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Note 7 - Fair Value of Assets and Liabilities | 12 Months Ended
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Dec. 30, 2017
Notes to Financial Statements |
Fair Value Disclosures [Text Block] | 7 . Fair Value of Assets and Liabilities For assets and liabilities measured at fair value on a recurring and nonrecurring basis, a three -level hierarchy of measurements based upon observable and unobservable inputs is used to arrive at fair value. Observable inputs are developed based on market data obtained from independent sources, while unobservable inputs reflect the Company’s assumptions about valuation based on the best information available in the circumstances. Depending on the inputs, the Company classifies each fair value measurement as follows : Level 1 —Valuations based on unadjusted quoted prices for identical assets or liabilities in active markets; Level 2 —Valuations based upon quoted prices for similar instruments, prices for identical or similar instruments in markets that are not active, or model-derived valuations, all of whose significant inputs are observable, and Level 3 — Valuations based upon one or more significant unobservable inputs. Following is a description of the valuation methodologies used for instruments measured at fair value and their classification in the valuation hierarchy. Investments Investments in equity securities listed on a national market or exchange are valued at the last sales price and classified within Level 1 of the valuation hierarchy. Such securities are further detailed in Note 1, Summary of Significant Accounting Policies and Other Information . Defined Benefit Plan Assets / Non-qualified Supplemental Retirement and Savings Plan Investments See Note 8, Benefit Plans for description of valuation methodologies and investment balances for defined benefit plan assets and investments related to the Company’s Non-Qualified Supplemental Retirement and Savings Plan. The following table presents assets measured at fair value by classification within the fair value hierarchy as of December 30, 2017:
|  | Fair Value Measurements Using |  |  |  |  |
(in thousands ) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Investment in Polytronics |  | $ | 10,993 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,993 |
The following table presents assets measured at fair value by classification within the fair value hierarchy as of December 31, 2016:
|  | Fair Value Measurements Using |  |  |  |  |
(in thousands ) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Investment in Polytronics |  | $ | 10,435 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,435 |
Ther e were no changes during 2017 to the Company’s valuation techniques used to measure asset and liability fair values on a recurring basis. As of December 30, 2017 and December 31, 2016, the Company held no non-financial assets or liabilities that are required to be measured at fair value on a recurring basis. In addition to the methods and assumptions used for the financial instruments recorded at fair value as discussed above, the following methods and assumptions are used to estimate the fair value of other financial instruments that are not marked to market on a recurring basis. The Company’s other financial instruments include cash and cash equivalents, short-term investments, accounts receivable and its long-term debt. Due to their short-term maturity, the carrying amounts of cash and cash equivalents, short-term investments and accounts receivable approximate their fair values. The Company’s revolving and term loan debt facilities’ fair values approximate book value at December 30, 2017 and December 31, 2016, as the rates on these borrowings are variable in nature. The carrying value and estimated fair values of the Company’s Euro Senior Notes, Series A and Series B and U.S. Senior Notes, Series A and Series B, as of December 30, 2017 and December 31, 2016 were as follows:
|  | 2017 |  |  | 2016 |
(in thousands ) |  | Carrying Value |  |  | Estimated Fair Value |  |  | Carrying Value |  |  | Estimated Fair Value |
Euro Senior Notes, Series A due 2023 |  | $ | 139,623 |  |  | $ | 138,294 |  |  | $ | 122,313 |  |  | $ | 122,586 |
Euro Senior Notes, Series B due 2028 |  |  | 113,369 |  |  |  | 111,579 |  |  |  | 95,314 |  |  |  | 99,230 |
U .S. Senior Notes, Series A due 2022 |  |  | 25,000 |  |  |  | 24,737 |  |  |  | 25,000 |  |  |  | 24,746 |
U .S. Senior Notes, Series B due 2027 |  |  | 100,000 |  |  |  | 99,992 |  |  |  | 100,000 |  |  |  | 98,660 |
The fair value as of the measurement date, net book value as of the end of the year and related impairment charge for assets measured at fair value on a nonrecurring basis subsequent to initial recognition during the years ended December 31, 2016 were as follows:
|  | Year Ended December 31, 2016 |  |  | As of December 31, 2016 |
(in thousands ) |  | Impairment Charge |  |  | Fair Value Measurement (Level 3) |  |  | Net Book Value |
Goodwill |  | $ | 8,794 |  |  | $ | — |  |  | $ | — |
Other intangible assets |  |  | 6,015 |  |  |  | 680 |  |  |  | 660 |
Total |  | $ | 14,809 |  |  | $ | 680 |  |  | $ | 660 |
During the year ended December 31, 2016, the goodwill related to the Custom Products reporting unit was written down to its implied fair value of zero . In addition, the company recorded a $6.0 million impairment charge, including $3.8 million related to the Custom Products trade name and $2.2 million for the customer relationship intangible assets. After recording the impairment charges, there was no remaining value related to the customer relationship intangible assets while $0.7 million remaining net book value related to the tradename. The company ’s accounting and finance management determines the valuation policies and procedures for Level 3 fair value measurements and is responsible for the development and determination of unobservable inputs. The following table presents the fair value, valuation techniques and related unobservable inputs for these Level 3 measurements for the year ended December 31, 2016:
(in thousands , except rates data ) |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Rates |
Tradename |  | $ | 680 |  | Relief from royalty |  | Discount rate: |  |  | 18% |
|  |  |  |  |  |  | R oyalty rate: |  |  | 1% |
Customer relationships |  | $ | — |  | Excess earnings |  | Discount rate: |  |  | 18% |
|  |  |  |  |  |  | Attrition rate: |  |  | 5% |

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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 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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