Fair value measurement (Tables)

3 Months Ended

Mar. 25, 2012

Financial Instruments Measured at Fair Value

The following table summarizes the Company’s assets and liabilities measured at fair value in the accompanying condensed consolidated balance sheet as of March 25, 2012 and December 25, 2011:

(in thousands of dollars)

	Fair Value Measurements as of Mar. 25, 2012
	Level 1		Level 2		Level 3		Total
Employee compensation related investments	$	19,341	$	—	$	—	$	19,341
Rabbi trust investments		28,299		—		—		28,299
Total assets	$	47,640	$	—	$	—	$	47,640
Contingent consideration payablea	$	—	$	—	$	9,745	$	9,745
Total liabilities	$	—	$	—	$	9,745	$	9,745

	Fair Value Measurements as of Dec. 25, 2011
	Level 1		Level 2		Level 3		Total
Employee compensation related investments	$	17,224	$	—	$	—	$	17,224
Rabbi trust investments		26,162		—		—		26,162
Total assets	$	43,386	$	—	$	—	$	43,386
Contingent consideration payablea	$	—	$	—	$	15,808	$	15,808
Total liabilities	$	—	$	—	$	15,808	$	15,808

^a  Under certain acquisition agreements entered into during fiscal 2011, the Company has agreed to pay the sellers earn-outs based on the financial performance of the acquired businesses. Contingent consideration payable in the table above represents the estimated fair value of future earn-outs payable under such agreements. The fair value of the contingent payments was measured based on the present value of the consideration expected to be transferred. For the thirteen weeks ended March 25, 2012, the contingent consideration was reduced by payments of $7.8 million partially offset by interest accretion and adjustments to fair value.