Cabela's 2010 Annual Report Download - page 95

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85
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
7. SECURITIES
Available-for-sale securities consisted of the following for the years ended:
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses Fair
Value
2010:
Economic development bonds $ 108,640 $2,045 $(6,454) $ 104,231
2009:
Economic development bonds $ 111,815 $999 $(4,323) $ 108,491
Asset-backed securities (1) 76,984 5,721 -82,705
$188,799 $6,720 $(4,323) $ 191,196
(1) The asset-backed available-for-sale securities were derecognized with the consolidation of the Trust as of
January 3, 2010. See Note 3 for additional information on the consolidation of the Trust.
The carrying value and fair value of securities by contractual maturity at the end of 2010 were as follows:
Amortized
Cost Fair
Value
2011 $1,804 $1,855
2012 1,924 1,970
2013 2,464 2,486
2014 3,689 3,611
2015 4,065 3,954
2016-2020 28,082 27,044
2021 and thereafter 66,612 63,311
$108,640 $104,231
At the end of 2010, none of the securities with a fair value below carrying value were deemed to have other
than a temporary impairment. At the end of 2009, the fair value of certain economic development bonds was
determined to be below carrying value, with the decline in fair value deemed to be other than temporary. The fair
value adjustments totaling $8,032 reduced the carrying value of the economic development bond portfolio at the
end of 2009.
Interest earned on the economic development bonds totaled $6,256, $6,988, and $6,305, for 2010, 2009, and
2008, respectively. Interest earned on the asset-backed securities totaled $5,453 in 2009 and is a component of
Financial Services revenue. The asset-backed securities were classified with retained interests in securitized loans
on the 2009 consolidated balance sheet. There were no realized gains or losses on these securities in 2010, 2009,
or 2008.