Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 28, 2022

Schedule of 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)
	(In thousands)
Fair value measurements as of December 28, 2022:
Deferred compensation plan investments (1)	$	10,818	$	10,818	$	—	$	—
Interest rate swaps (2)	20,047		—		20,047		—
Investments (3)	1,746		—		1,746		—
Total	$	32,611	$	10,818	$	21,793	$	—

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)	$	—

(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, forward yield curves and credit risk adjustments that are necessary to reflect the probability of default by the counterparty or us. For disclosures about the fair value measurements of our derivative instruments, see Note 10.

(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.

Fair Value Measurements, Nonrecurring

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

(1)At December 29, 2021, 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.