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Fair Values of Financial Instruments (Tables) | 3 Months Ended
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Mar. 29, 2020
Fair Value Disclosures [Abstract] |
Methods and Assumptions Used in Estimating Fair Value | The following methods and assumptions were used by the Company in estimating the fair values of its financial instruments. There were no transfers of assets or liabilities between levels in any period presented.
Financial Instrument |  | Fair Value Level |  | Methods and Assumptions
Deferred compensation plan assets and liabilities |  | Level 1 |  | The fair value of the Company’s non-qualified deferred compensation plan for certain executives and other highly compensated employees is based on the fair values of associated assets and liabilities, which are held in mutual funds and are based on the quoted market value of the securities held within the mutual funds.
Commodity hedging agreements |  | Level 2 |  | The fair values of the Company’s commodity hedging agreements are based on current settlement values at each balance sheet date. The fair values of the commodity hedging agreements at each balance sheet date represent the estimated amounts the Company would have received or paid upon termination of these agreements. The Company’s credit risk related to the derivative financial instruments is managed by requiring high standards for its counterparties and periodic settlements. The Company considers nonperformance risk in determining the fair values of derivative financial instruments.
Nonpublic variable rate debt |  | Level 2 |  | The carrying amounts of the Company’s nonpublic variable rate debt approximate their fair values due to variable interest rates with short reset periods.
Nonpublic fixed rate debt |  | Level 2 |  | The fair values of the Company’s nonpublic fixed rate debt are based on estimated current market prices.
Public debt securities |  | Level 2 |  | The fair values of the Company’s public debt securities are based on estimated current market prices.
Acquisition related contingent consideration |  | Level 3 |  | The fair values of acquisition related contingent consideration are based on internal forecasts and the weighted average cost of capital (“WACC”) derived from market data.
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:
|  | March 29, 2020 |  |  |  |  |  |  |  |
(in thousands) |  | Carrying Amount |  | Total Fair Value |  | Fair Value Level 1 |  | Fair Value Level 2 |  | Fair Value Level 3
Assets: |  |  |  |  |  |  |  |  |  |
Deferred compensation plan assets |  | $ | 37,135 |  |  | $ | 37,135 |  |  | $ | 37,135 |  |  | $ | — |  |  | $ | — |
Commodity hedging agreements |  | 240 |  |  |  | 240 |  |  |  | — |  |  |  | 240 |  |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |
Deferred compensation plan liabilities |  | 37,135 |  |  | 37,135 |  |  | 37,135 |  |  | — |  |  | — |
Commodity hedging agreements |  | 4,272 |  |  | 4,272 |  |  | — |  |  | 4,272 |  |  | — |
Nonpublic variable rate debt |  | 359,774 |  |  | 360,000 |  |  | — |  |  | 360,000 |  |  | — |
Nonpublic fixed rate debt |  | 374,742 |  |  | 373,700 |  |  | — |  |  | 373,700 |  |  | — |
Public debt securities |  | 348,073 |  |  | 357,900 |  |  | — |  |  | 357,900 |  |  | — |
Acquisition related contingent consideration |  | 437,094 |  |  | 437,094 |  |  | — |  |  | — |  |  | 437,094 |
|  | December 29, 2019 |  |  |  |  |  |  |  |
(in thousands) |  | Carrying Amount |  | Total Fair Value |  | Fair Value Level 1 |  | Fair Value Level 2 |  | Fair Value Level 3
Assets: |  |  |  |  |  |  |  |  |  |
Deferred compensation plan assets |  | $ | 42,543 |  |  | $ | 42,543 |  |  | $ | 42,543 |  |  | $ | — |  |  | $ | — |
Commodity hedging agreements |  | 1,007 |  |  |  | 1,007 |  |  |  | — |  |  |  | 1,007 |  |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |
Deferred compensation plan liabilities |  | 42,543 |  |  | 42,543 |  |  | 42,543 |  |  | — |  |  | — |
Commodity hedging agreements |  | 1,174 |  |  | 1,174 |  |  | — |  |  | 1,174 |  |  | — |
Nonpublic variable rate debt |  | 307,250 |  |  | 307,500 |  |  | — |  |  | 307,500 |  |  | — |
Nonpublic fixed rate debt |  | 374,723 |  |  | 383,900 |  |  | — |  |  | 383,900 |  |  | — |
Public debt securities |  | 347,947 |  |  | 367,300 |  |  | — |  |  | 367,300 |  |  | — |
Acquisition related contingent consideration |  | 446,684 |  |  | 446,684 |  |  | — |  |  | — |  |  | 446,684 |
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:
|  | First Quarter |  |
(in thousands) |  | 2020 |  | 2019
Beginning balance - Level 3 liability |  | $ | 446,684 |  |  |  | $ | 382,898 |
Payments of acquisition related contingent consideration |  | (10,452) |  |  |  | (6,237) |
Reclassification to current payables |  | 150 |  |  |  | 2,300 |
Increase in fair value |  | 712 |  |  |  | 14,046 |
Ending balance - Level 3 liability |  | $ | 437,094 |  |  |  | $ | 393,007 |

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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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