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FAIR VALUE MEASUREMENTS | 9 Months Ended
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Sep. 23, 2020
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present information about our financial assets and liabilities measured at fair value on a recurring basis as of September 23, 2020 and December 25, 2019, and indicate the classification within the fair value hierarchy. Cash, Cash Equivalents and Marketable Securities The following tables summarize our cash, cash equivalents and marketable securities by significant investment categories as of September 23, 2020 and December 25, 2019:
|  | September 23, 2020
| Cost Basis |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable Securities
Cash | $ | 174,883 |  |  | $ | — |  |  | $ | — |  |  | $ | 174,883 |  |  | $ | 174,883 |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |
| Money market funds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Mutual funds | 16,829 |  |  | 50 |  |  | — |  |  | 16,879 |  |  | — |  |  | 16,879 |
Total | $ | 191,712 |  |  | $ | 50 |  |  | $ | — |  |  | $ | 191,762 |  |  | $ | 174,883 |  |  | $ | 16,879 |
|  | December 25, 2019
| Cost Basis |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable Securities
Cash | $ | 32,094 |  |  | $ | — |  |  | $ | — |  |  | $ | 32,094 |  |  | $ | 32,094 |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |
| Money market funds | 5,005 |  |  | — |  |  | — |  |  | 5,005 |  |  | 5,005 |  |  | — |
| Mutual funds | 36,436 |  |  | 72 |  |  | — |  |  | 36,508 |  |  | — |  |  | 36,508 |
Total | $ | 73,535 |  |  | $ | 72 |  |  | $ | — |  |  | $ | 73,607 |  |  | $ | 37,099 |  |  | $ | 36,508 |
A summary of other income (loss) from equity securities recognized during the thirteen and thirty-nine weeks ended September 23, 2020 and September 25, 2019 is as follows:
|  | Thirteen Weeks Ended |  | Thirty-Nine Weeks Ended |  |
| September 23 2020 |  | September 25 2019 |  | September 23 2020 |  | September 25 2019 |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |
| Dividend income | $ | 40 |  |  | $ | 254 |  |  | $ | 290 |  |  | $ | 997 |  |  |  |  |
| Realized gain (loss) on sale of investments | — |  |  | — |  |  | 79 |  |  | 22 |  |  |  |  |
| Unrealized gain (loss) on equity securities | — |  |  | — |  |  | (22) |  |  | 231 |  |  |  |  |
Total | $ | 40 |  |  | $ | 254 |  |  | $ | 347 |  |  | $ | 1,250 |  |  |  |  |
A summary of equity securities sold and gross realized gains and losses recognized during the thirteen and thirty-nine weeks ended September 23, 2020 and September 25, 2019 is as follows:
|  | Thirteen Weeks Ended |  | Thirty-Nine Weeks Ended
| September 23 2020 |  | September 25 2019 |  | September 23 2020 |  | September 25 2019
Equity securities: |  |  |  |  |  |  |
| Gross proceeds from sales and redemptions | $ | — |  |  | $ | — |  |  | $ | 20,000 |  |  | $ | 27,000 |
| Cost basis of sales and redemptions | — |  |  | — |  |  | 19,921 |  |  | 26,978 |
| Gross realized gains included in net income (loss) | — |  |  | — |  |  | 79 |  |  | 36 |
| Gross realized losses included in net income (loss) | — |  |  | — |  |  | — |  |  | (14) |
Realized gains and losses are determined on a specific identification method and are included in other income, net on the Condensed Consolidated Statements of Income (Loss). As of September 23, 2020 and December 25, 2019, there was no decline in the market value of our marketable securities investment portfolio. Other Financial Instruments The carrying value of our other financial instruments, including accounts receivable, accounts payable, and accrued expenses as of September 23, 2020 and December 25, 2019 approximated their fair value due to the short-term nature of these financial instruments. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Assets and liabilities that are measured at fair value on a non-recurring basis include our long-lived assets, operating lease right-of-use assets and indefinite-lived intangible assets. During the thirty-nine weeks ended September 23, 2020, we recognized an impairment charge of $1,132 at one location. Of the total impairment charge, $736 was attributed to property and equipment held and used, $383 was attributed to operating lease right-of-use assets, and $13 was attributed to finance lease right-of-use assets. The asset impairment charge is included in Impairment and loss on disposal of assets on the Condensed Consolidated Statement of Income (Loss). The fair values of assets were determined using an income-based approach and are classified as Level 3 within the fair value hierarchy. Significant inputs include projections of future cash flows, discount rates, Shack sales and profitability. There were no impairment charges recognized during the thirteen weeks ended September 23, 2020, and the thirteen and thirty-nine weeks ended September 25, 2019.

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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=117815213&loc=d3e19207-110258 + Details
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