Investment Securities

9 Months Ended

Sep. 27, 2014

Investment Securities [Abstract]

Investment Securities

NOTE 7.  Investment Securities  

The Company’s available for sale investments, by investment type, consists of the following at September 27, 2014 and December 28, 2013:

	September 27, 2014
(in thousands)	Amortized Cost		Gross Unrealized Gains*		Gross Unrealized Losses*		Fair Value
Cash equivalents:
Money market funds	$	12,166	$	—	$	—	$	12,166
Total cash equivalents		12,166		—		—		12,166
Short-term investments:
Corporate bonds and notes		32,275		439		(1)		32,713
US treasury and government agency notes		1,514		62		—		1,576
Foreign government and agency notes		1,123		7		—		1,130
US states and municipal securities		—		—		—		—
Total short-term investments		34,912		508		(1)		35,419
Long-term investment securities:
Corporate bonds and notes		64,242		95		(76)		64,261
US treasury and government agency notes		37,204		20		(25)		37,199
Foreign government and agency notes		1,409		3		(2)		1,410
US states and municipal securities		230		1		—		231
Total long-term investment securities		103,085		119		(103)		103,101
Total	$	150,163	$	627	$	(104)	$	150,686
*Gross unrealized gains include accrued interest on investments of $0.5 million which are included in the Consolidated Statement of Operations.  The remainder of the gross unrealized gains and losses are included in the Consolidated Balance Sheet as Accumulated other comprehensive income (loss).
	December 28, 2013
(in thousands)	Amortized Cost		Gross Unrealized Gains*		Gross Unrealized Losses*		Fair Value
Cash equivalents:
Money market funds	$	14,629	$	—	$	—	$	14,629
Total cash equivalents		14,629		—		—		14,629
Short-term investments:
Corporate bonds and notes		7,735		416		(2)		8,149
US treasury and government agency notes		2,499		44		—		2,543
Foreign government and agency notes		—		—		—		—
US states and municipal securities		200		2		—		202
Total short-term investments		10,434		462		(2)		10,894
Long-term investment securities:
Corporate bonds and notes		74,583		121		(34)		74,670
US treasury and government agency notes		26,421		30		(9)		26,442
Foreign government and agency notes		2,049		1		(2)		2,048
US states and municipal securities		230		1		—		231
Total long-term investment securities		103,283		153		(45)		103,391
Total	$	128,346	$	615	$	(47)	$	128,914
*Gross unrealized gains include accrued interest on investments of $0.5 million which are included in the Consolidated Statement of Operations.  The remainder of the gross unrealized gains and losses are included in the Consolidated Balance Sheet as Accumulated other comprehensive income (loss).

As of September 27, 2014 and December 28, 2013, the fair value of certain of the Company’s available-for-sale securities was less than their cost basis.  Management reviews various factors in determining whether to recognize an impairment charge related to these unrealized losses, including the current financial and credit market environment, the financial condition, near-term prospects of the issuer of the investment security, the magnitude of the unrealized loss compared to the cost of the investment, length of time the investment has been in a loss position and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery of market value.  As of September 27, 2014, the Company determined that all the unrealized losses are temporary in nature and recorded them as a component of Accumulated other comprehensive income (loss).

Contractual maturities as of September 27, 2014ofthe Company’s investment securities do not exceed three years.  The majority of the contractual maturities are two to three years, and the balance has maturities of one year or less.