Fair Values of Financial Instruments (Tables)

6 Months Ended

Jul. 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:

	July 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	$	29,019	$	29,019	$	29,019	$	-	$	-
Commodity hedging agreements		718		718		-		718		-
Liabilities:
Deferred compensation plan liabilities		29,019		29,019		29,019		-		-
Commodity hedging agreements		287		287		-		287		-
Non-public variable rate debt		499,310		500,000		-		500,000		-
Non-public fixed rate debt		124,799		125,000		-		125,000		-
Public debt securities		456,469		478,700		-		478,700		-
Acquisition related contingent consideration		319,102		319,102		-		-		319,102

	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:

	Second Quarter						First Half
(in thousands)	2017			2016			2017			2016
Opening balance - Level 3 liability	$	303,952		$	177,933		$	253,437		$	136,570
Increase due to acquisitions		3,770			36,868			46,086			68,039
Payments/current payables		(4,739	)		(2,307	)		(8,786	)		(9,266	)
Unfavorable fair value adjustment		16,119			16,274			28,365			33,425
Ending balance - Level 3 liability	$	319,102		$	228,768		$	319,102		$	228,768