Fair Value Measurements

3 Months Ended

Mar. 28, 2014

Fair Value Measurements [Abstract]

Fair Value Measurements

(12) Fair Value Measurements

During the three months ended March 28, 2014, there were no changes in the fair value level used in the valuation of our financial assets and liabilities measured at fair value on a recurring basis.  We categorize our financial assets and liabilities on our Unaudited Condensed Consolidated Balance Sheets into a three-level fair value hierarchy based on inputs used for valuation, which are categorized as follows:

Level 1  – Financial assets and liabilities whose values are based on quoted prices for identical assets or liabilities in an active public market.

Level 2  – Financial assets and liabilities whose values are based on quoted prices in markets that are not active or a valuation using model inputs that are observable for substantially the full term of the asset or liability.

Level 3 - Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management's assumptions and judgments when pricing the asset or liability.

The following table presents our fair value hierarchy for those assets measured at fair value on a recurring basis in our Unaudited Condensed Consolidated Balance Sheets as of March 28, 2014 and December 27, 2013 (in millions):

	Fair Value Measurements at March 28, 2014
	Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
	Level 1			Level 2			Level 3
Assets:
Long-lived assets held for sale		$	--		$	--		$	1.9
Total assets		$	--		$	--		$	1.9

	Fair Value Measurements at December 27, 2013
	Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
	Level 1			Level 2			Level 3
Assets:
Long-lived assets held for sale		$	--		$	--		$	1.9
Total assets		$	--		$	--		$	1.9

         Long-lived assets held for sale are reported at fair value, if, on an individual basis, the fair value of the asset is less than cost. The fair value of assets held for sale is estimated using Level 3 inputs, such as broker quotes for like-kind assets or other market indications of a potential selling value that approximates fair value.  During the three months ended March 28, 2014, there were no fair value adjustments to our long-lived assets held for sale.

The majority of our financial instruments and financial assets approximate fair value, as presented on our Unaudited  Condensed Consolidated Balance Sheets. As of March 28, 2014, the estimated fair value of our senior convertible notes was approximately $1.6 million, based on actual settlement amounts on May 1, 2014.  As of March 28, 2014, the estimated fair value of our term loans was approximately $107.4 million. The fair value of the term loans is derived from a model that includes significant unobservable inputs that make the term loans a Level 3 measurement. These liabilities are not measured at their fair value in our Unaudited Condensed Consolidated Balance Sheets for any period presented.