Note 2 – Investments
As of January 1, 2011, the Company held the following securities and investments, recorded at fair value (in thousands):
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Amortized
Cost |
|
|
Unrealized |
|
|
Fair Value |
|
| |
|
|
Gains |
|
|
Losses |
|
|
|
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 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2011, the Company held the following securities and investments, recorded at fair value (in thousands):
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Amortized
Cost |
|
|
Unrealized |
|
|
Fair Value |
|
| |
|
|
Gains |
|
|
Losses |
|
|
|
Auction rate preferred securities in municipal and state agencies (1)
|
|
$ |
2,125 |
|
|
$ |
— |
|
|
$ |
(21 |
) |
|
$ |
2,104 |
|
|
Mutual funds (2)
|
|
|
1,011 |
|
|
|
114 |
|
|
|
— |
|
|
|
1,125 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
3,136 |
|
|
$ |
114 |
|
|
$ |
(21 |
) |
|
$ |
3,229 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Auction rate preferred securities in municipal and state agencies have a maturity of 15 to 30 years and are classified as long-term investments available-for-sale. As of January 1, 2011 and December 31, 2011, all of these securities were held in four and two, respectively, tax-exempt municipal bonds managed under closed-end funds and had been in a continuous loss position for more than twelve months.
|
|
(2)
|
Mutual 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.
|
Proceeds from the sale of available-for-sale securities are disclosed separately in the accompanying consolidated statements of cash flow. For fiscal 2009, the Company recognized no gross realized gain and losses. For fiscal 2010, the Company recognized gross realized gains and losses of $27,000 and $8,000, respectively. For fiscal 2011, the Company recognized gross realized gains and losses of zero and $3,000, respectively.
|