Fair Value Measurements | Note 3: Fair Value Measurements 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 were no transfers between fair value measurement levels during the three and nine months ended September 27, 2019 and September 28, 2018. 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 September 27, 2019: 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) $ 22,790 $ 22,790 $ - $ - Fixed income available-for-sale securities (2) 77,125 - 77,125 - Fixed income trading securities held in deferred compensation plan (3) 21,421 21,421 - - Equity trading securities held in deferred compensation plan (3) 49,344 49,344 - - Total $ 170,680 $ 93,555 $ 77,125 $ - Liabilities Deferred compensation plan (4) 71,182 71,182 - - Total $ 71,182 $ 71,182 $ - $ - (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 current 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 plan liabilities 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 2 8 , 201 8 : Fair Value Measurements at Reporting Date Using 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) $ 6,213 $ 6,213 $ - $ - Fixed income available for sale securities (2) 81,495 - 81,495 - Fixed income trading securities held in deferred compensation plan (3) 18,618 18,618 - - Equity trading securities held in deferred compensation plan (3) 39,160 39,160 - - Total $ 145,486 $ 63,991 $ 81,495 $ - Liabilities Deferred compensation plan (4) 59,349 59,349 - - Total $ 59,349 $ 59,349 $ - $ - (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 current 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 plan liabilities on the Company’s unaudited condensed consolidated balance sheet. Fixed income available-for-sale securities as of September 27, 2019 and December 28, 2018 represent obligations of the United States Treasury and other United States agencies. Fixed income and equity trading securities represent mutual funds held in the Company’s deferred compensation plan. See Note 7 for additional information about the Company’s deferred compensation plan. Cash, cash equivalents and short-term investments consisted of the following as of September 27, 2019: Gross Gross Amortized Unrealized Unrealized Estimated (In thousands) Cost Gains Losses Fair Value Classified as current assets: Cash $ 110,052 $ - $ - $ 110,052 Cash equivalents: Money market securities 22,791 - - 22,791 Total cash equivalents 22,791 - - 22,791 Total cash and cash equivalents 132,843 - - 132,843 Short-term investments: U.S. Treasury and agency securities 76,767 361 (3 ) 77,125 Total short-term investments 76,767 361 (3 ) 77,125 Total cash, cash equivalents and short-term investments $ 209,610 $ 361 $ (3 ) $ 209,968 Cash, cash equivalents and short-term investments consisted of the following as of December 2 8 , 201 8 : Amortized Unrealized Unrealized Estimated (In thousands) Cost Gains Losses Fair Value Classified as current assets: Cash $ 120,846 $ - $ - $ 120,846 Cash equivalents: Money market securities 6,213 - - 6,213 Total cash equivalents 6,213 - - 6,213 Total cash and cash equivalents 127,059 - - 127,059 Short-term investments: U.S. Treasury and agency securities 81,634 91 (230 ) 81,495 Total short-term investments 81,634 91 (230 ) 81,495 Total cash, cash equivalents and short-term investments $ 208,693 $ 91 $ (230 ) $ 208,554 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 27, 2019: Amortized Estimated (In thousands) Cost Fair Value Due within one year $ 51,939 $ 52,047 Due between one and two years 24,828 25,078 Total $ 76,767 $ 77,125 At September 27, 2019 and December 28, 2018, the Company did not have any assets or liabilities valued using significant unobservable inputs. The following financial instruments are not measured at fair value on the Company's unaudited condensed consolidated balance sheet at September 27, 2019 and December 28, 2018, but require disclosure of their fair values: accounts receivable, other assets and accounts payable. The estimated fair value of such instruments at September 27, 2019 and December 28, 2018 approximates their carrying value as reported on the Company’s unaudited condensed consolidated balance sheet. There were no other-than-temporary impairments or credit losses related to available-for-sale securities during the three and nine months ended September 27, 2019 and September 28, 2018. |