Marketable Securities

9 Months Ended

Sep. 29, 2012

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities:

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

	September 29, 2012		December 31, 2011
Short-term marketable securities:
Maturities of less than five years	$	47,971	$	68,711
Long-term marketable securities:
Maturities of more than ten years	4,661		6,946
Total marketable securities	$	52,632	$	75,657

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

	September 29, 2012		December 31, 2011
Short-term marketable securities:
Corporate and government bonds and notes and commercial paper	$	47,971	$	68,711
Long-term marketable securities:
Federally-insured or FFELP guaranteed student loans	4,661		6,946
Total marketable securities	$	52,632	$	75,657

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

	September 29, 2012					December 31, 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	$	5,700	$	4,661	AA+	$	8,300	$	6,946	AAA
Total auction rate securities	$	5,700	$	4,661		$	8,300	$	6,946

On May 22, 2012, student loan auction rate securities with a par value of $2.6 million and an estimated fair value of $2.3 million were redeemed by the issuer for $2.6 million. As a result, the Company reported a gain of $0.4 million and relieved $0.1 million of previously unrecognized gain in Accumulated other comprehensive loss. 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 loss, in the first quarter of fiscal 2011. At September 29, 2012, 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.