Fair Values of Financial Instruments (Tables)

12 Months Ended

Jan. 01, 2017

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