Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2016

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

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

	December 31, 2016
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Fair Value
	(in thousands)
Cash and cash equivalents:
Cash	$	18,726	$	—	$	—	$	18,726
Money market funds		8,317		—		—		8,317
Total cash and cash equivalents	$	27,043	$	—	$	—	$	27,043
Short-term investments:
Commercial paper	$	1,992	$	—	$	1	$	1,991
Corporate bonds and medium-term notes		8,586		—		6		8,580
Municipal bonds		600		—		—		600
U.S. treasury and agency securities		6,432		—		1		6,431
Total short-term investments	$	17,610	$	—	$	8	$	17,602
Long-term investments:
Corporate bonds and medium-term notes	$	2,510	$	—	$	11	$	2,499
Municipal bonds		500		—		4		496
U.S. treasury and agency securities		597		1		—		598
Total long-term investments	$	3,607	$	1	$	15	$	3,593
Total cash, cash equivalents, and investments	$	48,260	$	1	$	23	$	48,238

	January 2, 2016
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Fair Value
	(in thousands)
Cash and cash equivalents:
Cash	$	6,208	$	—	$	—	$	6,208
Money market funds		7,538		—		—		7,538
Total cash and cash equivalents	$	13,746	$	—	$	—	$	13,746
Short-term investments:
Corporate bonds and medium-term notes	$	9,978	$	—	$	7	$	9,971
Municipal bonds		4,238		—		—		4,238
U.S. treasury and agency securities		8,999		—		—		8,999
Total short-term investments	$	23,215	$	—	$	7	$	23,208
Long-term investments:
Corporate bonds and medium-term notes	$	6,212	$	—	$	23	$	6,189
U.S. treasury and agency securities		3,494		—		10		3,484
Total long-term investments	$	9,706	$	—	$	33	$	9,673
Total cash, cash equivalents, and investments	$	46,667	$	—	$	40	$	46,627

Contractual Maturities of Available-for-Sale Securities

The contractual maturities of available-for-sale securities at December 31, 2016 are presented in the following table.

	Amortized Cost		Fair Value
	(in thousands)
Due in one year or less	$	25,927	$	25,919
Due after one through two years		3,607		3,593
	$	29,534	$	29,512

Fair Market Value of Investments with Unrealized Losses Not Deemed to be Other-Than Temporarily Impaired

The following table provides the fair market value of Intevac’s investments with unrealized losses that are not deemed to be other-than temporarily impaired as of December 31, 2016.

	December 31, 2016
	In Loss Position for Less than 12 Months				In Loss Position for Greater than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
Commercial paper	$	1,494	$	1	$	—	$	—
Corporate bonds and medium-term notes		9,478		17		—		—
Municipal bonds		1,096		4		—		—
U.S. treasury and agency securities		2,932		1		—		—
	$	15,000	$	23	$	—	$	—

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 December 31, 2016.

	Fair Value Measurements at December 31, 2016
	Total		Level 1		Level 2
	(in thousands)
Recurring fair value measurements:
Available-for-sale securities
Money market funds	$	8,317	$	8,317	$	—
U.S. treasury and agency securities		7,029		4,097		2,932
Commercial paper		1,991		—		1,991
Corporate bonds and medium-term notes		11,079		—		11,079
Municipal bonds		1,096		—		1,096
Total recurring fair value measurements	$	29,512	$	12,414	$	17,098

Summary of Outstanding Derivative Instruments on Gross Basis as Recorded in Consolidated Balance Sheets

The following table summarizes the Company’s outstanding derivative instruments on a gross basis as recorded in its consolidated balance sheets as of December 31, 2016 and January 2, 2016:

	Notional Amounts				Derivative Assets								Derivative Liabilities
Derivative Instrument	December 31, 2016		January 2, 2016		December 31, 2016				January 2, 2016				December 31, 2016				January 2, 2016
					Balance Sheet Line		Fair Value		Balance Sheet Line		Fair Value		Balance Sheet Line		Fair Value		Balance Sheet Line		Fair Value
	(In thousands)
Undesignated Hedges:
Forward Foreign Currency Contracts	$	1,146	$	924		(a)	$	—		(a)	$	1		(b)	$	8		(b)	$	4
Total Hedges	$	1,146	$	924			$	—			$	1			$	8			$	4

(a) Prepaid expenses and other current assets

(b) Other accrued liabilities