XML 21 R10.htm IDEA: XBRL DOCUMENT
v3.21.2

Fair Value Measurements | 6 Months Ended
--- | ---
Jul. 02, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 3: Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis, including available-for-sale fixed income securities, trading fixed income and equity securities held in its deferred compensation plan and the liability associated with its deferred compensation plan. There were no transfers between fair value measurement levels during the three and six months ended July 2, 2021 and July 3, 2020. Any transfers between fair value measurement levels would be recorded on the actual date of the event or change in circumstances that caused the transfer. The fair value of these certain financial assets and liabilities was determined using the following inputs at July 2, 2021:
|  | 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) |  | $ | 101,572 |  |  | $ | 101,572 |  |  | $ | - |  |  | $ | - |
Fixed income trading securities held in deferred compensation plan (3) |  |  | 24,818 |  |  |  | 24,818 |  |  |  | - |  |  |  | - |
Equity trading securities held in deferred compensation plan (3) |  |  | 78,736 |  |  |  | 78,736 |  |  |  | - |  |  |  | - |
Total |  | $ | 205,126 |  |  | $ | 205,126 |  |  | $ | - |  |  | $ | - |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan (4) |  |  | 104,609 |  |  |  | 104,609 |  |  |  | - |  |  |  | - |
Total |  | $ | 104,609 |  |  | $ | 104,609 |  |  | $ | - |  |  | $ | - |
(1) | Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet.
(2) | Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet.
(3) | 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 January 1, 2021:
|  | 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) |  | $ | 51,442 |  |  | $ | 51,442 |  |  | $ | - |  |  | $ | - |
Fixed income available for sale securities (2) |  |  | 45,001 |  |  |  | - |  |  |  | 45,001 |  |  |  | - |
Fixed income trading securities held in deferred compensation plan (2) |  |  | 26,274 |  |  |  | 26,274 |  |  |  | - |  |  |  | - |
Equity trading securities held in deferred compensation plan (3) |  |  | 62,473 |  |  |  | 62,473 |  |  |  | - |  |  |  | - |
Total |  | $ | 185,190 |  |  | $ | 140,189 |  |  | $ | 45,001 |  |  | $ | - |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan (3) |  |  | 88,977 |  |  |  | 88,977 |  |  |  | - |  |  |  | - |
Total |  | $ | 88,977 |  |  | $ | 88,977 |  |  | $ | - |  |  | $ | - |
(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.
Fixed income available-for-sale securities as of January 1, 2021 represent obligations of the United States Treasury. Fixed income and equity trading securities represent mutual funds held in the Company’s deferred compensation plan. See Note 6 for additional information about the Company’s deferred compensation plan. Cash and cash equivalents consisted of the following as of July 2, 2021:
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Classified as current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 138,381 |  |  | $ | - |  |  | $ | - |  |  | $ | 138,381 |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market securities |  |  | 101,572 |  |  |  | - |  |  |  | - |  |  |  | 101,572 |
Total cash equivalents |  |  | 101,572 |  |  |  | - |  |  |  | - |  |  |  | 101,572 |
Total cash and cash equivalents |  |  | 239,953 |  |  |  | - |  |  |  | - |  |  |  | 239,953 |
Cash, cash equivalents and short-term investments consisted of the following as of January 1, 2021:
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Classified as current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 146,083 |  |  | $ | - |  |  | $ | - |  |  | $ | 146,083 |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market securities |  |  | 51,442 |  |  |  | - |  |  |  | - |  |  |  | 51,442 |
Total cash equivalents |  |  | 51,442 |  |  |  | - |  |  |  | - |  |  |  | 51,442 |
Total cash and cash equivalents |  |  | 197,525 |  |  |  | - |  |  |  | - |  |  |  | 197,525 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  |  | 44,993 |  |  |  | 8 |  |  |  | - |  |  |  | 45,001 |
Total short-term investments |  |  | 44,993 |  |  |  | 8 |  |  |  | - |  |  |  | 45,001 |
Total cash, cash equivalents and short-term investments |  | $ | 242,518 |  |  | $ | 8 |  |  | $ | - |  |  | $ | 242,526 |
At July 2, 2021 and January 1, 2021, the Company did not have any assets or liabilities valued using significant unobservable inputs. The following financial instruments are not measured at fair value on the Company’s unaudited condensed consolidated balance sheet at July 2, 2021 and January 1, 2021 but require disclosure of their fair values: accounts receivable, other assets and accounts payable. The estimated fair value of such instruments at July 2, 2021 and January 1, 2021 approximates their carrying value as reported on the Company’s unaudited condensed consolidated balance sheet. There were no other-than-temporary impairments or credit losses related to available-for-sale securities during the three and six months ended July 2, 2021 and July 3, 2020.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration