Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 24, 2014

Fair Value Disclosures [Abstract]

Financial assets and liabilities measured at fair value on a recurring 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)		Valuation Technique
	(In thousands)
Fair value measurements as of September 24, 2014:
Deferred compensation plan investments (1)	$	8,880	$	8,880	$	—	$	—	market approach
Interest rate swaps (2)	1,854		—		1,854		—		income approach
Interest rate caps (2)	0		—		0		—		income approach
Total	$	10,734	$	8,880	$	1,854	$	—
Fair value measurements as of December 25, 2013:
Deferred compensation plan investments (1)	$	8,168	$	8,168	$	—	$	—	market approach
Interest rate swaps (2)	3,032		—		3,032		—		income approach
Interest rate caps (2)	11		—		11		—		income approach
Total	$	11,211	$	8,168	$	3,043	$	—

(1) The fair values of our deferred compensation plan investments are based on the closing market prices of the participants’ elected investments.

(2) The fair values of our interest rate swaps and interest rate caps are based upon Level 2 inputs, which include valuation models as reported by our counterparties. The key inputs for the valuation models are quoted market prices, interest rates and forward yield curves. See Note 7 for details on the interest rate swaps and interest rate caps.

Assets and liabilities measured at fair value on a nonrecurring basis

Those assets and liabilities measured at fair value on a nonrecurring basis are summarized below:

	Significant Unobservable Inputs (Level 3)		Impairment Charges		Valuation Technique
Fair value measurements as of September 24, 2014:
Assets held and used (1)	$	—	$	320	income approach
Fair value measurements as of December 25, 2013:
Assets held and used (1)	$	1,198	$	4,795	income approach

(1) As of both September 24, 2014 and December 25, 2013, impaired assets related to an underperforming restaurant 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.