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Fair Value of Assets and Liabilities
 3 Months Ended
Mar. 31, 2018
Text Block [Abstract]  
Fair Value of Assets and Liabilities
Fair Value of Assets and Liabilities
As of March 31, 2018, the Company held certain financial assets and liabilities that are required to be measured at fair value on a recurring basis. These consisted of the Company’s derivative instruments related to foreign exchange rates and deferred compensation plan liabilities. The fair values of foreign exchange rate derivatives are determined using the cash flows of the foreign exchange contract, discount rates to account for the passage of time and current foreign exchange market data which are all based on inputs readily available in public markets and are categorized as Level 2. The fair value of deferred compensation plans is based on readily available current market data and is categorized as Level 2. The Company’s defined benefit pension plan investments are not required to be measured at fair value on a recurring basis.
There were no changes during the quarter ended March 31, 2018 to the Company’s valuation techniques used to measure asset and liability fair values on a recurring basis. There were no transfers into or out of Level 1, Level 2 or Level 3 during the quarter ended March 31, 2018. As of and during the quarter ended March 31, 2018, the Company did not have any non-financial assets or liabilities that were required to be measured at fair value on a recurring or non-recurring basis.
The following tables set forth, by level within the fair value hierarchy, the Company’s financial assets and liabilities accounted for at fair value on a recurring basis.
 
Assets (Liabilities) at Fair Value as of
March 31, 2018
 
Total
 
Quoted Prices In
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Foreign exchange derivative contracts - assets
$
2,171

 
$
—

 
$
2,171

 
$
—

Foreign exchange derivative contracts - liabilities
(18,032
)
 
—

 
(18,032
)
 
—

 
(15,861
)
 
—

 
(15,861
)
 
—

Deferred compensation plan liability
(45,082
)
 
—

 
(45,082
)
 
—

Total
$
(60,943
)
 
$
—

 
$
(60,943
)
 
$
—

 
 
Assets (Liabilities) at Fair Value as of
December 30, 2017
 
Total
 
Quoted Prices In
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Foreign exchange derivative contracts - assets
$
1,600

 
$
—

 
$
1,600

 
$
—

Foreign exchange derivative contracts - liabilities
(22,568
)
 
—

 
(22,568
)
 
—

 
(20,968
)
 
—

 
(20,968
)
 
—

Deferred compensation plan liability
(52,758
)
 
—

 
(52,758
)
 
—

Total
$
(73,726
)
 
$
—

 
$
(73,726
)
 
$
—


Fair Value of Financial Instruments
The carrying amounts of cash and cash equivalents, trade accounts receivable, notes receivable and accounts payable approximated fair value as of March 31, 2018 and December 30, 2017. The carrying amount of trade accounts receivable included allowance for doubtful accounts, chargebacks and other deductions of $29,049 and $26,096 as of March 31, 2018 and December 30, 2017, respectively. The fair value of debt, which is classified as a Level 2 liability, was $4,562,178 and $4,093,229 as of March 31, 2018 and December 30, 2017, respectively. Debt had a carrying value of $4,548,405 and $3,993,267 as of March 31, 2018 and December 30, 2017, respectively. The fair values were estimated using quoted market prices as provided in secondary markets, which consider the Company’s credit risk and market related conditions. The carrying amounts of the Company’s notes payable, which is classified as a Level 2 liability, approximated fair value as of March 31, 2018 and December 30, 2017, primarily due to the short-term nature of these instruments.