Fair Value Disclosures (Tables)

12 Months Ended

Dec. 28, 2013

Fair Value Measurements, Recurring Basis

The following table presents fair values for those assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the measurements fall. No transfers among the levels within the fair value hierarchy occurred during the years ended December 28, 2013 or December 29, 2012.



	Fair Value
	Level	2013		2012
Foreign Currency Forwards, net	2	$	1	$	(5	)
Interest Rate Swaps, net	2	17		24
Other Investments	1	18		17
Total		$	36	$	36

Fair Value Measurements and Total Losses, Non-Recurring Basis

The following table presents (income) expense recognized from all non-recurring fair value measurements during the year ended December 28, 2013 for assets and liabilities that remained on our Consolidated Balance Sheet as of December 28, 2013 or for all non-recurring fair value measurements during the year ended December 29, 2012 that remained on our Consolidated Balance Sheet as of December 29, 2012. These assets and liabilities include restaurants or groups of restaurants that were impaired either as a result of our semi-annual impairment review or when it was more likely than not a restaurant or restaurant group would be refranchised.



	2013		2012
Little Sheep impairment (Level 3)^(a)	$	295	$	—
Little Sheep acquisition gain (Level 2)^(a)	—		(74		)
Refranchising related impairment - other (Level 3)^(b)	—		4
Restaurant-level impairment (Level 3)^(c)	19		16
Total	$	314	$	(54	)


(a)	See the Little Sheep Acquisition and Subsequent Impairment section of Note 4 for further discussion.

(b)

Refranchising related impairment results from writing down the assets of restaurants or restaurant groups offered for refranchising, including certain instances where a decision has been made to refranchise restaurants that are deemed to be impaired. The fair value measurements used in our impairment evaluation are based on either actual bids received from potential buyers (Level 2), or on estimates of the sales prices we anticipated receiving from a buyer for the restaurant or restaurant groups (Level 3). The remaining net book value of assets measured at fair value during the years ended December 28, 2013 and December 29, 2012 is insignificant.

(c)

Restaurant-level impairment charges are recorded in Closures and impairment (income) expenses and resulted primarily from our semi-annual impairment evaluation of long-lived assets of individual restaurants that were being operated at the time of impairment and had not been offered for refranchising. The fair value measurements used in these impairment evaluations were based on discounted cash flow estimates using unobservable inputs (Level 3). The remaining net book value of assets measured at fair value during the years ended December 28, 2013 and December 29, 2012 is not significant.