Buffalo Wild Wings 2015 Annual Report Download - page 52

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52
acquired. The future performance of these acquired restaurants will ultimately determine the settlement amount of these
liabilities.
There was no significant activity within Level 3 instruments during the fiscal years ended December 27, 2015 and
December 28, 2014, other than the addition of the contingent consideration liabilities.
There were no significant transfers between the levels of the fair value hierarchy during the fiscal years ended
December 27, 2015 and December 28, 2014.
Our financial assets and liabilities requiring a fair-value measurement on a non-recurring basis were not significant as of
December 27, 2015 or December 28, 2014.
Non-financial assets and liabilities that are measured at fair value on a recurring basis
At December 27, 2015, we did not have any significant nonfinancial assets or liabilities that required a fair-value
measurement on a recurring basis.
Non-financial assets and liabilities that are measured at fair value on a non-recurring basis
In regards to our impairment analysis, we generally estimate long-lived asset fair values, including property, plant and
equipment and leasehold improvements, using the income approach. The inputs used to determine fair value relate primarily to
future assumptions regarding restaurant sales and profitability. These inputs are categorized as Level 3 inputs. The inputs used
represent management’s assumptions about what information market participants would use in pricing the assets and are based
upon the best information available at the balance sheet date.
During 2015 and 2014, we recorded an impairment charge of $1,458 and $1,661, respectively, for our underperforming
restaurants.
Certain of our financial assets and liabilities are recorded at their carrying amounts which approximate fair value, based
on their short-term nature or variable interest rate. These financial assets and liabilities include cash, accounts receivable,
accounts payable, long-term debt, and other current assets and liabilities.
(3) Marketable Securities
Marketable securities consisted of the following:
December 27,
2015 December 28,
2014
Available-for-sale
Municipal securities $ — 10,996
Trading
Mutual funds 9,043 8,551
Total $ 9,043 19,547
Purchases of available-for-sale securities totaled $12,301 and sales totaled $23,300 in 2015.
Purchases of available-for-sale securities totaled $22,991 and sales totaled $12,000 in 2014.
Sales of available securities totaled $512 and there were no purchases in 2013. Proceeds from maturities of held-to-
maturity securities totaled $2,770 and there were no purchases in 2013.
Trading securities represent investments held for future needs of our non-qualified deferred compensation plan.
(4) Property and Equipment
Property and equipment consisted of the following: