Fair Value Measurements

6 Months Ended

Jun. 28, 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 according to the valuation techniques we used to determine their fair value (in thousands):

	June 28, 2014
	Level 1		Level 2		Level 3		Total
Marketable debt securities – current
U.S. Treasury securities	$	7,505	$	—	$	—	$	7,505
Corporate bonds	—		22,851		—		22,851
U.S. Agency bonds	—		9,508		—		9,508
Municipal bonds	—		5,967		—		5,967
	7,505		38,326		—		45,831
Marketable debt securities – non-current
U.S. Treasury securities	16,494		—		—		16,494
Corporate bonds	—		7,640		—		7,640
U.S. Agency bonds	—		10,005		—		10,005
Municipal bonds	—		3,683		—		3,683
	16,494		21,328		—		37,822
	$	23,999	$	59,654	$	—	$	83,653

	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 June 28, 2014 and December 28, 2013, we had $1.1 million and $1.1 million, respectively, of debt and equity securities that funded our deferred compensation plan and are classified in other assets in our condensed consolidated balance sheets. We also had corresponding deferred compensation plan liabilities of $1.1 million and $1.1 million at June 28, 2014 and December 28, 2013, respectively, which are included in other long-term liabilities in our condensed consolidated balance sheets. 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.