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Fair Values of Financial Instruments (Tables) | 9 Months Ended
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Sep. 29, 2019
Fair Value Disclosures [Abstract] |
Deferred Compensation Plan Commodity Hedging Agreements and Acquisition Related Contingent Consideration | The following tables summarize, 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:
|  | September 29, 2019 |
|  | Carrying |  |  | Total |  |  | Fair Value |  |  | Fair Value |  |  | Fair Value |
(in thousands) |  | Amount |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan assets |  | $ | 38,920 |  |  | $ | 38,920 |  |  | $ | 38,920 |  |  | $ | - |  |  | $ | - |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan liabilities |  |  | 38,920 |  |  |  | 38,920 |  |  |  | 38,920 |  |  |  | - |  |  |  | - |
Commodity hedging agreements |  |  | 8,212 |  |  |  | 8,212 |  |  |  | - |  |  |  | 8,212 |  |  |  | - |
Nonpublic variable rate debt |  |  | 304,706 |  |  |  | 305,000 |  |  |  | - |  |  |  | 305,000 |  |  |  | - |
Nonpublic fixed rate debt |  |  | 374,710 |  |  |  | 383,700 |  |  |  | - |  |  |  | 383,700 |  |  |  | - |
Public debt securities |  |  | 347,927 |  |  |  | 369,800 |  |  |  | - |  |  |  | 369,800 |  |  |  | - |
Acquisition related contingent consideration |  |  | 425,191 |  |  |  | 425,191 |  |  |  | - |  |  |  | - |  |  |  | 425,191 |
|  | December 30, 2018 |
|  | Carrying |  |  | Total |  |  | Fair Value |  |  | Fair Value |  |  | Fair Value |
(in thousands) |  | Amount |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan assets |  | $ | 33,160 |  |  | $ | 33,160 |  |  | $ | 33,160 |  |  | $ | - |  |  | $ | - |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan liabilities |  |  | 33,160 |  |  |  | 33,160 |  |  |  | 33,160 |  |  |  | - |  |  |  | - |
Commodity hedging agreements |  |  | 10,305 |  |  |  | 10,305 |  |  |  | - |  |  |  | 10,305 |  |  |  | - |
Nonpublic variable rate debt |  |  | 372,074 |  |  |  | 372,500 |  |  |  | - |  |  |  | 372,500 |  |  |  | - |
Nonpublic fixed rate debt |  |  | 274,717 |  |  |  | 261,200 |  |  |  | - |  |  |  | 261,200 |  |  |  | - |
Public debt securities |  |  | 457,612 |  |  |  | 455,400 |  |  |  | - |  |  |  | 455,400 |  |  |  | - |
Acquisition related contingent consideration |  |  | 382,898 |  |  |  | 382,898 |  |  |  | - |  |  |  | - |  |  |  | 382,898 |
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 Level 3 activity is as follows:
|  | Third Quarter |  |  | First Nine Months |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Beginning balance - Level 3 liability |  | $ | 412,450 |  |  | $ | 374,537 |  |  | $ | 382,898 |  |  | $ | 381,291 |
Measurement period adjustments(1) |  |  | - |  |  |  | (1,279 | ) |  |  | - |  |  |  | 813 |
Payments of acquisition related contingent consideration |  |  | (5,948 | ) |  |  | (7,049 | ) |  |  | (18,784 | ) |  |  | (18,312 | )
Reclassification to current payables |  |  | (60 | ) |  |  | - |  |  |  | (940 | ) |  |  | (1,540 | )
Increase (decrease) in fair value |  |  | 18,749 |  |  |  | (2,373 | ) |  |  | 62,017 |  |  |  | 1,584 |
Ending balance - Level 3 liability |  | $ | 425,191 |  |  | $ | 363,836 |  |  | $ | 425,191 |  |  | $ | 363,836 |
(1) | Measurement period adjustments relate to post-closing adjustments made in accordance with the terms and conditions of the applicable asset purchase agreement or asset exchange agreement for distribution territories acquired or exchanged by the Company in April 2017 and October 2017 as part of the System Transformation. All final post-closing adjustments for these transactions were completed during 2018.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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