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v2.4.0.6
Note 15. Fair Value of Financial Assets and Liabilities
3 Months Ended
Dec. 19, 2012
Fair Value Disclosures [Abstract]  
Note 15. Fair Value of Financial Assets and Liabilities

Note 15. Fair Value of Financial Assets and Liabilities

The fair value framework as established in ASC paragraph 820-10-50-2 requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair values, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:

 

Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities.
Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.

Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.

 

The following methods and assumptions were used to determine the fair value of each class of the following assets and liabilities recorded at fair value in the Consolidated Balance Sheet.

 

Cash equivalents: Cash equivalents primarily consist of money market funds which are classified within Level 1 of the fair value hierarchy. The consolidated affiliated partnerships did not hold cash equivalents on December 19, 2012 and September 26, 2012.

 

Equity securities: The Company’s investments in equity securities are carried at fair value, based on quoted market prices, and are classified within Level 1 of the fair value hierarchy. 

 

Non-qualified deferred compensation plan investments: The assets of the Non-Qualified Savings Plan are set up in a rabbi trust. They represent mutual funds that are carried at fair value, based on quoted market prices, and are classified within Level 1 of the fair value hierarchy.

 

Investment held by consolidated affiliated partnership: Investments of $189 and $190as of December 19, 2012 and September 26, 2012, respectively, have been classified within Level 3 of the fair value hierarchy and represent a private security.

 

Investment derivatives and interest rate swaps: Investment derivatives and interest rate swaps are marked to market each reporting period with fair value based on readily available market quotes, and are classified within Level 2 of the fair value hierarchy. Interest rate swaps at December 19, 2012 and September 26, 2012 represent the fair market value for Steak n Shake’s two interest rate swaps.

 

The fair values of financial assets and liabilities were as follows:

  December 19, 2012   September 26, 2012
       
  Level 1   Level 2   Level 3   Total   Level 1   Level 2   Level 3   Total
Assets                              
Cash equivalents  $183   $ —   $ —   $183   14,286   $ —   $ —   14,286
Equity securities:                              
   Restaurant/Retail  298,227       298,227   266,940       266,940
   Insurance  6,112       6,112   1,574       1,574
Other  1,295       1,295   1,344       1,344
Equity securities held by consolidated affiliated partnerships:                               
   Restaurant/Retail  10,824       10,824   11,156       11,156
   Other  1,254       1,254   1,805       1,805
Non-qualified deferred compensation plan investments  841       841   888       888
Investment held by consolidated affiliated partnership      189   189         190   190
Total assets at fair value  $318,736   $ —   $189   $318,925   $297,993   $        —   $190   $298,183
                               
Liabilities                              
Interest rate swaps    576     576     351          —   351
Total liabilities at fair value  $ —   $576   $ —   $576   $          —   $351   $       —   $351

 

 

There were no changes in our valuation techniques used to measure fair values on a recurring basis.