Fair Value Measurements (Tables)

9 Months Ended

Sep. 27, 2013

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, 2013:

	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⁾	$	56,938	$	56,938	$	-	$	-

Fixed income available
for sale securities ⁽²⁾		13,296		-		13,296		-

Fixed income trading
securities held in deferred
compensation plan ⁽³⁾		9,921		9,921		-		-

Equity trading securities
held in deferred
compensation plan ⁽³⁾		25,578		25,578		-		-

Total	$	105,733	$	92,437	$	13,296	$	-

Liabilities
Deferred compensation
plan ⁽⁴⁾		35,431		35,431		-		-

Total	$	35,431	$	35,431	$	-	$	-

⁽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 other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet.
⁽⁴⁾	Included in accrued liabilities 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 28, 2012:

	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⁾	$	49,134	$	49,134	$	-	$	-

Fixed income available
for sale securities ⁽²⁾		20,881		-		20,881		-

Fixed income trading
securities held in deferred
compensation plan ⁽³⁾		9,911		9,911		-		-

Equity trading securities
held in deferred
compensation plan ⁽³⁾		17,178		17,178		-		-

Total	$	97,104	$	76,223	$	20,881	$	-

Liabilities
Deferred compensation
plan ⁽⁴⁾		26,984		26,984		-		-

Total	$	26,984	$	26,984	$	-	$	-

⁽¹⁾	Included in cash and cash equivalents on the Company’s consolidated balance sheet.
⁽²⁾	Included in short-term investments on the Company’s consolidated balance sheet.
⁽³⁾	Included in other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet.
⁽⁴⁾	Included in accrued liabilities and deferred compensation on the Company’s 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, 2013:

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

Classified as current assets:
Cash	$	64,809	$	-	$	-	$	64,809

Cash equivalents:
Money market securities		56,938		-		-		56,938
Total cash equivalents		56,938		-		-		56,938
Total cash and cash equivalents		121,747		-		-		121,747

Short-term investments:
State and municipal bonds		13,299		3		(6)		13,296
Total short-term investments		13,299		3		(6)		13,296

Total cash, cash equivalents
and short-term investments	$	135,046	$	3	$	(6)	$	135,043

There were no securities in a continuous unrealized loss position for more than 12 months as of September 27, 2013.

Cash, cash equivalents and short-term investments consisted of the following as of December 28, 2012:

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

Classified as current assets:
Cash	$	64,134	$	-	$	-	$	64,134

Cash equivalents:
Money market securities		49,134		-		-		49,134
Total cash equivalents		49,134		-		-		49,134
Total cash and cash equivalents		113,268		-		-		113,268

Short-term investments:
State and municipal bonds		20,841		41		(1)		20,881
Total short-term investments		20,841		41		(1)		20,881

Total cash, cash equivalents
and short-term investments	$	134,109	$	41	$	(1)	$	134,149

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, 2013:

	Amortized		Estimated
(In thousands)	Cost		Fair Value

Due within one year	$	6,069	$	6,066
Due between one and two years		6,357		6,357
Due between two and three years		873		873
Total	$	13,299	$	13,296