Marketable Securities (Tables)

6 Months Ended

Jun. 28, 2014

Investments, Debt and Equity Securities [Abstract]

Available For Sale Securities Measured At Estimated Fair Value On Recurring Basis

Available for sale securities measured at estimated fair value on a recurring basis are summarized below:

	Fair Value Measurements as
	of June 28, 2014
Description	Total		Level 1		Level 2		Level 3

Mortgage-backed securities	$	380,211	$	-	$	380,211	$	-
Obligations of states and political subdivisions		600,823		-		600,823		-
Corporate bonds		517,867		-		517,867		-
Common stocks		30,850		30,850		-		-
Other		87,253		-		87,253		-
Total	$	1,617,004	$	30,850	$	1,586,154	$	-

	Fair Value Measurements as
	of December 28, 2013
Description	Total		Level 1		Level 2		Level 3

Mortgage-backed securities	$	437,330	$	-	$	437,330	$	-
Obligations of states and political subdivisions		647,354		-		647,354		-
Corporate bonds		457,148		-		457,148		-
Common stocks		29,854		29,854		-		-
Other		80,282		-		80,282		-
Total	$	1,651,968	$	29,854	$	1,622,114	$	-

Marketable Securities Classified as Available-For-Sale Securities

Marketable securities classified as available-for-sale securities are summarized below:

	Available-For-Sale Securities as
	of June 28, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses-OTTI⁽¹⁾		Gross Unrealized Losses-Other⁽²⁾		Estimated Fair Value (Net Carrying Amount)
Mortgage-backed securities	$	388,065	$	2,408	$	(5,392)	$	(4,870)	$	380,211
Obligations of states and political subdivisions		611,731		1,381		(12,244)		(45)		600,823
U.S. corporate bonds		521,141		976		(4,040)		(210)		517,867
Common stocks		30,392		473		(15)		-		30,850
Other		84,911		2,390		(48)		-		87,253
Total	$	1,636,240	$	7,628	$	(21,739)	$	(5,125)	$	1,617,004

	Available-For-Sale Securities as
	of December 28, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses-OTTI⁽¹⁾		Gross Unrealized Losses-Other⁽²⁾		Estimated Fair Value (Net Carrying Amount)
Mortgage-backed securities	$	461,054	$	2,692	$	(22,614)	$	(3,802)	$	437,330
Obligations of states and political subdivisions		673,529		1,601		(27,509)		(267)		647,354
U.S. corporate bonds		463,437		1,050		(7,031)		(308)		457,148
Common stocks		24,540		5,413		(99)		-		29,854
Other		78,059		2,326		(103)		-		80,282
Total	$	1,700,619	$	13,082	$	(57,356)	$	(4,377)	$	1,651,968

⁽¹⁾ Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired.

⁽²⁾ Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired.

Schedule of Available-for-sale-securities Unrealized Loss on Investments

The following table displays additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of June 28, 2014. There was an immaterial amount of unrealized losses related to securities that had been in a continuous unrealized loss position for 12 months or longer as of December 28, 2013.

	As of June 28, 2014
	Less than 12 Consecutive Months				12 Consecutive Months or Longer
	Gross Unrealized				Gross Unrealized
	Losses		Fair Value		Losses		Fair Value

Mortgage-backed securities	$	(446)	$	57,696	$	(9,816)	$	204,669
Obligations of states and political subdivisions		(468)		82,370		(11,821)		318,318
Corporate bonds		(2,005)		232,032		(2,245)		83,073
Common stocks		(15)		5,797		-		-
Other		(35)		12,705		(13)		3,172
Total	$	(2,969)	$	390,600	$	(23,895)	$	609,232

Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity

The amortized cost and estimated fair value of marketable securities at June 28, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.

			Estimated
	Cost		Fair Value

Due in one year or less	$	161,024	$	160,901
Due after one year through five years		754,105		752,589
Due after five years through ten years		209,953		205,152
Due after ten years		443,137		427,560
Other (No contractual maturity dates)		68,021		70,802
	$	1,636,240	$	1,617,004

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References+ Details