Quarterly report pursuant to Section 13 or 15(d)

Fair Value Of Financial Instruments

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Fair Value Of Financial Instruments
 9 Months Ended
Oct. 01, 2011
Fair Value Of Financial Instruments [Abstract]  
Fair Value Of Financial Instruments
12. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company uses the three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows:

Level 1. Observable inputs such as quoted prices in active markets;

Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 

The Company held available-for-sale securities with an aggregate fair value of $14,932 and $12,042 at October 1, 2011, and October 2, 2010, respectively. The Company, on a recurring basis, measures available-for-sale securities at fair value using quoted prices in active markets. The net unrealized holding loss amounted to $475 at October 1, 2011, and a net unrealized holding gain of $105 at October 2, 2010. In addition, 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's liability was $1,053 and $907, at October 1, 2011, and October 2, 2010, respectively. The Company recognized a gain related to those liabilities of $587 for the three month period ended October 1, 2011, and an expense of $228 for the three month period ended October 2, 2010. The Company recognized a gain related to those liabilities of $194 for the nine month period ended October 1, 2011, and an expense of $221 for the nine month period ended October 2, 2010.

The Company did not have any fair value adjustments for assets and liabilities measured at fair value on a nonrecurring basis during the nine months ended October 1, 2011, and October 2, 2010.

Assets measured at fair value on a recurring basis include the following as of October 1, 2011:

 

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

Available-for-sale securities

    $ 14,932       $ 14,932       $ —         $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

 

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

Deferred director stock units

    $ 996       $ 996       $ —         $ —     

Phantom stock units

      57         57         —           —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $   1,053       $   1,053       $ —         $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, other current assets, accounts payable, accrued expenses and other liabilities approximate fair value based on their short-term status.