XML 29 R16.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Fair Value of Financial Instruments | 12 Months Ended
--- | ---
Dec. 29, 2021
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:
| Total |  | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
| (In thousands)
Fair value measurements as of December 29, 2021: |  |  |  |  |  |  |
Deferred compensation plan investments (1) | $ | 13,726 |  |  | $ | 13,726 |  |  | $ | — |  |  | $ | — |
Interest rate swaps (2) | (52,121) |  |  | — |  |  | (52,121) |  |  | — |
Investments (3) | 2,551 |  |  | — |  |  | 2,551 |  |  | — |
Total | $ | (35,844) |  |  | $ | 13,726 |  |  | $ | (49,570) |  |  | $ | — |
Fair value measurements as of December 30, 2020: |  |  |  |  |  |  |
Deferred compensation plan investments (1) | $ | 13,627 |  |  | $ | 13,627 |  |  | $ | — |  |  | $ | — |
Interest rate swaps (2) | (76,445) |  |  | — |  |  | (76,445) |  |  | — |
Investments (3) | 2,272 |  |  | — |  |  | 2,272 |  |  | — |
Total | $ | (60,546) |  |  | $ | 13,627 |  |  | $ | (74,173) |  |  | $ | — |
(1) The fair values of our deferred compensation plan investments are based on the closing market prices of the elected investments and are included in other noncurrent assets in our Consolidated Balance Sheets. (2) The fair values of our interest rate swaps are based upon Level 2 inputs, which include valuation models. The key inputs for the valuation models are quoted market prices, interest rates and forward yield curves. See Note 9 for details on the interest rate swaps. (3) The fair value of investments is valued using a readily determinable net asset value per share based on the fair value of the underlying securities. There are no significant redemption restrictions associated with these investments. Those assets and liabilities measured at fair value on a nonrecurring basis are summarized below:
|  |  | Significant Unobservable Inputs (Level 3) |  | Impairment Charges
| (In thousands)
Fair value measurements as of December 29, 2021: |  |  |  |  |
Assets held and used (1) |  |  | $ | 313 |  |  | $ | 442 |
Fair value measurements as of December 30, 2020: |  |  |  |  |
Assets held and used (1) |  |  | $ | 2,425 |  |  | $ | 1,564 |
(1)At December 29, 2021 and December 30, 2020, impaired assets were written down to their fair value. To determine fair value, we used the income approach, which assumes that the future cash flows reflect current market expectations. These fair value measurements require significant judgment using Level 3 inputs, such as discounted cash flows from operations, which are not observable from the market, directly or indirectly. There is uncertainty in the projected future cash flows used in the Company's impairment analysis, which requires the use of estimates and assumptions. If actual performance does not achieve the projections, or if the assumptions used change in the future, we may be required to recognize impairment charges in future periods. Assets that are measured at fair value on a non-recurring basis include property, operating right-of-use assets, finance right-of-use assets and reacquired franchise rights. During the year ended December 29, 2021 and December 30, 2020, we recognized impairment charges of $0.4 million and $4.1 million, respectively, related to certain of these assets. See Note 13. The carrying amounts of cash and cash equivalents, accounts receivables, accounts payable and accrued expenses are deemed to approximate fair value due to the immediate or short-term maturity of these instruments. The fair value of notes receivable approximates the carrying value after consideration of recorded allowances and related risk-based interest rates. The liabilities under our credit facility are carried at historical cost, which approximates fair value. The fair value of our senior secured revolver approximates its carrying value since it is a variable rate facility (Level 2).

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration