XML 45 R56.htm IDEA: XBRL DOCUMENT v3.3.0.814
Fair Value Measurements (Fair Value Measurements - Assets and Liabilities Measured on Recurring and Nonrecurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)
$ in Thousands
Sep. 26, 2015
Dec. 27, 2014
Fair Value, Inputs, Level 2 [Member]    
Assets, Fair Value Disclosure [Abstract]    
Rabbi trust [1] $ 14,404 $ 15,316
Interest rate swaps [2] 0 34
Liabilities, Fair Value Disclosure [Abstract]    
Interest rate swaps [2] 5,072 3,040
Deferred compensation plan [3] 13,412 14,331
Fair Value, Inputs, Level 3 [Member]    
Liabilities, Fair Value Disclosure [Abstract]    
Contingent consideration [4] $ 1,093 $ 1,855
[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.