FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 29, 2012

FAIR VALUE MEASUREMENTS

2. FAIR VALUE MEASUREMENTS

Fair value is defined as 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. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs according to valuation methodologies used to measure fair value:

Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 – Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data.

Level 3—Unobservable inputs which are supported by little or no market activity.

The Company’s marketable securities are classified within Level 1 because the underlying investments have readily available market prices. Marketable securities measured at fair value on a recurring basis are summarized below:

June 29, 2012	Total		Level 1		Level 2		Level 3
Mutual funds – equity securities	$	1,161	$	1,161	$	-	$	-
Mutual funds – debt securities		289		289		-		-
Money market mutual funds		46		46		-		-
Total	$	1,496	$	1,496	$	-	$	-

December 31, 2011	Total		Level 1		Level 2		Level 3
Mutual funds – equity securities	$	1,301	$	1,301	$	-	$	-
Mutual funds – debt securities		314		314		-		-
Money market mutual funds		51		51		-		-
Total	$	1,666	$	1,666	$	-	$	-