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Fair Value of Financial Instruments | 3 Months Ended
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Mar. 28, 2012
Fair Value of Financial Instruments [Abstract] |
Fair Value of Financial Instruments | Note 7. Fair Value of Financial Instruments Fair Value of Assets and Liabilities Measured on a Recurring and Nonrecurring Basis Financial assets and liabilities measured at fair value on a recurring basis are summarized below:
|  | Fair Value Measurements as of March 28, 2012
|  | Total |  |  | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  | Valuation Technique
|  | (In thousands) |  |
Deferred compensation plan investments |  | $ | 5,856 |  |  | $ | 5,856 |  |  | $ | - |  |  | $ | - |  | market approach
Total |  | $ | 5,856 |  |  | $ | 5,856 |  |  | $ | - |  |  | $ | - |  |
|  | Fair Value Measurements as of March 30, 2011
|  | Total |  |  | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  | Valuation Technique
|  | (In thousands) |  |
Deferred compensation plan investments |  | $ | 4,791 |  |  | $ | 4,791 |  |  | $ | - |  |  | $ | - |  | market approach
Total |  | $ | 4,791 |  |  | $ | 4,791 |  |  | $ | - |  |  | $ | - |  |
In addition to the financial assets and liabilities that are measured at fair value on a recurring basis, we measure certain assets and liabilities at fair value on a nonrecurring basis. As of March 28, 2012, impaired assets related to underperforming and closed units were written down to a fair value of $0 based on the income approach. As of March 30, 2011, there were no such nonrecurring measurements. Fair Value of Long-Term Debt The book value and estimated fair value of our long-term debt, before original issue discount and excluding capital lease obligations, was as follows:
|  | March 28, 2012 |  |  | December 28, 2011 |
|  | (In thousands) |
Book value: |  |  |  |  |  |
Fixed rate long-term debt |  | $ | 77 |  |  | $ | 99 |
Variable rate long-term debt |  |  | 190,000 |  |  |  | 198,000 |
Long term debt excluding capital lease obligations |  | $ | 190,077 |  |  | $ | 198,099 |
Estimate fair value: |  |  |  |  |  |  |  |
Fixed rate long-term debt |  | $ | 77 |  |  | $ | 99 |
Variable rate long-term debt |  |  | 190,832 |  |  |  | 197,505 |
Long term debt excluding capital lease obligations |  | $ | 190,909 |  |  | $ | 197,604 |
The difference between the estimated fair value of long-term debt compared with its historical cost reported in our Condensed Consolidated Balance Sheets at March 28, 2012 and December 28, 2011 relates to market quotations for our senior secured term loan.

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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 5 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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