XML 54 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value of Financial Instruments
 3 Months Ended
Mar. 27, 2013
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
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 27, 2013
 
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 
$
7,331

 
$
7,331

 
$
—

 
$
—

 
market approach
Interest rate caps
$
6

 
$
—

 
$
6

 
$
—

 
income approach
Total
$
7,337

 
$
7,331

 
$
6

 
$
—

 
 
 
 
Fair Value Measurements as of December 26, 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 
$
6,371

 
$
6,371

 
$
—

 
$
—

 
market approach
Interest rate caps
$
8

 
$
—

 
$
8

 
$
—

 
income approach
Total
$
6,379

 
$
6,371

 
$
8

 
$
—

 
 
 
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 27, 2013, there were no such nonrecurring measurements. As of December 26, 2012, impaired assets related to underperforming units were written down to a fair value of $0.2 million based on the income approach.

Disclosures of Fair Value of Other Assets and Liabilities
 
The liabilities under our credit facility are carried at historical cost in our Condensed Consolidated Balance Sheets. As of March 27, 2013 and December 26, 2012, the estimated fair value (Level 2) of our senior secured term loan approximated its carrying value. The fair value of our long-term debt is determined based on market prices or, if market prices are not available, the present value of the underlying cash flows discounted at market rates.