Fair Values of Financial Instruments (Tables)

3 Months Ended

Apr. 02, 2017

Fair Value Disclosures [Abstract]

Deferred Compensation Plan Commodity Hedging Agreements and Acquisition Related Contingent Consideration

The following tables summarize, by assets and liabilities, the carrying amounts and fair values by level of the Company’s deferred compensation plan, commodity hedging agreements, debt and acquisition related contingent consideration:

	April 2, 2017
	Carrying		Total		Fair Value		Fair Value		Fair Value
(in thousands)	Amount		Fair Value		Level 1		Level 2		Level 3
Assets:
Deferred compensation plan assets	$	27,485	$	27,485	$	27,485	$	-	$	-
Commodity hedging agreements		1,616		1,616		-		1,616		-
Liabilities:
Deferred compensation plan liabilities		27,485		27,485		27,485		-		-
Non-public variable rate debt		421,266		422,000		-		422,000		-
Non-public fixed rate debt		124,785		125,000		-		125,000
Public debt securities		456,258		481,200		-		481,200		-
Acquisition related contingent consideration		303,952		303,952		-		-		303,952

	January 1, 2017
	Carrying		Total		Fair Value		Fair Value		Fair Value
(in thousands)	Amount		Fair Value		Level 1		Level 2		Level 3
Assets:
Deferred compensation plan assets	$	24,903	$	24,903	$	24,903	$	-	$	-
Commodity hedging agreements		1,289		1,289		-		1,289		-
Liabilities:
Deferred compensation plan liabilities		24,903		24,903		24,903		-		-
Non-public variable rate debt		451,222		452,000		-		452,000		-
Public debt securities		456,032		475,800		-		475,800		-
Acquisition related contingent consideration		253,437		253,437		-		-		253,437

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 Level 3 activity is as follows:

	First Quarter
(in thousands)	2017			2016
Opening balance - Level 3 liability	$	253,437		$	136,570
Increase due to acquisitions		42,316			31,171
Payments/current payables		(4,047	)		(6,959	)
Fair value adjustment		12,246			17,151
Ending balance - Level 3 liability	$	303,952		$	177,933