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FAIR VALUE MEASUREMENTS | 6 Months Ended
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Jun. 24, 2012
Fair Value, Assets and Liabilities Measured On Recurring and Nonrecurring Basis [Abstract] |
Fair Value Disclosures [Text Block] | 3. FAIR VALUE MEASUREMENTS The asset (liability) amounts recorded in the Condensed Consolidated Balance Sheets (carrying amounts) and the estimated fair values of financial instruments at June24,2012and December25,2011consisted of the following:
|  | June 24, 2012 |  | December 25, 2011 |  |
|  | Carrying |  | Fair |  | Carrying |  | Fair |  | Note
|  | Amount |  | Value |  | Amount |  | Value |  | Reference
|  | (In thousands) |  |
Short-term investments in available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities |  | $ | 156 |  |  | $ | 156 |  |  | $ | 157 |  |  | $ | 157 |  |  | 6
Commodity derivative assets(a): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7
Futures |  |  | 5,123 |  |  |  | 5,123 |  |  |  | 2,870 |  |  |  | 2,870 |  |  |
Options |  |  | 2,348 |  |  |  | 2,348 |  |  |  | — |  |  |  | — |  |  |
Long-term investments in available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities |  |  | 474 |  |  |  | 474 |  |  |  | 497 |  |  |  | 497 |  |  | 6
Commodity derivative liabilities(b): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7
Futures |  |  | (1,353 | ) |  |  | (1,353 | ) |  |  | (2,120 | ) |  |  | (2,120 | ) |  |
Options |  |  | — |  |  |  | — |  |  |  | (603 | ) |  |  | (603 | ) |  |
Long-term debt and other borrowing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
arrangements(c) |  |  | (1,230,236 | ) |  |  | (1,261,818 | ) |  |  | (1,423,612 | ) |  |  | (1,421,517 | ) |  | 10
Note payable to JBS USA |  |  | — |  |  |  | — |  |  |  | (50,000 | ) |  |  | (50,077 | ) |  | 10,14
(a) |  | Commodity derivative assets are included in Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheet.
(b) |  | Commodity derivative liabilities are included in Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheet.
(c) |  | The fair values of the Company’s long-term debt and other borrowing arrangements were estimated by calculating the net present value of future payments for each debt obligation or borrowing by: (i) using a risk-free rate applicable for an instrument with a life similar to the remaining life of each debt obligation or borrowing plus the current estimated credit risk spread for the Company or (ii) using the quoted market price at June24,2012or December25,2011, as applicable.
The carrying amounts of our cash and cash equivalents, derivative trading accounts margin cash, restricted cash and cash equivalents, accounts receivable, accounts payable and certain other liabilities approximate their fair values due to their relatively short maturities. The Company adjusts its investments, commodity derivative assets and commodity derivative liabilities to fair value based on quoted market prices in active markets for identical instruments, quoted market prices in active markets for similar instruments with inputs that are observable for the subject instrument, or unobservable inputs such as discounted cash flow models or valuations. The Company follows guidance under ASC Topic 820, Fair Value Measurements and Disclosures, which establishes a framework for measuring fair value and required enhanced disclosures about fair value measurements. The guidance under ASC Topic820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. ASC Topic820 also requires disclosure about how fair value was determined for assets and liabilities and established a hierarchy for which these assets and liabilities must be grouped, based on significant levels of inputs as follows:
Level1 |  | Unadjusted quoted prices in active markets for identical assets or liabilities;
Level2 |  | Quoted prices in active markets for similar assets and liabilities and inputs that are observable for the asset or liability; or
Level3 |  | Unobservable inputs, such as discounted cash flow models or valuations.
The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement. As of June24,2012, the Company held certain items that are required to be measured at fair value on a recurring basis. These included cash and cash equivalents, derivative assets and liabilities, short-term investments in available-for-sale securities and long-term investments in available-for-sale securities. Cash equivalents consist of short-term, highly liquid, income-producing investments such as money market funds and other funds that have maturities of90days or less. Derivative assets and liabilities consist of long and short positions on both exchange-traded commodity futures and commodity options as well as margin cash on account with the Company’s derivatives brokers. Short-term investments in available-for-sale securities consist of short-term, highly liquid, income-producing investments such as municipal debt securities that have maturities of greater than90days but less than one year. Long-term investments in available-for-sale securities consist of income-producing investments such as municipal debt securities, corporate debt securities, equity securities and fund-of-funds units that have maturities of greater than one year. The following items were measured at fair value on a recurring basis at June24,2012:
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (In thousands)
Short-term investments in available-for-sale securities |  | $ | — |  |  | $ | 156 |  | $ | — |  | $ | 156 |
Commodity derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures |  |  | 5,123 |  |  |  | — |  |  | — |  |  | 5,123 |
Options |  |  | — |  |  |  | 2,348 |  |  | — |  |  | 2,348 |
Long-term investments in available-for-sale securities |  |  | — |  |  |  | 474 |  |  | — |  |  | 474 |
Commodity derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures |  |  | (1,353 | ) |  |  | — |  |  | — |  |  | (1,353 | )
Financial assets and liabilities classified in Level1at June24,2012include cash and cash equivalents, restricted cash and cash equivalents, equity securities and commodity futures derivative instruments traded in active markets. The valuation of these instruments is determined using a market approach, taking into account current interest rates, creditworthiness, and liquidity risks in relation to current market conditions, and is based upon unadjusted quoted prices for identical assets in active markets. The valuation of financial assets and liabilities in Level2is determined using a market approach based upon quoted prices for similar assets and liabilities in active markets or other inputs that are observable for substantially the full term of the financial instrument. Level2securities primarily include fixed income securities and commodity option derivative instruments. The valuation of financial assets in Level3is determined using an income approach based on unobservable inputs such as discounted cash flow models or valuations. The following table presents activity for the twenty-six weeks ended June24,2012and June26,2011, respectively, related to the Company’s investment in a fund-of-funds asset that is measured at fair value on a recurring basis using Level3inputs:
| Twenty-Six Weeks Ended
| June 24, 2012 |  | June 26, 2011
| (In thousands)
Balance at beginning of period | $ | 59 |  |  | $ | 1,190
Included in other comprehensive income |  | — |  |  |  | 51
Sale of securities |  | (59 | ) |  |  | —
Balance at end of period | $ | — |  |  | $ | 1,241
In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company records certain assets and liabilities at fair value on a nonrecurring basis. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges when required by U.S. GAAP. Certain long-lived assets held for sale with a carrying amount of $2.0million were written down to their fair value of $0.7million, resulting in a loss of $1.3million recorded in earnings during the twenty-six weeks ended June24,2012. These assets are classified as Level2assets because their fair value can be corroborated based on observable market data.

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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 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44A, 44B -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15A -Subparagraph a-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 3, 10, 14, 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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=7491637&loc=d3e13433-108611 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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