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Marketable Securities
 3 Months Ended
Mar. 30, 2013
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
Marketable Securities
 
We classify our marketable securities as available-for-sale.  All marketable securities represent the investment of funds available for current operations, notwithstanding their contractual maturities. Such marketable securities are recorded at fair value and unrealized gains and losses are recorded in accumulated other comprehensive income until realized.
 
Marketable securities at March 30, 2013 consisted of the following (in thousands):
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U. S. Treasuries
$
46,493

 
$
77

 
$
(2
)
 
$
46,568

Agency securities (Federal)
29,579

 
37

 
(1
)
 
29,615

 
$
76,072

 
$
114

 
$
(3
)
 
$
76,183

 

Marketable securities at December 29, 2012 consisted of the following (in thousands):
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U. S. Treasuries
$
43,490

 
$
97

 
$
—

 
$
43,587

Agency securities (Federal)
49,896

 
63

 
(1
)
 
49,958

 
$
93,386

 
$
160

 
$
(1
)
 
$
93,545


 

The marketable securities with gross unrealized losses have been in a loss position for less than twelve months as of March 30, 2013 and December 29, 2012, respectively.
 
When evaluating the investments for other-than-temporary impairment, we review factors such as the length of time and extent to which fair value has been below the amortized cost basis, review of current market liquidity, interest rate risk, the financial condition of the issuer, as well as credit rating downgrades.  We believe that the unrealized losses are not other-than-temporary. We do not have a foreseeable need to liquidate the portfolio and anticipate recovering the full cost of the securities either as market conditions improve or as the securities mature.

 
Contractual maturities of marketable securities as of March 30, 2013 were as follows (in thousands):

 
 
Amortized
Cost
 
Fair
Value
Due in one year or less
$
48,582

 
$
48,669

Due after one year to five years
27,490

 
27,514

 
$
76,072

 
$
76,183


 
Realized gains and losses on sales and maturities of marketable securities were immaterial for the three months ended March 30, 2013 and March 31, 2012, respectively.