Fair Value Measurements

6 Months Ended

Jun. 29, 2013

Note 4—Fair Value Measurements

The following tables detail the fair value measurements within the fair value hierarchy of the Company’s assets (in thousands):




				Fair Value Measurements at June 29, 2013 Using
				Quoted Prices		Significant
				in Active		Other		Significant
		Fair Value at		Markets for		Observable		Unobservable
		June 29,		Identical Assets		Inputs		Inputs
		2013		(Level 1)		(Level 2)		(Level 3)

Money market mutual funds	$	2,812	$	2,812	$	-	$	-
Total	$	2,812	$	2,812	$	-	$	-



				Fair Value Measurements at December 29, 2012 Using
				Quoted Prices		Significant
				in Active		Other		Significant
		Fair Value at		Markets for		Observable		Unobservable
		December 29,		Identical Assets		Inputs		Inputs
		2012		(Level 1)		(Level 2)		(Level 3)

Money market mutual funds	$	2,338	$	2,338	$	-	$	-
Auction and variable floating rate notes		415		-		-		415
Total	$	2,753	$	2,338	$	-	$	415

The following tables summarize the Company’s assets measured at fair value on a recurring basis as presented in the Company’s condensed consolidated balance sheets at June 29, 2013 and December 29, 2012:



			Fair Value Measurements at June 29, 2013 Using
				Quoted Prices in		Significant Other		Significant
		Fair Value at		Active Markets for		Observable		Unobservable
		June 29,		Identical Assets		Inputs		Inputs
		2013		(Level 1)		(Level 2)		(Level 3)

Cash equivalents	$	2,812	$	2,812	$	-	$	-
	$	2,812	$	2,812	$	-	$	-



			Fair Value Measurements at December 29, 2012 Using
				Quoted Prices in		Significant Other		Significant
		Fair Value at		Active Markets for		Observable		Unobservable
		December 29,		Identical Assets		Inputs		Inputs
		2012		(Level 1)		(Level 2)		(Level 3)

Cash equivalents	$	2,338	$	2,338	$	-	$	-
Long-term marketable securities		415		-		-		415
Total assets measured at fair value	$	2,753	$	2,338	$	-	$	415

Fair value measurements using Level 3 inputs in the table above relate to the Company’s investments in auction rate securities. Level 3 inputs are unobservable inputs used to estimate the fair value of assets or liabilities and are utilized to the extent that observable inputs are not available (see Note 5).

The following table provides a reconciliation of the beginning and ending balances for the Company’s assets measured at fair value using Level 3 inputs (in thousands):


	Six Months Ended
		June 29,		June 30,
		2013		2012

Beginning balance	$	415	$	444
Proceeds from sales of available-for-sale marketable securities		(415)		-
Unrealized loss transferred from other comprehensive loss to earnings		-		1
Ending balance	$	-	$	445

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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