FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of financial assets and liabilities carried at fair value on a recurring basis

The following tables summarize the fair value hierarchy of the Company's financial assets and liabilities carried at fair value on a recurring basis as of December 31, 2015 and January 1, 2015:



		Total Carrying Value at December 31, 2015		Fair Value Measurements at December 31, 2015
	Balance Sheet Location	Total Carrying Value at December 31, 2015		Quoted prices in active market (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
				(in millions)
Assets:
Equity securities, available for sale(1)	Other Non-Current Assets	$	3.4	$	3.4	$	—	$	—
Total assets at fair value		$	3.4	$	3.4	$	—	$	—
Liabilities:
Interest rate swap designated as cash flow hedge (2)	Accrued Expenses	$	3.1	$	—	$	3.1	$	—
Interest rate swap designated as cash flow hedge (2)	Other Non-Current Liabilities	$	1.9	$	—	$	1.9	$	—
Total liabilities at fair value		$	5.0	$	—	$	5.0	$	—



		Total Carrying Value at January 1, 2015		Fair Value Measurements at January 1, 2015
	Balance Sheet Location	Total Carrying Value at January 1, 2015		Quoted prices in active market (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
				(in millions)
Assets:
Equity securities, available for sale(1)	Other Non-Current Assets	$	3.8	$	3.8	$	—	$	—
Total assets at fair value		$	3.8	$	3.8	$	—	$	—
Liabilities:
Interest rate swap designated as cash flow hedge (2)	Accrued Expenses	$	4.6	$	—	$	4.6	$	—
Interest rate swap designated as cash flow hedge (2)	Other Non-Current Liabilities	$	0.1	$	—	$	0.1	$	—
Total liabilities at fair value		$	4.7	$	—	$	4.7	$	—

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(1)

The Company maintains an investment in RealD, Inc., further described in Note 4—"Investments." The fair value of the RealD, Inc. shares is determined using RealD, Inc.'s publicly traded common stock price, which falls under Level 1 of the valuation hierarchy. The held shares of RealD, Inc. stock are accounted for as available for sale equity securities and recurring fair value adjustments to these shares are recorded to "Other Non-Current Assets" with a corresponding entry to "Accumulated other comprehensive income (loss)" on a quarterly basis. The fair value of the 322,780 RealD, Inc. common shares held as of December 31, 2015 and January 1, 2015 was based on the publicly traded common stock price of RealD, Inc. of $10.55 per share and $11.80 per share, respectively.

(2)

The fair value of the Company’s interest rate swaps described in Note 13—"Derivative Instruments" is based on Level 2 inputs, which include observable inputs such as dealer quoted prices for similar assets or liabilities, and represents the estimated amount Regal Cinemas would receive or pay to terminate the agreements taking into consideration various factors, including current interest rates, credit risk and counterparty credit risk. The counterparties to the Company’s interest rate swaps are major financial institutions. The Company evaluates the bond ratings of the financial institutions and believes that credit risk is at an acceptably low level.

Schedule of aggregate carrying values and fair values of long-term debt

The aggregate carrying values and fair values of long-term debt at December 31, 2015 and January 1, 2015 consist of the following:



	December 31, 2015		January 1, 2015
	(in millions)
Carrying value	$	2,233.8	$	2,240.8
Fair value	$	2,226.6	$	2,147.6