Fair Value Measurements (Tables)

9 Months Ended

Sep. 28, 2018

Assets and Liabilities Measured at Fair Value on Recurring Basis

The fair value of these certain financial assets and liabilities was determined using the following inputs at September 28, 2018:

	Fair Value Measurements at Reporting Date Using
(In thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Assets
Money market securities (1)	$	605	$	605	$	-	$	-

Fixed income available- for-sale securities (2)		81,373		-		81,373		-

Fixed income trading securities held in deferred compensation plan (3)		17,835		17,835		-		-

Equity trading securities held in deferred compensation plan (3)		45,435		45,435		-		-

Total	$	145,248	$	63,875	$	81,373	$	-

Liabilities
Deferred compensation plan (4)		65,036		65,036		-		-

Total	$	65,036	$	65,036	$	-	$	-

(1)

Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet.

(2)

Included in short-term investments on the Company’s unaudited condensed consolidated balance sheet.

(3)

Included in prepaid expenses and other assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet.

(4)

Included in accrued payroll and employee benefits and deferred compensation on the Company’s unaudited condensed consolidated balance sheet.

The fair value of these certain financial assets and liabilities was determined using the following inputs at December 29, 2017:

	Fair Value Measurements at Reporting Date Using
(In thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Assets
Money market securities (1)	$	9,742	$	9,742	$	-	$	-

Fixed income available- for-sale securities (2)		71,604		-		71,604		-

Fixed income trading securities held in deferred compensation plan (3)		13,686		13,686		-		-

Equity trading securities held in deferred compensation plan (3)		39,664		39,664		-		-

Total	$	134,696	$	63,092	$	71,604	$	-

Liabilities
Deferred compensation plan (4)		59,050		59,050		-		-

Total	$	59,050	$	59,050	$	-	$	-

(1)

Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet.

(2)

Included in short-term investments on the Company’s unaudited condensed consolidated balance sheet.

(3)

Included in prepaid expenses and other assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet.

(4)

Included in accrued payroll and employee benefits and deferred compensation on the Company’s unaudited condensed consolidated balance sheet.

Cash, cash equivalents and short-term investments

Cash, cash equivalents and short-term investments consisted of the following as of September 28, 2018:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Estimated
(In thousands)	Cost		Gains		Losses			Fair Value

Classified as current assets:
Cash	$	120,372	$	-	$	-		$	120,372

Cash equivalents:
Money market securities		605		-		-			605
Total cash equivalents		605		-		-			605
Total cash and cash equivalents		120,977		-		-			120,977

Short-term investments:
U.S. Treasury and agency securities		81,837		-		(464	)		81,373
Total short-term investments		81,837		-		(464	)		81,373

Total cash, cash equivalents and short-term investments	$	202,814	$	-	$	(464	)	$	202,350

Cash, cash equivalents and short-term investments consisted of the following as of December 29, 2017:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Estimated
(In thousands)	Cost		Gains		Losses			Fair Value

Classified as current assets:
Cash	$	115,052	$	-	$	-		$	115,052

Cash equivalents:
Money market securities		9,742		-		-			9,742
Total cash equivalents		9,742		-		-			9,742
Total cash and cash equivalents		124,794		-		-			124,794

Short-term investments:
U.S. Treasury and agency securities		71,997		-		(393	)		71,604
Total short-term investments		71,997		-		(393	)		71,604

Total cash, cash equivalents and short-term investments	$	196,791	$	-	$	(393	)	$	196,398

Summary of Cost and Estimated Fair Value of Short Term Fixed Income Securities

The following table summarizes the cost and estimated fair value of short-term fixed income securities classified as short-term investments based on stated effective maturities as of September 28, 2018:

	Amortized		Estimated
(In thousands)	Cost		Fair Value

Due within one year	$	39,966	$	39,796
Due between one and two years		41,871		41,577
Total	$	81,837	$	81,373