Red Robin Gourmet Burgers (RRGB) 10-Q 4 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Oct. 04, 2015	Nov. 03, 2015
Document and Entity Information
Entity Registrant Name	RED ROBIN GOURMET BURGERS INC
Entity Central Index Key	1,171,759
Current Fiscal Year End Date	--12-27
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Oct. 4, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		13,927,944

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 04, 2015	Dec. 28, 2014
Current assets:
Cash and cash equivalents	$ 21,823	$ 22,408
Accounts receivable, net	12,875	23,740
Inventories	26,643	25,947
Prepaid expenses and other current assets	19,360	23,160
Deferred tax asset and other	4,184	4,677
Total current assets	84,885	99,932
Property and equipment, net	580,631	496,262
Goodwill	82,646	84,115
Intangible assets, net	40,275	42,479
Other assets, net	13,892	13,101
Total assets	802,329	735,889
Current liabilities:
Trade accounts payable	22,244	28,522
Construction related payables	33,248	15,652
Accrued payroll and payroll-related liabilities	46,494	47,362
Unearned revenue	30,221	45,049
Accrued liabilities and other	31,512	27,084
Total current liabilities	163,719	163,669
Deferred rent	63,635	57,341
Long-term debt	164,875	139,375
Long-term portion of capital lease obligations	7,534	7,938
Other non-current liabilities	9,647	7,795
Total liabilities	409,410	376,118
Stockholders’ equity:
Common stock, $0.001 par value: 45,000 shares authorized; 17,851 and 17,851 shares issued; 14,047 and 14,043 shares outstanding	18	18
Preferred stock, $0.001 par value: 3,000 shares authorized; no shares issued and outstanding	0	0
Treasury stock 3,804 and 3,808 shares, at cost	(137,211)	(132,252)
Paid-in capital	205,255	200,617
Accumulated other comprehensive loss, net of tax	(4,468)	(1,924)
Retained earnings	329,325	293,312
Total stockholders’ equity	392,919	359,771
Total liabilities and stockholders’ equity	$ 802,329	$ 735,889

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Oct. 04, 2015	Dec. 28, 2014
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	14,047,000	14,043,000
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	3,804,000	3,808,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 04, 2015	Oct. 05, 2014	Oct. 04, 2015	Oct. 05, 2014
Revenues:
Restaurant revenue	$ 279,496	$ 263,883	$ 956,709	$ 850,696
Franchise royalties, fees, and other revenues	3,916	3,493	14,583	13,297
Total revenues	283,412	267,376	971,292	863,993
Restaurant operating costs (excluding depreciation and amortization shown separately below):
Cost of sales	68,197	68,241	237,812	216,150
Labor	92,097	88,918	309,966	282,410
Other operating	36,144	34,124	118,084	105,744
Occupancy	22,804	21,222	76,161	64,122
Depreciation and amortization	18,618	15,209	58,881	48,216
Selling, general, and administrative expenses	31,608	27,831	113,795	100,573
Pre-opening and acquisition costs	2,239	2,605	4,563	7,045
Total costs and expenses	271,707	258,150	919,262	824,260
Income from operations	11,705	9,226	52,030	39,733
Other expense:
Interest expense, net and other	1,098	986	3,062	2,134
Income before income taxes	10,607	8,240	48,968	37,599
Provision for income taxes	2,325	1,032	12,955	8,977
Net income	$ 8,282	$ 7,208	$ 36,013	$ 28,622
Earnings per share:
Basic (in dollars per share)	$ 0.59	$ 0.51	$ 2.55	$ 2
Diluted (in dollars per share)	$ 0.58	$ 0.50	$ 2.52	$ 1.97
Weighted average shares outstanding:
Basic (in shares)	14,138	14,216	14,115	14,299
Diluted (in shares)	14,308	14,397	14,297	14,517

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 04, 2015	Oct. 05, 2014	Oct. 04, 2015	Oct. 05, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 8,282	$ 7,208	$ 36,013	$ 28,622
Changes in derivative instrument:
Net change in fair value of interest rate swap	0	(10)	(3)	(87)
Net loss reclassified into interest expense	0	21	36	72
Tax (expense) benefit	0	(4)	(13)	6
Net change in derivative instrument	0	7	20	(9)
Foreign currency translation adjustment	(753)	(1,146)	(2,564)	(1,146)
Other comprehensive loss, net of tax	(753)	(1,139)	(2,544)	(1,155)
Total comprehensive income	$ 7,529	$ 6,069	$ 33,469	$ 27,467

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Oct. 04, 2015	Oct. 05, 2014
Cash flows from operating activities:
Net income	$ 36,013	$ 28,622
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	58,881	48,216
Stock-based compensation expense	4,043	3,211
Other, net	(4,058)	(1,998)
Changes in operating assets and liabilities, net of business acquisitions:
Accounts receivable	12,768	7,958
Trade accounts payable and accrued liabilities	2,967	(1,125)
Unearned revenue	(10,833)	(8,794)
Other operating assets and liabilities, net	1,570	6,848
Net cash provided by operating activities	101,351	82,938
Cash flows from investing activities:
Purchases of property, equipment, and intangible assets	(120,738)	(75,859)
Acquisition of franchise restaurants, net of cash acquired	(2,532)	(48,664)
Other investing activities	191	(1,024)
Net cash used in investing activities	(123,079)	(125,547)
Cash flows from financing activities:
Borrowings of long-term debt	324,500	172,000
Payments of long-term debt and capital leases	(299,457)	(104,606)
Purchase of treasury stock	(9,849)	(25,712)
Debt issuance costs	0	(690)
Tax benefit from exercise of stock options	1,969	1,920
Proceeds from exercise of stock options and employee stock purchase plan	4,149	2,579
Net cash provided by financing activities	21,312	45,491
Effect of exchange rate changes on cash	(169)	(50)
Net change in cash and cash equivalents	(585)	2,832
Cash and cash equivalents, beginning of period	22,408	17,108
Cash and cash equivalents, end of period	21,823	19,940
Supplemental disclosure of cash flow information
Income taxes paid	11,402	12,496
Interest paid, net of amounts capitalized	2,949	2,729
Change in construction related payables	$ 17,596	$ 1,594

Basis of Presentation and Recen

Basis of Presentation and Recent Accounting Pronouncements	9 Months Ended
	Oct. 04, 2015
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”), develops and operates casual-dining and fast-casual restaurants. As of October 4, 2015 , the Company owned and operated 428 restaurants located in 38 states, the District of Columbia, and two Canadian provinces. The Company also had 99 franchised casual-dining restaurants in 15 states as of October 4, 2015 . 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 and with the instructions to Form 10-Q and Article 10 of Regulation S-X. 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”). 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 28, 2014 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 28, 2014 , filed with the SEC on February 20, 2015. The Company’s quarter that ended October 4, 2015 is referred to as third quarter 2015, or the twelve weeks ended October 4, 2015 ; the second quarter ended July 12, 2015 is referred to as second quarter 2015, or the twelve weeks ended July 12, 2015; the first quarter ended April 19, 2015 is referred to as first quarter 2015, or the sixteen weeks ended April 19, 2015; and together the first, second, and third quarters of 2015 are referred to as the forty weeks ended October 4, 2015. The Company’s quarter that ended October 5, 2014 is referred to as third quarter 2014, or the twelve weeks ended October 5, 2014 ; the second quarter ended July 13, 2014 is referred to as second quarter 2014, or the twelve weeks ended July 13, 2014; the first quarter ended April 20, 2014 is referred to as first quarter 2014, or the sixteen weeks ended April 20, 2014; and together the first, second, and third quarters of 2014 are referred to as the forty weeks ended October 5, 2014 . Change in Accounting Estimate - Gift Card Breakage During the first quarter 2015, the Company re-evaluated the estimated redemption pattern related to gift cards and aligned the recognition of gift card breakage revenue to the updated estimated redemption pattern. As a result, the Company recognized $1.4 million of additional gift card breakage revenue in the first quarter of 2015. Gift card breakage revenue is included in other revenue in the condensed consolidated statement of income. This change in accounting estimate increased net income by $0.9 million or $0.06 per diluted share for the first quarter 2015. Recently Issued Accounting Standards In September 2015, the Financial Accounting Standards Board (“FASB”) issued new guidance eliminating the requirement to restate prior period financial statements for measurement period adjustments following a business combination. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The prior period impact of the adjustment should be either presented separately on the face of the income statement or disclosed in the notes. The guidance is effective for reporting periods beginning after December 15, 2015 with early adoption permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s consolidated financial position or results of operations. In July 2015, the FASB issued guidance on the subsequent measurement of inventory, which changes the measurement from lower of cost or market to lower of cost and net realizable value. The guidance is effective for reporting periods beginning after December 15, 2016 and permits adoption in an earlier period. We do not expect the adoption of this guidance will have a material impact to our financial statements. In April 2015, the FASB issued guidance on the financial statement presentation of debt issuance costs. This guidance requires debt issuance costs to be presented in the balance sheet as a reduction of the related debt liability, rather than an asset. The guidance is effective for reporting periods beginning after December 15, 2015 and will result in an immaterial change in presentation of these costs on our consolidated balance sheets. In April 2015, the FASB issued guidance clarifying that if a cloud computing arrangement includes a software license, the customer should account for the license consistent with its accounting for other software licenses. If the arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance is effective for reporting periods beginning after December 15, 2015. We are currently evaluating the impact this guidance may have on our consolidated financial position and results of operations. In May 2014, the FASB issued guidance outlining a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This guidance requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additionally, this guidance expands related disclosure requirements. In July 2015, the FASB approved a one-year deferral of the effective date of the new revenue standard. The guidance is now effective for reporting periods beginning after December 15, 2017 with early adoption permitted. We are currently evaluating the impact this guidance will have on our consolidated financial position and results of operations.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Oct. 04, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The following table presents goodwill as of October 4, 2015 and December 28, 2014 (in thousands): Balance, December 28, 2014 $ 84,115 Acquisition and adjustment 295 Translation adjustment $ (1,764 ) Balance, October 4, 2015 $ 82,646 The Company had no goodwill impairment losses in the period presented in the table above or any prior periods. During the first three quarters of 2015, the Company acquired one restaurant from a franchisee and finalized the purchase price accounting for acquisitions made in 2014, resulting in an immaterial adjustment to goodwill. The following table presents intangible assets as of October 4, 2015 and December 28, 2014 (in thousands): October 4, 2015 December 28, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Franchise rights $ 50,877 $ (23,155 ) $ 27,722 $ 50,826 $ (20,583 ) $ 30,243 Favorable leases 12,991 (6,461 ) 6,530 12,991 (5,553 ) 7,438 Liquor licenses 10,096 (9,717 ) 379 10,058 (9,548 ) 510 $ 73,964 $ (39,333 ) $ 34,631 $ 73,875 $ (35,684 ) $ 38,191 Indefinite-lived intangible assets: Liquor licenses and other $ 5,644 $ — $ 5,644 $ 4,288 $ — $ 4,288 Intangible assets, net $ 79,608 $ (39,333 ) $ 40,275 $ 78,163 $ (35,684 ) $ 42,479 There were no impairments to intangible assets during the forty weeks ended October 4, 2015 and October 5, 2014 . The aggregate amortization expense related to intangible assets subject to amortization was $1.2 million and $3.6 million for the twelve and forty weeks ended October 4, 2015 . The estimated aggregate future amortization expense as of October 4, 2015 is as follows, (in thousands): Remainder of 2015 $ 966 2016 4,025 2017 3,915 2018 3,699 2019 3,617 Thereafter 18,409 $ 34,631

Stock Incentive Plans

Stock Incentive Plans	9 Months Ended
	Oct. 04, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Incentive Plans	Stock Incentive Plans Under the Company’s Second Amended and Restated 2007 Performance Incentive Plan (the “2007 Stock Plan”), various stock options and stock awards may be granted to employees of the Company and any of the Company’s subsidiaries, directors of the Company, and certain consultants and advisors to the Company or any of its subsidiaries. Stock options are granted with an exercise price equal to the fair market value of shares of the Company’s common stock at the grant date. We account for stock-based compensation in accordance with fair value recognition provisions, calculated using the Black-Scholes option pricing model (“the pricing model”). The weighted-average fair value of non-qualified stock options and the related assumptions used in the pricing model were as follows for periods in which options were granted: Twelve Weeks Ended Forty Weeks Ended October 4, 2015 October 5, 2014 October 4, 2015 October 5, 2014 Risk-free interest rate N/A 1.4 % 1.4 % 1.7 % Expected years until exercise N/A 4.2 4.8 5.7 Expected stock volatility N/A 40.2 % 40.6 % 44.6 % Dividend yield N/A — % — % — % Weighted average Black-Scholes fair value per share at date of grant N/A $ 18.12 $ 29.71 $ 30.70 The following table presents a summary of the Company’s stock-based compensation activity for the forty weeks ended October 4, 2015 (in thousands): Stock Options Restricted Stock Units Outstanding, December 28, 2014 462 101 Granted 72 33 Forfeited/expired (43 ) (12 ) Exercised/vested (94 ) (45 ) Outstanding, October 4, 2015 397 77 We recognized expense from stock-based compensation for the twelve and forty weeks ended October 4, 2015 and October 5, 2014 as follows (in thousands): Twelve Weeks Ended Forty Weeks Ended October 4, 2015 October 5, 2014 October 4, 2015 October 5, 2014 Restaurant related $ 26 $ 16 $ 88 $ 65 Selling, general, and administrative related 1,168 1,162 3,955 3,146 Total stock-based compensation $ 1,194 $ 1,178 $ 4,043 $ 3,211

Earnings Per Share

Earnings Per Share	9 Months Ended
	Oct. 04, 2015
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. During the twelve and forty weeks ended October 4, 2015 , weighted average stock options outstanding of 43 thousand shares and 56 thousand shares were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. During the twelve and forty weeks ended October 5, 2014 , weighted average stock options outstanding of 79 thousand and 61 thousand shares were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. The Company uses the treasury stock method to calculate the effect of outstanding stock options. The computations for basic and diluted earnings per share are as follows (in thousands, except per share data): Twelve Weeks Ended Forty Weeks Ended October 4, 2015 October 5, 2014 October 4, 2015 October 5, 2014 Net income $ 8,282 $ 7,208 $ 36,013 $ 28,622 Basic weighted average shares outstanding 14,138 14,216 14,115 14,299 Dilutive effect of stock options and awards 170 181 182 218 Diluted weighted average shares outstanding 14,308 14,397 14,297 14,517 Earnings per share: Basic $ 0.59 $ 0.51 $ 2.55 $ 2.00 Diluted $ 0.58 $ 0.50 $ 2.52 $ 1.97

Impairment and Restaurant Closu

Impairment and Restaurant Closures	9 Months Ended
	Oct. 04, 2015
Restructuring and Related Activities [Abstract]
Impairment and Restaurant Closures	Impairment and Restaurant Closures During the forty weeks ended October 4, 2015 , the Company closed one restaurant at the end of its lease term. The Company closed two restaurants that operated below acceptable profitability levels during the forty weeks ended October 5, 2014 . Both restaurants closed during the forty weeks ended October 5, 2014 had been impaired in fiscal year 2013. No impairments were recorded during the forty weeks ended October 4, 2015 or October 5, 2014 . The Company evaluates restaurants that are closed and allocates goodwill based on the relative fair value of the disposed restaurants to the Company’s reporting unit. Since restaurant operations are typically valued based on cash flow from operations, the Company compares the cash flow from the closed restaurants to the cash flow from the reporting unit to determine the relative value. No goodwill was allocated to the restaurants closed during the forty weeks ended October 4, 2015 or October 5, 2014 , because those restaurants did not have positive cash flow or fair value.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Oct. 04, 2015
Derivative and Other Comprehensive Income
Derivative Financial Instruments	Derivative Financial Instruments From time to time, the Company enters into derivative instruments for risk management purposes only, including a derivative designated as cash flow hedge under guidance for derivative instruments and hedging activities. By using these instruments, the Company exposes itself, from time to time, to both credit and market risk. Credit risk is the failure of either party to the contract to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, creating credit risk for the Company. The Company minimizes credit risk by entering into transactions with high-quality counterparties whose credit ratings are evaluated on a quarterly basis. Market risk, as it relates to the Company's interest-rate derivative, is the adverse effect on the value of a financial instrument resulting from changes in interest rates. The Company minimizes market risk by establishing and monitoring parameters that limit the types and degree of market risk the Company accepts. The Company had one interest rate swap at December 28, 2014 with a remaining notional amount of $54.4 million . The Company entered into this variable-to-fixed interest rate swap agreement with Rabobank in August 2011 with an initial notional amount of $74.1 million to hedge its floating interest rate borrowings. The notional amount amortized over time from $74.1 million at inception to $50.6 million at its maturity on June 30, 2015. Under the terms of the interest rate swap, the quarterly cash payment or receipt was equal to the net of (1) the fixed interest rate of 1.135% paid by the Company and (2) the 3 month LIBOR rate for the applicable interest period received by the Company multiplied by the remaining notional amount as of the payment date. Changes in fair value of the interest rate swap are recorded, net of tax, as a component of Accumulated other comprehensive loss (“AOCL”), in the accompanying condensed consolidated balance sheets. The Company reclassifies the effective gain or loss from Accumulated other comprehensive loss, net of tax, to Interest expense, net and other, on the Company’s condensed consolidated statements of income as the interest expense is recognized on the related debt. The ineffective portion of the change in fair value of the interest rate swap, if any, is recognized directly in earnings in interest expense. The following table presents losses on the interest rate swap designated as a cash flow hedge recognized in other comprehensive loss (“OCL”) and reclassifications from AOCL to earnings for the forty weeks ended October 4, 2015 and for the twelve and forty weeks ended October 5, 2014 (in thousands): Losses recognized in OCL on derivative (effective portion) Losses reclassified from AOCL into income (effective portion) October 4, 2015 October 5, 2014 October 4, 2015 October 5, 2014 Twelve Weeks Ended $ — $ (10 ) $ (13 ) $ (21 ) Forty Weeks Ended $ (3 ) $ (87 ) $ (36 ) $ (72 ) The following table summarizes the fair value and presentation of the interest rate swap in the accompanying condensed consolidated balance sheets as hedging instruments as of October 4, 2015 and December 28, 2014 (in thousands): Derivative Liability Balance Sheet Location Fair Value at October 4, 2015 Fair Value at December 28, 2014 Accrued liabilities $ — $ 347 Total derivatives $ — $ 347 The components of Accumulated other comprehensive loss related to the interest rate swap being used to hedge cash flows were immaterial as of October 4, 2015 and December 28, 2014 . The interest rate swap was highly effective during 2015 until it matured on June 30, 2015.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Oct. 04, 2015
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, and accounts payable approximate fair value due to the short term nature or maturity of the instruments. The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of October 4, 2015 and December 28, 2014 (in thousands): October 4, 2015 Level 1 Level 2 Level 3 Assets: Investments in rabbi trust $ 6,630 $ 6,630 $ — $ — Total assets measured at fair value $ 6,630 $ 6,630 $ — $ — Liabilities: Derivative—interest rate swap $ — $ — $ — $ — Total liabilities measured at fair value $ — $ — $ — $ — December 28, 2014 Level 1 Level 2 Level 3 Assets: Investments in rabbi trust $ 5,723 $ 5,723 $ — $ — Total assets measured at fair value $ 5,723 $ 5,723 $ — $ — Liabilities: Derivative—interest rate swap $ 347 $ — 347 $ — Total liabilities measured at fair value $ 347 $ — $ 347 $ — The Company had no financial assets or liabilities that were measured using level 3 inputs during the forty weeks ended October 4, 2015 , other than an immaterial amount related to the land and building associated with one restaurant acquired from a franchisee. The Company also had no non-financial assets or liabilities that were required to be measured on a recurring basis. Disclosures of Fair Value of Other Assets and Liabilities The Company’s liabilities under its credit facility and capital leases are carried at historical cost in the accompanying condensed consolidated balance sheets. For disclosure purposes, the Company estimated the fair value of the credit facility and capital lease obligations using discounted cash flow analysis based on market rates obtained from independent third parties for similar types of debt. Both the credit facility and the Company’s capital lease obligations are considered to be level 2 instruments. The following table presents the carrying value and estimated fair value of Company’s credit facility and capital lease obligations as of October 4, 2015 and December 28, 2014 (in thousands): October 4, 2015 December 28, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Credit facility $ 164,000 $ 163,876 $ 138,500 $ 138,397 Capital lease obligations 8,065 9,362 8,521 10,004 Total $ 172,065 $ 173,238 $ 147,021 $ 148,401

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Oct. 04, 2015
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. To date, no claims of these types of litigation, certain of which are covered by insurance policies, have had a material effect on the Company. While it is not possible to predict the outcome of these suits, legal proceedings and claims with certainty, management is of the opinion that adequate provision for potential losses associated with these matters has been made in the financial statements and that the ultimate resolution of these matters will not have a material effect on the Company’s financial position and results of operations.

Subsequent Events

Subsequent Events	9 Months Ended
	Oct. 04, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events and found there to be no events requiring recognition or disclosure through the date of issuance of this report.

Basis of Presentation and Rec16

Basis of Presentation and Recent Accounting Pronouncements (Policies)	9 Months Ended
	Oct. 04, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 and with the instructions to Form 10-Q and Article 10 of Regulation S-X. 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”). 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 28, 2014 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 28, 2014 , filed with the SEC on February 20, 2015. The Company’s quarter that ended October 4, 2015 is referred to as third quarter 2015, or the twelve weeks ended October 4, 2015 ; the second quarter ended July 12, 2015 is referred to as second quarter 2015, or the twelve weeks ended July 12, 2015; the first quarter ended April 19, 2015 is referred to as first quarter 2015, or the sixteen weeks ended April 19, 2015; and together the first, second, and third quarters of 2015 are referred to as the forty weeks ended October 4, 2015. The Company’s quarter that ended October 5, 2014 is referred to as third quarter 2014, or the twelve weeks ended October 5, 2014 ; the second quarter ended July 13, 2014 is referred to as second quarter 2014, or the twelve weeks ended July 13, 2014; the first quarter ended April 20, 2014 is referred to as first quarter 2014, or the sixteen weeks ended April 20, 2014; and together the first, second, and third quarters of 2014 are referred to as the forty weeks ended October 5, 2014 .
Change in Accounting Estimate - Gift Card Breakage	Change in Accounting Estimate - Gift Card Breakage During the first quarter 2015, the Company re-evaluated the estimated redemption pattern related to gift cards and aligned the recognition of gift card breakage revenue to the updated estimated redemption pattern.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In September 2015, the Financial Accounting Standards Board (“FASB”) issued new guidance eliminating the requirement to restate prior period financial statements for measurement period adjustments following a business combination. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The prior period impact of the adjustment should be either presented separately on the face of the income statement or disclosed in the notes. The guidance is effective for reporting periods beginning after December 15, 2015 with early adoption permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s consolidated financial position or results of operations. In July 2015, the FASB issued guidance on the subsequent measurement of inventory, which changes the measurement from lower of cost or market to lower of cost and net realizable value. The guidance is effective for reporting periods beginning after December 15, 2016 and permits adoption in an earlier period. We do not expect the adoption of this guidance will have a material impact to our financial statements. In April 2015, the FASB issued guidance on the financial statement presentation of debt issuance costs. This guidance requires debt issuance costs to be presented in the balance sheet as a reduction of the related debt liability, rather than an asset. The guidance is effective for reporting periods beginning after December 15, 2015 and will result in an immaterial change in presentation of these costs on our consolidated balance sheets. In April 2015, the FASB issued guidance clarifying that if a cloud computing arrangement includes a software license, the customer should account for the license consistent with its accounting for other software licenses. If the arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance is effective for reporting periods beginning after December 15, 2015. We are currently evaluating the impact this guidance may have on our consolidated financial position and results of operations. In May 2014, the FASB issued guidance outlining a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This guidance requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additionally, this guidance expands related disclosure requirements. In July 2015, the FASB approved a one-year deferral of the effective date of the new revenue standard. The guidance is now effective for reporting periods beginning after December 15, 2017 with early adoption permitted. We are currently evaluating the impact this guidance will have on our consolidated financial position and results of operations.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Oct. 04, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	The following table presents goodwill as of October 4, 2015 and December 28, 2014 (in thousands): Balance, December 28, 2014 $ 84,115 Acquisition and adjustment 295 Translation adjustment $ (1,764 ) Balance, October 4, 2015 $ 82,646
Schedule of intangible assets subject to amortization	The following table presents intangible assets as of October 4, 2015 and December 28, 2014 (in thousands): October 4, 2015 December 28, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Franchise rights $ 50,877 $ (23,155 ) $ 27,722 $ 50,826 $ (20,583 ) $ 30,243 Favorable leases 12,991 (6,461 ) 6,530 12,991 (5,553 ) 7,438 Liquor licenses 10,096 (9,717 ) 379 10,058 (9,548 ) 510 $ 73,964 $ (39,333 ) $ 34,631 $ 73,875 $ (35,684 ) $ 38,191 Indefinite-lived intangible assets: Liquor licenses and other $ 5,644 $ — $ 5,644 $ 4,288 $ — $ 4,288 Intangible assets, net $ 79,608 $ (39,333 ) $ 40,275 $ 78,163 $ (35,684 ) $ 42,479
Schedule of intangible assets not subject to amortization	The following table presents intangible assets as of October 4, 2015 and December 28, 2014 (in thousands): October 4, 2015 December 28, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Franchise rights $ 50,877 $ (23,155 ) $ 27,722 $ 50,826 $ (20,583 ) $ 30,243 Favorable leases 12,991 (6,461 ) 6,530 12,991 (5,553 ) 7,438 Liquor licenses 10,096 (9,717 ) 379 10,058 (9,548 ) 510 $ 73,964 $ (39,333 ) $ 34,631 $ 73,875 $ (35,684 ) $ 38,191 Indefinite-lived intangible assets: Liquor licenses and other $ 5,644 $ — $ 5,644 $ 4,288 $ — $ 4,288 Intangible assets, net $ 79,608 $ (39,333 ) $ 40,275 $ 78,163 $ (35,684 ) $ 42,479
Schedule of estimated aggregate future amortization expense	The estimated aggregate future amortization expense as of October 4, 2015 is as follows, (in thousands): Remainder of 2015 $ 966 2016 4,025 2017 3,915 2018 3,699 2019 3,617 Thereafter 18,409 $ 34,631

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	9 Months Ended
	Oct. 04, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of average assumptions used in estimation of fair value of options	The weighted-average fair value of non-qualified stock options and the related assumptions used in the pricing model were as follows for periods in which options were granted: Twelve Weeks Ended Forty Weeks Ended October 4, 2015 October 5, 2014 October 4, 2015 October 5, 2014 Risk-free interest rate N/A 1.4 % 1.4 % 1.7 % Expected years until exercise N/A 4.2 4.8 5.7 Expected stock volatility N/A 40.2 % 40.6 % 44.6 % Dividend yield N/A — % — % — % Weighted average Black-Scholes fair value per share at date of grant N/A $ 18.12 $ 29.71 $ 30.70
Summary of status of the Company's stock option plans	The following table presents a summary of the Company’s stock-based compensation activity for the forty weeks ended October 4, 2015 (in thousands): Stock Options Restricted Stock Units Outstanding, December 28, 2014 462 101 Granted 72 33 Forfeited/expired (43 ) (12 ) Exercised/vested (94 ) (45 ) Outstanding, October 4, 2015 397 77
Schedule of recognized expense from stock-based compensation	We recognized expense from stock-based compensation for the twelve and forty weeks ended October 4, 2015 and October 5, 2014 as follows (in thousands): Twelve Weeks Ended Forty Weeks Ended October 4, 2015 October 5, 2014 October 4, 2015 October 5, 2014 Restaurant related $ 26 $ 16 $ 88 $ 65 Selling, general, and administrative related 1,168 1,162 3,955 3,146 Total stock-based compensation $ 1,194 $ 1,178 $ 4,043 $ 3,211

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Oct. 04, 2015
Earnings Per Share [Abstract]
Schedule of computations for basic and diluted earnings per share	The computations for basic and diluted earnings per share are as follows (in thousands, except per share data): Twelve Weeks Ended Forty Weeks Ended October 4, 2015 October 5, 2014 October 4, 2015 October 5, 2014 Net income $ 8,282 $ 7,208 $ 36,013 $ 28,622 Basic weighted average shares outstanding 14,138 14,216 14,115 14,299 Dilutive effect of stock options and awards 170 181 182 218 Diluted weighted average shares outstanding 14,308 14,397 14,297 14,517 Earnings per share: Basic $ 0.59 $ 0.51 $ 2.55 $ 2.00 Diluted $ 0.58 $ 0.50 $ 2.52 $ 1.97

Derivative Financial Instrume20

Derivative Financial Instruments (Tables)	9 Months Ended
	Oct. 04, 2015
Derivative and Other Comprehensive Income
Schedule of interest rate swaps designated as a cash flow hedge	The following table presents losses on the interest rate swap designated as a cash flow hedge recognized in other comprehensive loss (“OCL”) and reclassifications from AOCL to earnings for the forty weeks ended October 4, 2015 and for the twelve and forty weeks ended October 5, 2014 (in thousands): Losses recognized in OCL on derivative (effective portion) Losses reclassified from AOCL into income (effective portion) October 4, 2015 October 5, 2014 October 4, 2015 October 5, 2014 Twelve Weeks Ended $ — $ (10 ) $ (13 ) $ (21 ) Forty Weeks Ended $ (3 ) $ (87 ) $ (36 ) $ (72 )
Schedule of fair value and presentation of interest rate hedging instruments in condensed consolidated balance sheets	The following table summarizes the fair value and presentation of the interest rate swap in the accompanying condensed consolidated balance sheets as hedging instruments as of October 4, 2015 and December 28, 2014 (in thousands): Derivative Liability Balance Sheet Location Fair Value at October 4, 2015 Fair Value at December 28, 2014 Accrued liabilities $ — $ 347 Total derivatives $ — $ 347

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Oct. 04, 2015
Fair Value Disclosures [Abstract]
Schedule of fair value assets measured on recurring basis	The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of October 4, 2015 and December 28, 2014 (in thousands): October 4, 2015 Level 1 Level 2 Level 3 Assets: Investments in rabbi trust $ 6,630 $ 6,630 $ — $ — Total assets measured at fair value $ 6,630 $ 6,630 $ — $ — Liabilities: Derivative—interest rate swap $ — $ — $ — $ — Total liabilities measured at fair value $ — $ — $ — $ — December 28, 2014 Level 1 Level 2 Level 3 Assets: Investments in rabbi trust $ 5,723 $ 5,723 $ — $ — Total assets measured at fair value $ 5,723 $ 5,723 $ — $ — Liabilities: Derivative—interest rate swap $ 347 $ — 347 $ — Total liabilities measured at fair value $ 347 $ — $ 347 $ —
Schedule of fair value liabilities measured on recurring basis	The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of October 4, 2015 and December 28, 2014 (in thousands): October 4, 2015 Level 1 Level 2 Level 3 Assets: Investments in rabbi trust $ 6,630 $ 6,630 $ — $ — Total assets measured at fair value $ 6,630 $ 6,630 $ — $ — Liabilities: Derivative—interest rate swap $ — $ — $ — $ — Total liabilities measured at fair value $ — $ — $ — $ — December 28, 2014 Level 1 Level 2 Level 3 Assets: Investments in rabbi trust $ 5,723 $ 5,723 $ — $ — Total assets measured at fair value $ 5,723 $ 5,723 $ — $ — Liabilities: Derivative—interest rate swap $ 347 $ — 347 $ — Total liabilities measured at fair value $ 347 $ — $ 347 $ —
Summary of fair value of debt	The following table presents the carrying value and estimated fair value of Company’s credit facility and capital lease obligations as of October 4, 2015 and December 28, 2014 (in thousands): October 4, 2015 December 28, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Credit facility $ 164,000 $ 163,876 $ 138,500 $ 138,397 Capital lease obligations 8,065 9,362 8,521 10,004 Total $ 172,065 $ 173,238 $ 147,021 $ 148,401

Basis of Presentation and Rec22

Basis of Presentation and Recent Accounting Pronouncements (Details) $ / shares in Units, $ in Thousands	3 Months Ended				4 Months Ended		9 Months Ended
	Oct. 04, 2015USD ($)stateprovincerestaurant$ / shares	Jul. 12, 2015	Oct. 05, 2014USD ($)$ / shares	Jul. 13, 2014	Apr. 19, 2015USD ($)$ / shares	Apr. 20, 2014	Oct. 04, 2015USD ($)stateprovincerestaurantsegment$ / shares	Oct. 05, 2014USD ($)$ / shares
Franchisor Disclosure [Line Items]
Number of operating segments | segment							1
Number of reportable segments | segment							1
Length of fiscal period	84 days	84 days	84 days	84 days	112 days	112 days	280 days	280 days
Gift card breakage revenue recognized					$ 1,400
Net income	$ 8,282		$ 7,208				$ 36,013	$ 28,622
Earnings per share, diluted (in dollars per share) | $ / shares	$ 0.58		$ 0.50				$ 2.52	$ 1.97
Company-owned operated restaurants
Franchisor Disclosure [Line Items]
Number of restaurants | restaurant	428						428
Number of states in which restaurants are located | state	38						38
Number of Canadian provinces in which restaurants are located | province	2						2
Franchised restaurants
Franchisor Disclosure [Line Items]
Number of restaurants | restaurant	99						99
Number of states in which restaurants are located | state	15						15
Change in accounting estimate
Franchisor Disclosure [Line Items]
Net income					$ 900
Earnings per share, diluted (in dollars per share) | $ / shares					$ 0.06

Goodwill and Intangible Asset23

Goodwill and Intangible Assets (Details)	3 Months Ended	9 Months Ended
	Oct. 04, 2015USD ($)restaurant	Oct. 04, 2015USD ($)restaurant	Oct. 05, 2014USD ($)	Dec. 28, 2014USD ($)
Goodwill
Balance, December 28, 2014		$ 84,115,000
Acquisition and adjustment		295,000
Translation adjustment		(1,764,000)
Balance, October 4, 2015	$ 82,646,000	82,646,000
Impairment to intangible assets		0	$ 0
Intangible Assets
Gross Carrying Amount	73,964,000	73,964,000		$ 73,875,000
Accumulated Amortization	(39,333,000)	(39,333,000)		(35,684,000)
Net Carrying Amount	34,631,000	34,631,000		38,191,000
Intangible assets, Gross Carrying Amount	79,608,000	79,608,000		78,163,000
Intangible assets, Accumulated Amortization	(39,333,000)	(39,333,000)		(35,684,000)
Intangible assets, Net Carrying Amount	40,275,000	40,275,000		42,479,000
Aggregate amortization expense	1,200,000	3,600,000
Liquor licenses and other
Intangible Assets
Gross Carrying Amount, Indefinite-lived intangible assets	5,644,000	5,644,000		4,288,000
Accumulated Amortization, Indefinite-lived intangible assets	0	0		0
Net Carrying Amount, Indefinite-lived intangible assets	5,644,000	5,644,000		4,288,000
Franchise rights
Intangible Assets
Gross Carrying Amount	50,877,000	50,877,000		50,826,000
Accumulated Amortization	(23,155,000)	(23,155,000)		(20,583,000)
Net Carrying Amount	27,722,000	27,722,000		30,243,000
Favorable leases
Intangible Assets
Gross Carrying Amount	12,991,000	12,991,000		12,991,000
Accumulated Amortization	(6,461,000)	(6,461,000)		(5,553,000)
Net Carrying Amount	6,530,000	6,530,000		7,438,000
Liquor licenses and other
Intangible Assets
Gross Carrying Amount	10,096,000	10,096,000		10,058,000
Accumulated Amortization	(9,717,000)	(9,717,000)		(9,548,000)
Net Carrying Amount	$ 379,000	$ 379,000		$ 510,000
August 2015, acquisition of franchise restaurant | United States
Goodwill
Number of restaurants acquired from franchisees | restaurant	1	1

Goodwill and Intangible Asset24

Goodwill and Intangible Assets (Details 1) - USD ($) $ in Thousands	Oct. 04, 2015	Dec. 28, 2014
Estimated aggregate future amortization expense
Remainder of 2015	$ 966
2,016	4,025
2,017	3,915
2,018	3,699
2,019	3,617
Thereafter	18,409
Net Carrying Amount	$ 34,631	$ 38,191

Stock Incentive Plans (Details)

Stock Incentive Plans (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 04, 2015	Oct. 05, 2014	Oct. 04, 2015	Oct. 05, 2014
Stock-based compensation expense recognized
Stock-based compensation expense	$ 1,194	$ 1,178	$ 4,043	$ 3,211
Stock Options
Weighted average assumptions used in estimation of fair value of options
Risk-free interest rate (as a percent)		1.40%	1.40%	1.70%
Expected years until exercise		4 years 2 months 12 days	4 years 9 months 18 days	5 years 8 months 12 days
Expected stock volatility (as a percent)		40.20%	40.60%	44.60%
Dividend yield (as a percent)		0.00%	0.00%	0.00%
Weighted average Black-Scholes fair value per share at date of grant (in dollars per share)		$ 18.12	$ 29.71	$ 30.70
Stock Options
Outstanding, Beginning of period (in shares)			462
Granted (in shares)			72
Forfeited/expired (in shares)			(43)
Exercised (in shares)			(94)
Outstanding, End of period (in shares)	397		397
Restricted Stock Units
Restricted Stock Units
Outstanding, Beginning of period (in shares)			101
Granted (in shares)			33
Forfeited/expired (in shares)			(12)
Vested (in shares)			(45)
Outstanding, End of period (in shares)	77		77
Restaurant related
Stock-based compensation expense recognized
Stock-based compensation expense	$ 26	$ 16	$ 88	$ 65
Selling, general, administrative related
Stock-based compensation expense recognized
Stock-based compensation expense	$ 1,168	$ 1,162	$ 3,955	$ 3,146

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 04, 2015	Oct. 05, 2014	Oct. 04, 2015	Oct. 05, 2014
Earnings Per Share [Abstract]
Weighted average stock options outstanding (in shares)	43	79	56	61
Earnings Per Share Reconciliation [Abstract]
Net income	$ 8,282	$ 7,208	$ 36,013	$ 28,622
Basic weighted average shares outstanding (in shares)	14,138	14,216	14,115	14,299
Dilutive effect of stock options and awards (in shares)	170	181	182	218
Diluted weighted average shares outstanding (in shares)	14,308	14,397	14,297	14,517
Basic (in dollars per share)	$ 0.59	$ 0.51	$ 2.55	$ 2
Diluted (in dollars per share)	$ 0.58	$ 0.50	$ 2.52	$ 1.97

Impairment and Restaurant Clo27

Impairment and Restaurant Closures (Details)	9 Months Ended
	Oct. 04, 2015USD ($)restaurant	Oct. 05, 2014USD ($)restaurant
Restructuring and Related Activities [Abstract]
Number of restaurants closed	1	2
Impairment recorded | $	$ 0	$ 0

Derivative Financial Instrume28

Derivative Financial Instruments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 04, 2015USD ($)	Oct. 05, 2014USD ($)	Oct. 04, 2015USD ($)	Oct. 05, 2014USD ($)	Jun. 30, 2015USD ($)	Dec. 28, 2014USD ($)interest_rate_swap	Aug. 31, 2011USD ($)
Interest Rate Swap | Rabobank
Derivative and other comprehensive income
Number of derivative instruments held | interest_rate_swap						1
Estimated notional hedge amount on expiration date which is June 30, 2015					$ 50,600
Fixed rate of interest on derivative (as a percent)	1.135%		1.135%
Cash Flow Hedging
Derivative and other comprehensive income
Losses recognized in OCL on derivative (effective portion)	$ 0	$ (10)	$ (3)	$ (87)
Losses reclassified from AOCL into income (effective portion)	$ (13)	$ (21)	$ (36)	$ (72)
Cash Flow Hedging | Interest Rate Swap | Rabobank
Derivative and other comprehensive income
Notional amount of derivatives						$ 54,400	$ 74,100

Derivative Financial Instrume29

Derivative Financial Instruments (Details 1) - Designated as hedging instruments - Interest Rate Swap - USD ($) $ in Thousands	Oct. 04, 2015	Dec. 28, 2014
Derivative and other comprehensive income
Total derivatives	$ 0	$ 347
Accrued liabilities
Derivative and other comprehensive income
Accrued liabilities	$ 0	$ 347

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands	Oct. 04, 2015	Dec. 28, 2014
Assets:
Investments in rabbi trust	$ 6,630	$ 5,723
Total assets measured at fair value	6,630	5,723
Liabilities:
Derivative—interest rate swap	0	347
Total liabilities measured at fair value	0	347
Level 1
Assets:
Investments in rabbi trust	6,630	5,723
Total assets measured at fair value	6,630	5,723
Liabilities:
Derivative—interest rate swap	0	0
Total liabilities measured at fair value	0	0
Level 2
Assets:
Investments in rabbi trust	0	0
Total assets measured at fair value	0	0
Liabilities:
Derivative—interest rate swap	0	347
Total liabilities measured at fair value	0	347
Level 3
Assets:
Investments in rabbi trust	0	0
Total assets measured at fair value	0	0
Liabilities:
Derivative—interest rate swap	0	0
Total liabilities measured at fair value	$ 0	$ 0

Fair Value Measurements (Deta31

Fair Value Measurements (Details 1) - USD ($) $ in Thousands	Oct. 04, 2015	Dec. 28, 2014
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit facility	$ 164,000	$ 138,500
Capital lease obligations	8,065	8,521
Total	172,065	147,021
Estimated Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit facility	163,876	138,397
Capital lease obligations	9,362	10,004
Total	$ 173,238	$ 148,401