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Note C - Investment Securities | 12 Months Ended
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Sep. 27, 2014
Investments, Debt and Equity Securities [Abstract] |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE C – INVESTMENT SECURITIES We have classified our investment securities as marketable securities held to maturity and available for sale. The FASB defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the FASB has established three levels of inputs that may be used to measure fair value:
Level 1 | Observable input such as quoted prices in active markets for identical assets or liabilities;
Level 2 | Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and
Level 3 | Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.
Our marketable securities held to maturity and available for sale values are derived solely from level 1 inputs. The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at September 27, 2014 are summarized as follows:
|  |  |  |  |  | Gross |  |  | Gross |  |  | Fair |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Market |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (in thousands) |
US Government Agency Debt |  | $ | 2,000 |  |  | $ | - |  |  | $ | 13 |  |  | $ | 1,987 |
Total investment securities held to maturity |  | $ | 2,000 |  |  | $ | - |  |  | $ | 13 |  |  | $ | 1,987 |
The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at September 27, 2014 are summarized as follows:
|  |  |  |  |  | Gross |  |  | Gross |  |  | Fair |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Market |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (in thousands) |
Mutual Funds |  | $ | 129,473 |  |  | $ | 760 |  |  | $ | 2,116 |  |  | $ | 128,117 |
Total investment securities available for sale |  | $ | 129,473 |  |  | $ | 760 |  |  | $ | 2,116 |  |  | $ | 128,117 |
The mutual funds are primarily fixed income funds that seek current income with an emphasis on maintaining low volatility and overall moderate duration. The funds do not have contractual maturities; however, we classify them as long term assets as it is our intent to hold them for a period of over one year, although we may sell some or all of them depending on presently unanticipated needs for liquidity or market conditions. The unrealized losses of $2,116,000 are spread over 29 funds with a total fair market value of $107,861,000. Of the funds with unrealized losses at September 27, 2014, 20 funds with a total fair market value of $71,806,000 and unrealized losses of $1,685,000 also had unrealized losses at September 27, 2013. The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at September 28, 2013 are summarized as follows:
|  |  |  |  |  | Gross |  |  | Gross |  |  | Fair |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Market |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (in thousands) |
US Government Agency Debt |  | $ | 2,000 |  |  | $ | - |  |  | $ | 50 |  |  | $ | 1,950 |
Certificates of Deposit |  |  | 256 |  |  |  | - |  |  |  | - |  |  |  | 256 |
Total investment securities held to maturity |  | $ | 2,256 |  |  | $ | - |  |  | $ | 50 |  |  | $ | 2,206 |
All of the certificates of deposit are within the FDIC limits for insurance coverage. The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at September 28, 2013 are summarized as follows:
|  |  |  |  |  | Gross |  |  | Gross |  |  | Fair |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Market |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (in thousands) |
Mutual Funds |  | $ | 109,891 |  |  | $ | 254 |  |  | $ | 2,481 |  |  | $ | 107,664 |
Total investment securities available for sale |  | $ | 109,891 |  |  | $ | 254 |  |  | $ | 2,481 |  |  | $ | 107,664 |
The amortized cost and fair value of the Company’s held to maturity securities by contractual maturity at September 27, 2014 and September 28, 2013 are summarized as follows:
|  | September 27, 2014 |  |  | September 28, 2013 |
|  |  |  |  |  | Fair |  |  |  |  |  |  | Fair |
|  | Amortized |  |  | Market |  |  | Amortized |  |  | Market |
|  | Cost |  |  | Value |  |  | Cost |  |  | Value |
|  | (in thousands) |
Due in one year or less |  | $ | - |  |  | $ | - |  |  | $ | 256 |  |  | $ | 256 |
Due after one year through five years |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Due after five years through ten years |  |  | 2,000 |  |  |  | 1,987 |  |  |  | 2,000 |  |  |  | 1,950 |
Total held to maturity securities |  | $ | 2,000 |  |  | $ | 1,987 |  |  | $ | 2,256 |  |  | $ | 2,206 |
Less current portion |  |  | - |  |  |  | - |  |  |  | 256 |  |  |  | 256 |
Long term held to maturity securities |  | $ | 2,000 |  |  | $ | 1,987 |  |  | $ | 2,000 |  |  | $ | 1,950 |
Proceeds from the sale and redemption of marketable securities were $7,245,000, $25,307,000 and $109,744,000 in the years ended September 27, 2014, September 28, 2013 and September 29, 2012, respectively; with losses of $361,000 and $108,000 recorded in 2014 and 2013 and no gain or loss recorded in 2012. We use the specific identification method to determine the cost of securities sold.

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