprises \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments available-for-sale	90,352	166,665
U.S. Treasury and government-sponsored enterprises \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments available-for-sale	0	0
U.S. Treasury and government-sponsored enterprises \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments available-for-sale	90,352	166,665
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments available-for-sale	28,380
Municipal bonds \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments available-for-sale	28,380
Municipal bonds \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments available-for-sale	0
Municipal bonds \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments available-for-sale	28,380
Money market funds \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	404,313	2,467
Money market funds \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	404,313	2,467
Money market funds \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Certificates of deposit \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	52,283	32,733
Certificates of deposit \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Certificates of deposit \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 52,283	$ 32,733

Inventory (Details) - USD ($) $ in Thousands	6 Months Ended
Inventory (Details) - USD ($) $ in Thousands	Jul. 03, 2020	Jun. 28, 2019	Jan. 03, 2020
Inventory [Line Items]
Raw materials	$ 1,876		$ 2,709
Work in process	15,275		9,447
Finished goods	5,086		4,367
Total	22,237		16,523
Inventory write-down	1,300	$ 400
Current portion included in inventory
Inventory [Line Items]
Total	16,608		12,886
Long-term portion included in other long-term assets
Inventory [Line Items]
Total	$ 5,629		$ 3,637

Stock-Based Compensation - Allocated Employee Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2020	Jun. 28, 2019	Jul. 03, 2020	Jun. 28, 2019
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 16,154	$ 15,079	$ 30,136	$ 27,608
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	6,112	5,138	11,198	9,444
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 10,042	$ 9,941	$ 18,938	$ 18,164

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	May 20, 2020	Jul. 03, 2020	Jun. 28, 2019	Jul. 03, 2020	Jun. 28, 2019	Dec. 28, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)		25,749,356		25,749,356
Reduction in share reserve after stock option or stock appreciation award (in shares)				1
Reduction in share reserve after all other awards (in shares)				1.5
Increase in share reserve under 2017 plan (in shares)	21,000,000
Options granted in the period (in shares)				839,318
Options granted in the period (in dollars per share)				$ 21.40
Weighted average grant-date fair value (in dollars per share)				$ 9.74
Options outstanding (in shares)		16,655,274		16,655,274
Stock-based compensation		$ 16,154	$ 15,079	$ 30,136	$ 27,608
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		30,300		30,300
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 75,100		$ 75,100
RSUs awarded (in shares)				889,023
Weighted average grant date fair value, awarded (in dollars per share)				$ 21.43
Number of awards outstanding (in shares)		4,774,852		4,774,852
Performance Share Options (PSO)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in the period (in shares)						308,365
Share-based compensation arrangement by share-based payment award, options, percent of common stock share price triggering PSO exercises						125.00%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 79,700		$ 79,700
Number of awards outstanding (in shares)		4,343,852		4,343,852
Stock-based compensation				$ 900
Performance Shares \| Achieved
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards outstanding (in shares)		237,945		237,945
Performance Shares \| Probable
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards outstanding (in shares)		98,653		98,653

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jul. 03, 2020	Jun. 28, 2019	Jul. 03, 2020	Jun. 28, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	17.20%	20.80%	18.00%	18.70%
U.S. federal statutory rate			21.00%

Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2020	Jun. 28, 2019	Jul. 03, 2020	Jun. 28, 2019
Numerator:
Net income	$ 66,821	$ 79,042	$ 115,433	$ 154,817
Denominator:
Weighted-average common shares outstanding - basic (in shares)	307,807	302,188	306,598	301,365
Dilutive securities (in shares)	10,337	12,723	10,394	13,421
Weighted-average common shares outstanding - diluted (in shares)	318,144	314,911	316,992	314,786
Net income per share - basic (in dollars per share)	$ 0.22	$ 0.26	$ 0.38	$ 0.51
Net income per share - diluted (in dollars per share)	$ 0.21	$ 0.25	$ 0.36	$ 0.49

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Net Income Per Share - Potential Shares of Common Stock Not Included in the Computation of Diluted Net Income (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2020	Jun. 28, 2019	Jul. 03, 2020	Jun. 28, 2019
Anti-dilutive securities and contingently issuable shares excluded
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	8,812	5,935	10,413	5,625