| Fair Value Hierarchy |
At December 27, 2015 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) | | | | | | | | | | | December 27, 2015 | | | | | | | | | Assets: | | | | | | | | | Available-for-sale securities | $ | 26,015 | | 3,476 | | 11,247 | | 11,292 | Derivatives | | 107,634 | | - | | 107,634 | | - | Total assets | $ | 133,649 | | 3,476 | | 118,881 | | 11,292 | | | | | | | | | | | Liabilities: | | | | | | | | | Derivatives | $ | 1,240 | | - | | 1,240 | | - | Option agreement | | 28,360 | | - | | - | | 28,360 | Total Liabilities | $ | 29,600 | | - | | 1,240 | | 28,360 | | | | | | | | | | | 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 |
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| 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 | | 7,600 | | - | Sales | | (7,900) | | | Issuance of option agreement | | - | | (25,590) | Net gainloss from change in fair value | | 2,785 | | 553 | Balance at end of year | $ | (17,068) | | (19,553) |
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