Annual report pursuant to Section 13 and 15(d)

Fair Value of Financial Instruments

v2.4.0.8
Fair Value of Financial Instruments
 12 Months Ended
Dec. 28, 2013
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS
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 at December 28, 2013, and December 29, 2012. 
 
December 28, 2013
 
Adjusted Cost
 
Unrealized Gains
 
Unrealized Losses
 
Fair Value
Assets

 

 

 

Level 1:

 

 

 

Equity securities
2,049

 
137

 
(64
)
 
2,122

Mutual funds
3,865

 
19

 
(1
)
 
3,883

Subtotal
5,914

 
156

 
(65
)
 
6,005

Level 2:

 

 

 

Corporate fixed income
25,240

 
126

 
(250
)
 
25,116

Municipal bonds
2,775

 
1

 
(28
)
 
2,748

Certificates of deposit and time deposits
4,014

 
1

 
—

 
4,015

Asset backed securities
974

 
—

 
(129
)
 
845

Subtotal
33,003

 
128

 
(407
)
 
32,724

Total
38,917

 
284

 
(472
)
 
38,729

Liabilities

 

 

 

Level 1:

 

 

 

Phantom stock units
38

 
—

 
—

 
38

Total
38

 
—

 
—

 
38


 
December 29, 2012
 
Adjusted Cost
 
Unrealized Gains
 
Unrealized Losses
 
Fair Value
Assets
 
 
 
 
 
 
 
Level 1:
 
 
 
 
 
 
 
Equity securities
602

 
6

 
(86
)
 
522

Mutual funds
1,936

 
—

 
(28
)
 
1,908

Subtotal
2,538

 
6

 
(114
)
 
2,430

Level 2:
 
 
 
 
 
 
 
Corporate fixed income
18,270

 
48

 
(105
)
 
18,213

Government securities
195

 
14

 
—

 
209

Municipal bonds
4,525

 
4

 
(15
)
 
4,514

Certificates of deposit and time deposits
10,891

 
1

 
—

 
10,892

Asset backed securities
1,447

 
—

 
(5
)
 
1,442

Subtotal
35,328

 
67

 
(125
)
 
35,270

Total
37,866

 
73

 
(239
)
 
37,700

Liabilities
 
 
 
 
 
 
 
Level 1:
 
 
 
 
 
 
 
Deferred director stock units
263

 
—

 
—

 
263

Phantom stock units
30

 
—

 
—

 
30

Total
293

 
—

 
—

 
293


The Company recognized a net realized loss on investments during the twelve months ended December 28, 2013 of $1 and a net realized gain of $22 during the twelve months ended December 29, 2012. As of December 28, 2013, gross unrealized losses related to individual securities that had been in a continuous loss position for 12 months or longer were not significant. The Company considers these unrealized losses in market value of its investments to be temporary in nature. When evaluating an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s cost basis. During the twelve months ended December 28, 2013, the Company recognized an impairment charge of $61, which is included in the net realized loss for the period. This resulted from the deterioration of the financial condition of an issuer of a corporate bond security.
Maturities of investments at December 28, 2013 are as follows:
 
Adjusted Cost

Fair Value
Due in less than one year
$
16,352


$
16,336

Due after one year but within five years
9,753


9,625

Due after five years but within ten years
2,336


2,345

Due after ten years
4,562


4,418

Equity securities
2,049


2,122

Mutual Funds
3,865


3,883

Total
$
38,917


$
38,729


The Company reports deferred director stock units and phantom stock units as a liability. All remaining deferred stock units were issued in 2013. The Company recognized expense relating to these liabilities of $70 and $20, for the periods ended December 28, 2013, and December 29, 2012. Phantom stock units vest over a period of three years.
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 28, 2013.