Fair Value Measurements (Tables)

3 Months Ended

Mar. 29, 2019

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 29, 2019:

	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)	$	770	$	770	$	-	$	-

Fixed income available-for-sale securities (2)		92,680		-		92,680		-

Fixed income trading securities held in deferred compensation plan (3)		25,504		25,504		-		-

Equity trading securities held in deferred compensation plan (3)		46,240		46,240		-		-
Total	$	165,194	$	72,514	$	92,680	$	-

Liabilities
Deferred compensation plan (4)		73,119		73,119		-		-
Total	$	73,119	$	73,119	$	-	$	-

	(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 current 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 plan liabilities 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 28, 2018:

	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)	$	6,213	$	6,213	$	-	$	-

Fixed income available for sale securities (2)		81,495		-		81,495		-

Fixed income trading securities held in deferred compensation plan (3)		18,618		18,618		-		-

Equity trading securities held in deferred compensation plan (3)		39,160		39,160		-		-
Total	$	145,486	$	63,991	$	81,495	$	-

Liabilities
Deferred compensation plan (4)		59,349		59,349		-		-
Total	$	59,349	$	59,349	$	-	$	-

(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 current 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 plan liabilities 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 29, 2019:

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

Classified as current assets:
Cash	$	73,310	$	-	$	-		$	73,310

Cash equivalents:
Money market securities		770		-		-			770
U.S. Treasury securities		5,000		-		-			5,000
Total cash equivalents		5,770		-		-			5,770
Total cash and cash equivalents		79,080		-		-			79,080

Short-term investments:
U.S. Treasury and agency securities		92,613		174		(107	)		92,680
Total short-term investments		92,613		174		(107	)		92,680

Total cash, cash equivalents and short-term investments	$	171,693	$	174	$	(107	)	$	171,760

Cash, cash equivalents and short-term investments consisted of the following as of December 28, 2018:

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

Classified as current assets:
Cash	$	120,846	$	-	$	-		$	120,846

Cash equivalents:
Money market securities		6,213		-		-			6,213
Total cash equivalents		6,213		-		-			6,213
Total cash and cash equivalents		127,059		-		-			127,059

Short-term investments:
U.S. Treasury and agency securities		81,634		91		(230	)		81,495
Total short-term investments		81,634		91		(230	)		81,495

Total cash, cash equivalents and short-term investments	$	208,693	$	91	$	(230	)	$	208,554

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 29, 2019:

	Amortized		Estimated
(In thousands)	Cost		Fair Value

Due within one year	$	46,919	$	46,815
Due between one and two years		45,694		45,865
Total	$	92,613	$	92,680