Fair Value Measurements

12 Months Ended

Jan. 01, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements 

Trade accounts receivable, accounts payable, accrued liabilities, accrued payroll and related taxes and short-term borrowings approximate their fair values due to the short-term maturities of these assets and liabilities. 

Assets Measured at Fair Value on a Recurring Basis

The following tables present the assets carried at fair value as of year-end 2016 and 2015 on the consolidated balance sheet by fair value hierarchy level, as described below. 

Level 1 measurements consist of unadjusted quoted prices in active markets for identical assets or liabilities.  Level 2 measurements include quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 3 measurements include significant unobservable inputs. 

	Fair Value Measurements on a Recurring Basis As of Year-End 2016
Description	Total		Level 1		Level 2		Level 3
	(In millions of dollars)
Money market funds	$	4.0	$	4.0	$	—	$	—
Available-for-sale investment	141.2		141.2		—		—
Total assets at fair value	$	145.2	$	145.2	$	—	$	—

	Fair Value Measurements on a Recurring Basis As of Year-End 2015
Description	Total		Level 1		Level 2		Level 3
	(In millions of dollars)
Money market funds	$	3.7	$	3.7	$	—	$	—
Available-for-sale investment	142.3		142.3		—		—
Total assets at fair value	$	146.0	$	146.0	$	—	$	—

Money market funds as of year-end 2016 represent investments in government money market accounts, and as of year-end 2015 represent investments in prime money market accounts, all of which are restricted as to use and are included in other assets on the consolidated balance sheet as of year-end 2016 and 2015. The valuations were based on quoted market prices of those accounts as of the respective period end. 

Available-for-sale investment represents the Company’s investment in Temp Holdings Co., Ltd. (“Temp Holdings”) and is included in other assets on the consolidated balance sheet. The valuation is based on the quoted market price of Temp Holdings stock on the Tokyo Stock Exchange as of the period end. The unrealized loss, net of tax, of $1.1 million for the year ended 2016 and unrealized gain, net of tax, of $28.6 million for the year ended 2015 was recorded in other comprehensive income, as well as in accumulated other comprehensive income, a component of stockholders’ equity. The cost of this yen-denominated investment, which fluctuates based on foreign exchange rates, was $17.7 million at year-end 2016 and $17.2 million at year-end 2015.

Assets Measured at Fair Value on a Nonrecurring Basis

We completed our annual impairment test for all reporting units in the fourth quarter for the fiscal years ended 2016 and 2015 and determined that goodwill was not impaired. 

In 2016 and 2015, we elected to complete a step one quantitative test for all of our reporting units with goodwill. For both years, the estimated fair value of each reporting unit tested exceeded its related carrying value. As a result of these quantitative assessments, we determined it was more likely than not that the fair value of each of the reporting units was more than its carrying value.