XML 38 R22.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Fair Value Measurements | 12 Months Ended
--- | ---
Dec. 28, 2018
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | (16.) FAIR VALUE MEASUREMENTS Assets and Liabilities Measured at Fair Value on a Recurring Basis Fair value measurement standards apply to certain financial assets and liabilities that are measured at fair value on a recurring basis (each reporting period). For the Company, these financial assets and liabilities include its derivative instruments. The Company does not have any nonfinancial assets or liabilities that are measured at fair value on a recurring basis. Foreign Currency Contracts The fair value of foreign currency contracts are determined through the use of cash flow models that utilize observable market data inputs to estimate fair value. These observable market data inputs include foreign exchange rate and credit spread curves. In addition to the above, the Company received fair value estimates from the foreign currency contract counterparty to verify the reasonableness of the Company’s estimates. The Company’s foreign currency contracts are categorized in Level 2 of the fair value hierarchy. The fair value of the Company’s foreign currency contracts will be realized as Sales or Cost of Sales as the inventory, which the contracts are hedging, is sold. Interest Rate Swap The fair value of the Company’s interest rate swap outstanding at December 28, 2018 was determined through the use of a cash flow model that utilized observable market data inputs. These observable market data inputs included LIBOR, swap rates, and credit spread curves. In addition to the above, the Company received a fair value estimate from the interest rate swap counterparty to verify the reasonableness of the Company’s estimate. This fair value calculation was categorized in Level 2 of the fair value hierarchy. The fair value of the Company’s interest rate swap will be realized as a component of Interest Expense as interest on the corresponding borrowings is accrued. The following tables provide information regarding assets and liabilities recorded at fair value on a recurring basis (in thousands):
| Fair Value |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
December 28, 2018 |  |  |  |  |  |  |
Assets: Interest rate swap (Note 8) | $ | 4,171 |  |  | $ | — |  |  | $ | 4,171 |  |  | $ | — |
Liabilities: Foreign currency contracts (Note 13) | 732 |  |  | — |  |  | 732 |  |  | — |
December 29, 2017 |  |  |  |  |  |  |
Assets: Interest rate swaps (Note 8) | $ | 4,279 |  |  | $ | — |  |  | $ | 4,279 |  |  | $ | — |
Liabilities: Foreign currency contracts (Note 13) | 861 |  |  | — |  |  | 861 |  |  | — |
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Fair value standards also apply to certain assets and liabilities that are measured at fair value on a nonrecurring basis. The carrying amounts of cash, accounts receivable, accounts payable and accrued expenses approximate fair value due to the short-term nature of these items. Borrowings under the Company’s Revolving Credit Facility, TLA Facility and TLB Facility accrue interest at a floating rate tied to a standard short-term borrowing index, selected at the Company’s option, plus an applicable margin. The carrying amount of this floating rate debt approximates fair value based upon the respective interest rates adjusting with market rate adjustments. (16.) FAIR VALUE MEASUREMENTS (Continued) Equity Investments Equity investments are comprised of the following (in thousands):
|  |  |  |  | December 28, 2018 |  | December 29, 2017
Equity method investment |  |  |  |  | $ | 15,148 |  |  | $ | 13,800 |
Non-marketable equity securities |  |  |  |  | 7,667 |  |  | 7,008 |
Total equity investments |  |  |  |  | $ | 22,815 |  |  | $ | 20,808 |
The components of (Gain) Loss on Equity Investments, Net for each period were as follows (in thousands):
|  |  | 2018 |  | 2017 |  | 2016
Equity method investment income and other(1) |  |  | $ | (5,623 | ) |  | $ | (3,685 | ) |  | $ | (737 | )
Impairment charges(2) |  |  | — |  |  | 5,250 |  |  | 1,570 |
Total (gain) loss on equity investments, net |  |  | $ | (5,623 | ) |  | $ | 1,565 |  |  | $ | 833 |
__________
(1) | Equity method investment income and other includes the Company’s share of equity method investee gains (losses) and realized gains on sales of non-marketable equity investments.
(2) | Prior to the adoption of ASU 2016-01, the Company accounted for its non-marketable equity securities under the cost method of accounting. The other than temporary impairment charges during 2017 and 2016 relate to non-marketable equity securities under the cost method of accounting.
There were no observable price adjustments on non-marketable equity securities related to the adoption of ASU 2016-01 in 2018 and this is not applicable in prior periods. Equity method investments and non-marketable equity securities, as described above, are included within Level 2 of the fair value hierarchy. The Company’s equity method investment is in a Chinese venture capital fund focused on investing in life sciences companies. As of December 28, 2018, the Company owned 6.7% of this fund. Pension Plan Assets The fair value of the Company’s pension plan assets disclosed in Note 9 “Benefit Plans” are determined based upon quoted market prices in inactive markets or valuation models with observable market data inputs to estimate fair value. These observable market data inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers and reference data. The Company’s pension plan assets are categorized Level 2 of the fair value hierarchy.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration