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Fair Value of Financial Instruments | 9 Months Ended
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Sep. 25, 2016
Fair Value of Financial Instruments (Thousands of Dollars) [Abstract] |
Fair Value of Financial Instruments | (6) Fair Value of Financial Instruments The Company measures certain financial instruments at fair value. The fair value hierarchy consists of three levels: Level 1 fair values are based on quoted market prices in active markets for identical assets or liabilities that the entity has the ability to access; Level 2 fair values are those based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by o bservable data for substantially the full term of the assets or liabilities; and Level 3 fair values are based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Accounting standards permit entities to measure many financial instruments and certain other items at fair value and establish presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes f or similar assets and liabilities. The Company has elected the fair value option for certain available-for-sale investments. At September 25, 2016, September 27, 2015 and December 27, 2015, t hese investments totaled $23,490, $22,834 and $22,539, respectively, and are included in prepaid expenses and other current assets in the consolidated balance sheets. The Co mpany recorded net gains of $440 and $922 on these investments in other (income) expense, net for the quarter and nine-months ended September 25, 2016, respectively, related to the change in fair value of such instruments. For the quarter and nine-month periods ended September 27, 2015 the Company recorded net losses of $176 and $246, respectively, in other (income) expense, net, related to the chang e in fair value of such instruments. At September 25, 2016, September 27, 2015 and December 27, 2015, the Company had the following assets and liabilities measured at fair value (excluding assets for which the fair value is measured using net asset value per share) in its consolidated balance sheets:
| Fair Value Measurements Using:
|  |  |  | Quoted |  |  |  |  |  |
|  |  |  | Prices in |  |  |  |  |  |
|  |  |  | Active |  |  |  |  |  |
|  |  |  | Markets |  | Significant |  |  |
|  |  |  | for |  | Other |  | Significant
|  |  |  | Identical |  | Observable |  | Unobservable
| Fair |  | Assets |  | Inputs |  | Inputs
| Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
September 25, 2016 |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities | $ | 4,986 |  |  | 4,986 |  |  | - |  |  | -
Derivatives |  | 39,115 |  |  | - |  |  | 39,115 |  |  | -
Total assets | $ | 44,101 |  |  | 4,986 |  |  | 39,115 |  |  | -
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Derivatives | $ | 19,390 |  |  | - |  |  | 19,390 |  |  | -
Option agreement |  | 27,460 |  |  | - |  |  | - |  |  | 27,460
Total liabilities | $ | 46,850 |  |  | - |  |  | 19,390 |  |  | 27,460
September 27, 2015 |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities | $ | 4,029 |  |  | 4,029 |  |  | - |  |  | -
Derivatives |  | 119,123 |  |  | - |  |  | 119,123 |  |  | -
Total assets | $ | 123,152 |  |  | 4,029 |  |  | 119,123 |  |  | -
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Derivatives | $ | 605 |  |  | - |  |  | 605 |  |  | -
Option agreement |  | 24,780 |  |  | - |  |  | - |  |  | 24,780
Total liabilities | $ | 25,385 |  |  | - |  |  | 605 |  |  | 24,780
December 27, 2015 |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities | $ | 3,476 |  |  | 3,476 |  |  | - |  |  | -
Derivatives |  | 107,634 |  |  | - |  |  | 107,634 |  |  | -
Total assets | $ | 111,110 |  |  | 3,476 |  |  | 107,634 |  |  | -
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Derivatives | $ | 1,240 |  |  | - |  |  | 1,240 |  |  | -
Option agreement |  | 28,360 |  |  | - |  |  | - |  |  | 28,360
Total Liabilities | $ | 29,600 |  |  | - |  |  | 1,240 |  |  | 28,360
Available-for-sale securities include equity securities of one company quoted on an active public market. The Company's derivatives consist of foreign currency forward contracts. The Company used current forward rates of the respective foreign currencies to measure the fair value of these contracts. The option agreement included in other liabilities at September 25, 2016, September 27, 2015 and December 27, 2015, is valued using an option pricing model based on the fair value of the related investment. Inputs used in the option pricing model include the volatility and fair value of the underlying compan y which are considered unobservable inputs as they reflect the Company's own assumptions about the inputs that market participants would use in pricing the asset or liability. The Company believes that this is the best information available for use in the fair value measurement. There were no changes in these valua tion techniques during the nine-month period ended September 25, 2016. The following is a reconciliation of the beginning and ending balances of the fair value measurements of the Company's fin ancial instruments which use significant unobservable inputs (Level 3):
| 2016 |  | 2015
Balance at beginning of year | $ | (28,360) |  |  | (25,340)
Gain from change in fair value |  | 900 |  |  | 560
Balance at end of third quarter | $ | (27,460) |  |  | (24,780)
In addition to the above, the Company has three investments for which the fair value is measured using net asset value per share. At September 25, 2016, September 27, 2015 and December 27, 2015, these investments had fair values of $23,490, $22,834 and $22,539, respectively. Two of the investments have net asset values that are predominantly based on underlying investments which are traded on an active market and are redeemable within 45 days. The third investment invests in hedge funds which are ge nerally redeemable on a quarterly basis with 30 – 90 days’ notice. In May 2015, the FASB issued ASU No. 2015-07, Fair Value Measurement — Disclosure for Investments in Certain Entities that Calculate Net Asset Value Per Share (or its Equivalent), which simplifies the presentation of the fair value hierarchy by removing the requirement to include those investments that are eligible to be measured at fair value using the net asset value per share practical expedient. The Company adopted ASU 2015-07 in the first quarter of 2016. Prior year disclosures have been adjusted to confo rm to current year presentation.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
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