Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 27, 2015

Fair Value of Financial Instruments (Thousands of Dollars) [Abstract]

Fair Value Hierarchy

At September 27, 2015, September 28, 2014 and December 28, 2014, the Company had the following assets and liabilities measured at fair value in its consolidated balance sheets:

			Fair Value Measurements Using:
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
September 27, 2015
Assets:
Available-for-sale securities	$	26,863		4,029		11,664		11,170
Derivatives		119,123		-		119,123		-
Total assets	$	145,986		4,029		130,787		11,170
Liabilities:
Derivatives	$	605		-		605		-
Option agreement		24,780		-		-		24,780
Total liabilities	$	25,385		-		605		24,780
September 28, 2014
Assets:
Available-for-sale securities	$	31,097		6,805		18,632		5,660
Derivatives		41,475		-		41,475		-
Total assets	$	72,572		6,805		60,107		5,660
Liabilities:
Derivatives	$	3,426		-		3,426		-
Option agreement		25,590		-		-		25,590
Total Liabilities	$	29,016		-		3,426		25,590
December 28, 2014
Assets:
Available-for-sale securities	$	28,042		4,482		17,773		5,787
Derivatives		69,148		-		69,148		-
Total assets	$	97,190		4,482		86,921		5,787
Liabilities:
Derivatives	$	2,591		-		2,591		-
Option agreement		25,340		-		-		25,340
Total Liabilities	$	27,931		-		2,591		25,340

Reconciliation of Level 3 Fair Value

The following is a reconciliation of the beginning and ending balances of the fair value measurements of the Company's financial instruments which use significant unobservable inputs (Level 3):

	2015			2014
Balance at beginning of year	$	(19,553	)		5,484
Purchases		5,000			-
Issuance of option agreement		-			(25,590	)
Gain from change in fair value		943			176
Balance at end of third quarter	$	(13,610	)		(19,930	)