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 |
|
|