NOTE 4—SECURITIES

Securities are categorized as available-for-sale and are summarized as follows as of December 30, 2012:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Market Value
	(In millions)
Short-term available for sale securities:
U.S. Treasury securities and obligations of U.S. government agencies	$	0.1	$	—	$	—	$	0.1
Corporate debt securities		—		—		—		—

Total marketable securities	$	0.1	$	—	$	—	$	0.1


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Market Value
	(In millions)
Long-term available for sale securities:
U.S. Treasury securities and obligations of U.S. government agencies	$	2.1	$	0.3	$	—	$	2.4
Corporate debt securities		0.2		—		—	$	0.2

Total securities	$	2.3	$	0.3	$	—	$	2.6

In the fourth quarter of 2012, the company tendered approximately $49.5 million of long term available-for-sale auction rate securities at a price equal to 47% of par value and 90% of book value. The company sold the securities for $23.3 million and incurred a realized loss of approximately $12.9 million.

Total proceeds from sales of available-for-sale securities totaled $23.6 million and $1.5 million in 2012 and 2010, respectively. There were no sales of available-for-sale securities in 2011.

Securities are categorized as available-for-sale and are summarized as follows as of December 25, 2011:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Market Value
	(In millions)
Short-term available for sale securities:
U.S. Treasury securities and obligations of U.S. government agencies	$	0.2	$	—	$	—		$	0.2
Corporate debt securities		—		—		—			—

Total marketable securities	$	0.2	$	—	$	—		$	0.2

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Market Value
	(In millions)
Long-term available for sale securities:
U.S. Treasury securities and obligations of U.S. government agencies	$	1.8	$	0.4	$	—		$	2.2
Corporate debt securities		0.3		—		—		$	0.3
Auction rate securities		35.8		—		(6.0	)		29.8

Total securities	$	37.9	$	0.4	$	(6.0	)	$	32.3

The following table presents the amortized cost and estimated fair market value of available-for-sale securities by contractual maturity as of December 30, 2012.


	Amortized Cost		Market Value
	(In millions)
Due in one year or less	$	0.1	$	0.1
Due after one year through three years		0.4		0.4
Due after three years through ten years		1.1		1.3
Due after ten years		0.8		0.9

	$	2.4	$	2.7

In the fourth quarter of 2008, the company concluded that the impairment of its auction rate securities was other-than-temporary and recognized a loss of $19.0 million in the income statement. In the second quarter of 2009, based on the requirements of the Investments—Debt and Equity Securities Topic of the FASB ASC, the company analyzed the $19.0 million other-than-temporary loss that was recognized in the income statement to determine the noncredit component. It was determined that $15.5 million of the loss was attributable to credit loss. As a result, in the second quarter of 2009, a cumulative adjustment of the remaining $3.5 million, which was attributable to changes in interest rates, was reclassified from retained earnings to AOCI. The auction rate securities were sold in the fourth quarter of 2012.

The following table presents a roll forward of the amount related to credit losses recognized in earnings during the year ended December 30, 2012.


	Credit Losses Recognized in Earnings
	(In millions)
Balance at beginning of period	$	14.0
Accretion of impairments included in net income		(0.4	)
Sale of investments		(13.6	)

Balance at end of period	$	—