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CASH AND EQUIVALENTS AND MARKETABLE SECURITIES | 3 Months Ended
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Mar. 29, 2014
Cash and Equivalents and Marketable Securities Disclosure [Abstract] |
CASH AND EQUIVALENTS AND MARKETABLE SECURITIES | CASH AND EQUIVALENTS AND MARKETABLE SECURITIES The Company considers all highly liquid, short-term debt instruments with original maturities of three months or less to be cash equivalents. Marketable debt securities consist primarily of certificates of deposit, medium-term corporate debt, and United States government and agency backed securities. The Company classifies these marketable debt securities as available-for-sale in “Marketable Debt Securities”. The Company records the amortization of premium and accretion of discount on marketable debt securities in the results of operations. The Company uses the specific identification method as a basis for determining cost and calculating realized gains and losses with respect to marketable debt securities. The gross gains and losses realized related to sales and maturities of marketable debt securities were not material during the three months ended March 29, 2014 and the year ended December 28, 2013. Investments in available-for-sale marketable debt securities are as follows at March 29, 2014 and December 28, 2013:
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
| 2014 |  | 2013 |  | 2014 |  | 2013 |  | 2014 |  | 2013 |  | 2014 |  | 2013
U.S. government and agency backed securities | $ | 73,883,903 |  |  | $ | 68,970,505 |  |  | $ | — |  |  | $ | — |  |  | $ | (383,800 | ) |  | $ | (686,113 | ) |  | $ | 73,500,103 |  |  | $ | 68,284,392 |
Corporate debt and certificates of deposit | 17,883,490 |  |  | 27,767,513 |  |  | — |  |  | — |  |  | (49,381 | ) |  | (79,370 | ) |  | 17,834,109 |  |  | 27,688,143 |
Total | $ | 91,767,393 |  |  | $ | 96,738,018 |  |  | $ | — |  |  | $ | — |  |  | $ | (433,181 | ) |  | $ | (765,483 | ) |  | $ | 91,334,212 |  |  | $ | 95,972,535 |
The contractual maturity of the Company’s marketable debt securities is as follows at March 29, 2014:
| Less than One year |  | One to Five years |  | Greater than Five years |  | Total
U.S. government and agency backed securities | $ | 19,652,512 |  |  | $ | 43,598,521 |  |  | $ | 10,249,070 |  |  | $ | 73,500,103 |
Corporate debt and certificates of deposit | 14,382,597 |  |  | 2,467,762 |  |  | 983,750 |  |  | 17,834,109 |
Total | $ | 34,035,109 |  |  | $ | 46,066,283 |  |  | $ | 11,232,820 |  |  | $ | 91,334,212 |
The Company conducts a review of its marketable debt securities on a quarterly basis for the presence of other-than-temporary impairment (OTTI). The Company assesses whether OTTI is present when the fair value of a debt security is less than its amortized cost basis at the balance sheet date. Under these circumstances OTTI is considered to have occurred (1) if the Company intends to sell the security before recovery of its amortized cost basis; (2) if it is “more likely than not” the Company will be required to sell the security before recovery of its amortized cost basis; or (3) the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. The Company further estimates the amount of OTTI resulting from a decline in the credit worthiness of the issuer (credit-related OTTI) and the amount of non credit-related OTTI. Noncredit-related OTTI can be caused by such factors as market illiquidity. Credit-related OTTI is recognized in earnings while noncredit-related OTTI on securities not expected to be sold is recognized in other comprehensive loss. The Company did not record an OTTI for the three months ended March 29, 2014 and March 30, 2013.

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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References No definition available. + Details
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