Marketable Securities

12 Months Ended

Dec. 31, 2011

Marketable Securities [Abstract]

Marketable Securities [Text Block]

Marketable Securities:

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

	December 31, 2011		January 1, 2011
Short-term marketable securities:
Maturities of less than five years	$	68,711	$	63,836
Long-term marketable securities:
Maturities of more than ten years	6,946		10,232
	$	75,657	$	74,068

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

	December 31, 2011		January 1, 2011
Short-term marketable securities:
Corporate and government bonds, notes and commercial paper	$	68,711	$	63,836
Long-term marketable securities:
Auction Rate Securities (by type of underlying asset):
Federally insured or FFELP guaranteed student loans	6,946		10,232
	$	75,657	$	74,068

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

	December 31, 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	$	6,946	AAA	$	11,600	$	10,232	AAA

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. On December 9, 2010, the Company sold auction market preferred shares issued by AMBAC Assurance Corporation with a par value of $8.3 million and a fair value of $0.2 million for $0.5 million and reported a gain of $0.3 million in the fourth quarter of fiscal 2010. On July 29, 2010, the Company sold student loan auction rate securities, with a par value of $3.8 million and fair value of $2.9 million for $3.3 million and reported a gain of $0.4 million in the third quarter of fiscal 2010. At December 31, 2011, due to continued multiple failed auctions and a determination of illiquidity, the $8.3 million par value of auction rate securities held by the Company had an estimated fair value of $6.9 million and 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.