PUBLIX SUPER MARKETS INC | 2013 | FY | 3

Investments
Following is a summary of AFS securities as of December 28, 2013 and December 29, 2012:
 
 
Amortized Cost
 
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value
 
 
(Amounts are in thousands)
2013
 
 
 
 
 
 
 
 
 
 
 
Tax exempt bonds
 
$
3,430,028

 
 
25,588

 
 
9,917

 
 
3,445,699

Taxable bonds
 
1,445,901

 
 
7,641

 
 
3,863

 
 
1,449,679

Restricted investments
 
170,000

 
 
—

 
 
86

 
 
169,914

Equity securities
 
790,975

 
 
139,119

 
 
3,900

 
 
926,194

 
 
$
5,836,904

 
 
172,348

 
 
17,766

 
 
5,991,486

2012
 
 
 
 
 
 
 
 
 
 
 
Tax exempt bonds
 
$
3,115,963

 
 
33,787

 
 
2,646

 
 
3,147,104

Taxable bonds
 
1,141,514

 
 
17,667

 
 
355

 
 
1,158,826

Restricted investments
 
170,000

 
 
431

 
 
—

 
 
170,431

Equity securities
 
510,613

 
 
58,631

 
 
12,499

 
 
556,745

 
 
$
4,938,090

 
 
110,516

 
 
15,500

 
 
5,033,106


Realized gains on sales of AFS securities totaled $64,637,000 for 2013. Realized losses on sales of AFS securities totaled $16,868,000 for 2013. There were no OTTI losses on AFS securities in 2013.

Realized gains on sales of AFS securities totaled $23,772,000 for 2012. Realized losses on sales of AFS securities totaled $13,386,000 for 2012. There were no OTTI losses on AFS securities in 2012.
Realized gains on sales of AFS securities totaled $35,864,000 for 2011. Realized losses on sales of AFS securities totaled $15,978,000 for 2011, including OTTI losses on equity securities of $6,082,000. There were no OTTI losses on debt securities in 2011.
The amortized cost and fair value of AFS securities by expected maturity as of December 28, 2013 and December 29, 2012 are as follows:
  
 
2013
 
2012
 
 
Amortized Cost
 
Fair
Value
 
Amortized Cost
 
Fair
Value
 
 
 
 
(Amounts are in thousands)
 
 
 
Due in one year or less
 
$
824,780

 
829,559

 
792,946

 
797,260

Due after one year through five years
 
3,590,615

 
3,609,115

 
2,725,036

 
2,755,043

Due after five years through ten years
 
295,407

 
288,421

 
520,800

 
526,924

Due after ten years
 
165,127

 
168,283

 
218,695

 
226,703

 
 
4,875,929

 
4,895,378

 
4,257,477

 
4,305,930

Restricted investments
 
170,000

 
169,914

 
170,000

 
170,431

Equity securities
 
790,975

 
926,194

 
510,613

 
556,745

 
 
$
5,836,904

 
5,991,486

 
4,938,090

 
5,033,106


Following is a summary of temporarily impaired AFS securities by the time period impaired as of December 28, 2013 and December 29, 2012:
 
 
Less Than
12 Months
 
12 Months
or Longer
 
Total
 
 
Fair
Value
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
 
 
(Amounts are in thousands)
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax exempt bonds
 
$
502,304

 
 
6,710

 
 
106,985

 
 
3,207

 
 
609,289

 
 
9,917

 
Taxable bonds
 
535,233

 
 
3,347

 
 
19,367

 
 
516

 
 
554,600

 
 
3,863

 
Restricted investments
 
169,914

 
 
86

 
 
—

 
 
—

 
 
169,914

 
 
86

 
Equity securities
 
31,400

 
 
3,499

 
 
3,152

 
 
401

 
 
34,552

 
 
3,900

 
Total temporarily
impaired AFS securities
 
$
1,238,851

 
 
13,642

 
 
129,504

 
 
4,124

 
 
1,368,355

 
 
17,766

 
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax exempt bonds
 
$
566,914

 
 
2,646

 
 
—

 
 
—

 
 
566,914

 
 
2,646

 
Taxable bonds
 
81,876

 
 
355

 
 
—

 
 
—

 
 
81,876

 
 
355

 
Equity securities
 
209,759

 
 
8,878

 
 
14,260

 
 
3,621

 
 
224,019

 
 
12,499

 
Total temporarily
impaired AFS securities
 
$
858,549

 
 
11,879

 
 
14,260

 
 
3,621

 
 
872,809

 
 
15,500

 

There are 262 AFS securities contributing to the total unrealized loss of $17,766,000 as of December 28, 2013. Unrealized losses related to debt securities are primarily due to interest rate volatility impacting the market value of certain bonds. The Company continues to receive scheduled principal and interest payments on these debt securities. Unrealized losses related to equity securities are primarily due to temporary equity market fluctuations that are expected to recover.

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