Fair Value Measurements | 6 Months Ended |
Jul. 04, 2014 |
Fair Value Disclosures [Abstract] | ' |
Fair Value Measurements | ' |
Note 2: Fair Value Measurements |
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The Company measures certain financial assets and liabilities at fair value on a recurring basis, including available-for-sale fixed income securities, trading fixed income and equity securities held in its deferred compensation plan and the liability associated with its deferred compensation plan. There have been no transfers between fair value measurement levels during the six months ended July 4, 2014 and June 28, 2013. Any transfers between fair value measurement levels would be recorded on the actual date of the event or change in circumstances that caused the transfer. The fair value of these certain financial assets and liabilities was determined using the following inputs at July 4, 2014: |
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| | Fair Value Measurements at Reporting Date Using | |
(In thousands) | | Total | | Quoted Prices in | | Significant Other | | Significant | |
Active Markets for | Observable Inputs | Unobservable |
Identical Assets | (Level 2) | Inputs |
(Level 1) | | (Level 3) |
| | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | |
Money market securities (1) | | $ | 38,721 | | $ | 38,721 | | $ | - | | $ | - | |
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Fixed income available for sale securities (2) | | | 31,647 | | | - | | | 31,647 | | | - | |
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Fixed income trading securities held in deferred compensation plan (3) | | | 9,642 | | | 9,642 | | | - | | | - | |
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Equity trading securities held in deferred compensation plan (3) | | | 32,806 | | | 32,806 | | | - | | | - | |
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Total | | $ | 112,816 | | $ | 81,169 | | $ | 31,647 | | $ | - | |
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Liabilities | | | | | | | | | | | | | |
Deferred compensation plan (4) | | | 44,169 | | | 44,169 | | | - | | | - | |
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Total | | $ | 44,169 | | $ | 44,169 | | $ | - | | $ | - | |
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| -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. | | | | | | | | | | | |
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The fair value of these certain financial assets and liabilities was determined using the following inputs at January 3, 2014: |
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| | Fair Value Measurements at Reporting Date Using | |
(In thousands) | | Total | | Quoted Prices in | | Significant Other | | Significant | |
Active Markets for | Observable Inputs | Unobservable |
Identical Assets | (Level 2) | Inputs |
(Level 1) | | (Level 3) |
| | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | |
Money market securities (1) | | $ | 37,099 | | $ | 37,099 | | $ | - | | $ | - | |
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Fixed income available for sale securities (2) | | | 33,171 | | | - | | | 33,171 | | | - | |
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Fixed income trading securities held in deferred compensation plan (3) | | | 9,535 | | | 9,535 | | | - | | | - | |
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Equity trading securities held in deferred compensation plan (3) | | | 28,444 | | | 28,444 | | | - | | | - | |
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Total | | $ | 108,249 | | $ | 75,078 | | $ | 33,171 | | $ | - | |
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Liabilities | | | | | | | | | | | | | |
Deferred compensation plan (4) | | | 37,926 | | | 37,926 | | | - | | | - | |
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Total | | $ | 37,926 | | $ | 37,926 | | $ | - | | $ | - | |
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| -1 | Included in cash and cash equivalents on the Company’s consolidated balance sheet. | | | | | | | | | | | |
| -2 | Included in short-term investments on the Company’s consolidated balance sheet. | | | | | | | | | | | |
| -3 | Included in prepaid expenses and other assets and deferred compensation plan assets on the Company’s consolidated balance sheet. | | | | | | | | | | | |
| -4 | Included in accrued payroll and employee benefits and deferred compensation on the Company’s consolidated balance sheet. | | | | | | | | | | | |
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Fixed income available-for-sale securities as of July 4, 2014 and January 3, 2014 represent primarily obligations of state and local government agencies. Fixed income and equity trading securities represent mutual funds held in the Company’s deferred compensation plan. See Note 6 for additional information about the Company’s deferred compensation plan. |
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Cash, cash equivalents and short-term investments consisted of the following as of July 4, 2014: |
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| | Amortized | | Unrealized | | Unrealized | | Estimated | |
(In thousands) | | Cost | | Gains | | Losses | | Fair Value | |
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Classified as current assets: | | | | | | | | | | | | | |
Cash | | $ | 74,174 | | $ | - | | $ | - | | $ | 74,174 | |
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Cash equivalents: | | | | | | | | | | | | | |
Money market securities | | | 38,721 | | | - | | | - | | | 38,721 | |
Total cash equivalents | | | 38,721 | | | - | | | - | | | 38,721 | |
Total cash and cash equivalents | | | 112,895 | | | - | | | - | | | 112,895 | |
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Short-term investments: | | | | | | | | | | | | | |
State and municipal bonds | | | 31,594 | | | 53 | | | - | | | 31,647 | |
Total short-term investments | | | 31,594 | | | 53 | | | - | | | 31,647 | |
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Total cash, cash equivalents and short-term investments | | $ | 144,489 | | $ | 53 | | $ | - | | $ | 144,542 | |
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Cash, cash equivalents and short-term investments consisted of the following as of January 3, 2014: |
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| | Amortized | | Unrealized | | Unrealized | | Estimated | |
(In thousands) | | Cost | | Gains | | Losses | | Fair Value | |
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Classified as current assets: | | | | | | | | | | | | | |
Cash | | $ | 85,849 | | $ | - | | $ | - | | $ | 85,849 | |
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Cash equivalents: | | | | | | | | | | | | | |
Money market securities | | | 37,099 | | | - | | | - | | | 37,099 | |
Total cash equivalents | | | 37,099 | | | - | | | - | | | 37,099 | |
Total cash and cash equivalents | | | 122,948 | | | - | | | - | | | 122,948 | |
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Short-term investments: | | | | | | | | | | | | | |
State and municipal bonds | | | 33,155 | | | 25 | | | -9 | | | 33,171 | |
Total short-term investments | | | 33,155 | | | 25 | | | -9 | | | 33,171 | |
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Total cash, cash equivalents and short-term investments | | $ | 156,103 | | $ | 25 | | $ | -9 | | $ | 156,119 | |
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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 July 4, 2014: |
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| | Amortized | | Estimated | | | | | | | |
(In thousands) | | Cost | | Fair Value | | | | | | | |
| | | | | | | | | | | | | |
Due within one year | | $ | 21,321 | | $ | 21,347 | | | | | | | |
Due between one and two years | | | 10,273 | | | 10,300 | | | | | | | |
Total | | $ | 31,594 | | $ | 31,647 | | | | | | | |
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At July 4, 2014 and January 3, 2014, the Company did not have any assets or liabilities valued using significant unobservable inputs. |
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The following financial instruments are not measured at fair value on the Company's consolidated balance sheet at July 4, 2014 and January 3, 2014, but require disclosure of their fair values: accounts receivable, other assets and accounts payable. The estimated fair value of such instruments at July 4, 2014 and January 3, 2014 approximates their carrying value as reported on the consolidated balance sheet due to their generally short maturities. If measured at fair value in the financial statements, these instruments would be categorized as Level 2 of the fair value hierarchy. |
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There were no other-than-temporary impairments or credit losses related to available-for-sale securities during the three and six months ended July 4, 2014 and June 28, 2013. |
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