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MARKETABLE SECURITIES
 12 Months Ended
Dec. 27, 2013
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES
MARKETABLE SECURITIES

Marketable securities consist of CDs, VRDNs, and commercial paper, which are classified as available-for-sale. VRDNs are long-term municipal and corporate securities with an interest rate that is reset frequently. All of the VRDNs currently in our portfolio are backed by a bank Letter of Credit. Our VRDNs may be tendered at any time with a typical settlement date of less than one week. We did not hold any marketable securities at December 28, 2012.
The following table presents the amortized cost and fair value of our available-for-sale investments, which are carried at fair value (in millions):
 
December 27, 2013
 
Amortized Cost
 
Fair Value
Certificates of deposit
$
10.0

 
$
9.9

Variable-rate demand notes
5.8

 
5.8

Commercial paper
5.0

 
5.0

 
$
20.8

 
$
20.7


Gross unrealized gains and loss were de minimis for the year ended December 27, 2013. We held no available-for-sale securities during the year ended December 28, 2012. Our marketable securities have not resulted in any other-than-temporary impairments for the year ended December 27, 2013.
The amortized cost and fair value by contractual maturity of our available-for-sale investments are as follows (in millions):
 
December 27, 2013
 
Amortized Cost
 
Fair Value
Due in one year or less (1)
$
14.8

 
$
14.7

Due after one year (2)
6.0

 
6.0

 
$
20.8

 
$
20.7



(1)
Amounts due in one year or less include CDs, VRDNs, and commercial paper. The VRDNs have contractual terms ranging from two to 19 years. Although these securities are issued as long-term securities, they are priced and traded as short-term instruments because of the high liquidity provided through the tender feature. It is not our intent to hold to maturity.
(2)
Amounts due after one year include CDs with maturities between one and two years and are recorded in Other assets on the Consolidated Balance Sheets.