Marketable Securities

6 Months Ended

Jul. 02, 2011

Marketable Securities [Abstract]

Marketable Securities [Text Block]

Marketable Securities:

The following table summarizes the contractual maturities of our marketable securities (at fair value and in thousands): 

	July 2, 2011		January 1, 2011
Short-term marketable securities:
Maturities of less than five years	$	56,502	$	63,836
Long-term marketable securities:
Maturities of more than ten years	7,389		10,232
Total marketable securities	$	63,891	$	74,068

The following table summarizes the composition of our marketable securities (at fair value and in thousands):

	July 2, 2011		January 1, 2011
Short-term marketable securities:
Corporate and government bonds and notes and commercial paper	$	56,502	$	63,836
Long-term marketable securities:
Federally-insured or FFELP guaranteed student loans	7,389		10,232
Total marketable securities	$	63,891	$	74,068

The following table summarizes the composition of our auction rate securities (in thousands):

	July 2, 2011					January 1, 2011
	Par Value		Fair Value		S&P  Credit  rating	Par Value		Fair Value		S&P  Credit  rating
Long-term marketable securities:
Federally-insured or FFELP guaranteed student loans	$	8,300	$	7,389	AAA	$	11,600	$	10,232	AAA
Total auction rate securities	$	8,300	$	7,389		$	11,600	$	10,232

On March 29, 2011, the Company sold student loan auction rate securities, with a par value of $3.3 million and an estimated fair value of $2.8 million, for $3.3 million, reported a gain of $0.6 million and relieved $0.1 million of previously unrecognized gain in Accumulated other comprehensive income, in the first quarter of fiscal 2011. At July 2, 2011, due to continued multiple failed auctions and a determination of illiquidity, the auction rate securities held by the Company are classified as Long-term marketable securities. These auction rate securities are exposed to risks associated with student loan asset-backed notes. Such loans are insured by the federal government or guaranteed by the Federal Family Educational Loan Program ("FFELP"). The Company intends to sell its auction rate securities as markets for these securities resume or reasonable offers become available.