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PANERA BREAD COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
58
5. Fair Value Measurements
The following summarizes assets and liabilities measured at fair value on a recurring basis (in thousands):
Total
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
December 29, 2015:
Cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2 $ 2 $ — $ —
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2 $ 2 $ — $ —
Interest rate swap liability. . . . . . . . . . . . . . . . . . . . $ 2,552 $ — $ 2,552 $ —
Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,552 $ — $ 2,552 $ —
December 30, 2014:
Cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 92,316 $ 92,316 $ — $ —
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 92,316 $ 92,316 $ — $ —
The fair value of the Company's cash equivalents is based on quoted market prices for identical securities. The fair value of the
Company's interest rate swaps are determined based on a discounted cash flow analysis on the expected future cash flows of each
derivative. This analysis reflects the contractual terms of the derivatives and uses observable market-based inputs, including
interest rate curves and credit spreads.
6. Inventories
Inventories consisted of the following (in thousands):
December 29,
2015
December 30,
2014
Food:
Fresh dough facilities:
Raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,561 $ 3,413
Finished goods. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 446 460
Bakery-cafes:
Raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,819 15,152
Paper goods. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,656 3,786
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,482 $ 22,811