v2.4.1.9
Marketable Securities (Tables)
3 Months Ended
Mar. 28, 2015
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