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Fair value measurement (Tables) | 12 Months Ended
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Dec. 25, 2011
Financial Instruments Measured at Fair Value | The financial instruments measured at fair value in the accompanying consolidated balance sheets consist of the following: Company Owned Assets In thousands of dollars Fair value measurement as of Dec. 25, 2011
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation related investments |  | $ | 17,224 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,224 |
Sundry investments |  |  | 26,162 |  |  |  | — |  |  |  | — |  |  |  | 26,162 |
Total Assets |  | $ | 43,386 |  |  | $ | — |  |  | $ | — |  |  | $ | 43,386 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration payable |  | $ | — |  |  | $ | — |  |  | $ | 15,808 |  |  | $ | 15,808 |
Total Liabilities |  | $ | — |  |  | $ | — |  |  | $ | 15,808 |  |  | $ | 15,808 |
Under certain acquisition agreements entered into during 2011, the company has agreed to pay the sellers earn-outs based on the financial performance of the businesses acquired. Contingent consideration payable in the table above represents the estimated fair value of future earn-outs payable under such agreements. The fair value of the contingent payments was measured based on the present value of the consideration expected to be transferred, using a discount rate commensurate with the risks associated with the cash flows. The company recognized a credit to expense of $3.8 million in its results for the year-ended December 25, 2011 related to the updating of the fair value measurement of its contingent considerations. In thousands of dollars Fair value measurement as of Dec. 26, 2010
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation related investments |  | $ | 15,976 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,976 |
Sundry investments |  |  | 26,902 |  |  |  | — |  |  |  | — |  |  |  | 26,902 |
Total Assets |  | $ | 42,878 |  |  | $ | — |  |  | $ | — |  |  | $ | 42,878 |
Fair Value of Pension Plan Assets by Level within Fair Value Hierarchy | The following tables set forth by level within the fair value hierarchy the fair values of the company’s pension plan assets: Pension Plan Assets/Liabilities In thousands of dollars Fair value measurement as of Dec. 25, 2011(a)
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-related securities |  | $ | — |  |  | $ | 50,582 |  |  | $ | — |  |  | $ | 50,582 |
Mortgage backed securities |  |  | — |  |  |  | 165,651 |  |  |  | 1,271 |  |  |  | 166,922 |
Other government bonds |  |  | — |  |  |  | 38,246 |  |  |  | 1,441 |  |  |  | 39,687 |
Corporate bonds |  |  | — |  |  |  | 135,635 |  |  |  | 2,070 |  |  |  | 137,705 |
Corporate stock |  |  | 613,976 |  |  |  | 999 |  |  |  | — |  |  |  | 614,975 |
Real estate |  |  | — |  |  |  | — |  |  |  | 93,620 |  |  |  | 93,620 |
Interest in common/collective trusts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equities |  |  | — |  |  |  | 434,693 |  |  |  | — |  |  |  | 434,693 |
Fixed income |  |  | 24,632 |  |  |  | 348,736 |  |  |  | — |  |  |  | 373,368 |
Interest in reg. invest. companies |  |  | 92,840 |  |  |  | 19,927 |  |  |  | — |  |  |  | 112,767 |
Interest in 103-12 investments |  |  | — |  |  |  | 79,432 |  |  |  | — |  |  |  | 79,432 |
Partnership/joint venture interests |  |  | — |  |  |  | — |  |  |  | 128,121 |  |  |  | 128,121 |
Hedge funds |  |  | — |  |  |  | 76,801 |  |  |  | 156,016 |  |  |  | 232,817 |
Derivative contracts |  |  | — |  |  |  | 53,591 |  |  |  | 235 |  |  |  | 53,826 |
Total |  | $ | 731,448 |  |  | $ | 1,404,293 |  |  | $ | 382,774 |  |  | $ | 2,518,515 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | (15 | ) |  | $ | (54,139 | ) |  | $ | (2,517 | ) |  | $ | (56,671 | )
Liability to purchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and other securities |  | $ | — |  |  | $ | (71,876 | ) |  | $ | — |  |  | $ | (71,876 | )
Total |  | $ | (15 | ) |  | $ | (126,015 | ) |  | $ | (2,517 | ) |  | $ | (128,547 | )
Cash and other |  |  | 18,135 |  |  |  | 665 |  |  |  | — |  |  | $ | 18,800 |
Total net fair value of plan assets |  | $ | 749,568 |  |  | $ | 1,278,943 |  |  | $ | 380,257 |  |  | $ | 2,408,768 |
(a) | The company uses a Dec. 31 measurement date for its retirement plans.
In thousands of dollars Fair value measurement as of Dec. 26, 2010(a)
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-related securities |  | $ | — |  |  | $ | 99,454 |  |  | $ | — |  |  | $ | 99,454 |
Mortgage backed securities |  |  | — |  |  |  | 83,070 |  |  |  | — |  |  |  | 83,070 |
Other government bonds |  |  | — |  |  |  | 30,841 |  |  |  | 1,526 |  |  |  | 32,367 |
Corporate bonds |  |  | — |  |  |  | 169,410 |  |  |  | 5,896 |  |  |  | 175,306 |
Corporate stock |  |  | 676,777 |  |  |  | 1,338 |  |  |  | — |  |  |  | 678,115 |
Real estate |  |  | — |  |  |  | — |  |  |  | 90,344 |  |  |  | 90,344 |
Interest in common/collective trusts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equities |  |  | 461 |  |  |  | 342,707 |  |  |  | — |  |  |  | 343,168 |
Fixed income |  |  | 59,544 |  |  |  | 318,473 |  |  |  | — |  |  |  | 378,017 |
Interest in reg. invest. companies |  |  | 208,023 |  |  |  | 5,398 |  |  |  | — |  |  |  | 213,421 |
Interest in 103-12 investments |  |  | — |  |  |  | 106,947 |  |  |  | — |  |  |  | 106,947 |
Partnership/joint venture interests |  |  | — |  |  |  | — |  |  |  | 117,698 |  |  |  | 117,698 |
Hedge funds |  |  | — |  |  |  | 77,851 |  |  |  | 163,349 |  |  |  | 241,200 |
Derivative contracts |  |  | 500 |  |  |  | 84,641 |  |  |  | 104 |  |  |  | 85,245 |
Total |  | $ | 945,305 |  |  | $ | 1,320,130 |  |  | $ | 378,917 |  |  | $ | 2,644,352 |
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | (2,521 | ) |  | $ | (87,260 | ) |  | $ | (453 | ) |  | $ | (90,234 | )
Total |  | $ | (2,521 | ) |  | $ | (87,260 | ) |  | $ | (453 | ) |  | $ | (90,234 | )
Cash and other |  |  | 12,885 |  |  |  | 21,725 |  |  |  | — |  |  | $ | 34,610 |
Total net fair value of plan assets |  | $ | 955,669 |  |  | $ | 1,254,595 |  |  | $ | 378,464 |  |  | $ | 2,588,728 |
(a) | The company uses a Dec. 31 measurement date for its retirement plans.
Summary of Changes in Fair Value of Pension Plan Assets and Liabilities, Categorized as Level 3 | The tables below set forth a summary of changes in the fair value of the company’s pension plan assets and liabilities, categorized as Level 3, for the fiscal year ended Dec. 25, 2011 and Dec. 26, 2010: Pension Plan Assets/Liabilities In thousands of dollars For the year-ended Dec. 25, 2011
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
|  |  |  |  | Actual Return on Plan Assets |  |  |  |  |  |  |  |  |  |
|  | Balance at |  |  | Relating to |  |  | Relating to |  |  | Purchases, |  |  | Transfers in |  |  |  |
|  | beginning |  |  | assets still held |  |  | assets sold during |  |  | sales, and |  |  | and/or out |  |  | Balance at |
|  | of year |  |  | at report date |  |  | the period |  |  | settlements |  |  | of Level 3(1) |  |  | end of year |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | — |  |  | $ | (11 | ) |  | $ | — |  |  | $ | 1,282 |  |  | $ | — |  |  | $ | 1,271 |
Other government bonds |  |  | 1,526 |  |  |  | 65 |  |  |  | — |  |  |  | (150 | ) |  |  | — |  |  |  | 1,441 |
Corporate bonds |  |  | 5,896 |  |  |  | (133 | ) |  |  | 7 |  |  |  | 205 |  |  |  | (3,905 | ) |  |  | 2,070 |
Real estate |  |  | 90,344 |  |  |  | (503 | ) |  |  | — |  |  |  | 3,779 |  |  |  | — |  |  |  | 93,620 |
Partnership/joint venture interests |  |  | 117,698 |  |  |  | 20,706 |  |  |  | — |  |  |  | (10,283 | ) |  |  | — |  |  |  | 128,121 |
Hedge funds |  |  | 163,349 |  |  |  | (1,632 | ) |  |  | (150 | ) |  |  | (7,151 | ) |  |  | 1,600 |  |  |  | 156,016 |
Derivative contracts |  |  | 104 |  |  |  | (265 | ) |  |  | (76 | ) |  |  | (28 | ) |  |  | 500 |  |  |  | 235 |
Total |  | $ | 378,917 |  |  | $ | 18,227 |  |  | $ | (219 | ) |  | $ | (12,346 | ) |  | $ | (1,805 | ) |  | $ | 382,774 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | (453 | ) |  | $ | (8 | ) |  | $ | (733 | ) |  | $ | 1,183 |  |  | $ | (2,506 | ) |  | $ | (2,517 | )
(1) | The company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
Pension Plan Assets/Liabilities (continued) In thousands of dollars For the year-ended Dec. 26, 2010
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
|  |  |  |  | Actual Return on Plan Assets |  |  |  |  |  |  |  |  |  |
|  | Balance at |  |  | Relating to |  |  | Relating to |  |  | Purchases, |  |  | Transfers in |  |  |  |
|  | beginning |  |  | assets still held |  |  | assets sold during |  |  | sales, and |  |  | and/or out |  |  | Balance at |
|  | of year |  |  | at report date |  |  | the period |  |  | settlements |  |  | of Level 3(1) |  |  | end of year |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 3,437 |  |  | $ | — |  |  | $ | (17 | ) |  | $ | (3,420 | ) |  | $ | — |  |  | $ | — |
Other government bonds |  |  | — |  |  |  | 9 |  |  |  | — |  |  |  | 1,517 |  |  |  | — |  |  |  | 1,526 |
Corporate bonds |  |  | 15,191 |  |  |  | 466 |  |  |  | 7 |  |  |  | (7,816 | ) |  |  | (1,952 | ) |  |  | 5,896 |
Real estate |  |  | 91,765 |  |  |  | 670 |  |  |  | — |  |  |  | (2,091 | ) |  |  | — |  |  |  | 90,344 |
Partnership/joint venture interests |  |  | 95,965 |  |  |  | 22,273 |  |  |  | — |  |  |  | (5,767 | ) |  |  | 5,227 |  |  |  | 117,698 |
Hedge funds |  |  | 173,559 |  |  |  | 17,032 |  |  |  | — |  |  |  | (27,242 | ) |  |  | — |  |  |  | 163,349 |
Derivative contracts |  |  | 1,865 |  |  |  | (228 | ) |  |  | (89 | ) |  |  | (1,444 | ) |  |  | — |  |  |  | 104 |
Total |  | $ | 381,782 |  |  | $ | 40,222 |  |  | $ | (99 | ) |  | $ | (46,263 | ) |  | $ | 3,275 |  |  | $ | 378,917 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | (3 | ) |  | $ | (453 | ) |  | $ | 11 |  |  | $ | (8 | ) |  | $ | — |  |  | $ | (453 | )
(1) | The company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
Summary of Nonfinancial Assets Measured at Fair Value on Nonrecurring Basis | The following table summarizes the nonfinancial assets measured at fair value on a nonrecurring basis in the accompanying consolidated balance sheet as of Dec. 26, 2010 (none for Dec. 25, 2011): Non-Financial Assets In thousands of dollars Fair value measurement as of Dec. 26, 2010
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total: |
Other intangible assets – |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quarter 4 |  | $ | — |  |  | $ | — |  |  | $ | 9,266 |  |  | $ | 9,266 |

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- Definition Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) 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 or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 33 -Subparagraph a, b -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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 14 -Subparagraph a -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 Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15 -Subparagraph b-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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13476-108611 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -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 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13467-108611 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 18 -Subparagraph c(2), d, e, f -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 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph a, c(1), c(2), c(3), 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 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 19 -Subparagraph a, b, c(1), d(1) -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. + Details
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