Annual report pursuant to Section 13 and 15(d)

Fair Value of Financial Instruments

v2.4.0.6
Fair Value of Financial Instruments
 12 Months Ended
Dec. 29, 2012
Fair Value of Financial Instruments [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS

3. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following tables provide information regarding the Company’s assets and liabilities measured at fair value on a recurring basis.

Assets measured at fair value on a recurring basis include the following as of December 29, 2012:

 

                                 
          Fair Value Measurements at Reporting Date Using  
          Quoted Prices in
Active Markets		     Significant Other
Observable Inputs		     Significant
Unobservable
Inputs		  
Description   December 29, 2012     (Level 1)     (Level 2)     (Level 3)  
         

Marketable securities:

                                

Corporate fixed income

     18,213,213       —         18,213,213       —    

Government securities

     208,583       —         208,583       —    

Municipal bonds

     4,514,074       —         4,514,074       —    

Equity securities

     522,132       522,132       —         —    

Mutual funds

     1,907,862       1,907,862       —         —    

Certificates of deposit

     10,892,141       —         10,892,141       —    

Asset backed securities

     1,442,360       —         1,442,360       —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Total marketable securities

   $ 37,700,365     $ 2,429,994     $ 35,270,371     $ —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Assets measured at fair value on a recurring basis include the following as of December 31, 2011:

 

                                 
          Fair Value Measurements at Reporting Date Using  
          Quoted Prices in
Active Markets		     Significant Other
Observable Inputs		     Significant
Unobservable
Inputs		  
Description   December 31, 2011     (Level 1)     (Level 2)     (Level 3)  
         

Marketable securities:

                                

Corporate fixed income

     13,622,504       —         13,622,504       —    

Government securities

     205,003       —         205,003       —    

Municipal bonds

     1,955,316       —         1,955,316       —    

Equity securities

     454,250       454,250       —         —    

Mutual funds

     6,017,255       6,017,255       —         —    

Certificates of deposit

     6,700,340       —         6,700,340       —    

Asset backed securities

     1,305,044       —         1,305,044       —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Total marketable securities

   $ 30,259,712     $ 6,471,505     $ 23,788,207     $ —    
   

 

 

    

 

 

    

 

 

    

 

 

  

 

Liabilities measured at fair value on a recurring basis include the following as of December 29, 2012:

 

                                 
          Fair Value Measurements at Reporting Date Using  
          Quoted Prices in
Active Markets		     Significant Other
Observable Inputs		     Significant
Unobservable
Inputs		  
Description   December 29, 2012     (Level 1)     (Level 2)     (Level 3)  
         

Deferred director stock units

   $ 263     $ 263     $ —       $ —    

Phantom stock units

     30       30       —         —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 293     $ 293     $ —       $ —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities measured at fair value on a recurring basis include the following as of December 31, 2011:

 

                                 
          Fair Value Measurements at Reporting Date Using  
          Quoted Prices in
Active Markets		     Significant Other
Observable Inputs		     Significant
Unobservable
Inputs		  
Description   December 31, 2011     (Level 1)     (Level 2)     (Level 3)  
         

Deferred director stock units

   $ 1,149     $ 1,149     $ —       $ —    

Phantom stock units

     33       33       —         —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 1,182     $ 1,182     $ —       $ —    
   

 

 

    

 

 

    

 

 

    

 

 

  

The Company classifies all marketable securities as available-for-sale. The net unrealized holding loss on marketable securities amounted to $166 at December 29, 2012, and $492 at December 31, 2011. Realized loss for the year ended December 29, 2012 was $22, compared to a gain of $37 for the year ended December 31, 2011.

The Company reports deferred director stock units and phantom stock units as a liability. These liabilities, on a recurring basis, are measured at fair value using quoted prices in the active market. The Company recognized expense relating to those liabilities of $20 for the year ended December 29, 2012, and income related to those liabilities of $22 for the year ended December 31, 2011, respectively.

The Company did not have any fair value adjustments for assets and liabilities measured at fair value on a nonrecurring basis during the period ended December 29, 2012 and December 31, 2011.