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Marketable Securities
 3 Months Ended
Mar. 28, 2015
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 28, 2015 consisted of the following (in thousands):
 
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
U.S. Treasuries
$
31,390

 
$
20

 
$
—

 
$
31,410

Agency securities (Federal)
14,251

 
—

 
(1
)
 
14,250

 
$
45,641

 
$
20

 
$
(1
)
 
$
45,660

 

Marketable securities at December 27, 2014 consisted of the following (in thousands):
 
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
U.S. Treasuries
$
42,386

 
$
13

 
$
(4
)
 
$
42,395

Agency securities (Federal)
7,502

 
—

 
—

 
7,502

 
$
49,888

 
$
13

 
$
(4
)
 
$
49,897


 
The marketable securities with gross unrealized losses have been in a loss position for less than twelve months as of March 28, 2015 and December 27, 2014, 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 28, 2015 were as follows (in thousands):

 
 
Amortized Cost
 
Fair Value
Due in one year or less
$
41,946

 
$
41,960

Due after one year to five years
3,695

 
3,700

 
$
45,641

 
$
45,660


 
There were no realized gains and losses on sales and maturities of marketable securities during the three months ended March 28, 2015 and March 29, 2014, respectively.