Fair Value Measurements

12 Months Ended

Dec. 28, 2013

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Certain assets and liabilities of the Company are required to be recorded at fair value on either a recurring or non-recurring basis. Fair value is determined based on the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants.

Assets and Liabilities that are Measured at Fair Value on a Recurring Basis:

On a recurring basis, the Company records its pension plan assets (Note 13) at fair value. No additional assets or liabilities were recorded at fair value on a recurring basis for the years ended 2013 and 2012.

Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis:

Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to the Company's tangible fixed assets, goodwill and other intangible assets, which are remeasured when the derived fair value is below carrying value on the Consolidated Balance Sheets. For these assets, the Company does not periodically adjust carrying value to fair value except in the event of impairment. When the Company determines that impairment has occurred, the carrying value of the asset is reduced to fair value and the difference is recorded within operating income in the statement of operations. No impairment of fixed assets or goodwill has been recorded in 2013 or 2012.

Refer to Note 6, Goodwill and Other Intangible Assets, for further information associated with the impairment of certain trade names. Fair value was derived using the relief from royalty method, as described in Note 1, Summary of Significant Accounting Policies.

The following tables provide information for assets that are measured at fair value on a nonrecurring basis as of the years ended 2013 and 2012 (in thousands): 

	2013				2012
	Impairments		Remaining Net Carrying Value		Impairments		Remaining Net Carrying Value
Other intangible assets, net	$	33,367	$	1,933	$	—	$	—

The fair value re-measurements included in the table above were based on significant unobservable inputs (Level 3).

Fair Value of Financial Instruments:

The Company’s financial instruments include cash and cash equivalents, accounts receivable, net, long-term debt and accounts payable. The carrying values of cash and cash equivalents, accounts receivable, net, current maturities of long-term debt and accounts payable are reasonable estimates of their fair values as of the years ended 2013 and 2012 due to the short-term nature of these instruments. See Note 8 for fair value of the Company’s long-term debt. Additionally, the Company also records the assets and liabilities assumed in its acquisitions (Note 2) at fair value.