Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 03, 2017 | Nov. 03, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 3, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | BJRI | |
Entity Registrant Name | BJs RESTAURANTS INC | |
Entity Central Index Key | 1,013,488 | |
Current Fiscal Year End Date | --01-02 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 20,633,394 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 03, 2017 | Jan. 03, 2017 | |
Current assets: | |||
Cash and cash equivalents | $ 28,694 | $ 22,761 | |
Accounts and other receivables, net | 12,537 | 14,698 | |
Inventories, net | 10,226 | 9,907 | |
Prepaid expenses and other current assets | 8,368 | 11,324 | |
Total current assets | 59,825 | 58,690 | |
Property and equipment, net | 599,450 | 601,324 | |
Goodwill | 4,673 | 4,673 | |
Other assets, net | 29,118 | 26,625 | |
Total assets | 693,066 | 691,312 | |
Current liabilities: | |||
Accounts payable | [1] | 23,984 | 31,145 |
Accrued expenses | 83,634 | 94,553 | |
Total current liabilities | 107,618 | 125,698 | |
Deferred income taxes | 37,073 | 37,587 | |
Deferred rent | 32,047 | 30,424 | |
Deferred lease incentives | 53,951 | 54,119 | |
Long-term debt | 194,000 | 148,000 | |
Other liabilities | 23,199 | 20,587 | |
Total liabilities | 447,888 | 416,415 | |
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 20,746 and 22,332 shares issued and outstanding as of October 3, 2017 and January 3, 2017, respectively | 0 | 0 | |
Capital surplus | 68,228 | 66,200 | |
Retained earnings | 176,950 | 208,697 | |
Total shareholders’ equity | 245,178 | 274,897 | |
Total liabilities and shareholders’ equity | $ 693,066 | $ 691,312 | |
[1] | Included in accounts payable as of October 3, 2017 and January 3, 2017 is $3,816 and $5,782, respectively, of related party trade payables. See Note 4 for further information. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 03, 2017 | Jan. 03, 2017 |
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 | 20,746,000 | 22,332,000 |
Common stock, shares outstanding | 20,746,000 | 22,332,000 |
Accounts payable, related party trade payables | $ 3,816 | $ 5,782 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2017 | Sep. 27, 2016 | Oct. 03, 2017 | Sep. 27, 2016 | ||
Income Statement [Abstract] | |||||
Revenues | $ 247,009 | $ 233,702 | $ 770,642 | $ 727,431 | |
Restaurant operating costs (excluding depreciation and amortization): | |||||
Cost of sales | [1] | 65,553 | 59,882 | 200,465 | 183,091 |
Labor and benefits | 91,228 | 82,034 | 277,724 | 252,793 | |
Occupancy and operating | [1] | 55,238 | 50,474 | 164,054 | 149,691 |
General and administrative | 13,035 | 12,921 | 41,536 | 41,050 | |
Depreciation and amortization | 17,430 | 16,292 | 51,231 | 47,930 | |
Restaurant opening | 534 | 2,218 | 3,205 | 5,216 | |
Loss on disposal and impairment of assets | 1,070 | 810 | 4,168 | 2,266 | |
Natural disaster and related | 905 | 905 | |||
Severance and legal settlements | 423 | 423 | 369 | ||
Total costs and expenses | 245,416 | 224,631 | 743,711 | 682,406 | |
Income from operations | 1,593 | 9,071 | 26,931 | 45,025 | |
Other (expense) income: | |||||
Interest expense, net | (1,177) | (344) | (3,178) | (1,100) | |
Other income, net | 423 | 378 | 1,474 | 813 | |
Total other (expense) income | (754) | 34 | (1,704) | (287) | |
Income before income taxes | 839 | 9,105 | 25,227 | 44,738 | |
Income tax (benefit) expense | (1,550) | 1,868 | 3,933 | 12,068 | |
Net income | $ 2,389 | $ 7,237 | $ 21,294 | $ 32,670 | |
Net income per share: | |||||
Basic | $ 0.11 | $ 0.30 | $ 0.98 | $ 1.35 | |
Diluted | $ 0.11 | $ 0.30 | $ 0.97 | $ 1.33 | |
Weighted average number of shares outstanding: | |||||
Basic | 21,354 | 24,091 | 21,620 | 24,172 | |
Diluted | 21,670 | 24,486 | 22,032 | 24,589 | |
[1] | Related party costs included in cost of sales are $20,487 and $19,240 for the thirteen weeks ended October 3, 2017 and September 27, 2016, respectively, and $62,376 and $60,410 for the thirty-nine weeks ended October 3, 2017 and September 27, 2016, respectively. Related party costs included in operating and occupancy are $2,325 and $2,169 for the thirteen weeks ended October 3, 2017 and September 27, 2016, respectively, and $6,868 and $6,543 for the thirty-nine weeks ended October 3, 2017 and September 27, 2016, respectively. See Note 4 for further information. |
Unaudited Consolidated Stateme5
Unaudited Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2017 | Sep. 27, 2016 | Oct. 03, 2017 | Sep. 27, 2016 | |
Income Statement [Abstract] | ||||
Related party costs included in cost of sales | $ 20,487 | $ 19,240 | $ 62,376 | $ 60,410 |
Related party costs included in operating and occupancy | $ 2,325 | $ 2,169 | $ 6,868 | $ 6,543 |
Unaudited Consolidated Stateme6
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | ||
Oct. 03, 2017 | Sep. 27, 2016 | ||
Cash flows from operating activities: | |||
Net income | $ 21,294 | $ 32,670 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 51,231 | 47,930 | |
Deferred income taxes | (514) | 4,117 | |
Stock-based compensation expense | 5,271 | 4,580 | |
Loss on disposal and impairment of assets | 4,168 | 2,266 | |
Natural disaster and related | 194 | ||
Changes in assets and liabilities: | |||
Accounts and other receivables | 2,559 | 12,844 | |
Landlord contribution for tenant improvements | 124 | 559 | |
Inventories, net | (319) | (620) | |
Prepaid expenses and other current assets | 2,603 | 3,891 | |
Other assets, net | (3,509) | (3,729) | |
Accounts payable | (4,788) | (3,172) | |
Accrued expenses | (10,919) | 4,895 | |
Deferred rent | 1,623 | 2,225 | |
Deferred lease incentives | (168) | 660 | |
Other liabilities | 204 | (485) | |
Net cash provided by operating activities | 69,054 | 108,631 | |
Cash flows from investing activities: | |||
Purchases of property and equipment | (57,358) | (80,682) | |
Proceeds from sale of assets | 4,739 | ||
Net cash used in investing activities | (52,619) | (80,682) | |
Cash flows from financing activities: | |||
Borrowings on line of credit | 1,604,600 | 749,700 | |
Payments on line of credit | (1,558,600) | (740,900) | |
Excess tax benefit from stock-based compensation | 289 | ||
Taxes paid on vested stock units under employee plans | (248) | (208) | |
Proceeds from exercise of stock options | 1,029 | 1,890 | |
Repurchases of common stock | (57,283) | (47,376) | |
Net cash used in financing activities | (10,502) | (36,605) | |
Net increase (decrease) in cash and cash equivalents | 5,933 | (8,656) | |
Cash and cash equivalents, beginning of period | 22,761 | 34,604 | |
Cash and cash equivalents, end of period | 28,694 | 25,948 | |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes | 4,909 | 6,786 | |
Cash paid for interest, net of capitalized interest | 2,968 | 904 | |
Supplemental disclosure of non-cash investing and financing activities: | |||
Property and equipment acquired and included in accounts payable | 6,947 | 14,802 | |
Stock-based compensation capitalized | [1] | $ 218 | $ 226 |
[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 | 9 Months Ended |
Oct. 03, 2017 | |
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,” “we,” “us” and “our”) and our wholly owned subsidiaries. The consolidated financial statements presented herein include all material adjustments which are, in the opinion of management, necessary for a fair presentation of our 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. 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. 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. 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 January 3, 2017. The disclosures included in our accompanying interim consolidated 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 and our other reports filed from time to time with the Securities and Exchange Commission. Reclassifications As a result of the adoption of the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740), reclassifications of financial statement amounts have been made to the prior period to conform to the current period’s presentation. The adoption of this standard resulted in the reclassification of $18.4 million from current to long-term deferred taxes on January 3, 2017. Recently Issued Accounting Standards In February 2016, the FASB issued Accounting Standards Update ASU 2016-02, Leases (Topic 842). This guidance requires the recognition of most leases on the balance sheet 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 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 April 2016, the FASB issued ASU 2016-10, an amendment to ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 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 and expands related disclosure requirements. ASU 2016-10 clarifies ASU 2014-09 to address the potential for diversity in practice at the adoption. ASUs 2016-10 and 2014-09 are effective for annual and interim reporting periods beginning after December 15, 2017, and early application is permitted. The majority of the Company’s revenues are from food and beverage sales at our restaurants. ASU 2014-09 will not have an impact on revenue recognition related to food and beverage sales unless the sales are to a customer participating in our loyalty program. Currently, we measure our total loyalty rewards obligation based on the estimated number of customers who will ultimately claim the rewards earned under the program using the estimated cost of the rewards. Under this approach, we estimate the cost of a loyalty point based on the equivalent cost of the food and beverage earned by our customers. These expenses are accrued for and recorded as marketing expenses and are included in “Occupancy and operating” expenses on our Consolidated Statements of Income. Under ASU 2016-10, we will be required to allocate the transaction price between the goods delivered and the future goods that will be delivered, using the loyalty points earned, on a relative standalone selling price basis. The portion of the transaction price allocated to the future loyalty rewards will be deferred until the related loyalty rewards are redeemed. We will no longer record a marketing expense related to loyalty points earned. These new standards will not impact the way we account for gift card breakage. We are in the process of quantifying the impact of adopting this new standard as well as determining the adoption method. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Oct. 03, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 2. LONG-TERM DEBT Line of Credit Our Credit Facility, which matures on November 18, 2021, provides us with revolving loan commitments totaling $250 million, of which $50 million may be used for the issuance 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. Our obligations under the Credit Facility are unsecured. As of October 3, 2017, there were borrowings of $194.0 million and letters of credit totaling approximately $14.4 million outstanding under the Credit Facility. Available borrowings under the Credit Facility were $41.6 million as of October 3, 2017. The Credit Facility bears interest at our choice of LIBOR plus a percentage not to exceed 1.75%, or at a rate ranging from Bank of America’s 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 plus lease expenses. The weighted average interest rate during the thirty-nine weeks ended October 3, 2017 was approximately 2.2%. 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 October 3, 2017, we were in compliance with these covenants. Interest expense and commitment fees under the Credit Facility for the thirty-nine weeks ended October 3, 2017 and September 27, 2016 was approximately $3.2 million and $1.1 million, respectively. We capitalized approximately $0.1 million and $0.2 million of interest expense related to new restaurant construction during the thirty-nine weeks ended October 3, 2017, and September 27, 2016, respectively. |
Net Income Per Share
Net Income Per Share | 9 Months Ended |
Oct. 03, 2017 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 3. NET INCOME PER SHARE Basic net income per share is computed by dividing net income 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 in-the-money 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 yet been met. The following table presents a reconciliation of basic and diluted net income per share, including the number of dilutive equity awards that were included in the dilutive net income per share computation (in thousands): For the Thirteen For the Thirty-Nine Weeks Ended Weeks Ended October 3, 2017 September 27, 2016 October 3, 2017 September 27, 2016 Numerator: Net income $ 2,389 $ 7,237 $ 21,294 $ 32,670 Denominator: Weighted-average shares outstanding – basic 21,354 24,091 21,620 24,172 Dilutive effect of equity awards 316 395 412 417 Weighted-average shares outstanding – diluted 21,670 24,486 22,032 24,589 For the thirteen weeks ended October 3, 2017 and September 27, 2016, there were approximately 1.1 million and 0.4 million shares of common stock equivalents, respectively, that were excluded from the calculation of diluted net income per share because they are anti-dilutive. For the thirty-nine weeks ended October 3, 2017 and September 27, 2016, there were approximately 0.5 million and 0.3 million shares of common stock equivalents, respectively, that were excluded from the calculation of diluted net income per share because they are anti-dilutive. |
Related Party
Related Party | 9 Months Ended |
Oct. 03, 2017 | |
Related Party Transactions [Abstract] | |
Related Party | 4. RELATED PARTY The Jacmar Companies and their affiliates (collectively referred to herein as “Jacmar”) is one of our shareholders and James Dal Pozzo, the Chief Executive Officer of Jacmar, is a member of our Board of Directors. Jacmar, through its affiliation with Distribution Market Advantage (“DMA”), a consortium of large, regional food distributors located throughout the United States, is currently our largest supplier of food, beverage, paper products and supplies. In 2006, we began using DMA to deliver the majority of our food products to our restaurants. In July 2017, after conducting a market evaluation, we entered into a new five-year agreement with DMA. The new agreement expires in June 2022. Jacmar services our restaurants in California and Nevada, while other DMA distributors service our restaurants in all other states. Under the terms of our agreement with DMA, Jacmar is required to sell products to us at the same prices as the other DMA distributors. 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. The cost of food, beverage, paper products and supplies provided by Jacmar included within cost of sales and occupancy and operating expenses consisted of the following (in thousands): For the Thirteen For the Thirty-Nine Weeks Ended Weeks Ended October 3, 2017 September 27, 2016 October 3, 2017 September 27, 2016 Cost of sales: Third party suppliers $ 45,066 68.7 % $ 40,642 67.9 % $ 138,089 68.9 % $ 122,681 67.0 % Jacmar 20,487 31.3 19,240 32.1 62,376 31.1 60,410 33.0 Total cost of sales $ 65,553 100.0 % $ 59,882 100.0 % $ 200,465 100.0 % $ 183,091 100.0 % Occupancy and operating: Third party suppliers $ 52,913 95.8 % $ 48,305 95.7 % $ 157,186 95.8 % $ 143,148 95.6 % Jacmar 2,325 4.2 2,169 4.3 6,868 4.2 6,543 4.4 Total occupancy and operating $ 55,238 100.0 % $ 50,474 100.0 % $ 164,054 100.0 % $ 149,691 100.0 % The amounts included in trade payables related to Jacmar consisted of the following (in thousands): October 3, 2017 January 3, 2017 Third party suppliers $ 20,168 $ 25,363 Jacmar 3,816 5,782 Total accounts payable $ 23,984 $ 31,145 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 03, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 5. STOCK-BASED COMPENSATION Our current shareholder approved stock-based compensation plan is the 2005 Equity Incentive Plan (as amended from time to time, “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, if any, are charged against the Plan share reserve on the basis of one share for each 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 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 non-qualified stock options as well as time-based and performance-based RSUs to vice presidents and above. We issue time-based RSUs, and/or non-qualified stock options to other support employees. We also issue RSUs and non-qualified 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, directors of operations and directors of kitchen operations. GSSOP grants are dependent on the length of each participant’s service with us and position. All GSSOP participants are required to 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 and time-based RSUs vest ratably over three or five years for non-GSSOP participants and either cliff vest at five years or cliff vest at 33% on the third anniversary and 67% on the fifth anniversary for GSSOP participants. Performance-based RSUs generally cliff vest on the third anniversary of the grant date in an amount from 0% to 150% of the grant quantity, dependent on the level of performance target achievement. The following table presents the stock-based compensation recognized within our consolidated financial statements (in thousands): For the Thirteen For the Thirty-Nine Weeks Ended Weeks Ended October 3, 2017 September 27, 2016 October 3, 2017 September 27, 2016 Labor and benefits $ 406 $ 413 $ 1,404 $ 1,321 General and administrative $ 1,335 $ 1,061 $ 3,867 $ 3,259 Capitalized (1) $ 75 $ 64 $ 218 $ 226 (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 was estimated on the grant date using the Black‑Scholes option-pricing model with the following weighted average assumptions: For the Thirty-Nine Weeks Ended October 3, 2017 September 27, 2016 Expected volatility 34.7 % 35.9 % Risk free interest rate 1.9 % 1.5 % Expected option life 5 years 5 years Dividend yield 0 % 0 % Fair value of options granted $ 12.12 $ 14.30 U.S. GAAP requires us to make certain assumptions and judgments regarding the grant date fair value. These judgments include expected volatility, risk free interest rate, expected option life, and dividend yield. These estimations and judgments are determined by us using assumptions that, in many cases, are outside of our control. The changes in these variables or trends, including stock price volatility and risk free interest rate, may significantly impact the fair value of future grants, resulting in a significant impact to our financial results. The exercise price of our stock options under our stock-based compensation plan is required to equal or exceed the market close fair value of our shares on the option grant date or the most recent trading day when grants take place on market holidays. The following table presents stock option activity: Options Outstanding Options Exercisable Shares (in thousands) Weighted Average Exercise Price Shares (in thousands) Weighted Average Exercise Price Outstanding at January 3, 2017 1,227 $ 31.95 802 $ 27.73 Granted 168 36.25 Exercised (38 ) 27.08 Forfeited (23 ) 39.67 Outstanding at October 3, 2017 1,334 $ 32.50 880 $ 29.42 As of October 3, 2017, total unrecognized stock-based compensation expense related to non-vested stock options was approximately $3.6 million, which is generally expected to be recognized over the next five years. Restricted Stock Units Time-Based Restricted Stock Units The following table presents time-based restricted stock unit activity: Shares (in thousands) Weighted Average Fair Value Outstanding at January 3, 2017 460 $ 39.75 Granted 157 37.26 Vested or released (76 ) 43.70 Forfeited (50 ) 39.82 Outstanding at October 3, 2017 491 $ 38.34 The fair value of our time-based RSUs is equal to the fair value of our common stock at market close on the date of grant or the most recent trading day when grants take place on market holidays. The fair value of each time-based RSU is expensed over the vesting period (e.g., three or five years). As of October 3, 2017, total unrecognized stock-based compensation expense related to non-vested RSUs was approximately $9.4 million, which is generally expected to be recognized over the next five years. Performance-Based Restricted Stock Units The following table presents performance-based restricted stock unit activity: Shares (in thousands) Weighted Average Fair Value Outstanding at January 3, 2017 54 $ 37.87 Granted 40 35.95 Vested or released — — Forfeited (24 ) 32.49 Outstanding at October 3, 2017 70 $ 38.68 The fair value of our performance-based RSUs is equal to the fair value of our common stock at market close on the date of grant or the most recent trading day when grants take place on market holidays. The fair value of each performance-based RSU is expensed based on management’s current estimate of the level that the performance goal will be achieved. As of October 3, 2017, based on the target level of performance, the total unrecognized stock-based compensation expense related to non-vested performance-based RSUs was approximately $1.2 million, which is generally expected to be recognized over the next three years. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 03, 2017 | |
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 ordinary year to date earnings. The related tax expense or benefit is recognized in the interim period in which it occurs. The effect of changes in enacted tax laws, rates or tax status is recognized in the interim period in which the change is effective. 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 October 3, 2017, we had unrecognized tax benefits of approximately $1.3 million, of which approximately $0.9 million, if reversed, would impact our effective tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits is the following (in thousands): Balance at January 3, 2017 $ 1,245 Decrease for tax positions taken in prior years (3 ) Increase for tax positions taken in current year 96 Decrease for statute expiration (64 ) Balance at October 3, 2017 $ 1,274 Our uncertain tax positions are related to tax years that remain subject to examination by tax agencies. As of October 3, 2017, the earliest tax year still subject to examination by the Internal Revenue Service is 2014. The earliest year still subject to examination by a significant state or local taxing jurisdiction is 2012. |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Oct. 03, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings | 7. LEGAL PROCEEDINGS We are subject to 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, our employee workers’ compensation and our employment practice 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 | 9 Months Ended |
Oct. 03, 2017 | |
Equity [Abstract] | |
Stock Repurchases | 8. STOCK REPURCHASES During the thirty-nine weeks ended October 3, 2017, we repurchased and retired approximately 1.7 million shares of our common stock at an average price of $34.02 per share for a total of $57.3 million, which is recorded as a reduction in common stock, with any excess charged to retained earnings. In March 2017, the Company’s Board of Directors approved an expansion of the authorized share repurchase program by $50 million to $400 million in the aggregate. As of October 3, 2017, approximately $52.2 million remains available for additional repurchases under our share repurchase program. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Oct. 03, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. SUBSEQUENT EVENTS On October 24, 2017, our Board of Directors authorized and declared a quarterly cash dividend of $0.11 per share of common stock payable on December 4, 2017, to shareholders of record at the close of business on November 13, 2017. While the Company intends to pay regular quarterly cash dividends in future periods, any decisions to pay or to increase or decrease cash dividends will be reviewed quarterly and declared by the Board of Directors at its discretion. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Oct. 03, 2017 | |
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,” “we,” “us” and “our”) and our wholly owned subsidiaries. The consolidated financial statements presented herein include all material adjustments which are, in the opinion of management, necessary for a fair presentation of our 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. 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. 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. 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 January 3, 2017. The disclosures included in our accompanying interim consolidated 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 and our other reports filed from time to time with the Securities and Exchange Commission. |
Reclassifications | Reclassifications As a result of the adoption of the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740), reclassifications of financial statement amounts have been made to the prior period to conform to the current period’s presentation. The adoption of this standard resulted in the reclassification of $18.4 million from current to long-term deferred taxes on January 3, 2017. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In February 2016, the FASB issued Accounting Standards Update ASU 2016-02, Leases (Topic 842). This guidance requires the recognition of most leases on the balance sheet 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 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 April 2016, the FASB issued ASU 2016-10, an amendment to ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 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 and expands related disclosure requirements. ASU 2016-10 clarifies ASU 2014-09 to address the potential for diversity in practice at the adoption. ASUs 2016-10 and 2014-09 are effective for annual and interim reporting periods beginning after December 15, 2017, and early application is permitted. The majority of the Company’s revenues are from food and beverage sales at our restaurants. ASU 2014-09 will not have an impact on revenue recognition related to food and beverage sales unless the sales are to a customer participating in our loyalty program. Currently, we measure our total loyalty rewards obligation based on the estimated number of customers who will ultimately claim the rewards earned under the program using the estimated cost of the rewards. Under this approach, we estimate the cost of a loyalty point based on the equivalent cost of the food and beverage earned by our customers. These expenses are accrued for and recorded as marketing expenses and are included in “Occupancy and operating” expenses on our Consolidated Statements of Income. Under ASU 2016-10, we will be required to allocate the transaction price between the goods delivered and the future goods that will be delivered, using the loyalty points earned, on a relative standalone selling price basis. The portion of the transaction price allocated to the future loyalty rewards will be deferred until the related loyalty rewards are redeemed. We will no longer record a marketing expense related to loyalty points earned. These new standards will not impact the way we account for gift card breakage. We are in the process of quantifying the impact of adopting this new standard as well as determining the adoption method. |
Net Income Per Share | Basic net income per share is computed by dividing net income 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 in-the-money 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 yet been met. |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Oct. 03, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Net Income Per Share Computations and Number of Dilutive Equity Awards 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 that were included in the dilutive net income per share computation (in thousands): For the Thirteen For the Thirty-Nine Weeks Ended Weeks Ended October 3, 2017 September 27, 2016 October 3, 2017 September 27, 2016 Numerator: Net income $ 2,389 $ 7,237 $ 21,294 $ 32,670 Denominator: Weighted-average shares outstanding – basic 21,354 24,091 21,620 24,172 Dilutive effect of equity awards 316 395 412 417 Weighted-average shares outstanding – diluted 21,670 24,486 22,032 24,589 |
Related Party (Tables)
Related Party (Tables) | 9 Months Ended |
Oct. 03, 2017 | |
Trade Payables | |
Summary of Amounts Included in Cost of Sales and Occupancy and Operating Expenses and in Trade Payables Related to Jacmar | The amounts included in trade payables related to Jacmar consisted of the following (in thousands): October 3, 2017 January 3, 2017 Third party suppliers $ 20,168 $ 25,363 Jacmar 3,816 5,782 Total accounts payable $ 23,984 $ 31,145 |
Cost of Sales, Occupancy and Operating Expenses | |
Summary of Amounts Included in Cost of Sales and Occupancy and Operating Expenses and in Trade Payables Related to Jacmar | The cost of food, beverage, paper products and supplies provided by Jacmar included within cost of sales and occupancy and operating expenses consisted of the following (in thousands): For the Thirteen For the Thirty-Nine Weeks Ended Weeks Ended October 3, 2017 September 27, 2016 October 3, 2017 September 27, 2016 Cost of sales: Third party suppliers $ 45,066 68.7 % $ 40,642 67.9 % $ 138,089 68.9 % $ 122,681 67.0 % Jacmar 20,487 31.3 19,240 32.1 62,376 31.1 60,410 33.0 Total cost of sales $ 65,553 100.0 % $ 59,882 100.0 % $ 200,465 100.0 % $ 183,091 100.0 % Occupancy and operating: Third party suppliers $ 52,913 95.8 % $ 48,305 95.7 % $ 157,186 95.8 % $ 143,148 95.6 % Jacmar 2,325 4.2 2,169 4.3 6,868 4.2 6,543 4.4 Total occupancy and operating $ 55,238 100.0 % $ 50,474 100.0 % $ 164,054 100.0 % $ 149,691 100.0 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 03, 2017 | |
Stock-Based Compensation Recognized within Our Consolidated Financial Statements | The following table presents the stock-based compensation recognized within our consolidated financial statements (in thousands): For the Thirteen For the Thirty-Nine Weeks Ended Weeks Ended October 3, 2017 September 27, 2016 October 3, 2017 September 27, 2016 Labor and benefits $ 406 $ 413 $ 1,404 $ 1,321 General and administrative $ 1,335 $ 1,061 $ 3,867 $ 3,259 Capitalized (1) $ 75 $ 64 $ 218 $ 226 (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 Used to Estimate the Fair Value of Each Stock Option | The fair value of each stock option was estimated on the grant date using the Black‑Scholes option-pricing model with the following weighted average assumptions: For the Thirty-Nine Weeks Ended October 3, 2017 September 27, 2016 Expected volatility 34.7 % 35.9 % Risk free interest rate 1.9 % 1.5 % Expected option life 5 years 5 years Dividend yield 0 % 0 % Fair value of options granted $ 12.12 $ 14.30 |
Stock Option Activity | The following table presents stock option activity: Options Outstanding Options Exercisable Shares (in thousands) Weighted Average Exercise Price Shares (in thousands) Weighted Average Exercise Price Outstanding at January 3, 2017 1,227 $ 31.95 802 $ 27.73 Granted 168 36.25 Exercised (38 ) 27.08 Forfeited (23 ) 39.67 Outstanding at October 3, 2017 1,334 $ 32.50 880 $ 29.42 |
Time-Vested Restricted Stock Units | |
Restricted Stock Unit Activity | The following table presents time-based restricted stock unit activity: Shares (in thousands) Weighted Average Fair Value Outstanding at January 3, 2017 460 $ 39.75 Granted 157 37.26 Vested or released (76 ) 43.70 Forfeited (50 ) 39.82 Outstanding at October 3, 2017 491 $ 38.34 |
Performance Based Restricted Stock Units | |
Restricted Stock Unit Activity | The following table presents performance-based restricted stock unit activity: Shares (in thousands) Weighted Average Fair Value Outstanding at January 3, 2017 54 $ 37.87 Granted 40 35.95 Vested or released — — Forfeited (24 ) 32.49 Outstanding at October 3, 2017 70 $ 38.68 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Oct. 03, 2017 | |
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 the following (in thousands): Balance at January 3, 2017 $ 1,245 Decrease for tax positions taken in prior years (3 ) Increase for tax positions taken in current year 96 Decrease for statute expiration (64 ) Balance at October 3, 2017 $ 1,274 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) $ in Millions | Jan. 03, 2017USD ($) |
Accounting Standards Update 2015-17 [Member] | |
Basis Of Preparation [Line Items] | |
Reclassification of deferred taxes from current to long-term, due to adoption of ASU 2015-17 | $ 18.4 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - Credit Facility - USD ($) | 9 Months Ended | |
Oct. 03, 2017 | Sep. 27, 2016 | |
Line of Credit Facility [Line Items] | ||
Revolving loan commitments under loan agreement | $ 250,000,000 | |
Loan agreement, expiration date | Nov. 18, 2021 | |
Letters of credit outstanding amount | $ 14,400,000 | |
Line of credit outstanding amount | 194,000,000 | |
Available borrowings under credit facility | $ 41,600,000 | |
Weighted average interest rate | 2.20% | |
Interest expense and commitment fees | $ 3,200,000 | $ 1,100,000 |
Interest expense on line of credit | 100,000 | $ 200,000 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Revolving loan commitments under loan agreement | $ 50,000,000 | |
Maximum | LIBOR | ||
Line of Credit Facility [Line Items] | ||
Line of credit, adjustment to interest rate | 1.75% | |
Minimum | 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 Included in Dilutive Net Income Per Share Computation (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2017 | Sep. 27, 2016 | Oct. 03, 2017 | Sep. 27, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 2,389 | $ 7,237 | $ 21,294 | $ 32,670 |
Weighted-average shares outstanding – basic | 21,354 | 24,091 | 21,620 | 24,172 |
Dilutive effect of equity awards | 316 | 395 | 412 | 417 |
Weighted-average shares outstanding – diluted | 21,670 | 24,486 | 22,032 | 24,589 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2017 | Sep. 27, 2016 | Oct. 03, 2017 | Sep. 27, 2016 | |
Earnings Per Share [Abstract] | ||||
Common stock equivalents excluded from calculation of diluted net income per share | 1.1 | 0.4 | 0.5 | 0.3 |
Related Party - Additional Info
Related Party - Additional Information (Detail) - Jacmar | 9 Months Ended |
Oct. 03, 2017 | |
Related Party Transaction [Line Items] | |
New agreement terms | 5 years |
New agreement maturing date | 2022-06 |
Related Party - Summary of Amou
Related Party - Summary of Amounts Included in Cost of Sales and Occupancy and Operating Expenses Related to Jacmar (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2017 | Sep. 27, 2016 | Oct. 03, 2017 | Sep. 27, 2016 | ||
Related Party Transaction [Line Items] | |||||
Total cost of sales | [1] | $ 65,553 | $ 59,882 | $ 200,465 | $ 183,091 |
Total occupancy and operating | [1] | $ 55,238 | $ 50,474 | $ 164,054 | $ 149,691 |
Cost of Sales | Supplier Concentration Risk | |||||
Related Party Transaction [Line Items] | |||||
Concentration percentage | 100.00% | 100.00% | 100.00% | 100.00% | |
Occupancy and Operating | Supplier Concentration Risk | |||||
Related Party Transaction [Line Items] | |||||
Concentration percentage | 100.00% | 100.00% | 100.00% | 100.00% | |
Jacmar | |||||
Related Party Transaction [Line Items] | |||||
Total cost of sales | $ 20,487 | $ 19,240 | $ 62,376 | $ 60,410 | |
Total occupancy and operating | $ 2,325 | $ 2,169 | $ 6,868 | $ 6,543 | |
Jacmar | Cost of Sales | Supplier Concentration Risk | |||||
Related Party Transaction [Line Items] | |||||
Concentration percentage | 31.30% | 32.10% | 31.10% | 33.00% | |
Jacmar | Occupancy and Operating | Supplier Concentration Risk | |||||
Related Party Transaction [Line Items] | |||||
Concentration percentage | 4.20% | 4.30% | 4.20% | 4.40% | |
Third Party Suppliers | |||||
Related Party Transaction [Line Items] | |||||
Total cost of sales | $ 45,066 | $ 40,642 | $ 138,089 | $ 122,681 | |
Total occupancy and operating | $ 52,913 | $ 48,305 | $ 157,186 | $ 143,148 | |
Third Party Suppliers | Cost of Sales | Supplier Concentration Risk | |||||
Related Party Transaction [Line Items] | |||||
Concentration percentage | 68.70% | 67.90% | 68.90% | 67.00% | |
Third Party Suppliers | Occupancy and Operating | Supplier Concentration Risk | |||||
Related Party Transaction [Line Items] | |||||
Concentration percentage | 95.80% | 95.70% | 95.80% | 95.60% | |
[1] | Related party costs included in cost of sales are $20,487 and $19,240 for the thirteen weeks ended October 3, 2017 and September 27, 2016, respectively, and $62,376 and $60,410 for the thirty-nine weeks ended October 3, 2017 and September 27, 2016, respectively. Related party costs included in operating and occupancy are $2,325 and $2,169 for the thirteen weeks ended October 3, 2017 and September 27, 2016, respectively, and $6,868 and $6,543 for the thirty-nine weeks ended October 3, 2017 and September 27, 2016, respectively. See Note 4 for further information. |
Related Party - Summary of Am27
Related Party - Summary of Amounts Included in Trade Payables Related to Jacmar (Detail) - USD ($) $ in Thousands | Oct. 03, 2017 | Jan. 03, 2017 | |
Related Party Transaction [Line Items] | |||
Total accounts payable | [1] | $ 23,984 | $ 31,145 |
Third Party Suppliers | |||
Related Party Transaction [Line Items] | |||
Total accounts payable | 20,168 | 25,363 | |
Jacmar | |||
Related Party Transaction [Line Items] | |||
Total accounts payable | $ 3,816 | $ 5,782 | |
[1] | Included in accounts payable as of October 3, 2017 and January 3, 2017 is $3,816 and $5,782, respectively, of related party trade payables. See Note 4 for further information. |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ in Millions | 9 Months Ended |
Oct. 03, 2017USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares charged to reserve per granted share | shares | 1 |
Share basis for number shares charged to reserve | shares | 1 |
Expiration term of stock options | 10 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 | shares | 1.5 |
Stock Options and Time-based RSUs [Member] | Cliff Vesting Third Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 33.00% |
Stock Options and Time-based RSUs [Member] | Cliff Vesting Fifth Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 67.00% |
Stock Options and Time-based RSUs [Member] | Cliff Vesting | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 5 years |
Stock Options and Time-based RSUs [Member] | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 3 years |
Stock Options and Time-based RSUs [Member] | 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 | $ | $ 1.2 |
Unrecognized stock-based compensation expenses recognition period (in years) | 3 years |
Performance Based Restricted Stock Units | Minimum | Cliff Vesting Third Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 0.00% |
Performance Based Restricted Stock Units | Maximum | Cliff Vesting Third Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 150.00% |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ | $ 3.6 |
Unrecognized stock-based compensation expenses recognition period (in years) | 5 years |
Time-Based Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ | $ 9.4 |
Unrecognized stock-based compensation expenses recognition period (in years) | 5 years |
Stock-Based Compensation Recogn
Stock-Based Compensation Recognized within Our Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2017 | Sep. 27, 2016 | Oct. 03, 2017 | Sep. 27, 2016 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Capitalized | [1] | $ 75 | $ 64 | $ 218 | $ 226 |
Labor and benefits | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Stock-based compensation | 406 | 413 | 1,404 | 1,321 | |
General and administrative | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Stock-based compensation | $ 1,335 | $ 1,061 | $ 3,867 | $ 3,259 | |
[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 Used to Estimate the Fair Value of Each Stock Option (Detail) - $ / shares | 9 Months Ended | |
Oct. 03, 2017 | Sep. 27, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected volatility | 34.70% | 35.90% |
Risk free interest rate | 1.90% | 1.50% |
Expected option life | 5 years | 5 years |
Dividend yield | 0.00% | 0.00% |
Fair value of options granted | $ 12.12 | $ 14.30 |
Stock Option Activity (Detail)
Stock Option Activity (Detail) shares in Thousands | 9 Months Ended |
Oct. 03, 2017$ / sharesshares | |
Options Outstanding, Shares | |
Outstanding, Beginning Balance | shares | 1,227 |
Granted | shares | 168 |
Exercised | shares | (38) |
Forfeited | shares | (23) |
Outstanding, Ending Balance | shares | 1,334 |
Options Outstanding, Weighted Average Exercise Price | |
Outstanding, Beginning Balance | $ / shares | $ 31.95 |
Granted | $ / shares | 36.25 |
Exercised | $ / shares | 27.08 |
Forfeited | $ / shares | 39.67 |
Outstanding, Ending Balance | $ / shares | $ 32.50 |
Options Exercisable, Shares | |
Options Exercisable Outstanding, Beginning Balance | shares | 802 |
Options Exercisable Outstanding, Ending Balance | shares | 880 |
Options Exercisable, Weighted Average Exercise Price | |
Options Exercisable, Beginning Balance | $ / shares | $ 27.73 |
Options Exercisable, Ending Balance | $ / shares | $ 29.42 |
Time-Based Restricted Stock Uni
Time-Based Restricted Stock Unit Activity (Detail) - Time-Based Restricted Stock Units shares in Thousands | 9 Months Ended |
Oct. 03, 2017$ / sharesshares | |
Shares Outstanding | |
Outstanding Beginning Balance, Shares | shares | 460 |
Granted, Shares | shares | 157 |
Vested or released, Shares | shares | (76) |
Forfeited, Shares | shares | (50) |
Outstanding Ending Balance, Shares | shares | 491 |
Weighted Average Fair Value | |
Outstanding Beginning Balance, Weighted Average Fair Value | $ / shares | $ 39.75 |
Granted, Weighted Average Fair Value | $ / shares | 37.26 |
Vested or released, Weighted Average Fair Value | $ / shares | 43.70 |
Forfeited, Weighted Average Fair Value | $ / shares | 39.82 |
Outstanding Ending Balance, Weighted Average Fair Value | $ / shares | $ 38.34 |
Performance-Based Restricted St
Performance-Based Restricted Stock Unit Activity (Detail) - Performance Based Restricted Stock Units shares in Thousands | 9 Months Ended |
Oct. 03, 2017$ / sharesshares | |
Shares Outstanding | |
Outstanding Beginning Balance, Shares | shares | 54 |
Granted, Shares | shares | 40 |
Vested or released, Shares | shares | 0 |
Forfeited, Shares | shares | (24) |
Outstanding Ending Balance, Shares | shares | 70 |
Weighted Average Fair Value | |
Outstanding Beginning Balance, Weighted Average Fair Value | $ / shares | $ 37.87 |
Granted, Weighted Average Fair Value | $ / shares | 35.95 |
Vested or released, Weighted Average Fair Value | $ / shares | 0 |
Forfeited, Weighted Average Fair Value | $ / shares | 32.49 |
Outstanding Ending Balance, Weighted Average Fair Value | $ / shares | $ 38.68 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 03, 2017 | Jan. 03, 2017 | |
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | ||
Unrecognized tax benefits | $ 1,274 | $ 1,245 |
Unrecognized tax benefits that would impact effective tax rate, if reversed | $ 900 | |
Federal | Earliest Tax Year | ||
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | ||
Income tax examination, years open | 2,014 | |
State or Local Taxing Jurisdiction | Earliest Tax Year | ||
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | ||
Income tax examination, years open | 2,012 |
Reconciliation of Beginning and
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) $ in Thousands | 9 Months Ended |
Oct. 03, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
Beginning Balance | $ 1,245 |
Decrease for tax positions taken in prior years | (3) |
Increase for tax positions taken in current year | 96 |
Decrease for statute expiration | (64) |
Ending Balance | $ 1,274 |
Stock Repurchases - Additional
Stock Repurchases - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions | 1 Months Ended | 9 Months Ended |
Mar. 31, 2017 | Oct. 03, 2017 | |
Equity [Abstract] | ||
Number of shares repurchased during the period | 1.7 | |
Repurchased average price per share | $ 34.02 | |
Shares repurchased, value | $ 57,300,000 | |
Expansion of authorized share repurchase program | $ 50,000,000 | |
Aggregate amount authorized under the share repurchase program | $ 400,000,000 | |
Common stock additional repurchases under authorized repurchase program | $ 52,200,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Board of Directors [Member] - Subsequent Event [Member] | Oct. 24, 2017$ / shares |
Subsequent Event [Line Items] | |
Common stock quarterly cash dividend per share | $ 0.11 |
Common stock payable date | Dec. 4, 2017 |
Common stock payable record date | Nov. 13, 2017 |