XML 26 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 5 - Fair Value of Financial Instruments
12 Months Ended
Dec. 30, 2018
Notes to Financial Statements  
Fair Value Disclosures [Text Block]
NOTE
5
FAIR VALUE OF FINANCIAL INSTRUMENTS
 
The Company does
not
have significant assets and liabilities measured at fair value on a recurring basis under applicable accounting standards as of the end of
2018.
The Company does have approximately
$24.3
million of Company-owned life insurance which is measured on readily determinable cash surrender value on a recurring basis. This Company-owned life insurance is classified as a level
2
asset within the fair value hierarchy. Due to the short maturity of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, their carrying values approximate fair value. As of
December 30, 2018,
the carrying value of the Company’s borrowings under its Syndicated Credit Facility approximates fair value as the Facility bears interest rates that are similar to existing market rates. The Company does hedge its interest rate exposure on
$100
million of borrowings on the Syndicated Credit Facility and this cash flow hedge is measured at fair value. See discussion of this instrument below in Note
10
entitled “Derivative Instruments”.