Fair Value Measurements (Tables)

3 Months Ended

Mar. 26, 2016

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table reflects the fair values of assets and liabilities measured and recognized at fair value on a recurring basis on the Company's Consolidated Condensed Balance Sheets as of March 26, 2016 and December 26, 2015:



	March 26, 2016		December 26, 2015		Fair Value Hierarchy Level
Liabilities:
Interest rate swaps (1)	$	5,826	$	4,689	Level 2
Contingent consideration (2)	547		584		Level 3

(1)

The Company uses certain external sources in deriving the fair value of the interest rate swaps. The interest rate swaps were valued using observable inputs (e.g., LIBOR yield curves, credit spreads). Valuations of interest rate swaps may fluctuate considerably from period-to-period due to volatility in underlying interest rates, which are driven by market conditions and the duration of the instrument. Credit adjustments could have a significant impact on the valuations due to changes in credit ratings of the Company or its counterparties.

(2)

As a result of the Colormaster acquisition in 2012 and the Robertex acquisition in 2013, the Company recorded contingent consideration liabilities at fair value. These fair value measurements were based on calculations that utilize significant inputs not observable in the market including forecasted revenues, gross margins and discount rates and thus represent Level 3 measurements. These fair value measurements are directly impacted by the Company's estimates. Accordingly, if the estimates within the fair value measurement are higher or lower, the Company would record additional charges or benefits, respectively, as appropriate.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Changes in the fair value measurements using significant unobservable inputs (Level 3) during the three months ending March 26, 2016 and March 28, 2015 were as follows:



	March 26, 2016			March 28, 2015
Beginning balance	$	584		$	1,855
Fair value adjustments	15			26
Settlements	(52		)	(256		)
Ending balance	$	547		$	1,625

Fair Value, by Balance Sheet Grouping [Table Text Block]

The carrying amounts and estimated fair values of the Company's financial instruments are summarized as follows:



	March 26, 2016				December 26, 2015
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial Assets:
Cash and cash equivalents	$	314	$	314	$	281	$	281
Notes receivable, including current portion	282		282		282		282
Financial Liabilities:
Long-term debt and capital leases, including current portion	125,581		120,774		126,049		123,318
Interest rate swaps	5,826		5,826		4,689		4,689