Fair Value Measurements

3 Months Ended

Mar. 29, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following tables set forth, by level within the fair value hierarchy, our financial assets that were accounted for at fair value on a recurring basis at March 29, 2014, and December 28, 2013, according to the valuation techniques we used to determine their fair value (in thousands):

	March 29, 2014
	Level 1		Level 2		Level 3		Total
Marketable debt securities – current
U.S. Treasury securities	$	15,009	$	—	$	—	$	15,009
Corporate bonds	—		20,356		—		20,356
U.S. Agency bonds	—		12,018		—		12,018
Municipal bonds	—		4,764		—		4,764
	15,009		37,138		—		52,147
Marketable debt securities – non-current
U.S. Treasury securities	8,989		—		—		8,989
Corporate bonds	—		10,303		—		10,303
U.S. Agency bonds	—		7,502		—		7,502
Municipal bonds	—		3,675		—		3,675
	8,989		21,480		—		30,469
	$	23,998	$	58,618	$	—	$	82,616

	December 28, 2013
	Level 1		Level 2		Level 3		Total
Marketable debt securities – current
U.S. Treasury securities	$	15,011	$	—	$	—	$	15,011
Corporate bonds	—		20,300		—		20,300
U.S. Agency bonds	—		12,025		—		12,025
Municipal bonds	—		4,823		—		4,823
	15,011		37,148		—		52,159
Marketable debt securities – non-current
U.S. Treasury securities	8,978		—		—		8,978
Corporate bonds	—		15,484		—		15,484
U.S. Agency bonds	—		7,498		—		7,498
Municipal bonds	—		2,672		—		2,672
	8,978		25,654		—		34,632
	$	23,989	$	62,802	$	—	$	86,791

We did not have any transfers between Level 1 and Level 2 fair value measurements during the periods presented.

At March 29, 2014, and December 28, 2013, we had $1.1 million and $1.1 million, respectively, of debt and equity securities that fund our deferred compensation plan and are classified in other assets. We also had corresponding deferred compensation plan liabilities of $1.1 million and $1.1 million at March 29, 2014, and December 28, 2013, respectively, which are included in other long-term liabilities. The majority of the debt and equity securities are Level 1 as they trade with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. Unrealized gains/(losses) on the debt and equity securities offset those associated with the corresponding deferred compensation plan liabilities.