Investment Securities

9 Months Ended

Sep. 26, 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 September 26, 2015 and December 27, 2014:

	September 26, 2015
(in thousands)	Amortized Cost		Gross Unrealized Gains*		Gross Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	4,040	$	—	$	—	$	4,040
Total cash equivalents		4,040		—		—		4,040
Short-term investments:
Corporate bonds and notes		32,879		958		(5)		33,832
US treasury and government agency notes		5,131		92		—		5,223
Foreign government and agency notes		3,012		51		(2)		3,061
US states and municipal securities		230		1		—		231
Total short-term investments		41,252		1,102		(7)		42,347
Long-term investment securities:
Corporate bonds and notes		84,866		75		(115)		84,826
US treasury and government agency notes		41,508		105		(1)		41,612
Foreign government and agency notes		7,962		4		(4)		7,962
Total long-term investment securities		134,336		184		(120)		134,400
Total	$	179,628	$	1,286	$	(127)	$	180,787
*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 September 26, 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 September 26, 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 September 26, 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.