Cash, Cash Equivalents and Investments (Tables)

3 Months Ended

Mar. 29, 2014

Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments

Cash and cash equivalents, short-term investments and long-term investments consist of:

	March 29, 2014
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Fair Value
	(In thousands)
Cash and cash equivalents:
Cash	$	5,963	$	—	$	—	$	5,963
Money market funds		21,374		—		—		21,374
Total cash and cash equivalents	$	27,337	$	—	$	—	$	27,337
Short-term investments:
Commercial paper	$	1,999	$	1	$	—	$	2,000
Corporate bonds and medium-term notes		23,854		20		—		23,874
Municipal bonds		6,146		7		—		6,153
U.S. treasury and agency securities		8,004		6		—		8,010
Total short-term investments	$	40,003	$	34	$	—	$	40,037
Long-term investments:
Corporate bonds and medium-term notes	$	2,230	$	1	$	—	$	2,231
Municipal bonds		2,428		2		—		2,430
U.S. treasury and agency securities		2,996		2		—		2,998
Total long-term investments	$	7,654	$	5	$	—	$	7,659
Total cash, cash equivalents, and investments	$	74,994	$	39	$	—	$	75,033

	December 31, 2013
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Fair Value
	(In thousands)
Cash and cash equivalents:
Cash	$	5,819	$	—	$	—	$	5,819
Money market funds		14,302		—		—		14,302
Total cash and cash equivalents	$	20,121	$	—	$	—	$	20,121
Short-term investments:
Commercial paper	$	1,998	$	1	$	—	$	1,999
Corporate bonds and medium-term notes		27,181		13		3		27,191
Municipal bonds		6,108		4		—		6,112
U.S. treasury and agency securities		13,506		7		—		13,513
Variable rate demand notes (“VRDNs”)		160		—		—		160
Total short-term investments	$	48,953	$	25	$	3	$	48,975
Long-term investments:
Corporate bonds and medium-term notes	$	8,811	$	12	$	—	$	8,823
Municipal bonds		3,495		2		2		3,495
Total long-term investments	$	12,306	$	14	$	2	$	12,318
Total cash, cash equivalents, and investments	$	81,380	$	39	$	5	$	81,414

Contractual Maturities of Available-for-Sale Securities

The contractual maturities of available-for-sale securities at March 29, 2014 are presented in the following table.

	Amortized Cost		Fair Value
	(In thousands)
Due in one year or less	$	60,378	$	60,408
Due after one through two years		8,653		8,662
	$	69,031	$	69,070

Fair Value Hierarchy of Available-for-Sale Securities Measured at Fair Value on Recurring Basis

The following table represents the fair value hierarchy of Intevac’s available-for-sale securities measured at fair value on a recurring basis as of March 29, 2014.

	Fair Value Measurements at March 29, 2014
	Total		Level 1		Level 2
	(In thousands)
Recurring fair value measurements:
Available-for-sale securities
Money market funds	$	21,374	$	21,374	$	—
U.S. treasury and agency securities		11,008		6,002		5,006
Commercial paper		2,000		—		2,000
Corporate bonds and medium-term notes		26,105		—		26,105
Municipal bonds		8,583		—		8,583
Total recurring fair value measurements	$	69,070	$	27,376	$	41,694