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Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 28, 2015
Fair Value Disclosures [Abstract]  
Debt, Deferred Compensation Plan Assets and Liabilities, Acquisition Related Contingent Consideration and Derivative Financial Instruments

The carrying amounts and fair values of the Company's debt, deferred compensation plan assets and liabilities, acquisition related contingent consideration and derivative financial instruments were as follows:

 

 

 

June 28, 2015

 

 

Dec. 28, 2014

 

 

June 29, 2014

 

 

 

Carrying

 

 

Fair

 

 

Carrying

 

 

Fair

 

 

Carrying

 

 

Fair

 

In Thousands

 

Amount

 

 

Value

 

 

Amount

 

 

Value

 

 

Amount

 

 

Value

 

Public debt securities

 

$

(273,860

)

 

$

(297,700

)

 

$

(373,759

)

 

$

(404,400

)

 

$

(373,661

)

 

$

(405,600

)

Non-public variable rate debt

 

 

(290,000

)

 

 

(290,000

)

 

 

(71,000

)

 

 

(71,000

)

 

 

(80,000

)

 

 

(80,000

)

Deferred compensation plan assets

 

 

20,466

 

 

 

20,466

 

 

 

18,580

 

 

 

18,580

 

 

 

17,990

 

 

 

17,990

 

Deferred compensation plan liabilities

 

 

(20,466

)

 

 

(20,466

)

 

 

(18,580

)

 

 

(18,580

)

 

 

(17,990

)

 

 

(17,990

)

Commodity hedging agreements-assets

 

 

575

 

 

 

575

 

 

 

0

 

 

 

0

 

 

 

871

 

 

 

871

 

Commodity hedging agreements-liabilities

 

 

(681

)

 

 

(681

)

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Acquisition related contingent consideration

 

 

(94,068

)

 

 

(94,068

)

 

 

(46,850

)

 

 

(46,850

)

 

 

(13,000

)

 

 

(13,000

)

 

Deferred Compensation Plan, Commodity Hedging Agreements and Acquisition Related Contingent Consideration

The following table summarizes, by assets and liabilities, the valuation of the Company’s deferred compensation plan, commodity hedging agreements and acquisition related contingent consideration:

 

 

 

June 28, 2015

 

 

Dec. 28, 2014

 

 

June 29, 2014

 

In Thousands

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation plan assets

 

$

20,466

 

 

 

 

 

 

 

 

 

 

$

18,580

 

 

 

 

 

 

 

 

 

 

$

17,990

 

 

 

 

 

 

 

 

 

Commodity hedging agreements

 

 

 

 

 

$

575

 

 

 

 

 

 

 

 

 

 

$

0

 

 

 

 

 

 

 

 

 

 

$

871

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation plan liabilities

 

 

20,466

 

 

 

 

 

 

 

 

 

 

 

18,580

 

 

 

 

 

 

 

 

 

 

 

17,990

 

 

 

 

 

 

 

 

 

Commodity hedging agreements

 

 

 

 

 

$

681

 

 

 

 

 

 

 

 

 

 

$

0

 

 

 

 

 

 

 

 

 

 

$

0

 

 

 

 

 

Acquisition related contingent

   consideration

 

 

 

 

 

 

 

 

 

$

94,068

 

 

 

 

 

 

 

 

 

 

$

46,850

 

 

 

 

 

 

 

 

 

 

$

13,000

 

 

Summary of Reconciliation of Acquisition Related Contingent Consideration

The acquisition related contingent consideration is the Company’s only Level 3 asset or liability. A reconciliation of the activity is as follows:

 

 

 

Second Quarter

 

 

First Half

 

In Thousands

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Opening balance

 

$

98,505

 

 

$

0

 

 

$

46,850

 

 

$

0

 

Increase due to Johnson City and Morristown purchase

 

 

0

 

 

 

13,000

 

 

 

0

 

 

 

13,000

 

Increase due to the Cleveland and Cookeville purchase

 

 

0

 

 

 

0

 

 

 

14,572

 

 

 

0

 

Increase due to the Louisville and Evansville purchase

 

 

0

 

 

 

0

 

 

 

32,711

 

 

 

0

 

Increase due to the Paducah and Pikeville purchase

 

 

3,029

 

 

 

0

 

 

 

3,029

 

 

 

0

 

Payments/accruals

 

 

(1,388

)

 

 

0

 

 

 

(2,105

)

 

 

0

 

Fair value adjustment - (income) expense

 

 

(6,078

)

 

 

0

 

 

 

(989

)

 

 

0

 

Ending balance

 

$

94,068

 

 

$

13,000

 

 

$

94,068

 

 

$

13,000