NOTE 16 - Fair Value of Financial Instruments
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DECEMBER 30,
2001 |
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December 31, 2000 |
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FAIR
VALUE |
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CARRYING
AMOUNT |
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Fair
Value |
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Carrying
Amount |
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Assets |
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Cash and equivalents |
$163,502 |
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$163,502 |
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$ 56,381 |
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$ 56,381 |
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Trading securities |
290 |
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290 |
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295 |
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295 |
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Interest rate swap |
--- |
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1,677 |
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Liabilities |
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Long-term debt, including current
portion |
$202,949 |
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$202,930 |
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$203,552 |
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$203,520 |
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Interest rate swap |
8,493 |
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8,493 |
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The carrying amount of cash equivalents
approximates fair value because of the short maturities of those instruments.
The fair value of trading securities is based on quoted market prices.
The fair values of the interest rate swap and long-term debt are estimated
using discounted cash flow analyses based on the Company's assumed incremental
borrowing rates for similar types of borrowing arrangements and are supplemented
with quotes from counterparties. The interest rate swap represents amounts
that the Company would pay (December 30, 2001) or receive (December 31,
2000) to terminate/replace this contract. The Company has no present plans
to terminate/replace significant portions of this contract.
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