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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Carrying Amounts and Fair Values of Certain Assets

The following table summarizes the carrying amounts and fair values of certain assets at December 31, 2023:

 

 

 

At December 31, 2023

 

 

 

 

 

 

Fair Value Estimated Using

 

 

 

Carrying

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

Amount

 

 

Inputs

 

 

Inputs

 

 

Inputs

 

Cash equivalents

 

$

50,732

 

 

$

50,732

 

 

$

—

 

 

$

—

 

Restricted cash equivalents

 

 

133,063

 

 

 

133,063

 

 

 

—

 

 

 

—

 

Investments in marketable securities

 

 

16,720

 

 

 

16,720

 

 

 

—

 

 

 

—

 

Advertising fund cash equivalents, restricted

 

 

69,199

 

 

 

69,199

 

 

 

—

 

 

 

—

 

Investment in DPC Dash

 

 

143,553

 

 

 

143,553

 

 

 

—

 

 

 

—

 

The following table summarizes the carrying amounts and fair values of certain assets at January 1, 2023:

 

 

 

At January 1, 2023

 

 

 

 

 

 

Fair Value Estimated Using

 

 

 

Carrying

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

Amount

 

 

Inputs

 

 

Inputs

 

 

Inputs

 

Cash equivalents

 

$

23,779

 

 

$

23,779

 

 

$

—

 

 

$

—

 

Restricted cash equivalents

 

 

117,212

 

 

 

117,212

 

 

 

—

 

 

 

—

 

Investments in marketable securities

 

 

13,395

 

 

 

13,395

 

 

 

—

 

 

 

—

 

Advertising fund cash equivalents, restricted

 

 

124,496

 

 

 

124,496

 

 

 

—

 

 

 

—

 

Investment in DPC Dash

 

 

125,840

 

 

 

—

 

 

 

—

 

 

 

125,840

 

Schedule of Estimated Fair Value

Management estimated the approximate fair values of the Notes as follows:

 

 

 

December 31, 2023

 

 

January 1, 2023

 

 

 

Principal
Amount

 

 

Fair Value

 

 

Principal
Amount

 

 

Fair Value

 

2015 Ten-Year Notes

 

$

744,000

 

 

$

727,632

 

 

$

752,000

 

 

$

717,408

 

2017 Ten-Year Notes

 

 

942,500

 

 

 

895,375

 

 

 

952,500

 

 

 

875,348

 

2018 7.5-Year Notes

 

 

403,750

 

 

 

392,041

 

 

 

408,000

 

 

 

385,968

 

2018 9.25-Year Notes

 

 

380,000

 

 

 

365,180

 

 

 

384,000

 

 

 

355,584

 

2019 Ten-Year Notes

 

 

649,688

 

 

 

591,865

 

 

 

656,438

 

 

 

564,536

 

2021 7.5-Year Notes

 

 

828,750

 

 

 

730,958

 

 

 

837,250

 

 

 

695,755

 

2021 Ten-Year Notes

 

 

975,000

 

 

 

830,700

 

 

 

985,000

 

 

 

792,925