SHORT-TERM INVESTMENTS

The following table summarizes the Company’s short-term investments (in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
As of September 26, 2014
State, municipal and local government agencies bonds	$	25,719	$	26	$	(31	)	$	25,714
Corporate bonds	26,150		5		(17		)	26,138
Commercial paper	3,299		—		—			3,299
U.S. federal government bonds	—		—		—			—
Total short-term investments	$	55,168	$	31	$	(48	)	$	55,151
As of December 31, 2013
State, municipal and local government agencies bonds	$	40,426	$	38	$	(15	)	$	40,449
Corporate bonds	33,483		20		(7		)	33,496
Commercial paper	2,299		—		—			2,299
U.S. federal government bonds	4,004		4		—			4,008
Total short-term investments	$	80,212	$	62	$	(22	)	$	80,252

The following table summarizes the maturities of the Company’s short-term investments (in thousands):



	September 26, 2014		December 31, 2013
Less than one year	$	44,452	$	55,278
Due in 1 - 2 years	10,699		24,974
Total short-term investments	$	55,151	$	80,252

These available-for-sale investments are presented as Current Assets as they are available for current operations. Realized gains and losses from the sale of investments for the three and nine months ended September 26, 2014 and September 27, 2013 were not material.

Impairment of Investments

The Company monitors its investment portfolio for impairment on a periodic basis. In the event that the carrying value of an investment exceeds its fair value and the decline in value is determined to be other-than-temporary, an impairment charge is recorded and a new cost basis for the investment is established. A decline of fair value below amortized costs of debt securities is considered other-than-temporary if the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of the entire amortized cost basis. At the present time, the Company does not intend to sell its investments that have unrealized losses in accumulated other comprehensive loss. In addition, the Company does not believe that it is more likely than not that it will be required to sell its investments that have unrealized losses in accumulated other comprehensive loss before the Company recovers the principal amounts invested. The Company believes that the unrealized losses are temporary and do not require an other-than-temporary impairment, based on its evaluation of available evidence as of September 26, 2014.

As of September 26, 2014, there were no individual available-for-sale securities in a material unrealized loss position and the amount of unrealized losses on the total investment balance was insignificant.