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Fair Value of Financial Instruments (Tables)

9 Months Ended

Oct. 02, 2016

Fair Value Disclosures [Abstract]

Deferred Compensation Plan Commodity Hedging Agreements, Debt and Acquisition Related Contingent Consideration

The following table summarizes, by assets and liabilities, the carrying amounts and fair values by level of the Company’s deferred compensation plan, commodity hedging agreements, debt and acquisition related contingent consideration:

		October 2, 2016
		Carrying				Total				Fair Value				Fair Value				Fair Value
(in thousands)		Amount				Fair Value				Level 1				Level 2				Level 3
Assets:
Deferred compensation plan assets		$	23,891			$	23,891			$	23,891			$	-			$	-
Commodity hedging agreements			758				758				-				758				-
Liabilities:
Deferred compensation plan liabilities			23,891				23,891				23,891				-				-
Public debt securities			455,885				497,500				-				497,500				-
Non-public variable rate debt			364,178				365,000				-				365,000				-
Acquisition related contingent consideration			218,408				218,408				-				-				218,408

		January 3, 2016
		Carrying				Total				Fair Value				Fair Value				Fair Value
(in thousands)		Amount				Fair Value				Level 1				Level 2				Level 3
Assets:
Deferred compensation plan assets		$	20,755			$	20,755			$	20,755			$	-			$	-
Commodity hedging agreements			3				3				-				3				-
Liabilities:
Deferred compensation plan liabilities			20,755				20,755				20,755				-				-
Commodity hedging agreements			3,442				3,442				-				3,442				-
Public debt securities			619,628				645,400				-				645,400				-
Acquisition related contingent consideration			136,570				136,570				-				-				136,570

		September 27, 2015
		Carrying				Total				Fair Value				Fair Value				Fair Value
(in thousands)		Amount				Fair Value				Level 1				Level 2				Level 3
Assets:
Deferred compensation plan assets		$	19,660			$	19,660			$	19,660			$	-			$	-
Commodity hedging agreements			39				39				-				39				-
Liabilities:
Deferred compensation plan liabilities			19,660				19,660				19,660				-				-
Commodity hedging agreements			2,275				2,275				-				2,275				-
Public debt securities			272,524				294,200				-				294,200				-
Non-public variable rate debt			275,000				275,000				-				275,000				-
Acquisition related contingent consideration			93,064				93,064				-				-				93,064

Summary of Reconciliation of Acquisition Related Contingent Consideration

The acquisition related contingent consideration is the Company’s only Level 3 asset or liability. A reconciliation of the activity is as follows:

		Third Quarter								First Three Quarters
(in thousands)		2016				2015				2016				2015
Opening balance - Level 3 liability		$	228,768			$	94,068			$	136,570			$	46,850
Increase due to acquisitions			-				-				68,039				50,312
Decrease due to measurement period adjustments			-				(3,371	)			-				(3,371	)
Payments/accruals			(2,995	)			(1,625	)			(12,261	)			(3,730	)
Fair value adjustment - (income) expense			(7,365	)			3,992				26,060				3,003
Ending balance - Level 3 liability		$	218,408			$	93,064			$	218,408			$	93,064

X

- Definition

Fair value assets and liability measured on recurring basis unobservable input reconciliation.

+ References

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258

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