XML 21 R10.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Values of Financial Instruments
6 Months Ended
Jul. 11, 2020
Fair Values of Financial Instruments  
Fair Values of Financial Instruments

Note D – Fair Values of Financial Instruments

The following methods were used to estimate the fair value of all financial instruments recognized in the accompanying balance sheets at amounts other than fair values.

Cash and Cash Equivalents

Fair values of cash and cash equivalents approximate cost due to the short period of time to maturity.

Long-term Debt

Fair values of long-term debt is estimated based on borrowing rates currently available to the Company for bank loans with similar terms and maturities and determined through the use of a discounted cash flow model.

The following table presents estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall in accordance with FASB ASC 825 at July 11, 2020, December 28, 2019 and July 13, 2019.

Fair Value Measurements Using

Quoted Prices in

Significant

Active Markets

Significant Other

Unobservable

July 11, 2020

Carrying

for Identical

Observable Inputs

Inputs

In thousands

    

Amount

    

Assets (Level 1)

    

(Level 2)

    

(Level 3)

Financial assets

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

16,669

$

16,669

$

$

 

 

 

 

Fair Value Measurements Using

Quoted Prices in

Significant

Active Markets

Significant Other

Unobservable

December 28, 2019

Carrying

for Identical

Observable Inputs

Inputs

In thousands

    

Amount

    

Assets (Level 1)

    

(Level 2)

    

(Level 3)

Financial assets

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

5,882

$

5,882

$

$

Fair Value Measurements Using

Quoted Prices in

Significant

Active Markets

Significant Other

Unobservable

July 13, 2019

Carrying

for Identical

Observable Inputs

Inputs

In thousands

    

Amount

    

Assets (Level 1)

    

(Level 2)

    

(Level 3)

Financial assets

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

4,598

$

4,598

$

$

Financial liabilities

Long-term debt

$

7,393

$

$

7,393

$