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Fair Value Measurements
3 Months Ended
Apr. 02, 2016
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Fair Value Measurements

The following table sets forth by level within the fair value hierarchy, our financial assets at January 2, 2016, 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). At April 2, 2016, we did not hold any financial assets that required a fair value measurement on a recurring basis.
 
 
January 2, 2016
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Marketable debt securities – current
 
 
 
 
 
 
 
 
Municipal bonds
 
$

 
$
4,055

 
$

 
$
4,055

Corporate bonds
 

 
2,512

 

 
2,512

 
 

 
6,567

 

 
6,567

Marketable debt securities – non-current
 
 
 
 
 
 
 
 
Corporate bonds
 

 
5,001

 

 
5,001

U.S. Agency bonds
 

 
2,496

 

 
2,496

Municipal bonds
 

 
1,056

 

 
1,056

 
 

 
8,553

 

 
8,553

 
 
$

 
$
15,120

 
$

 
$
15,120



At April 2, 2016 and January 2, 2016, we had $1.7 million and $1.6 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 $1.7 million and $1.6 million at April 2, 2016 and January 2, 2016, 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.