Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 29, 2019 | Feb. 13, 2020 | Jun. 16, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Entity Interactive Data Current | Yes | ||
Document Annual Report | true | ||
Amendment Flag | false | ||
Document Transition Report | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Period End Date | Dec. 29, 2019 | ||
Entity Central Index Key | 0001286681 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | DOMINOS PIZZA INC | ||
Entity File Number | 001-32242 | ||
Current Fiscal Year End Date | --12-29 | ||
Entity Tax Identification Number | 38-2511577 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Address, Address Line One | 30 Frank Lloyd Wright Drive | ||
Entity Address, City or Town | Ann Arbor | ||
Entity Address, State or Province | MI | ||
Entity Address, Postal Zip Code | 48105 | ||
City Area Code | 734 | ||
Local Phone Number | 930-3030 | ||
Trading Symbol | DPZ | ||
Security Exchange Name | NYSE | ||
Title of 12(b) Security | Common Stock | ||
Entity Common Stock, Shares Outstanding | 38,667,039 | ||
Entity Public Float | $ 11,503,936,585 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 190,615 | $ 25,438 |
Restricted cash and cash equivalents | 209,269 | 166,993 |
Accounts receivable, net of reserves of $2,856 in 2019 and $1,879 in 2018 | 210,260 | 190,091 |
Inventories | 52,955 | 45,975 |
Prepaid expenses and other | 19,129 | 25,710 |
Advertising fund assets, restricted | 105,389 | 112,744 |
Total current assets | 787,617 | 566,951 |
Property, plant and equipment: | ||
Land and buildings | 44,845 | 41,147 |
Leasehold and other improvements | 164,071 | 170,498 |
Equipment | 243,708 | 243,654 |
Construction in progress | 42,705 | 31,822 |
Property, plant and equipment, Gross | 495,329 | 487,121 |
Accumulated depreciation and amortization | (252,448) | (252,182) |
Property, plant and equipment, net | 242,881 | 234,939 |
Other assets: | ||
Operating lease right-of-use assets | 228,785 | |
Investments in marketable securities, restricted | 11,982 | 8,718 |
Goodwill | 15,093 | 14,919 |
Capitalized software, net of accumulated amortization of $104,237 in 2019 and $89,161 in 2018 | 73,140 | 63,809 |
Other assets, net of accumulated amortization of $56 in 2019 and $776 in 2018 | 12,521 | 12,523 |
Deferred income taxes | 10,073 | 5,526 |
Total other assets | 351,594 | 105,495 |
Total assets | 1,382,092 | 907,385 |
Current liabilities: | ||
Current portion of long-term debt | 43,394 | 35,893 |
Accounts payable | 111,101 | 92,546 |
Accrued compensation | 46,214 | 40,962 |
Accrued interest | 27,881 | 25,981 |
Operating lease liabilities | 33,318 | |
Insurance reserves | 23,735 | 22,210 |
Advertising fund liabilities | 101,921 | 107,150 |
Other accrued liabilities | 66,267 | 55,001 |
Total current liabilities | 453,831 | 379,743 |
Long-term liabilities: | ||
Long-term debt, less current portion | 4,071,055 | 3,495,691 |
Operating lease liabilities | 202,731 | |
Insurance reserves | 34,675 | 31,065 |
Other accrued liabilities | 35,559 | 40,807 |
Total long-term liabilities | 4,344,020 | 3,567,563 |
Total liabilities | 4,797,851 | 3,947,306 |
Commitments and contingencies | ||
Stockholders' deficit | ||
Common stock, par value $0.01 per share; 170,000,000 shares authorized; 38,934,009 in 2019 and 40,977,561 in 2018 issued and outstanding | 389 | 410 |
Additional paid-in capital | 243 | 569 |
Retained deficit | (3,412,649) | (3,036,471) |
Accumulated other comprehensive loss | (3,742) | (4,429) |
Total stockholders' deficit | (3,415,759) | (3,039,921) |
Total liabilities and stockholders' deficit | $ 1,382,092 | $ 907,385 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, reserves | $ 2,856 | $ 1,879 |
Capitalized software, accumulated amortization | 104,237 | 89,161 |
Other assets, accumulated amortization | $ 56 | $ 776 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 170,000,000 | 170,000,000 |
Common stock, shares issued | 38,934,009 | 40,977,561 |
Common stock, shares outstanding | 38,934,009 | 40,977,561 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Revenue | $ 3,618,774 | $ 3,432,867 | $ 2,787,979 |
Cost of sales: | |||
Cost of sales | 2,216,275 | 2,130,188 | 1,921,988 |
Operating margin | 1,402,499 | 1,302,679 | 865,991 |
General and administrative | 382,293 | 372,464 | 344,759 |
U.S. franchise advertising | 390,799 | 358,526 | |
Income from operations | 629,407 | 571,689 | 521,232 |
Interest income | 4,048 | 3,334 | 1,462 |
Interest expense | (150,818) | (146,345) | (122,541) |
Income before provision for income taxes | 482,637 | 428,678 | 400,153 |
Provision for income taxes | 81,928 | 66,706 | 122,248 |
Net income | $ 400,709 | $ 361,972 | $ 277,905 |
Earnings per share: | |||
Common stock - basic | $ 9.83 | $ 8.65 | $ 6.05 |
Common stock - diluted | $ 9.56 | $ 8.35 | $ 5.83 |
U.S. Stores [Member] | U.S. Company-owned stores [Member] | |||
Revenues: | |||
Revenue | $ 453,560 | $ 514,804 | $ 490,846 |
Cost of sales: | |||
Cost of sales | 346,168 | 398,158 | 377,674 |
U.S. franchise advertising | 37,600 | 43,400 | 39,800 |
U.S. Stores [Member] | U.S. franchise royalties and fees [Member] | |||
Revenues: | |||
Revenue | 428,504 | 391,493 | 351,387 |
U.S. Stores [Member] | U.S. franchise advertising [Member] | |||
Revenues: | |||
Revenue | 390,799 | 358,526 | |
Supply Chain [Member] | |||
Revenues: | |||
Revenue | 2,104,936 | 1,943,297 | 1,739,038 |
Cost of sales: | |||
Cost of sales | 1,870,107 | 1,732,030 | 1,544,314 |
International Franchise [Member] | International franchise royalties and fees [Member] | |||
Revenues: | |||
Revenue | $ 240,975 | $ 224,747 | $ 206,708 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 400,709 | $ 361,972 | $ 277,905 |
Currency translation adjustment | 687 | (2,048) | 1,080 |
Comprehensive income | $ 401,396 | $ 359,924 | $ 278,985 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Jan. 01, 2017 | $ 481 | $ 1,006 | $ (1,881,520) | $ (3,110) | |
Balance (in shares) at Jan. 01, 2017 | 48,100,143 | ||||
Net income | $ 277,905 | 277,905 | |||
Dividends declared on common stock and equivalents | (84,215) | ||||
Issuance and cancellation of stock awards, net | $ 1 | ||||
Issue and cancellation of stock award, (in shares) | 65,669 | ||||
Tax payments for restricted stock upon vesting | $ (1) | (9,448) | |||
Tax payments for restricted stock upon vesting, (in shares) | (49,159) | ||||
Purchases of common stock | $ (56) | (12,590) | (1,051,607) | ||
Purchases of common stock, (in shares) | (5,576,249) | ||||
Exercises of stock options | $ 4 | 6,095 | |||
Exercises of stock options, (in shares) | 357,925 | 357,925 | |||
Non-cash compensation expense | 20,713 | ||||
Other | (122) | ||||
Currency translation adjustment | 1,080 | ||||
Balance at Dec. 31, 2017 | $ 429 | 5,654 | (2,739,437) | (2,030) | |
Balance (in shares) at Dec. 31, 2017 | 42,898,329 | ||||
Net income | $ 361,972 | 361,972 | |||
Dividends declared on common stock and equivalents | (92,211) | ||||
Issuance and cancellation of stock awards, net | $ 1 | ||||
Issue and cancellation of stock award, (in shares) | 79,868 | ||||
Tax payments for restricted stock upon vesting | (6,962) | ||||
Tax payments for restricted stock upon vesting, (in shares) | (27,308) | ||||
Purchases of common stock | $ (24) | (30,743) | (560,445) | ||
Purchases of common stock, (in shares) | (2,387,430) | ||||
Exercises of stock options | $ 4 | 9,828 | |||
Exercises of stock options, (in shares) | 414,102 | 414,102 | |||
Non-cash compensation expense | 22,792 | ||||
New accounting pronouncement | Revenue Recognition Standard [Member] | (6,701) | ||||
New accounting pronouncement | Reclassification of Certain Tax Effects [Member] | 351 | (351) | |||
Currency translation adjustment | (2,048) | ||||
Balance at Dec. 30, 2018 | $ (3,039,921) | $ 410 | 569 | (3,036,471) | (4,429) |
Balance (in shares) at Dec. 30, 2018 | 40,977,561 | 40,977,561 | |||
Net income | $ 400,709 | 400,709 | |||
Dividends declared on common stock and equivalents | (105,605) | ||||
Issue and cancellation of stock award, (in shares) | 46,913 | ||||
Tax payments for restricted stock upon vesting | (5,951) | ||||
Tax payments for restricted stock upon vesting, (in shares) | (22,506) | ||||
Purchases of common stock | $ (25) | (27,700) | (671,282) | ||
Purchases of common stock, (in shares) | (2,493,560) | ||||
Exercises of stock options | $ 4 | 13,060 | |||
Exercises of stock options, (in shares) | 425,601 | 425,601 | |||
Non-cash compensation expense | 20,265 | ||||
Currency translation adjustment | 687 | ||||
Balance at Dec. 29, 2019 | $ (3,415,759) | $ 389 | $ 243 | $ (3,412,649) | $ (3,742) |
Balance (in shares) at Dec. 29, 2019 | 38,934,009 | 38,934,009 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (Parenthetical) - $ / shares | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
Sep. 08, 2019 | Jun. 16, 2019 | Mar. 24, 2019 | Sep. 09, 2018 | Jun. 17, 2018 | Mar. 25, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Dividends declared per share | $ 0.65 | $ 0.65 | $ 0.65 | $ 0.55 | $ 0.55 | $ 0.55 | $ 0.65 | $ 0.55 | $ 2.60 | $ 2.20 | $ 1.84 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 400,709 | $ 361,972 | $ 277,905 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 59,930 | 53,665 | 44,369 |
Loss (gain) on sale/disposal of assets | 2,023 | (4,737) | (3,148) |
Amortization of debt issuance costs | 4,748 | 8,033 | 10,976 |
(Benefit) provision for deferred income taxes | (3,297) | (872) | 6,160 |
Non-cash compensation expense | 20,265 | 22,792 | 20,713 |
Excess tax benefits from equity-based compensation | (25,735) | (23,786) | (27,227) |
Provision (benefit) for losses and accounts and notes receivable | 1,195 | 899 | (277) |
Changes in operating assets and liabilities: | |||
Changes in accounts receivable | (20,900) | (18,172) | (22,649) |
Changes in inventories, prepaid expenses and other | (6,741) | (12,455) | 1,527 |
Changes in accounts payable and accrued liabilities | 66,137 | 10,010 | 22,267 |
Changes in insurance reserves | 5,322 | 2,174 | 8,420 |
Changes in operating lease assets and liabilities | 3,302 | ||
Changes in advertising fund assets and liabilities, restricted | (10,008) | (5,352) | 2,225 |
Net cash provided by operating activities | 496,950 | 394,171 | 341,261 |
Cash flows from investing activities: | |||
Capital expenditures | (85,565) | (119,888) | (90,011) |
Proceeds from sale of assets | 12,258 | 8,367 | 6,835 |
Maturities of advertising fund investments, restricted | 50,152 | 94,007 | |
Purchases of advertising fund investments, restricted | (70,152) | ||
Purchases of franchise operations and other assets | (3,423) | ||
Other | (1,276) | (591) | (562) |
Net cash used in investing activities | (27,854) | (88,257) | (83,738) |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 675,000 | 970,000 | 1,900,000 |
Repayments of long-term debt and finance lease obligations | (92,085) | (604,088) | (928,193) |
Proceeds from exercise of stock options | 13,064 | 9,832 | 6,099 |
Purchases of common stock | (699,007) | (591,212) | (1,064,253) |
Tax payments for restricted stock upon vesting | (5,951) | (6,962) | (9,449) |
Payments of common stock dividends and equivalents | (105,715) | (92,166) | (84,298) |
Cash paid for financing costs | (8,098) | (8,207) | (16,846) |
Other | (205) | ||
Net cash used in financing activities | (222,792) | (322,803) | (197,145) |
Effect of exchange rate changes on cash | 201 | (538) | 66 |
Change in cash and cash equivalents, restricted cash and cash equivalents | 246,505 | (17,427) | 60,444 |
Cash and cash equivalents, beginning of period | 25,438 | 35,768 | 42,815 |
Restricted cash and cash equivalents, beginning of period | 166,993 | 191,762 | 126,496 |
Cash and cash equivalents included in advertising fund assets, restricted, beginning of period | 44,988 | 27,316 | 25,091 |
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, beginning of period | 237,419 | 254,846 | 194,402 |
Cash and cash equivalents, end of period | 190,615 | 25,438 | 35,768 |
Restricted cash and cash equivalents, end of period | 209,269 | 166,993 | 191,762 |
Cash and cash equivalents included in advertising fund assets, restricted, end of period | 84,040 | 44,988 | 27,316 |
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, end of period | $ 483,924 | $ 237,419 | $ 254,846 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 29, 2019 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | (1) Description of Business and Summary of Significant Accounting Policies Description of Business Domino’s Pizza, Inc. (“DPI”), a Delaware corporation, conducts its operations and derives substantially all of its operating income and cash flows through its wholly-owned subsidiary, Domino’s, Inc. (“Domino’s”) and Domino’s wholly-owned subsidiary, Domino’s Pizza LLC (“DPLLC”). DPI and its wholly-owned subsidiaries (collectively, “the Company”) are primarily engaged in the following business activities: (i) retail sales of food through Company-owned Domino’s Pizza stores; (ii) sales of food, equipment and supplies to Company-owned and franchised Domino’s Pizza stores through Company-owned supply chain centers; (iii) receipt of royalties, advertising contributions and fees from U.S. Domino’s Pizza franchisees; and (iv) receipt of royalties and fees from international Domino’s Pizza franchisees. Principles of Consolidation The accompanying consolidated financial statements include the accounts of DPI and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. Fiscal Year The Company’s fiscal year ends on the Sunday closest to December 31. The 2019 fiscal year ended on December 29, 2019, the 2018 fiscal year ended on December 30, 2018 and the 2017 fiscal year ended on December 31, 2017. The 2019, 2018 and 2017 fiscal years all consisted of fifty-two Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with original maturities of three months or less at the date of purchase. These investments are carried at cost, which approximates fair value. Restricted Cash and Cash Equivalents Restricted cash and cash equivalents at December 29, 2019 includes approximately $157.4 million of restricted cash and cash equivalents held for future principal and interest payments and other working capital requirements of the Company’s asset-backed securitization structure, $ million of restricted cash equivalents held in a three-month interest reserve as required by the related debt agreements and $ million of other restricted cash. As of December , , the Company also held $ million of advertising fund restricted cash and cash equivalents, which can only be used for activities that promote the Domino’s Pizza brand. Restricted cash and cash equivalents at December 30, 2018 includes approximately $130.3 million of restricted cash and cash equivalents held for future principal and interest payments and other working capital requirements of the Company’s asset-backed securitization structure Inventories Inventories are valued at the lower of cost (on a first-in, first-out 2019 2018 Food $ 49,304 $ 42,921 Equipment and supplies 3,651 3,054 Inventories $ 52,955 $ 45,975 Other Assets Current and long-term other assets primarily include prepaid expenses such as insurance, taxes, deposits, notes receivable, software licenses, implementation costs for software as a service arrangement, covenants not-to-compete Property, Plant and Equipment Additions to property, plant and equipment are recorded at cost. Repair and maintenance costs are expensed as incurred. Depreciation and amortization expense are provided using the straight-line method over the estimated useful lives of the related assets. Estimated useful lives are generally as follows (in years): Buildings 20 Leasehold and other improvements 7 – 15 Equipment 3 – 15 Depreciation and amortization expense on property, plant and equipment was approximately $37.1 million, $35.0 million and $29.6 million in 2019, 2018 and 2017, respectively. Impairments of Long-Lived Assets The Company evaluates the potential impairment of long-lived assets at least annually based on various analyses including the projection of undiscounted cash flows and whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. For Company-owned stores, the Company performs this evaluation on an operating market basis, which the Company has determined to be the lowest level for which identifiable cash flows are largely independent of other cash flows. If the carrying amount of a long-lived asset exceeds the amount of the expected future undiscounted cash flows of that asset, the Company estimates the fair value of the assets. If the carrying amount of the asset exceeds the estimated fair value of the asset, an impairment loss is recognized, and the asset is written down to its estimated fair value. The Company did not record any impairment losses on long-lived assets in 2019, 2018 or 2017. Investments in Marketable Securities Investments in marketable securities consist of investments in various mutual funds made by eligible individuals as part of the Company’s deferred compensation plan (Note 8). These investments are stated at aggregate fair value, are restricted and have been placed in a rabbi trust whereby the amounts are irrevocably set aside to fund the Company’s obligations under the deferred compensation plan. The Company classifies and accounts for these investments in marketable securities as trading securities. Goodwill The Company’s goodwill amounts primarily relate to franchise store acquisitions and are not amortized. The Company performs its required impairment tests in the fourth quarter of each fiscal year and did not recognize any goodwill impairment charges in 2019, 2018 and 2017. Capitalized Software Capitalized software is recorded at cost and includes purchased, internally-developed and externally-developed software used in the Company’s operations. Amortization expense is provided using the straight-line method over the estimated useful lives of the software, which range from one to seven years. Capitalized software amortization expense was approximately $22.8 million, $18.7 million and $14.8 million in 2019, 2018 and 2017, respectively. As of December 29, 2019, scheduled amortization for Debt Issuance Costs Debt issuance costs are recorded as a reduction to the Company’s debt balance and primarily include the expenses incurred by the Company as part of the 2019, 2018, 2017 and 2015 Recapitalizations. See Note 4 for a description of the 2019, 2018, 2017 and 2015 Recapitalizations. Amortization is recorded on a straight-line basis (which is materially consistent with the effective interest method) over the expected terms of the respective debt instrument to which the costs relate and is included in interest expense. In connection with the 2019, 2018, 2017 and 2015 Recapitalizations, the Company recorded $8.1 million, $8.2 million, $16.8 million and $17.4 million of debt issuance costs, respectively. In connection with 2018 Recapitalization, the Company repaid the 2015 Five-Year Fixed Rate Notes and expensed approximately $3.2 million for the remaining unamortized debt issuance costs associated with these notes. Debt issuance cost expense was approximately $4.7 million, $8.0 million and $11.0 million in 2019, 2018 and 2017, respectively. Insurance Reserves The Company has retention programs for workers’ compensation, general liability and owned and non-owned non-owned non-owned Insurance reserves relating to our retention programs are based on undiscounted actuarial estimates. These estimates are based on historical information and on certain assumptions about future events. Changes in assumptions for such factors as medical costs and legal actions, as well as changes in actual experience, could cause these estimates to change in the near term. The Company generally receives estimates of outstanding insurance exposures from its independent actuary twice per year and differences between these estimated actuarial exposures and the Company’s recorded amounts are adjusted as appropriate. The Company had reserves for these programs of $50.3 million and $45.9 million as of December 29, 2019 and December 30, 2018, respectively. In addition, the Company maintains reserves for its share of employee health costs as part of the health care benefits offered to its employees. Reserves are based on estimated claims incurred that have not yet been paid, based on historical claims and payment lag times. Contract Liabilities Contract liabilities consist primarily of deferred franchise fees and deferred development fees. Deferred franchise fees and deferred development fees of $ 4.2 million and $4.0 million were included in current other accrued liabilities as of December 29, 2019 and December 30, 2018, respectively. Deferred franchise fees and deferred development fees of $ 16.3 million and $15.9 million were included in long-term other accrued liabilities as of December 29, 2019 and December 30, 2018, respectively. Changes in deferred franchise fees and deferred development fees in 2019 and 2018 were as follows (in thousands): Fiscal Year Ended December 29, December 30, Deferred franchise fees and deferred development fees at beginning of period $ 19,900 $ 19,404 Revenue recognized during the period (5,695 ) (5,235 ) New deferrals due to cash received and other 6,258 5,731 Deferred franchise fees and deferred development fees at end of period $ 20,463 $ 19,900 The Company expects to recognize revenue of $4.2 million in 2020, $3.1 million in 2021, $2.8 million in 2022, $2.6 million in 2023, $2.3 million in 2024 and $5.5 million thereafter associated with the total deferred franchise fee and deferred development fee amount above. The Company has applied the sales-based royalty exemption which permits exclusion of variable consideration in the form of sales-based royalties from the disclosure of remaining performance obligations. Other Accrued Liabilities Current and long-term other accrued liabilities primarily include accruals for income, sales, property and other taxes, legal reserves, store operating expenses, dividends payable and deferred compensation liabilities. Foreign Currency Translation The Company’s foreign entities use their local currency as the functional currency. For these entities, the Company translates net assets into U.S. dollars at year end exchange rates, while income and expense accounts are translated at average annual exchange rates. Currency translation adjustments are included in accumulated other comprehensive income (loss) and foreign currency transaction gains and losses are included in determining net income. Revenue Recognition U.S. Company-owned stores revenues are comprised of retail sales of food through Company-owned Domino’s Pizza stores located in the U.S. and are recognized when the items are delivered to or carried out by customers. Customer payments are generally due at the time of sale. Sales taxes related to these sales are collected from customers and remitted to the appropriate taxing authority and are not reflected in the Company’s consolidated statements of income as revenue. U.S. franchise royalties and fees are primarily comprised of royalties and fees from Domino’s Pizza franchisees with operations in the U.S. Each franchisee is generally required to pay a 5.5% royalty fee on sales. In certain instances, the Company will collect lower rates based on area development agreements, sales initiatives, store relocation per-transaction Supply chain revenues are primarily comprised of sales of food, equipment and supplies to franchised Domino’s Pizza stores located in the U.S. and Canada. Revenues from the sale of food are recognized upon delivery of the food to franchisees and payments for food purchases are generally due within 30 days of the shipping date. Revenues from the sale of equipment and supplies are recognized upon delivery or shipment of the related products to franchisees, based on shipping terms, and payments for equipment and supplies are generally due within 90 days of the shipping date. The Company also offers profit sharing rebates and volume discounts to its franchisees. Obligations for profit sharing rebates are calculated based on actual results of its supply chain centers and are recognized as a reduction to revenue. Volume discounts are based on annual sales. The Company estimates the amount that will be earned and records a reduction to revenue. International franchise royalties and fees are primarily comprised of royalties and fees from Domino’s Pizza franchisees outside of the U.S. Royalty revenues are recognized when the items are delivered to or carried out by franchisees’ customers. Store opening fees received from international franchisees are recognized as revenue on a straight-line basis over the term of each respective franchise store agreement, which is typically ten years. Development fees received from international master franchisees are also deferred when amounts are received and are recognized as revenue on a straight-line basis over the term of the respective master franchise agreement, which is typically ten years. International franchise royalties and fees are invoiced at least quarterly and payments are generally due within 60 days. U.S. franchise advertising revenues are comprised of contributions from Domino’s Pizza franchisees with operations in the U.S. to the Domino’s National Advertising Fund Inc. (“DNAF”), the Company’s consolidated not-for-profit s Reclassification of Revenues In 2018, the Company began managing its franchised stores in Alaska and Hawaii as part of its U.S. Stores segment (Note 12). Prior to 2018, the revenues from these franchised stores were included in the Company’s International Franchise segment (Note 12). International franchise royalties and fees revenues in 2017 included $2.6 million of franchise revenues related to these stores. These amounts have not been reclassified to conform to the current year presentation due to immateriality. Disaggregation of Revenue Current accounting standards require that companies disaggregate revenue from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The Company has included its revenues disaggregated in its consolidated statements of income to satisfy this requirement. Supply Chain Profit-Sharing Arrangements The Company enters into profit-sharing arrangements with U.S. and Canadian stores that purchase all of their food from Supply Chain (Note 12). These profit-sharing arrangements generally offer Company-owned stores and participating franchisees with 50% (or a higher percentage in the case of Company-owned stores and certain franchisees who operate a larger number of stores) of their regional supply chain center’s pre-tax Advertising U.S. Stores (Note 12) are generally required to contribute 6% of sales to DNAF. U.S. franchise advertising costs are accrued and expensed when the related U.S. franchise advertising revenues are recognized, as DNAF is obligated to expend such revenues on advertising. U.S. franchise advertising costs expended by DNAF are included in U.S. franchise advertising expenses in the Company’s consolidated statements of income. Advertising costs funded by Company-owned stores are generally expensed as incurred and are included in general and administrative expense. The contributions from Company-owned stores that have not yet been expended are included in advertising fund assets, restricted on the Company’s consolidated balance sheet. Advertising expense included $390.8 million and $358.5 million of U.S. franchise advertising expense in 2019 and 2018, respectively. In years prior to 2018, franchise advertising costs were recorded net against franchise advertising revenues. Advertising expense also included $37.6 million, $43.4 million and $39.8 million in 2019, 2018 and 2017 primarily related to advertising costs funded by U.S. Company-owned stores which is included in general and administrative expense in the consolidated statements of income. As of December 29, 2019, advertising fund assets, restricted of $105.4 million consisted of $84.0 million of cash and cash equivalents, $15.3 million of accounts receivable and $6.1 million of prepaid expenses. As of December 29, 2019, advertising fund cash and cash equivalents included $3.5 million of cash contributed from U.S. Company-owned stores that had not yet been expended. As of December 30, 2018, advertising fund assets, restricted of $112.7 million consisted of $95.1 million of cash, cash equivalents and investments, $15.3 million of accounts receivable and $2.3 million of prepaid expenses. As of December 30, 2018, advertising fund cash, cash equivalents and investments included $5.5 million of cash contributed from Company-owned stores that had not yet been expended. Leases The Company leases certain retail store and supply chain center locations, supply chain vehicles and its corporate headquarters. The Company determines whether an arrangement is or contains a lease at contract inception. The majority of the Company’s leases are classified as operating leases, which are included in operating lease right-of-use Right-of-use The Company estimates its incremental borrowing rate for each lease using a portfolio approach based on the respective weighted average term of the agreements. This estimation considers the market rates of the Company’s outstanding collateralized borrowings and interpolations of rates outside of the terms of the outstanding borrowings, including comparisons to comparable borrowings of similarly Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales or general and administrative expense. Amortization expense for finance leases is recognized on a straight-line basis over the lease term and is included in cost of sales . I non-lease Common Stock Dividends The Company declared and paid dividends of approximately $105.6 million (or $2.60 per share) in 2019, approximately $92.2 million (or $2.20 per share) in 2018 and approximately $84.2 million (or $1.84 per share) in 2017. Stock Options and Other Equity-Based Compensation Arrangements The cost of all of the Company’s stock options, as well as other equity-based compensation arrangements, is reflected in the financial statements based on the estimated fair value of the awards (Note 10). Earnings Per Share The Company discloses two calculations of earnings per share (“EPS”): basic EPS and diluted EPS (Note 2). The numerator in calculating common stock basic and diluted EPS is consolidated net income. The denominator in calculating common stock basic EPS is the weighted average shares outstanding. The denominator in calculating common stock diluted EPS includes the additional dilutive effect of outstanding stock options, unvested restricted stock grants and unvested performance-based restricted stock grants. Supplemental Disclosures of Cash Flow Information The Company paid interest of approximately $142.3 million, $132.8 million and $107.4 million during 2019, 2018 and 2017, respectively , The Company had $6.9 million, $3.8 million and $4.0 million of non-cash New Accounting Pronouncements Recently Adopted Accounting Standards Accounting Standards Update 2016-02, In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (Topic 842) The adoption of ASC 842 had a material impact on the Company’s assets and liabilities due to the recognition of operating lease right-of-use The effects of the changes made to the Company’s consolidated balance sheet as of December 31, 2018 for the adoption of ASC 842 were as follows (in thousands): Balance at Adjustments Due to ASC 842 Balance at Assets Current assets: Prepaid expenses and other $ 25,710 $ (35 ) $ 25,675 Property, plant and equipment: Construction in progress 31,822 (1,904 ) 29,918 Other assets: Operating lease right-of-use — 218,860 218,860 Liabilities and stockholders’ deficit Current liabilities: Operating lease liabilities — 32,033 32,033 Other accrued liabilities 55,001 (136 ) 54,865 Long-term liabilities: Operating lease liabilities — 194,736 194,736 Other accrued liabilities 40,807 (9,712 ) 31,095 On December 31, 2018, the Company recorded an adjustment of $226.8 million for operating lease right-of-use right-of-use million of construction in progress and other long-term accrued liabilities associated with a new building that was completed and leased to the Company in the third quarter of 2019. During the construction phase, this lease was previously accounted for as a build-to-suit ASU 2018-15, Internal-Use 350-40) In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract 2018-15”), internal-use 2018-15 2018-15 Accounting Standards Update 2014-09, In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update 2014-09, Revenue from Contracts with Customers (Topic 606) The Company recognized the cumulative effect of initially applying ASC 606 as an adjustment to the opening balance of retained deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for that period. The Company has determined that the store opening fees received from international franchisees do not relate to separate and distinct performance obligations from the franchise right and those upfront fees will therefore be recognized as revenue over the term of each respective franchise store agreement, which is typically 10 years. In the past, the Company recognized such fees as revenue when the related store opened. An adjustment to beginning retained deficit and a corresponding contract liability of approximately $15.0 million (of which $2.4 million was current and $12.6 million was long-term) was established on the date of adoption associated with the fees received through December 31, 2017 that would have been deferred and recognized over the term of each respective franchise store agreement if the new guidance had been applied in the past. A deferred tax asset of $3.5 million related to this contract liability was also established on the date of adoption. The Company has also determined that ASC 606 requires a gross presentation on the consolidated statement of income for franchisee contributions received by and related expenses of DNAF, the Company’s consolidated not-for-profit Under the requirements of ASC 606, the Company determined that there are not performance obligations associated with the franchise advertising contributions received by DNAF that are separate from the Company’s U.S. royalty payment stream and as a result, these franchise contributions and the related expenses are presented gross in the Company’s consolidated statement of income and consolidated statement of cash flows. While this change materially impacted the gross amount of reported franchise revenues and expenses, the impact is generally expected to be an offsetting increase to both revenues and expenses such that the impact on income from operations and net income is not expected to be material. An adjustment to beginning retained deficit and advertising fund liabilities of approximately $6.4 million related to the timing of advertising expense recognition was recorded on the date of adoption. A deferred tax liability (which is reflected net against deferred tax assets in the consolidated balance sheet) of approximately $1.6 million related to this adjustment was also established on the date of adoption. ASU 2018-02, In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Accounting Standards Not Yet Adopted The Company has considered all new accounting pronouncements issued by the FASB. The following represent accounting pronouncements that are applicable to the Company, but for which the Company has not yet completed its assessment or has not yet adopted as of December 29, 2019. ASU 2016-13, In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13”). 2016-13 2016-13 ASU 2019-12, In December 2019, the FASB issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12) 2019-12 Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 29, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (2) Earnings per Share The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share amounts): 2019 2018 2017 Net income available to common stockholders – basic and diluted $ 400,709 $ 361,972 $ 277,905 Weighted average number of common shares 40,766,362 41,856,017 45,954,659 Earnings per common share – basic $ 9.83 $ 8.65 $ 6.05 Diluted weighted average number of common shares 41,923,062 43,331,278 47,677,834 Earnings per common share – diluted $ 9.56 $ 8.35 $ 5.83 The denominators used in calculating diluted earnings per share for common stock do not include 160,980 options to purchase common stock in 2019, 76,686 options to purchase common stock in 2018 and 145,860 options to purchase common stock in 2017, as the effect of including these options would be anti-dilutive. The denominator used in calculating diluted earnings per share for common stock does not include 28,570 shares subject to restricted stock awards in 2018, as the effect of including these shares would have been anti-dilutive. The denominators used in calculating diluted earnings per share for common stock do not include 82,647 restricted performance shares in 2019, 81,545 restricted performance shares in 2018 and 110,274 restricted performance shares in 2017 as the performance targets for these awards had not yet been met. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 29, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (3) Fair Value Measurements Fair value measurements enable the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The Company classifies and discloses assets and liabilities carried at fair value in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The fair values of the Company’s cash equivalents and investments in marketable securities are based on quoted prices in active markets for identical assets. The following table summarizes the carrying amounts and fair values of certain assets at December 29, 2019 (in thousands): At December 29, 2019 Carrying Fair Value Estimated Using Level 1 Level 2 Level 3 Cash equivalents $ 180,459 $ 180,459 $ — $ — Restricted cash equivalents 126,963 126,963 — — Investments in marketable securities 11,982 11,982 — — Advertising fund cash equivalents, restricted 67,851 67,851 — — The following table summarizes the carrying amounts and fair values of certain assets at December 30, 2018 (in thousands): At December 30, 2018 Carrying Amount Fair Value Estimated Using Level 1 Level 2 Level 3 Cash equivalents $ 11,877 $ 11,877 $ — $ — Restricted cash equivalents 112,272 112,272 — — Investments in marketable securities 8,718 8,718 — — Advertising fund cash equivalents, restricted 31,547 31,547 — — Advertising fund investments, restricted 50,152 50,152 — — |
Recapitalizations and Financing
Recapitalizations and Financing Arrangements | 12 Months Ended |
Dec. 29, 2019 | |
Debt Disclosure [Abstract] | |
Recapitalizations and Financing Arrangements | (4) Recapitalizations and Financing Arrangements 2019 Recapitalization On November 19, 2019, the Company completed a recapitalization (the “2019 Recapitalization”) in which certain of the Company’s subsidiaries issued $675.0 million Series 2019-1 A-2 2019-1 A-1 Ten-Year The proceeds from the 2019 Recapitalization were used to pre-fund Ten-Year 2018 Recapitalization On April 24, 2018, the Company completed a recapitalization (the “2018 Recapitalization”) in which certain of the Company’s subsidiaries issued notes pursuant to an asset-backed securitization. The notes consist of $425.0 million Series 2018-1 A-2-I 7.5-Year 400.0 2018-1 A-2-II 9.25-Year The proceeds from the 2018 Recapitalization were used to repay the remaining $490.1 million in outstanding principal and interest under the Company’s 2015 Five-Year Fixed Rate Notes, pre-fund 2017 Recapitalization On July 24, 2017, the Company completed a recapitalization (the “2017 Recapitalization”) in which certain of the Company’s subsidiaries issued notes pursuant to an asset-backed securitization. The notes consist of $300.0 million Series 2017-1 A-2-I five years 2017-1 A-2-II 2017-1 A-2-III Ten-Year ed 2017-1 A-1 A portion of proceeds from the 2017 Recapitalization was used to repay the remaining $910.5 million in outstanding principal and interest under the Series 2012-1 A-2 pre-fund 2015 Recapitalization On October 21, 2015, the Company completed a recapitalization transaction (the “2015 Recapitalization”) in which certain of the Company’s subsidiaries issued notes pursuant to an asset-backed securitization. In connection with the 2015 Recapitalization, the Company issued $1.3 billion aggregate principal amount of fixed rate notes consisting of $500.0 million Series 2015-1 A-2-I 2015-1 A-2-II Ten-Year Notes”). The 2019 Notes, 2018 Notes, 2017 Notes and 2015 Notes are collectively referred to as the “Notes.” 2019 Notes The 2019 Ten-Year $ million in each of 2020 through 2028 and $ million in 2029. During 2019, the Company did not make any principal payments on the 2019 Ten-Year The legal final maturity date of the 2019 Ten Ten-Year 2019 Ten-Year The 2019 Variable Funding Notes allow for advances of up to $200.0 million and issuance of certain other credit instruments, including letters of credit. Interest on the 2019 Variable Funding Notes is payable at a per year rate equal to LIBOR plus 150 basis points. The 2019 Variable Funding Notes were undrawn at closing. The unused portion of the 2019 Variable Funding Notes is subject to a commitment fee ranging from 50 100 one-year 2018 Notes The 2018 Notes have remaining scheduled principal payments of $8.3 million in each of 2020 through 2024, $402.4 million in 2025, $4.0 million in 2026 and $367.0 million in 2027. During 2019, the Company made principal payments of approximately $6.2 million on the 2018 Notes. The legal final maturity date of the 2018 Notes is July 2048, but it is anticipated that, unless earlier prepaid to the extent permitted under the related debt agreements, the 2018 7.5-Year 9.25-Year 2017 Notes The 2017 Fixed and Floating Rate Notes have remaining scheduled principal payments of $19.0 million in each of 2020 and The legal final maturity date of the 2017 Fixed and Floating Rate Notes is October 2047, but it is anticipated that, unless earlier prepaid to the extent permitted under the related debt agreements, the 2017 Floating Rate Notes and 2017 Five-Year Fixed Rate Notes will be repaid on or prior to the anticipated repayment date occurring in July 2022, and the 2017 Ten-Year 2015 Notes The 2015 Five-Year Fixed Rate Notes were repaid in connection with the 2018 Recapitalization. The 2015 Ten-Year Ten-Year The legal final maturity date of the 2015 Ten-Year Ten-Year Ten-Year Debt Issuance Costs and Transaction-Related Expenses During 2019 and in connection with the 2019 Recapitalization, the Company incurred $0.5 million of net pre-tax 2019 Recapitalization-related general and administrative expenses, including legal and professional fees. In connection with the 2019 Recapitalization, the Company recorded $8.1 million of debt issuance costs, which are being amortized into interest expense over the ten-year Ten-Year During 2018 and in connection with the 2018 Recapitalization, the Company incurred approximately $3.8 million of net pre-tax write-off 9.25-year During 2017 and in connection with the 2017 Recapitalization, the Company incurred approximately $6.4 million of net pre-tax write-off ten-year Guarantees and Covenants of the Notes The Notes are guaranteed by certain subsidiaries of DPLLC and secured by a security interest in substantially all of the assets of the Company, including royalty and certain other income from all U.S. and international stores, U.S. supply chain income and intellectual property. The restrictions placed on the Company’s subsidiaries require that the Company’s principal and interest obligations have first priority and amounts are segregated weekly to ensure appropriate funds are reserved to pay the quarterly principal and interest amounts due. The amount of weekly cash flow that exceeds the required weekly interest reserve is generally remitted to the Company in the form of a dividend. However, once the required obligations are satisfied, there are no further restrictions, including payment of dividends, on the cash flows of the subsidiaries. The Notes are subject to certain financial and non-financial While the Notes are outstanding, scheduled payments of principal and interest are required to be made on a quarterly basis. The payment of principal of the 2019 Ten-Year catch-up Prior to the 2017 Recapitalization and the repayment of the remaining principal and interest under the 2012 Fixed Rate Notes, the payment of principal of the 2012 Fixed Rate Notes and 2015 Notes was to be suspended if the leverage ratios for the Company were less than or equal to 4.5x total debt to adjusted EBITDA, as defined, and there were no scheduled principal catch-up catch-up During the third quarter of 2019, the Company had a leverage ratio of less than 5.0x, and, in accordance with the Company’s debt agreements, ceased debt amortization payments in the fourth quarter of 2019. Subsequent to the 2019 Recapitalization, the Company’s leverage ratios exceeded the leverage ratio of 5.0x and, accordingly, the Company resumed making the scheduled amortization payments on the Notes in the first quarter of 2020. During the first quarter of 2017, the Company had a leverage ratio under the Company’s then - Consolidated Long-Term Debt At December 29, 2019 and December 30, 2018, consolidated long-term debt consisted of the following (in thousands): 2019 2018 2015 Ten-Year Fixed Rate Notes $ 774,000 $ 780,000 2017 Five-Year Fixed Rate Notes 588,000 592,500 2017 Ten-Year Fixed Rate Notes 980,000 987,500 2017 Five-Year Floating Rate Notes 294,000 296,250 2018 7.5-Year Fixed Rate Notes 419,688 422,875 2018 9.25-Year Fixed Rate Notes 395,000 398,000 2019 Ten-Year Fixed Rate Notes 675,000 — 2017 Variable Funding Notes — 65,000 2019 Variable Funding Notes — — Finance lease obligations 19,657 17,006 Debt issuance costs, net of accumulated amortization of $12.9 million in 2019 and $8.2 million in 2018 (30,896 ) (27,547 ) Total debt 4,114,449 3,531,584 Less – current portion 43,394 35,893 Consolidated long-term debt, net of debt issuance c $ 4,071,055 $ 3,495,691 At December 29 2020 $ 43,394 2021 42,842 2022 897,930 2023 34,030 2024 34,144 Thereafter 3,093,005 $ 4,145,345 Fair Value Disclosures Management estimated the approximate fair values of the 2019 Ten-Year Fixed Rate Notes, 2018 Notes, 2017 Fixed and Floating Rate Notes and 2015 Notes as follows (in thousands): December 29, 2019 December 30, 2018 Principal Amount Fair Value Principal Amount Fair Value 2015 Ten-Year $ 774,000 $ 804,960 $ 780,000 $ 783,120 2017 Five-Year Fixed Rate Notes 588,000 588,588 592,500 575,910 2017 Ten-Year 980,000 1,017,240 987,500 956,888 2017 Five-Year Floating Rate Notes 294,000 294,000 296,250 295,065 2018 7.5-Year 419,688 431,439 422,875 416,955 2018 9.25-Year 395,000 414,355 398,000 396,010 2019 Ten-Year 675,000 675,675 — — At December 29, 2019, the Company did not have any outstanding borrowings under its variable funding notes. The Company had $65.0 million outstanding under its variable funding notes at December 30, 2018. Borrowings under the variable funding notes are a variable rate loan. The fair value of this loan approximated book value based on the borrowing rates currently available for variable rate loans obtained from third party lending institutions. This fair value represents a Level 2 measurement (Note 3). The 2019 Ten-Year Accordingly, the fair value estimates presented herein are not necessarily indicative of the amount that the Company or the debtholders could realize in a current market exchange. The use of different assumptions and/or estimation methodologies may have a material effect on the estimated fair values calculated above. |
Leases
Leases | 12 Months Ended |
Dec. 29, 2019 | |
Leases [Abstract] | |
Lease Disclosures | (5) Leases The Company leases certain retail store and supply chain center locations, supply chain vehicles and its corporate headquarters with expiration dates through 2041. The components of operating and finance lease cost for 2019 were as follows (in thousands): Fiscal Year Ended Operating lease cost $ 42,903 Finance lease cost: Amortization of right-of-use 1,167 Interest on lease liabilities 1,952 Total finance lease cost $ 3,119 Rent expense totaled $69.7 million, $67.4 million and $62.0 million in 2019, 2018 and 2017, respectively. Rent expense includes operating lease cost, as well as expense for non-lease trailers in rent expense following 4.9 4.1 million in rent expense in 2018 and 2017, respectively, for comparability purposes. Variable rent expense and rent expense for short-term leases were immaterial for 2019. Supplemental balance sheet information related to the Company’s leases as of December 29, 2019 and December 30, 2018 was as follows (in thousands): December 29, December 30, Land and buildings $ 25,476 $ 22,171 Accumulated depreciation and amortization (7,846 ) (6,678 ) Finance lease assets, net $ 17,630 $ 15,493 Current portion of long-term debt $ 1,394 $ 643 Long-term debt, less current portion 18,263 16,363 Total principal payable on finance leases $ 19,657 $ 17,006 As of December 29, 2019, the weighted average remaining lease term and weighted average discount rate for the Company’s operating and finance leases were as follows: Operating Finance Weighted average remaining lease term 8 years 14 years Weighted average discount rate 3.8 % 11.7 % Supplemental cash flow information related to leases for 2019 was as follows (in thousands): Fiscal Year Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 43,608 Operating cash flows from finance leases 1,952 Financing cash flows from finance leases 647 Right-of-use Operating leases 63,685 Finance leases 3,255 During 2018, the Company renewed the leases of four supply chain center buildings and extended the terms of the leases. As a result, the Company recorded non-cash non-cash build-to-suit Maturities of lease liabilities as of December 29, 2019 were as follows (in thousands): Operating Finance 2020 $ 39,925 $ 3,302 2021 40,070 2,816 2022 36,928 2,834 2023 34,381 2,858 2024 29,987 2,882 Thereafter 92,849 25,813 Total future minimum rental commitments 274,140 40,505 Less – amounts representing interest (38,091 ) (20,848 ) Total lease liabilities $ 236,049 $ 19,657 Future minimum rental commitments as of December 30, 2018 were as follows (in thousands): Operating Finance 2019 $ 40,752 $ 2,396 2020 37,519 2,415 2021 34,538 2,433 2022 30,763 2,451 2023 27,388 2,474 Thereafter 100,310 23,781 Total future minimum rental commitments $ 271,270 35,950 Less – amounts representing interest (18,944 ) Total principal payable on finance leases $ 17,006 As of December 29, 2019, the Company has additional leases for two supply chain centers and certain supply chain tractors and trailers that had not yet commenced with estimated future minimum rental commitments of approximately $76.2 million. These leases are expected to commence in 2020 with lease terms of up to 21 years. These undiscounted amounts are not included in the tables above. The Company has guaranteed lease payments related to certain franchisees’ lease arrangements. The maximum amount of potential future payments under these guarantees wa |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 29, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (6) Commitments and Contingencies The Company is a party to lawsuits, revenue agent reviews by taxing authorities and legal proceedings, of which the majority involve workers’ compensation, employment practices liability, general liability and automobile and franchisee claims arising in the ordinary course of business. The Company records legal fees associated with loss contingencies when they are probable and reasonably estimable. Litigation is subject to many uncertainties, and the outcome of individual litigated matters is not predictable with assurance. These matters referenced above could be decided unfavorably to us and could require us to pay damages or make other expenditures in amounts or a range of amounts that cannot be estimated with accuracy. In management’s opinion, these matters, individually and in the aggregate, should not have a significant adverse effect on the financial condition of the Company, and the established accruals adequately provide for the estimated resolution of such claims. On February 14, 2011, Domino’s Pizza LLC was named as a defendant in a lawsuit along with Fischler Enterprises of C.F., Inc., a franchisee, and Jeffrey S. Kidd, the franchisee’s delivery driver, filed by Yvonne Wiederhold, the plaintiff, as Personal Representative of the Estate of Richard E. Wiederhold, deceased. The case involved a traffic accident in which the franchisee’s delivery driver is alleged to have caused an accident involving a vehicle driven by Richard Wiederhold. Mr. Wiederhold sustained spinal injuries resulting in quadriplegia and passed away several months after the accident. The case went to trial in 2016 and the Company was found liable, but the verdict was reversed by the Florida Fifth District Court of Appeals in May 2018 and was remanded to the Ninth Judicial Circuit Court of Florida for a new trial. The case was tried again in June 2019 and the jury returned a $9.0 million judgment for the plaintiff where the Company and Mr. Kidd were found to be 100% liable (after certain offsets and other deductions the final verdict was $8.0 million). The Company continues to deny liability and has filed an appeal. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 29, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (7) Income Taxes Income before provision for income taxes in 2019, 2018 and 2017 consists of the following (in thousands): 2019 2018 2017 U.S. $ 468,467 $ 414,804 $ 386,989 Foreign 14,170 13,874 13,164 Income before provision for income taxes $ 482,637 $ 428,678 $ 400,153 The differences between the U.S. Federal statutory income tax provision (using the statutory rate of 21% in 2019 and 2018 and the statutory rate of 35 2019 2018 2017 Federal income tax provision based on the statutory rate $ 101,354 $ 90,022 $ 140,054 State and local income taxes, net of related Federal income taxes 15,141 14,233 11,520 Non-resident 20,351 21,369 20,210 Foreign tax and other tax credits (20,090 ) (25,301 ) (23,324 ) Foreign derived intangible income (12,810 ) (11,760 ) — Excess tax benefits from equity-based compensation (25,735 ) (23,786 ) (27,227 ) Non-deductible 3,090 1,999 1,794 Unrecognized tax provision (benefit), net of related Federal income taxes 694 301 (173 ) Other (67 ) (371 ) (606 ) Provision for income taxes $ 81,928 $ 66,706 $ 122,248 Excess tax benefits or deficiencies from equity-based compensation activity resulted in a decrease in the Company’s provision for income taxes of $ 25.7 23.8 27.2 The components of the 2019, 2018 and 2017 consolidated provision for income taxes are as follows (in thousands): 2019 2018 2017 Provision for Federal income taxes Current provision $ 49,539 $ 33,558 $ 81,747 Deferred (benefit) provision (2,862 ) (1,543 ) 6,732 Total provision for Federal income taxes 46,677 32,015 88,479 Provision for state and local income taxes Current provision 15,335 12,651 14,131 Deferred (benefit) provision (435 ) 671 (572 ) Total provision for state and local income taxes 14,900 13,322 13,559 Provision for non-resident 20,351 21,369 20,210 Provision for income taxes $ 81,928 $ 66,706 $ 122,248 As of December 29, 2019 and December 30, 2018, the significant components of net deferred income taxes are as follows (in thousands): 2019 2018 Deferred income tax assets Other accruals and reserves $ 11,874 $ 10,636 Insurance reserves 11,256 10,253 Equity compensation 10,357 9,705 Foreign tax credit 9,333 4,600 Other 6,980 6,029 Deferred income tax assets before valuation allowance 49,800 41,223 Less: Valuation allowance (4,280 ) — Total deferred income tax assets 45,520 41,223 Deferred income tax liabilities Depreciation, amortization and asset basis differences 8,117 10,505 Capitalized software 27,330 25,192 Total deferred income tax liabilities 35,447 35,697 Net deferred income tax assets $ 10,073 $ 5,526 Realization of the Company’s deferred tax assets is dependent upon many factors, including, but not limited to, the Company’s ability to generate sufficient taxable income. Although realization of the Company’s net deferred tax assets is not assured, on an ongoing basis, management assesses whether it remains more likely than not the net deferred tax assets will be realized. As of 9.3 5.6 4.3 For financial reporting purposes, the Company’s investment in foreign subsidiaries does not exceed its tax basis. Therefore, no deferred income taxes have been provided. The Company recognizes the financial statement benefit of a tax position if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authorities widely understood administrative practices and precedents. For tax positions meeting the “more likely than not” threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company recognizes accrued interest related to unrecognized tax benefits in interest expense and recognizes penalties in income tax expense. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2019 2018 2017 Unrecognized tax benefits at beginning of period $ 1,964 $ 1,837 $ 1,954 Additions for tax positions of current year 468 425 224 Additions for tax positions of prior years 789 115 42 Reductions for changes in prior year tax positions (284 ) (64 ) (10 ) Reductions for lapses of applicable statute of limitations (135 ) (349 ) (373 ) Unrecognized tax benefits at end of period $ 2,802 $ 1,964 $ 1,837 As of December 29, 2019, the amount of unrecognized tax benefits was $ 2.8 2.2 0.1 0.2 As of December 30, 2018, the amount of unrecognized tax benefits was $ 2.0 1.8 0.1 During 2019, the Company completed an Internal Revenue Service (“IRS”) income tax audit for the 2015 tax year that did not result in any tax adjustments. There are no further IRS income tax audits scheduled. The Company continues to be under examination by certain states. The Company’s Federal statute of limitation has expired for years prior to 2016 (with the conclusion of the audit), but it varies for state and foreign locations. The Company believes appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years. Tax Cuts and Jobs Act The Tax Cuts and Jobs Act (the “2017 Tax Act”), which was enacted on December 22, 2017, had a significant impact on the Company’s consolidated provision for income taxes for the years ended December 29, 2019 and December 30, 2018. The most significant impacts include but are not limited to reducing the U.S. corporate income tax rate from 35 21 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 29, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefits | (8) Employee Benefits The Company has a retirement savings plan which qualifies under Internal Revenue Code Section 401(k). All employees of the Company who have completed 1,000 d 100 5 100 3 50 2 10.8 7.3 6.1 The Company has established a non-qualified 40 80 The Company has an employee stock payroll deduction plan (the “ESPDP”). Under the ESPDP, eligible employees may deduct up to 15% of their eligible wages to purchase common stock at 85% of the market price of the stock at the purchase date. The ESPDP requires employees to hold their purchased common stock for at least one year. The Company purchases common stock on the open market for the ESPDP at the current market price. There were 20,222 shares, 19,494 shares and 21,744 shares of common stock in 2019, 2018 and 2017, respectively, purchased on the open market for participating employees at a weighted-average price of $257.12 in 2019, $249.57 in 2018 and $188.57 in 2017. The expenses incurred under the ESPDP were approximately $0.8 million, $0.7 million and $0.7 million in 2019, 2018 and 2017, respectively. |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended |
Dec. 29, 2019 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments with Off-Balance Sheet Risk | (9) Financial Instruments with Off-Balance The Company is a party to stand-by off-balance stand-by on-balance we |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 29, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans | (10) Equity Incentive Plans The cost of all employee stock options, as well as other equity-based compensation arrangements, is reflected in the consolidated statements of income based on the estimated fair value of the awards and is amortized over the requisite service period of each award. The Company’s current equity incentive plan benefits certain of the Company’s employees and directors and is named the Domino’s Pizza, Inc. 2004 Equity Incentive Plan (the “2004 Equity Incentive Plan”). As of December 29, 2019, the maximum number of shares that may be granted under the 2004 Equity Incentive Plan is 15,600,000 shares of voting common stock of which 2,618,524 shares were authorized for grant but have not been granted. The Company recorded total non-cash non-cash non-cash Stock Options As of December 29, 2019, the number of stock options granted and outstanding under the 2004 Equity Incentive Plan was 1,546,411 options. Stock options granted in fiscal 20 10 Stock option activity related to the 2004 Equity Incentive Plan is summarized as follows: Common Stock Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Life Aggregate Intrinsic Value (Years) (In thousands) Stock options at January 1, 2017 2,498,310 $ 43.54 Stock options granted 126,720 201.19 Stock options cancelled (28,991 ) 101.97 Stock options exercised (357,925 ) 17.05 Stock options at December 31, 2017 2,238,114 $ 55.94 Stock options granted 96,580 266.11 Stock options cancelled (11,193 ) 174.63 Stock options exercised (414,102 ) 23.74 Stock options at December 30, 2018 1,909,399 $ 72.86 Stock options granted 96,280 272.64 Stock options cancelled (33,667 ) 196.47 Stock options exercised (425,601 ) 30.70 Stock options at December 29, 2019 1,546,411 $ 94.21 4.4 $ 306,340 Exercisable at December 29, 2019 1,350,200 $ 71.59 3.8 $ 298,015 The total intrinsic value of stock options exercised was approximately $103.8 million, $91.2 million and $62.0 million in 2019, 2018 and 2017, respectively. Cash received from the exercise of stock options was approximately $13.1 million, $9.8 million and $6.1 million in 2019, 2018 and 2017, respectively. The tax benefit realized from stock options exercised was approximately $24.9 million, $22.0 million and $23.0 million in 2019, 2018 and 2017, respectively. The Company recorded total non-cash Management estimated the fair value of each option grant made during 2019, 2018 and 2017 as of the date of the grant using the Black-Scholes option pricing method. Weighted average assumptions are presented in the following table. The risk-free interest rate is based on the estimated effective life and is estimated based on U.S. Treasury Bond rates as of the grant date. The expected life is based on several factors, including, among other things, the vesting term and contractual term as well as historical experience. The expected volatility is based principally on the historical volatility of the Company’s share price. 2019 2018 2017 Risk-free interest rate 1.9 % 2.7 % 2.0 % Expected life (years) 5.5 5.5 5.5 Expected volatility 25.0 % 24.2 % 25.8 % Expected dividend yield 0.9 % 0.8 % 0.9 % Weighted average fair value per stock option $ 64.66 $ 67.65 $ 49.57 Option valuation models require the input of highly subjective assumptions. In management’s opinion, existing models do not necessarily provide a reliable single measure of the fair value of the Company’s stock options, as changes in subjective input assumptions can significantly affect the fair value estimate. Other Equity-Based Compensation Arrangements The Company granted 3,780 shares, 3,790 shares and 4,410 shares of restricted stock in 2019, 2018 and 2017, respectively, to members of its Board of Directors. These grants generally vest one year from the date of the grant and have a fair value equal to the market price of the Company’s stock on the grant date. These awards also contain provisions for accelerated vesting upon the retirement of holders that have achieved specific service and age requirements. The Company recorded total non-cash In 2018, the Company granted 28,570 shares of restricted stock to two executives of the Company. These grants will vest four years from the date of the grant and have a fair value equal to the market price of the Company’s stock on the grant date. These awards also contain provisions for accelerated vesting upon the retirement of holders that have achieved specific service and age requirements. The Company recorded total non-cash The Company granted 63,790 shares, 59,070 shares and 67,840 shares of performance-based restricted stock in 2019, 2018 and 2017, respectively, to certain employees of the Company. These performance-based restricted stock awards are separated into four tranches and have time-based and performance-based vesting conditions with the last tranche vesting four years from the issuance date. These awards also contain provisions for accelerated vesting upon the retirement of holders that have achieved specific service and age requirements. These awards are considered granted for accounting purposes when the performance target is established, which is generally in the fourth quarter of each year. The Company recorded total non-cash Restricted stock and performance-based restricted stock activity related to the 2004 Equity Incentive Plan is summarized as follows: Shares Weighted Average Grant Date Fair Value (1) Nonvested at January 1, 2017 276,220 $ 97.48 Shares granted 72,250 205.21 Shares cancelled (16,109 ) 115.71 Shares vested (137,757 ) 80.55 Nonvested at December 31, 2017 194,604 $ 147.94 Shares granted 91,430 271.33 Shares cancelled (12,692 ) 178.06 Shares vested (82,963 ) 128.57 Nonvested at December 30, 2018 190,379 $ 213.57 Shares granted 67,570 275.06 Shares cancelled (17,923 ) 230.60 Shares vested (68,956 ) 175.84 Nonvested at December 29, 2019 171,070 $ 251.29 (1) The weighted average grant date fair value for performance-based restricted shares granted was calculated based on the market price on the grant dates. Certain tranches will ultimately be valued when the performance condition is established for each tranche, which generally occurs in the fourth quarter of each fiscal year. |
Capital Structure
Capital Structure | 12 Months Ended |
Dec. 29, 2019 | |
Text Block [Abstract] | |
Capital Structure | (11) Capital Structure The Company’s Board of Directors approved a $1.0 billion program to repurchase the Company’s common stock during the fourth quarter of 2019. The Company’s share repurchase programs have historically been funded by excess operating cash flows, excess proceeds from the Company’s recapitalization transactions and borrowings under the Company’s variable funding notes. During 2019, 2018 and 2017, the Company repurchased 2,493,560 shares, 2,387,430 shares and 5,576,249 shares for approximately $699.0 million, $591.2 million and $1.06 billion, respectively. At December 29, 2019, the Company had $406.1 million remaining under its $1.0 billion authorization. The Company’s policy is to recognize the difference between the purchase price and par value of the common stock in additional paid-in paid-in On August 2, 2017, the Company entered into the As of December 29, 2019, authorized common stock consists of 160,000,000 voting shares and 10,000,000 non-voting 2019 2018 Voting 38,930,646 40,974,200 Non-Voting 3,363 3,361 Total Common Stock 38,934,009 40,977,561 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 29, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | (12) Segment Information The Company has three reportable segments: (i) U.S. Stores; (ii) Supply Chain; and (iii) International Franchise. The Company’s operations are organized by management on the combined basis of line of business and geography. The U.S. Stores segment includes operations with respect to all franchised and Company-owned stores throughout the U.S. The Supply Chain segment primarily includes the distribution of food, equipment and supplies to stores from the Company’s supply chain center operations in the U.S. and Canada. The International Franchise segment primarily includes operations related to the Company’s franchising business in foreign markets. The accounting policies of the reportable segments are the same as those described in Note 1. The Company evaluates the performance of its segments and allocates resources to them based on earnings before interest, taxes, depreciation, amortization and other, referred to as Segment Income. The tables below summarize the financial information concerning the Company’s reportable segments for fiscal 2019, 2018 and 2017. Intersegment Revenues are comprised of sales of food, equipment and supplies from the Supply Chain segment to the Company-owned stores in the U.S. Stores segment. Intersegment sales prices are market based. The “Other” column as it relates to Segment Income and income from operations information below primarily includes corporate administrative costs. The “Other” column as it relates to capital expenditures primarily includes capitalized software, certain equipment and leasehold improvements. Tabular amounts presented below are in thousands. U.S. Stores (1) Supply Chain International Franchise (2) Intersegment Revenues Other Total Revenues- 2019 $ 1,272,863 $ 2,231,838 $ 240,975 $ (126,902 ) — $ 3,618,774 2018 1,264,823 2,087,408 224,747 (144,111 ) — 3,432,867 2017 842,233 1,874,943 206,708 (135,905 ) — 2,787,979 Segment Income- 2019 $ 361,673 $ 199,844 $ 187,318 N/A $ (36,701 ) $ 712,134 2018 335,989 176,714 174,700 N/A (43,462 ) 643,941 2017 306,406 163,077 161,263 N/A (46,958 ) 583,788 Income from Operations- 2019 $ 349,740 $ 181,964 $ 187,097 N/A $ (89,394 ) $ 629,407 2018 329,044 162,392 174,503 N/A (94,250 ) 571,689 2017 298,852 151,622 161,066 N/A (90,308 ) 521,232 Capital Expenditures- 2019 $ 11,793 $ 33,440 $ 131 N/A $ 43,304 $ 88,668 2018 15,717 61,652 134 N/A 42,171 119,674 2017 20,579 34,123 28 N/A 35,527 90,257 (1) The adoption of ASC 606 in 2018 resulted in the recognition of revenue related to U.S. franchise contributions to DNAF in 2019 and 2018. In prior years, under accounting standards in effect at that time, the Company had presented these contributions net with the related disbursements in its consolidated statement of income. Refer to Note 1 to the consolidated financial statements for additional information related to the adoption of this accounting standard. (2) In 2018, the Company began managing its franchised stores in Alaska and Hawaii as part of its U.S. Stores segment. Prior to 2018, royalty revenues from these franchised stores were included in the Company’s International Franchise segment in the table above. Consolidated results of the Company have not been impacted by this change and prior year amounts have not been reclassified to conform to the current year presentation due to immateriality. The following table reconciles total Segment Income to income before provision for income taxes (in thousands): 2019 2018 2017 Total Segment Income $ 712,134 $ 643,941 $ 583,788 Depreciation and amortization (59,930 ) (53,665 ) (44,369 ) (Loss) gain on sale/disposal of assets (2,023 ) 4,737 3,148 Non-cash (20,265 ) (22,792 ) (20,713 ) Recapitalization-related expenses (509 ) (532 ) (622 ) Income from operations 629,407 571,689 521,232 Interest income 4,048 3,334 1,462 Interest expense (150,818 ) (146,345 ) (122,541 ) Income before provision for income taxes $ 482,637 $ 428,678 $ 400,153 The following table summarizes the Company’s identifiable asset information as of December 29, 2019 and December 30, 2018 (in thousands): 2019 (1) 2018 U.S. Stores $ 251,844 $ 211,554 U.S. supply chain 408,919 283,351 Total U.S. assets 660,763 494,905 International franchise 23,396 21,094 International supply chain 35,745 24,049 Total international assets 59,141 45,143 Unallocated 662,188 367,337 Total assets $ 1,382,092 $ 907,385 (1) The adoption of ASC 842 resulted in the recognition of operating lease right-of-use Unallocated assets primarily include cash and cash equivalents, restricted cash and cash equivalents, investments in marketable securities, certain long-lived assets including the operating lease right-of-use The following table summarizes the Company’s goodwill balance as of December 29, 2019 and December 30, 2018 (in thousands): 2019 2018 U.S. Stores $ 14,026 $ 13,852 Supply Chain 1,067 1,067 Consolidated goodwill $ 15,093 $ 14,919 |
Company-owned Store Transaction
Company-owned Store Transactions | 12 Months Ended |
Dec. 29, 2019 | |
Restructuring and Related Activities [Abstract] | |
Company-owned Store Transactions | (13) Company-owned Store Transactions During 2019, the Company sold 62 U.S. Company-owned stores to certain of its existing U.S. franchisees for proceeds of $12.3 million (including 59 U.S. Company-owned stores sold in the second quarter of 2019 as previously disclosed). In connection with the sale of the stores, the Company recorded a $0.3 million pre-tax was of a as leasehold improvements and other assets. 72 |
Periodic Financial Data (Unaudi
Periodic Financial Data (Unaudited; in Thousands, except Per Share Amounts) | 12 Months Ended |
Dec. 29, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | (14) Periodic Financial Data (Unaudited; in Thousands, except Per Share Amounts) The Company’s convention with respect to reporting periodic financial data is such that each of the first three fiscal quarters consist of 12 weeks while the last fiscal quarter consists of 16 weeks or 17 weeks. The fourth quarters of 2019 and 2018 were comprised of 16 weeks. For the Fiscal Quarter Ended For the Fiscal Year Ended March 24, 2019 June 16, 2019 September 8, 2019 December 29, 2019 December 29, 2019 Total revenues $ 835,963 $ 811,647 $ 820,812 $ 1,150,352 $ 3,618,774 Operating margin 322,289 316,671 316,251 447,288 1,402,499 Income before provision for income taxes 109,143 105,979 110,245 157,270 482,637 Net income 92,650 92,359 86,373 129,327 400,709 Earnings per common share – basic (1) $ 2.27 $ 2.25 $ 2.11 $ 3.20 $ 9.83 Earnings per common share – diluted (1) $ 2.20 $ 2.19 $ 2.05 $ 3.12 $ 9.56 Common stock dividends declared per share $ 0.65 $ 0.65 $ 0.65 $ 0.65 $ 2.60 For the Fiscal Quarter Ended For the Fiscal Year Ended March 25, 2018 June 17, 2018 September 9, 2018 December 30, 2018 December 30, 2018 Total revenues $ 785,371 $ 779,396 $ 785,965 $ 1,082,135 $ 3,432,867 Operating margin 299,865 293,580 295,279 413,955 1,302,679 Income before provision for income taxes 103,670 91,197 99,248 134,563 428,678 Net income 88,827 77,408 84,095 111,642 361,972 Earnings per common share – basic (1) $ 2.07 $ 1.84 $ 2.02 $ 2.71 $ 8.65 Earnings per common share – diluted (1) $ 2.00 $ 1.78 $ 1.95 $ 2.62 $ 8.35 Common stock dividends declared per share $ 0.55 $ 0.55 $ 0.55 $ 0.55 $ 2.20 (1) Earnings per share figures may not sum to the total due to the rounding of each individual calculation. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 29, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | (15) Subsequent Events On February 19, 2020, the Company’s Board of Directors declared a quarterly dividend of $0.78 per common share payable on March 30, 2020 to shareholders of record at the close of business on March 13, 2020. |
SCHEDULE I - CONDENSED FINANCIA
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | 12 Months Ended |
Dec. 29, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT Domino’s Pizza, Inc. PARENT COMPANY CONDENSED BALANCE SHEETS (In thousands, except share and per share amounts) December 29, December 30, ASSETS ASSETS: Cash $ 6 $ 6 Total assets $ 6 $ 6 LIABILITIES AND STOCKHOLDERS’ DEFICIT LIABILITIES: Equity in net deficit of subsidiaries $ 3,415,759 $ 3,039,921 Due to subsidiary 6 6 Total liabilities 3,415,765 3,039,927 STOCKHOLDERS’ DEFICIT: Common stock, par value $0.01 per share; 170,000,000 shares authorized; 38,934,009 in 2019 and 40,977,561 in 2018 issued and outstanding 389 410 Preferred stock, par value $0.01 per share; 5,000,000 shares authorized, none issued — — Additional paid-in 243 569 Retained deficit (3,412,649 ) (3,036,471 ) Accumulated other comprehensive loss (3,742 ) (4,429 ) Total stockholders’ deficit (3,415,759 ) (3,039,921 ) Total liabilities and stockholders’ deficit $ 6 $ 6 See accompanying notes to the Schedule I. Domino’s Pizza, Inc. PARENT COMPANY CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (In thousands, except share and per share amounts) For the Years Ended December 29, December 30, December 31, REVENUES $ — $ — $ — Total revenues — — — OPERATING EXPENSES — — — Total operating expenses — — — INCOME FROM OPERATIONS — — — Equity earnings in subsidiaries 400,709 361,972 277,905 INCOME BEFORE PROVISION FOR INCOME TAXES 400,709 361,972 277,905 PROVISION FOR INCOME TAXES — — — NET INCOME $ 400,709 $ 361,972 $ 277,905 COMPREHENSIVE INCOME $ 401,396 $ 359,924 $ 278,985 EARNINGS PER SHARE: Common Stock – basic $ 9.83 $ 8.65 $ 6.05 Common Stock – diluted $ 9.56 $ 8.35 $ 5.83 See accompanying notes to the Schedule I. Domino’s Pizza, Inc. PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS (In thousands) For the Years Ended December 29, December 30, December 31, CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by operating activities $ 421,661 $ 382,716 $ 299,576 CASH FLOWS FROM INVESTING ACTIVITIES: Dividends from subsidiaries 375,948 297,792 852,325 Net cash provided by investing activities 375,948 297,792 852,325 CASH FLOWS FROM FINANCING ACTIVITIES: Payments of common stock dividends (105,715 ) (92,166 ) (84,298 ) Purchase of common stock (699,007 ) (591,212 ) (1,064,253 ) Other 7,113 2,870 (3,350 ) Net cash used in financing activities (797,609 ) (680,508 ) (1,151,901 ) CHANGE IN CASH — — — CASH, AT BEGINNING OF PERIOD 6 6 6 CASH, AT END OF PERIOD $ 6 $ 6 $ 6 See accompanying notes to the Schedule I. Domino’s Pizza, Inc. NOTES TO PARENT COMPANY FINANCIAL STATEMENTS (1) Introduction and Basis of Presentation Domino’s Pizza, Inc., on a stand-alone basis, (the “Parent Company”) has accounted for majority-owned subsidiaries using the equity method of accounting. The accompanying condensed financial statements of the Parent Company should be read in conjunction with the consolidated financial statements of Domino’s Pizza, Inc. and its subsidiaries (the “Company”) and the notes thereto included in Item 8 of this Form 10-K. 4-08(e) S-X. Use of Estimates The use of estimates is inherent in the preparation of financial statements in accordance with generally accepted accounting principles. Actual results could differ from those estimates. New Accounting Pronouncements During 2018, the Company adopted the below new accounting pronouncements that impacted the Parent Company financial statements. Accounting Standards Update 2014-09, In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) The Parent Company recorded a $6.7 million adjustment to equity in net deficit of subsidiaries and recorded a $6.7 million adjustment to retained deficit related to this new accounting standard in 2018. See Note 1 to the Company’s consolidated financial statements as filed in this Form 10-K ASU 2018-02, In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (2) Supplemental Disclosures of Cash Flow Information During 2019, 2018 and 2017, the Parent Company received dividends from its subsidiaries primarily consisting of amounts received to repurchase common stock in connection with the Company’s 2019, 2018 and 2017 recapitalization transactions. See Note 4 to the Company’s consolidated financial statements as filed in this Form 10-K |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 29, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS Domino’s Pizza, Inc. and Subsidiaries (in thousands) Balance Beginning of Year Provision (Benefit) Deductions from Reserves * Balance End of Year Allowance for doubtful accounts receivable: 2019 $ 1,879 $ 1,195 $ (218 ) $ 2,856 2018 1,424 903 (448 ) 1,879 2017 2,342 (88 ) (830 ) 1,424 * Consists primarily of write-offs, recoveries of bad debt and certain reclassifications. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 29, 2019 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Domino’s Pizza, Inc. (“DPI”), a Delaware corporation, conducts its operations and derives substantially all of its operating income and cash flows through its wholly-owned subsidiary, Domino’s, Inc. (“Domino’s”) and Domino’s wholly-owned subsidiary, Domino’s Pizza LLC (“DPLLC”). DPI and its wholly-owned subsidiaries (collectively, “the Company”) are primarily engaged in the following business activities: (i) retail sales of food through Company-owned Domino’s Pizza stores; (ii) sales of food, equipment and supplies to Company-owned and franchised Domino’s Pizza stores through Company-owned supply chain centers; (iii) receipt of royalties, advertising contributions and fees from U.S. Domino’s Pizza franchisees; and (iv) receipt of royalties and fees from international Domino’s Pizza franchisees. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of DPI and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. |
Fiscal Year | Fiscal Year The Company’s fiscal year ends on the Sunday closest to December 31. The 2019 fiscal year ended on December 29, 2019, the 2018 fiscal year ended on December 30, 2018 and the 2017 fiscal year ended on December 31, 2017. The 2019, 2018 and 2017 fiscal years all consisted of fifty-two |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with original maturities of three months or less at the date of purchase. These investments are carried at cost, which approximates fair value. |
Restricted Cash and Cash Equivalents | Restricted Cash and Cash Equivalents Restricted cash and cash equivalents at December 29, 2019 includes approximately $157.4 million of restricted cash and cash equivalents held for future principal and interest payments and other working capital requirements of the Company’s asset-backed securitization structure, $ million of restricted cash equivalents held in a three-month interest reserve as required by the related debt agreements and $ million of other restricted cash. As of December , , the Company also held $ million of advertising fund restricted cash and cash equivalents, which can only be used for activities that promote the Domino’s Pizza brand. Restricted cash and cash equivalents at December 30, 2018 includes approximately $130.3 million of restricted cash and cash equivalents held for future principal and interest payments and other working capital requirements of the Company’s asset-backed securitization structure |
Inventories | Inventories Inventories are valued at the lower of cost (on a first-in, first-out 2019 2018 Food $ 49,304 $ 42,921 Equipment and supplies 3,651 3,054 Inventories $ 52,955 $ 45,975 |
Other Assets | Other Assets Current and long-term other assets primarily include prepaid expenses such as insurance, taxes, deposits, notes receivable, software licenses, implementation costs for software as a service arrangement, covenants not-to-compete |
Property, Plant and Equipment | Property, Plant and Equipment Additions to property, plant and equipment are recorded at cost. Repair and maintenance costs are expensed as incurred. Depreciation and amortization expense are provided using the straight-line method over the estimated useful lives of the related assets. Estimated useful lives are generally as follows (in years): Buildings 20 Leasehold and other improvements 7 – 15 Equipment 3 – 15 Depreciation and amortization expense on property, plant and equipment was approximately $37.1 million, $35.0 million and $29.6 million in 2019, 2018 and 2017, respectively. |
Impairments of Long-Lived Assets | Impairments of Long-Lived Assets The Company evaluates the potential impairment of long-lived assets at least annually based on various analyses including the projection of undiscounted cash flows and whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. For Company-owned stores, the Company performs this evaluation on an operating market basis, which the Company has determined to be the lowest level for which identifiable cash flows are largely independent of other cash flows. If the carrying amount of a long-lived asset exceeds the amount of the expected future undiscounted cash flows of that asset, the Company estimates the fair value of the assets. If the carrying amount of the asset exceeds the estimated fair value of the asset, an impairment loss is recognized, and the asset is written down to its estimated fair value. The Company did not record any impairment losses on long-lived assets in 2019, 2018 or 2017. |
Investments in Marketable Securities | Investments in Marketable Securities Investments in marketable securities consist of investments in various mutual funds made by eligible individuals as part of the Company’s deferred compensation plan (Note 8). These investments are stated at aggregate fair value, are restricted and have been placed in a rabbi trust whereby the amounts are irrevocably set aside to fund the Company’s obligations under the deferred compensation plan. The Company classifies and accounts for these investments in marketable securities as trading securities. |
Goodwill | Goodwill The Company’s goodwill amounts primarily relate to franchise store acquisitions and are not amortized. The Company performs its required impairment tests in the fourth quarter of each fiscal year and did not recognize any goodwill impairment charges in 2019, 2018 and 2017. |
Capitalized Software | Capitalized Software Capitalized software is recorded at cost and includes purchased, internally-developed and externally-developed software used in the Company’s operations. Amortization expense is provided using the straight-line method over the estimated useful lives of the software, which range from one to seven years. Capitalized software amortization expense was approximately $22.8 million, $18.7 million and $14.8 million in 2019, 2018 and 2017, respectively. As of December 29, 2019, scheduled amortization for |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs are recorded as a reduction to the Company’s debt balance and primarily include the expenses incurred by the Company as part of the 2019, 2018, 2017 and 2015 Recapitalizations. See Note 4 for a description of the 2019, 2018, 2017 and 2015 Recapitalizations. Amortization is recorded on a straight-line basis (which is materially consistent with the effective interest method) over the expected terms of the respective debt instrument to which the costs relate and is included in interest expense. In connection with the 2019, 2018, 2017 and 2015 Recapitalizations, the Company recorded $8.1 million, $8.2 million, $16.8 million and $17.4 million of debt issuance costs, respectively. In connection with 2018 Recapitalization, the Company repaid the 2015 Five-Year Fixed Rate Notes and expensed approximately $3.2 million for the remaining unamortized debt issuance costs associated with these notes. Debt issuance cost expense was approximately $4.7 million, $8.0 million and $11.0 million in 2019, 2018 and 2017, respectively. |
Insurance Reserves | Insurance Reserves The Company has retention programs for workers’ compensation, general liability and owned and non-owned non-owned non-owned Insurance reserves relating to our retention programs are based on undiscounted actuarial estimates. These estimates are based on historical information and on certain assumptions about future events. Changes in assumptions for such factors as medical costs and legal actions, as well as changes in actual experience, could cause these estimates to change in the near term. The Company generally receives estimates of outstanding insurance exposures from its independent actuary twice per year and differences between these estimated actuarial exposures and the Company’s recorded amounts are adjusted as appropriate. The Company had reserves for these programs of $50.3 million and $45.9 million as of December 29, 2019 and December 30, 2018, respectively. In addition, the Company maintains reserves for its share of employee health costs as part of the health care benefits offered to its employees. Reserves are based on estimated claims incurred that have not yet been paid, based on historical claims and payment lag times. |
Contract Liabilities | Contract Liabilities Contract liabilities consist primarily of deferred franchise fees and deferred development fees. Deferred franchise fees and deferred development fees of $ 4.2 million and $4.0 million were included in current other accrued liabilities as of December 29, 2019 and December 30, 2018, respectively. Deferred franchise fees and deferred development fees of $ 16.3 million and $15.9 million were included in long-term other accrued liabilities as of December 29, 2019 and December 30, 2018, respectively. Changes in deferred franchise fees and deferred development fees in 2019 and 2018 were as follows (in thousands): Fiscal Year Ended December 29, December 30, Deferred franchise fees and deferred development fees at beginning of period $ 19,900 $ 19,404 Revenue recognized during the period (5,695 ) (5,235 ) New deferrals due to cash received and other 6,258 5,731 Deferred franchise fees and deferred development fees at end of period $ 20,463 $ 19,900 The Company expects to recognize revenue of $4.2 million in 2020, $3.1 million in 2021, $2.8 million in 2022, $2.6 million in 2023, $2.3 million in 2024 and $5.5 million thereafter associated with the total deferred franchise fee and deferred development fee amount above. The Company has applied the sales-based royalty exemption which permits exclusion of variable consideration in the form of sales-based royalties from the disclosure of remaining performance obligations. |
Other Accrued Liabilities | Other Accrued Liabilities Current and long-term other accrued liabilities primarily include accruals for income, sales, property and other taxes, legal reserves, store operating expenses, dividends payable and deferred compensation liabilities. |
Foreign Currency Translation | Foreign Currency Translation The Company’s foreign entities use their local currency as the functional currency. For these entities, the Company translates net assets into U.S. dollars at year end exchange rates, while income and expense accounts are translated at average annual exchange rates. Currency translation adjustments are included in accumulated other comprehensive income (loss) and foreign currency transaction gains and losses are included in determining net income. |
Revenue Recognition | Revenue Recognition U.S. Company-owned stores revenues are comprised of retail sales of food through Company-owned Domino’s Pizza stores located in the U.S. and are recognized when the items are delivered to or carried out by customers. Customer payments are generally due at the time of sale. Sales taxes related to these sales are collected from customers and remitted to the appropriate taxing authority and are not reflected in the Company’s consolidated statements of income as revenue. U.S. franchise royalties and fees are primarily comprised of royalties and fees from Domino’s Pizza franchisees with operations in the U.S. Each franchisee is generally required to pay a 5.5% royalty fee on sales. In certain instances, the Company will collect lower rates based on area development agreements, sales initiatives, store relocation per-transaction Supply chain revenues are primarily comprised of sales of food, equipment and supplies to franchised Domino’s Pizza stores located in the U.S. and Canada. Revenues from the sale of food are recognized upon delivery of the food to franchisees and payments for food purchases are generally due within 30 days of the shipping date. Revenues from the sale of equipment and supplies are recognized upon delivery or shipment of the related products to franchisees, based on shipping terms, and payments for equipment and supplies are generally due within 90 days of the shipping date. The Company also offers profit sharing rebates and volume discounts to its franchisees. Obligations for profit sharing rebates are calculated based on actual results of its supply chain centers and are recognized as a reduction to revenue. Volume discounts are based on annual sales. The Company estimates the amount that will be earned and records a reduction to revenue. International franchise royalties and fees are primarily comprised of royalties and fees from Domino’s Pizza franchisees outside of the U.S. Royalty revenues are recognized when the items are delivered to or carried out by franchisees’ customers. Store opening fees received from international franchisees are recognized as revenue on a straight-line basis over the term of each respective franchise store agreement, which is typically ten years. Development fees received from international master franchisees are also deferred when amounts are received and are recognized as revenue on a straight-line basis over the term of the respective master franchise agreement, which is typically ten years. International franchise royalties and fees are invoiced at least quarterly and payments are generally due within 60 days. U.S. franchise advertising revenues are comprised of contributions from Domino’s Pizza franchisees with operations in the U.S. to the Domino’s National Advertising Fund Inc. (“DNAF”), the Company’s consolidated not-for-profit s Reclassification of Revenues In 2018, the Company began managing its franchised stores in Alaska and Hawaii as part of its U.S. Stores segment (Note 12). Prior to 2018, the revenues from these franchised stores were included in the Company’s International Franchise segment (Note 12). International franchise royalties and fees revenues in 2017 included $2.6 million of franchise revenues related to these stores. These amounts have not been reclassified to conform to the current year presentation due to immateriality. Disaggregation of Revenue Current accounting standards require that companies disaggregate revenue from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The Company has included its revenues disaggregated in its consolidated statements of income to satisfy this requirement. |
Supply Chain Profit-Sharing Arrangements | Supply Chain Profit-Sharing Arrangements The Company enters into profit-sharing arrangements with U.S. and Canadian stores that purchase all of their food from Supply Chain (Note 12). These profit-sharing arrangements generally offer Company-owned stores and participating franchisees with 50% (or a higher percentage in the case of Company-owned stores and certain franchisees who operate a larger number of stores) of their regional supply chain center’s pre-tax |
Advertising | Advertising U.S. Stores (Note 12) are generally required to contribute 6% of sales to DNAF. U.S. franchise advertising costs are accrued and expensed when the related U.S. franchise advertising revenues are recognized, as DNAF is obligated to expend such revenues on advertising. U.S. franchise advertising costs expended by DNAF are included in U.S. franchise advertising expenses in the Company’s consolidated statements of income. Advertising costs funded by Company-owned stores are generally expensed as incurred and are included in general and administrative expense. The contributions from Company-owned stores that have not yet been expended are included in advertising fund assets, restricted on the Company’s consolidated balance sheet. Advertising expense included $390.8 million and $358.5 million of U.S. franchise advertising expense in 2019 and 2018, respectively. In years prior to 2018, franchise advertising costs were recorded net against franchise advertising revenues. Advertising expense also included $37.6 million, $43.4 million and $39.8 million in 2019, 2018 and 2017 primarily related to advertising costs funded by U.S. Company-owned stores which is included in general and administrative expense in the consolidated statements of income. As of December 29, 2019, advertising fund assets, restricted of $105.4 million consisted of $84.0 million of cash and cash equivalents, $15.3 million of accounts receivable and $6.1 million of prepaid expenses. As of December 29, 2019, advertising fund cash and cash equivalents included $3.5 million of cash contributed from U.S. Company-owned stores that had not yet been expended. As of December 30, 2018, advertising fund assets, restricted of $112.7 million consisted of $95.1 million of cash, cash equivalents and investments, $15.3 million of accounts receivable and $2.3 million of prepaid expenses. As of December 30, 2018, advertising fund cash, cash equivalents and investments included $5.5 million of cash contributed from Company-owned stores that had not yet been expended. |
Leases | Leases The Company leases certain retail store and supply chain center locations, supply chain vehicles and its corporate headquarters. The Company determines whether an arrangement is or contains a lease at contract inception. The majority of the Company’s leases are classified as operating leases, which are included in operating lease right-of-use Right-of-use The Company estimates its incremental borrowing rate for each lease using a portfolio approach based on the respective weighted average term of the agreements. This estimation considers the market rates of the Company’s outstanding collateralized borrowings and interpolations of rates outside of the terms of the outstanding borrowings, including comparisons to comparable borrowings of similarly Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales or general and administrative expense. Amortization expense for finance leases is recognized on a straight-line basis over the lease term and is included in cost of sales . I non-lease |
Common Stock Dividends | Common Stock Dividends The Company declared and paid dividends of approximately $105.6 million (or $2.60 per share) in 2019, approximately $92.2 million (or $2.20 per share) in 2018 and approximately $84.2 million (or $1.84 per share) in 2017. |
Stock Options and Other Equity-Based Compensation Arrangements | Stock Options and Other Equity-Based Compensation Arrangements The cost of all of the Company’s stock options, as well as other equity-based compensation arrangements, is reflected in the financial statements based on the estimated fair value of the awards (Note 10). |
Earnings Per Share | Earnings Per Share The Company discloses two calculations of earnings per share (“EPS”): basic EPS and diluted EPS (Note 2). The numerator in calculating common stock basic and diluted EPS is consolidated net income. The denominator in calculating common stock basic EPS is the weighted average shares outstanding. The denominator in calculating common stock diluted EPS includes the additional dilutive effect of outstanding stock options, unvested restricted stock grants and unvested performance-based restricted stock grants. |
Supplemental Disclosures of Cash Flow Information | Supplemental Disclosures of Cash Flow Information The Company paid interest of approximately $142.3 million, $132.8 million and $107.4 million during 2019, 2018 and 2017, respectively , The Company had $6.9 million, $3.8 million and $4.0 million of non-cash |
New Accounting Pronouncements | New Accounting Pronouncements Recently Adopted Accounting Standards Accounting Standards Update 2016-02, In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (Topic 842) The adoption of ASC 842 had a material impact on the Company’s assets and liabilities due to the recognition of operating lease right-of-use The effects of the changes made to the Company’s consolidated balance sheet as of December 31, 2018 for the adoption of ASC 842 were as follows (in thousands): Balance at Adjustments Due to ASC 842 Balance at Assets Current assets: Prepaid expenses and other $ 25,710 $ (35 ) $ 25,675 Property, plant and equipment: Construction in progress 31,822 (1,904 ) 29,918 Other assets: Operating lease right-of-use — 218,860 218,860 Liabilities and stockholders’ deficit Current liabilities: Operating lease liabilities — 32,033 32,033 Other accrued liabilities 55,001 (136 ) 54,865 Long-term liabilities: Operating lease liabilities — 194,736 194,736 Other accrued liabilities 40,807 (9,712 ) 31,095 On December 31, 2018, the Company recorded an adjustment of $226.8 million for operating lease right-of-use right-of-use million of construction in progress and other long-term accrued liabilities associated with a new building that was completed and leased to the Company in the third quarter of 2019. During the construction phase, this lease was previously accounted for as a build-to-suit ASU 2018-15, Internal-Use 350-40) In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract 2018-15”), internal-use 2018-15 2018-15 Accounting Standards Update 2014-09, In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update 2014-09, Revenue from Contracts with Customers (Topic 606) The Company recognized the cumulative effect of initially applying ASC 606 as an adjustment to the opening balance of retained deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for that period. The Company has determined that the store opening fees received from international franchisees do not relate to separate and distinct performance obligations from the franchise right and those upfront fees will therefore be recognized as revenue over the term of each respective franchise store agreement, which is typically 10 years. In the past, the Company recognized such fees as revenue when the related store opened. An adjustment to beginning retained deficit and a corresponding contract liability of approximately $15.0 million (of which $2.4 million was current and $12.6 million was long-term) was established on the date of adoption associated with the fees received through December 31, 2017 that would have been deferred and recognized over the term of each respective franchise store agreement if the new guidance had been applied in the past. A deferred tax asset of $3.5 million related to this contract liability was also established on the date of adoption. The Company has also determined that ASC 606 requires a gross presentation on the consolidated statement of income for franchisee contributions received by and related expenses of DNAF, the Company’s consolidated not-for-profit Under the requirements of ASC 606, the Company determined that there are not performance obligations associated with the franchise advertising contributions received by DNAF that are separate from the Company’s U.S. royalty payment stream and as a result, these franchise contributions and the related expenses are presented gross in the Company’s consolidated statement of income and consolidated statement of cash flows. While this change materially impacted the gross amount of reported franchise revenues and expenses, the impact is generally expected to be an offsetting increase to both revenues and expenses such that the impact on income from operations and net income is not expected to be material. An adjustment to beginning retained deficit and advertising fund liabilities of approximately $6.4 million related to the timing of advertising expense recognition was recorded on the date of adoption. A deferred tax liability (which is reflected net against deferred tax assets in the consolidated balance sheet) of approximately $1.6 million related to this adjustment was also established on the date of adoption. ASU 2018-02, In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Accounting Standards Not Yet Adopted The Company has considered all new accounting pronouncements issued by the FASB. The following represent accounting pronouncements that are applicable to the Company, but for which the Company has not yet completed its assessment or has not yet adopted as of December 29, 2019. ASU 2016-13, In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13”). 2016-13 2016-13 ASU 2019-12, In December 2019, the FASB issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12) 2019-12 |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Accounting Policies [Abstract] | |
Inventories | Inventories are valued at the lower of cost (on a first-in, first-out 2019 2018 Food $ 49,304 $ 42,921 Equipment and supplies 3,651 3,054 Inventories $ 52,955 $ 45,975 |
Estimated Useful Lives of Property, Plant And Equipment Excluding Capital Lease Asset | Additions to property, plant and equipment are recorded at cost. Repair and maintenance costs are expensed as incurred. Depreciation and amortization expense are provided using the straight-line method over the estimated useful lives of the related assets. Estimated useful lives are generally as follows (in years): Buildings 20 Leasehold and other improvements 7 – 15 Equipment 3 – 15 |
Schedule of Contract Liabilities Consist of Deferred Franchise Fees and Deferred Development Fees | Changes in deferred franchise fees and deferred development fees in 2019 and 2018 were as follows (in thousands): Fiscal Year Ended December 29, December 30, Deferred franchise fees and deferred development fees at beginning of period $ 19,900 $ 19,404 Revenue recognized during the period (5,695 ) (5,235 ) New deferrals due to cash received and other 6,258 5,731 Deferred franchise fees and deferred development fees at end of period $ 20,463 $ 19,900 |
Cumulative Effects of Changes Made to Consolidated Balance Sheet | The effects of the changes made to the Company’s consolidated balance sheet as of December 31, 2018 for the adoption of ASC 842 were as follows (in thousands): Balance at Adjustments Due to ASC 842 Balance at Assets Current assets: Prepaid expenses and other $ 25,710 $ (35 ) $ 25,675 Property, plant and equipment: Construction in progress 31,822 (1,904 ) 29,918 Other assets: Operating lease right-of-use — 218,860 218,860 Liabilities and stockholders’ deficit Current liabilities: Operating lease liabilities — 32,033 32,033 Other accrued liabilities 55,001 (136 ) 54,865 Long-term liabilities: Operating lease liabilities — 194,736 194,736 Other accrued liabilities 40,807 (9,712 ) 31,095 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share amounts): 2019 2018 2017 Net income available to common stockholders – basic and diluted $ 400,709 $ 361,972 $ 277,905 Weighted average number of common shares 40,766,362 41,856,017 45,954,659 Earnings per common share – basic $ 9.83 $ 8.65 $ 6.05 Diluted weighted average number of common shares 41,923,062 43,331,278 47,677,834 Earnings per common share – diluted $ 9.56 $ 8.35 $ 5.83 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts and Fair Values of Certain Assets | The fair values of the Company’s cash equivalents and investments in marketable securities are based on quoted prices in active markets for identical assets. The following table summarizes the carrying amounts and fair values of certain assets at December 29, 2019 (in thousands): At December 29, 2019 Carrying Fair Value Estimated Using Level 1 Level 2 Level 3 Cash equivalents $ 180,459 $ 180,459 $ — $ — Restricted cash equivalents 126,963 126,963 — — Investments in marketable securities 11,982 11,982 — — Advertising fund cash equivalents, restricted 67,851 67,851 — — The following table summarizes the carrying amounts and fair values of certain assets at December 30, 2018 (in thousands): At December 30, 2018 Carrying Amount Fair Value Estimated Using Level 1 Level 2 Level 3 Cash equivalents $ 11,877 $ 11,877 $ — $ — Restricted cash equivalents 112,272 112,272 — — Investments in marketable securities 8,718 8,718 — — Advertising fund cash equivalents, restricted 31,547 31,547 — — Advertising fund investments, restricted 50,152 50,152 — — |
Recapitalizations and Financi_2
Recapitalizations and Financing Arrangements (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Debt Disclosure [Abstract] | |
Consolidated Long-Term Debt | At December 29, 2019 and December 30, 2018, consolidated long-term debt consisted of the following (in thousands): 2019 2018 2015 Ten-Year Fixed Rate Notes $ 774,000 $ 780,000 2017 Five-Year Fixed Rate Notes 588,000 592,500 2017 Ten-Year Fixed Rate Notes 980,000 987,500 2017 Five-Year Floating Rate Notes 294,000 296,250 2018 7.5-Year Fixed Rate Notes 419,688 422,875 2018 9.25-Year Fixed Rate Notes 395,000 398,000 2019 Ten-Year Fixed Rate Notes 675,000 — 2017 Variable Funding Notes — 65,000 2019 Variable Funding Notes — — Finance lease obligations 19,657 17,006 Debt issuance costs, net of accumulated amortization of $12.9 million in 2019 and $8.2 million in 2018 (30,896 ) (27,547 ) Total debt 4,114,449 3,531,584 Less – current portion 43,394 35,893 Consolidated long-term debt, net of debt issuance c $ 4,071,055 $ 3,495,691 |
Maturities of Long-Term Debt and Capital Lease Obligations | At December 29 2020 $ 43,394 2021 42,842 2022 897,930 2023 34,030 2024 34,144 Thereafter 3,093,005 $ 4,145,345 |
Schedule of Estimated Fair Value | Management estimated the approximate fair values of the 2019 Ten-Year Fixed Rate Notes, 2018 Notes, 2017 Fixed and Floating Rate Notes and 2015 Notes as follows (in thousands): December 29, 2019 December 30, 2018 Principal Amount Fair Value Principal Amount Fair Value 2015 Ten-Year $ 774,000 $ 804,960 $ 780,000 $ 783,120 2017 Five-Year Fixed Rate Notes 588,000 588,588 592,500 575,910 2017 Ten-Year 980,000 1,017,240 987,500 956,888 2017 Five-Year Floating Rate Notes 294,000 294,000 296,250 295,065 2018 7.5-Year 419,688 431,439 422,875 416,955 2018 9.25-Year 395,000 414,355 398,000 396,010 2019 Ten-Year 675,000 675,675 — — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Leases [Abstract] | |
Components Of Operating And Finance Lease Cost | The components of operating and finance lease cost for 2019 were as follows (in thousands): Fiscal Year Ended Operating lease cost $ 42,903 Finance lease cost: Amortization of right-of-use 1,167 Interest on lease liabilities 1,952 Total finance lease cost $ 3,119 |
Schedule of Supplemental Balance Sheet Information Related To Finance Leases | Supplemental balance sheet information related to the Company’s leases as of December 29, 2019 and December 30, 2018 was as follows (in thousands): December 29, December 30, Land and buildings $ 25,476 $ 22,171 Accumulated depreciation and amortization (7,846 ) (6,678 ) Finance lease assets, net $ 17,630 $ 15,493 Current portion of long-term debt $ 1,394 $ 643 Long-term debt, less current portion 18,263 16,363 Total principal payable on finance leases $ 19,657 $ 17,006 Operating Finance Weighted average remaining lease term 8 years 14 years Weighted average discount rate 3.8 % 11.7 % |
Schedule Of Supplemental Cash Flow Information Related To Leases | Supplemental cash flow information related to leases for 2019 was as follows (in thousands): Fiscal Year Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 43,608 Operating cash flows from finance leases 1,952 Financing cash flows from finance leases 647 Right-of-use Operating leases 63,685 Finance leases 3,255 |
Schedule Of Maturities Of Operating And Finance Leases Liabilities | Maturities of lease liabilities as of December 29, 2019 were as follows (in thousands): Operating Finance 2020 $ 39,925 $ 3,302 2021 40,070 2,816 2022 36,928 2,834 2023 34,381 2,858 2024 29,987 2,882 Thereafter 92,849 25,813 Total future minimum rental commitments 274,140 40,505 Less – amounts representing interest (38,091 ) (20,848 ) Total lease liabilities $ 236,049 $ 19,657 Future minimum rental commitments as of December 30, 2018 were as follows (in thousands): Operating Finance 2019 $ 40,752 $ 2,396 2020 37,519 2,415 2021 34,538 2,433 2022 30,763 2,451 2023 27,388 2,474 Thereafter 100,310 23,781 Total future minimum rental commitments $ 271,270 35,950 Less – amounts representing interest (18,944 ) Total principal payable on finance leases $ 17,006 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Before Provision for Income Taxes | Income before provision for income taxes in 2019, 2018 and 2017 consists of the following (in thousands): 2019 2018 2017 U.S. $ 468,467 $ 414,804 $ 386,989 Foreign 14,170 13,874 13,164 Income before provision for income taxes $ 482,637 $ 428,678 $ 400,153 |
Differences Between Statutory Income Tax Provision and Consolidated Provision for Income Taxes | The differences between the U.S. Federal statutory income tax provision (using the statutory rate of 21% in 2019 and 2018 and the statutory rate of 35 2019 2018 2017 Federal income tax provision based on the statutory rate $ 101,354 $ 90,022 $ 140,054 State and local income taxes, net of related Federal income taxes 15,141 14,233 11,520 Non-resident 20,351 21,369 20,210 Foreign tax and other tax credits (20,090 ) (25,301 ) (23,324 ) Foreign derived intangible income (12,810 ) (11,760 ) — Excess tax benefits from equity-based compensation (25,735 ) (23,786 ) (27,227 ) Non-deductible 3,090 1,999 1,794 Unrecognized tax provision (benefit), net of related Federal income taxes 694 301 (173 ) Other (67 ) (371 ) (606 ) Provision for income taxes $ 81,928 $ 66,706 $ 122,248 |
Components of Consolidated Provision for Income Taxes | The components of the 2019, 2018 and 2017 consolidated provision for income taxes are as follows (in thousands): 2019 2018 2017 Provision for Federal income taxes Current provision $ 49,539 $ 33,558 $ 81,747 Deferred (benefit) provision (2,862 ) (1,543 ) 6,732 Total provision for Federal income taxes 46,677 32,015 88,479 Provision for state and local income taxes Current provision 15,335 12,651 14,131 Deferred (benefit) provision (435 ) 671 (572 ) Total provision for state and local income taxes 14,900 13,322 13,559 Provision for non-resident 20,351 21,369 20,210 Provision for income taxes $ 81,928 $ 66,706 $ 122,248 |
Significant Components of Net Deferred Income Taxes | As of December 29, 2019 and December 30, 2018, the significant components of net deferred income taxes are as follows (in thousands): 2019 2018 Deferred income tax assets Other accruals and reserves $ 11,874 $ 10,636 Insurance reserves 11,256 10,253 Equity compensation 10,357 9,705 Foreign tax credit 9,333 4,600 Other 6,980 6,029 Deferred income tax assets before valuation allowance 49,800 41,223 Less: Valuation allowance (4,280 ) — Total deferred income tax assets 45,520 41,223 Deferred income tax liabilities Depreciation, amortization and asset basis differences 8,117 10,505 Capitalized software 27,330 25,192 Total deferred income tax liabilities 35,447 35,697 Net deferred income tax assets $ 10,073 $ 5,526 |
Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2019 2018 2017 Unrecognized tax benefits at beginning of period $ 1,964 $ 1,837 $ 1,954 Additions for tax positions of current year 468 425 224 Additions for tax positions of prior years 789 115 42 Reductions for changes in prior year tax positions (284 ) (64 ) (10 ) Reductions for lapses of applicable statute of limitations (135 ) (349 ) (373 ) Unrecognized tax benefits at end of period $ 2,802 $ 1,964 $ 1,837 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock Options Activity Related to Equity Incentive Plans | Stock option activity related to the 2004 Equity Incentive Plan is summarized as follows: Common Stock Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Life Aggregate Intrinsic Value (Years) (In thousands) Stock options at January 1, 2017 2,498,310 $ 43.54 Stock options granted 126,720 201.19 Stock options cancelled (28,991 ) 101.97 Stock options exercised (357,925 ) 17.05 Stock options at December 31, 2017 2,238,114 $ 55.94 Stock options granted 96,580 266.11 Stock options cancelled (11,193 ) 174.63 Stock options exercised (414,102 ) 23.74 Stock options at December 30, 2018 1,909,399 $ 72.86 Stock options granted 96,280 272.64 Stock options cancelled (33,667 ) 196.47 Stock options exercised (425,601 ) 30.70 Stock options at December 29, 2019 1,546,411 $ 94.21 4.4 $ 306,340 Exercisable at December 29, 2019 1,350,200 $ 71.59 3.8 $ 298,015 |
Stock Option Valuation Assumptions | 2019 2018 2017 Risk-free interest rate 1.9 % 2.7 % 2.0 % Expected life (years) 5.5 5.5 5.5 Expected volatility 25.0 % 24.2 % 25.8 % Expected dividend yield 0.9 % 0.8 % 0.9 % Weighted average fair value per stock option $ 64.66 $ 67.65 $ 49.57 |
Resticted Stock and Performance Based Restricted Stock Activity Related to Equity Incentive Plans | Restricted stock and performance-based restricted stock activity related to the 2004 Equity Incentive Plan is summarized as follows: Shares Weighted Average Grant Date Fair Value (1) Nonvested at January 1, 2017 276,220 $ 97.48 Shares granted 72,250 205.21 Shares cancelled (16,109 ) 115.71 Shares vested (137,757 ) 80.55 Nonvested at December 31, 2017 194,604 $ 147.94 Shares granted 91,430 271.33 Shares cancelled (12,692 ) 178.06 Shares vested (82,963 ) 128.57 Nonvested at December 30, 2018 190,379 $ 213.57 Shares granted 67,570 275.06 Shares cancelled (17,923 ) 230.60 Shares vested (68,956 ) 175.84 Nonvested at December 29, 2019 171,070 $ 251.29 (1) The weighted average grant date fair value for performance-based restricted shares granted was calculated based on the market price on the grant dates. Certain tranches will ultimately be valued when the performance condition is established for each tranche, which generally occurs in the fourth quarter of each fiscal year. |
Capital Structure (Tables)
Capital Structure (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Text Block [Abstract] | |
Share Components of Outstanding Common Stock | The share components of outstanding common stock at December 29, 2019 and December 30, 2018 are as follows: 2019 2018 Voting 38,930,646 40,974,200 Non-Voting 3,363 3,361 Total Common Stock 38,934,009 40,977,561 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Segment Reporting [Abstract] | |
Financial Information by Operating Segment | The tables below summarize the financial information concerning the Company’s reportable segments for fiscal 2019, 2018 and 2017. Intersegment Revenues are comprised of sales of food, equipment and supplies from the Supply Chain segment to the Company-owned stores in the U.S. Stores segment. Intersegment sales prices are market based. The “Other” column as it relates to Segment Income and income from operations information below primarily includes corporate administrative costs. The “Other” column as it relates to capital expenditures primarily includes capitalized software, certain equipment and leasehold improvements. Tabular amounts presented below are in thousands. U.S. Stores (1) Supply Chain International Franchise (2) Intersegment Revenues Other Total Revenues- 2019 $ 1,272,863 $ 2,231,838 $ 240,975 $ (126,902 ) — $ 3,618,774 2018 1,264,823 2,087,408 224,747 (144,111 ) — 3,432,867 2017 842,233 1,874,943 206,708 (135,905 ) — 2,787,979 Segment Income- 2019 $ 361,673 $ 199,844 $ 187,318 N/A $ (36,701 ) $ 712,134 2018 335,989 176,714 174,700 N/A (43,462 ) 643,941 2017 306,406 163,077 161,263 N/A (46,958 ) 583,788 Income from Operations- 2019 $ 349,740 $ 181,964 $ 187,097 N/A $ (89,394 ) $ 629,407 2018 329,044 162,392 174,503 N/A (94,250 ) 571,689 2017 298,852 151,622 161,066 N/A (90,308 ) 521,232 Capital Expenditures- 2019 $ 11,793 $ 33,440 $ 131 N/A $ 43,304 $ 88,668 2018 15,717 61,652 134 N/A 42,171 119,674 2017 20,579 34,123 28 N/A 35,527 90,257 (1) The adoption of ASC 606 in 2018 resulted in the recognition of revenue related to U.S. franchise contributions to DNAF in 2019 and 2018. In prior years, under accounting standards in effect at that time, the Company had presented these contributions net with the related disbursements in its consolidated statement of income. Refer to Note 1 to the consolidated financial statements for additional information related to the adoption of this accounting standard. (2) In 2018, the Company began managing its franchised stores in Alaska and Hawaii as part of its U.S. Stores segment. Prior to 2018, royalty revenues from these franchised stores were included in the Company’s International Franchise segment in the table above. Consolidated results of the Company have not been impacted by this change and prior year amounts have not been reclassified to conform to the current year presentation due to immateriality. |
Reconciliation of Total Segment Income to Consolidated Income Before Provision for Income Taxes | The following table summarizes the Company’s identifiable asset information as of December 29, 2019 and December 30, 2018 (in thousands): 2019 (1) 2018 U.S. Stores $ 251,844 $ 211,554 U.S. supply chain 408,919 283,351 Total U.S. assets 660,763 494,905 International franchise 23,396 21,094 International supply chain 35,745 24,049 Total international assets 59,141 45,143 Unallocated 662,188 367,337 Total assets $ 1,382,092 $ 907,385 (1) The adoption of ASC 842 resulted in the recognition of operating lease right-of-use |
Identifiable Asset Information | The following table summarizes the Company’s identifiable asset information as of December 29, 2019 and December 30, 2018 (in thousands): 2019 (1) 2018 U.S. Stores $ 251,844 $ 211,554 U.S. supply chain 408,919 283,351 Total U.S. assets 660,763 494,905 International franchise 23,396 21,094 International supply chain 35,745 24,049 Total international assets 59,141 45,143 Unallocated 662,188 367,337 Total assets $ 1,382,092 $ 907,385 (1) The adoption of ASC 842 resulted in the recognition of operating lease right-of-use |
Goodwill | The following table summarizes the Company’s goodwill balance as of December 29, 2019 and December 30, 2018 (in thousands): 2019 2018 U.S. Stores $ 14,026 $ 13,852 Supply Chain 1,067 1,067 Consolidated goodwill $ 15,093 $ 14,919 |
Periodic Financial Data (Unau_2
Periodic Financial Data (Unaudited; in Thousands, except Per Share Amounts) (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Periodic Financial Data | For the Fiscal Quarter Ended For the Fiscal Year Ended March 24, 2019 June 16, 2019 September 8, 2019 December 29, 2019 December 29, 2019 Total revenues $ 835,963 $ 811,647 $ 820,812 $ 1,150,352 $ 3,618,774 Operating margin 322,289 316,671 316,251 447,288 1,402,499 Income before provision for income taxes 109,143 105,979 110,245 157,270 482,637 Net income 92,650 92,359 86,373 129,327 400,709 Earnings per common share – basic (1) $ 2.27 $ 2.25 $ 2.11 $ 3.20 $ 9.83 Earnings per common share – diluted (1) $ 2.20 $ 2.19 $ 2.05 $ 3.12 $ 9.56 Common stock dividends declared per share $ 0.65 $ 0.65 $ 0.65 $ 0.65 $ 2.60 For the Fiscal Quarter Ended For the Fiscal Year Ended March 25, 2018 June 17, 2018 September 9, 2018 December 30, 2018 December 30, 2018 Total revenues $ 785,371 $ 779,396 $ 785,965 $ 1,082,135 $ 3,432,867 Operating margin 299,865 293,580 295,279 413,955 1,302,679 Income before provision for income taxes 103,670 91,197 99,248 134,563 428,678 Net income 88,827 77,408 84,095 111,642 361,972 Earnings per common share – basic (1) $ 2.07 $ 1.84 $ 2.02 $ 2.71 $ 8.65 Earnings per common share – diluted (1) $ 2.00 $ 1.78 $ 1.95 $ 2.62 $ 8.35 Common stock dividends declared per share $ 0.55 $ 0.55 $ 0.55 $ 0.55 $ 2.20 (1) Earnings per share figures may not sum to the total due to the rounding of each individual calculation. |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Dec. 31, 2018 | Jan. 01, 2018 | Sep. 08, 2019 | Jun. 16, 2019 | Mar. 24, 2019 | Sep. 09, 2018 | Jun. 17, 2018 | Mar. 25, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2015 |
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Revenue | $ 820,812,000 | $ 811,647,000 | $ 835,963,000 | $ 785,965,000 | $ 779,396,000 | $ 785,371,000 | $ 1,150,352,000 | $ 1,082,135,000 | $ 3,618,774,000 | $ 3,432,867,000 | $ 2,787,979,000 | |||
Advertising fund assets restricted | 105,389,000 | 112,744,000 | 105,389,000 | 112,744,000 | ||||||||||
Restricted cash and cash equivalent | 126,963,000 | 112,272,000 | 126,963,000 | 112,272,000 | ||||||||||
Depreciation and amortization | 59,930,000 | 53,665,000 | 44,369,000 | |||||||||||
Capitalized software amortization expense | 22,800,000 | 18,700,000 | 14,800,000 | |||||||||||
Amortization Expenses in 2020 | 19,200,000 | 19,200,000 | ||||||||||||
Amortization Expenses in 2021 | 15,100,000 | 15,100,000 | ||||||||||||
Amortization Expenses in 2022 | 8,000,000 | 8,000,000 | ||||||||||||
Amortization Expenses in 2023 | 2,100,000 | 2,100,000 | ||||||||||||
Amortization Expenses in 2024 | 800,000 | 800,000 | ||||||||||||
Amortization Expenses, thereafter | 700,000 | 700,000 | ||||||||||||
Amortization of Debt Issuance Costs | 4,700,000 | 8,000,000 | 11,000,000 | |||||||||||
Exposures for workers' compensation and general liability programs | 1,000,000 | 1,000,000 | ||||||||||||
Insurance Reserves | $ 50,300,000 | $ 45,900,000 | 50,300,000 | 45,900,000 | ||||||||||
Revenue reduction due to profit-sharing obligation | 143,500,000 | 132,700,000 | 119,700,000 | |||||||||||
Interest paid | 142,300,000 | 132,800,000 | 107,400,000 | |||||||||||
Cash paid for income taxes | 80,300,000 | 71,700,000 | 122,600,000 | |||||||||||
Capital expenditure accrual | $ 6,900,000 | $ 3,800,000 | $ 4,000,000 | |||||||||||
Common stock dividend declared, per share | $ 0.65 | $ 0.65 | $ 0.65 | $ 0.55 | $ 0.55 | $ 0.55 | $ 0.65 | $ 0.55 | $ 2.60 | $ 2.20 | $ 1.84 | |||
Common stock dividend declared, paid | $ 105,715,000 | $ 92,166,000 | $ 84,298,000 | |||||||||||
Total insurance limits under the retention programs | $ 110,000,000 | 110,000,000 | ||||||||||||
Adjustment to beginning retained deficit | $ 15,000,000 | |||||||||||||
Contract liability, Current | 2,400,000 | 4,200,000 | $ 4,000,000 | 4,200,000 | 4,000,000 | |||||||||
Contract liability, Noncurrent | 12,600,000 | 16,300,000 | 15,900,000 | 16,300,000 | 15,900,000 | |||||||||
Deferred tax asset | $ 10,073,000 | 5,526,000 | $ 10,073,000 | 5,526,000 | ||||||||||
Percentage of royalty fee | 5.50% | 5.50% | ||||||||||||
Percentage of profit-sharing arrangements with participating stores | 50.00% | |||||||||||||
Operating Lease, Right-of-Use Asset | $ 226,800,000 | $ 228,785,000 | $ 228,785,000 | |||||||||||
Operating Lease, Liability | 226,800,000 | 236,049,000 | 236,049,000 | |||||||||||
Derecognition of Liabilities | 1,900,000 | |||||||||||||
Deferred tax liability | 35,447,000 | 35,697,000 | 35,447,000 | 35,697,000 | ||||||||||
Advertising expense | 390,799,000 | 358,526,000 | ||||||||||||
Accounting Standards Update 2014-09 [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Deferred tax asset | $ 3,500,000 | |||||||||||||
Term of franchise store agreement | 10 years | |||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 6,400,000 | |||||||||||||
Deferred tax liability | 1,600,000 | |||||||||||||
Accounting Standards Update 2018-02 [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Adjustment to beginning retained deficit | $ 400,000 | |||||||||||||
2017 Recapitalization [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Debt issuance costs | 16,800,000 | |||||||||||||
Debt issuance costs written off | 5,500,000 | |||||||||||||
2018 Recapitalization [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Debt issuance costs | 8,200,000 | 8,200,000 | ||||||||||||
Debt issuance costs written off | 3,200,000 | |||||||||||||
Class A-2 Notes [Member] | 2015 Recapitalization [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Debt issuance costs | $ 17,400,000 | |||||||||||||
Class A-2 Notes [Member] | 2017 Recapitalization [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Debt issuance costs | $ 16,800,000 | |||||||||||||
Class A-2 Notes [Member] | 2018 Recapitalization [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Debt issuance costs | 8,200,000 | 8,200,000 | ||||||||||||
Class A-2 Notes [Member] | 2019 Recapitalization [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Debt issuance costs | 8,100,000 | 8,100,000 | ||||||||||||
2015 Fixed Rate Notes [Member] | Class A-2 Notes [Member] | 2018 Recapitalization [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Debt issuance costs written off | $ 3,200,000 | |||||||||||||
Minimum [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Owned and non-owned automobile liabilities | 500,000 | 500,000 | ||||||||||||
Maximum [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Owned and non-owned automobile liabilities | 3,000,000 | $ 3,000,000 | ||||||||||||
2019 Dividend [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Common stock dividend declared, per share | $ 2.60 | |||||||||||||
Common stock dividend declared, paid | $ 105,600,000 | |||||||||||||
2018 Dividend [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Common stock dividend declared, per share | $ 2.20 | |||||||||||||
Common stock dividend declared, paid | $ 92,200,000 | |||||||||||||
2017 Dividend [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Common stock dividend declared, per share | $ 1.84 | |||||||||||||
Common stock dividend declared, paid | $ 84,200,000 | |||||||||||||
January One 2020 [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Revenue, Remaining Performance Obligation, Amount | 4,200,000 | 4,200,000 | ||||||||||||
January One 2021 [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Revenue, Remaining Performance Obligation, Amount | 3,100,000 | 3,100,000 | ||||||||||||
January One 2022 [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Revenue, Remaining Performance Obligation, Amount | 2,800,000 | 2,800,000 | ||||||||||||
January One 2023 [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Revenue, Remaining Performance Obligation, Amount | 2,600,000 | 2,600,000 | ||||||||||||
January One 2024 [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Revenue, Remaining Performance Obligation, Amount | 2,300,000 | 2,300,000 | ||||||||||||
January One Thereafter [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Revenue, Remaining Performance Obligation, Amount | 5,500,000 | 5,500,000 | ||||||||||||
Property Plant and Equipment [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Depreciation and amortization | 37,100,000 | 35,000,000 | 29,600,000 | |||||||||||
Cash Equivalents Held in Interest Reserve [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Restricted cash and cash equivalent | 48,700,000 | 36,500,000 | 48,700,000 | 36,500,000 | ||||||||||
Cash and Cash Equivalents Held for Future Interest Payment [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Restricted cash and cash equivalent | 157,400,000 | 130,300,000 | 157,400,000 | 130,300,000 | ||||||||||
Other Restricted Cash [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Restricted cash and cash equivalent | 3,200,000 | 200,000 | 3,200,000 | 200,000 | ||||||||||
Advertising Fund Restricted Cash and Cash Equivalents [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Restricted cash and cash equivalent | 84,000,000 | 45,000,000 | 84,000,000 | 45,000,000 | ||||||||||
Other Assets [Member] | U.S. Stores [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Inatangible assets Acquired | 1,300,000 | 1,300,000 | ||||||||||||
Other Accrued Liabilities And Prepaid Expenses [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Reclassification of Accrued Liabilities to the Right of Use Asset | $ 7,900,000 | |||||||||||||
U.S. franchise stores [Member] | Cash and cash equivalents [Member] | U.S. Stores [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Advertising fund assets restricted | 84,000,000 | 84,000,000 | ||||||||||||
U.S. franchise stores [Member] | Cash, cash equivalents and investments [Member] | U.S. Stores [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Advertising fund assets restricted | 95,100,000 | 95,100,000 | ||||||||||||
U.S. franchise stores [Member] | Accounts receivable [Member] | U.S. Stores [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Advertising fund assets restricted | 15,300,000 | 15,300,000 | 15,300,000 | 15,300,000 | ||||||||||
U.S. franchise stores [Member] | Prepaid expenses [Member] | U.S. Stores [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Advertising fund assets restricted | 6,100,000 | 2,300,000 | 6,100,000 | 2,300,000 | ||||||||||
U.S. Company-owned stores [Member] | U.S. Stores [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Advertising fund assets restricted | $ 3,500,000 | $ 5,500,000 | $ 3,500,000 | 5,500,000 | ||||||||||
International Franchise [Member] | Alaska and Hawaii [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Revenue | 2,600,000 | |||||||||||||
Domestic Stores [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Percentage of sales contribution | 6.00% | 6.00% | ||||||||||||
U.S. franchise [Member] | Domestic Franchise Advertising [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Advertising expense | $ 390,800,000 | 358,500,000 | ||||||||||||
U.S. Stores [Member] | U.S. franchise stores [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Revenue | 428,504,000 | 391,493,000 | 351,387,000 | |||||||||||
U.S. Stores [Member] | U.S. Company-owned stores [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Revenue | 453,560,000 | 514,804,000 | 490,846,000 | |||||||||||
Advertising expense | 37,600,000 | 43,400,000 | $ 39,800,000 | |||||||||||
U.S. Stores [Member] | Domestic Franchise Advertising [Member] | ||||||||||||||
Description Of Business And Summary Of Significant Accounting Policies | ||||||||||||||
Revenue | $ 390,799,000 | $ 358,526,000 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Food | $ 49,304 | $ 42,921 |
Equipment and supplies | 3,651 | 3,054 |
Inventories | $ 52,955 | $ 45,975 |
Estimated Useful Lives of Prope
Estimated Useful Lives of Property Plant and Equipment Excluding Capital Lease Asset (Detail) | 12 Months Ended |
Dec. 29, 2019 | |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Leasehold and Other Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Leasehold and Other Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 15 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 15 years |
Schedule of Contract Liabilitie
Schedule of Contract Liabilities Consist of Deferred Franchise Fees and Deferred Development Fees (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2019 | Dec. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred franchise fees and deferred development fees at beginning of period | $ 19,900 | $ 19,404 |
Revenue recognized during the period | (5,695) | (5,235) |
New deferrals due to cash received and other | 6,258 | 5,731 |
Deferred franchise fees and deferred development fees at end of period | $ 20,463 | $ 19,900 |
New Accounting Pronouncements -
New Accounting Pronouncements - Cumulative Effects of Changes Made to Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 31, 2018 | Dec. 30, 2018 |
Current assets: | |||
Prepaid expenses and other | $ 19,129 | $ 25,710 | |
Property, plant and equipment: | |||
Construction in progress | 42,705 | 31,822 | |
Other assets: | |||
Operating lease right-of-use assets | 228,785 | $ 226,800 | |
Current liabilities: | |||
Operating lease liabilities, current | 33,318 | ||
Other accrued liabilities, current | 66,267 | 55,001 | |
Long-term liabilities: | |||
Operating lease liabilities, noncurrent | 202,731 | ||
Other accrued liabilities, noncurrent | $ 35,559 | 40,807 | |
Scenario, Previously Reported [Member] | |||
Current assets: | |||
Prepaid expenses and other | 25,710 | ||
Property, plant and equipment: | |||
Construction in progress | 31,822 | ||
Current liabilities: | |||
Other accrued liabilities, current | 55,001 | ||
Long-term liabilities: | |||
Other accrued liabilities, noncurrent | 40,807 | ||
Adjustments for New Accounting Pronouncement [Member] | Accounting Standards Update 2016-02 [Member] | |||
Current assets: | |||
Prepaid expenses and other | (35) | ||
Property, plant and equipment: | |||
Construction in progress | (1,904) | ||
Other assets: | |||
Operating lease right-of-use assets | 218,860 | ||
Current liabilities: | |||
Operating lease liabilities, current | 32,033 | ||
Other accrued liabilities, current | (136) | ||
Long-term liabilities: | |||
Operating lease liabilities, noncurrent | 194,736 | ||
Other accrued liabilities, noncurrent | (9,712) | ||
Scenario As Restated [Member] | |||
Current assets: | |||
Prepaid expenses and other | 25,675 | ||
Property, plant and equipment: | |||
Construction in progress | 29,918 | ||
Other assets: | |||
Operating lease right-of-use assets | 218,860 | ||
Current liabilities: | |||
Operating lease liabilities, current | 32,033 | ||
Other accrued liabilities, current | 54,865 | ||
Long-term liabilities: | |||
Operating lease liabilities, noncurrent | 194,736 | ||
Other accrued liabilities, noncurrent | $ 31,095 |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
Sep. 08, 2019 | Jun. 16, 2019 | Mar. 24, 2019 | Sep. 09, 2018 | Jun. 17, 2018 | Mar. 25, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income available to common stockholders – basic and diluted | $ 86,373 | $ 92,359 | $ 92,650 | $ 84,095 | $ 77,408 | $ 88,827 | $ 129,327 | $ 111,642 | $ 400,709 | $ 361,972 | $ 277,905 |
Weighted average number of common shares | 40,766,362 | 41,856,017 | 45,954,659 | ||||||||
Earnings per common share – basic | $ 2.11 | $ 2.25 | $ 2.27 | $ 2.02 | $ 1.84 | $ 2.07 | $ 3.20 | $ 2.71 | $ 9.83 | $ 8.65 | $ 6.05 |
Diluted weighted average number of common shares | 41,923,062 | 43,331,278 | 47,677,834 | ||||||||
Earnings per common share – diluted | $ 2.05 | $ 2.19 | $ 2.20 | $ 1.95 | $ 1.78 | $ 2 | $ 3.12 | $ 2.62 | $ 9.56 | $ 8.35 | $ 5.83 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Stock Option [Member] | |||
Earnings Per Share [Line Items] | |||
Anti-dilutive Securities Excluded from Computation of Earnings Per Share | 160,980 | 76,686 | 145,860 |
Restricted Performance Shares [Member] | |||
Earnings Per Share [Line Items] | |||
Securities excluded from computation of earnings per share, amount unvested | 82,647 | 81,545 | 110,274 |
Restricted Stock [Member] | |||
Earnings Per Share [Line Items] | |||
Anti-dilutive Securities Excluded from Computation of Earnings Per Share | 28,570 |
Carrying Amounts and Fair Value
Carrying Amounts and Fair Values of Certain Assets (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents, carrying amount | $ 180,459 | $ 11,877 |
Restricted cash equivalents, carrying amount | 126,963 | 112,272 |
Investments in marketable securities, carrying amount | 11,982 | 8,718 |
Advertising fund cash equivalents, restricted, carrying amount | 67,851 | 31,547 |
Advertising fund investments, restricted, carrying amount | 50,152 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents, carrying amount | 180,459 | 11,877 |
Restricted cash equivalents, carrying amount | 126,963 | 112,272 |
Investments in marketable securities, carrying amount | 11,982 | 8,718 |
Advertising fund cash equivalents, restricted, fair value | $ 67,851 | 31,547 |
Advertising fund investments, restricted, fair value | $ 50,152 |
Recapitalizations and Financi_3
Recapitalizations and Financing Arrangements - Additional Information (Detail) $ in Thousands | Nov. 19, 2019USD ($) | Apr. 24, 2018USD ($) | Jul. 24, 2017USD ($) | Sep. 08, 2019 | Mar. 26, 2017 | Dec. 29, 2019USD ($) | Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 30, 2019USD ($) | Aug. 02, 2017USD ($) | Oct. 21, 2015USD ($) |
Debt Instrument [Line Items] | |||||||||||
Scheduled principal payments in year 2020 | $ 43,394 | ||||||||||
Scheduled principal payments in year 2021 | 42,842 | ||||||||||
Scheduled principal payments in year 2022 | 897,930 | ||||||||||
Scheduled principal payments in year 2023 | 34,030 | ||||||||||
Scheduled principal payments in year 2024 | 34,144 | ||||||||||
Remaining borrowing capacity | $ 158,600 | ||||||||||
Letters of Credit | 41,400 | $ 48,100 | |||||||||
Interest expense | 150,818 | 146,345 | $ 122,541 | ||||||||
Fair Value, Inputs, Level 2 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding Borrowings Amount | 0 | 65,000 | |||||||||
Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Leverage ratio of total debt to earnings before interest, tax, depreciation amortization | 5 | 4.5 | |||||||||
Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Leverage ratio of total debt to earnings before interest, tax, depreciation amortization | 5 | 5 | |||||||||
Variable Funding Note [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Line of Credit, Noncurrent | 0 | $ 65,000 | |||||||||
ASR Agreement on August 03 2017 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Accelerated share repurchase, agreement amount | 1,000,000 | $ 1,000,000 | |||||||||
2019 Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross proceeds from the issuance of debt | $ 675,000 | ||||||||||
Debt issuance costs | 8,100 | ||||||||||
2018 Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument face amount | $ 425,000 | ||||||||||
Debt instrument, stated percentage | 4.116% | 5.00% | |||||||||
Debt instrument, term | 7 years 6 months | ||||||||||
Gross proceeds from the issuance of debt | $ 825,000 | ||||||||||
Debt issuance costs | $ 8,200 | ||||||||||
2018 A-2-II Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument face amount | $ 400,000 | ||||||||||
Debt instrument, stated percentage | 4.328% | ||||||||||
Debt instrument, term | 9 years 3 months | ||||||||||
2015 Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of principal and interest | 490,100 | ||||||||||
Principal payments on the Notes | $ 3,200 | ||||||||||
2019 Recapitalization [Member] | 2019 Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument face amount | $ 675,000 | ||||||||||
Debt instrument, stated percentage | 3.668% | 5.00% | |||||||||
Debt instrument, term | 10 years | 10 years | |||||||||
Scheduled principal payments in year 2020 | $ 6,800 | ||||||||||
Scheduled principal payments in year 2021 | 6,800 | ||||||||||
Scheduled principal payments in year 2022 | 6,800 | ||||||||||
Scheduled principal payments in year 2023 | 6,800 | ||||||||||
Scheduled principal payments in year 2024 | 6,800 | ||||||||||
Scheduled principal payments in year 2025 | 6,800 | ||||||||||
Scheduled principal payments in year 2026 | 6,800 | ||||||||||
Scheduled principal payments in year 2027 | 6,800 | ||||||||||
Scheduled principal payments in year 2028 | 6,800 | ||||||||||
Scheduled principal payments in year 2029 | $ 614,300 | ||||||||||
Debt instrument interest rate description | Interest on the 2019 Variable Funding Notes is payable at a per year rate equal to LIBOR plus 150 basis points. | ||||||||||
Variable funding notes | $ 200,000 | $ 200,000 | |||||||||
2019 Recapitalization [Member] | 2019 Notes [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable fund notes, unused portion, commitment fee percentage | 0.50% | ||||||||||
2019 Recapitalization [Member] | 2019 Notes [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable fund notes, unused portion, commitment fee percentage | 1.00% | ||||||||||
2019 Recapitalization [Member] | 2019 Variable Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt issuance costs | $ 8,100 | ||||||||||
Recapitalization-related general and administrative expenses | $ 500 | ||||||||||
2018 Recapitalization [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt issuance costs | $ 8,200 | ||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 3,800 | ||||||||||
Company wrote-off In connection with the Recapitalization | 3,200 | ||||||||||
Interest expense | 100 | ||||||||||
Recapitalization-related general and administrative expenses | $ 500 | ||||||||||
2018 Recapitalization [Member] | 2018 Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, term | 7 years 6 months | ||||||||||
Scheduled principal payments in year 2020 | $ 8,300 | ||||||||||
Scheduled principal payments in year 2021 | 8,300 | ||||||||||
Scheduled principal payments in year 2022 | 8,300 | ||||||||||
Scheduled principal payments in year 2023 | 8,300 | ||||||||||
Scheduled principal payments in year 2024 | 8,300 | ||||||||||
Scheduled principal payments in year 2025 | 402,400 | ||||||||||
Scheduled principal payments in year 2026 | 4,000 | ||||||||||
Scheduled principal payments in year 2027 | 367,000 | ||||||||||
Principal payments on the Notes | 6,200 | ||||||||||
2017 Recapitalization [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross proceeds from the issuance of debt | $ 1,900,000 | ||||||||||
Debt issuance costs | 16,800 | ||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 6,400 | ||||||||||
Company wrote-off In connection with the Recapitalization | 5,500 | ||||||||||
Interest expense | 300 | ||||||||||
Recapitalization-related general and administrative expenses | $ 600 | ||||||||||
2017 Recapitalization [Member] | 2017 Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, stated percentage | 5.00% | ||||||||||
Scheduled principal payments in year 2020 | 19,000 | ||||||||||
Scheduled principal payments in year 2021 | 19,000 | ||||||||||
Scheduled principal payments in year 2022 | 874,000 | ||||||||||
Scheduled principal payments in year 2023 | 10,000 | ||||||||||
Scheduled principal payments in year 2024 | 10,000 | ||||||||||
Scheduled principal payments in year 2025 | 10,000 | ||||||||||
Scheduled principal payments in year 2026 | 10,000 | ||||||||||
Scheduled principal payments in year 2027 | 910,000 | ||||||||||
Principal payments on the Notes | $ 14,300 | ||||||||||
2017 Recapitalization [Member] | 2017 Floating Rate Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument face amount | $ 300,000 | ||||||||||
Debt instrument, term | 5 years | ||||||||||
Debt instrument interest rate description | The interest rate on the 2017 Floating Rate Notes is payable at a rate equal to LIBOR plus 125 basis points. | ||||||||||
2017 Recapitalization [Member] | 2017 Five-Year Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument face amount | $ 600,000 | ||||||||||
Debt instrument, stated percentage | 3.082% | ||||||||||
2017 Recapitalization [Member] | 2017 Ten-Year Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument face amount | $ 1,000,000 | ||||||||||
Debt instrument, stated percentage | 4.118% | ||||||||||
2017 Recapitalization [Member] | 2017 Variable Funding Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable funding notes | $ 175,000 | ||||||||||
2015 Recapitalization [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument face amount | $ 1,300,000 | ||||||||||
2015 Recapitalization [Member] | 2015 Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, stated percentage | 5.00% | ||||||||||
Scheduled principal payments in year 2020 | $ 8,000 | ||||||||||
Scheduled principal payments in year 2021 | 8,000 | ||||||||||
Scheduled principal payments in year 2022 | 8,000 | ||||||||||
Scheduled principal payments in year 2023 | 8,000 | ||||||||||
Scheduled principal payments in year 2024 | 8,000 | ||||||||||
Scheduled principal payments in year 2025 | 734,000 | ||||||||||
Principal payments on the Notes | $ 6,000 | ||||||||||
2015 Recapitalization [Member] | 2015 Class Five-Year Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument face amount | $ 500,000 | ||||||||||
Debt instrument, stated percentage | 3.484% | ||||||||||
2015 Recapitalization [Member] | 2015 Ten-Year Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument face amount | $ 800,000 | ||||||||||
Debt instrument, stated percentage | 4.474% | ||||||||||
2012 Recapitalization [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of principal and interest | $ 910,500 |
Consolidated Long-Term Debt (De
Consolidated Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Long Term Debt And Other Financing Arrangement [Line Items] | ||
Finance lease obligations | $ 19,657 | $ 17,006 |
Debt issuance costs, net of accumulated amortization of $12.9 million in 2019 and $8.2 million in 2018 | (30,896) | (27,547) |
Total debt | 4,114,449 | 3,531,584 |
Less - current portion | 43,394 | 35,893 |
Consolidated long-term debt, net of debt issuance Costs | 4,071,055 | 3,495,691 |
Debt issuance costs, net of accumulated amortization | 12,900 | 8,200 |
2015 Ten-Year Fixed Rate Notes | ||
Long Term Debt And Other Financing Arrangement [Line Items] | ||
Senior notes | 774,000 | 780,000 |
2017 Five-Year Fixed Rate Notes | ||
Long Term Debt And Other Financing Arrangement [Line Items] | ||
Senior notes | 588,000 | 592,500 |
2017 Ten-Year Fixed Rate Notes | ||
Long Term Debt And Other Financing Arrangement [Line Items] | ||
Senior notes | 980,000 | 987,500 |
2017 Five-Year Floating Rate Notes | ||
Long Term Debt And Other Financing Arrangement [Line Items] | ||
Senior notes | 294,000 | 296,250 |
2018 7.5-Year Fixed Rate Notes | ||
Long Term Debt And Other Financing Arrangement [Line Items] | ||
Senior notes | 419,688 | 422,875 |
2018 9.25-Year Fixed Rate Notes | ||
Long Term Debt And Other Financing Arrangement [Line Items] | ||
Senior notes | 395,000 | 398,000 |
2019 Ten-Year Fixed Rate Notes | ||
Long Term Debt And Other Financing Arrangement [Line Items] | ||
Senior notes | 675,000 | |
2017 Variable Funding Notes [Member] | ||
Long Term Debt And Other Financing Arrangement [Line Items] | ||
Variable Funding Notes | $ 65,000 | |
2019 Variable Funding Notes [Member] | ||
Long Term Debt And Other Financing Arrangement [Line Items] | ||
Variable Funding Notes |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Dec. 29, 2019USD ($) | Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | |
Rent Expenses | $ 69.7 | $ 67.4 | $ 62 | |
Finance Lease | 12 | |||
Derecognition of Liabilities | $ 1.9 | |||
Potential future payments | 16.7 | $ 2.4 | ||
Number of supply chain center buildings under capital lease | 4 | |||
Operating Lease [Member] | ||||
Lessee, operating lease, lease not yet commenced, future minimum rental commitments | $ 76.2 | |||
Lease Term | 21 years | |||
Number of supply chain center buildings under lease | 2 | |||
Supply chain center tractors [Member] | ||||
Rent Expenses | $ 4.9 | $ 4.1 |
Components of Operating and Fin
Components of Operating and Finance Lease Cost (Detail) $ in Thousands | 12 Months Ended |
Dec. 29, 2019USD ($) | |
Operating lease cost | $ 42,903 |
Finance lease cost: | |
Amortization of right-of-use assets | 1,167 |
Interest on lease liabilities | 1,952 |
Total finance lease cost | $ 3,119 |
Supplemental balance sheet info
Supplemental balance sheet information related to the Company's leases (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Land and buildings | $ 25,476 | $ 22,171 |
Accumulated depreciation and amortization | (7,846) | (6,678) |
Finance lease assets, net | 17,630 | 15,493 |
Current portion of long-term debt | 1,394 | 643 |
Long-term debt, less current portion | 18,263 | 16,363 |
Total principal payable on finance leases | $ 19,657 | $ 17,006 |
Finance Lease, Weighted Average Remaining Lease Term | 14 years | |
Finance Lease, Weighted Average Discount Rate, Percent | 11.70% | |
Operating Lease, Weighted Average Remaining Lease Term | 8 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.80% |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information Related To Leases (Detail) $ in Thousands | 12 Months Ended |
Dec. 29, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 43,608 |
Operating cash flows from finance leases | 1,952 |
Financing cash flows from finance leases | 647 |
Right-of-use assets obtained in exchange for new lease obligations: | |
Operating leases | 63,685 |
Finance leases | $ 3,255 |
Maturities of Lease Liabilities
Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 31, 2018 | Dec. 30, 2018 |
2020 | $ 39,925 | $ 40,752 | |
2021 | 40,070 | 37,519 | |
2022 | 36,928 | 34,538 | |
2023 | 34,381 | 30,763 | |
2024 | 29,987 | 27,388 | |
Thereafter | 92,849 | 100,310 | |
Total future minimum rental commitments | 274,140 | 271,270 | |
Less – amounts representing interest | (38,091) | ||
Total lease liabilities | 236,049 | $ 226,800 | |
2019 | 3,302 | 2,396 | |
2020 | 2,816 | 2,415 | |
2021 | 2,834 | 2,433 | |
2022 | 2,858 | 2,451 | |
2023 | 2,882 | 2,474 | |
Thereafter | 25,813 | 23,781 | |
Total future minimum rental commitments | 40,505 | 35,950 | |
Less – amounts representing interest | (20,848) | (18,944) | |
Total principal payable on finance leases | $ 19,657 | $ 17,006 |
Maturities of Long-Term Debt an
Maturities of Long-Term Debt and Capital Lease Obligations (Detail) $ in Thousands | Dec. 30, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 43,394 |
2021 | 42,842 |
2022 | 897,930 |
2023 | 34,030 |
2024 | 34,144 |
Thereafter | 3,093,005 |
Maturities of long term debt and capital obligations, Total | $ 4,145,345 |
Schedule of Estimated Fair Valu
Schedule of Estimated Fair Value (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
2015 Ten-Year Fixed Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 774,000 | $ 780,000 |
Fair Value | 804,960 | 783,120 |
2017 Five-Year Fixed Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 588,000 | 592,500 |
Fair Value | 588,588 | 575,910 |
2017 Ten-Year Fixed Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 980,000 | 987,500 |
Fair Value | 1,017,240 | 956,888 |
2017 Five-Year Floating Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 294,000 | 296,250 |
Fair Value | 294,000 | 295,065 |
2018 7.5-Year Fixed Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 419,688 | 422,875 |
Fair Value | 431,439 | 416,955 |
2018 9.25-Year Fixed Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 395,000 | 398,000 |
Fair Value | 414,355 | $ 396,010 |
2019 Ten-Year Fixed Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 675,000 | |
Fair Value | $ 675,675 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - Yvonne Wiederhold [Member] $ in Millions | Feb. 14, 2011USD ($) |
Commitment And Contingencies [Line Items] | |
Amount delivered for plaintiff | $ 9 |
Percentage liable by company for plaintiff | 100.00% |
Litigation settlement, amount | $ 8 |
Income Before Provision for Inc
Income Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 468,467 | $ 414,804 | $ 386,989 |
Foreign | 14,170 | 13,874 | 13,164 |
Income before provision for income taxes | $ 482,637 | $ 428,678 | $ 400,153 |
Differences Between Statutory I
Differences Between Statutory Income Tax Provision and Consolidated Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Federal income tax provision based on the statutory rate | $ 101,354 | $ 90,022 | $ 140,054 |
State and local income taxes, net of related Federal income taxes | 15,141 | 14,233 | 11,520 |
Non-resident withholding and foreign income taxes | 20,351 | 21,369 | 20,210 |
Foreign tax and other tax credits | (20,090) | (25,301) | (23,324) |
Foreign derived intangible income | (12,810) | (11,760) | |
Excess tax benefits from equity-based compensation | (25,735) | (23,786) | (27,227) |
Non-deductible expenses, net | 3,090 | 1,999 | 1,794 |
Unrecognized tax provision (benefit), net of related Federal income taxes | 694 | 301 | (173) |
Other | (67) | (371) | (606) |
Provision for income taxes | $ 81,928 | $ 66,706 | $ 122,248 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | Jan. 01, 2017 | |
Schedule Of Income Taxes [Line Items] | ||||
Provision for income taxes | $ 25,735 | $ 23,786 | $ 27,227 | |
Unrecognized tax benefits | 2,802 | 1,964 | $ 1,837 | $ 1,954 |
Unrecognized tax benefits that would impact effective tax rate | 2,200 | 1,800 | ||
Unrecognized tax benefits, interest on income taxes accrued | $ 100 | $ 100 | ||
Corporate income tax rate | 21.00% | 21.00% | 35.00% | |
Foreign tax credit carry forward | $ 9,333 | $ 4,600 | ||
Deferred tax valuation allowance | 4,280 | |||
Penalities accrued | 200 | 0 | ||
Tax Year 2018 [Member] | ||||
Schedule Of Income Taxes [Line Items] | ||||
Foreign tax credit carry forward | 5,600 | |||
Accounting Standards Update 2016-09 [Member] | ||||
Schedule Of Income Taxes [Line Items] | ||||
Provision for income taxes | $ 25,700 | $ 23,800 | $ 27,200 |
Components of Consolidated Prov
Components of Consolidated Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Current provision | $ 49,539 | $ 33,558 | $ 81,747 |
Deferred (benefit) provision | (2,862) | (1,543) | 6,732 |
Total provision for Federal income taxes | 46,677 | 32,015 | 88,479 |
Current provision | 15,335 | 12,651 | 14,131 |
Deferred provision (benefit) | (435) | 671 | (572) |
Total provision for state and local income taxes | 14,900 | 13,322 | 13,559 |
Provision for non-resident withholding and foreign income taxes | 20,351 | 21,369 | 20,210 |
Provision for income taxes | $ 81,928 | $ 66,706 | $ 122,248 |
Significant Components of Net D
Significant Components of Net Deferred Income Taxes (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Deferred income tax assets | ||
Other accruals and reserves | $ 11,874 | $ 10,636 |
Insurance reserves | 11,256 | 10,253 |
Equity compensation | 10,357 | 9,705 |
Foreign tax credit | 9,333 | 4,600 |
Other | 6,980 | 6,029 |
Deferred income tax assets before valuation allowance | 49,800 | 41,223 |
Less: Valuation allowance | (4,280) | |
Total deferred income tax assets | 45,520 | 41,223 |
Deferred income tax liabilities | ||
Depreciation, amortization and asset basis differences | 8,117 | 10,505 |
Capitalized software | 27,330 | 25,192 |
Total deferred income tax liabilities | 35,447 | 35,697 |
Net deferred income tax assets | $ 10,073 | $ 5,526 |
Unrecognized Tax Benefits (Deta
Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Balance, beginning | $ 1,964 | $ 1,837 | $ 1,954 |
Additions for tax positions of current year | 468 | 425 | 224 |
Additions for tax positions of prior years | 789 | 115 | 42 |
Changes in prior year tax positions | (284) | (64) | (10) |
Lapses of applicable statute of limitations | (135) | (349) | (373) |
Balance, ending | $ 2,802 | $ 1,964 | $ 1,837 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Nonqualified Deferred Compensation Plan [Member] | Base Salary [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of defer on compensation | 40.00% | ||
Nonqualified Deferred Compensation Plan [Member] | Bonus Compensation [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of defer on compensation | 80.00% | ||
Employee Stock Purchase Discount Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions to the plan, value | $ 0.8 | $ 0.7 | $ 0.7 |
Percentage of wages deduction from eligible employees | 15.00% | ||
Percentage of face value on stock purchase | 85.00% | ||
Shares purchased on the open market | 20,222 | 19,494 | 21,744 |
Weighted-average price of shares purchased on the open market | $ 257.12 | $ 249.57 | $ 188.57 |
401(K) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, Description | The Company has a retirement savings plan which qualifies under Internal Revenue Code Section 401(k). All employees of the Company who have completed 1,000 hours of service and are at least 18 years of age are eligible to participate in the plan. | ||
Service period of employees to be eligible for participation under the retirement savings plan (in hours) | 1000 hours | ||
Plan requires to match elective deferrals, higher | 100.00% | 100.00% | |
Employee's elective deferrals higher percentage | 5.00% | 3.00% | |
Plan requires to match elective deferrals, lower | 50.00% | ||
Employee's elective deferrals lower percentage | 2.00% | ||
Contributions to the plan, value | $ 10.8 | $ 7.3 | $ 6.1 |
Financial Instruments With Of_2
Financial Instruments With Off-Balance Sheet Risk - Additional Information (Detail) - USD ($) $ in Millions | Dec. 29, 2019 | Dec. 30, 2018 |
Debt Disclosure [Abstract] | ||
Letters of Credit | $ 41.4 | $ 48.1 |
Surety bonds | $ 7.6 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | Jan. 01, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-cash compensation expense | $ 20,265 | $ 22,792 | $ 20,713 | |
Deferred tax benefit related to non-cash compensation expense | $ 3,800 | $ 4,000 | ||
Stock options outstanding | 1,546,411 | 1,909,399 | 2,238,114 | 2,498,310 |
Total intrinsic value of stock options exercised | $ 103,800 | $ 91,200 | $ 62,000 | |
Cash received from exercise of stock options | 13,064 | 9,832 | 6,099 | |
Tax benefit realized from stock options exercised | $ 24,900 | $ 22,000 | $ 23,000 | |
Restricted stock granted | 67,570 | 91,430 | 72,250 | |
Board Of Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock granted | 3,780 | 3,790 | 4,410 | |
Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ 8,400 | |||
Weighted average period over which the unrecognized compensation will be recognized | 2 years 7 months 6 days | |||
Performance Based Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-cash compensation expense | $ 13,200 | $ 14,600 | $ 13,100 | |
Unrecognized compensation cost | $ 27,700 | |||
Performance Based Restricted Stock [Member] | Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock granted | 63,790 | 59,070 | 67,840 | |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-cash compensation expense | $ 4,000 | $ 6,300 | $ 6,800 | |
Restricted Stock Units (RSUs) [Member] | Board Of Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-cash compensation expense | 1,000 | 800 | $ 800 | |
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-cash compensation expense | 2,100 | $ 1,100 | ||
Restricted stock granted | 28,570 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 4,900 | |||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | Board Of Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ 100 | |||
2004 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 15,600,000 | |||
Number of shares available for grant | 2,618,524 | |||
Stock options outstanding | 1,546,411 |
Stock Options Activity Related
Stock Options Activity Related to Equity Incentive Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Common Stock Options Outstanding | |||
Common Stock Options, beginning balance | 1,909,399 | 2,238,114 | 2,498,310 |
Common Stock Options, granted | 96,280 | 96,580 | 126,720 |
Common Stock Options, cancelled | (33,667) | (11,193) | (28,991) |
Common Stock Options, exercised | (425,601) | (414,102) | (357,925) |
Common Stock Options, ending balance | 1,546,411 | 1,909,399 | 2,238,114 |
Common Stock Options, Exercisable at end of period | 1,350,200 | ||
Common Stock Options Weighted Average Exercise Price | |||
Weighted Average Exercise Price, beginning balance | $ 72.86 | $ 55.94 | $ 43.54 |
Weighted Average Exercise Price, Stock options granted | 272.64 | 266.11 | 201.19 |
Weighted Average Exercise Price, Stock options cancelled | 196.47 | 174.63 | 101.97 |
Weighted Average Exercise Price, Stock options exercised | 30.70 | 23.74 | 17.05 |
Weighted Average Exercise Price, ending balance | 94.21 | $ 72.86 | $ 55.94 |
Weighted Average Exercise Price, Exercisable at end of period | $ 71.59 | ||
Weighted Average Remaining Life (Years) | 4 years 4 months 24 days | ||
Weighted Average Remaining Life (Years), Exercisable at end of period | 3 years 9 months 18 days | ||
Stock options, Aggregate Intrinsic Value, ending balance | $ 306,340 | ||
Stock options, Aggregate Intrinsic Value, Exercisable at end of period | $ 298,015 |
Stock Options Valuation Assumpt
Stock Options Valuation Assumptions (Detail) - $ / shares | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement [Abstract] | |||
Risk-free interest rate | 1.90% | 2.70% | 2.00% |
Expected life (years) | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Expected volatility | 25.00% | 24.20% | 25.80% |
Expected dividend yield | 0.90% | 0.80% | 0.90% |
Weighted average fair value per stock option | $ 64.66 | $ 67.65 | $ 49.57 |
Restricted Stock and Performanc
Restricted Stock and Performance-Based Restricted Stock Activity Related to Equity Incentive Plans (Detail) - $ / shares | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | ||
Share-based Payment Arrangement [Abstract] | ||||
Restricted Stock, Nonvested Shares at beginning of period | 190,379 | 194,604 | 276,220 | |
Restricted Stock, Nonvested Shares granted | 67,570 | 91,430 | 72,250 | |
Restricted Stock, Nonvested Shares cancelled | (17,923) | (12,692) | (16,109) | |
Restricted Stock, Nonvested Shares vested | (68,956) | (82,963) | (137,757) | |
Restricted Stock, Nonvested Shares at end of period | 171,070 | 190,379 | 194,604 | |
Weighted Average Grant Date Fair Value at beginning of period | [1] | $ 213.57 | $ 147.94 | $ 97.48 |
Weighted Average Grant Date Fair Value, granted | [1] | 275.06 | 271.33 | 205.21 |
Weighted Average Grant Date Fair Value, cancelled | [1] | 230.60 | 178.06 | 115.71 |
Weighted Average Grant Date Fair Value, vested | [1] | 175.84 | 128.57 | 80.55 |
Weighted Average Grant Date Fair Value at end of period | [1] | $ 251.29 | $ 213.57 | $ 147.94 |
[1] | The weighted average grant date fair value for performance-based restricted shares granted was calculated based on the market price on the grant dates. Certain tranches will ultimately be valued when the performance condition is established for each tranche, which generally occurs in the fourth quarter of each fiscal year. |
Capital Structure - Additional
Capital Structure - Additional Information (Detail) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | |||
Feb. 13, 2020 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | Aug. 02, 2017 | |
Components Of Common Stock [Line Items] | |||||
Share repurchase program, approved amount | $ 1,000,000 | ||||
Common stock repurchased and retired (in shares) | 2,493,560 | 2,387,430 | 5,576,249 | ||
Repurchased common stock, value | $ 699,007 | $ 591,212 | $ 1,064,253 | ||
Stock repurchase remaining authorized repurchase amount | $ 406,100 | ||||
Common stock, shares authorized | 170,000,000 | 170,000,000 | |||
Subsequent Event [Member] | |||||
Components Of Common Stock [Line Items] | |||||
Common stock repurchased and retired (in shares) | 271,064 | ||||
Retired Stock Repurchased Value | $ 79,600 | ||||
2017 Recapitalization [Member] | |||||
Components Of Common Stock [Line Items] | |||||
Share repurchase program, approved amount | $ 1,000,000 | ||||
ASR Agreement on August 03 2017 [Member] | |||||
Components Of Common Stock [Line Items] | |||||
Accelerated share repurchase, agreement amount | $ 1,000,000 | $ 1,000,000 | |||
Common stock repurchased and retired (in shares) | 5,218,670 | ||||
ASR Agreement on August 03 2017 [Member] | 2017 Recapitalization [Member] | |||||
Components Of Common Stock [Line Items] | |||||
Stock Repurchased During Period Value | $ 1,000,000 | ||||
Non-Voting [Member] | |||||
Components Of Common Stock [Line Items] | |||||
Common stock, shares authorized | 10,000,000 | ||||
Voting [Member] | |||||
Components Of Common Stock [Line Items] | |||||
Common stock, shares authorized | 160,000,000 |
Share Components of Outstanding
Share Components of Outstanding Common Stock (Detail) - shares | Dec. 29, 2019 | Dec. 30, 2018 |
Components Of Common Stock [Line Items] | ||
Total Common Stock | 38,934,009 | 40,977,561 |
Voting [Member] | ||
Components Of Common Stock [Line Items] | ||
Total Common Stock | 38,930,646 | 40,974,200 |
Non-Voting [Member] | ||
Components Of Common Stock [Line Items] | ||
Total Common Stock | 3,363 | 3,361 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 29, 2019Segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Financial Information by Operat
Financial Information by Operating Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||
Sep. 08, 2019 | Jun. 16, 2019 | Mar. 24, 2019 | Sep. 09, 2018 | Jun. 17, 2018 | Mar. 25, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 820,812 | $ 811,647 | $ 835,963 | $ 785,965 | $ 779,396 | $ 785,371 | $ 1,150,352 | $ 1,082,135 | $ 3,618,774 | $ 3,432,867 | $ 2,787,979 | |
Segment Income | 712,134 | 643,941 | 583,788 | |||||||||
Income from Operations | 629,407 | 571,689 | 521,232 | |||||||||
Capital Expenditures | 88,668 | 119,674 | 90,257 | |||||||||
Supply Chain [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 2,104,936 | 1,943,297 | 1,739,038 | |||||||||
Operating Segments [Member] | U.S. Stores [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | [1] | 1,272,863 | 1,264,823 | 842,233 | ||||||||
Segment Income | [1] | 361,673 | 335,989 | 306,406 | ||||||||
Income from Operations | [1] | 349,740 | 329,044 | 298,852 | ||||||||
Capital Expenditures | [1] | 11,793 | 15,717 | 20,579 | ||||||||
Operating Segments [Member] | Supply Chain [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 2,231,838 | 2,087,408 | 1,874,943 | |||||||||
Segment Income | 199,844 | 176,714 | 163,077 | |||||||||
Income from Operations | 181,964 | 162,392 | 151,622 | |||||||||
Capital Expenditures | 33,440 | 61,652 | 34,123 | |||||||||
Operating Segments [Member] | International Franchise [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | [2] | 240,975 | 224,747 | 206,708 | ||||||||
Segment Income | [2] | 187,318 | 174,700 | 161,263 | ||||||||
Income from Operations | [2] | 187,097 | 174,503 | 161,066 | ||||||||
Capital Expenditures | [2] | 131 | 134 | 28 | ||||||||
Intersegment Revenues [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (126,902) | (144,111) | (135,905) | |||||||||
Segment Reconciling [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Segment Income | (36,701) | (43,462) | (46,958) | |||||||||
Income from Operations | (89,394) | (94,250) | (90,308) | |||||||||
Capital Expenditures | $ 43,304 | $ 42,171 | $ 35,527 | |||||||||
[1] | The adoption of ASC 606 in 2018 resulted in the recognition of revenue in 2019 and 2018 related to U.S. franchise contributions to DNAF. In prior years, under accounting standards in effect at that time, the Company had presented these contributions net with the related disbursements in its consolidated statement of income. Refer to Note 1 to the consolidated financial statements for additional information related to the adoption of this new accounting standard. | |||||||||||
[2] | In 2018, the Company began managing its franchised stores in Alaska and Hawaii as part of its U.S. Stores segment. Prior to 2018 royalty revenues from these franchised stores were included in the Company’s international operations in the table above. Consolidated results of the Company have not been impacted by this change and prior year amounts have not been reclassified to conform to the current year presentation due to immateriality. |
Reconciliation of Total Segment
Reconciliation of Total Segment Income to Consolidated Income Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Segment Reconciliation [Abstract] | |||
Total Segment Income | $ 712,134 | $ 643,941 | $ 583,788 |
Depreciation and amortization | (59,930) | (53,665) | (44,369) |
(Loss) gain on sale/disposal of assets | (2,023) | 4,737 | 3,148 |
Non-cash compensation expense | (20,265) | (22,792) | (20,713) |
Recapitalization-related expenses | (509) | (532) | (622) |
Income from operations | 629,407 | 571,689 | 521,232 |
Interest income | 4,048 | 3,334 | 1,462 |
Interest expense | (150,818) | (146,345) | (122,541) |
Income before provision for income taxes | $ 482,637 | $ 428,678 | $ 400,153 |
Identifiable Asset Information
Identifiable Asset Information (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Asset | $ 1,382,092 | $ 907,385 |
U.S. Stores [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Asset | 251,844 | 211,554 |
U.S. Supply Chain [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Asset | 408,919 | 283,351 |
Total U.S. Assets [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Asset | 660,763 | 494,905 |
International Franchise [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Asset | 23,396 | 21,094 |
International Supply Chain [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Asset | 35,745 | 24,049 |
Total International Assets [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Asset | 59,141 | 45,143 |
Segment Reconciling [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Asset | $ 662,188 | $ 367,337 |
Goodwill (Detail)
Goodwill (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Segment Reporting Information [Line Items] | ||
Goodwill | $ 15,093 | $ 14,919 |
U.S. Stores [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 14,026 | 13,852 |
Supply Chain [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $ 1,067 | $ 1,067 |
Periodic Financial Data (Detail
Periodic Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
Sep. 08, 2019 | Jun. 16, 2019 | Mar. 24, 2019 | Sep. 09, 2018 | Jun. 17, 2018 | Mar. 25, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |||||||||||
Total revenues | $ 820,812 | $ 811,647 | $ 835,963 | $ 785,965 | $ 779,396 | $ 785,371 | $ 1,150,352 | $ 1,082,135 | $ 3,618,774 | $ 3,432,867 | $ 2,787,979 |
Operating margin | 316,251 | 316,671 | 322,289 | 295,279 | 293,580 | 299,865 | 447,288 | 413,955 | 1,402,499 | 1,302,679 | 865,991 |
Income before provision for income taxes | 110,245 | 105,979 | 109,143 | 99,248 | 91,197 | 103,670 | 157,270 | 134,563 | 482,637 | 428,678 | 400,153 |
Net income | $ 86,373 | $ 92,359 | $ 92,650 | $ 84,095 | $ 77,408 | $ 88,827 | $ 129,327 | $ 111,642 | $ 400,709 | $ 361,972 | $ 277,905 |
Earnings per common share - basic | $ 2.11 | $ 2.25 | $ 2.27 | $ 2.02 | $ 1.84 | $ 2.07 | $ 3.20 | $ 2.71 | $ 9.83 | $ 8.65 | $ 6.05 |
Earnings per common share - diluted | 2.05 | 2.19 | 2.20 | 1.95 | 1.78 | 2 | 3.12 | 2.62 | 9.56 | 8.35 | 5.83 |
Common stock dividends declared per share | $ 0.65 | $ 0.65 | $ 0.65 | $ 0.55 | $ 0.55 | $ 0.55 | $ 0.65 | $ 0.55 | $ 2.60 | $ 2.20 | $ 1.84 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | Feb. 19, 2020 | Sep. 08, 2019 | Jun. 16, 2019 | Mar. 24, 2019 | Sep. 09, 2018 | Jun. 17, 2018 | Mar. 25, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | ||||||||||||
Dividends declared per share | $ 0.65 | $ 0.65 | $ 0.65 | $ 0.55 | $ 0.55 | $ 0.55 | $ 0.65 | $ 0.55 | $ 2.60 | $ 2.20 | $ 1.84 | |
Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Dividends declared per share | $ 0.78 | |||||||||||
Record date of dividend | Mar. 13, 2020 | |||||||||||
Dividend payable date | Mar. 30, 2020 |
Company-owned Store Transacti_2
Company-owned Store Transactions - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2019USD ($)Store | Dec. 30, 2018USD ($)Store | Dec. 31, 2017USD ($)Store | Jun. 16, 2019Store | |
Number of company-owned stores sold | Store | 62 | 12 | 17 | 59 |
Consideration For Sale Of Stores | $ 12,300 | |||
Proceeds from sale of assets | 12,258 | $ 8,367 | $ 6,835 | |
Pre-tax gain (loss) on sale of assets, net of goodwill reduction, charged to general and administrative expenses | (300) | 5,900 | 4,000 | |
Reduction of goodwill related to sale of stores | $ 1,500 | 400 | 600 | |
US Franchisee [Member] | ||||
Number of stores purchased | Store | 3 | |||
Payment for purchase of productive assets | $ 3,400 | |||
Value of goodwill purchased | 1,700 | |||
Value of intangibles purchased | 1,300 | |||
Value of leasehold and other assets purchased | $ 400 | |||
Franchisee [Member] | ||||
Proceeds from sale of assets | $ 300 | |||
Number of stores closed | Store | 2 | |||
Pre-tax gain (loss) on sale of assets, net of goodwill reduction, charged to general and administrative expenses | $ 100 | |||
Reduction of goodwill related to sale of stores | 100 | |||
Franchisee Sale Two Thousand Eighteen [Member] | ||||
Proceeds from sale of assets | $ 7,900 | |||
Franchisee Sale Two Thousand Seventeen [Member] | ||||
Proceeds from sale of assets | $ 6,800 |
Parent Company Condensed Balanc
Parent Company Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | Jan. 01, 2017 |
ASSETS: | ||||
Cash | $ 190,615 | $ 25,438 | $ 35,768 | $ 42,815 |
Total assets | 1,382,092 | 907,385 | ||
LIABILITIES: | ||||
Total liabilities | 4,797,851 | 3,947,306 | ||
STOCKHOLDERS' DEFICIT: | ||||
Common stock, par value $0.01 per share; 170,000,000 shares authorized; 38,934,009 in 2019 and 40,977,561 in 2018 issued and outstanding | 389 | 410 | ||
Additional paid-in capital | 243 | 569 | ||
Retained deficit | (3,412,649) | (3,036,471) | ||
Accumulated other comprehensive loss | (3,742) | (4,429) | ||
Total stockholders' deficit | (3,415,759) | (3,039,921) | ||
Total liabilities and stockholders' deficit | 1,382,092 | 907,385 | ||
Parent Company [Member] | ||||
ASSETS: | ||||
Cash | 6 | 6 | $ 6 | $ 6 |
Total assets | 6 | 6 | ||
LIABILITIES: | ||||
Equity in net deficit of subsidiaries | 3,415,759 | 3,039,921 | ||
Due to subsidiary | 6 | 6 | ||
Total liabilities | 3,415,765 | 3,039,927 | ||
STOCKHOLDERS' DEFICIT: | ||||
Common stock, par value $0.01 per share; 170,000,000 shares authorized; 38,934,009 in 2019 and 40,977,561 in 2018 issued and outstanding | 389 | 410 | ||
Preferred stock, par value $0.01 per share; 5,000,000 shares authorized, none issued | ||||
Additional paid-in capital | 243 | 569 | ||
Retained deficit | (3,412,649) | (3,036,471) | ||
Accumulated other comprehensive loss | (3,742) | (4,429) | ||
Total stockholders' deficit | (3,415,759) | (3,039,921) | ||
Total liabilities and stockholders' deficit | $ 6 | $ 6 |
Parent Company Condensed Bala_2
Parent Company Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 29, 2019 | Dec. 30, 2018 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 170,000,000 | 170,000,000 |
Common stock, shares issued | 38,934,009 | 40,977,561 |
Common stock, shares outstanding | 38,934,009 | 40,977,561 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Parent Company [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 170,000,000 | 170,000,000 |
Common stock, shares issued | 38,934,009 | 40,977,561 |
Common stock, shares outstanding | 38,934,009 | 40,977,561 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Parent Company Condensed Statem
Parent Company Condensed Statements of Income and Comprehensive Income (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
Sep. 08, 2019 | Jun. 16, 2019 | Mar. 24, 2019 | Sep. 09, 2018 | Jun. 17, 2018 | Mar. 25, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Total revenues | $ 820,812 | $ 811,647 | $ 835,963 | $ 785,965 | $ 779,396 | $ 785,371 | $ 1,150,352 | $ 1,082,135 | $ 3,618,774 | $ 3,432,867 | $ 2,787,979 |
INCOME FROM OPERATIONS | 629,407 | 571,689 | 521,232 | ||||||||
Income before provision for income taxes | 110,245 | 105,979 | 109,143 | 99,248 | 91,197 | 103,670 | 157,270 | 134,563 | 482,637 | 428,678 | 400,153 |
PROVISION FOR INCOME TAXES | 81,928 | 66,706 | 122,248 | ||||||||
NET INCOME | $ 86,373 | $ 92,359 | $ 92,650 | $ 84,095 | $ 77,408 | $ 88,827 | $ 129,327 | $ 111,642 | 400,709 | 361,972 | 277,905 |
COMPREHENSIVE INCOME | $ 401,396 | $ 359,924 | $ 278,985 | ||||||||
EARNINGS PER SHARE: | |||||||||||
Common Stock - basic | $ 2.11 | $ 2.25 | $ 2.27 | $ 2.02 | $ 1.84 | $ 2.07 | $ 3.20 | $ 2.71 | $ 9.83 | $ 8.65 | $ 6.05 |
Common Stock - diluted | $ 2.05 | $ 2.19 | $ 2.20 | $ 1.95 | $ 1.78 | $ 2 | $ 3.12 | $ 2.62 | $ 9.56 | $ 8.35 | $ 5.83 |
Parent Company [Member] | |||||||||||
REVENUES | $ 0 | $ 0 | $ 0 | ||||||||
Total revenues | 0 | 0 | 0 | ||||||||
OPERATING EXPENSES | 0 | 0 | 0 | ||||||||
Total operating expenses | 0 | 0 | 0 | ||||||||
INCOME FROM OPERATIONS | 0 | 0 | 0 | ||||||||
Equity earnings in subsidiaries | 400,709 | 361,972 | 277,905 | ||||||||
Income before provision for income taxes | 400,709 | 361,972 | 277,905 | ||||||||
PROVISION FOR INCOME TAXES | 0 | 0 | 0 | ||||||||
NET INCOME | 400,709 | 361,972 | 277,905 | ||||||||
COMPREHENSIVE INCOME | $ 401,396 | $ 359,924 | $ 278,985 | ||||||||
EARNINGS PER SHARE: | |||||||||||
Common Stock - basic | $ 9.83 | $ 8.65 | $ 6.05 | ||||||||
Common Stock - diluted | $ 9.56 | $ 8.35 | $ 5.83 |
Parent Company Condensed Stat_2
Parent Company Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net cash provided by operating activities | $ 496,950 | $ 394,171 | $ 341,261 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash provided by investing activities | (27,854) | (88,257) | (83,738) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payments of common stock dividends | (105,715) | (92,166) | (84,298) |
Purchase of common stock | (699,007) | (591,212) | (1,064,253) |
Other | (205) | ||
Net cash used in financing activities | (222,792) | (322,803) | (197,145) |
Change in cash and cash equivalents, restricted cash and cash equivalents | 246,505 | (17,427) | 60,444 |
Cash and cash equivalents, beginning of period | 25,438 | 35,768 | 42,815 |
Cash and cash equivalents, end of period | 190,615 | 25,438 | 35,768 |
Parent Company [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net cash provided by operating activities | 421,661 | 382,716 | 299,576 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Dividends from subsidiaries | 375,948 | 297,792 | 852,325 |
Net cash provided by investing activities | 375,948 | 297,792 | 852,325 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payments of common stock dividends | (105,715) | (92,166) | (84,298) |
Purchase of common stock | (699,007) | (591,212) | (1,064,253) |
Other | 7,113 | 2,870 | (3,350) |
Net cash used in financing activities | (797,609) | (680,508) | (1,151,901) |
Change in cash and cash equivalents, restricted cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 6 | 6 | 6 |
Cash and cash equivalents, end of period | $ 6 | $ 6 | $ 6 |
Condensed Financial Information
Condensed Financial Information of The Registrant - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 30, 2018USD ($) | |
Condensed Financial Statements, Captions [Line Items] | |
Reclassification From Accumulated Other Comprehensive Loss | $ (0.4) |
Parent Company [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Adjustment To Equity In Net Deficit Of Subsidiaries | 6.7 |
Adjustment To Retained Deficit | $ 6.7 |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts (Detail) - Allowance for Doubtful Accounts Receivable [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance Beginning of Year | $ 1,879 | $ 1,424 | $ 2,342 | |
Provision (Benefit) | 1,195 | 903 | (88) | |
Additions and Deductions from Reserves | [1] | (218) | (448) | (830) |
Balance End of Year | $ 2,856 | $ 1,879 | $ 1,424 | |
[1] | Consists primarily of write-offs, recoveries of bad debt and certain reclassifications. |