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Marketable Securities | 12 Months Ended
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Dec. 28, 2013
Marketable Securities [Abstract] |
Marketable Securities | Note 2 Marketable Securities The Company’s marketable securities are all classified as available-for-sale. FASB has established three levels of inputs that may be used to measure fair value: Level 1 Observable inputs 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. The Company’s marketable securities valued using Level 1 inputs include highly liquid equity securities, for which quoted market prices are available. The Company’s bond portfolio is valued using Level 2 inputs. The Company’s bonds are valued using a combination of pricing for similar securities, recently executed transactions, cash flow models with yield curves and other pricing models utilizing observable inputs, which are considered Level 2 inputs. For Level 2 investment valuation, the Company utilizes standard pricing procedures of its investment brokerage firm(s) which include various third party pricing services. These procedures also require specific price monitoring practices as well as pricing review reports, valuation oversight and pricing challenge procedures to maintain the most accurate representation of investment fair market value. In addition, the Company engaged an independent firm to value a sample of the Company’s municipal bond holdings in order to validate the investment’s assigned fair value. Marketable securities, as of December 28, 2013 and December 29, 2012, consisted of:
|  |  | Gross | Gross |  |
(dollars in thousands) | Amortized | Unrealized | Unrealized | Fair
December 28, 2013 | Cost | Holding Gains | Holding Losses | Value
Available-for-sale: |  |  |  |  |  |  |  |
Level 1 |  |  |  |  |  |  |  |
Equity securities | $ | 970 | $ | 7,239 | $ | - | $ | 8,209
Level 2 |  |  |  |  |  |  |  |
Municipal bonds |  | 55,431 |  | 686 |  | (1,233) |  | 54,884
| $ | 56,401 | $ | 7,925 | $ | (1,233) | $ | 63,093
|  |  | Gross | Gross |  |
(dollars in thousands) | Amortized | Unrealized | Unrealized | Fair
December 29, 2012 | Cost | Holding Gains | Holding Losses | Value
Available-for-sale: |  |  |  |  |  |  |  |
Level 1 |  |  |  |  |  |  |  |
Equity securities | $ | 1,136 | $ | 7,714 | $ | - | $ | 8,850
Level 2 |  |  |  |  |  |  |  |
Municipal bonds |  | 72,840 |  | 1,308 |  | (497) |  | 73,651
| $ | 73,976 | $ | 9,022 | $ | (497) | $ | 82,501
Maturities of marketable securities classified as available-for-sale at December 28, 2013, were as follows:
|  | Amortized |  | Fair
(dollars in thousands) |  | Cost |  | Value
Available-for-sale: |  |  |  |
Due within one year | $ | 2,304 | $ | 2,221
Due after one year through five years |  | 39,678 |  | 39,470
Due after five years through ten years |  | 13,449 |  | 13,193
Equity securities |  | 970 |  | 8,209
| $ | 56,401 | $ | 63,093

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: 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=27724398&loc=d3e27290-111563 Reference 2: 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=27724398&loc=d3e27357-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 4: 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 5: 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=27724398&loc=d3e27232-111563 Reference 6: 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 7: 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=27724398&loc=d3e27161-111563 Reference 8: 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=27724398&loc=d3e27405-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 + Details
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