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Fair Value Measurements | 12 Months Ended
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Dec. 27, 2015
Fair Value Disclosures [Abstract] |
Fair value measurements | Fair Value Measurements Fair Value Measurements on a Recurring Basis - The following table presents the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of December 27, 2015 and December 28, 2014:
| DECEMBER 27, 2015 |  | DECEMBER 28, 2014
(dollars in thousands) | TOTAL |  | LEVEL 1 |  | LEVEL 2 |  | TOTAL |  | LEVEL 1 |  | LEVEL 2
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |
Fixed income funds | $ | 6,333 |  |  | $ | 6,333 |  |  | $ | — |  |  | $ | 4,602 |  |  | $ | 4,602 |  |  | $ | — |
Money market funds | 7,168 |  |  | 7,168 |  |  | — |  |  | 7,842 |  |  | 7,842 |  |  | — |
Restricted cash equivalents: |  |  |  |  |  |  |  |  |  |  |
Fixed income funds | 551 |  |  | 551 |  |  | — |  |  | — |  |  | — |  |  | — |
Money market funds | 2,681 |  |  | 2,681 |  |  | — |  |  | 3,360 |  |  | 3,360 |  |  | — |
Other current assets, net: |  |  |  |  |  |  |  |  |  |  |
Derivative instruments - foreign currency forward contracts | 59 |  |  | — |  |  | 59 |  |  | — |  |  | — |  |  | — |
Total asset recurring fair value measurements | $ | 16,792 |  |  | $ | 16,733 |  |  | $ | 59 |  |  | $ | 15,804 |  |  | $ | 15,804 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Accrued and other current liabilities: |  |  |  |  |  |  |  |  |  |  |
Derivative instruments - interest rate swaps | $ | 5,142 |  |  | $ | — |  |  | $ | 5,142 |  |  | $ | 2,617 |  |  | $ | — |  |  | $ | 2,617 |
Derivative instruments - commodities | 583 |  |  | — |  |  | 583 |  |  | 566 |  |  | — |  |  | 566 |
Derivative instruments - foreign currency forward contracts | 703 |  |  | — |  |  | 703 |  |  | — |  |  | — |  |  | — |
Other long-term liabilities: |  |  |  |  |  |  |  |  |  |  |
Derivative instruments - interest rate swaps | 5,007 |  |  | — |  |  | 5,007 |  |  | 1,307 |  |  | — |  |  | 1,307 |
Total liability recurring fair value measurements | $ | 11,435 |  |  | $ | — |  |  | $ | 11,435 |  |  | $ | 4,490 |  |  | $ | — |  |  | $ | 4,490 |
Fair value of each class of financial instrument is determined based on the following:
FINANCIAL INSTRUMENT |  | METHODS AND ASSUMPTIONS
Fixed income funds and Money market funds |  | Carrying value approximates fair value because maturities are less than three months.
Derivative instruments |  | The Company’s derivative instruments include interest rate swaps, interest rate caps, foreign currency forward contracts and commodities. Fair value measurements are based on the contractual terms of the derivatives and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads. The foreign currency forwards are valued by comparing the contracted forward exchange rate to the current market exchange rate. Key inputs for the valuation of the foreign currency forwards are spot rates, foreign currency forward rates, and the interest rate curve of the domestic currency. The Company incorporates credit valuation adjustments to reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of December 27, 2015 and December 28, 2014, the Company has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives.
Fair Value Measurements on a Nonrecurring Basis - Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to property, fixtures and equipment, goodwill and other intangible assets, which are remeasured when carrying value exceeds fair value. The following table summarizes the fair value remeasurements for Assets held for sale and Property, fixtures and equipment for fiscal years 2015, 2014 and 2013 aggregated by the level in the fair value hierarchy within which those measurements fall:
| 2015 |  | 2014 |  | 2013
(dollars in thousands) | CARRYING VALUE |  | TOTAL IMPAIRMENT |  | CARRYING VALUE |  | TOTAL IMPAIRMENT |  | CARRYING VALUE |  | TOTAL IMPAIRMENT
Assets held for sale (1) | $ | 4,136 |  |  | $ | 1,028 |  |  | $ | 9,613 |  |  | $ | 23,974 |  |  | $ | — |  |  | $ | — |
Property, fixtures and equipment (2) | 3,634 |  |  | 27,126 |  |  | 2,429 |  |  | 13,097 |  |  | 9,990 |  |  | 19,761 |
| $ | 7,770 |  |  | $ | 28,154 |  |  | $ | 12,042 |  |  | $ | 37,071 |  |  | $ | 9,990 |  |  | $ | 19,761 |
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(1) | Carrying value approximates fair value with all assets measured using Level 2 inputs. Third-party market appraisals (Level 2) and purchase contracts (Level 2) were used to estimate the fair value. Refer to Note 4 - Impairments, Disposals and Exit Costs for discussion of impairments related to corporate airplanes and Roy’s.
(2) | Carrying value approximates fair value. Carrying values for assets measured using Level 2 inputs totaled $2.5 million, $1.8 million and $8.3 million for fiscal years 2015, 2014 and 2013, respectively. Assets measured using Level 3 inputs, had carrying values of $1.1 million, $0.6 million and $1.6 million for fiscal years 2015, 2014 and 2013, respectively. Third-party market appraisals (Level 2) and discounted cash flow models (Level 3) were used to estimate the fair value. Refer to Note 4 - Impairments, Disposals and Exit Costs for discussion of impairments related to restaurant closure initiatives and the Bonefish Restructuring.
Fair Value of Financial Instruments - The Company’s non-derivative financial instruments as of December 27, 2015 and December 28, 2014 consist of cash equivalents, restricted cash, accounts receivable, accounts payable and current and long-term debt. The fair values of cash equivalents, restricted cash, accounts receivable and accounts payable approximate their carrying amounts reported in the Company’s Consolidated Balance Sheets due to their short duration. Debt is carried at amortized cost; however, the Company estimates the fair value of debt for disclosure purposes. The following table includes the carrying value and fair value of the Company’s debt as of December 27, 2015 and December 28, 2014 aggregated by the level in the fair value hierarchy in which those measurements fall:
| 2015 |  | 2014
|  |  | FAIR VALUE |  |  |  | FAIR VALUE
(dollars in thousands) | CARRYING VALUE |  | LEVEL 2 |  | LEVEL 3 |  | CARRYING VALUE |  | LEVEL 2 |  | LEVEL 3
Senior Secured Credit Facility: |  |  |  |  |  |  |  |  |  |  |
Term loan A | $ | 277,500 |  |  | $ | 276,459 |  |  | $ | — |  |  | $ | 296,250 |  |  | $ | 294,769 |  |  | $ | — |
Term loan A-1 | 150,000 |  |  | 149,438 |  |  | — |  |  | — |  |  | — |  |  | — |
Term loan B | — |  |  | — |  |  | — |  |  | 225,000 |  |  | 222,188 |  |  | — |
Revolving credit facility | 432,000 |  |  | 429,300 |  |  | — |  |  | 325,000 |  |  | 322,563 |  |  | — |
2012 CMBS loan: |  |  |  |  |  |  |  |  |  |  |
Mortgage loan | 289,588 |  |  | — |  |  | 293,222 |  |  | 299,765 |  |  | — |  |  | 308,563 |
First mezzanine loan | 84,028 |  |  | — |  |  | 83,608 |  |  | 85,127 |  |  | — |  |  | 85,187 |
Second mezzanine loan | 85,353 |  |  | — |  |  | 85,780 |  |  | 86,067 |  |  | — |  |  | 86,988 |
Other notes payable | 931 |  |  | — |  |  | 918 |  |  | 2,722 |  |  | — |  |  | 2,625 |
Fair value of debt is determined based on the following:
DEBT FACILITY |  | METHODS AND ASSUMPTIONS
Senior Secured Credit Facility |  | Quoted market prices in inactive markets.
2012 CMBS loan |  | Assumptions derived from current conditions in the real estate and credit markets, changes in the underlying collateral and expectations of management.
Other notes payable |  | Discounted cash flow approach. Discounted cash flow inputs primarily include cost of debt rates which are used to derive the present value factors for the determination of fair value.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611 + Details
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