XML 25 R10.htm IDEA: XBRL DOCUMENT v3.23.1
Fair Value Measurements
3 Months Ended
Apr. 04, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and all other current liabilities approximate their fair values due to their short-term nature. The carrying amounts of borrowings approximate fair value as the line of credit and borrowings vary with market interest rates and negotiated terms and conditions are consistent with current market rates. The fair value of the Company’s line of credit and borrowings are measured using Level 2 inputs.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Assets recognized or disclosed at fair value in the condensed consolidated financial statements on a non-recurring basis include items such as leasehold improvements, property and equipment, operating lease assets, goodwill and other intangible assets. These assets are measured at fair value if determined to be impaired.
Adjustments to the fair value of assets measured at fair value on a non-recurring basis as of April 4, 2023 and March 29, 2022 are discussed in Note 7, Restaurant Impairments, Closure Costs and Asset Disposals.