Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

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 March 31, 2017:

	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⁾	$	13,138	$	13,138	$	-	$	-

Fixed income available-
for-sale securities ⁽²⁾		67,817		-		67,817		-

Fixed income trading
securities held in deferred
compensation plan ⁽³⁾		15,271		15,271		-		-

Equity trading securities
held in deferred
compensation plan ⁽³⁾		37,429		37,429		-		-

Total	$	133,655	$	65,838	$	67,817	$	-

Liabilities
Deferred compensation
plan ⁽⁴⁾		58,320		58,320		-		-

Total	$	58,320	$	58,320	$	-	$	-

	⁽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 December 30, 2016:

	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⁾	$	21,918	$	21,918	$	-	$	-

Fixed income available-
for-sale securities ⁽²⁾		58,755		-		58,755		-

Fixed income trading
securities held in deferred
compensation plan ⁽³⁾		11,872		11,872		-		-

Equity trading securities
held in deferred
compensation plan ⁽³⁾		36,395		36,395		-		-

Total	$	128,940	$	70,185	$	58,755	$	-

Liabilities
Deferred compensation
plan ⁽⁴⁾		53,617		53,617		-		-

Total	$	53,617	$	53,617	$	-	$	-

	⁽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.

Cash, cash equivalents and short-term investments

Cash, cash equivalents and short-term investments consisted of the following as of March 31, 2017:

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

Classified as current assets:
Cash	$	73,948	$	-	$	-	$	73,948

Cash equivalents:
Money market securities		13,138		-		-		13,138
Total cash equivalents		13,138		-		-		13,138
Total cash and cash equivalents		87,086		-		-		87,086

Short-term investments:
U.S. agency securities		68,000		2		(185)		67,817
Total short-term investments		68,000		2		(185)		67,817


Total cash, cash equivalents and short-term investments	$	155,086	$	2	$	(185)	$	154,903

Cash, cash equivalents and short-term investments consisted of the following as of December 30, 2016:

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

Classified as current assets:
Cash	$	93,049	$	-	$	-	$	93,049

Cash equivalents:
Money market securities		21,918		-		-		21,918
Total cash equivalents		21,918		-		-		21,918
Total cash and cash equivalents		114,967		-		-		114,967

Short-term investments:
U.S. agency securities		59,000		-		(245)		58,755
Total short-term investments		59,000		-		(245)		58,755


Total cash, cash equivalents and short-term investments	$	173,967	$	-	$	(245)	$	173,722

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 March 31, 2017:

	Amortized		Estimated
(In thousands)	Cost		Fair Value

Due within one year	$	24,000	$	23,971
Due between one and two years		44,000		43,846
Total	$	68,000	$	67,817