Note 4. Investments

12 Months Ended

Sep. 24, 2014

Investments [Abstract]

Note 4. Investments

Investments consisted of the following:

	2014	2013
Cost  .............................................................................................................	$           21,439	$             50,884
Gross unrealized gains  ..............................................................................	129	34,595
Gross unrealized losses  ............................................................................	(45)	-
Fair value  ....................................................................................................	$           21,523	$             85,479

Investment gains/losses are recognized when investments are sold (as determined on a specific identification basis) or as otherwise required by GAAP. The timing of realized gains and losses from sales can have a material effect on periodic earnings. However, such realized gains or losses usually have little, if any, impact on total shareholders’ equity because the investments are carried at fair value with any unrealized gains/losses included as a component of accumulated other comprehensive income in shareholders’ equity.  We believe that realized investment gains/losses are often meaningless in terms of understanding reported results. Short-term investment gains/losses have caused and may continue to cause significant volatility in our results.

Investment gains were as follows:

	2014	2013	2012
Gain on contributions to investment partnerships ......................	$           29,524	$           182,746	$                    -
Gross realized gains on sales ...........................................................	-	1	4,584
Gross realized losses on sales .........................................................	-	-	(384)
Other than temporary impairment ...................................................	-	(570)	-
Investment gains (including contributions) ..................................	$           29,524	$           182,177	$               4,200

The Company recognized a pre-tax gain of $29,524 ($18,305 net of tax) on a contribution of $74,419 in securities and $182,746 ($114,931 net of tax) on a contribution of $375,936 in securities to the investment partnerships during fiscal years 2014 and 2013, respectively. The gains had a material accounting effect on the Company’s fiscal 2014 and 2013 earnings. However, these gains had no impact on total shareholders’ equity because the investments were carried at fair value prior to the contribution, with the unrealized gains included as a component of accumulated other comprehensive income.

In connection with the acquisition of First Guard we acquired $15,043 of investments.