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Fair Value Measures | 9 Months Ended
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Sep. 28, 2019
Fair Value Measures [Abstract] |
Fair Value Measures | NOTE C – FAIR VALUE MEASURES The Company measures at fair value certain of its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price, based on the highest and best use of the asset or liability. The levels of the fair value hierarchy are: Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. Level 2 inputs are from other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable and are used to measure fair value in situations where there is little, if any, market activity for the asset or liability at the measurement date. As of the dates indicated, the following financial assets and liabilities were measured at fair value on a recurring basis using the type of inputs shown:
|  |  |  |  | Fair Value Measurements Using
|  | December 29, |  | Inputs
|  | 2018 |  | Level 1 |  | Level 2 |  | Level 3
Money market funds included in cash equivalents |  | $ | 129,449 |  | $ | 129,449 |  | $ | — |  | $ | —
Foreign currency contracts included in other current liabilities |  |  | (309) |  |  | — |  |  | (309) |  |  | —
|  | $ | 129,140 |  | $ | 129,449 |  | $ | (309) |  | $ | —
|  |  |  |  | Fair Value Measurements Using
|  | September 28, |  | Inputs
|  | 2019 |  | Level 1 |  | Level 2 |  | Level 3
Money market funds included in cash equivalents |  | $ | 129,116 |  | $ | 129,116 |  | $ | — |  | $ | —
Foreign currency contracts included in prepaid expenses and other current assets |  |  | 611 |  |  | — |  |  | 611 |  |  | —
|  | $ | 129,727 |  | $ | 129,116 |  | $ | 611 |  | $ | —
There were no transfers of financial assets or liabilities between levels of the fair value hierarchy for the periods indicated. The majority of the Company’s non-financial assets, which include goodwill, intangible assets, property and equipment, and ROU assets are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or tested at least annually for goodwill and indefinite-lived intangibles) such that a non-financial asset is required to be evaluated for impairment, an impairment charge is recorded to reduce the carrying value to the fair value, if the carrying value exceeds the fair value. At December 29, 2018 and September 28, 2019, there were no non-financial assets measured at fair value on a non-recurring basis. ‎ NOTE C – FAIR VALUE MEASURES - CONTINUED The Company’s financial instruments include cash equivalents, securities held-to-maturity (“HTM”), accounts receivable, restricted cash, notes receivable, and accounts payable. The recorded values of accounts receivable and accounts payable approximate their fair values, based on their short-term nature. Securities held-to-maturity consist of corporate bonds and commercial paper. The fair value of corporate bonds and commercial paper are priced using quoted market prices for similar instruments or non-binding market prices that are corroborated by observable market data, which is considered to be a Level 2 input. The carrying values of these corporate bonds and commercial paper approximate their fair values due to their short-term maturities.

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- 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=117815213&loc=d3e19207-110258 + Details
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