Investment Securities

3 Months Ended

Mar. 28, 2015

Investment Securities [Abstract]

Investment Securities

NOTE 7.  Investment Securities  

The Company’s available for sale investments, by investment type, consists of the following at March 28, 2015 and December 27, 2014:

	March 28, 2015
(in thousands)	Amortized Cost		Gross Unrealized Gains*		Gross Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	4,035		—	$	—	$	4,035
Total cash equivalents		4,035		—		—		4,035
Short-term investments:
Corporate bonds and notes		42,724		469		(3)		43,190
US treasury and government agency notes		1,520		86		—		1,606
Foreign government and agency notes		500		53		—		553
US states and municipal securities		230		1		—		231
Total short-term investments		44,974		609		(3)		45,580
Long-term investment securities:
Corporate bonds and notes		68,434		132		(35)		68,531
US treasury and government agency notes		40,815		86		(8)		40,893
Foreign government and agency notes		10,632		4		(8)		10,628
Total long-term investment securities		119,881		222		(51)		120,052
Total	$	168,890	$	831	$	(54)	$	169,667
*Gross unrealized gains include accrued interest on investments of $0.6 million which are included in the Consolidated Statement of Operations.  The remainder of the gross unrealized gains and losses are included in the Consolidated Balance Sheet as Accumulated other comprehensive income (loss).
	December 27, 2014
(in thousands)	Amortized Cost		Gross Unrealized Gains*		Gross Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	8,729	$	—	$	—	$	8,729
Total cash equivalents		8,729		—		—		8,729
Short-term investments:
Corporate bonds and notes		43,777		498		(16)		44,259
US treasury and government agency notes		1,010		79		—		1,089
Foreign government and agency notes		501		36		—		537
Total short-term investments		45,288		613		(16)		45,885
Long-term investment securities:
Corporate bonds and notes		61,357		28		(213)		61,172
US treasury and government agency notes		38,650		7		(76)		38,581
Foreign government and agency notes		7,563		1		(39)		7,525
US states and municipal securities		230		1		—		231
Total long-term investment securities		107,800		37		(328)		107,509
Total	$	161,817	$	650	$	(344)	$	162,123
*Gross unrealized gains include accrued interest on investments of $0.6 million which are included in the Consolidated Statement of Operations.  The remainder of the gross unrealized gains and losses are included in the Consolidated Balance Sheet as Accumulated other comprehensive income (loss).

As of March 28, 2015 and December 27, 2014, the fair value of certain of the Company’s available-for-sale securities was less than their cost basis.  Management reviews various factors in determining whether to recognize an impairment charge related to these unrealized losses, including the current financial and credit market environment, the financial condition, near-term prospects of the issuer of the investment security, the magnitude of the unrealized loss compared to the cost of the investment, length of time the investment has been in a loss position and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery of market value.  As of March 28, 2015, the Company determined that all the unrealized losses are temporary in nature and recorded them as a component of Accumulated other comprehensive income (loss).

Contractual maturities as of March 28, 2015 of the Company’s investment securities do not exceed three years.  The majority of the contractual maturities are two to three years, and the balance has maturities of one year or less.