Fair Value Measurements (Tables)

3 Months Ended

Mar. 25, 2018

Carrying Amounts and Fair Values of Certain Assets

The fair values of the Company’s cash equivalents and investments in marketable securities are based on quoted prices in active markets for identical assets. The following tables summarize the carrying amounts and fair values of certain assets at March 25, 2018 and December 31, 2017:


	At March 25, 2018
			Fair Value Estimated Using
	Carrying		Level 1		Level 2		Level 3
	Amount		Inputs		Inputs		Inputs
Cash equivalents	$	32,221	$	32,221	$	—	$	—
Restricted cash equivalents		91,137		91,137		—		—
Investments in marketable securities		8,669		8,669		—		—
Advertising fund cash equivalents, restricted		18,502		18,502		—		—
Advertising fund investments, restricted		70,000		70,000		—		—


	At December 31, 2017
			Fair Value Estimated Using
	Carrying		Level 1		Level 2		Level 3
	Amount		Inputs		Inputs		Inputs
Cash equivalents	$	7,933	$	7,933	$	—	$	—
Restricted cash equivalents		96,375		96,375		—		—
Investments in marketable securities		8,119		8,119		—		—
Advertising fund cash equivalents, restricted		19,945		19,945		—		—
Advertising fund investments, restricted		74,007		74,007		—		—

Schedule of Estimated Fair Value

Management estimated the approximate fair values of the 2015 fixed rate notes and the 2017 fixed and floating rate notes as follows (in thousands):


	March 25, 2018				December 31, 2017
	Principal Amount		Fair Value		Principal Amount		Fair Value
2015 Five-Year Fixed Rate Notes	$	491,250	$	490,268	$	492,500	$	494,470
2015 Ten-Year Fixed Rate Notes		786,000		811,938		788,000		821,884
2017 Five-Year Fixed Rate Notes		597,000		583,269		598,500		592,515
2017 Ten-Year Fixed Rate Notes		995,000		998,980		997,500		1,023,435
2017 Five-Year Floating Rate Notes		298,500		299,694		299,250		300,746