Note 6 - Fair Value of Assets and Liabilities

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Fair Value Disclosures [Text Block]

6.

Fair Value of Assets and Liabilities

For assets and liabilities measured at fair value on a recurring and nonrecurring basis, a

three

-level hierarchy of measurements based upon observable and unobservable inputs is used to arrive at fair value. Observable inputs are developed based on market data obtained from independent sources, while unobservable inputs reflect the Company’s assumptions about valuation based on the best information available in the circumstances. Depending on the inputs, the Company classifies each fair value measurement as follows:

Level

1

—Valuations based on unadjusted quoted prices for identical assets or liabilities in active markets;

Level

2

—Valuations based upon quoted prices for similar instruments, prices for identical or similar instruments in markets that are

not

active, or model-derived valuations, all of whose significant inputs are observable, and

Level

3

—Valuations based upon

one

or more significant unobservable inputs.

Following is a description of the valuation methodologies used for instruments measured at fair value and their classification in the valuation hierarchy.

Investments in Equity Securities

Investments in equity securities listed on a national market or exchange are valued at the last sales price and classified within Level

1

of the valuation hierarchy and recorded in other noncurrent assets.

Mutual Funds

The Company has a non-qualified Supplemental Retirement and Savings Plan which provides additional retirement benefits for certain management employees and named executive officers by allowing participants to defer a portion of their annual compensation. The Company maintains accounts for participants through which participants make investment elections. The marketable securities are classified as Level

1

under the fair value hierarchy as they are maintained in mutual funds with readily determinable fair value and recorded in other noncurrent assets.

There were

no

changes during the quarter ended

June 30, 2018

to the Company’s valuation techniques used to measure asset and liability fair values on a recurring basis. As of

June 30, 2018,

and

December 30, 2017,

the Company did

not

hold any non-financial assets or liabilities that are required to be measured at fair value on a recurring basis.

The following table presents assets measured at fair value by classification within the fair value hierarchy as of

June 30, 2018:

	Fair Value Measurements Using
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investments in equity securities	$	15,328	$	—	$	—	$	15,328
Mutual funds		9,950		—		—		9,950

The following table presents assets measured at fair value by classification within the fair value hierarchy as of

December 30, 2017:

	Fair Value Measurements Using
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investments in equity securities	$	10,993	$	—	$	—	$	10,993
Mutual funds		7,962		—		—		7,962

In addition to the methods and assumptions used for the financial instruments recorded at fair value as discussed above, the following methods and assumptions are used to estimate the fair value of other financial instruments that are

not

marked to market on a recurring basis. The Company’s other financial instruments include cash and cash equivalents, short-term investments, accounts receivable and its long-term debt. Due to their short-term maturity, the carrying amounts of cash and cash equivalents, short-term investments and accounts receivable approximate their fair values. The Company’s revolving and term loan debt facilities’ fair values approximate book value at

June 30, 2018

and

December 30, 2017,

as the rates on these borrowings are variable in nature.

The carrying value and estimated fair values of the Company’s Euro Senior Notes, Series A and Series B and USD Senior Notes, Series A and Series B, as of

June 30, 2018

and

December 30, 2017

were as follows:

	June 30 , 2018				December 30, 2017
(in thousands)	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Euro Senior Notes, Series A due 2023	$	135,335	$	134,332	$	139,623	$	138,294
Euro Senior Notes, Series B due 2028		109,887		107,963		113,369		111,579
USD Senior Notes, Series A due 2022		25,000		24,154		25,000		24,737
USD Senior Notes, Series B due 2027		100,000		95,711		100,000		99,992
USD Senior Notes, Series A due 2025		50,000		47,769		—		—
USD Senior Notes, Series B due 2030		125,000		117,300		—		—