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Investments | 12 Months Ended
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Dec. 31, 2011
Investments [Abstract] |
Investments |
(4) | Investments
Investments include primarily investment-grade corporate bonds and U.S. Treasury obligations having maturities of up to five years (the "bond portfolio"). Investments in the bond portfolio are reported as available-for-sale and are carried at fair value. Investments maturing less than one year from the balance sheet date are included in short-term investments and investments maturing more than one year from the balance sheet date are included in other assets in the consolidated balance sheets. Management has performed an analysis of the nature of the unrealized losses on available-for-sale investments to determine whether such losses are other-than-temporary. Unrealized losses, representing the excess of the purchase price of an investment over its fair value as of the end of a period, considered to be other-than-temporary are to be included as a charge in the statement of income while unrealized losses considered to be temporary are to be included as a component of equity. Investments whose values are based on quoted market prices in active markets are classified within Level 1. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, are classified within Level 2. As Level 2 investments include positions that are not traded in active markets, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. Transfers between levels are recognized as of the beginning of the period. Fair value of the bond portfolio was determined using Level 1 inputs related to U.S. Treasury obligations and money market investments and Level 2 inputs related to investment-grade corporate bonds, mortgage-backed securities and direct obligations of government agencies. Unrealized gains, net of unrealized losses, on the investments in the bond portfolio were $786,000 and $760,000 at December 31, 2011 and December 25, 2010, respectively. The amortized cost and fair market values of available-for-sale investments are as follows at December 31, 2011 and December 25, 2010 (in thousands):
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Market Value |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market investments |  | $ | 1,989 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,989 |
Mortgage-backed securities |  |  | 3,017 |  |  |  | 61 |  |  |  | 18 |  |  |  | 3,060 |
Corporate bonds and direct obligations of government agencies |  |  | 51,014 |  |  |  | 819 |  |  |  | 126 |  |  |  | 51,707 |
U.S. Treasury obligations |  |  | 11,682 |  |  |  | 51 |  |  |  | 1 |  |  |  | 11,732 |
Total |  | $ | 67,702 |  |  | $ | 931 |  |  | $ | 145 |  |  | $ | 68,488 |
December 25, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market investments |  | $ | 535 |  |  | $ | — |  |  | $ | — |  |  | $ | 535 |
Mortgage-backed securities |  |  | 3,458 |  |  |  | 64 |  |  |  | 8 |  |  |  | 3,514 |
Corporate bonds and direct obligations of government agencies |  |  | 60,330 |  |  |  | 872 |  |  |  | 151 |  |  |  | 61,051 |
U.S. Treasury obligations |  |  | 12,584 |  |  |  | 6 |  |  |  | 23 |  |  |  | 12,567 |
Total |  | $ | 76,907 |  |  | $ | 942 |  |  | $ | 182 |  |  | $ | 77,667 |
For those available-for-sale investments with unrealized losses at December 31, 2011 and December 25, 2010, the following table summarizes the duration of the unrealized loss (in thousands):
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair Market Value |  |  | Unrealized Loss |  |  | Fair Market Value |  |  | Unrealized Loss |  |  | Fair Market Value |  |  | Unrealized Loss |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 468 |  |  | $ | 18 |  |  | $ | — |  |  | $ | — |  |  | $ | 468 |  |  | $ | 18 |
Corporate bonds and direct obligations of government agencies |  |  | 6,067 |  |  |  | 126 |  |  |  | — |  |  |  | — |  |  |  | 6,067 |  |  |  | 126 |
U.S. Treasury obligations |  |  | 591 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 591 |  |  |  | 1 |
Total |  | $ | 7,126 |  |  | $ | 145 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,126 |  |  | $ | 145 |
December 25, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 225 |  |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 225 |  |  | $ | 8 |
Corporate bonds and direct obligations of government agencies |  |  | 11,615 |  |  |  | 151 |  |  |  | — |  |  |  | — |  |  |  | 11,615 |  |  |  | 151 |
U.S. Treasury obligations |  |  | 774 |  |  |  | 23 |  |  |  | — |  |  |  | — |  |  |  | 774 |  |  |  | 23 |
Total |  | $ | 12,614 |  |  | $ | 182 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,614 |  |  | $ | 182 |
Short-term investments include $27,944,000 in current maturities of investments held by the Company's insurance segment at December 31, 2011. These short-term investments together with $22,239,000 of the non-current portion of investments included in other assets at December 31, 2011 provide collateral for the $45,165,000 of letters of credit issued to guarantee payment of insurance claims. Investment income represents the earnings on the insurance segment's assets. Investment income earned from the assets of the insurance segment are included as a component of operating income as the investment of these assets is critical to providing collateral, liquidity and earnings with respect to the operation of the Company's insurance programs.

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- Definition Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 -Topic 320 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 -Topic 320 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563 + Details
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