Fair Value Measurements

12 Months Ended

Dec. 28, 2012

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3: Fair Value Measurements

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including available-for-sale fixed income securities, trading fixed income and equity securities held in its deferred compensation plan and the liability associated with its deferred compensation plan. There have been no transfers between fair value measurement levels during the years ended December 28, 2012 and December 30, 2011. Any transfers between fair value measurement levels would be recorded on the actual date of the event or change in circumstances that caused the transfer. The fair value of these certain financial assets and liabilities was determined using the following inputs at December 28, 2012 (in thousands):

	Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Money market securities (1)	$	49,134	$	49,134	$	-	$	-
Fixed income available for sale securities (2)		20,881		-		20,881		-
Fixed income trading securities held in deferred compensation plan (3)		9,911		9,911		-		-
Equity trading securities held in deferred compensation plan (3)		17,178		17,178		-		-
Total	$	97,104	$	76,223	$	20,881	$	-
Liabilities
Deferred compensation plan (4)		26,984		26,984		-		-
Total	$	26,984	$	26,984	$	-	$	-

⁽¹⁾ Included in cash and cash equivalents on the Company’s consolidated balance sheet.

⁽²⁾ Included in short-term investments on the Company’s consolidated balance sheet.

⁽³⁾ Included in other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet.

⁽⁴⁾ Included in accrued liabilities and deferred compensation on the Company’s consolidated balance sheet.

The fair value of these certain financial assets and liabilities was determined using the following inputs at December 30, 2011 (in thousands):

	Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Money market securities (1)	$	44,448	$	44,448	$	-	$	-
Fixed income available for sale securities (2)		25,260		-		25,260		-
Fixed income trading securities held in deferred compensation plan (3)		7,456		7,456		-		-
Equity trading securities held in deferred compensation plan (3)		12,626		12,626		-		-
Total	$	89,790	$	64,530	$	25,260	$	-
Liabilities
Deferred compensation plan (4)		19,927		19,927		-		-
Total	$	19,927	$	19,927	$	-	$	-

⁽¹⁾ Included in cash and cash equivalents on the Company’s consolidated balance sheet.

⁽²⁾ Included in short-term investments on the Company’s consolidated balance sheet.

⁽³⁾ Included in other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet.

⁽⁴⁾ Included in accrued liabilities and deferred compensation on the Company’s consolidated balance sheet.

Fixed income available-for-sale securities as of December 28, 2012 and December 30, 2011 represent primarily obligations of state and local government agencies. Fixed income and equity trading securities represent mutual funds held in the Company’s deferred compensation plan. See Note 12 for additional information about the Company’s deferred compensation plan.

At December 28, 2012 and December 31, 2011, the Company did not have any assets or liabilities valued using significant unobservable inputs.

The following financial instruments are not measured at fair value on the Company's consolidated balance sheet at December 28, 2012, but require disclosure of their fair values: accounts receivable, other assets and accounts payable. The estimated fair value of such instruments at December 28, 2012 approximates their carrying value as reported on the consolidated balance sheet. The fair values of such financial instruments are determined using the income approach based on the present value of estimated future cash flows. There have been no changes in the Company’s valuation technique during fiscal 2012. The fair value of all of these instruments would be categorized as Level 2 of the fair value hierarchy.

There were no other-than-temporary impairments or credit losses related to available-for-sale securities during the years ended December 28, 2012, December 30, 2011 and December 31, 2010.