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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 29, 2019
Fair Value Disclosures [Abstract] |
Fair value, financial instruments measured on nonrecurring basis, valuation techniques | Fair value is categorized into one of the following three levels based on the lowest level of significant input:
Level 1 |  | Unadjusted quoted market prices in active markets for identical assets or liabilities
Level 2 |  | Observable inputs available at measurement date other than quoted prices included in Level 1
Level 3 |  | Unobservable inputs that cannot be corroborated by observable market data
Schedule of assets and liabilities measured at fair value on a recurring basis | The following table summarizes the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated:
| SEPTEMBER 29, 2019 |  | DECEMBER 30, 2018
(dollars in thousands) | TOTAL |  | LEVEL 1 |  | LEVEL 2 |  | TOTAL |  | LEVEL 1 |  | LEVEL 2
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |
Fixed income funds | $ | 1,521 |  |  | $ | 1,521 |  |  | $ | — |  |  | $ | 627 |  |  | $ | 627 |  |  | $ | — |
Money market funds | 8,617 |  |  | 8,617 |  |  | — |  |  | 17,827 |  |  | 17,827 |  |  | — |
Other current assets, net: |  |  |  |  |  |  |  |  |  |  |
Derivative instruments - interest rate swaps | — |  |  | — |  |  | — |  |  | 765 |  |  | — |  |  | 765 |
Total asset recurring fair value measurements | $ | 10,138 |  |  | $ | 10,138 |  |  | $ | — |  |  | $ | 19,219 |  |  | $ | 18,454 |  |  | $ | 765 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Accrued and other current liabilities: |  |  |  |  |  |  |  |  |  |  |
Derivative instruments - interest rate swaps | $ | 6,860 |  |  | $ | — |  |  | $ | 6,860 |  |  | $ | 1,393 |  |  | $ | — |  |  | $ | 1,393 |
Other long-term liabilities: |  |  |  |  |  |  |  |  |  |  |
Derivative instruments - interest rate swaps | 21,116 |  |  | — |  |  | 21,116 |  |  | 9,723 |  |  | — |  |  | 9,723 |
Total liability recurring fair value measurements | $ | 27,976 |  |  | $ | — |  |  | $ | 27,976 |  |  | $ | 11,116 |  |  | $ | — |  |  | $ | 11,116 |
Fair value, assets measured on recurring basis, methods and assumptions | 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. 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 Company also considers its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of September 29, 2019 and December 30, 2018, the Company has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives.
Fair value, assets and liabilities measured on a nonrecurring basis | The following table summarizes the Company’s assets measured at fair value by hierarchy level on a nonrecurring basis, for the periods indicated:
| THIRTEEN WEEKS ENDED
| SEPTEMBER 29, 2019 |  | SEPTEMBER 30, 2018
(dollars in thousands) | CARRYING VALUE |  | TOTAL IMPAIRMENT |  | CARRYING VALUE (1) |  | TOTAL IMPAIRMENT
Assets held for sale (1) | $ | 900 |  |  | $ | 100 |  |  | $ | 2,030 |  |  | $ | 61 |
Operating lease right-of-use assets (2) | 293 |  |  | 622 |  |  | — |  |  | — |
Property, fixtures and equipment (2) | 395 |  |  | 826 |  |  | 1,995 |  |  | 1,269 |
| $ | 1,588 |  |  | $ | 1,548 |  |  | $ | 4,025 |  |  | $ | 1,330 |
| THIRTY-NINE WEEKS ENDED
| SEPTEMBER 29, 2019 |  | SEPTEMBER 30, 2018
(dollars in thousands) | CARRYING VALUE |  | TOTAL IMPAIRMENT |  | CARRYING VALUE (1) |  | TOTAL IMPAIRMENT
Assets held for sale (1) | $ | 2,049 |  |  | $ | 315 |  |  | $ | 2,080 |  |  | $ | 111 |
Operating lease right-of-use assets (2) | 2,649 |  |  | 2,988 |  |  | — |  |  | — |
Property, fixtures and equipment (2) | 1,351 |  |  | 3,659 |  |  | 3,375 |  |  | 8,211 |
| $ | 6,049 |  |  | $ | 6,962 |  |  | $ | 5,455 |  |  | $ | 8,322 |
____________________
(1) | Carrying value after impairment approximates fair value with all assets measured using third-party market appraisals or executed sales contracts (Level 2).
(2) Carrying value after impairment approximates fair value. Carrying values for Operating lease right-of-use assets and Property, fixtures and equipment measured using Level 3 inputs to estimate fair value totaled $0.3 million and $0.4 million, respectively, during the thirteen weeks ended September 29, 2019 and $2.4 million and $1.3 million, respectively, during the thirty-nine weeks ended September 29, 2019. Level 2 inputs were used to estimate the fair value for all other assets measured in the periods presented. Third-party market appraisals (Level 2) and discounted cash flow models (Level 3) were used to estimate fair value.
Schedule of carrying value and fair value of senior secured credit facilities and other unsecured debt | The following table includes the carrying value and fair value of the Company’s debt by hierarchy level as of the periods indicated:
| SEPTEMBER 29, 2019 |  | DECEMBER 30, 2018
| CARRYING VALUE |  | FAIR VALUE LEVEL 2 |  | CARRYING VALUE |  | FAIR VALUE LEVEL 2
(dollars in thousands) |  |  |
Senior Secured Credit Facility: |  |  |  |  |  |  |
Term loan A | $ | 456,250 |  |  | $ | 456,250 |  |  | $ | 475,000 |  |  | $ | 464,906 |
Revolving credit facility | $ | 663,800 |  |  | $ | 663,800 |  |  | $ | 599,500 |  |  | $ | 590,508 |

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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets and liabilities. This disclosure may include, but is not limited to, the fair value of the asset or liability, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References No definition available. + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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