Marketable Securities (Tables)
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3 Months Ended |
Mar. 28, 2015
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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 March 28, 2015 | | | | Total | | Level 1 | | Level 2 | | Level 3 | | | | | | | | | | | | | | | | U.S. Treasury securities | | $ | 27,369 | | $ | - | | $ | 27,369 | | $ | - | | Agency securities | | | 327,160 | | | - | | | 327,160 | | | - | | Mortgage-backed securities | | | 380,535 | | | - | | | 380,535 | | | - | | Corporate securities | | | 572,211 | | | - | | | 572,211 | | | - | | Municipal securities | | | 153,617 | | | - | | | 153,617 | | | - | | Other | | | 68,422 | | | - | | | 68,422 | | | - | | Total | | $ | 1,529,314 | | $ | - | | $ | 1,529,314 | | $ | - | | | | Fair Value Measurements as | | | | of December 27, 2014 (1) | | | | Total | | Level 1 | | Level 2 | | Level 3 | | | | | | | | | | | | | | | | U.S. Treasury securities | | $ | 30,144 | | $ | - | | $ | 30,144 | | $ | - | | Agency securities | | | 428,320 | | | - | | | 428,320 | | | - | | Mortgage-backed securities | | | 324,307 | | | - | | | 324,307 | | | - | | Corporate securities | | | 594,402 | | | - | | | 594,402 | | | - | | Municipal securities | | | 125,410 | | | - | | | 125,410 | | | - | | Other | | | 72,750 | | | - | | | 72,750 | | | - | | Total | | $ | 1,575,333 | | $ | - | | $ | 1,575,333 | | $ | - | | (1) Certain available-for-sale securities held as of December 27, 2014 have been reclassified among major security types to conform to the current year presentation. These reclassifications had no effect on fair value measurement. |
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 March 28, 2015 | | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses-OTTI (2) | | Gross Unrealized Losses-Other (3) | | Estimated Fair Value (Net Carrying Amount) | | U.S. Treasury securities | | $ | 27,185 | | $ | 186 | | $ | - | | $ | (2) | | $ | 27,369 | | Agency securities | | | 330,109 | | | 531 | | | (3,242) | | | (238) | | | 327,160 | | Mortgage-backed securities | | | 382,676 | | | 953 | | | (1,076) | | | (2,018) | | | 380,535 | | Corporate securities | | | 574,513 | | | 744 | | | (1,690) | | | (1,356) | | | 572,211 | | Municipal securities | | | 153,513 | | | 515 | | | (5) | | | (406) | | | 153,617 | | Other | | | 68,461 | | | 13 | | | (14) | | | (38) | | | 68,422 | | Total | | $ | 1,536,457 | | $ | 2,942 | | $ | (6,027) | | $ | (4,058) | | $ | 1,529,314 | | | | Available-For-Sale Securities as | | | | of December 27, 2014 (1) | | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses-OTTI (2) | | Gross Unrealized Losses-Other (3) | | Estimated Fair Value (Net Carrying Amount) | | U.S. Treasury securities | | $ | 30,185 | | $ | 26 | | $ | (25) | | $ | (42) | | $ | 30,144 | | Agency securities | | | 436,817 | | | 169 | | | (8,259) | | | (407) | | | 428,320 | | Mortgage-backed securities | | | 329,048 | | | 580 | | | (1,813) | | | (3,508) | | | 324,307 | | Corporate securities | | | 600,674 | | | 689 | | | (2,874) | | | (4,087) | | | 594,402 | | Municipal securities | | | 125,183 | | | 497 | | | (48) | | | (222) | | | 125,410 | | Other | | | 72,857 | | | 59 | | | (12) | | | (154) | | | 72,750 | | Total | | $ | 1,594,764 | | $ | 2,020 | | $ | (13,031) | | $ | (8,420) | | $ | 1,575,333 | | (1) Certain available-for-sale securities held as of December 27, 2014 have been reclassified among major security types to conform to the current year presentation. These reclassifications had no effect on fair value measurement. (2) Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired. (3) 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 March 28, 2015. | | As of March 28, 2015 | | | | Less than 12 Consecutive Months | | 12 Consecutive Months or Longer | | | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value | | U.S. Treasury securities | | $ | (2) | | $ | 4,777 | | $ | - | | $ | - | | Agency securities | | $ | (221) | | $ | 36,997 | | $ | (3,259) | | $ | 204,858 | | Mortgage-backed securities | | $ | (1,476) | | $ | 175,026 | | $ | (1,618) | | $ | 85,274 | | Corporate securities | | $ | (1,253) | | $ | 264,951 | | $ | (1,793) | | $ | 91,093 | | Municipal securities | | $ | (382) | | $ | 51,639 | | $ | (29) | | $ | 9,356 | | Other | | $ | (10) | | $ | 14,866 | | $ | (42) | | $ | 13,527 | | Total | | $ | (3,344) | | $ | 548,256 | | $ | (6,741) | | $ | 404,108 | | |
Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity |
The amortized cost and estimated fair value of marketable securities at March 28, 2015, 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 | | $ | 269,931 | | $ | 270,212 | | Due after one year through five years | | | 960,640 | | | 958,255 | | Due after five years through ten years | | | 213,954 | | | 210,294 | | Due after ten years | | | 91,932 | | | 90,553 | | | | $ | 1,536,457 | | $ | 1,529,314 | | |