FAIR VALUE MEASUREMENT (Tables)

6 Months Ended

Jun. 27, 2014

Schedule of fair value hierarchy for cash equivalents and restricted investments

The following tables present the fair value and hierarchy for our financial assets (in thousands):



	June 27, 2014
	Carrying Value		Total Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents (1)	$	162,849	$	162,849	$	162,849	$	—	$	—
Marketable securities classified as available-for-sale (2)	9,496		9,496		—		9,496		—
Restricted cash and cash equivalents (1)	41,445		41,445		41,445		—		—
Other restricted assets (3)	7,889		7,889		7,889		—		—
Restricted investments classified as held-to-maturity	96,574		97,778		—		97,778		—



	December 27, 2013
	Carrying Value		Total Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents (1)	$	122,003	$	122,003	$	122,003	$	—	$	—
Marketable securities classified as available-for-sale (2)	20,650		20,650		—		20,650
Restricted cash and cash equivalents (1)	57,085		57,085		57,085		—		—
Other restricted assets (3)	10,795		10,795		10,795		—		—
Restricted investments classified as held-to-maturity	86,678		86,940		—		86,940		—


(1)	Cash equivalents and restricted cash equivalents consist of money market funds, deposits, and investments with original maturities of three months or less.

(2)

Marketable securities include CDs, VRDNs, and commercial paper, which are classified as available-for-sale. At June 27, 2014 and December 27, 2013, we had $4.5 million and $6.0 million of CDs with maturities greater than one year, which are classified as Other assets on our Consolidated Balance Sheets. VRDNs with contractual maturities beyond one year are classified as short-term based on their highly liquid nature and because they represent the investment of cash that is available for current operations. Despite the long-term nature of their stated contractual maturities, we routinely buy and sell these securities and believe we have the ability to quickly sell them to the re-marketing agent at par value plus accrued interest in the event we decide to liquidate our investment in a particular VRDN.


(3)	Other restricted assets primarily consists of deferred compensation plan accounts, which are comprised of mutual funds.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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