FAIR VALUE - Note 3

3 Months Ended

Apr. 01, 2012

Fair Value [Abstract]

Fair Value Disclosure

3. FAIR VALUE

We measure certain assets and liabilities at fair value, which is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The authoritative guidance on fair value measurements establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2. Include other inputs that are directly or indirectly observable in the marketplace.
Level 3. Unobservable inputs that are supported by little or no market activities.

Our money market funds and investment instruments are classified within Level 1 of the fair value hierarchy, as these instruments are valued using quoted market prices. Specifically, we value our investments in money market securities, certificates of deposit and plan assets under our deferred compensation plan based on quoted market prices in active markets. As of April 1, 2012 and December 31, 2011, we had no assets or liabilities classified within Level 2 or Level 3 and there were no transfers of instruments between Level 1 and Level 2 regarding fair value measurement.

Cash and cash equivalents, short-term investments and restricted cash are carried at fair value. Accounts receivable and accounts payable are valued at their carrying amounts which approximate fair value due to their short-term nature.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are shown in the table below by their corresponding balance sheet caption and consisted of the following types of instruments as of April 1, 2012 and December 31, 2011:

	April 1, 2012		December 31, 2011
	Fair Value Measurements at		Fair Value Measurements at
	Reporting Date Using		Reporting Date Using
	(Level 1)	Total	(Level 1)	Total
Assets measured at fair value:	(thousands)		(thousands)
Cash Equivalents:
Money market funds	$ 11,035	$ 11,035	$ 13,039	$ 13,039
Other Assets:
Equity instruments	168	168	168	168
Total assets measured at fair value	$ 11,203	$ 11,203	$ 13,207	$ 13,207
Liabilities measured at fair value:
Other Liabilities:
Deferred compensation	$ 168	$ 168	$ 168	$ 168

Equity instruments in the preceding table represent plan assets under our deferred compensation plan, which offset corresponding deferred compensation plan liabilities as of the dates presented.