Fair Value Measurements

9 Months Ended

Sep. 28, 2012

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 3—Fair Value Measurements

We use the following methods and assumptions to estimate the fair value of each class of financial instruments:

§ Due to their short duration, the carrying amount of cash and cash equivalents, receivables, prepaid expenses, accounts payable, accrued expenses and other current liabilities provide a reasonable estimate of fair value.

§ Borrowings under our revolving credit facility as of September 28, 2012 and December 30, 2011 have variable interest rates that reflect currently available terms and conditions for similar debt. The carrying amount of these borrowings provides a reasonable estimate of fair value.

We determine fair value on the following assets and liabilities using these input levels (in millions):

	Fair value as of September 28, 2012 using:
	Total	Quoted prices in active markets for identical assets (Level 1)	Significant other observable inputs (Level 2)
Assets
Short-term investments:
Bank time deposits	$                          4.8	$                            -	$                        4.8
Prepaid expenses and other current assets:
Foreign exchange options	0.1	-	0.1
Other non-current assets:
Deferred compensation investments	11.7	1.0	10.7
Total assets measured at fair value	$                        16.6	$                        1.0	$                      15.6
Liabilities
Other accrued expenses:
Interest rate swap	$                          3.6	$                            -	$                        3.6
	Fair value as of December 30, 2011 using:
	Total	Quoted prices in active markets for identical assets (Level 1)	Significant other observable inputs (Level 2)
Assets
Short-term investments:
Bank time deposits	$                        26.5	$                            -	$                      26.5
Prepaid expenses and other current assets:
Foreign exchange options	1.1	-	1.1
Long-term investments:
Bank time deposits	4.8	-	4.8
Other non-current assets:
Deferred compensation investments	11.2	1.4	9.8
Total assets measured at fair value	$                        43.6	$                        1.4	$                      42.2
Liabilities
Other accrued expenses:
Interest rate swap	$                          0.6	$                            -	$                        0.6

For actively traded securities, bank time deposits, foreign exchange contracts and interest rate swaps, we generally rely upon the valuations as provided by the third party custodian of these assets or liabilities. There were no transfers into or out of Level 1 or Level 2 financial assets and liabilities during the three quarters ended September 28, 2012 and September 30, 2011.