SanDisk 2009 Annual Report Download - page 127

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This is a TAB type table. Insert
conts here. Annual Report
Notes To Consolidated Financial Statements
Available-for-sale investments as of December 28, 2008 were as follows (in thousands):
Amortized Cost
Gross
Unrealized Gain
Gross
Unrealized Loss Fair Value
Fixed income securities:
U.S. government-sponsored agency
securities ........................ $ 40,110 $ 476 $ — $ 40,586
Corporate notes and bonds ............ 56,916 267 (360) 56,823
Municipal notes and bonds ............ 1,387,592 21,714 (1,330) 1,407,976
1,484,618 22,457 (1,690) 1,505,385
Equity investments ...................... 70,226 (32,999) 37,227
Total available-for-sale investments ..... $1,554,844 $ 22,457 $ (34,689) $1,542,612
The fair value and gross unrealized losses on the available-for-sale securities that have been in an unrealized
loss position, aggregated by type of investment instrument, and the length of time that individual securities have
been in a continuous unrealized loss position as of January 3, 2010, are summarized in the following table
(in thousands). Available-for-sale securities that were in an unrealized gain position have been excluded from the
table.
Less than 12 months Greater than 12 months
Fair Value
Gross
Unrealized Loss Fair Value
Gross
Unrealized Loss
U.S. Treasury and government agency
securities ............................ $ 27,357 $ (6) $ $ —
U.S. government-sponsored agency
securities ............................ 27,724 (298)
Corporate notes and bonds ................ 115,696 (664)
Municipal notes and bonds ................ 76,031 (197)
Equity investments ...................... —
Total ............................. $ 246,808 $ (1,165) $ $
The gross unrealized loss related to U.S. Treasury and government agency securities, U.S. government-
sponsored agency securities, and U.S. corporate and municipal notes and bonds was primarily due to changes in
interest rates. Gross unrealized loss on all available-for-sale fixed income securities at January 3, 2010 was
considered temporary in nature. Factors considered in determining whether a loss is temporary include the length
of time and extent to which fair value has been less than the cost basis, the financial condition and near-term
prospects of the investee, and the Company’s intent and ability to hold an investment for a period of time
sufficient to allow for any anticipated recovery in market value. For debt security investments, the Company
considered additional factors including the Company’s intent to sell the investments or whether it is more likely
than not the Company will be required to sell the investments before the recovery of its amortized cost.
The following table shows the gross realized gains and (losses) on sales of available-for-sale securities
(in thousands).
Year ended
January 3,
2010
December 28,
2008
December 30,
2007
Gross realized gains ....................................... $13,997 $ 8,870 $ 336
Gross realized (losses) ..................................... (576) (640) (237)
F-15