Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 06, 2019 | Nov. 04, 2019 | |
Document and Entity Information | ||
Entity Registrant Name | RED ROBIN GOURMET BURGERS INC | |
Entity Central Index Key | 0001171759 | |
Current Fiscal Year End Date | --12-29 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Oct. 6, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 12,939,670 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 06, 2019 | Dec. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 20,211 | $ 18,569 |
Accounts receivable, net | 11,470 | 25,034 |
Inventories | 27,053 | 27,370 |
Prepaid expenses and other current assets | 16,450 | 27,576 |
Total current assets | 75,184 | 98,549 |
Property and equipment, net | 522,387 | 565,142 |
Right of use assets, net | 441,701 | |
Goodwill | 96,162 | 95,838 |
Intangible assets, net | 30,937 | 34,609 |
Other assets, net | 79,288 | 49,803 |
Total assets | 1,245,659 | 843,941 |
Current liabilities: | ||
Accounts payable | 37,050 | 39,024 |
Accrued payroll and payroll-related liabilities | 37,542 | 37,922 |
Unearned revenue | 37,913 | 55,360 |
Short-term portion of lease obligations | 43,303 | 786 |
Accrued liabilities and other | 41,823 | 38,057 |
Total current liabilities | 197,631 | 171,149 |
Deferred rent | 0 | 75,675 |
Long-term debt | 188,875 | 193,375 |
Long-term portion of lease obligations | 481,295 | 9,414 |
Other non-current liabilities | 10,067 | 11,523 |
Total liabilities | 877,868 | 461,136 |
Stockholders’ equity: | ||
Common stock; $0.001 par value: 45,000 shares authorized; 17,851 and 17,851 shares issued; 12,957 and 12,971 shares outstanding | 18 | 18 |
Preferred stock, $0.001 par value: 3,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Treasury stock 4,894 and 4,880 shares, at cost | (201,350) | (201,505) |
Paid-in capital | 213,141 | 212,752 |
Accumulated other comprehensive loss, net of tax | (4,986) | (4,801) |
Retained earnings | 360,968 | 376,341 |
Total stockholders’ equity | 367,791 | 382,805 |
Total liabilities and stockholders’ equity | $ 1,245,659 | $ 843,941 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Oct. 06, 2019 | Dec. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 45,000,000 | 45,000,000 |
Common stock, shares issued | 17,851,000 | 17,851,000 |
Common stock, shares outstanding | 12,957,000 | 12,971,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 3,000,000 | 3,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, shares | 4,894,000 | 4,880,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 06, 2019 | Oct. 07, 2018 | Oct. 06, 2019 | Oct. 07, 2018 | |
Revenues: | ||||
Total revenues | $ 294,222 | $ 294,877 | $ 1,012,069 | $ 1,031,784 |
Restaurant operating costs (excluding depreciation and amortization shown separately below): | ||||
Cost of sales | 69,017 | 69,003 | 235,119 | 242,392 |
Labor | 104,870 | 102,322 | 354,302 | 351,813 |
Other operating | 44,317 | 43,612 | 142,882 | 141,305 |
Occupancy | 24,942 | 26,629 | 85,420 | 88,099 |
Depreciation and amortization | 21,280 | 21,819 | 71,087 | 73,335 |
Selling, general, and administrative expenses | 36,776 | 28,780 | 120,126 | 110,715 |
Pre-opening costs | 0 | 387 | 319 | 2,093 |
Other (gains) charges | (1,757) | 520 | 17,488 | 17,422 |
Total costs and expenses | 299,445 | 293,072 | 1,026,743 | 1,027,174 |
(Loss) income from operations | (5,223) | 1,805 | (14,674) | 4,610 |
Other expense: | ||||
Interest expense, net and other | 1,812 | 2,295 | 7,203 | 8,087 |
Loss before income taxes | (7,035) | (490) | (21,877) | (3,477) |
Income tax benefit | (5,214) | (2,199) | (21,676) | (7,692) |
Net (loss) income | $ (1,821) | $ 1,709 | $ (201) | $ 4,215 |
(Loss) earnings per share: | ||||
Basic (in dollars per share) | $ (0.14) | $ 0.13 | $ (0.02) | $ 0.32 |
Diluted (in dollars per share) | $ (0.14) | $ 0.13 | $ (0.02) | $ 0.32 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 12,959 | 12,994 | 12,967 | 12,977 |
Diluted (in shares) | 12,959 | 13,054 | 12,967 | 13,064 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustment | $ (262) | $ 261 | $ (185) | $ (509) |
Other comprehensive (loss) income, net of tax | (262) | 261 | (185) | (509) |
Total comprehensive (loss) income | (2,083) | 1,970 | (386) | 3,706 |
Restaurant revenue | ||||
Revenues: | ||||
Total revenues | 289,862 | 290,218 | 992,764 | 1,015,312 |
Franchise and other revenues | ||||
Revenues: | ||||
Total revenues | $ 4,360 | $ 4,659 | $ 19,305 | $ 16,472 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Treasury Stock | Paid-in Capital | Accumulated Other Comprehensive Loss, net of tax | Retained Earnings |
Beginning balance (in shares) at Dec. 31, 2017 | 17,851 | 4,897 | ||||
Beginning balance at Dec. 31, 2017 | $ 387,435 | $ 18 | $ (202,485) | $ 210,708 | $ (3,566) | $ 382,760 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of options, issuance of restricted stock, shares exchanged for exercise and tax, and stock issued through employee stock purchase plan (in shares) | (26) | |||||
Exercise of options, issuance of restricted stock, shares exchanged for exercise and tax, and stock issued through employee stock purchase plan | (125) | $ 1,042 | (1,167) | |||
Non-cash stock compensation | 1,287 | 1,287 | ||||
Net income | 4,380 | 4,380 | ||||
Other comprehensive loss | (273) | (273) | ||||
Ending balance (in shares) at Apr. 22, 2018 | 17,851 | 4,871 | ||||
Ending balance at Apr. 22, 2018 | 392,704 | $ 18 | $ (201,443) | 210,828 | (3,839) | 387,140 |
Beginning balance (in shares) at Dec. 31, 2017 | 17,851 | 4,897 | ||||
Beginning balance at Dec. 31, 2017 | 387,435 | $ 18 | $ (202,485) | 210,708 | (3,566) | 382,760 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 4,215 | |||||
Other comprehensive loss | (509) | |||||
Ending balance (in shares) at Oct. 07, 2018 | 17,851 | 4,855 | ||||
Ending balance at Oct. 07, 2018 | 394,172 | $ 18 | $ (200,748) | 212,002 | (4,075) | 386,975 |
Beginning balance (in shares) at Apr. 22, 2018 | 17,851 | 4,871 | ||||
Beginning balance at Apr. 22, 2018 | 392,704 | $ 18 | $ (201,443) | 210,828 | (3,839) | 387,140 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of options, issuance of restricted stock, shares exchanged for exercise and tax, and stock issued through employee stock purchase plan (in shares) | (22) | |||||
Exercise of options, issuance of restricted stock, shares exchanged for exercise and tax, and stock issued through employee stock purchase plan | 416 | $ 961 | (545) | |||
Non-cash stock compensation | 1,069 | 1,069 | ||||
Net income | (1,874) | (1,874) | ||||
Other comprehensive loss | (497) | (497) | ||||
Ending balance (in shares) at Jul. 15, 2018 | 17,851 | 4,849 | ||||
Ending balance at Jul. 15, 2018 | 391,818 | $ 18 | $ (200,482) | 211,352 | (4,336) | 385,266 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of options, issuance of restricted stock, shares exchanged for exercise and tax, and stock issued through employee stock purchase plan (in shares) | (2) | |||||
Exercise of options, issuance of restricted stock, shares exchanged for exercise and tax, and stock issued through employee stock purchase plan | (24) | $ 70 | (94) | |||
Acquisition of treasury stock (in shares) | 8 | |||||
Acquisition of treasury stock | (336) | $ (336) | ||||
Non-cash stock compensation | 744 | 744 | ||||
Net income | 1,709 | 1,709 | ||||
Other comprehensive loss | 261 | 261 | ||||
Ending balance (in shares) at Oct. 07, 2018 | 17,851 | 4,855 | ||||
Ending balance at Oct. 07, 2018 | 394,172 | $ 18 | $ (200,748) | 212,002 | (4,075) | 386,975 |
Beginning balance (in shares) at Dec. 30, 2018 | 17,851 | 4,880 | ||||
Beginning balance at Dec. 30, 2018 | 382,805 | $ 18 | $ (201,505) | 212,752 | (4,801) | 376,341 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of options, issuance of restricted stock, shares exchanged for exercise and tax, and stock issued through employee stock purchase plan (in shares) | (32) | |||||
Exercise of options, issuance of restricted stock, shares exchanged for exercise and tax, and stock issued through employee stock purchase plan | 140 | $ 1,344 | (1,204) | |||
Acquisition of treasury stock (in shares) | 31 | |||||
Acquisition of treasury stock | (974) | $ (974) | ||||
Non-cash stock compensation | 477 | 477 | ||||
Net income | 639 | 639 | ||||
Other comprehensive loss | (329) | (329) | ||||
Ending balance (in shares) at Apr. 21, 2019 | 17,851 | 4,879 | ||||
Ending balance at Apr. 21, 2019 | 367,586 | $ 18 | $ (201,135) | 212,025 | (5,130) | 361,808 |
Beginning balance (in shares) at Dec. 30, 2018 | 17,851 | 4,880 | ||||
Beginning balance at Dec. 30, 2018 | 382,805 | $ 18 | $ (201,505) | 212,752 | (4,801) | 376,341 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | (201) | |||||
Other comprehensive loss | (185) | |||||
Ending balance (in shares) at Oct. 06, 2019 | 17,851 | 4,894 | ||||
Ending balance at Oct. 06, 2019 | 367,791 | $ 18 | $ (201,350) | 213,141 | (4,986) | 360,968 |
Beginning balance (in shares) at Apr. 21, 2019 | 17,851 | 4,879 | ||||
Beginning balance at Apr. 21, 2019 | 367,586 | $ 18 | $ (201,135) | 212,025 | (5,130) | 361,808 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of options, issuance of restricted stock, shares exchanged for exercise and tax, and stock issued through employee stock purchase plan (in shares) | (30) | |||||
Exercise of options, issuance of restricted stock, shares exchanged for exercise and tax, and stock issued through employee stock purchase plan | 301 | $ 1,208 | (907) | |||
Acquisition of treasury stock (in shares) | 17 | |||||
Acquisition of treasury stock | (501) | $ (501) | ||||
Non-cash stock compensation | 941 | 941 | ||||
Net income | 981 | 981 | ||||
Other comprehensive loss | 406 | 406 | ||||
Ending balance (in shares) at Jul. 14, 2019 | 17,851 | 4,866 | ||||
Ending balance at Jul. 14, 2019 | 369,714 | $ 18 | $ (200,428) | 212,059 | (4,724) | 362,789 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of options, issuance of restricted stock, shares exchanged for exercise and tax, and stock issued through employee stock purchase plan (in shares) | (1) | |||||
Exercise of options, issuance of restricted stock, shares exchanged for exercise and tax, and stock issued through employee stock purchase plan | (7) | $ 37 | (44) | |||
Acquisition of treasury stock (in shares) | 29 | |||||
Acquisition of treasury stock | (959) | $ (959) | ||||
Non-cash stock compensation | 1,126 | 1,126 | ||||
Net income | (1,821) | (1,821) | ||||
Other comprehensive loss | (262) | (262) | ||||
Ending balance (in shares) at Oct. 06, 2019 | 17,851 | 4,894 | ||||
Ending balance at Oct. 06, 2019 | $ 367,791 | $ 18 | $ (201,350) | $ 213,141 | $ (4,986) | $ 360,968 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 06, 2019 | Oct. 07, 2018 | |
Cash flows from operating activities: | ||
Net income | $ (201) | $ 4,215 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization | 71,087 | 73,335 |
Gift card breakage | (4,899) | (2,210) |
Unpaid other charges | 2,929 | 13,925 |
Deferred income tax benefit | (27,477) | (11,569) |
Stock-based compensation expense | 2,539 | 3,101 |
Other, net | 665 | 1,033 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 14,059 | 15,268 |
Prepaid expenses and other current assets | 2,367 | 10,156 |
Trade accounts payable and accrued liabilities | (6,657) | (4,127) |
Unearned revenue | (12,564) | (15,450) |
Other operating assets and liabilities, net | (231) | 1,103 |
Net cash provided by operating activities | 41,617 | 88,780 |
Cash flows from investing activities: | ||
Purchases of property, equipment, and intangible assets | (33,078) | (39,842) |
Proceeds from sales of real estate and property, plant, and equipment and other investing activities | 178 | 265 |
Net cash used in investing activities | (32,900) | (39,577) |
Cash flows from financing activities: | ||
Borrowings of long-term debt | 211,500 | 194,500 |
Payments of long-term debt and finance leases | (216,918) | (240,553) |
Purchase of treasury stock | (2,434) | (337) |
Net cash used in financing activities | 696 | 733 |
Effect of exchange rate changes on cash | (7,156) | (45,657) |
Net change in cash and cash equivalents | 81 | (892) |
Cash and cash equivalents, beginning of period | 1,642 | 2,654 |
Cash and cash equivalents, end of period | 18,569 | 17,714 |
Cash and cash equivalents, end of period | 20,211 | 20,368 |
Supplemental disclosure of cash flow information | ||
Income taxes paid | 3,140 | 1,286 |
Interest paid, net of amounts capitalized | 7,799 | 7,638 |
Change in construction related payables | $ 3,902 | $ (1,084) |
Basis of Presentation and Recen
Basis of Presentation and Recent Accounting Pronouncements | 9 Months Ended |
Oct. 06, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Recent Accounting Pronouncements | Basis of Presentation and Recent Accounting Pronouncements Red Robin Gourmet Burgers, Inc., a Delaware corporation, together with its subsidiaries (“Red Robin” or the “Company”), primarily develops, operates, and franchises full-service restaurants in North America. As of October 6, 2019 , the Company owned and operated 471 restaurants located in 38 states and two Canadian provinces. The Company also had 90 franchised full-service restaurants in 16 states as of October 6, 2019 . The Company operates its business as one operating and one reportable segment. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Red Robin and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for any interim period are not necessarily indicative of results for the full year. The accompanying condensed consolidated financial statements of Red Robin have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in the Company’s annual consolidated financial statements on Form 10-K have been condensed or omitted. The condensed consolidated balance sheet as of December 30, 2018 has been derived from the audited consolidated financial statements as of that date, but does not include all disclosures required for audited annual financial statements. For further information, please refer to and read these interim condensed consolidated financial statements in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2018 , filed with the SEC on February 27, 2019. The Company’s quarter that ended October 6, 2019 is referred to as third quarter 2019, or the twelve weeks ended October 6, 2019 ; the second quarter ended July 14, 2019 is referred to as second quarter 2019, or the twelve weeks ended July 14, 2019; the first quarter ended April 21, 2019 is referred to as first quarter 2019, or the sixteen weeks ended April 21, 2019; and together, the first, second, and third quarters of 2019 are referred to as the forty weeks ended October 6, 2019 . The Company’s quarter that ended October 7, 2018 is referred to as third quarter 2018, or the twelve weeks ended October 7, 2018; the second quarter ended July 15, 2018 is referred to as second quarter 2018, or the twelve weeks ended July 15, 2018; the first quarter ended April 22, 2018 is referred to as first quarter 2018, or the sixteen weeks ended April 22, 2018; and together, the first, second, and third quarters of 2018 are referred to as the forty weeks ended October 7, 2018. The Company’s fiscal year 2019 comprises 52 weeks and will end on December 29, 2019 . Reclassifications Certain amounts presented in prior periods have been reclassified to conform with the current period presentation. For the forty week period ended October 7, 2018, the Company reclassified gift card breakage of $2.2 million from Other, net to its own line item presented in the adjustments to reconcile net (loss) income to net cash provided by operating activities on the condensed consolidated statement of cash flows. For the fiscal year ended December 30, 2018 , the Company reclassified unfavorable lease rights of $1.4 million from Deferred rent to Other non-current liabilities on the condensed consolidated balance sheets. Management believes this presentation better reflects the nature of these liabilities subsequent to the adoption of Topic 842, as defined in Note 3, Leases . Recently Issued Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Update 2016-13, Financial Instruments - Credit Losses (“Topic 326”), subsequently amended by various standard updates. This guidance replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information when determining credit loss estimates and requires financial assets to be measured net of expected credit losses at the time of initial recognition. This guidance is effective for annual and interim reporting periods beginning after December 15, 2019 using a modified retrospective adoption method. Early adoption is permitted. The Company will adopt this guidance beginning with its fiscal first quarter 2020 and will apply it retrospectively at the beginning of the period of adoption through a cumulative-effect adjustment to retained earnings. We are evaluating the full impact this guidance will have on our consolidated financial statements. We reviewed all other recently issued accounting pronouncements and concluded they were either not applicable or not expected to have a significant impact on the Company's condensed consolidated financial statements. |
Revenue
Revenue | 9 Months Ended |
Oct. 06, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of revenue In the following table, revenue is disaggregated by type of good or service (in thousands): Twelve Weeks Ended Forty Weeks Ended October 6, 2019 October 7, 2018 October 6, 2019 October 7, 2018 Restaurant revenue $ 289,862 $ 290,218 $ 992,764 $ 1,015,312 Franchise revenue 3,727 3,914 13,479 13,363 Gift card breakage 580 536 4,899 2,210 Other revenue 53 209 927 899 Total revenues $ 294,222 $ 294,877 $ 1,012,069 $ 1,031,784 Contract liabilities Unearned gift card revenue at October 6, 2019 and December 30, 2018 was $27.4 million and $45.4 million . Deferred loyalty revenue, which was also included in Unearned revenue in the accompanying condensed consolidated balance sheets, was $10.5 million and $10 million at October 6, 2019 and December 30, 2018 . Revenue recognized in the condensed consolidated statements of operations and comprehensive (loss) income for the redemption of gift cards that were included in the liability balance at the beginning of the fiscal year was as follows (in thousands): Forty Weeks Ended October 6, 2019 October 7, 2018 Gift card revenue $ 19,400 $ 16,842 |
Leases
Leases | 9 Months Ended |
Oct. 06, 2019 | |
Leases [Abstract] | |
Leases | Leases Adoption of FASB Accounting Standards Update ("ASU") 2016-02 On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842) ("Topic 842") along with related clarifications and improvements using the modified retrospective approach without application to prior periods. This guidance requires the recognition of liabilities for lease obligations and corresponding right-of-use assets on the balance sheet and disclosure of key information about leasing arrangements. We applied the practical expedients that do not require us to reassess existing contracts for embedded leases, to separate lease and non-lease components for our population of operating assets, or to reassess lease classification or initial direct costs. The effect of the changes made to our consolidated December 31, 2018 balance sheet as a result of the adoption of Topic 842 was as follows (in thousands): Balance at December 30, 2018 Adjustments due to Topic 842 Balance at December 31, 2018 Balance sheet Non-current assets Right of use assets, net $ — $ 478,268 $ 478,268 Prepaid expenses and other current assets 27,576 (6,592 ) 20,984 Current liabilities Short-term portion of lease obligations 786 40,606 41,392 Non-current liabilities Deferred Rent 75,675 (75,675 ) — Long-term portion of lease obligations 9,414 506,745 516,159 Stockholders’ equity: Retained earnings $ 376,341 $ (15,172 ) $ 361,169 This change did not have any impact on our consolidated statement of operations or consolidated statement of cash flows. Leases The Company leases land, buildings, and equipment used in its operations under operating and finance leases. Our leases generally have remaining terms of 1 - 15 years, most of which include options to extend the leases for additional 5 -year periods. Generally, the lease term is the minimum of the non-cancelable period of the lease or the lease term inclusive of reasonably certain renewal periods up to a term of 20 years. We determine if a contract contains a lease at inception. Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease assets represent our right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets. To determine the present value of lease payments not yet paid, we estimate incremental secured borrowing rates corresponding to the maturities of the leases. We estimate this rate based on prevailing financial market conditions, comparable company and credit analysis, and management judgment. Our leases typically contain rent escalations over the lease term. We recognize expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives used to fund leasehold improvements are recognized when earned and reduce our right-of-use asset related to the lease. These are amortized through the right-of-use asset as reductions of expense over the lease term. Some of our leases include rent escalations based on inflation indexes and fair market value adjustments. Certain leases contain contingent rental provisions that include a fixed base rent plus an additional percentage of the restaurant’s sales in excess of stipulated amounts. Operating lease liabilities are calculated using the prevailing index or rate at lease commencement. Subsequent escalations in the index or rate and contingent rental payments are recognized as variable lease expenses. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Leases are included in right-of-use assets, net, short-term portion of lease obligations, and long-term portion of lease liabilities on our condensed consolidated balance sheet as of October 6, 2019 as follows (in thousands): Finance Operating Total Right of use assets, net $ 8,675 $ 433,026 $ 441,701 Short-term portion of lease obligations 947 42,356 43,303 Long-term portion of lease obligations 10,214 471,081 481,295 Total $ 11,161 $ 513,437 $ 524,598 We have elected the short-term lease recognition exemption for all applicable classes of underlying assets. Short-term disclosures include only those leases with a term greater than one month and 12 months or less, and expense is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less, that do not include an option to purchase the underlying asset that we are reasonably certain to exercise, are not recorded on the balance sheet. The components of lease expense, including variable lease costs primarily consisting of common area maintenance charges and real estate taxes, are included in occupancy on our condensed consolidated statement of operations as follows (in thousands): Twelve Weeks Ended Forty Weeks Ended October 6, 2019 October 6, 2019 Operating lease cost $ 17,298 $ 58,412 Finance lease cost: Amortization of right of use assets 193 635 Interest on lease liabilities 122 415 Total finance lease cost 315 1,050 Variable lease cost 6,653 22,186 Total $ 24,267 $ 81,648 Maturities of our lease liabilities as of October 6, 2019 were as follows (in thousands): Finance Leases Operating Leases Total Remainder of 2019 $ 280 $ 12,997 $ 13,277 2020 1,396 78,135 79,531 2021 1,437 77,392 78,829 2022 1,283 74,865 76,148 2023 1,220 72,339 73,559 Thereafter 8,824 451,232 460,056 Total future lease liability 14,440 766,960 781,400 Less imputed interest 3,279 253,523 256,802 Fair value of lease liability $ 11,161 $ 513,437 $ 524,598 As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting guidance, maturities of lease liabilities were as follows as of December 30, 2018 (in thousands): Capital Leases Operating Leases 2019 $ 1,234 $ 80,367 2020 1,242 76,936 2021 1,240 70,419 2022 1,063 61,649 2023 1,019 54,121 Thereafter 7,552 206,879 Total 13,350 $ 550,371 Less amount representing interest (3,150 ) Present value of future minimum lease payments 10,200 Less current portion (786 ) Long-term capital lease obligations $ 9,414 Supplemental cash flow information related to leases is as follows: Forty Weeks Ended October 6, 2019 Cash paid for amounts included in the measurement of lease liabilities (in thousands): $ 60 Right of use assets obtained in exchange for operating lease obligations following the adoption of Topic 842 (in thousands): $ 10 Right of use assets obtained in exchange for finance lease obligations following the adoption of Topic 842 (in thousands): $ 2 Other information related to operating leases as follows: Weighted average remaining lease term 11 years Weighted average discount rate 7.33 % Other information related to financing leases as follows: Weighted average remaining lease term 12 years Weighted average discount rate 4.71 % |
Leases | Leases Adoption of FASB Accounting Standards Update ("ASU") 2016-02 On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842) ("Topic 842") along with related clarifications and improvements using the modified retrospective approach without application to prior periods. This guidance requires the recognition of liabilities for lease obligations and corresponding right-of-use assets on the balance sheet and disclosure of key information about leasing arrangements. We applied the practical expedients that do not require us to reassess existing contracts for embedded leases, to separate lease and non-lease components for our population of operating assets, or to reassess lease classification or initial direct costs. The effect of the changes made to our consolidated December 31, 2018 balance sheet as a result of the adoption of Topic 842 was as follows (in thousands): Balance at December 30, 2018 Adjustments due to Topic 842 Balance at December 31, 2018 Balance sheet Non-current assets Right of use assets, net $ — $ 478,268 $ 478,268 Prepaid expenses and other current assets 27,576 (6,592 ) 20,984 Current liabilities Short-term portion of lease obligations 786 40,606 41,392 Non-current liabilities Deferred Rent 75,675 (75,675 ) — Long-term portion of lease obligations 9,414 506,745 516,159 Stockholders’ equity: Retained earnings $ 376,341 $ (15,172 ) $ 361,169 This change did not have any impact on our consolidated statement of operations or consolidated statement of cash flows. Leases The Company leases land, buildings, and equipment used in its operations under operating and finance leases. Our leases generally have remaining terms of 1 - 15 years, most of which include options to extend the leases for additional 5 -year periods. Generally, the lease term is the minimum of the non-cancelable period of the lease or the lease term inclusive of reasonably certain renewal periods up to a term of 20 years. We determine if a contract contains a lease at inception. Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease assets represent our right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets. To determine the present value of lease payments not yet paid, we estimate incremental secured borrowing rates corresponding to the maturities of the leases. We estimate this rate based on prevailing financial market conditions, comparable company and credit analysis, and management judgment. Our leases typically contain rent escalations over the lease term. We recognize expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives used to fund leasehold improvements are recognized when earned and reduce our right-of-use asset related to the lease. These are amortized through the right-of-use asset as reductions of expense over the lease term. Some of our leases include rent escalations based on inflation indexes and fair market value adjustments. Certain leases contain contingent rental provisions that include a fixed base rent plus an additional percentage of the restaurant’s sales in excess of stipulated amounts. Operating lease liabilities are calculated using the prevailing index or rate at lease commencement. Subsequent escalations in the index or rate and contingent rental payments are recognized as variable lease expenses. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Leases are included in right-of-use assets, net, short-term portion of lease obligations, and long-term portion of lease liabilities on our condensed consolidated balance sheet as of October 6, 2019 as follows (in thousands): Finance Operating Total Right of use assets, net $ 8,675 $ 433,026 $ 441,701 Short-term portion of lease obligations 947 42,356 43,303 Long-term portion of lease obligations 10,214 471,081 481,295 Total $ 11,161 $ 513,437 $ 524,598 We have elected the short-term lease recognition exemption for all applicable classes of underlying assets. Short-term disclosures include only those leases with a term greater than one month and 12 months or less, and expense is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less, that do not include an option to purchase the underlying asset that we are reasonably certain to exercise, are not recorded on the balance sheet. The components of lease expense, including variable lease costs primarily consisting of common area maintenance charges and real estate taxes, are included in occupancy on our condensed consolidated statement of operations as follows (in thousands): Twelve Weeks Ended Forty Weeks Ended October 6, 2019 October 6, 2019 Operating lease cost $ 17,298 $ 58,412 Finance lease cost: Amortization of right of use assets 193 635 Interest on lease liabilities 122 415 Total finance lease cost 315 1,050 Variable lease cost 6,653 22,186 Total $ 24,267 $ 81,648 Maturities of our lease liabilities as of October 6, 2019 were as follows (in thousands): Finance Leases Operating Leases Total Remainder of 2019 $ 280 $ 12,997 $ 13,277 2020 1,396 78,135 79,531 2021 1,437 77,392 78,829 2022 1,283 74,865 76,148 2023 1,220 72,339 73,559 Thereafter 8,824 451,232 460,056 Total future lease liability 14,440 766,960 781,400 Less imputed interest 3,279 253,523 256,802 Fair value of lease liability $ 11,161 $ 513,437 $ 524,598 As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting guidance, maturities of lease liabilities were as follows as of December 30, 2018 (in thousands): Capital Leases Operating Leases 2019 $ 1,234 $ 80,367 2020 1,242 76,936 2021 1,240 70,419 2022 1,063 61,649 2023 1,019 54,121 Thereafter 7,552 206,879 Total 13,350 $ 550,371 Less amount representing interest (3,150 ) Present value of future minimum lease payments 10,200 Less current portion (786 ) Long-term capital lease obligations $ 9,414 Supplemental cash flow information related to leases is as follows: Forty Weeks Ended October 6, 2019 Cash paid for amounts included in the measurement of lease liabilities (in thousands): $ 60 Right of use assets obtained in exchange for operating lease obligations following the adoption of Topic 842 (in thousands): $ 10 Right of use assets obtained in exchange for finance lease obligations following the adoption of Topic 842 (in thousands): $ 2 Other information related to operating leases as follows: Weighted average remaining lease term 11 years Weighted average discount rate 7.33 % Other information related to financing leases as follows: Weighted average remaining lease term 12 years Weighted average discount rate 4.71 % |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Oct. 06, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The following table presents goodwill as of October 6, 2019 and December 30, 2018 (in thousands): Balance, December 30, 2018 $ 95,838 Foreign currency translation adjustment 324 Balance, October 6, 2019 $ 96,162 The Company recorded no goodwill impairment losses in the period presented in the table above or any prior periods. The following table presents intangible assets as of October 6, 2019 and December 30, 2018 (in thousands): October 6, 2019 December 30, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Franchise rights $ 53,336 $ (35,124 ) $ 18,212 $ 54,404 $ (33,160 ) $ 21,244 Favorable leases 13,001 (8,642 ) 4,359 13,001 (8,136 ) 4,865 Liquor licenses and other 10,737 (9,831 ) 906 10,810 (9,770 ) 1,040 $ 77,074 $ (53,597 ) $ 23,477 $ 78,215 $ (51,066 ) $ 27,149 Indefinite-lived intangible assets: Liquor licenses and other $ 7,460 $ — $ 7,460 $ 7,460 $ — $ 7,460 Intangible assets, net $ 84,534 $ (53,597 ) $ 30,937 $ 85,675 $ (51,066 ) $ 34,609 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 06, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share amounts are calculated by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share amounts are calculated based upon the weighted-average number of shares of common stock and potentially dilutive shares of common stock outstanding during the period. Potentially dilutive shares are excluded from the computation in periods in which they have an anti-dilutive effect. Diluted earnings per share reflect the potential dilution that could occur if holders of options exercised their options into common stock. The Company uses the treasury stock method to calculate the effect of outstanding stock options. Basic weighted average shares outstanding is reconciled to diluted weighted average shares outstanding as follows (in thousands): Twelve Weeks Ended Forty Weeks Ended October 6, 2019 October 7, 2018 October 6, 2019 October 7, 2018 Basic weighted average shares outstanding 12,959 12,994 12,967 12,977 Dilutive effect of stock options and awards — 60 — 87 Diluted weighted average shares outstanding 12,959 13,054 12,967 13,064 Awards excluded due to anti-dilutive effect on diluted earnings per share 358 548 405 428 |
Other (Gains) Charges
Other (Gains) Charges | 9 Months Ended |
Oct. 06, 2019 | |
Other Income and Expenses [Abstract] | |
Other (Gains) Charges | Other (Gains) Charges Other (gains) charges consist of the following (in thousands): Twelve Weeks Ended Forty Weeks Ended October 6, 2019 October 7, 2018 October 6, 2019 October 7, 2018 Asset impairment $ — $ — $ 14,064 $ 9,643 Executive transition and severance 594 — 2,958 — Restaurant closure gains (3,922 ) — (2,617 ) — Board and stockholder matter costs 1,311 — 2,463 — Litigation contingencies — — — 4,000 Reorganization costs — 520 — 3,273 Spiral menu disposal — — — 506 Executive retention 260 — 620 — Other (gains) charges $ (1,757 ) $ 520 $ 17,488 $ 17,422 In second quarter 2019 , the Company determined 29 Company-owned restaurants were impaired and recognized a non-cash impairment charge of $ 14.1 million . In second quarter 2018 , the Company determined eight Company-owned restaurants were impaired and recognized a non-cash impairment charge of $9.6 million . The Company recognized the non-cash impairment charges included in asset impairment above resulting from the continuing and projected future results of these restaurants, primarily through projected cash flows. Non-cash impairment charges resulting from restaurant closures are included within restaurant closure gains. |
Borrowings
Borrowings | 9 Months Ended |
Oct. 06, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Long-term debt as of October 6, 2019 and December 30, 2018 was $188.9 million and $193.4 million . On June 30, 2016 , the Company entered into a credit facility (the “Credit Facility”), which provides for a $400 million revolving line of credit with a sublimit for the issuance of up to $25 million in letters of credit and swingline loans up to $15 million . On August 19, 2019, the Company entered into a second amendment (the “Amendment”) to the Credit Facility. The Amendment increases the lease adjusted leverage ratio to 5.0x through December 29, 2019 before returning to 4.75x thereafter. In addition, the Amendment revises the definition of permitted acquisitions under the Credit Facility to correspond with the change to the lease adjusted leverage ratio and clarifies the classification of existing capital and operating leases. The Company's lease adjusted leverage ratio was 4.55x as of October 6, 2019 . The lease adjusted leverage ratio is defined in Section 1.1 of the Credit Facility, which is filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on July 5, 2016, as further amended by the Amendment filed as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed with the SEC on August 23, 2019. The Credit Facility matures on June 30, 2021 . As of October 6, 2019 , the Company had outstanding borrowings under the Credit Facility of $188.0 million , in addition to amounts issued under letters of credit of $7.5 million . The amounts issued under letters of credit reduce the amount available under the facility but were not recorded as debt. As of December 30, 2018 , the Company had outstanding borrowings under the Credit Facility of $192.5 million , in addition to amounts issued under letters of credit of $7.8 million . No outstanding borrowings were considered short-term as of October 6, 2019 and December 30, 2018 . Loan origination costs associated with the Credit Facility are included as deferred costs in Other assets, net in the accompanying condensed consolidated balance sheets. Unamortized debt issuance costs were $1.2 million and $1.7 million as of October 6, 2019 and December 30, 2018 . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 06, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis The carrying amounts of the Company’s cash and cash equivalents, accounts receivable, accounts payable, and current accrued expenses and other liabilities approximate fair value due to the short term nature or maturity of the instruments. The following tables present the Company’s assets measured at fair value on a recurring basis as of October 6, 2019 and December 30, 2018 (in thousands): October 6, 2019 Level 1 Level 2 Level 3 Assets: Investments in rabbi trust $ 7,109 $ 7,109 $ — $ — Total assets measured at fair value $ 7,109 $ 7,109 $ — $ — December 30, 2018 Level 1 Level 2 Level 3 Assets: Investments in rabbi trust $ 8,198 $ 8,198 $ — $ — Total assets measured at fair value $ 8,198 $ 8,198 $ — $ — Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Assets and liabilities recognized or disclosed at fair value on the consolidated financial statements on a nonrecurring basis include items such as property, plant and equipment, goodwill, and other intangible assets. These assets are measured at fair value if determined to be impaired. Disclosures of Fair Value of Other Assets and Liabilities The Company’s liabilities under its Credit Facility and finance leases are carried at historical cost in the accompanying condensed consolidated balance sheets. Both the Credit Facility and the Company’s finance lease obligations are measured using level 2 inputs. The carrying value of the Credit Facility approximates fair value as the interest rate on this instrument approximates current market rates. For disclosure purposes, the Company estimated the fair value of the finance lease obligations using discounted cash flow analysis based on market rates obtained from independent third parties for similar types of debt. The following table presents the carrying value and estimated fair value of the Company’s finance lease obligations as of October 6, 2019 and December 30, 2018 (in thousands): October 6, 2019 December 30, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Finance lease obligations $ 11,161 $ 10,839 $ 10,200 $ 10,143 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 06, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, there are various claims in process, matters in litigation, and other contingencies. These include employment-related claims and claims alleging illness, injury, or other food quality, health, or operational issues. Evaluating contingencies related to litigation is a complex process involving subjective judgment on the potential outcome of future events, and the ultimate resolution of litigated claims may differ from our current analysis. We review the adequacy of accruals and disclosures pertaining to litigation matters each quarter in consultation with legal counsel, and we assess the probability and range of possible losses associated with contingencies for potential accrual in the consolidated financial statements. While it is not possible to predict the outcome of these claims with certainty, management is of the opinion that adequate provision for potential losses associated with these matters has been made in the condensed consolidated financial statements. Amounts recorded in the periods presented for litigation contingencies related to employment claims are disclosed in Note 6, Other (Gains) Charges . |
Basis of Presentation and Rec_2
Basis of Presentation and Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Oct. 06, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Update 2016-13, Financial Instruments - Credit Losses (“Topic 326”), subsequently amended by various standard updates. This guidance replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information when determining credit loss estimates and requires financial assets to be measured net of expected credit losses at the time of initial recognition. This guidance is effective for annual and interim reporting periods beginning after December 15, 2019 using a modified retrospective adoption method. Early adoption is permitted. The Company will adopt this guidance beginning with its fiscal first quarter 2020 and will apply it retrospectively at the beginning of the period of adoption through a cumulative-effect adjustment to retained earnings. We are evaluating the full impact this guidance will have on our consolidated financial statements. We reviewed all other recently issued accounting pronouncements and concluded they were either not applicable or not expected to have a significant impact on the Company's condensed consolidated financial statements. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Red Robin and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for any interim period are not necessarily indicative of results for the full year. The accompanying condensed consolidated financial statements of Red Robin have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in the Company’s annual consolidated financial statements on Form 10-K have been condensed or omitted. The condensed consolidated balance sheet as of December 30, 2018 has been derived from the audited consolidated financial statements as of that date, but does not include all disclosures required for audited annual financial statements. For further information, please refer to and read these interim condensed consolidated financial statements in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2018 , filed with the SEC on February 27, 2019. The Company’s quarter that ended October 6, 2019 is referred to as third quarter 2019, or the twelve weeks ended October 6, 2019 ; the second quarter ended July 14, 2019 is referred to as second quarter 2019, or the twelve weeks ended July 14, 2019; the first quarter ended April 21, 2019 is referred to as first quarter 2019, or the sixteen weeks ended April 21, 2019; and together, the first, second, and third quarters of 2019 are referred to as the forty weeks ended October 6, 2019 . The Company’s quarter that ended October 7, 2018 is referred to as third quarter 2018, or the twelve weeks ended October 7, 2018; the second quarter ended July 15, 2018 is referred to as second quarter 2018, or the twelve weeks ended July 15, 2018; the first quarter ended April 22, 2018 is referred to as first quarter 2018, or the sixteen weeks ended April 22, 2018; and together, the first, second, and third quarters of 2018 are referred to as the forty weeks ended October 7, 2018. The Company’s fiscal year 2019 comprises 52 weeks and will end on December 29, 2019 . |
Reclassifications | Reclassifications Certain amounts presented in prior periods have been reclassified to conform with the current period presentation. For the forty week period ended October 7, 2018, the Company reclassified gift card breakage of $2.2 million from Other, net to its own line item presented in the adjustments to reconcile net (loss) income to net cash provided by operating activities on the condensed consolidated statement of cash flows. For the fiscal year ended December 30, 2018 , the Company reclassified unfavorable lease rights of $1.4 million from Deferred rent to Other non-current liabilities on the condensed consolidated balance sheets. Management believes this presentation better reflects the nature of these liabilities subsequent to the adoption of Topic 842, as defined in Note 3, Leases . |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Oct. 06, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of revenue disaggregated by type of good or service | In the following table, revenue is disaggregated by type of good or service (in thousands): Twelve Weeks Ended Forty Weeks Ended October 6, 2019 October 7, 2018 October 6, 2019 October 7, 2018 Restaurant revenue $ 289,862 $ 290,218 $ 992,764 $ 1,015,312 Franchise revenue 3,727 3,914 13,479 13,363 Gift card breakage 580 536 4,899 2,210 Other revenue 53 209 927 899 Total revenues $ 294,222 $ 294,877 $ 1,012,069 $ 1,031,784 |
Schedule of revenue recognized that were included in liability balances at the beginning of the fiscal year | Revenue recognized in the condensed consolidated statements of operations and comprehensive (loss) income for the redemption of gift cards that were included in the liability balance at the beginning of the fiscal year was as follows (in thousands): Forty Weeks Ended October 6, 2019 October 7, 2018 Gift card revenue $ 19,400 $ 16,842 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 06, 2019 | |
Leases [Abstract] | |
Asset and Balance Sheet effects of adoption of 2016-02 | The effect of the changes made to our consolidated December 31, 2018 balance sheet as a result of the adoption of Topic 842 was as follows (in thousands): Balance at December 30, 2018 Adjustments due to Topic 842 Balance at December 31, 2018 Balance sheet Non-current assets Right of use assets, net $ — $ 478,268 $ 478,268 Prepaid expenses and other current assets 27,576 (6,592 ) 20,984 Current liabilities Short-term portion of lease obligations 786 40,606 41,392 Non-current liabilities Deferred Rent 75,675 (75,675 ) — Long-term portion of lease obligations 9,414 506,745 516,159 Stockholders’ equity: Retained earnings $ 376,341 $ (15,172 ) $ 361,169 Leases are included in right-of-use assets, net, short-term portion of lease obligations, and long-term portion of lease liabilities on our condensed consolidated balance sheet as of October 6, 2019 as follows (in thousands): Finance Operating Total Right of use assets, net $ 8,675 $ 433,026 $ 441,701 Short-term portion of lease obligations 947 42,356 43,303 Long-term portion of lease obligations 10,214 471,081 481,295 Total $ 11,161 $ 513,437 $ 524,598 |
Lease cost | The components of lease expense, including variable lease costs primarily consisting of common area maintenance charges and real estate taxes, are included in occupancy on our condensed consolidated statement of operations as follows (in thousands): Twelve Weeks Ended Forty Weeks Ended October 6, 2019 October 6, 2019 Operating lease cost $ 17,298 $ 58,412 Finance lease cost: Amortization of right of use assets 193 635 Interest on lease liabilities 122 415 Total finance lease cost 315 1,050 Variable lease cost 6,653 22,186 Total $ 24,267 $ 81,648 Supplemental cash flow information related to leases is as follows: Forty Weeks Ended October 6, 2019 Cash paid for amounts included in the measurement of lease liabilities (in thousands): $ 60 Right of use assets obtained in exchange for operating lease obligations following the adoption of Topic 842 (in thousands): $ 10 Right of use assets obtained in exchange for finance lease obligations following the adoption of Topic 842 (in thousands): $ 2 Other information related to operating leases as follows: Weighted average remaining lease term 11 years Weighted average discount rate 7.33 % Other information related to financing leases as follows: Weighted average remaining lease term 12 years Weighted average discount rate 4.71 % |
Schedule of operating lease maturities | Maturities of our lease liabilities as of October 6, 2019 were as follows (in thousands): Finance Leases Operating Leases Total Remainder of 2019 $ 280 $ 12,997 $ 13,277 2020 1,396 78,135 79,531 2021 1,437 77,392 78,829 2022 1,283 74,865 76,148 2023 1,220 72,339 73,559 Thereafter 8,824 451,232 460,056 Total future lease liability 14,440 766,960 781,400 Less imputed interest 3,279 253,523 256,802 Fair value of lease liability $ 11,161 $ 513,437 $ 524,598 |
Schedule of finance lease maturities | Maturities of our lease liabilities as of October 6, 2019 were as follows (in thousands): Finance Leases Operating Leases Total Remainder of 2019 $ 280 $ 12,997 $ 13,277 2020 1,396 78,135 79,531 2021 1,437 77,392 78,829 2022 1,283 74,865 76,148 2023 1,220 72,339 73,559 Thereafter 8,824 451,232 460,056 Total future lease liability 14,440 766,960 781,400 Less imputed interest 3,279 253,523 256,802 Fair value of lease liability $ 11,161 $ 513,437 $ 524,598 |
Schedule of lease payments under previous guidance | As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting guidance, maturities of lease liabilities were as follows as of December 30, 2018 (in thousands): Capital Leases Operating Leases 2019 $ 1,234 $ 80,367 2020 1,242 76,936 2021 1,240 70,419 2022 1,063 61,649 2023 1,019 54,121 Thereafter 7,552 206,879 Total 13,350 $ 550,371 Less amount representing interest (3,150 ) Present value of future minimum lease payments 10,200 Less current portion (786 ) Long-term capital lease obligations $ 9,414 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Oct. 06, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The following table presents goodwill as of October 6, 2019 and December 30, 2018 (in thousands): Balance, December 30, 2018 $ 95,838 Foreign currency translation adjustment 324 Balance, October 6, 2019 $ 96,162 |
Schedule of intangible assets subject to amortization | The following table presents intangible assets as of October 6, 2019 and December 30, 2018 (in thousands): October 6, 2019 December 30, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Franchise rights $ 53,336 $ (35,124 ) $ 18,212 $ 54,404 $ (33,160 ) $ 21,244 Favorable leases 13,001 (8,642 ) 4,359 13,001 (8,136 ) 4,865 Liquor licenses and other 10,737 (9,831 ) 906 10,810 (9,770 ) 1,040 $ 77,074 $ (53,597 ) $ 23,477 $ 78,215 $ (51,066 ) $ 27,149 Indefinite-lived intangible assets: Liquor licenses and other $ 7,460 $ — $ 7,460 $ 7,460 $ — $ 7,460 Intangible assets, net $ 84,534 $ (53,597 ) $ 30,937 $ 85,675 $ (51,066 ) $ 34,609 |
Schedule of intangible assets not subject to amortization | The following table presents intangible assets as of October 6, 2019 and December 30, 2018 (in thousands): October 6, 2019 December 30, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Franchise rights $ 53,336 $ (35,124 ) $ 18,212 $ 54,404 $ (33,160 ) $ 21,244 Favorable leases 13,001 (8,642 ) 4,359 13,001 (8,136 ) 4,865 Liquor licenses and other 10,737 (9,831 ) 906 10,810 (9,770 ) 1,040 $ 77,074 $ (53,597 ) $ 23,477 $ 78,215 $ (51,066 ) $ 27,149 Indefinite-lived intangible assets: Liquor licenses and other $ 7,460 $ — $ 7,460 $ 7,460 $ — $ 7,460 Intangible assets, net $ 84,534 $ (53,597 ) $ 30,937 $ 85,675 $ (51,066 ) $ 34,609 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 06, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of computations for basic and diluted earnings per share | Basic weighted average shares outstanding is reconciled to diluted weighted average shares outstanding as follows (in thousands): Twelve Weeks Ended Forty Weeks Ended October 6, 2019 October 7, 2018 October 6, 2019 October 7, 2018 Basic weighted average shares outstanding 12,959 12,994 12,967 12,977 Dilutive effect of stock options and awards — 60 — 87 Diluted weighted average shares outstanding 12,959 13,054 12,967 13,064 Awards excluded due to anti-dilutive effect on diluted earnings per share 358 548 405 428 |
Other Charges (Tables)
Other Charges (Tables) | 9 Months Ended |
Oct. 06, 2019 | |
Other Income and Expenses [Abstract] | |
Summary of other charges | Other (gains) charges consist of the following (in thousands): Twelve Weeks Ended Forty Weeks Ended October 6, 2019 October 7, 2018 October 6, 2019 October 7, 2018 Asset impairment $ — $ — $ 14,064 $ 9,643 Executive transition and severance 594 — 2,958 — Restaurant closure gains (3,922 ) — (2,617 ) — Board and stockholder matter costs 1,311 — 2,463 — Litigation contingencies — — — 4,000 Reorganization costs — 520 — 3,273 Spiral menu disposal — — — 506 Executive retention 260 — 620 — Other (gains) charges $ (1,757 ) $ 520 $ 17,488 $ 17,422 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 06, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value assets measured on recurring basis | The following tables present the Company’s assets measured at fair value on a recurring basis as of October 6, 2019 and December 30, 2018 (in thousands): October 6, 2019 Level 1 Level 2 Level 3 Assets: Investments in rabbi trust $ 7,109 $ 7,109 $ — $ — Total assets measured at fair value $ 7,109 $ 7,109 $ — $ — December 30, 2018 Level 1 Level 2 Level 3 Assets: Investments in rabbi trust $ 8,198 $ 8,198 $ — $ — Total assets measured at fair value $ 8,198 $ 8,198 $ — $ — |
Summary of fair value of debt | The following table presents the carrying value and estimated fair value of the Company’s finance lease obligations as of October 6, 2019 and December 30, 2018 (in thousands): October 6, 2019 December 30, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Finance lease obligations $ 11,161 $ 10,839 $ 10,200 $ 10,143 |
Basis of Presentation and Rec_3
Basis of Presentation and Recent Accounting Pronouncements - Additional Information (Details) $ in Thousands | 9 Months Ended | ||
Oct. 06, 2019USD ($)stateprovincerestaurantsegment | Dec. 31, 2018USD ($) | Dec. 30, 2018USD ($) | |
Franchisor Disclosure [Line Items] | |||
Number of operating segments | segment | 1 | ||
Number of reportable segments | segment | 1 | ||
Other non-current liabilities | $ 10,067 | $ 11,523 | |
Deferred rent | $ 0 | $ 0 | 75,675 |
Company-owned operated restaurants | |||
Franchisor Disclosure [Line Items] | |||
Number of restaurants | restaurant | 471 | ||
Number of states in which restaurants are located | state | 38 | ||
Number of Canadian provinces in which restaurants are located | province | 2 | ||
Franchised restaurants | |||
Franchisor Disclosure [Line Items] | |||
Number of restaurants | restaurant | 90 | ||
Number of states in which restaurants are located | state | 16 | ||
Accounting Standards Update 2016-02 | |||
Franchisor Disclosure [Line Items] | |||
Deferred rent | $ (75,675) | ||
Accounting Standards Update 2016-02 | Adjustments | |||
Franchisor Disclosure [Line Items] | |||
Other non-current liabilities | 1,400 | ||
Deferred rent | $ (1,400) |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Thousands | Oct. 06, 2019 | Dec. 30, 2018 |
Disaggregation of Revenue [Line Items] | ||
Unearned revenue | $ 37,913 | $ 55,360 |
Gift card revenue | ||
Disaggregation of Revenue [Line Items] | ||
Unearned revenue | 27,400 | 45,400 |
Deferred loyalty revenue | ||
Disaggregation of Revenue [Line Items] | ||
Unearned revenue | $ 10,500 | $ 10,000 |
Revenue - Schedule of Revenue D
Revenue - Schedule of Revenue Disaggregation by Product Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 06, 2019 | Oct. 07, 2018 | Oct. 06, 2019 | Oct. 07, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 294,222 | $ 294,877 | $ 1,012,069 | $ 1,031,784 |
Restaurant revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 289,862 | 290,218 | 992,764 | 1,015,312 |
Franchise revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 3,727 | 3,914 | 13,479 | 13,363 |
Gift card breakage | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 580 | 536 | 4,899 | 2,210 |
Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 53 | $ 209 | $ 927 | $ 899 |
Revenue - Schedule of Revenue R
Revenue - Schedule of Revenue Recognized Included in Liability Balances at Beginning of Fiscal Year (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 06, 2019 | Oct. 07, 2018 | |
Gift card revenue | ||
Disaggregation of Revenue [Line Items] | ||
Gift card revenue | $ 19,400 | $ 16,842 |
Leases Effect on Balance Sheet
Leases Effect on Balance Sheet of Adoption of New Accounting Standard (Details) - USD ($) $ in Thousands | Oct. 06, 2019 | Dec. 31, 2018 | Dec. 30, 2018 |
Non-current assets | |||
Right of use assets, net | $ 441,701 | $ 478,268 | |
Prepaid expenses and other current assets | 16,450 | 20,984 | $ 27,576 |
Current liabilities | |||
Short-term portion of lease obligations | 43,303 | 41,392 | 786 |
Non-current liabilities | |||
Deferred rent | 0 | 0 | 75,675 |
Long-term portion of lease obligations | 481,295 | 516,159 | 9,414 |
Stockholders’ equity: | |||
Retained earnings | $ 360,968 | 361,169 | $ 376,341 |
Accounting Standards Update 2016-02 | |||
Non-current assets | |||
Right of use assets, net | 478,268 | ||
Prepaid expenses and other current assets | (6,592) | ||
Current liabilities | |||
Short-term portion of lease obligations | 40,606 | ||
Non-current liabilities | |||
Deferred rent | (75,675) | ||
Long-term portion of lease obligations | 506,745 | ||
Stockholders’ equity: | |||
Retained earnings | $ (15,172) |
Leases Narrative (Details)
Leases Narrative (Details) | 9 Months Ended |
Oct. 06, 2019 | |
Lessee, Lease, Description [Line Items] | |
Term of lease extension | 5 years |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 15 years |
Maximum renewal term | 20 years |
Leases Additional Balance Sheet
Leases Additional Balance Sheet information (Details) - USD ($) $ in Thousands | Oct. 06, 2019 | Dec. 31, 2018 | Dec. 30, 2018 |
Finance | |||
Right of use assets, net | $ 8,675 | ||
Finance Lease Liabilities | |||
Short-term portion of lease obligations | 947 | ||
Long-term portion of lease obligations | 10,214 | ||
Total | 11,161 | ||
Operating | |||
Right of use assets, net | 433,026 | ||
Operating Lease Liabilities | |||
Short-term portion of lease obligations | 42,356 | ||
Long-term portion of lease obligations | 471,081 | ||
Total | 513,437 | ||
Total | |||
Right of use assets, net | 441,701 | $ 478,268 | |
Total | |||
Short-term portion of lease obligations | 43,303 | 41,392 | $ 786 |
Long-term portion of lease obligations | 481,295 | $ 516,159 | $ 9,414 |
Total | $ 524,598 |
Leases Lease Cost (Details)
Leases Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 06, 2019 | Oct. 06, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 17,298 | $ 58,412 |
Lease, Cost [Abstract] | ||
Amortization of right of use assets | 193 | 635 |
Interest on lease liabilities | 122 | 415 |
Finance lease cost: | 315 | 1,050 |
Variable lease cost | 6,653 | 22,186 |
Total | $ 24,267 | $ 81,648 |
Leases Schedules of Lease Matur
Leases Schedules of Lease Maturities (Details) $ in Thousands | Oct. 06, 2019USD ($) |
Finance Leases | |
Remainder of 2019 | $ 280 |
2020 | 1,396 |
2021 | 1,437 |
2022 | 1,283 |
2023 | 1,220 |
Thereafter | 8,824 |
Total future lease liability | 14,440 |
Less imputed interest | 3,279 |
Total | 11,161 |
Operating Leases | |
Remainder of 2019 | 12,997 |
2020 | 78,135 |
2021 | 77,392 |
2022 | 74,865 |
2023 | 72,339 |
Thereafter | 451,232 |
Total future lease liability | 766,960 |
Less imputed interest | 253,523 |
Fair value of lease liability | 513,437 |
Total | |
Remainder of 2019 | 13,277 |
2020 | 79,531 |
2021 | 78,829 |
2022 | 76,148 |
2023 | 73,559 |
Thereafter | 460,056 |
Total future lease liability | 781,400 |
Less imputed interest | 256,802 |
Fair value of lease liability | $ 524,598 |
Leases Schedule of lease maturi
Leases Schedule of lease maturities under previous guidance (Details) $ in Thousands | Dec. 30, 2018USD ($) |
Capital Leases | |
2019 | $ 1,234 |
2020 | 1,242 |
2021 | 1,240 |
2022 | 1,063 |
2023 | 1,019 |
Thereafter | 7,552 |
Total | 13,350 |
Less amount representing interest | (3,150) |
Present value of future minimum lease payments | 10,200 |
Less current portion | (786) |
Long-term capital lease obligations | 9,414 |
Operating Leases | |
2019 | 80,367 |
2020 | 76,936 |
2021 | 70,419 |
2022 | 61,649 |
2023 | 54,121 |
Thereafter | 206,879 |
Total | $ 550,371 |
Leases Supplemental Cash Flow I
Leases Supplemental Cash Flow Information (Details) $ in Thousands | 9 Months Ended |
Oct. 06, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities (in thousands): | $ 59,999 |
Right of use assets obtained in exchange for operating lease obligations following the adoption of Topic 842 (in thousands): | 10,396 |
Right of use assets obtained in exchange for finance lease obligations following the adoption of Topic 842 (in thousands): | $ 1,669 |
Other information related to operating leases as follows: | |
Weighted average remaining lease term | 11 years |
Weighted average discount rate | 7.33% |
Other information related to financing leases as follows: | |
Weighted average remaining lease term | 12 years |
Weighted average discount rate | 4.71% |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Goodwill Activity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 06, 2019 | Oct. 07, 2018 | Oct. 06, 2019 | Oct. 07, 2018 | |
Goodwill [Roll Forward] | ||||
Beginning balance | $ 95,838,000 | |||
Foreign currency translation adjustment | 324,000 | |||
Ending balance | $ 96,162,000 | 96,162,000 | ||
Impairment of goodwill | $ 0 | $ 0 | $ 0 | $ 0 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Oct. 06, 2019 | Dec. 30, 2018 |
Intangible Assets | ||
Gross Carrying Amount | $ 77,074 | $ 78,215 |
Accumulated Amortization | (53,597) | (51,066) |
Net Carrying Amount | 23,477 | 27,149 |
Intangible assets, gross carrying amount | 84,534 | 85,675 |
Intangible assets, net carrying amount | 30,937 | 34,609 |
Liquor licenses and other | ||
Intangible Assets | ||
Liquor licenses and other | 7,460 | 7,460 |
Franchise rights | ||
Intangible Assets | ||
Gross Carrying Amount | 53,336 | 54,404 |
Accumulated Amortization | (35,124) | (33,160) |
Net Carrying Amount | 18,212 | 21,244 |
Favorable leases | ||
Intangible Assets | ||
Gross Carrying Amount | 13,001 | 13,001 |
Accumulated Amortization | (8,642) | (8,136) |
Net Carrying Amount | 4,359 | 4,865 |
Liquor licenses and other | ||
Intangible Assets | ||
Gross Carrying Amount | 10,737 | 10,810 |
Accumulated Amortization | (9,831) | (9,770) |
Net Carrying Amount | $ 906 | $ 1,040 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 06, 2019 | Oct. 07, 2018 | Oct. 06, 2019 | Oct. 07, 2018 | |
Earnings Per Share Reconciliation [Abstract] | ||||
Basic weighted average shares outstanding (in shares) | 12,959 | 12,994 | 12,967 | 12,977 |
Dilutive effect of stock options and awards (in shares) | 0 | 60 | 0 | 87 |
Diluted weighted average shares outstanding (in shares) | 12,959 | 13,054 | 12,967 | 13,064 |
Awards excluded due to anti-dilutive effect on diluted earnings per share (in shares) | 358 | 548 | 405 | 428 |
Other Charges - Summary of Othe
Other Charges - Summary of Other Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 06, 2019 | Jul. 14, 2019 | Oct. 07, 2018 | Jul. 15, 2018 | Oct. 06, 2019 | Oct. 07, 2018 | |
Property, Plant and Equipment [Line Items] | ||||||
Asset impairment | $ 0 | $ 14,100 | $ 0 | $ 9,600 | $ 14,064 | $ 9,643 |
Executive transition and severance | 594 | 0 | 2,958 | 0 | ||
Board and stockholder matter costs | 1,311 | 0 | 2,463 | 0 | ||
Litigation contingencies | 0 | 0 | 0 | 4,000 | ||
Reorganization costs | 0 | 520 | 0 | 3,273 | ||
Executive retention | 260 | 0 | 620 | 0 | ||
Other (gains) charges | (1,757) | 520 | 17,488 | 17,422 | ||
Restaurant closure gains | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Restaurant closure and spiral menu disposal costs | (3,922) | 0 | (2,617) | 0 | ||
Spiral menu disposal | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Restaurant closure and spiral menu disposal costs | $ 0 | $ 0 | $ 0 | $ 506 |
Other Charges - Additional Info
Other Charges - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 06, 2019USD ($) | Jul. 14, 2019USD ($)restaurant | Oct. 07, 2018USD ($) | Jul. 15, 2018USD ($)restaurant | Oct. 06, 2019USD ($) | Oct. 07, 2018USD ($) | |
Other Income and Expenses [Abstract] | ||||||
Number of restaurants impaired | restaurant | 29 | 8 | ||||
Asset impairment | $ | $ 0 | $ 14,100 | $ 0 | $ 9,600 | $ 14,064 | $ 9,643 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) | Oct. 06, 2019USD ($) | Aug. 19, 2019 | Jul. 14, 2019 | Dec. 30, 2018USD ($) | Jun. 30, 2016USD ($) |
Borrowings | |||||
Long-term debt | $ 188,875,000 | $ 193,375,000 | |||
Outstanding borrowings considered short-term | 0 | 0 | |||
Loan origination costs | $ 1,200,000 | 1,700,000 | |||
Lease adjusted leverage ratio July 14, 2019 | 4,560 | 4.30 | |||
Lease adjusted leverage ratio through Dec 29, 2019 | 5 | ||||
Lease adjusted leverage ratio thereafter | 4.75 | ||||
Credit Facility | Revolving credit facility | |||||
Borrowings | |||||
Amounts outstanding | 192,500,000 | ||||
Credit Facility | Letter of credit | |||||
Borrowings | |||||
Amounts outstanding | $ 7,800,000 | ||||
Credit Facility | Line of credit | |||||
Borrowings | |||||
Amounts outstanding | $ 188,000,000 | ||||
Credit Facility | Revolving credit facility | |||||
Borrowings | |||||
Maximum borrowing capacity | $ 400,000,000 | ||||
Credit Facility | Letter of credit | Line of credit | |||||
Borrowings | |||||
Maximum borrowing capacity | 25,000,000 | ||||
Amounts outstanding | $ 7,500,000 | ||||
Credit Facility | Swingline loans | Line of credit | |||||
Borrowings | |||||
Maximum borrowing capacity | $ 15,000,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets at Fair Value on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands | Oct. 06, 2019 | Dec. 30, 2018 |
Assets: | ||
Investments in rabbi trust | $ 7,109 | $ 8,198 |
Total assets measured at fair value | 7,109 | 8,198 |
Level 1 | ||
Assets: | ||
Investments in rabbi trust | 7,109 | 8,198 |
Total assets measured at fair value | 7,109 | 8,198 |
Level 2 | ||
Assets: | ||
Investments in rabbi trust | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Level 3 | ||
Assets: | ||
Investments in rabbi trust | 0 | 0 |
Total assets measured at fair value | $ 0 | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Carrying Value and Estimated Fair Value of Liabilities (Details) - USD ($) $ in Thousands | Oct. 06, 2019 | Dec. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance lease obligations | $ 11,161 | |
Carrying value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance lease obligations | 11,161 | |
Carrying value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance lease obligations | $ 10,200 | |
Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance lease obligations | $ 10,839 | |
Estimated Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance lease obligations | $ 10,143 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 06, 2019 | Oct. 07, 2018 | Oct. 06, 2019 | Oct. 07, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Litigation contingencies | $ 0 | $ 0 | $ 0 | $ 4,000 |
Uncategorized Items - rrgb-2019
Label | Element | Value |
Accounting Standards Update 2016-02 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (15,172,000) |