Fair Value Measurements (Tables)

9 Months Ended

Sep. 26, 2015

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table reflects the fair values of assets and liabilities measured and recognized at fair value on a recurring basis on the Company's Consolidated Condensed Balance Sheets as of September 26, 2015 and December 27, 2014:



	September 26, 2015		December 27, 2014		Fair Value Hierarchy Level
Assets:
Rabbi Trust (1)	$	14,404	$	15,316	Level 2
Interest rate swaps (2)	—		34		Level 2

Liabilities:
Interest rate swaps (2)	$	5,072	$	3,040	Level 2
Deferred compensation plan (3)	13,412		14,331		Level 2
Contingent consideration (4)	1,093		1,855		Level 3


(1)	The Company maintains a Rabbi Trust that serves as an investment designed to offset its deferred compensation plan liability. The investment assets of the trust consist of life insurance policies for which the Company recognizes income or expense based upon changes in cash surrender value.

(2)

The fair value of the interest rate swaps was obtained from external sources. The interest rate swaps were valued using observable inputs (e.g., LIBOR yield curves, credit spreads). Valuations of interest rate swaps may fluctuate considerably from period-to-period due to volatility in underlying interest rates, which are driven by market conditions and the duration of the instrument. Credit adjustments could have a significant impact on the valuations due to changes in credit ratings of the Company or its counterparties.


(3)	Senior management and other highly compensated associates may defer a specified percentage of their compensation into a non-qualified deferred compensation plan. Changes in the value of the deferred compensation under this plan are recognized each period based on the fair value of the underlying measurement funds.

(4)

As a result of the Colormaster and Crown Rug acquisitions in 2012 and the Robertex acquisition in 2013, the Company recorded contingent consideration liabilities at fair value. These fair value measurements were based on calculations that utilize significant inputs not observable in the market including forecasted revenues, gross margins and discount rates and thus represent Level 3 measurements. These fair value measurements are directly impacted by the Company's estimates. Accordingly, if the estimates are higher or lower than the estimates within the fair value measurement, the Company would record additional charges or benefits, respectively, as appropriate.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Changes in the fair value measurements using significant unobservable inputs (Level 3) during the nine months ending September 26, 2015 and September 27, 2014 were as follows:



	September 26, 2015			September 27, 2014
Beginning balance	$	1,855		$	2,751
Fair value adjustments	(387		)	(264		)
Settlements	(375		)	(214		)
Ending balance	$	1,093		$	2,273

Fair Value, by Balance Sheet Grouping [Table Text Block]

The carrying amounts and estimated fair values of the Company's financial instruments are summarized as follows:



	September 26, 2015				December 27, 2014
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial Assets:
Cash and cash equivalents	$	179	$	179	$	394	$	394
Notes receivable, including current portion	282		282		282		282
Interest rate swaps	—		—		34		34
Financial Liabilities:
Long-term debt and capital leases, including current portion	131,181		128,304		127,288		119,776
Interest rate swaps	5,072		5,072		3,040		3,040