Note 6 - Fair Value Measurements

6 Months Ended

Jun. 28, 2015

Notes to Financial Statements

Fair Value, Measurement Inputs, Disclosure [Text Block]

(6) Fair Value Measurements

The carrying amounts of cash and cash equivalents, receivables, prepaid expenses, accounts payable and accrued expenses and other current liabilities are reasonable estimates of their fair values due to their short duration. Borrowings classified as long-term debt as of June 28, 2015 and December 28, 2014 have variable interest rates that reflect currently available terms and conditions for similar debt. The carrying amount of this debt is a reasonable estimate of its fair value (Level 2).

As of June 28, 2015 and December 28, 2014, the end of the second quarter of fiscal year 2015, the Company had no assets or liabilities measured on a recurring or nonrecurring basis subject to the disclosure requirements of “Fair Value Measurements and Disclosures,” FASB ASC Topic 820 except for the Mitchell’s Restaurants assets held for sale using a market approach valuation method (Level 3).