Fair Value of Financial Instruments (Tables)

6 Months Ended

Jul. 03, 2016

Debt, Deferred Compensation Plan Assets and Liabilities Commodity Hedging Agreements and Acquisition Related Contingent Consideration

The carrying amounts and fair values of the Company's debt, deferred compensation plan assets and liabilities, commodity hedging agreements and acquisition related contingent consideration were as follows:

	July 3, 2016						January 3, 2016						June 28, 2015
	Carrying			Fair			Carrying			Fair			Carrying			Fair
In Thousands	Amount			Value			Amount			Value			Amount			Value
Deferred compensation plan assets	$	22,308		$	22,308		$	20,755		$	20,755		$	20,466		$	20,466
Deferred compensation plan liabilities		(22,308	)		(22,308	)		(20,755	)		(20,755	)		(20,466	)		(20,466	)
Commodity hedging agreements-assets		662			662			3			3			575			575
Commodity hedging agreements-liabilities		(291	)		(291	)		(3,442	)		(3,442	)		(681	)		(681	)
Public debt securities		(455,667	)		(495,700	)		(619,628	)		(645,400	)		(272,111	)		(297,700	)
Non-public variable rate debt		(374,151	)		(375,000	)		-			-			(290,000	)		(290,000	)
Acquisition related contingent consideration		(228,768	)		(228,768	)		(136,570	)		(136,570	)		(94,068	)		(94,068	)

Deferred Compensation Plan Commodity Hedging Agreements and Acquisition Related Contingent Consideration

The following table summarizes, by assets and liabilities, the valuation of the Company’s deferred compensation plan, commodity hedging agreements and acquisition related contingent consideration:

	July 3, 2016						January 3, 2016						June 28, 2015
In Thousands	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Deferred compensation plan assets	$	22,308	$	-	$	-	$	20,755	$	-	$	-	$	20,466	$	-	$	-
Commodity hedging agreements		-		662		-		-		3		-		-		575		-
Liabilities:
Deferred compensation plan liabilities		22,308		-		-		20,755		-		-		20,466		-		-
Commodity hedging agreements		-		291		-		-		3,442		-		-		681		-
Public debt securities		-		495,700		-		-		645,400		-		-		297,700		-
Non-public variable rate debt		-		375,000		-		-		-		-		-		290,000		-
Acquisition related contingent consideration		-		-		228,768		-		-		136,570		-		-		94,068

Summary of Reconciliation of Acquisition Related Contingent Consideration

The acquisition related contingent consideration is the Company’s only Level 3 asset or liability. A reconciliation of the activity is as follows:

	Second Quarter						First Half
In Thousands	2016			2015			2016			2015
Opening balance	$	177,933		$	98,505		$	136,570		$	46,850
Increase due to acquisitions		36,868			3,029			68,039			50,312
Payments/accruals		(2,307	)		(1,388	)		(9,266	)		(2,105	)
Fair value adjustment - (income) expense		16,274			(6,078	)		33,425			(989	)
Ending balance	$	228,768		$	94,068		$	228,768		$	94,068