Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 29, 2016 | Apr. 29, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 29, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BJRI | |
Entity Registrant Name | BJs RESTAURANTS INC | |
Entity Central Index Key | 1,013,488 | |
Current Fiscal Year End Date | --12-29 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 24,125,737 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 29, 2016 | Dec. 29, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 26,950 | $ 34,604 |
Accounts and other receivables, net | 13,060 | 25,364 |
Inventories, net | 9,226 | 8,893 |
Prepaid expenses and other current assets | 5,891 | 7,171 |
Deferred income taxes | 16,971 | 16,971 |
Total current assets | 72,098 | 93,003 |
Property and equipment, net | 572,311 | 561,832 |
Goodwill | 4,673 | 4,673 |
Other assets, net | 22,622 | 22,157 |
Total assets | 671,704 | 681,665 |
Current liabilities: | ||
Accounts payable | 34,309 | 33,033 |
Accrued expenses | 85,852 | 83,861 |
Total current liabilities | 120,161 | 116,894 |
Deferred income taxes | 48,560 | 46,669 |
Deferred rent | 28,279 | 27,627 |
Deferred lease incentives | 53,800 | 53,837 |
Long-term debt | 95,500 | 100,500 |
Other liabilities | 19,787 | 19,655 |
Total liabilities | $ 366,087 | $ 365,182 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, 5,000 shares authorized, none issued or outstanding | ||
Common stock, no par value, 125,000 shares authorized and 24,124 and 24,672 shares issued and outstanding as of March 29, 2016 and December 29, 2015, respectively | $ 7,367 | |
Capital surplus | $ 63,519 | 63,290 |
Retained earnings | 242,098 | 245,826 |
Total shareholders' equity | 305,617 | 316,483 |
Total liabilities and shareholders' equity | $ 671,704 | $ 681,665 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 29, 2016 | Dec. 29, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | ||
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 24,124,000 | 24,672,000 |
Common stock, shares outstanding | 24,124,000 | 24,672,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 29, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Revenues | $ 243,401 | $ 225,069 |
Costs and expenses: | ||
Cost of sales | 60,640 | 56,171 |
Labor and benefits | 84,778 | 79,695 |
Occupancy and operating | 49,073 | 46,590 |
General and administrative | 14,362 | 13,493 |
Depreciation and amortization | 15,598 | 14,361 |
Restaurant opening | 1,439 | 1,284 |
Loss on disposal of assets and impairments | 749 | 383 |
Legal and other settlements | 369 | |
Total costs and expenses | 227,008 | 211,977 |
Income from operations | 16,393 | 13,092 |
Other income: | ||
Interest expense, net | (387) | (241) |
Other income, net | 397 | 336 |
Total other income | 10 | 95 |
Income before income taxes | 16,403 | 13,187 |
Income tax expense | 4,759 | 3,572 |
Net income | $ 11,644 | $ 9,615 |
Net income per share: | ||
Basic | $ 0.48 | $ 0.37 |
Diluted | $ 0.47 | $ 0.36 |
Weighted average number of shares outstanding: | ||
Basic | 24,278 | 26,310 |
Diluted | 24,691 | 26,916 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 29, 2016 | Mar. 31, 2015 | ||
Cash flows from operating activities: | |||
Net income | $ 11,644 | $ 9,615 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 15,598 | 14,361 | |
Deferred income taxes | 1,891 | 165 | |
Stock-based compensation expense | 1,550 | 1,259 | |
Loss on disposal of assets and impairments | 749 | 383 | |
Changes in assets and liabilities: | |||
Accounts and other receivables | 10,715 | 3,401 | |
Landlord contribution for tenant improvements | 1,589 | (2,199) | |
Inventories | (333) | 187 | |
Prepaid expenses and other current assets | 1,150 | 1,483 | |
Other assets | (726) | (1,756) | |
Accounts payable | 252 | (2,702) | |
Accrued expenses | 1,991 | 3,495 | |
Deferred rent | 652 | 872 | |
Deferred lease incentives | (37) | 1,498 | |
Other liabilities | 132 | 767 | |
Net cash provided by operating activities | 46,817 | 30,829 | |
Cash flows from investing activities: | |||
Purchases of property and equipment | (25,333) | (15,750) | |
Net cash used in investing activities | (25,333) | (15,750) | |
Cash flows from financing activities: | |||
Borrowings on line of credit | 200,000 | 30,100 | |
Payments on line of credit | (205,000) | (49,500) | |
Excess tax benefit from stock-based compensation | 45 | 2,355 | |
Taxes paid on vested stock units under employee plans | (196) | (133) | |
Proceeds from exercise of stock options | 543 | 4,151 | |
Repurchases of common stock | (24,530) | (6,774) | |
Net cash used in financing activities | (29,138) | (19,801) | |
Net decrease in cash and cash equivalents | (7,654) | (4,722) | |
Cash and cash equivalents, beginning of period | 34,604 | 30,683 | |
Cash and cash equivalents, end of period | 26,950 | 25,961 | |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes | 2,106 | 6,336 | |
Cash paid for interest, net of capitalized interest | 325 | 175 | |
Supplemental disclosure of non-cash investing and financing activities: | |||
Fixed assets acquired by accounts payable | 11,939 | 11,424 | |
Stock-based compensation capitalized | [1] | $ 78 | $ 60 |
[1] | Capitalized stock-based compensation relates to our restaurant development personnel and is included in "Property and equipment, net" on the Consolidated Balance Sheets. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 29, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements include the accounts of BJ’s Restaurants, Inc. (referred to herein as the “Company” or “we,” “us” and “our”) and our wholly owned subsidiaries. The financial statements presented herein include all material adjustments which are, in the opinion of management, necessary for a fair presentation of the statements of the financial condition, results of operations and cash flows for the period. Our consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The preparation of financial statements in accordance with U.S. GAAP requires us to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual amounts could differ from these estimates. Certain information and footnote disclosures normally included in consolidated financial statements in accordance with U.S. GAAP have been omitted pursuant to the U.S. Securities and Exchange Commission (“SEC”) rules. A description of our accounting policies and other financial information is included in our audited consolidated financial statements filed with the SEC on Form 10-K for the year ended December 29, 2015. The disclosures included in our accompanying interim financial statements and footnotes should be read in conjunction with our consolidated financial statements and notes thereto included in the Annual Report on Form 10-K. Recent Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Going Concern (Subtopic 205-40). This update requires management to evaluate whether there are conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the financial statements are issued. Management must disclose any doubts about the Company’s ability to continue as a going concern and whether its plans alleviate that doubt. Management is required to make this evaluation for annual periods ending after December 15, 2016, and for interim periods beginning after December 15, 2016, and early adoption is permitted. We do not believe the adoption of ASU 2014-15 will have a material impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30). This update requires debt issuance costs to be presented within the balance sheet as a direct deduction from the associated debt liability. Currently, certain debt issuance costs are recorded as an asset and amortized to interest expense. Under the new standard, debt issuance costs will continue to be amortized over the life of the debt instrument and amortization will continue to be recorded in interest expense. ASU 2015-03 became effective during the current quarter. The adoption of this standard did not have a material impact on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory: Simplifying the Measurement of Inventory (Topic 330). This update provides guidance on the subsequent measurement of inventory, which changes the measurement from lower of cost or market to lower of cost and net realizable value. This update defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation, and is effective for annual and interim periods beginning after December 15, 2016. The adoption of this update is not expected to have a material impact on our consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740). This update requires that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. This update is effective for annual and interim periods beginning after December 15, 2016, and early adoption is permitted. Other than the revised balance sheet presentation of deferred tax liabilities and assets, we do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10). Among other requirements, this guidance requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet. This presentation provides financial statement users with more decision-useful information about an entity’s involvement in financial instruments. ASU 2016-01 is effective for annual and interim reporting periods beginning after December 15, 2017. We are currently evaluating the impact this guidance will have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This guidance requires recognition of most leases on the balance sheets to give investors, lenders, and other financial statement users a more comprehensive view of a company’s long-term financial obligations as well as the assets it owns versus leases. ASU 2016-02 will be effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years. Currently, all of our restaurant and our restaurant support center leases are accounted for as operating leases, and therefore are not recorded within our balance sheet. We are currently evaluating the impact that this guidance will have on our consolidated financial statements as well as the expected adoption method. In March 2016, the FASB issued ASU 2016-04, Recognition of Breakage for Certain Prepaid Stored-Value Products (Subtopic 405-20). This guidance defines liabilities related to the sale of prepaid stored-value products as financial liabilities and requires that breakage for those liabilities be accounted for consistent with the breakage guidance in Topic 606 (Principal versus Agent Considerations). ASU 2016-04 is effective for annual and interim reporting periods beginning after December 15, 2017. We are currently evaluating the impact that this guidance will have on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers Topic 606 (Principal versus Agent Considerations). This update clarifies how to implement revenue recognition guidance related to determining whether an entity is a principal or an agent in a revenue transaction. The guidance requires an entity to determine whether the nature of its promise is to provide goods or services to its customer (the entity is a principal) or to arrange for goods or services to be provided to the customer by the other parties (the entity is an agent). This determination is based upon whether the entity controls the goods or the services before it is transferred to the customer. An entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-08 is effective for annual and interim reporting periods beginning after December 15, 2017, and early application is permitted. This update permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the impact this standard will have on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718). This guidance will change how companies account for certain aspects of share-based payments to employees. They will have to recognize all income tax effects of awards in the income statement when the awards vest or are settled, and additional paid-in capital (“APIC”) pools will be eliminated. The guidance on employer’s accounting for an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation and for forfeitures is changing, and two practical expedients for nonpublic entities have been added. ASU 2016-09 is effective for annual and interim reporting periods beginning after December 15, 2016, and early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements. In April 2016, the FASB issued ASU 2016-10, an amendment to ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This guidance provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. Additionally, this guidance expands related disclosure requirements. The amendment addressed the potential for diversity in practice at initial application. ASU 2016-10 is effective for annual and interim reporting periods beginning after December 15, 2017, and early application is permitted. This update permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the impact this standard will have on our consolidated financial statements as well as the expected adoption method. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 29, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 2. LONG-TERM DEBT Line of Credit On September 3, 2014, we entered into a new loan agreement (“Credit Facility”) which amended and restated in its entirety our prior loan agreement dated February 17, 2012. This Credit Facility, which matures on September 3, 2019, provides us with revolving loan commitments totaling $150 million, of which $50 million may be used for issuances of letters of credit. Availability under the Credit Facility is reduced by outstanding letters of credit, which are used to support our self-insurance programs. The Credit Facility contains a commitment increase feature that could provide for an additional $50 million in available credit upon our request and the satisfaction of certain conditions. Our obligations under the Credit Facility are unsecured. As of March 29, 2016, there were borrowings of $95.5 million outstanding under the Credit Facility and there were outstanding letters of credit totaling approximately $15.0 million. Available borrowings under the Credit Facility were $39.5 million as of March 29, 2016. The Credit Facility bears interest at either our choice of LIBOR plus a percentage not to exceed 1.75%, or at a rate ranging from Bank of America’s publicly announced prime rate to 0.75% above Bank of America’s prime rate, based on our level of lease and debt obligations as compared to EBITDA and lease expenses. During the quarter ended March 29, 2016, interest paid on the borrowings under the Credit Facility was approximately $0.4 million. The weighted average interest rate was approximately 1.44%. The Credit Facility contains provisions requiring us to maintain compliance with certain covenants, including a Fixed Charge Coverage Ratio and a Lease Adjusted Leverage Ratio. At March 29, 2016, we were in compliance with these covenants. We capitalized approximately $0.04 million of interest expense related to new restaurant openings and major remodels during both the thirteen weeks ended March 29, 2016, and March 31, 2015, respectively. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Mar. 29, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 3. NET INCOME PER SHARE Basic net income per share is computed by dividing the net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if stock options issued by us to sell common stock at set prices were exercised and if restrictions on restricted stock units issued by us were to lapse (collectively, equity awards) using the treasury stock method. Performance-based restricted stock units have been excluded from the diluted income per share computation because the performance-based criteria have not been met. The following table presents a reconciliation of basic and diluted net income per share, including the number of dilutive equity awards (stock options and restricted stock units) that were included in the dilutive net income per share computation (in thousands): For The Thirteen Weeks Ended March 29, 2016 March 31, 2015 Numerator: Net income $11,644 $9,615 Denominator: Weighted-average shares outstanding – basic 24,278 26,310 Dilutive effect of equity awards 413 606 Weighted-average shares outstanding – diluted 24,691 26,916 For the thirteen weeks ended March 29, 2016 and March 31, 2015, there were approximately 0.3 million and 0.1 million shares of common stock equivalents, respectively, that have been excluded from the calculation of diluted net income per share because they are anti-dilutive. |
Related Party
Related Party | 3 Months Ended |
Mar. 29, 2016 | |
Related Party Transactions [Abstract] | |
Related Party | 4. RELATED PARTY The Jacmar Companies and their affiliates (collectively referred to herein as “Jacmar”) are shareholders of ours and James Dal Pozzo, the Chief Executive Officer of Jacmar, is a member of our Board of Directors. Jacmar, through its affiliation with DMA, is currently our largest supplier of food, beverage, paper products and supplies. We began using DMA for our national foodservice distribution in July 2006. In July 2012, we finalized a new five-year agreement with DMA, after conducting another extensive competitive bidding process. Jacmar services our restaurants in California and Nevada, while other DMA distributors service our restaurants in all other states. Jacmar supplied us with $22.3 million and $21.6 million of food, beverage, paper products and supplies for the thirteen weeks ended March 29, 2016 and March 31, 2015, respectively, which represents 20.3% and 21.1% of our total costs of sales and operating and occupancy costs, respectively. We had trade payables related to these products of $5.7 million and $4.3 million, at March 29, 2016 and December 29, 2015, respectively. Jacmar does not provide us with any produce, liquor, wine or beer products, all of which are provided by other third party vendors and are included in “Cost of sales” on the Consolidated Statements of Income. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 29, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 5. STOCK-BASED COMPENSATION Our current shareholder approved stock-based compensation plan is the 2005 Equity Incentive Plan (“the Plan”). Under the Plan, we may issue shares of our common stock to employees, officers, directors and consultants. We have granted incentive stock options, non-qualified stock options, and performance and time-based restricted stock units. Stock options and stock appreciation rights are charged against the Plan share reserve on the basis of one share for each one share granted. Other types of grants, including restricted stock units (“RSUs”), are currently charged against the Plan share reserve on the basis of 1.5 shares for each one share granted. The Plan also contains other limits on the terms of incentive grants such as limits on the number that can be granted to an employee during any fiscal year. All options granted under the Plan expire within 10 years of their date of grant. Under the Plan, we issue time-based and performance-based RSUs and stock options to officers. We issue time-based RSUs and stock options to other support employees. We also issue time-based RSUs and stock options in connection with the BJ’s Gold Standard Stock Ownership Program (the “GSSOP”). The GSSOP is a long-term equity incentive program for our restaurant general managers, executive kitchen mangers and restaurant field supervision. GSSOP grants are dependent on the length of each participant’s service with us (at least five years) and position. All GSSOP participants must remain in good standing during their service period. The Plan permits us to set the vesting terms and exercise period for awards at our discretion. Stock options generally vest ratably over 3 or 5 years, cliff vest at 3 or 5 years, or vest at 33% on the third anniversary and 67% on the fifth anniversary, and expire ten years from date of grant. Time-based RSUs generally vest ratably over three or five years for non-GSSOP RSU grantees and generally cliff vest either at 33% on the third anniversary and 67% on the fifth anniversary or at 100% after the fifth anniversary for GSSOP participants. Performance-based RSUs generally cliff vest on the third anniversary of the date of grant in a quantity that is dependent on the level of target achievement. The following table presents information related to stock-based compensation (in thousands): For The Thirteen Weeks Ended March 29, 2016 March 31, 2015 Labor and benefits $403 $339 General and administrative $1,147 $920 Capitalized (1) $78 $60 (1) Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on the Consolidated Balance Sheets. Stock Options The fair value of each stock option grant issued is estimated at the date of grant using the Black-Scholes For the Thirteen Weeks Ended March 29, 2016 March 31, 2015 Expected volatility 35.9% 37.1% Risk free interest rate 1.5% 1.4% Expected option life 5 years 5 years Dividend yield 0% 0% Fair value of options granted $14.37 $16.45 The exercise price of the stock options under our stock-based compensation plan is required to equal or exceed the fair market value of the shares on the option grant date. The following table represents stock option activity: Options Outstanding Options Exercisable Shares Weighted Price Shares Weighted Price Outstanding at December 29, 2015 1,224 $30.59 729 $25.41 Granted 120 $42.48 Exercised (16) $33.00 Forfeited (11) $39.92 Outstanding at March 29, 2016 1,317 $31.56 809 $26.75 As of March 29, 2016, total unrecognized stock-based compensation expense related to non-vested stock options was $5.4 million, which is generally expected to be recognized over the next five years. Restricted Stock Units Time-Based Restricted Stock Units Time-based restricted stock unit activity was as follows: Shares (in thousands) Weighted Average Fair Value Outstanding at December 29, 2015 429 $39.63 Granted 66 $42.51 Vested or released (25) $38.95 Forfeited (11) $43.60 Outstanding at March 29, 2016 459 $39.98 The fair value of our time-based RSUs is the quoted market value of our common stock on the date of grant. The fair value of each time-based RSU is expensed over the vesting period (e.g., five years). As of March 29, 2016, total unrecognized stock-based compensation expense related to non-vested RSUs was approximately $9.9 million, which is generally expected to be recognized over the next five years. Performance-Based Restricted Stock Units Performance-based restricted stock unit activity was as follows: Shares (in thousands) Weighted Average Fair Value Outstanding at December 29, 2015 29 $32.49 Granted 32 $42.41 Vested or released – $ – Forfeited – $ – Outstanding at March 29, 2016 61 $37.70 The fair value of our performance-based RSUs is the quoted market value of our common stock on the date of grant. The fair value of each performance-based RSU is recognized when it is probable the performance goal will be achieved. As of March 29, 2016, total unrecognized stock-based compensation expense related to non-vested performance-based RSUs was approximately $1.3 million, which is generally expected to be recognized over the next three years. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 29, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. INCOME TAXES We calculate our interim income tax provision in accordance with ASC Topic 270, Interim Reporting and ASC Topic 740, Accounting for Income Taxes. At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our year to date earnings. The related tax expense or benefit is recognized in the interim period in which it occurs. In addition, the effect of changes in enacted tax laws, rates or tax status is recognized in the interim period in which the change occurs. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including the expected operating income for the year, permanent and temporary differences as a result of differences between amounts measured and recognized in accordance with tax laws and financial accounting standards, and the likelihood of recovering deferred tax assets generated in the current fiscal year. The accounting estimates used to compute income tax expense may change as new events occur, additional information is obtained or the tax environment changes. As of March 29, 2016, unrecognized tax benefits recorded was approximately $3.1 million, of which approximately $0.8 million, if reversed, would impact our effective tax rate. We anticipate a decrease of $1.8 million to our liability for unrecognized tax benefits within the next twelve-month period due to an expected change in tax accounting method that requires us to obtain IRS approval. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Balance at December 29, 2015 $ 2,998 Increase for tax positions taken in current period 105 Balance at March 29, 2016 $ 3,103 Our uncertain tax positions are related to tax years that remain subject to examination by tax agencies. As of March 29, 2016, the earliest tax year subject to examination by the Internal Revenue Service is 2012. The earliest year subject to examination by a significant state or local taxing jurisdiction is 2011. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 29, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | 7. LEGAL PROCEEDINGS We are subject to private lawsuits, administrative proceedings and demands that arise in the ordinary course of our business and which typically involve claims from customers, employees and others related to operational, employment, real estate and intellectual property issues common to the foodservice industry. A number of these claims may exist at any given time. We are self-insured for a portion of our general liability and our employee workers’ compensation requirements. We maintain coverage with a third party insurer to limit our total exposure. We believe that most of our customer claims will be covered by our general liability insurance, subject to coverage limits and the portion of such claims that are self-insured. Punitive damages awards and employee unfair practice claims, however, are not covered by our general liability insurance. To date, we have not been ordered to pay punitive damages with respect to any claims, but there can be no assurance that punitive damages will not be awarded with respect to any future claims. We could be affected by adverse publicity resulting from allegations in lawsuits, claims and proceedings, regardless of whether these allegations are valid or whether we are ultimately determined to be liable. We currently believe that the final disposition of these types of lawsuits, proceedings and claims will not have a material adverse effect on our financial position, results of operations or liquidity. It is possible, however, that our future results of operations for a particular quarter or fiscal year could be impacted by changes in circumstances relating to lawsuits, proceedings or claims. |
Stock Repurchases
Stock Repurchases | 3 Months Ended |
Mar. 29, 2016 | |
Equity [Abstract] | |
Stock Repurchases | 8. STOCK REPURCHASES During the thirteen weeks ended March 29, 2016, we repurchased and retired approximately 0.6 million shares of our common stock at an average price of $41.76 per share for a total of $24.5 million, which is recorded as a reduction in common stock, with any excess change to retained earnings. As of March 29, 2016, approximately $29.9 million remains available for additional repurchases under our authorized repurchase program. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 29, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited consolidated financial statements include the accounts of BJ’s Restaurants, Inc. (referred to herein as the “Company” or “we,” “us” and “our”) and our wholly owned subsidiaries. The financial statements presented herein include all material adjustments which are, in the opinion of management, necessary for a fair presentation of the statements of the financial condition, results of operations and cash flows for the period. Our consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The preparation of financial statements in accordance with U.S. GAAP requires us to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual amounts could differ from these estimates. Certain information and footnote disclosures normally included in consolidated financial statements in accordance with U.S. GAAP have been omitted pursuant to the U.S. Securities and Exchange Commission (“SEC”) rules. A description of our accounting policies and other financial information is included in our audited consolidated financial statements filed with the SEC on Form 10-K for the year ended December 29, 2015. The disclosures included in our accompanying interim financial statements and footnotes should be read in conjunction with our consolidated financial statements and notes thereto included in the Annual Report on Form 10-K. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Going Concern (Subtopic 205-40). This update requires management to evaluate whether there are conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the financial statements are issued. Management must disclose any doubts about the Company’s ability to continue as a going concern and whether its plans alleviate that doubt. Management is required to make this evaluation for annual periods ending after December 15, 2016, and for interim periods beginning after December 15, 2016, and early adoption is permitted. We do not believe the adoption of ASU 2014-15 will have a material impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30). This update requires debt issuance costs to be presented within the balance sheet as a direct deduction from the associated debt liability. Currently, certain debt issuance costs are recorded as an asset and amortized to interest expense. Under the new standard, debt issuance costs will continue to be amortized over the life of the debt instrument and amortization will continue to be recorded in interest expense. ASU 2015-03 became effective during the current quarter. The adoption of this standard did not have a material impact on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory: Simplifying the Measurement of Inventory (Topic 330). This update provides guidance on the subsequent measurement of inventory, which changes the measurement from lower of cost or market to lower of cost and net realizable value. This update defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation, and is effective for annual and interim periods beginning after December 15, 2016. The adoption of this update is not expected to have a material impact on our consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740). This update requires that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. This update is effective for annual and interim periods beginning after December 15, 2016, and early adoption is permitted. Other than the revised balance sheet presentation of deferred tax liabilities and assets, we do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10). Among other requirements, this guidance requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet. This presentation provides financial statement users with more decision-useful information about an entity’s involvement in financial instruments. ASU 2016-01 is effective for annual and interim reporting periods beginning after December 15, 2017. We are currently evaluating the impact this guidance will have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This guidance requires recognition of most leases on the balance sheets to give investors, lenders, and other financial statement users a more comprehensive view of a company’s long-term financial obligations as well as the assets it owns versus leases. ASU 2016-02 will be effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years. Currently, all of our restaurant and our restaurant support center leases are accounted for as operating leases, and therefore are not recorded within our balance sheet. We are currently evaluating the impact that this guidance will have on our consolidated financial statements as well as the expected adoption method. In March 2016, the FASB issued ASU 2016-04, Recognition of Breakage for Certain Prepaid Stored-Value Products (Subtopic 405-20). This guidance defines liabilities related to the sale of prepaid stored-value products as financial liabilities and requires that breakage for those liabilities be accounted for consistent with the breakage guidance in Topic 606 (Principal versus Agent Considerations). ASU 2016-04 is effective for annual and interim reporting periods beginning after December 15, 2017. We are currently evaluating the impact that this guidance will have on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers Topic 606 (Principal versus Agent Considerations). This update clarifies how to implement revenue recognition guidance related to determining whether an entity is a principal or an agent in a revenue transaction. The guidance requires an entity to determine whether the nature of its promise is to provide goods or services to its customer (the entity is a principal) or to arrange for goods or services to be provided to the customer by the other parties (the entity is an agent). This determination is based upon whether the entity controls the goods or the services before it is transferred to the customer. An entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-08 is effective for annual and interim reporting periods beginning after December 15, 2017, and early application is permitted. This update permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the impact this standard will have on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718). This guidance will change how companies account for certain aspects of share-based payments to employees. They will have to recognize all income tax effects of awards in the income statement when the awards vest or are settled, and additional paid-in capital (“APIC”) pools will be eliminated. The guidance on employer’s accounting for an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation and for forfeitures is changing, and two practical expedients for nonpublic entities have been added. ASU 2016-09 is effective for annual and interim reporting periods beginning after December 15, 2016, and early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements. In April 2016, the FASB issued ASU 2016-10, an amendment to ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This guidance provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. Additionally, this guidance expands related disclosure requirements. The amendment addressed the potential for diversity in practice at initial application. ASU 2016-10 is effective for annual and interim reporting periods beginning after December 15, 2017, and early application is permitted. This update permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the impact this standard will have on our consolidated financial statements as well as the expected adoption method. |
Net Income Per Share | Basic net income per share is computed by dividing the net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if stock options issued by us to sell common stock at set prices were exercised and if restrictions on restricted stock units issued by us were to lapse (collectively, equity awards) using the treasury stock method. Performance-based restricted stock units have been excluded from the diluted income per share computation because the performance-based criteria have not been met. |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Mar. 29, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Net Income Per Share Computations and Number of Dilutive Equity Awards (Stock Options and Restricted Stock Units) Included in Dilutive Net Income Per Share Computation | The following table presents a reconciliation of basic and diluted net income per share, including the number of dilutive equity awards (stock options and restricted stock units) that were included in the dilutive net income per share computation (in thousands): For The Thirteen Weeks Ended March 29, 2016 March 31, 2015 Numerator: Net income $11,644 $9,615 Denominator: Weighted-average shares outstanding – basic 24,278 26,310 Dilutive effect of equity awards 413 606 Weighted-average shares outstanding – diluted 24,691 26,916 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 29, 2016 | |
Information Related to Stock-Based Compensation | The following table presents information related to stock-based compensation (in thousands): For The Thirteen Weeks Ended March 29, 2016 March 31, 2015 Labor and benefits $403 $339 General and administrative $1,147 $920 Capitalized (1) $78 $60 (1) Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on the Consolidated Balance Sheets. |
Black-Scholes Option-Pricing Model, Weighted Average Assumptions and Fair Value of Options Granted | The fair value of each stock option grant issued is estimated at the date of grant using the Black-Scholes For the Thirteen Weeks Ended March 29, 2016 March 31, 2015 Expected volatility 35.9% 37.1% Risk free interest rate 1.5% 1.4% Expected option life 5 years 5 years Dividend yield 0% 0% Fair value of options granted $14.37 $16.45 |
Stock Option Activity | The exercise price of the stock options under our stock-based compensation plan is required to equal or exceed the fair market value of the shares on the option grant date. The following table represents stock option activity: Options Outstanding Options Exercisable Shares Weighted Price Shares Weighted Price Outstanding at December 29, 2015 1,224 $30.59 729 $25.41 Granted 120 $42.48 Exercised (16) $33.00 Forfeited (11) $39.92 Outstanding at March 29, 2016 1,317 $31.56 809 $26.75 |
Time-Vested Restricted Stock Units | |
Restricted Stock Unit Activity | Time-based restricted stock unit activity was as follows: Shares (in thousands) Weighted Average Fair Value Outstanding at December 29, 2015 429 $39.63 Granted 66 $42.51 Vested or released (25) $38.95 Forfeited (11) $43.60 Outstanding at March 29, 2016 459 $39.98 |
Performance-Based Restricted Stock Units | |
Restricted Stock Unit Activity | Performance-based restricted stock unit activity was as follows: Shares (in thousands) Weighted Average Fair Value Outstanding at December 29, 2015 29 $32.49 Granted 32 $42.41 Vested or released – $ – Forfeited – $ – Outstanding at March 29, 2016 61 $37.70 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 29, 2016 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Balance at December 29, 2015 $ 2,998 Increase for tax positions taken in current period 105 Balance at March 29, 2016 $ 3,103 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 29, 2016 | Mar. 31, 2015 | Sep. 03, 2014 | |
Line of Credit Facility [Line Items] | |||
Available additional credit facility | $ 50,000,000 | ||
Letters of credit outstanding amount | $ 15,000,000 | ||
Line of credit outstanding amount | 95,500,000 | ||
Available borrowings under credit facility | 39,500,000 | ||
Interest paid on new line of credit | 400,000 | ||
Interest expense capitalized | $ 40,000 | $ 40,000 | |
Unsecured Debt [Member] | |||
Line of Credit Facility [Line Items] | |||
Weighted average interest rate | 1.44% | ||
Credit Facility Agreement [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving loan commitments under new loan agreement | 150,000,000 | ||
New loan agreement, expiration date | Sep. 3, 2019 | ||
Credit Facility Agreement [Member] | Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Revolving loan commitments under new loan agreement | $ 50,000,000 | ||
Maximum | Credit Facility Agreement [Member] | Revolving Credit Facility [Member] | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Line of credit, adjustment to interest rate | 1.75% | ||
Minimum | Credit Facility Agreement [Member] | Revolving Credit Facility [Member] | Prime Rate | |||
Line of Credit Facility [Line Items] | |||
Line of credit, adjustment to interest rate | 0.75% |
Reconciliation of Basic and Dil
Reconciliation of Basic and Diluted Net Income Per Share Computations and Number of Dilutive Equity Awards (Stock Options and Restricted Stock Units) Included in Dilutive Net Income Per Share Computation (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 29, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net income | $ 11,644 | $ 9,615 |
Weighted-average shares outstanding - basic | 24,278 | 26,310 |
Dilutive effect of equity awards | 413 | 606 |
Weighted-average shares outstanding - diluted | 24,691 | 26,916 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 29, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Common stock equivalents excluded from calculation of diluted net income per share | 0.3 | 0.1 |
Related Party - Additional Info
Related Party - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 29, 2016 | Mar. 31, 2015 | Dec. 29, 2015 | |
Related Party Transaction [Line Items] | |||
Expenses for supply of food, beverage, paper products and supplies | $ 22.3 | $ 21.6 | |
Percentage of total costs of sales and operating and occupancy costs | 20.30% | 21.10% | |
Trade payables | $ 5.7 | $ 4.3 | |
Jacmar Companies | |||
Related Party Transaction [Line Items] | |||
Agreement terms | 5 years |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 29, 2016USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares charged to reserve per granted share | 1 |
Share basis for number shares charged to reserve | 1 |
Expiration term of stock options | 10 years |
2005 Equity Incentive Plan | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Service period | 5 years |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expiration term of stock options | 10 years |
Unrecognized stock-based compensation expense | $ | $ 5.4 |
Unrecognized stock-based compensation expenses recognition period (in years) | 5 years |
Stock Options | Cliff Vesting Third Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options vesting percentage | 33.00% |
Stock Options | Cliff Vesting Fifth Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options vesting percentage | 67.00% |
Stock Options | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 3 years |
Stock Options | Minimum | Cliff Vesting | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 3 years |
Stock Options | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 5 years |
Stock Options | Maximum | Cliff Vesting | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 5 years |
Time-Vested Restricted Stock Units | Cliff Vesting Third Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options vesting percentage | 33.00% |
Time-Vested Restricted Stock Units | Cliff Vesting Fifth Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options vesting percentage | 67.00% |
Time-Vested Restricted Stock Units | Cliff Vesting Year Five | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options vesting percentage | 100.00% |
Time-Vested Restricted Stock Units | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 3 years |
Time-Vested Restricted Stock Units | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 5 years |
Performance-Based Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ | $ 1.3 |
Unrecognized stock-based compensation expenses recognition period (in years) | 3 years |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares charged to reserve per granted share | 1.5 |
Share basis for number shares charged to reserve | 1 |
Time-Based Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ | $ 9.9 |
Unrecognized stock-based compensation expenses recognition period (in years) | 5 years |
Information Related to Stock-Ba
Information Related to Stock-Based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 29, 2016 | Mar. 31, 2015 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Capitalized | [1] | $ 78 | $ 60 |
Labor and benefits | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 403 | 339 | |
General and administrative | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 1,147 | $ 920 | |
[1] | Capitalized stock-based compensation relates to our restaurant development personnel and is included in "Property and equipment, net" on the Consolidated Balance Sheets. |
Black-Scholes Option-Pricing Mo
Black-Scholes Option-Pricing Model, Weighted Average Assumptions and Fair Value of Options Granted (Detail) - $ / shares | 3 Months Ended | |
Mar. 29, 2016 | Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected volatility | 35.90% | 37.10% |
Risk free interest rate | 1.50% | 1.40% |
Expected option life | 5 years | 5 years |
Dividend yield | 0.00% | 0.00% |
Fair value of options granted | $ 14.37 | $ 16.45 |
Stock Option Activity (Detail)
Stock Option Activity (Detail) shares in Thousands | 3 Months Ended |
Mar. 29, 2016$ / sharesshares | |
Options Outstanding, Shares | |
Outstanding, Beginning Balance | shares | 1,224 |
Granted | shares | 120 |
Exercised | shares | (16) |
Forfeited | shares | (11) |
Outstanding, Ending Balance | shares | 1,317 |
Options Exercisable, Shares | |
Options Exercisable Outstanding, Beginning Balance | shares | 729 |
Options Exercisable Outstanding, Ending Balance | shares | 809 |
Options outstanding, Weighted Average Exercise Price | |
Outstanding, Beginning Balance | $ / shares | $ 30.59 |
Granted | $ / shares | 42.48 |
Exercised | $ / shares | 33 |
Forfeited | $ / shares | 39.92 |
Outstanding, Ending Balance | $ / shares | 31.56 |
Options Exercisable, Weighted Average Exercise Price | |
Options Exercisable, Beginning Balance | $ / shares | 25.41 |
Options Exercisable, Ending Balance | $ / shares | $ 26.75 |
Time-Based Restricted Stock Uni
Time-Based Restricted Stock Unit Activity (Detail) shares in Thousands | 3 Months Ended |
Mar. 29, 2016$ / sharesshares | |
Shares Outstanding | |
Forfeited, Shares | (11) |
Time-Based Restricted Stock Units | |
Shares Outstanding | |
Outstanding Beginning Balance, Shares | 429 |
Granted, Shares | 66 |
Vested or released, Shares | (25) |
Forfeited, Shares | (11) |
Outstanding Ending Balance, Shares | 459 |
Weighted Average Fair Value | |
Outstanding Beginning Balance, Weighted Average Fair Value | $ / shares | $ 39.63 |
Granted, Weighted Average Fair Value | $ / shares | 42.51 |
Vested or released, Weighted Average Fair Value | $ / shares | 38.95 |
Forfeited, Weighted Average Fair Value | $ / shares | 43.60 |
Outstanding Ending Balance, Weighted Average Fair Value | $ / shares | $ 39.98 |
Performance-Based Restricted St
Performance-Based Restricted Stock Unit Activity (Detail) - Performance-Based Restricted Stock Units shares in Thousands | 3 Months Ended |
Mar. 29, 2016$ / sharesshares | |
Shares Outstanding | |
Outstanding Beginning Balance, Shares | shares | 29 |
Granted, Shares | shares | 32 |
Vested or released, Shares | shares | 0 |
Forfeited, Shares | shares | 0 |
Outstanding Ending Balance, Shares | shares | 61 |
Weighted Average Fair Value | |
Outstanding Beginning Balance, Weighted Average Fair Value | $ / shares | $ 32.49 |
Granted, Weighted Average Fair Value | $ / shares | 42.41 |
Vested or released, Weighted Average Fair Value | $ / shares | 0 |
Forfeited, Weighted Average Fair Value | $ / shares | 0 |
Outstanding Ending Balance, Weighted Average Fair Value | $ / shares | $ 37.70 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2016 | Dec. 29, 2015 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Unrecognized tax benefits | $ 3,103 | $ 2,998 |
Unrecognized tax benefits that would impact effective tax rate, if reversed | 800 | |
Anticipated decrease in liability for unrecognized tax benefits within next twelve-month period | $ 1,800 | |
Federal | Earliest Tax Year | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Income tax examination, years open | 2,012 | |
State or Local Taxing Jurisdiction | Earliest Tax Year | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Income tax examination, years open | 2,011 |
Reconciliation of Beginning and
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) $ in Thousands | 3 Months Ended |
Mar. 29, 2016USD ($) | |
Income Tax Disclosure [Abstract] | |
Beginning Balance | $ 2,998 |
Increase for tax positions taken in current period | 105 |
Ending Balance | $ 3,103 |
Stock Repurchases - Additional
Stock Repurchases - Additional Information (Detail) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended |
Mar. 29, 2016USD ($)$ / sharesshares | |
Equity [Abstract] | |
Number of shares repurchased during the period | shares | 0.6 |
Repurchased average price per share | $ / shares | $ 41.76 |
Shares repurchased, value | $ 24.5 |
Common stock additional repurchases under authorized repurchase program | $ 29.9 |