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Note 2—Investments
As of October 1, 2011, the Company held the following securities and investments, recorded at fair value (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Unrealized |
|
|
|
|
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Amortized
Cost
|
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
|
Auction rate preferred securities in municipal and state agencies (1)
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|
$ |
2,125 |
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|
$ |
— |
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|
$ |
(21 |
) |
|
$ |
2,104 |
|
|
Mutual funds and money market funds (2)
|
|
|
1,130 |
|
|
|
— |
|
|
|
(13 |
) |
|
|
1,117 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total
|
|
$ |
3,255 |
|
|
$ |
— |
|
|
$ |
(34 |
) |
|
$ |
3,221 |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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As of January 1, 2011, the Company held the following securities and investments, recorded at fair value (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Unrealized |
|
|
|
|
| |
|
Amortized
Cost
|
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
|
Auction rate preferred securities in municipal and state agencies (1)
|
|
$ |
4,225 |
|
|
$ |
— |
|
|
$ |
(84 |
) |
|
$ |
4,141 |
|
|
Mutual funds (2)
|
|
|
1,070 |
|
|
|
— |
|
|
|
(8 |
) |
|
|
1,062 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
5,295 |
|
|
$ |
— |
|
|
$ |
(92 |
) |
|
$ |
5,203 |
|
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|
|
|
|
|
|
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|
|
|
|
|
|
|
|
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(1)
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Auction rate preferred securities ("ARPS") issued by municipal and state agencies have a maturity of 15 to 30 years and are classified as long-term investments available-for-sale. As of October 1, 2011 and January 1, 2011, all of these securities were held in two and three, respectively, tax-exempt municipal bonds managed under closed-end funds and had been in a continuous loss position for more than twelve months.
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(2)
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Mutual funds and money market funds are classified as short-term investments available-for-sale and recorded at fair market value, based on quoted prices of identical assets that are trading in active markets as of the end of the period for which the values are determined.
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Proceeds from the sale of available-for-sale securities are disclosed separately in the accompanying unaudited condensed consolidated statements of cash flows. For the thirteen and thirty-nine weeks ended October 1, 2011 and October 2, 2010, there were no recognized gross realized gains or losses.
The accumulated unrealized net loss on the securities and investments at October 1, 2011 and January 1, 2011 was $34,000 and $92,000, respectively.
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