Cash, Cash Equivalents and Investments (Tables)

9 Months Ended

Sep. 30, 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:

	September 30, 2017
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Fair Value
	(In thousands)
Cash and cash equivalents:
Cash	$	14,159	$	—	$	—	$	14,159
Money market funds		5,038		—		—		5,038
Total cash and cash equivalents	$	19,197	$	—	$	—	$	19,197
Short-term investments:
Certificates of deposit	$	4,498	$	1	$	1	$	4,498
Commercial paper		1,990		—		—		1,990
Corporate bonds and medium-term notes		6,252		1		5		6,248
Municipal bonds		1,004		—		3		1,001
U.S. treasury and agency securities		4,300		—		—		4,300
Total short-term investments	$	18,044	$	2	$	9	$	18,037
Long-term investments:
Corporate bonds and medium-term notes	$	3,576	$	—	$	3	$	3,573
U.S. treasury and agency securities		2,596		—		4		2,592
Total long-term investments	$	6,172	$	—	$	7	$	6,165
Total cash, cash equivalents, and investments	$	43,413	$	2	$	16	$	43,399
	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

Contractual Maturities of Available-for-Sale Securities

The contractual maturities of available-for-sale securities at September 30, 2017 are presented in the following table.

	Amortized Cost		Fair Value
	(In thousands)
Due in one year or less	$	23,082	$	23,075
Due after one through two years		6,172		6,165
	$	29,254	$	29,240

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 September 30, 2017.

	September 30, 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)
Certificates of deposit	$	1,249	$	1	$	—	$	—
Corporate bonds and medium-term notes		5,882		7		1,200		1
Municipal bonds		504		1		497		2
U.S. treasury and agency securities		4,118		4		—		—
	$	11,753	$	13	$	1,697	$	3

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 September 30, 2017.

	Fair Value Measurements at September 30, 2017
	Total		Level 1		Level 2
	(In thousands)
Recurring fair value measurements:
Available-for-sale securities
Money market funds	$	5,038	$	5,038	$	—
U.S. treasury and agency securities		6,892		4,865		2,027
Certificates of deposit		4,498		—		4,498
Commercial paper		1,990		—		1,990
Corporate bonds and medium-term notes		9,821		—		9,821
Municipal bonds		1,001		—		1,001
Total recurring fair value measurements	$	29,240	$	9,903	$	19,337