Marketable Securities

3 Months Ended

Mar. 29, 2014

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): 

	March 29, 2014		December 28, 2013
Short-term marketable securities:
Maturities of less than five years	$	107,349	$	101,505
Long-term marketable securities:
Maturities of more than ten years	5,241		5,241
Total marketable securities	$	112,590	$	106,746

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

	March 29, 2014		December 28, 2013
Short-term marketable securities:
Corporate and government bonds and notes and commercial paper	$	107,349	$	101,505
Long-term marketable securities:
Federally-insured or FFELP guaranteed student loans	5,241		5,241
Total marketable securities	$	112,590	$	106,746

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

	March 29, 2014					December 28, 2013
	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	$	5,241	AA+	$	5,700	$	5,241	AA+
Total auction rate securities	$	5,700	$	5,241		$	5,700	$	5,241

At March 29, 2014, due to continued multiple failed auctions and a determination of illiquidity, the auction rate securities held by us 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”). We intend to sell our auction rate securities as markets for these securities resume or reasonable offers become available.