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Fair Value Measurements (Tables)

9 Months Ended

Sep. 27, 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 September 27, 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⁾	$	22,790	$	22,790	$	-	$	-
Fixed income available-for-sale securities ⁽²⁾		77,125		-		77,125		-
Fixed income trading securities held in deferred compensation plan ⁽³⁾		21,421		21,421		-		-
Equity trading securities held in deferred compensation plan ⁽³⁾		49,344		49,344		-		-
Total	$	170,680	$	93,555	$	77,125	$	-
Liabilities
Deferred compensation plan ⁽⁴⁾		71,182		71,182		-		-
Total	$	71,182	$	71,182	$	-	$	-

⁽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 September 27, 2019:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Estimated
(In thousands)	Cost		Gains		Losses			Fair Value
Classified as current assets:
Cash	$	110,052	$	-	$	-		$	110,052
Cash equivalents:
Money market securities		22,791		-		-			22,791
Total cash equivalents		22,791		-		-			22,791
Total cash and cash equivalents		132,843		-		-			132,843
Short-term investments:
U.S. Treasury and agency securities		76,767		361		(3	)		77,125
Total short-term investments		76,767		361		(3	)		77,125
Total cash, cash equivalents and short-term investments	$	209,610	$	361	$	(3	)	$	209,968

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 September 27, 2019:

	Amortized		Estimated
(In thousands)	Cost		Fair Value
Due within one year	$	51,939	$	52,047
Due between one and two years		24,828		25,078
Total	$	76,767	$	77,125