XML 28 R15.htm IDEA: XBRL DOCUMENT v3.25.0.1
Fair Value Measurements
 12 Months Ended
Jan. 03, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 4: 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 have been no transfers between fair value measurement levels during 2024, 2023 and 2022. 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 January 3, 2025 (in thousands):

 

 

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)

 

$

57,549

 

 

$

57,549

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income trading securities held in
   deferred compensation plan (2)

 

 

42,291

 

 

 

42,291

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity trading securities held in deferred
   compensation plan (2)

 

 

85,546

 

 

 

85,546

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

185,386

 

 

$

185,386

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation plan (3)

 

 

127,622

 

 

 

127,622

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

127,622

 

 

$

127,622

 

 

$

—

 

 

$

—

 

 

(1)
Included in cash and cash equivalents on the Company’s consolidated balance sheet.
(2)
Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet.
(3)
Included in accounts payable and accrued liabilities and deferred compensation plan liabilities on the Company’s consolidated balance sheet.

The fair value of these certain financial assets and liabilities was determined using the following inputs at December 29, 2023 (in thousands):

 

 

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)

 

$

54,686

 

 

$

54,686

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income trading securities held in
   deferred compensation plan (2)

 

 

36,788

 

 

 

36,788

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity trading securities held in deferred
   compensation plan (2)

 

 

78,399

 

 

 

78,399

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

169,873

 

 

$

169,873

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation plan (3)

 

 

116,564

 

 

 

116,564

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

116,564

 

 

$

116,564

 

 

$

—

 

 

$

—

 

 

(1)
Included in cash and cash equivalents on the Company’s consolidated balance sheet.
(2)
Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet.
(3)
Included in accounts payable and accrued liabilities and deferred compensation plan liabilities on the Company’s consolidated balance sheet.

Fixed income and equity trading securities as of January 3, 2025 and December 29, 2023 represent mutual funds held in the Company’s deferred compensation plan. See Note 11 for additional information about the Company’s deferred compensation plan.

The following financial instruments are not measured at fair value on the Company's consolidated balance sheet at January 3, 2025, but require disclosure of their fair values: accounts receivable, other assets and accounts payable. The estimated fair value of such instruments at January 3, 2025 approximates their carrying value as reported on the consolidated balance sheet.

There were no other-than-temporary impairments or credit losses related to available-for-sale securities during 2024, 2023 and 2022.