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Fair Value Measurements | 6 Months Ended
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Jun. 28, 2022
Fair Value Measurements |
Fair Value Measurements | (10) Fair Value Measurements ​ ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 establishes a three-level hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs in measuring fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. ​
| Level 1 | Inputs based on quoted prices in active markets for identical assets.
| Level 2 | Inputs other than quoted prices included within Level 1 that are observable for the assets, either directly or indirectly.
| Level 3 | Inputs that are unobservable for the asset.
​ There were no transfers among levels within the fair value hierarchy during the 13 and 26 weeks ended June 28, 2022. ​ The following table presents the fair values for our financial assets and liabilities measured on a recurring basis: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements |
​ |  | Level |  | June 28, 2022 |  | December 28, 2021 |
Deferred compensation plan—assets |  | 1 | ​ | $ | 55,831 | ​ | $ | 67,512 | ​
Deferred compensation plan—liabilities |  | 1 | ​ | $ | (55,626) | ​ | $ | (67,431) | ​
​ The Second Amended and Restated Deferred Compensation Plan of Texas Roadhouse Management Corp. (as amended, the "Deferred Compensation Plan") is a nonqualified deferred compensation plan which allows highly compensated employees to defer receipt of a portion of their compensation and contribute such amounts to one or more investment funds held in a rabbi trust. We report the amounts of the rabbi trust in other assets and the corresponding liability in other liabilities in our unaudited condensed consolidated financial statements. These investments are considered trading securities and are reported at fair value based on quoted market prices. The realized and unrealized holding gains and losses related to these investments, as well as the offsetting compensation expense, are recorded in general and administrative expense in the unaudited condensed consolidated statements of income and comprehensive income. ​ The following table presents the fair value of our assets measured on a nonrecurring basis: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements | ​ | Total gain (loss)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 13 Weeks Ended | ​ | 26 Weeks Ended
| ​ | ​ |  | June 28, |  | December 28, |  | June 28, | ​ | June 29, | ​ | June 28, | ​ | June 29,
​ | ​ | Level | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021
Long-lived assets held for sale | ​ | 3 | ​ | $ | — | ​ | $ | 1,175 | ​ | $ | — | ​ | $ | — | ​ | $ | 690 | ​ | $ | (470)
Operating lease right-of-use assets | ​ | 3 | ​ | $ | — | ​ | $ | — | ​ | $ | (340) | ​ | $ | — | ​ | $ | (340) | ​ | $ | —
Investments in unconsolidated affiliates | ​ | 3 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | (531)
​ Long-lived assets held for sale include land and building at a site that was relocated and had a carrying amount of $1.2 million as of December 28, 2021. These assets were included in prepaid expenses and other current assets in our consolidated balance sheet and were valued using a Level 3 input. These assets were sold during the 26 weeks ended June 28, 2022 and resulted in a gain of $0.7 million which is included in impairment and closure, net in our unaudited condensed consolidated statements of income and comprehensive income. ​ Operating lease right-of-use assets as of June 28, 2022 include the lease related asset for one restaurant which is scheduled to be relocated in Q3 2022. The asset was reduced to a fair value of zero in 2022. This resulted in a loss of $0.3 million which is included in impairment and closure, net in our unaudited condensed consolidated statements of income and comprehensive income. ​ Investments in unconsolidated affiliates included a 40% equity interest in a joint venture in China which was fully impaired in late 2021. This asset was valued using a Level 3 input, or the amount we expected to receive upon the sale of this investment. This resulted in a loss of $0.5 million and is included in equity income from investments in unconsolidated affiliates in our unaudited condensed consolidated statements of income and comprehensive income for the 26 weeks ended June 29, 2021. ​ At June 28, 2022 and December 28, 2021, the fair values of cash and cash equivalents, accounts receivable and accounts payable approximated their carrying values based on the short-term nature of these instruments. At June 28, 2022 and December 28, 2021, the fair value of our amended revolving credit facility approximated its carrying value since it is a variable rate credit facility (Level 2).

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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