Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 22, 2020 | Apr. 16, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity Central Index Key | 0001286681 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Document Period End Date | Mar. 22, 2020 | |
Entity Registrant Name | DOMINOS PIZZA INC | |
Entity File Number | 001-32242 | |
Current Fiscal Year End Date | --01-03 | |
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 | 39,117,878 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 22, 2020 | Dec. 29, 2019 | [1] |
Current assets: | |||
Cash and cash equivalents | $ 200,801 | $ 190,615 | |
Restricted cash and cash equivalents | 189,370 | 209,269 | |
Accounts receivable, net | 219,199 | 210,260 | |
Inventories | 49,010 | 52,955 | |
Prepaid expenses and other | 26,025 | 19,129 | |
Advertising fund assets, restricted | 109,969 | 105,389 | |
Total current assets | 794,374 | 787,617 | |
Property, plant and equipment: | |||
Land and buildings | 44,732 | 44,845 | |
Leasehold and other improvements | 165,843 | 164,071 | |
Equipment | 249,467 | 243,708 | |
Construction in progress | 39,806 | 42,705 | |
Property, plant and equipment, Gross | 499,848 | 495,329 | |
Accumulated depreciation and amortization | (259,131) | (252,448) | |
Property, plant and equipment, net | 240,717 | 242,881 | |
Other assets: | |||
Operating lease right-of-use assets | 228,940 | 228,785 | |
Goodwill | 15,061 | 15,093 | |
Capitalized software, net | 74,203 | 73,140 | |
Other assets | 27,539 | 24,503 | |
Deferred income taxes | 9,042 | 10,073 | |
Total other assets | 354,785 | 351,594 | |
Total assets | 1,389,876 | 1,382,092 | |
Current liabilities: | |||
Current portion of long-term debt | 43,390 | 43,394 | |
Accounts payable | 94,502 | 111,101 | |
Operating lease liabilities | 36,914 | 33,318 | |
Insurance reserves | 23,453 | 23,735 | |
Dividends payable | 30,985 | 471 | |
Advertising fund liabilities | 106,832 | 101,921 | |
Other accrued liabilities | 116,093 | 139,891 | |
Total current liabilities | 452,169 | 453,831 | |
Long-term liabilities: | |||
Long-term debt, less current portion | 4,061,198 | 4,071,055 | |
Operating lease liabilities | 199,304 | 202,731 | |
Insurance reserves | 35,362 | 34,675 | |
Other accrued liabilities | 34,033 | 35,559 | |
Total long-term liabilities | 4,329,897 | 4,344,020 | |
Stockholders' deficit | |||
Common stock | 390 | 389 | |
Additional paid-in capital | 12,474 | 243 | |
Retained deficit | (3,398,986) | (3,412,649) | |
Accumulated other comprehensive loss | (6,068) | (3,742) | |
Total stockholders' deficit | (3,392,190) | (3,415,759) | |
Total liabilities and stockholders' deficit | $ 1,389,876 | $ 1,382,092 | |
[1] | The balance sheet at December 29, 2019 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 22, 2020 | Mar. 24, 2019 | |
Revenues: | ||
Revenue | $ 873,102 | $ 835,963 |
Cost of sales: | ||
Cost of sales | 532,945 | 513,674 |
Operating margin | 340,157 | 322,289 |
General and administrative | 88,489 | 89,664 |
U.S. franchise advertising | 95,834 | 89,121 |
Income from operations | 155,834 | 143,504 |
Interest income | 932 | 693 |
Interest expense | (39,470) | (35,054) |
Income before (benefit) provision for income taxes | 117,296 | 109,143 |
(Benefit) provision for income taxes | (4,306) | 16,493 |
Net income | $ 121,602 | $ 92,650 |
Earnings per share: | ||
Common stock - basic | $ 3.14 | $ 2.27 |
Common stock - diluted | $ 3.07 | $ 2.20 |
U.S. Stores [Member] | U.S. Company-owned stores [Member] | ||
Revenues: | ||
Revenue | $ 102,326 | $ 123,450 |
Cost of sales: | ||
Cost of sales | 79,388 | 95,540 |
U.S. Stores [Member] | U.S. franchise royalties and fees [Member] | ||
Revenues: | ||
Revenue | 104,746 | 96,708 |
U.S. Stores [Member] | U.S. franchise advertising [Member] | ||
Revenues: | ||
Revenue | 95,834 | 89,121 |
Supply Chain [Member] | ||
Revenues: | ||
Revenue | 512,700 | 472,100 |
Cost of sales: | ||
Cost of sales | 453,557 | 418,134 |
International Franchise [Member] | International franchise royalties and fees [Member] | ||
Revenues: | ||
Revenue | $ 57,496 | $ 54,584 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 22, 2020 | Mar. 24, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 121,602 | $ 92,650 |
Currency translation adjustment | (2,326) | 237 |
Comprehensive income | $ 119,276 | $ 92,887 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 22, 2020 | Mar. 24, 2019 | ||
Cash flows from operating activities: | |||
Net income | $ 121,602 | $ 92,650 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 14,032 | 13,790 | |
Loss on sale/disposal of assets | 306 | 149 | |
Amortization of debt issuance costs | 1,291 | 1,101 | |
Provision for deferred income taxes | 702 | 1,467 | |
Non-cash compensation expense | 4,914 | 4,608 | |
Excess tax benefits from equity-based compensation | (30,449) | (8,663) | |
Provision for losses on accounts and notes receivable | 1,589 | 94 | |
Changes in operating assets and liabilities | (23,119) | 1,974 | |
Changes in advertising fund assets and liabilities, restricted | 4,490 | (10,172) | |
Net cash provided by operating activities | 95,358 | 96,998 | |
Cash flows from investing activities: | |||
Capital expenditures | (17,467) | (12,222) | |
Other | (426) | 262 | |
Net cash used in investing activities | (17,893) | (11,960) | |
Cash flows from financing activities: | |||
Repayments of long-term debt and finance lease obligations | (10,849) | (48,968) | |
Proceeds from exercise of stock options | 10,105 | 4,537 | |
Purchases of common stock | (79,590) | (8,144) | |
Tax payments for restricted stock upon vesting | (1,796) | (2,467) | |
Payments of common stock dividends and equivalents | (80) | (90) | |
Other | 152 | ||
Net cash used in financing activities | (82,058) | (55,132) | |
Effect of exchange rate changes on cash | (961) | 124 | |
Change in cash and cash equivalents, restricted cash and cash equivalents | (5,554) | 30,030 | |
Cash and cash equivalents, beginning of period | 190,615 | [1] | 25,438 |
Restricted cash and cash equivalents, beginning of period | 209,269 | [1] | 166,993 |
Cash and cash equivalents included in advertising fund assets, restricted, beginning of period | 84,040 | 44,988 | |
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, beginning of period | 483,924 | 237,419 | |
Cash and cash equivalents, end of period | 200,801 | 83,114 | |
Restricted cash and cash equivalents, end of period | 189,370 | 150,055 | |
Cash and cash equivalents included in advertising fund assets, restricted, end of period | 88,199 | 34,280 | |
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, end of period | $ 478,370 | $ 267,449 | |
[1] | The balance sheet at December 29, 2019 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. |
Basis of Presentation and Updat
Basis of Presentation and Updates to Significant Accounting Policies | 3 Months Ended |
Mar. 22, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Updates to Significant Accounting Policies | 1. Basis of Presentation and Updates to Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q 10-01 S-X. 10-K, 10-K”). In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair statement have been included. Operating results for the fiscal quarter ended March 22, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending January 3, 202 1 Updates to Significant Accounting Policies The Company adopted Accounting Standards Codification 326, Financial Instruments – Credit Losses 9 information related to Allowances for Credit Losses The Company closely monitors accounts and notes receivable balances and estimates the allowance for credit losses. These estimates are based on historical collection experience and other factors, including those related to current market conditions and events. The Company’s allowance s The Company also monitors its off-balance |
Segment Information
Segment Information | 3 Months Ended |
Mar. 22, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | 2. Segment Information The following table summarizes revenues, income from operations and earnings before interest, taxes, depreciation, amortization and other, which is the measure by which the Company allocates resources to its segments and which the Company refers to as Segment Income, for each of its reportable segments. Fiscal Quarters Ended March 22, 2020 and March 24, 2019 U.S. Supply International Intersegment Stores Chain Franchise Revenues Other Total Revenues 2020 $ 302,906 $ 541,639 $ 57,496 $ (28,939 ) $ — $ 873,102 2019 309,279 505,681 54,584 (33,581 ) — 835,963 Income from operations 2020 $ 85,410 $ 47,375 $ 43,460 N/A $ (20,411 ) $ 155,834 2019 80,615 42,021 42,754 N/A (21,886 ) 143,504 Segment Income 2020 $ 88,277 $ 51,437 $ 43,504 N/A $ (8,132 ) $ 175,086 2019 83,598 46,047 42,800 N/A (10,394 ) 162,051 The following table reconciles Total Segment Income to consolidated income before (benefit) provision for income taxes. Fiscal Quarter Ended March 22, March 24, 2020 2019 Total Segment Income $ 175,086 $ 162,051 Depreciation and amortization (14,032 ) (13,790 ) Loss on sale/disposal of assets (306 ) (149 ) Non-cash (4,914 ) (4,608 ) Income from operations 155,834 143,504 Interest income 932 693 Interest expense (39,470 ) (35,054 ) Income before (benefit) provision for income taxes $ 117,296 $ 109,143 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 22, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 3. Earnings Per Share Fiscal Quarter Ended March 22, March 24, 2020 2019 Net income available to common stockholders - basic and diluted $ 121,602 $ 92,650 Basic weighted average number of shares 38,665,924 40,865,532 Earnings per share – basic $ 3.14 $ 2.27 Diluted weighted average number of shares 39,633,404 42,202,429 Earnings per share – diluted $ 3.07 $ 2.20 The denominator used in calculating diluted earnings per share for the first quarter of 2020 does not include 128,280 options to purchase common stock as the effect of including these options would have been anti-dilutive. The denominator used in calculating diluted earnings per share for the first quarter of 2020 does not include 84,765 restricted performance shares, as the performance targets for these awards had not yet been met. The denominator used in calculating diluted earnings per share for the first quarter of 2019 does not include 71,880 options to purchase common stock as the effect of including these options would have been anti-dilutive. The denominator used in calculating diluted earnings per share for the first quarter of 2019 does not include 1,800 shares subject to restricted stock awards, as the effect of including these shares would have been anti-dilutive. The denominator used in calculating diluted earnings per share for the first quarter of 2019 does not include 96,712 restricted performance shares, as the performance targets for these awards had not yet been met. |
Stockholders' Deficit
Stockholders' Deficit | 3 Months Ended |
Mar. 22, 2020 | |
Federal Home Loan Banks [Abstract] | |
Stockholders' Deficit | 4. Stockholders’ Deficit The following table summarizes changes in stockholders’ deficit for the first quarter of 2020. Accumulated Additional Other Common Stock Paid-in Retained Comprehensive Shares Amount Capital Deficit Loss Balance at December 29, 2019 38,934,009 $ 389 $ 243 $ (3,412,649 ) $ (3,742 ) Net income — — — 121,602 — Dividends declared on common stock and equivalents ($0.78 per share) — — — (30,442 ) — Issuance and cancellation of stock awards, net 1,645 — — — — Tax payments for restricted stock upon vesting (5,929 ) — (1,796 ) — — Purchases of common stock (271,064 ) (3 ) (988 ) (78,599 ) — Exercise of stock options 380,938 4 10,101 — — Non-cash — — 4,914 — — Adoption of ASC 326 (Note 9 — — — 1,102 — Currency translation adjustment — — — — (2,326 ) Balance at March 22, 2020 39,039,599 $ 390 $ 12,474 $ (3,398,986 ) $ (6,068 ) Subsequent to the first quarter, on April 21, 2020, the Company’s Board of Directors declared a $0.78 per share quarterly dividend on its outstanding common stock for shareholders of record as of June 15, 2020 to be paid on June 30, 2020. The following table summarizes changes in stockholders’ deficit for the first quarter of 2019. Accumulated Additional Other Common Stock Paid-in Retained Comprehensive Shares Amount Capital Deficit Loss Balance at December 30, 2018 40,977,561 $ 410 $ 569 $ (3,036,471 ) $ (4,429 ) Net income — — — 92,650 — Dividends declared on common stock and equivalents ($0.65 per share) — — — (26,665 ) — Issuance and cancellation of stock awards, net 8,240 — — — — Tax payments for restricted stock upon vesting (9,064 ) — (2,467 ) — — Purchases of common stock (33,549 ) — (1,782 ) (6,362 ) — Exercise of stock options 140,702 1 4,536 — — Non-cash — — 4,608 — — Currency translation adjustment — — — — 237 Balance at March 24, 2019 41,083,890 $ 411 $ 5,464 $ (2,976,848 ) $ (4,192 ) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 22, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. 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 tables summarize the carrying amounts and fair values of certain assets at March 22, 2020 and December 29, 2019: At March 22, 2020 Fair Value Estimated Using Carrying Level 1 Level 2 Level 3 Amount Inputs Inputs Inputs Cash equivalents $ 173,317 $ 173,317 $ — $ — Restricted cash equivalents 106,225 106,225 — — Investments in marketable securities 10,989 10,989 — — Advertising fund cash equivalents, restricted 78,134 78,134 — — At December 29, 2019 Fair Value Estimated Using Carrying Level 1 Level 2 Level 3 Amount Inputs Inputs Inputs 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 — — Management estimated the approximate fair values of the 2015 fixed rate notes, the 2017 fixed and floating rate notes, the 2018 fixed rate notes and the 2019 fixed rate notes as follows: March 22, 2020 December 29, 2019 Principal Amount Fair Value Principal Amount Fair Value 2015 Ten-Year $ 772,000 $ 711,784 $ 774,000 $ 804,960 2017 Five-Year Fixed Rate Notes 586,500 549,551 588,000 588,588 2017 Ten-Year 977,500 825,010 980,000 1,017,240 2017 Five-Year Floating Rate Notes 293,250 251,315 294,000 294,000 2018 7.5-Year 418,625 387,228 419,688 431,439 2018 9.25-Year 394,000 351,054 395,000 414,355 2019 Ten-Year 673,313 544,037 675,000 675,675 The Company’s variable funding notes are a variable rate loan and the fair value of this loan approximates 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. The Company did not have any outstanding borrowings under its variable funding notes at March 22, 2020 or December 29, 2019. Subsequent to the first quarter of 2020, the Company borrowed $158.0 million under its variable funding notes . The fair values in the table above represent the fair value of such notes at March 22, 2020 and December 29, 2019. In light of the COVID-19 pandemic (discussed further in Note 10), these fair values fluctuated significantly during the first quarter and may continue to fluctuate based on market conditions and other factors. The fixed and floating rate notes are classified as Level 2 measurements, as the Company estimates the fair value amount by using available market information. The Company obtained quotes from two separate brokerage firms that are knowledgeable about the Company’s fixed and floating rate notes and, at times, trade these notes. The Company also performed its own internal analysis based on the information gathered from public markets, including information on notes that are similar to those of the Company. However, considerable judgment is required to interpret market data to estimate fair value. Accordingly, the fair value estimates presented 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 stated above. |
Revenue Disclosures
Revenue Disclosures | 3 Months Ended |
Mar. 22, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Disclosures | 6. Revenue Disclosures Contract Liabilities Contract liabilities primarily consist of deferred franchise fees and deferred development fees. Changes in deferred franchise fees and deferred development fees for the first quarter of 2020 and the first quarter of 2019 were as follows: Fiscal Quarter Ended March 22, March 24, 2020 2019 Deferred franchise fees and deferred development fees at beginning of period $ 20,463 $ 19,900 Revenue recognized during the period (1,417 ) (1,361 ) New deferrals due to cash received and other 724 900 Deferred franchise fees and deferred development fees at end of period $ 19,770 $ 19,439 Advertising Fund Assets As of March 22, 2020, advertising fund assets, restricted of $110.0 million consisted of $88.2 million of cash and cash equivalents, $19.5 million of accounts receivable and $2.3 million of prepaid expenses. As of March 22, 2020, advertising fund cash, cash equivalents and investments included $3.2 million of cash contributed from Company-owned stores that had not yet been expended. 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. |
Leases
Leases | 3 Months Ended |
Mar. 22, 2020 | |
Leases [Abstract] | |
Lease Disclosures | 7. 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 the first quarter of 2020 and the first quarter of 2019 were as follows: Fiscal Quarter Ended March 22, March 24, 2020 2019 Operating lease cost $ 9,582 $ 10,796 Finance lease cost: Amortization of right-of-use 249 254 Interest on lease liabilities 375 479 Total finance lease cost $ 624 $ 733 Rent expense totaled $16.4 million in both the first quarter of 2020 and the first quarter of 2019, and includes operating lease cost, as well as expense for non-lease Supplemental balance sheet information related to the Company’s finance leases as of March 22, 2020 and December 29, 2019 was as follows: March 22, December 29, 2020 2019 Land and buildings $ 25,167 $ 25,476 Accumulated depreciation and amortization (8,083 ) (7,846 ) Finance lease assets, net $ 17,084 $ 17,630 Current portion of long-term debt $ 1,390 $ 1,394 Long-term debt, less current portion 17,616 18,263 Total principal payable on finance leases $ 19,006 $ 19,657 As of March 22, 2020 and 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: March 22, 2020 December 29, 2019 Operating Finance Operating Finance Leases Leases Leases Leases Weighted average remaining lease term 8 years 14 years 8 years 14 years Weighted average discount rate 3.8 % 11.7 % 3.8 % 11.7 % Supplemental cash flow information related to leases for the first quarter of 2020 and the first quarter of 2019 was as follows: Fiscal Quarter Ended March 22, March 2 4 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10,119 $ 10,690 Operating cash flows from finance leases 375 479 Financing cash flows from finance leases 349 155 Right-of-use Operating leases 8,982 12,977 Finance leases — — Maturities of lease liabilities as of March 22, 2020 were as follows: Operating Finance Leases Leases 2020 $ 33,683 $ 2,467 2021 40,956 2,775 2022 38,068 2,792 2023 32,776 2,815 2024 31,228 2,839 Thereafter 96,570 25,493 Total future minimum rental commitments 273,281 39,181 Less – amounts representing interest (37,063 ) (20,175 ) Total lease liabilities $ 236,218 $ 19,006 As of March 22, 2020, 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 $68.6 million. These leases are expected to commence in 2020 with lease terms of up to 21 years. One of the supply chain center leases commenced in the second quarter of 2020. These undiscounted amounts are not included in the table above. The Company has guaranteed lease payments related to certain franchisees’ lease arrangements. The maximum amount of potential future payments under these guarantees was $15.8 million as of March 22, 2020. The Company does not believe these arrangements have or are likely to have a material effect on its results of operations, financial condition, revenues , |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information | 3 Months Ended |
Mar. 22, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flow Information | 8 The Company had non-cash |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 22, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | 9 Recently Adopted Accounting Standard 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 The effects of the changes made to the Company’s condensed consolidated balance sheet as of December 30, 2019 for the adoption of ASC 326 were as follows: Balance at Adjustments Due to ASC 326 Balance at Assets Current assets: Accounts receivable, net $ 210,260 $ 1,435 $ 211,695 Prepaid expenses and other 19,129 4 19,133 Other assets: Other assets 12,521 27 12,548 Deferred income taxes 10,073 (364 ) 9,709 Liabilities and stockholders’ deficit Stockholders’ deficit: Retained deficit (3,412,649 ) 1,102 (3,411,547 ) The Company recognized the cumulative effect of initially applying ASC 326 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. An adjustment to beginning retained deficit and a corresponding adjustment to the allowance for doubtful accounts and notes receivable of approximately $1.5 million was recorded on the date of adoption, representing the remeasurement of these accounts to Company’s estimate for current expected credit losses. The adjustment to beginning retained deficit was also net of a $0.4 million adjustment to deferred income taxes. Accounting Standards Not Yet Adopted The Company has considered all new accounting standards issued by the FASB. The Company has not yet completed its assessment of the following standard. ASU 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes (Topic 740) 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 |
COVID-19 Pandemic
COVID-19 Pandemic | 3 Months Ended |
Mar. 22, 2020 | |
Coronavirus Disease [Abstract] | |
COVID-19 Pandemic | 10. COVID-19 In December 2019, a novel coronavirus disease (“COVID-19”) COVID-19 COVID-19 |
Basis of Presentation and Upd_2
Basis of Presentation and Updates to Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 22, 2020 | |
Accounting Policies [Abstract] | |
Allowances for Credit Losses | Allowances for Credit Losses The Company closely monitors accounts and notes receivable balances and estimates the allowance for credit losses. These estimates are based on historical collection experience and other factors, including those related to current market conditions and events. The Company’s allowance s The Company also monitors its off-balance |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 22, 2020 | |
Segment Reporting [Abstract] | |
Financial Information by Operating Segment | The following table summarizes revenues, income from operations and earnings before interest, taxes, depreciation, amortization and other, which is the measure by which the Company allocates resources to its segments and which the Company refers to as Segment Income, for each of its reportable segments. Fiscal Quarters Ended March 22, 2020 and March 24, 2019 U.S. Supply International Intersegment Stores Chain Franchise Revenues Other Total Revenues 2020 $ 302,906 $ 541,639 $ 57,496 $ (28,939 ) $ — $ 873,102 2019 309,279 505,681 54,584 (33,581 ) — 835,963 Income from operations 2020 $ 85,410 $ 47,375 $ 43,460 N/A $ (20,411 ) $ 155,834 2019 80,615 42,021 42,754 N/A (21,886 ) 143,504 Segment Income 2020 $ 88,277 $ 51,437 $ 43,504 N/A $ (8,132 ) $ 175,086 2019 83,598 46,047 42,800 N/A (10,394 ) 162,051 |
Reconciliation of Total Segment Income to Consolidated Income Before Provision for Income Taxes | The following table reconciles Total Segment Income to consolidated income before (benefit) provision for income taxes. Fiscal Quarter Ended March 22, March 24, 2020 2019 Total Segment Income $ 175,086 $ 162,051 Depreciation and amortization (14,032 ) (13,790 ) Loss on sale/disposal of assets (306 ) (149 ) Non-cash (4,914 ) (4,608 ) Income from operations 155,834 143,504 Interest income 932 693 Interest expense (39,470 ) (35,054 ) Income before (benefit) provision for income taxes $ 117,296 $ 109,143 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 22, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Fiscal Quarter Ended March 22, March 24, 2020 2019 Net income available to common stockholders - basic and diluted $ 121,602 $ 92,650 Basic weighted average number of shares 38,665,924 40,865,532 Earnings per share – basic $ 3.14 $ 2.27 Diluted weighted average number of shares 39,633,404 42,202,429 Earnings per share – diluted $ 3.07 $ 2.20 |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 3 Months Ended |
Mar. 22, 2020 | |
Federal Home Loan Banks [Abstract] | |
Stockholders' Deficit | The following table summarizes changes in stockholders’ deficit for the first quarter of 2020. Accumulated Additional Other Common Stock Paid-in Retained Comprehensive Shares Amount Capital Deficit Loss Balance at December 29, 2019 38,934,009 $ 389 $ 243 $ (3,412,649 ) $ (3,742 ) Net income — — — 121,602 — Dividends declared on common stock and equivalents ($0.78 per share) — — — (30,442 ) — Issuance and cancellation of stock awards, net 1,645 — — — — Tax payments for restricted stock upon vesting (5,929 ) — (1,796 ) — — Purchases of common stock (271,064 ) (3 ) (988 ) (78,599 ) — Exercise of stock options 380,938 4 10,101 — — Non-cash — — 4,914 — — Adoption of ASC 326 (Note 9 — — — 1,102 — Currency translation adjustment — — — — (2,326 ) Balance at March 22, 2020 39,039,599 $ 390 $ 12,474 $ (3,398,986 ) $ (6,068 ) Subsequent to the first quarter, on April 21, 2020, the Company’s Board of Directors declared a $0.78 per share quarterly dividend on its outstanding common stock for shareholders of record as of June 15, 2020 to be paid on June 30, 2020. The following table summarizes changes in stockholders’ deficit for the first quarter of 2019. Accumulated Additional Other Common Stock Paid-in Retained Comprehensive Shares Amount Capital Deficit Loss Balance at December 30, 2018 40,977,561 $ 410 $ 569 $ (3,036,471 ) $ (4,429 ) Net income — — — 92,650 — Dividends declared on common stock and equivalents ($0.65 per share) — — — (26,665 ) — Issuance and cancellation of stock awards, net 8,240 — — — — Tax payments for restricted stock upon vesting (9,064 ) — (2,467 ) — — Purchases of common stock (33,549 ) — (1,782 ) (6,362 ) — Exercise of stock options 140,702 1 4,536 — — Non-cash — — 4,608 — — Currency translation adjustment — — — — 237 Balance at March 24, 2019 41,083,890 $ 411 $ 5,464 $ (2,976,848 ) $ (4,192 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 22, 2020 | |
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 tables summarize the carrying amounts and fair values of certain assets at March 22, 2020 and December 29, 2019: At March 22, 2020 Fair Value Estimated Using Carrying Level 1 Level 2 Level 3 Amount Inputs Inputs Inputs Cash equivalents $ 173,317 $ 173,317 $ — $ — Restricted cash equivalents 106,225 106,225 — — Investments in marketable securities 10,989 10,989 — — Advertising fund cash equivalents, restricted 78,134 78,134 — — At December 29, 2019 Fair Value Estimated Using Carrying Level 1 Level 2 Level 3 Amount Inputs Inputs Inputs 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 — — |
Schedule of Estimated Fair Value | Management estimated the approximate fair values of the 2015 fixed rate notes, the 2017 fixed and floating rate notes, the 2018 fixed rate notes and the 2019 fixed rate notes as follows: March 22, 2020 December 29, 2019 Principal Amount Fair Value Principal Amount Fair Value 2015 Ten-Year $ 772,000 $ 711,784 $ 774,000 $ 804,960 2017 Five-Year Fixed Rate Notes 586,500 549,551 588,000 588,588 2017 Ten-Year 977,500 825,010 980,000 1,017,240 2017 Five-Year Floating Rate Notes 293,250 251,315 294,000 294,000 2018 7.5-Year 418,625 387,228 419,688 431,439 2018 9.25-Year 394,000 351,054 395,000 414,355 2019 Ten-Year 673,313 544,037 675,000 675,675 |
Revenue Disclosures (Tables)
Revenue Disclosures (Tables) | 3 Months Ended |
Mar. 22, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract Liabilities Consist of Deferred Franchise Fees and Deferred Development Fees | Contract liabilities primarily consist of deferred franchise fees and deferred development fees. Changes in deferred franchise fees and deferred development fees for the first quarter of 2020 and the first quarter of 2019 were as follows: Fiscal Quarter Ended March 22, March 24, 2020 2019 Deferred franchise fees and deferred development fees at beginning of period $ 20,463 $ 19,900 Revenue recognized during the period (1,417 ) (1,361 ) New deferrals due to cash received and other 724 900 Deferred franchise fees and deferred development fees at end of period $ 19,770 $ 19,439 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 22, 2020 | |
Leases [Abstract] | |
Components Of Operating And Finance Lease Cost | The components of operating and finance lease cost for the first quarter of 2020 and the first quarter of 2019 were as follows: Fiscal Quarter Ended March 22, March 24, 2020 2019 Operating lease cost $ 9,582 $ 10,796 Finance lease cost: Amortization of right-of-use 249 254 Interest on lease liabilities 375 479 Total finance lease cost $ 624 $ 733 |
Schedule of Supplemental Balance Sheet Information Related To Finance Leases | Supplemental balance sheet information related to the Company’s finance leases as of March 22, 2020 and December 29, 2019 was as follows: March 22, December 29, 2020 2019 Land and buildings $ 25,167 $ 25,476 Accumulated depreciation and amortization (8,083 ) (7,846 ) Finance lease assets, net $ 17,084 $ 17,630 Current portion of long-term debt $ 1,390 $ 1,394 Long-term debt, less current portion 17,616 18,263 Total principal payable on finance leases $ 19,006 $ 19,657 March 22, 2020 December 29, 2019 Operating Finance Operating Finance Leases Leases Leases Leases Weighted average remaining lease term 8 years 14 years 8 years 14 years Weighted average discount rate 3.8 % 11.7 % 3.8 % 11.7 % |
Schedule Of Supplemental Cash Flow Information Related To Leases | Supplemental cash flow information related to leases for the first quarter of 2020 and the first quarter of 2019 was as follows: Fiscal Quarter Ended March 22, March 2 4 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10,119 $ 10,690 Operating cash flows from finance leases 375 479 Financing cash flows from finance leases 349 155 Right-of-use Operating leases 8,982 12,977 Finance leases — — |
Schedule Of Maturities Of Operating And Finance Leases Liabilities | Maturities of lease liabilities as of March 22, 2020 were as follows: Operating Finance Leases Leases 2020 $ 33,683 $ 2,467 2021 40,956 2,775 2022 38,068 2,792 2023 32,776 2,815 2024 31,228 2,839 Thereafter 96,570 25,493 Total future minimum rental commitments 273,281 39,181 Less – amounts representing interest (37,063 ) (20,175 ) Total lease liabilities $ 236,218 $ 19,006 |
Financial Information by Operat
Financial Information by Operating Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 22, 2020 | Mar. 24, 2019 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 873,102 | $ 835,963 |
Segment Income | 175,086 | 162,051 |
Income from Operations | 155,834 | 143,504 |
Supply Chain [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 512,700 | 472,100 |
Operating Segments [Member] | U.S. Stores [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 302,906 | 309,279 |
Segment Income | 88,277 | 83,598 |
Income from Operations | 85,410 | 80,615 |
Operating Segments [Member] | Supply Chain [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 541,639 | 505,681 |
Segment Income | 51,437 | 46,047 |
Income from Operations | 47,375 | 42,021 |
Operating Segments [Member] | International Franchise [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 57,496 | 54,584 |
Segment Income | 43,504 | 42,800 |
Income from Operations | 43,460 | 42,754 |
Intersegment Revenues [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | (28,939) | (33,581) |
Segment Reconciling [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment Income | (8,132) | (10,394) |
Income from Operations | $ (20,411) | $ (21,886) |
Reconciliation of Total Segment
Reconciliation of Total Segment Income to Consolidated Income Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 22, 2020 | Mar. 24, 2019 | |
Segment Reconciliation [Abstract] | ||
Total Segment Income | $ 175,086 | $ 162,051 |
Depreciation and amortization | (14,032) | (13,790) |
Loss on sale/disposal of assets | (306) | (149) |
Non-cash compensation expense | (4,914) | (4,608) |
Income from operations | 155,834 | 143,504 |
Interest income | 932 | 693 |
Interest expense | (39,470) | (35,054) |
Income before (benefit) provision for income taxes | $ 117,296 | $ 109,143 |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 22, 2020 | Mar. 24, 2019 | |
Earnings Per Share [Abstract] | ||
Net income available to common stockholders - basic and diluted | $ 121,602 | $ 92,650 |
Basic weighted average number of shares | 38,665,924 | 40,865,532 |
Earnings per share – basic | $ 3.14 | $ 2.27 |
Diluted weighted average number of shares | 39,633,404 | 42,202,429 |
Earnings per share – diluted | $ 3.07 | $ 2.20 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 22, 2020 | Mar. 24, 2019 | |
Stock Option [Member] | ||
Earnings Per Share [Line Items] | ||
Anti-dilutive Securities Excluded from Computation of Earnings Per Share | 128,280 | 71,880 |
Restricted Performance Shares [Member] | ||
Earnings Per Share [Line Items] | ||
Securities excluded from computation of earnings per share, amount unvested | 84,765 | 96,712 |
Restricted Stock [Member] | ||
Earnings Per Share [Line Items] | ||
Anti-dilutive Securities Excluded from Computation of Earnings Per Share | 1,800 |
Stockholders' Deficit (Detail)
Stockholders' Deficit (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 22, 2020 | Mar. 24, 2019 | ||
Stockholders' Deficit [Line Items] | |||
Balance | [1] | $ (3,415,759) | |
Net income | 121,602 | $ 92,650 | |
Balance | $ (3,392,190) | ||
Common Stock [Member] | |||
Stockholders' Deficit [Line Items] | |||
Balance (in shares) | 38,934,009 | 40,977,561 | |
Balance | $ 389 | $ 410 | |
Issuance and cancellation of stock awards, net, (in shares) | 1,645 | 8,240 | |
Tax payments for restricted stock upon vesting, (in shares) | (5,929) | (9,064) | |
Purchases of common stock, (in shares) | (271,064) | (33,549) | |
Purchases of common stock | $ (3) | ||
Exercises of stock options, (in shares) | 380,938 | 140,702 | |
Exercises of stock options | $ 4 | $ 1 | |
Balance (in shares) | 39,039,599 | 41,083,890 | |
Balance | $ 390 | $ 411 | |
Additional Paid-in Capital [Member] | |||
Stockholders' Deficit [Line Items] | |||
Balance | 243 | 569 | |
Tax payments for restricted stock upon vesting | (1,796) | (2,467) | |
Purchases of common stock | (988) | (1,782) | |
Exercises of stock options | 10,101 | 4,536 | |
Non-cash compensation expense | 4,914 | 4,608 | |
Balance | 12,474 | 5,464 | |
Retained Deficit [Member] | |||
Stockholders' Deficit [Line Items] | |||
Balance | (3,412,649) | (3,036,471) | |
Net income | 121,602 | 92,650 | |
Dividends declared on common stock and equivalents | (30,442) | (26,665) | |
Purchases of common stock | (78,599) | (6,362) | |
Adoption of ASC 326 (Note 9) | 1,102 | ||
Balance | (3,398,986) | (2,976,848) | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Stockholders' Deficit [Line Items] | |||
Balance | (3,742) | (4,429) | |
Currency translation adjustment | (2,326) | 237 | |
Balance | $ (6,068) | $ (4,192) | |
[1] | The balance sheet at December 29, 2019 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. |
Stockholders' Deficit (Parenthe
Stockholders' Deficit (Parenthetical) (Detail) - $ / shares | 3 Months Ended | |
Mar. 22, 2020 | Mar. 24, 2019 | |
Dividends declared per share | $ 0.78 | $ 0.65 |
Stockholders' Deficit - Additio
Stockholders' Deficit - Additional Information (Detail) - $ / shares | Apr. 21, 2020 | Mar. 22, 2020 | Mar. 24, 2019 |
Dividends declared per share | $ 0.78 | $ 0.65 | |
Subsequent Event [Member] | |||
Dividends declared per share | $ 0.78 | ||
Record date of dividend | Jun. 15, 2020 | ||
Dividend declared date | Apr. 21, 2020 | ||
Dividend payable date | Jun. 30, 2020 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Mar. 22, 2020 | Dec. 29, 2019 |
Variable Funding Note [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Long-term Line of Credit, Noncurrent | $ 158 | $ 0 |
Carrying Amounts and Fair Value
Carrying Amounts and Fair Values of Certain Assets (Detail) - USD ($) $ in Thousands | Mar. 22, 2020 | Dec. 29, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents, carrying amount | $ 173,317 | $ 180,459 |
Restricted cash equivalents, carrying amount | 106,225 | 126,963 |
Investments in marketable securities, carrying amount | 10,989 | 11,982 |
Advertising fund cash equivalents, restricted, carrying amount | 78,134 | 67,851 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents, carrying amount | 173,317 | 180,459 |
Restricted cash equivalents, carrying amount | 106,225 | 126,963 |
Investments in marketable securities, carrying amount | 10,989 | 11,982 |
Advertising fund cash equivalents, restricted, fair value | $ 78,134 | $ 67,851 |
Schedule of Estimated Fair Valu
Schedule of Estimated Fair Value (Detail) - USD ($) $ in Thousands | Mar. 22, 2020 | Dec. 29, 2019 |
2015 Ten-Year Fixed Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 772,000 | $ 774,000 |
Fair Value | 711,784 | 804,960 |
2017 Five-Year Fixed Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 586,500 | 588,000 |
Fair Value | 549,551 | 588,588 |
2017 Ten-Year Fixed Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 977,500 | 980,000 |
Fair Value | 825,010 | 1,017,240 |
2017 Five-Year Floating Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 293,250 | 294,000 |
Fair Value | 251,315 | 294,000 |
2018 7.5-Year Fixed Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 418,625 | 419,688 |
Fair Value | 387,228 | 431,439 |
2018 9.25-Year Fixed Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 394,000 | 395,000 |
Fair Value | 351,054 | 414,355 |
2019 Ten-Year Fixed Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 673,313 | 675,000 |
Fair Value | $ 544,037 | $ 675,675 |
Schedule of Contract Liabilitie
Schedule of Contract Liabilities Consist of Deferred Franchise Fees and Deferred Development Fees (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 22, 2020 | Mar. 24, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred franchise fees and deferred development fees at beginning of period | $ 20,463 | $ 19,900 |
Revenue recognized during the period | (1,417) | (1,361) |
New deferrals due to cash received and other | 724 | 900 |
Deferred franchise fees and deferred development fees at end of period | $ 19,770 | $ 19,439 |
Revenue Disclosures - Additiona
Revenue Disclosures - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 22, 2020 | Dec. 29, 2019 | |
Advertising fund assets restricted | $ 109,969 | $ 105,389 | [1] |
U.S. stores [Member] | U.S. franchise stores [Member] | Cash, cash equivalents and investments [Member] | |||
Advertising fund assets restricted | 88,200 | 84,000 | |
U.S. stores [Member] | U.S. franchise stores [Member] | Prepaid expenses [Member] | |||
Advertising fund assets restricted | 2,300 | 6,100 | |
U.S. stores [Member] | U.S. franchise stores [Member] | Accounts receivable [Member] | |||
Advertising fund assets restricted | 19,500 | 15,300 | |
U.S. stores [Member] | U.S. Company-owned stores [Member] | |||
Cash contributed from Company-owned stores | $ 3,200 | $ 3,500 | |
[1] | The balance sheet at December 29, 2019 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. |
Components of Operating and Fin
Components of Operating and Finance Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 22, 2020 | Mar. 24, 2019 | |
Operating lease cost | $ 9,582 | $ 10,796 |
Finance lease cost: | ||
Amortization of right-of-use assets | 249 | 254 |
Interest on lease liabilities | 375 | 479 |
Total finance lease cost | $ 624 | $ 733 |
Supplemental balance sheet info
Supplemental balance sheet information related to the Company's leases (Detail) - USD ($) $ in Thousands | Mar. 22, 2020 | Dec. 29, 2019 |
Land and buildings | $ 25,167 | $ 25,476 |
Accumulated depreciation and amortization | (8,083) | (7,846) |
Finance lease assets, net | 17,084 | 17,630 |
Current portion of long-term debt | 1,390 | 1,394 |
Long-term debt, less current portion | 17,616 | 18,263 |
Total principal payable on finance leases | $ 19,006 | $ 19,657 |
Finance Lease, Weighted Average Remaining Lease Term | 14 years | 14 years |
Finance Lease, Weighted Average Discount Rate, Percent | 11.70% | 11.70% |
Operating Lease, Weighted Average Remaining Lease Term | 8 years | 8 years |
Operating Lease, Weighted Average Discount Rate, Percent | 3.80% | 3.80% |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information Related To Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 22, 2020 | Mar. 24, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 10,119 | $ 10,690 |
Operating cash flows from finance leases | 375 | 479 |
Financing cash flows from finance leases | 349 | 155 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | 8,982 | 12,977 |
Finance leases | $ 0 | $ 0 |
Maturities of Lease Liabilities
Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Mar. 22, 2020 | Dec. 29, 2019 |
2020 | $ 33,683 | |
2021 | 40,956 | |
2022 | 38,068 | |
2023 | 32,776 | |
2024 | 31,228 | |
Thereafter | 96,570 | |
Total future minimum rental commitments | 273,281 | |
Less – amounts representing interest | (37,063) | |
Total lease liabilities | 236,218 | |
2020 | 2,467 | |
2021 | 2,775 | |
2022 | 2,792 | |
2023 | 2,815 | |
2024 | 2,839 | |
Thereafter | 25,493 | |
Total future minimum rental commitments | 39,181 | |
Less – amounts representing interest | (20,175) | |
Total principal payable on finance leases | $ 19,006 | $ 19,657 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 22, 2020 | Mar. 24, 2019 | |
Rent Expenses | $ 16.4 | $ 16.4 |
Potential future payments | 15.8 | |
Operating Lease [Member] | ||
Lessee, operating lease, lease not yet commenced, future minimum rental commitments | $ 68.6 | |
Lease Term | 21 years |
Supplemental Disclosures of C_2
Supplemental Disclosures of Cash Flow Information - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 22, 2020 | Dec. 29, 2019 | |
Schedule of Cash Flow, Supplemental [Line Items] | ||
Capital expenditure accrual | $ 3.4 | $ 6.9 |
New Accounting Pronouncements -
New Accounting Pronouncements - Cumulative Effects of Changes Made to Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Mar. 22, 2020 | Dec. 30, 2019 | Dec. 29, 2019 | [1] |
Current assets: | ||||
Accounts receivable, net | $ 219,199 | $ 210,260 | ||
Prepaid expenses and other | 26,025 | 19,129 | ||
Other assets: | ||||
Other assets | 27,539 | 24,503 | ||
Deferred income taxes | 9,042 | 10,073 | ||
Stockholders' deficit: | ||||
Retained deficit | $ (3,398,986) | $ (3,412,649) | ||
Scenario, Previously Reported [Member] | ||||
Current assets: | ||||
Accounts receivable, net | $ 210,260 | |||
Prepaid expenses and other | 19,129 | |||
Other assets: | ||||
Other assets | 12,521 | |||
Deferred income taxes | 10,073 | |||
Stockholders' deficit: | ||||
Retained deficit | (3,412,649) | |||
Adjustments for New Accounting Pronouncement [Member] | ||||
Current assets: | ||||
Accounts receivable, net | 1,435 | |||
Other assets: | ||||
Other assets | 27 | |||
Adjustments for New Accounting Pronouncement [Member] | Adjustments Due to ASC 326 [Member] | ||||
Current assets: | ||||
Prepaid expenses and other | 4 | |||
Other assets: | ||||
Deferred income taxes | (364) | |||
Stockholders' deficit: | ||||
Retained deficit | 1,102 | |||
Scenario As Restated [Member] | ||||
Current assets: | ||||
Accounts receivable, net | 211,695 | |||
Prepaid expenses and other | 19,133 | |||
Other assets: | ||||
Other assets | 12,548 | |||
Deferred income taxes | 9,709 | |||
Stockholders' deficit: | ||||
Retained deficit | $ (3,411,547) | |||
[1] | The balance sheet at December 29, 2019 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. |
New Accounting Pronouncements_2
New Accounting Pronouncements - Additional Information (Detail) - Adjustments for New Accounting Pronouncement [Member] - Restatement Adjustment [Member] $ in Millions | 12 Months Ended |
Dec. 29, 2019USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Accounts and notes receivable, net | $ 1.5 |
Deferred income taxes | $ 0.4 |