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Fair Value Measurements (Tables)
6 Months Ended
Jul. 02, 2015
Fair Value Disclosures [Abstract]  
Schedule Of Other Investments

 

 

 

As of

 

 

 

July 2, 2015

 

 

January 1, 2015

 

Investment in AC JV, LLC (1)

 

$

1.4

 

 

$

1.3

 

Other investments (2)

 

 

2.9

 

 

 

1.2

 

Total

 

$

4.3

 

 

$

2.5

 

 

(1)

Refer to Note 4—Related Party Transactions.

(2)

During 2014 and the first quarter of 2015, the Company received equity securities in privately held companies as consideration for a portion of advertising contracts. The equity securities were accounted for under the cost method and represent an ownership of less than 20%. The Company does not exert significant influence on these companies’ operating or financial activities.

Estimated Fair Values Of Company's Financial Instruments

 

 

 

As of July 2, 2015

 

 

As of January 1, 2015

 

 

 

Carrying Value

 

 

Fair Value (1)

 

 

Carrying Value

 

 

Fair Value (1)

 

Term Loans

 

$

270.0

 

 

$

267.9

 

 

$

270.0

 

 

$

257.9

 

Senior Unsecured Notes

 

 

200.0

 

 

 

210.8

 

 

 

200.0

 

 

 

210.8

 

Senior Secured Notes

 

 

400.0

 

 

 

415.5

 

 

 

400.0

 

 

 

400.8

 

 

(1)

The Company has estimated the fair value on an average of at least two non-binding broker quotes and the Company’s analysis. If the Company were to measure the borrowings in the above table at fair value on the balance sheet they would be classified as Level 2.

Fair Values Of The Company's Assets And Liabilities

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

 

 

As of

July 2, 2015

 

 

Quoted Prices in Active Markets for Identical Assets

(Level 1)

 

 

Significant Other

Observable

Inputs

(Level 2)

 

 

Significant Unobservable Inputs

(Level 3)

 

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (1)

 

$

6.7

 

 

$

6.7

 

 

$

 

 

$

 

Short-term marketable securities (2)

 

 

16.1

 

 

 

12.4

 

 

 

3.7

 

 

 

 

Long-term marketable securities (2)

 

 

41.5

 

 

 

36.7

 

 

 

4.8

 

 

 

 

Total assets

 

$

64.3

 

 

$

55.8

 

 

$

8.5

 

 

$

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

 

 

As of

January 1, 2015

 

 

Quoted Prices in Active Markets for Identical Assets

(Level 1)

 

 

Significant Other

Observable

Inputs

(Level 2)

 

 

Significant Unobservable Inputs

(Level 3)

 

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (1)

 

$

2.5

 

 

$

2.5

 

 

$

 

 

$

 

Short-term marketable securities (2)

 

 

21.7

 

 

 

9.5

 

 

 

12.2

 

 

 

 

Long-term marketable securities (2)

 

 

45.5

 

 

 

41.5

 

 

 

4.0

 

 

 

 

Total assets

 

$

69.7

 

 

$

53.5

 

 

$

16.2

 

 

$

 

 

(1)

Cash Equivalents—The Company’s cash equivalents are carried at estimated fair value.  Cash equivalents consist of money market accounts which the Company has classified as Level 1 given the active market for these accounts and commercial paper with original maturities of three months or less, which are classified as Level 2 and are valued as described below.

(2)

Short-Term and Long-Term Marketable Securities—The carrying amount and fair value of the marketable securities are equivalent since the Company accounts for these instruments at fair value. The Company’s government agency bonds, commercial paper and certificates of deposit are valued using third party broker quotes. The value of the Company’s government agency bonds is derived from quoted market information. The inputs in the valuation are generally classified as Level 1 given the active market for these securities; however if an active market does not exist, the inputs are recorded at a lower level in the fair value hierarchy. The value of commercial paper and certificates of deposit is derived from pricing models using inputs based upon market information, including contractual terms, market prices and yield curves. The inputs to the valuation pricing models are observable in the market, and as such are generally classified as Level 2 in the fair value hierarchy. For the three and six months ended July 2, 2015 and June 26, 2014, there was an inconsequential amount of net realized gains (losses) recognized in interest income and an inconsequential amount of net unrealized holding gains (losses) included in other comprehensive income.  Original cost of short-term marketable securities is based on the specific identification method. As of July 2, 2015, there was an inconsequential amount of gross unrealized losses related to individual securities that had been in a continuous loss position for 12 months or longer, and as of January 1, 2015, there were no gross unrealized losses related to individual securities that had been in a continuous loss position for 12 months or longer.

Schedule Of Marketable Securities

 

 

 

As of July 2, 2015

 

 

 

Amortized Cost

Basis

(in millions)

 

 

Aggregate Fair

Value

(in millions)

 

 

Maturities (1)

(in years)

 

MARKETABLE SECURITIES:

 

 

 

 

 

 

 

 

 

 

 

 

Short-term municipal bonds

 

$

12.4

 

 

$

12.4

 

 

 

0.5

 

Short-term certificates of deposit

 

 

3.7

 

 

 

3.7

 

 

 

0.5

 

Total short-term marketable securities

 

 

16.1

 

 

 

16.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term U.S. government treasury bonds

 

 

1.2

 

 

 

1.2

 

 

 

2.3

 

Long-term municipal bonds

 

 

1.7

 

 

 

1.7

 

 

 

1.4

 

Long-term U.S. government agency bonds

 

 

33.8

 

 

 

33.8

 

 

 

3.2

 

Long-term certificates of deposit:

 

 

 

 

 

 

 

 

 

 

 

 

Financial

 

 

4.5

 

 

 

4.5

 

 

 

2.4

 

Industrial

 

 

0.3

 

 

 

0.3

 

 

 

2.4

 

Total long-term marketable securities

 

 

41.5

 

 

 

41.5

 

 

 

 

 

Total marketable securities

 

$

57.6

 

 

$

57.6

 

 

 

 

 

 

 

 

As of January 1, 2015

 

 

 

Amortized Cost

Basis

(in millions)

 

 

Aggregate Fair

Value

(in millions)

 

 

Maturities (1)

(in years)

 

MARKETABLE SECURITIES:

 

 

 

 

 

 

 

 

 

 

 

 

Short-term municipal bonds

 

$

9.4

 

 

$

9.5

 

 

 

0.5

 

Short-term commercial paper:

 

 

 

 

 

 

 

 

 

 

 

 

Financial

 

 

3.4

 

 

 

3.4

 

 

 

 

Industrial

 

 

3.3

 

 

 

3.3

 

 

 

0.1

 

Utility

 

 

3.0

 

 

 

3.0

 

 

 

0.2

 

Short-term certificates of deposit

 

 

2.5

 

 

 

2.5

 

 

 

0.6

 

Total short-term marketable securities

 

 

21.6

 

 

 

21.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term U.S. government treasury bonds

 

 

5.1

 

 

 

5.1

 

 

 

2.7

 

Long-term municipal bonds

 

 

0.3

 

 

 

0.3

 

 

 

1.4

 

Long-term U.S. government agency bonds

 

 

36.1

 

 

 

36.1

 

 

 

3.3

 

Long-term certificates of deposit

 

 

4.0

 

 

 

4.0

 

 

 

3.1

 

Total long-term marketable securities

 

 

45.5

 

 

 

45.5

 

 

 

 

 

Total marketable securities

 

$

67.1

 

 

$

67.2

 

 

 

 

 

 

(1)

Maturities—Securities available for sale include obligations with various contractual maturity dates some of which are greater than one year. The Company considers the securities to be liquid and convertible to cash within 30 days.