Cash, Cash Equivalents and Investments (Tables)

3 Months Ended

Apr. 01, 2017

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

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

	April 1, 2017
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Fair Value
	(In thousands)
Cash and cash equivalents:
Cash	$	15,290	$	—	$	—	$	15,290
Money market funds		8,414		—		—		8,414
Commercial paper		1,273		—		—		1,273
Municipal bonds		600		—		—		600
Total cash and cash equivalents	$	25,577	$	—	$	—	$	25,577
Short-term investments:
Certificates of deposit	$	1,000	$	—	$	—	$	1,000
Commercial paper		1,597		—		—		1,597
Corporate bonds and medium-term notes		8,231		—		9		8,222
U.S. treasury and agency securities		4,410		—		2		4,408
Total short-term investments	$	15,238	$	—	$	11	$	15,227
Long-term investments:
Corporate bonds and medium-term notes	$	1,948	$	—	$	5	$	1,943
Municipal bonds		500		—		2		498
U.S. treasury and agency securities		1,597		—		—		1,597
Total long-term investments	$	4,045	$	—	$	7	$	4,038
Total cash, cash equivalents, and investments	$	44,860	$	—	$	18	$	44,842

	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

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 April 1, 2017.

	April 1, 2017
	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)
Corporate bonds and medium-term notes	$	9,105	$	14	$	—	$	—
Municipal bonds		498		2		—		—
U.S. treasury and agency securities		4,408		2		—		—
	$	14,011	$	18	$	—	$	—

Contractual Maturities of Available-for-Sale Securities

The contractual maturities of available-for-sale securities at April 1, 2017 are presented in the following table.

	Amortized Cost		Fair Value
	(In thousands)
Due in one year or less	$	25,525	$	25,514
Due after one through two years		4,045		4,038
	$	29,570	$	29,552

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 April 1, 2017.

	Fair Value Measurements at April 1, 2017
	Total		Level 1		Level 2
	(In thousands)
Recurring fair value measurements:
Available-for-sale securities
Money market funds	$	8,414	$	8,414	$	—
U.S. treasury and agency securities		6,005		2,098		3,907
Certificates of deposit		1,000		—		1,000
Commercial paper		2,870		—		2,870
Corporate bonds and medium-term notes		10,165		—		10,165
Municipal bonds		1,098		—		1,098
Total recurring fair value measurements	$	29,552	$	10,512	$	19,040