Investment Securities

6 Months Ended

Jul. 01, 2012

Investment Securities [Abstract]

Investment Securities

NOTE 7.Investment Securities

The Company’s available for sale investments, by investment type, consists of the following at July 1, 2012 and December 31, 2011:

		July 1, 2012
(in thousands)	Amortized Cost		Gross Unrealized Gains*		Gross Unrealized Losses*		Fair Value
Cash equivalents:
Money market funds	$	24,564	$	-	$	-	$	24,564
Total cash equivalents		24,564		-		-		24,564
Short-term investments:
Corporate bonds and notes		60,684		1,532		(2)		62,214
US treasury and government agency notes		3,322		123		-		3,445
Foreign government and agency notes		1,000		36		-		1,036
US states and municipal securities		1,720		22		-		1,742
Total short-term investments		66,726		1,713		(2)		68,437
Long-term investment securities:
Corporate bonds and notes		116,345		565		(106)		116,804
US treasury and government agency notes		46,753		56		(22)		46,787
Foreign government and agency notes		7,298		56		-		7,354
Total long-term investment securities		170,396		677		(128)		170,945
Total	$	261,686	$	2,390	$	(130)	$	263,946
*Gross unrealized gains include accrued interest on investments of $1.5 million.The remainder of the gross unrealized gainsand losses are included in the interim Condensed Consolidated Balance Sheet as Accumulated other comprehensive income (loss).
		December 31, 2011
(in thousands)	Amortized Cost		Gross Unrealized Gains*		Gross Unrealized Losses*		Fair Value
Cash equivalents:
Money market funds	$	54,588	$	-	$	-	$	54,588
Total cash equivalents		54,588		-		-		54,588
Short-term investments:
Corporate bonds and notes		85,127		2,449		(34)		87,542
US treasury and government agency notes		10,009		203		-		10,212
Foreign government and agency notes		6,540		97		-		6,637
Total short-term investments		101,676		2,749		(34)		104,391
Long-term investment securities:
Corporate bonds and notes		166,741		688		(449)		166,980
US treasury and government agency notes		52,054		123		(39)		52,138
Foreign government and agency notes		5,713		39		-		5,752
US states and municipal securities		1,720		29		-		1,749
Total long-term investment securities		226,228		879		(488)		226,619
Total	$	382,492	$	3,628	$	(522)	$	385,598
*Gross unrealized gains include accrued interest on investments of $2.4 million.The remainder of the gross unrealized gains and losses are included in the interim Condensed Consolidated Balance Sheet as Accumulated other comprehensive income (loss).

As of July 1, 2012 and December 31, 2011, 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 July 1, 2012, the Company determined that all the unrealized losses are temporary in nature and recorded them as a component of Accumulated other comprehensive income (loss).