Fair Value Measurements (Tables)

9 Months Ended

Sep. 29, 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 September 29, 2017:

	Fair Value Measurements at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
(In thousands)	Total		(Level 1)		(Level 2)		(Level 3)

Assets
Money market securities ⁽¹⁾	$	5,265	$	5,265	$	-	$	-

Fixed income available-for-sale securities ⁽²⁾		75,782		-		75,782		-

Fixed income trading securities held in deferred compensation plan ⁽³⁾		14,210		14,210		-		-

Equity trading securities held in deferred compensation plan ⁽³⁾		36,569		36,569		-		-
Total	$	131,826	$	56,044	$	75,782	$	-

Liabilities
Deferred compensation plan ⁽⁴⁾		56,479		56,479		-		-
Total	$	56,479	$	56,479	$	-	$	-

⁽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
			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
(In thousands)	Total		(Level 1)		(Level 2)		(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 September 29, 2017:

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

Classified as current assets:
Cash	$	84,544	$	-	$	-	$	84,544

Cash equivalents:
Money market securities		5,265		-		-		5,265
Total cash equivalents		5,265		-		-		5,265
Total cash and cash equivalents		89,809		-		-		89,809

Short-term investments:
U.S. agency securities		75,997		-		(215)		75,782
Total short-term investments		75,997		-		(215)		75,782

Total cash, cash equivalents and short-term investments	$	165,806	$	-	$	(215)	$	165,591

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

	Amortized		Unrealized		Unrealized		Estimated
(In thousands)	Cost		Gains		Losses		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 September 29, 2017:

	Amortized		Estimated
(In thousands)	Cost		Fair Value

Due within one year	$	40,000	$	39,919
Due between one and two years		35,997		35,863
Total	$	75,997	$	75,782