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Fair Value Measurments and Disclosures (Tables)
 12 Months Ended
Dec. 28, 2014
Fair Value Measurements and Disclosures  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Our financial assets and liabilities that were measured at fair value on a recurring basis as of December 28, 2014 and December 29, 2013 are as follows (in thousands):

 

 

 

Carrying

 

Fair Value Measurements

 

 

 

Value

 

Level 1

 

Level 2

 

Level 3

 

 

 

 

 

 

 

 

 

 

 

December 28, 2014

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

Cash surrender value of life insurance policies (a)

 

$
18,238 

 

$
18,238 

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

Interest rate swaps (b)

 
376 

 

—

 
376 

 

—

 

 

 

 

 

 

 

 

 

 

 

December 29, 2013

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

Cash surrender value of life insurance policies (a)

 

$
16,798 

 

$
16,798 

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

Interest rate swap (b)

 
76 

 

—

 
76 

 

—

 

 

 

(a)

Represents life insurance policies held in our non-qualified deferred compensation plan.

 

(b)

The fair value of our interest rate swaps are based on the sum of all future net present value cash flows. The future cash flows are derived based on the terms of our interest rate swaps, as well as considering published discount factors, and projected London Interbank Offered Rates (“LIBOR”).