FAIR VALUE MEASUREMENT

3 Months Ended

Apr. 01, 2018

Our assets and liabilities measured at fair value on a recurring basis consisted of the following:



	April 1, 2018
(in thousands)	Total fair value		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Financial assets:
Cash and cash equivalents	$	26,636	$	26,636	$	—	$	—
Restricted cash and cash equivalents	52,418		52,418		—		—
Cash, cash equivalents and restricted cash (1)	$	79,054	$	79,054	$	—	$	—

Deferred compensation mutual funds classified as available-for-sale	$	24,093	$	24,093	$	—	$	—

Municipal debt securities	$	78,643	$	—	$	78,643	$	—
Corporate debt securities	81,182		—		81,182		—
Agency mortgage-backed securities	3,630		—		3,630		—
U.S. government and agency securities	991		—		991		—
Restricted investments classified as held-to-maturity	$	164,446	$	—	$	164,446	$	—



	December 31, 2017
(in thousands)	Total fair value		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Financial assets:
Cash and cash equivalents	$	28,780	$	28,780	$	—	$	—
Restricted cash and cash equivalents	45,051		45,051		—		—
Cash, cash equivalents and restricted cash (1)	$	73,831	$	73,831	$	—	$	—

Deferred compensation mutual funds classified as available-for-sale	$	22,428	$	22,428	$	—	$	—

Municipal debt securities	$	83,366	$	—	$	83,366	$	—
Corporate debt securities	83,791		—		83,791		—
Agency mortgage-backed securities	4,062		—		4,062		—
U.S. government and agency securities	1,019		—		1,019		—
Restricted investments classified as held-to-maturity	$	172,238	$	—	$	172,238	$	—


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

There were no material transfers between Level 1, Level 2, and Level 3 of the fair value hierarchy during the thirteen weeks ended April 1, 2018 nor April 2, 2017.

- 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 + Details