NOTE 16 -
Fair Value of Financial Instruments

           
    DECEMBER 30, 2001 December 31, 2000
    FAIR
VALUE
CARRYING
AMOUNT
Fair
Value
  Carrying
Amount
  Assets          
       Cash and equivalents $163,502 $163,502 $ 56,381   $ 56,381
       Trading securities 290 290 295   295
       Interest rate swap --- --- 1,677   ---
  Liabilities          
       Long-term debt, including current portion $202,949 $202,930 $203,552   $203,520
       Interest rate swap 8,493 8,493 ---   ---
             

     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.


Standard Register                          
2001 Annual Report