XML 82 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
FAIR VALUE MEASUREMENT (Tables)
12 Months Ended
Dec. 30, 2012
Fair Value, Assets and Liabilities Measured On Recurring and Nonrecurring Basis [Abstract]  
Schedule Of Carrying Values And Estimated Fair Values Of Assets And Liabilities Measured On Recurring Basis [Table Text Block]

The asset (liability) amounts recorded in the Consolidated Balance Sheet (carrying amounts) and the estimated fair values of financial instruments consisted of the following:

2012 2011
Carrying Fair Carrying Fair Note
Amount        Value        Amount        Value        Reference
(In thousands)
Short-term investments in available-
       for-sale securities $ $ $ 157 $ 157 7
Commodity derivative assets(a): 8
       Futures 1,821 1,821 2,870 2,870
Long-term investments in available-
       for-sale securities 497 497 7
Commodity derivative liabilities(b): 8
       Futures (1,530 ) (1,530 ) (2,120 ) (2,120 )
       Options (603 ) (603 )
Long-term debt and other borrowing  
       arrangements(c)        (1,164,756 )        (1,208,730 )        (1,423,612 )        (1,421,517 ) 12
Note payable to JBS USA Holdings (50,000 ) (50,077 ) 12, 16
 
(a)        Commodity derivative assets are included in Prepaid expenses and other current assets on the Consolidated Balance Sheet.
(b)   Commodity derivative liabilities are included in Accrued expenses and other current liabilities on the Consolidated Balance Sheet.
(c)   The fair values of the Company’s long-term debt and other borrowing arrangements were estimated by calculating the net present value of future payments for each debt obligation or borrowing by: (i) using a risk-free rate applicable for an instrument with a life similar to the remaining life of each debt obligation or borrowing plus the current estimated credit risk spread for the Company or (ii) using the quoted market price at December 30, 2012 or December 25, 2011, as applicable.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

     The following items are measured at fair value on a recurring basis at December 30, 2012:

Level 1       Level 2       Level 3       Total
      (In thousands)
Commodity derivative assets:      
       Futures 1,821 1,821
Commodity derivative liabilities:      
       Futures        (1,530 )        —        —        (1,530 )

     The following items are measured at fair value on a recurring basis at December 25, 2011:

      Level 1       Level 2       Level 3       Total
(In thousands)
Short-term investments in available-for-sale securities $        $         157 $        $         157
Commodity derivative assets:  
       Futures   2,870       2,870
Long-term investments in available-for-sale securities   438     59 497
Commodity derivative liabilities:    
       Futures (2,120 ) (2,120 )
       Options (603 ) (603 )
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

 The following table presents activity for each reporting period related to the Company’s investment in a fund-of-funds asset that was measured at fair value on a recurring basis using Level 3 inputs:

2012         2011         2010
(In thousands)
Balance at beginning of year $        59 $        1,190 $        1,116
       Included in other comprehensive income (19 ) 74
       Sale of securities (59 ) (1,112 )
Balance at end of year $  — $ 59 $ 1,190