Deferred Compensation Plan Commodity Hedging Agreements and Acquisition Related Contingent Consideration |
The following tables summarize, by assets and liabilities, the carrying amounts and fair values by level of the Company’s deferred compensation plan, commodity hedging agreements, debt and acquisition related contingent consideration.
|
|
January 1, 2017 |
|
|
|
Carrying |
|
|
Total |
|
|
Fair Value |
|
|
Fair Value |
|
|
Fair Value |
|
(in thousands) |
|
Amount |
|
|
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation plan assets |
|
$ |
24,903 |
|
|
$ |
24,903 |
|
|
$ |
24,903 |
|
|
$ |
- |
|
|
$ |
- |
|
Commodity hedging agreements |
|
|
1,289 |
|
|
|
1,289 |
|
|
|
- |
|
|
|
1,289 |
|
|
|
- |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation plan liabilities |
|
|
24,903 |
|
|
|
24,903 |
|
|
|
24,903 |
|
|
|
- |
|
|
|
- |
|
Public debt securities |
|
|
456,032 |
|
|
|
475,800 |
|
|
|
- |
|
|
|
475,800 |
|
|
|
- |
|
Non-public variable rate debt |
|
|
451,222 |
|
|
|
452,000 |
|
|
|
- |
|
|
|
452,000 |
|
|
|
- |
|
Acquisition related contingent consideration |
|
|
253,437 |
|
|
|
253,437 |
|
|
|
- |
|
|
|
- |
|
|
|
253,437 |
|
|
|
January 3, 2016 |
|
|
|
Carrying |
|
|
Total |
|
|
Fair Value |
|
|
Fair Value |
|
|
Fair Value |
|
(in thousands) |
|
Amount |
|
|
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation plan assets |
|
$ |
20,755 |
|
|
$ |
20,755 |
|
|
$ |
20,755 |
|
|
$ |
- |
|
|
$ |
- |
|
Commodity hedging agreements |
|
|
3 |
|
|
|
3 |
|
|
|
- |
|
|
|
3 |
|
|
|
- |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation plan liabilities |
|
|
20,755 |
|
|
|
20,755 |
|
|
|
20,755 |
|
|
|
- |
|
|
|
- |
|
Commodity hedging agreements |
|
|
3,442 |
|
|
|
3,442 |
|
|
|
- |
|
|
|
3,442 |
|
|
|
- |
|
Public debt securities |
|
|
619,628 |
|
|
|
645,400 |
|
|
|
- |
|
|
|
645,400 |
|
|
|
- |
|
Acquisition related contingent consideration |
|
|
136,570 |
|
|
|
136,570 |
|
|
|
- |
|
|
|
- |
|
|
|
136,570 |
|
|
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:
|
|
Fiscal Year |
|
(in thousands) |
|
2016 |
|
|
2015 |
|
Opening balance |
|
$ |
136,570 |
|
|
$ |
46,850 |
|
Increase due to acquisitions |
|
|
133,857 |
|
|
|
109,784 |
|
Decrease due to measurement period adjustments |
|
|
- |
|
|
|
(18,396 |
) |
Payment/current payables |
|
|
(15,080 |
) |
|
|
(5,244 |
) |
Fair value adjustment - (income) expense |
|
|
(1,910 |
) |
|
|
3,576 |
|
Ending balance |
|
$ |
253,437 |
|
|
$ |
136,570 |
|
|