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Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair Value Measurements 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:
DECEMBER 31, 2023DECEMBER 25, 2022
(dollars in thousands)TOTALLEVEL 1LEVEL 2TOTALLEVEL 1
Assets:
Cash equivalents:
Fixed income funds$12,837 $12,837 $— $3,301 $3,301 
Money market funds11,083 11,083 — 4,786 4,786 
Restricted cash equivalents:
Money market funds2,854 2,854 — — — 
Other current assets, net:
Derivative instruments - interest rate swaps320 — 320 — — 
Total asset recurring fair value measurements$27,094 $26,774 $320 $8,087 $8,087 
Liabilities:
Accrued and other current liabilities:
Derivative instruments - interest rate swaps$253 $— $253 $— $— 
Other long-term liabilities:
Derivative instruments - interest rate swaps893 — 893 — — 
Total liability recurring fair value measurements$1,146 $— $1,146 $— $— 

Fair value of each class of financial instruments is determined based on the following:
FINANCIAL INSTRUMENTMETHODS 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 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 considered its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of December 31, 2023, the Company determined that the credit valuation adjustments were 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, operating lease right-of-use assets, goodwill and other intangible assets, which are remeasured when carrying value exceeds fair value. Carrying value after impairment approximates fair value. The following table summarizes the Company’s assets measured at fair value by hierarchy level on a nonrecurring basis for the periods indicated:
202320222021
(dollars in thousands)REMAINING CARRYING VALUETOTAL IMPAIRMENTREMAINING CARRYING VALUETOTAL IMPAIRMENTREMAINING CARRYING VALUETOTAL IMPAIRMENT
Operating lease right-of-use assets (1)$4,057 $10,210 $2,219 $1,233 $8,647 $3,950 
Property, fixtures and equipment (2)4,623 30,202 2,807 4,253 11,647 8,445 
Goodwill and other assets (3)— — — — — 1,006 
$8,680 $40,412 $5,026 $5,486 $20,294 $13,401 
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(1)Carrying values measured using discounted cash flow models (Level 3). Refer to Note 4 - Impairments and Exit Costs for a more detailed discussion of impairments.
(2)Carrying values measured using Level 2 inputs to estimate fair value totaled $1.2 million and $1.4 million for 2023 and 2021, respectively. All other assets were valued using Level 3 inputs. 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 and Exit Costs for a more detailed discussion of impairments.
(3)Other assets were generally measured using the quoted market value of comparable assets (Level 2).

Fair Value of Financial Instruments - The Company’s non-derivative financial instruments consist of cash equivalents, accounts receivable, accounts payable and long-term debt. The fair values of cash equivalents, accounts receivable and accounts payable approximate their carrying amounts reported on its 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 by hierarchy level as of the periods indicated:
DECEMBER 31, 2023DECEMBER 25, 2022
CARRYING VALUEFAIR VALUE LEVEL 2CARRYING VALUEFAIR VALUE LEVEL 2
(dollars in thousands)
Senior secured credit facility - revolving credit facility$381,000 $381,000 $430,000 $430,000 
2025 Notes$104,786 $265,896 $105,000 $198,843 
2029 Notes$300,000 $277,809 $300,000 $260,265