Fair Value Measurements

12 Months Ended

Dec. 25, 2011

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Fair Value Measurements

Fair value is the price that would be received upon the sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. The transaction would be in the principal or most advantageous market for the asset or liability, based on assumptions that a market participant would use in pricing the asset or liability.

The fair value hierarchy consists of three levels:

Level 1 – quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;

Level 2 – inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3 – unobservable inputs for the asset or liability.

Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis

As of December 25, 2011 and December 26, 2010, we had assets related to our qualified pension plans measured at fair value. The required disclosures regarding such assets are presented in Note 11. The disclosure of the fair value of our short-term investments, which are classified as Level 1, is included in Note 3.

Assets Measured and Recorded at Fair Value on a Non-Recurring Basis

Our non-financial assets, such as goodwill, other intangible assets and property, plant and equipment are only recorded at fair value if an impairment charge is recognized. The following tables present non-financial assets that were measured and recorded at fair value on a non-recurring basis and the total impairment losses recorded during 2011, 2010 and 2009 on those assets:

(In thousands)	Net Carrying  Value as of		Fair Value Measured and Recorded Using						Impairment Losses
	December 25, 2011		Level 1		Level 2		Level 3		December 25, 2011
Goodwill	$	—	$	—	$	—	$	—	$	152,093
Other intangible assets	2,864		—		—		2,864		10,574
Property, plant and equipment, net	—		—		—		—		1,767
Total impairment losses									$	164,434

(In thousands)	Net Carrying  Value as of		Fair Value Measured and Recorded Using						Impairment Losses
	December 26, 2010		Level 1		Level 2		Level 3		December 26, 2010
Property, plant and equipment, net	$	4,838	$	—	$	—	$	4,838	$	16,148
Total impairment losses									$	16,148

(In thousands)	Net Carrying  Value as of		Fair Value Measured and Recorded Using						Impairment Losses
	December 27, 2009		Level 1		Level 2		Level 3		December 27, 2009
Property, plant and equipment, net	$	—	$	—	$	—	$	—	$	4,179
Total impairment losses									$	4,179

We recorded impairment charges during 2011, 2010 and 2009 related to the write-down of certain assets to their fair value. We classified all these measurements as Level 3, as we used unobservable inputs within the valuation methodologies that were significant to the fair value measurements, and the valuations required management judgment due to the absence of quoted market prices. See Note 5 for information regarding the valuation techniques utilized to determine fair value.