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Fair Value Measurements (Tables)
3 Months Ended
Mar. 27, 2022
Fair Value Disclosures [Abstract]  
Carrying Amounts and Fair Values of Certain Assets

The following tables summarize the carrying amounts and fair values of certain assets at March 27, 2022 and January 2, 2022:

 

 

 

At March 27, 2022

 

 

 

 

 

 

Fair Value Estimated Using

 

 

 

Carrying

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

Amount

 

 

Inputs

 

 

Inputs

 

 

Inputs

 

Cash equivalents

 

$

130,561

 

 

$

130,561

 

 

$

 

 

$

 

Restricted cash equivalents

 

 

119,832

 

 

 

119,832

 

 

 

 

 

 

 

Investments in marketable securities

 

 

14,417

 

 

 

14,417

 

 

 

 

 

 

 

Advertising fund cash equivalents, restricted

 

 

139,780

 

 

 

139,780

 

 

 

 

 

 

 

Investments

 

 

125,840

 

 

 

 

 

 

 

 

 

125,840

 

 

 

 

At January 2, 2022

 

 

 

 

 

 

Fair Value Estimated Using

 

 

 

Carrying

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

Amount

 

 

Inputs

 

 

Inputs

 

 

Inputs

 

Cash equivalents

 

$

87,384

 

 

$

87,384

 

 

$

 

 

$

 

Restricted cash equivalents

 

 

115,185

 

 

 

115,185

 

 

 

 

 

 

 

Investments in marketable securities

 

 

15,433

 

 

 

15,433

 

 

 

 

 

 

 

Advertising fund cash equivalents, restricted

 

 

140,115

 

 

 

140,115

 

 

 

 

 

 

 

Investments

 

 

125,840

 

 

 

 

 

 

 

 

 

125,840

 

Summary of reconciliation of the carrying amount of the Company's investment in DPC Dash The following table summarizes the reconciliation of the carrying amount of the Company’s investment in DPC Dash from the opening balance at January 3, 2021 to the closing balance at March 28, 2021.

 

 

 

Fiscal Quarter Ended March 28, 2021

 

 

 

Carrying Amount

 

 

 

 

 

 

 

 

Carrying Amount

 

 

 

January 3,

 

 

 

 

 

Unrealized

 

 

March 28,

 

 

 

2021

 

 

Purchases

 

 

Gain

 

 

2021

 

Investments

 

$

40,000

 

 

$

40,000

 

 

$

2,500

 

 

$

82,500

 

 

Schedule of Estimated Fair Value

Management estimated the approximate fair values of the Company's 2015, 2017, 2018, 2019 and 2021 notes as follows:

 

 

 

March 27, 2022

 

 

January 2, 2022

 

 

 

Principal Amount

 

 

Fair Value

 

 

Principal Amount

 

 

Fair Value

 

2015 Ten-Year Notes

 

$

758,000

 

 

$

764,064

 

 

$

760,000

 

 

$

777,480

 

2017 Ten-Year Notes

 

 

960,000

 

 

 

951,360

 

 

 

962,500

 

 

 

1,000,038

 

2018 7.5-Year Notes

 

 

411,188

 

 

 

411,599

 

 

 

412,250

 

 

 

420,907

 

2018 9.25-Year Notes

 

 

387,000

 

 

 

386,226

 

 

 

388,000

 

 

 

407,788

 

2019 Ten-Year Notes

 

 

661,500

 

 

 

635,702

 

 

 

663,188

 

 

 

693,031

 

2021 7.5-Year Notes

 

 

843,625

 

 

 

773,604

 

 

 

845,750

 

 

 

849,133

 

2021 Ten-Year Notes

 

 

992,500

 

 

 

912,108

 

 

 

995,000

 

 

 

1,017,885