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MARKETABLE SECURITIES
 6 Months Ended
Jun. 27, 2014
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES
MARKETABLE SECURITIES
The following tables present the amortized cost and fair value of our marketable securities, which are carried at fair value (in thousands):
 
June 27, 2014
 
December 27, 2013
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Certificates of deposit
$
9,500

 
$
9,496

 
$
10,000

 
$
9,900

Variable-rate demand notes
—

 
—

 
5,750

 
5,750

Commercial paper
—

 
—

 
5,000

 
5,000

 
$
9,500

 
$
9,496

 
$
20,750


$
20,650


Gross unrealized gains and loss were de minimis for the thirteen and twenty-six weeks ended June 27, 2014 and June 28, 2013. Our marketable securities have not resulted in any other-than-temporary impairments for the twenty-six weeks ended June 27, 2014.
The amortized cost and fair value by contractual maturity of our marketable securities are as follows (in thousands):
 
June 27, 2014
 
Amortized Cost
 
Fair Value
Due in one year or less (1)
$
5,000

 
$
4,997

Due after one year (2)
4,500

 
4,499

 
$
9,500

 
$
9,496


(1)
Amounts due in one year or less are comprised of CDs.
(2)
Amounts due after one year are comprised of CDs with maturities within two years and are recorded in Other assets on the Consolidated Balance Sheets.
Subsequent to the issuance of our unaudited consolidated financial statements for the twenty-six weeks ended June 28, 2013, we discovered a classification error. Our VRDNs, in the amount of $19.9 million, were inappropriately reported in Cash and cash equivalents on the unaudited Consolidated Balance Sheets as of June 28, 2013. The classification error resulted in an overstatement of Cash and cash equivalents and understatement of Net cash used in investing activities of $19.9 million in the unaudited Consolidated Statements of Cash Flows for the twenty-six weeks ended June 28, 2013. We do not consider the classification error to be material to the Company’s previously issued unaudited consolidated financial statements. The VRDNs have been properly reclassified from Cash and cash equivalents to Purchases and sales/maturities in investing activities on our unaudited Consolidated Statement of Cash Flows for the twenty-six weeks ended June 28, 2013 in the current presentation for comparative purposes. This change in classification does not affect previously reported cash flows from operations or from financing activities in the Consolidated Statement of Cash Flows, or the Consolidated Statement of Operations and Comprehensive Income for the twenty-six weeks ended June 28, 2013.

The misclassification also resulted in VRDNs being inappropriately reported as Level 1 financial assets in the notes to our unaudited Consolidated Financial Statements. All VRDNs are now properly reported as Level 2 financial assets in the notes to our audited Consolidated Financial Statements. We do not consider the classification error to be material to the Company’s previously issued unaudited consolidated financial statements.