| Fair Value Disclosures [Text Block] |
10. Fair Value Measurement
The fair value measurements of the Company’s financial assets and liabilities, categorized into types of instruments, are set forth in the table below based upon the fair value hierarchy:
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September 28, 2014
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December 29, 2013
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Level 1
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Level 2
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Total
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Level 1
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Level 2
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Total
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(in thousands)
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Money market funds
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$
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1,010
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$
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-
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$
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1,010
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(1)
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$
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3,906
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$
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-
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$
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3,906
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(2)
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Foreign Exchange Forward Contracts
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-
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3,928
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3,928
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-
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3,493
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3,493
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Total financial assets
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$
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1,010
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$
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3,928
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$
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4,938
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$
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3,906
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$
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3,493
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7,399
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Foreign Exchange Forward Contracts
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$
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2,010
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$
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2,010
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$
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-
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$
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313
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$
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313
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Total financial liabilities
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$
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-
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$
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2,010
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$
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2,010
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$
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-
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$
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313
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$
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313
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(1) Total cash and cash equivalents and short-term investments of $326.8 million as of September 28, 2014 includes cash of $280.4 million held in operating accounts, $1.0 million in money market funds, $24.3 million held in certificates of deposit and $21.1 million held in time deposit accounts.
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(2) Total cash and cash equivalents and short-term investments of $311.5 million as of December 29, 2013 includes cash of $282.2 million held in operating accounts, $3.9 million in money market funds, $11.4 million held in certificates of deposit and $14.0 million in time deposit accounts.
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Fair Value of Other Financial Instruments Not Carried At Fair Value
The Company’s Term Loan and Notes are traded in the market and the fair values are Level 1, as they are based on quoted market prices. Prior to redemption in fiscal 2013, the Senior Notes were traded in the market and the fair value was Level 1. The carrying amounts and estimated fair values of the Company’s debt obligations are as follows:
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September 28, 2014
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December 29, 2013
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Carrying
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Estimated
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Carrying
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Estimated
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Value
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Fair Value
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Value
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Fair Value
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(in thousands)
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Debt traded in the market:
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Term Loan
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$
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294,334
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$
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290,287
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$
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296,135
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$
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295,170
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2.0% Senior Exchangeable Notes
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115,235
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199,356
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111,733
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129,104
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7.875% Senior Notes
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-
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-
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94,064
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97,591
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Total Debt Obligations
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$
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409,569
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$
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489,643
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$
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501,932
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$
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521,865
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The fair value of the Company’s cash equivalents, accounts receivable, accounts payable and other current liabilities approximates their carrying value.
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