Fair Value Measurements (Tables)

3 Months Ended

Apr. 04, 2014

Assets and Liabilities Measured at Fair Value on Recurring Basis

The fair value of these certain financial assets and liabilities was determined using the following inputs at April 4, 2014:

	Fair Value Measurements at Reporting Date Using
(In thousands)	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⁾	$	38,347	$	38,347	$	-	$	-

Fixed income available for sale securities ⁽²⁾		31,831		-		31,831		-

Fixed income trading securities held in deferred compensation plan ⁽³⁾		10,914		10,914		-		-

Equity trading securities held in deferred compensation plan ⁽³⁾		32,251		32,251		-		-

Total	$	113,343	$	81,512	$	31,831	$	-

Liabilities
Deferred compensation plan ⁽⁴⁾		44,874		44,874		-		-

Total	$	44,874	$	44,874	$	-	$	-

⁽¹⁾

Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet.

⁽²⁾

Included in short-term investments on the Company’s unaudited condensed consolidated balance sheet.

⁽³⁾

Included in prepaid expenses and other assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet.

⁽⁴⁾

Included in accrued payroll and employee benefits and deferred compensation on the Company’s unaudited condensed consolidated balance sheet.

The fair value of these certain financial assets and liabilities was determined using the following inputs at January 3, 2014:

	Fair Value Measurements at Reporting Date Using
(In thousands)	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⁾	$	37,099	$	37,099	$	-	$	-

Fixed income available for sale securities ⁽²⁾		33,171		-		33,171		-

Fixed income trading securities held in deferred compensation plan ⁽³⁾		9,535		9,535		-		-

Equity trading securities held in deferred compensation plan ⁽³⁾		28,444		28,444		-		-

Total	$	108,249	$	75,078	$	33,171	$	-

Liabilities
Deferred compensation plan ⁽⁴⁾		37,926		37,926		-		-

Total	$	37,926	$	37,926	$	-	$	-

⁽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 prepaid expenses and other assets and deferred compensation plan assets on the Company’s consolidated balance sheet.

⁽⁴⁾

Included in accrued payroll and employee benefits and deferred compensation on the Company’s consolidated balance sheet.

Cash, cash equivalents and short-term investments

Cash, cash equivalents and short-term investments consisted of the following as of April 4, 2014:

	Amortized		Unrealized		Unrealized		Estimated
(In thousands)	Cost		Gains		Losses		Fair Value

Classified as current assets:
Cash	$	67,274	$	-	$	-	$	67,274

Cash equivalents:
Money market securities		38,347		-		-		38,347
Total cash equivalents		38,347		-		-		38,347
Total cash and cash equivalents		105,621		-		-		105,621

Short-term investments:
State and municipal bonds		31,791		43		(3)		31,831
Total short-term investments		31,791		43		(3)		31,831

Total cash, cash equivalents and short-term investments	$	137,412	$	43	$	(3)	$	137,452

There were no securities in a continuous unrealized loss position for more than 12 months as of April 4, 2014.

Cash, cash equivalents and short-term investments consisted of the following as of January 3, 2014:

	Amortized		Unrealized		Unrealized		Estimated
(In thousands)	Cost		Gains		Losses		Fair Value

Classified as current assets:
Cash	$	85,849	$	-	$	-	$	85,849

Cash equivalents:
Money market securities		37,099		-		-		37,099
Total cash equivalents		37,099		-		-		37,099
Total cash and cash equivalents		122,948		-		-		122,948

Short-term investments:
State and municipal bonds		33,155		25		(9)		33,171
Total short-term investments		33,155		25		(9)		33,171

Total cash, cash equivalents and short-term investments	$	156,103	$	25	$	(9)	$	156,119

Summary of Cost and Estimated Fair Value of Short Term Fixed Income Securities

The following table summarizes the cost and estimated fair value of short-term fixed income securities classified as short-term investments based on stated effective maturities as of April 4, 2014:

	Amortized		Estimated
(In thousands)	Cost		Fair Value

Due within one year	$	14,945	$	14,956
Due between one and two years		16,846		16,875
Total	$	31,791	$	31,831