Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 28, 2021 | Apr. 22, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Central Index Key | 0001286681 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Period End Date | Mar. 28, 2021 | |
Entity Registrant Name | DOMINOS PIZZA INC | |
Entity File Number | 001-32242 | |
Current Fiscal Year End Date | --01-02 | |
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 | 38,828,393 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 28, 2021 | Jan. 03, 2021 | [1] |
Current assets: | |||
Cash and cash equivalents | $ 267,719 | $ 168,821 | |
Restricted cash and cash equivalents | 176,029 | 217,453 | |
Accounts receivable, net | 235,789 | 244,560 | |
Inventories | 63,775 | 66,683 | |
Prepaid expenses and other | 20,372 | 24,169 | |
Advertising fund assets, restricted | 162,118 | 147,698 | |
Total current assets | 925,802 | 869,384 | |
Property, plant and equipment: | |||
Land and buildings | 88,468 | 88,063 | |
Leasehold and other improvements | 187,896 | 186,456 | |
Equipment | 299,287 | 292,456 | |
Construction in progress | 9,792 | 13,014 | |
Property, plant and equipment, Gross | 585,443 | 579,989 | |
Accumulated depreciation and amortization | (292,074) | (282,625) | |
Property, plant and equipment, net | 293,369 | 297,364 | |
Other assets: | |||
Operating lease right-of-use assets | 224,359 | 228,268 | |
Goodwill | 15,034 | 15,061 | |
Capitalized software, net | 84,694 | 81,306 | |
Investments | 82,500 | 40,000 | |
Other assets | 35,376 | 33,881 | |
Deferred income taxes | 1,698 | 1,904 | |
Total other assets | 443,661 | 400,420 | |
Total assets | 1,662,832 | 1,567,168 | |
Current liabilities: | |||
Current portion of long-term debt | 2,931 | 2,855 | |
Accounts payable | 95,042 | 94,499 | |
Operating lease liabilities | 36,058 | 35,861 | |
Insurance reserves | 26,971 | 26,377 | |
Dividends payable | 37,140 | 729 | |
Advertising fund liabilities | 154,963 | 141,175 | |
Other accrued liabilities | 148,730 | 169,323 | |
Total current liabilities | 501,835 | 470,819 | |
Long-term liabilities: | |||
Long-term debt, less current portion | 4,116,858 | 4,116,018 | |
Operating lease liabilities | 198,640 | 202,268 | |
Insurance reserves | 38,975 | 37,125 | |
Other accrued liabilities | 35,129 | 35,244 | |
Deferred income taxes | 7,475 | 6,099 | |
Total long-term liabilities | 4,397,077 | 4,396,754 | |
Stockholders' deficit | |||
Common stock | 388 | 389 | |
Additional paid-in capital | 6,612 | 5,122 | |
Retained deficit | (3,240,842) | (3,303,492) | |
Accumulated other comprehensive loss | (2,238) | (2,424) | |
Total stockholders' deficit | (3,236,080) | (3,300,405) | |
Total liabilities and stockholders' deficit | $ 1,662,832 | $ 1,567,168 | |
[1] | The balance sheet at January 3, 2021 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. 28, 2021 | Mar. 22, 2020 | |
Revenues: | ||
Revenue | $ 983,698 | $ 873,102 |
Cost of sales: | ||
Cost of sales | 594,547 | 532,945 |
Operating margin | 389,151 | 340,157 |
General and administrative | 91,253 | 88,489 |
U.S. franchise advertising | 111,360 | 95,834 |
Income from operations | 186,538 | 155,834 |
Other Income | 2,500 | |
Interest income | 22 | 932 |
Interest expense | (39,422) | (39,470) |
Income before provision (benefit) for income taxes | 149,638 | 117,296 |
Provision (benefit) for income taxes | 31,877 | (4,306) |
Net income | $ 117,761 | $ 121,602 |
Earnings per share: | ||
Common stock - basic | $ 3.04 | $ 3.14 |
Common stock - diluted | $ 3 | $ 3.07 |
U.S. Stores [Member] | U.S. Company-owned stores [Member] | ||
Revenues: | ||
Revenue | $ 112,744 | $ 102,326 |
Cost of sales: | ||
Cost of sales | 85,742 | 79,388 |
U.S. Stores [Member] | U.S. franchise royalties and fees [Member] | ||
Revenues: | ||
Revenue | 124,486 | 104,746 |
U.S. Stores [Member] | U.S. franchise advertising [Member] | ||
Revenues: | ||
Revenue | 111,360 | 95,834 |
Supply Chain [Member] | ||
Revenues: | ||
Revenue | 568,338 | 512,700 |
Cost of sales: | ||
Cost of sales | 508,805 | 453,557 |
International Franchise [Member] | International franchise royalties and fees [Member] | ||
Revenues: | ||
Revenue | $ 66,770 | $ 57,496 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 22, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 117,761 | $ 121,602 |
Currency translation adjustment | 186 | (2,326) |
Comprehensive income | $ 117,947 | $ 119,276 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 28, 2021 | Mar. 22, 2020 | ||
Cash flows from operating activities: | |||
Net income | $ 117,761 | $ 121,602 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 16,465 | 14,032 | |
Loss on sale/disposal of assets | 161 | 306 | |
Amortization of debt issuance costs | 1,203 | 1,291 | |
Provision for deferred income taxes | 1,578 | 702 | |
Non-cash equity-based compensation expense | 5,204 | 4,914 | |
Excess tax benefits from equity-based compensation | (914) | (30,449) | |
Provision for losses on accounts and notes receivable | 180 | 1,589 | |
Changes in operating assets and liabilities | (1,634) | (23,119) | |
Changes in advertising fund assets and liabilities, restricted | 15,347 | 4,490 | |
Unrealized Gain (Loss) on Investments | (2,500) | ||
Net cash provided by operating activities | 152,851 | 95,358 | |
Cash flows from investing activities: | |||
Capital expenditures | (16,561) | (17,467) | |
Purchase of investments (Note 6) | (40,000) | ||
Other | 121 | (426) | |
Net cash used in investing activities | (56,440) | (17,893) | |
Cash flows from financing activities: | |||
Repayments of long-term debt and finance lease obligations | (704) | (10,849) | |
Proceeds from exercise of stock options | 3,693 | 10,105 | |
Purchases of common stock | (25,000) | (79,590) | |
Tax payments for restricted stock upon vesting | (1,044) | (1,796) | |
Payments of common stock dividends and equivalents | (64) | (80) | |
Other | 152 | ||
Net cash used in financing activities | (23,119) | (82,058) | |
Effect of exchange rate changes on cash | 161 | (961) | |
Change in cash and cash equivalents, restricted cash and cash equivalents | 73,453 | (5,554) | |
Cash and cash equivalents, beginning of period | 168,821 | [1] | 190,615 |
Restricted cash and cash equivalents, beginning of period | 217,453 | [1] | 209,269 |
Cash and cash equivalents included in advertising fund assets, restricted, beginning of period | 115,872 | 84,040 | |
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, beginning of period | 502,146 | 483,924 | |
Cash and cash equivalents, end of period | 267,719 | 200,801 | |
Restricted cash and cash equivalents, end of period | 176,029 | 189,370 | |
Cash and cash equivalents included in advertising fund assets, restricted, end of period | 131,851 | 88,199 | |
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, end of period | $ 575,599 | $ 478,370 | |
[1] | The balance sheet at January 3, 2021 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. 28, 2021 | |
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 28, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending January 2, 2022. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 28, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 2. Segment Information The following table summarizes revenues 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. 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 below primarily includes corporate administrative costs that are not allocable to a reportable segment, including labor, computer expenses, professional fees, travel and entertainment, rent, insurance and other corporate administrative costs. Fiscal Quarters Ended March 28, 2021 and March 22, 2020 U.S. Supply International Intersegment Other Total Revenues 2021 $ 348,590 $ 599,177 $ 66,770 $ (30,839 ) $ — $ 983,698 2020 302,906 541,639 57,496 (28,939 ) — 873,102 Segment Income 2021 $ 107,436 $ 52,552 $ 54,468 N/A $ (6,088 ) $ 208,368 2020 88,277 51,437 43,504 N/A (8,132 ) 175,086 The following table reconciles Total Segment Income to consolidated income before provision (benefit) for income taxes. Fiscal Quarter Ended March 28, March 22, Total Segment Income $ 208,368 $ 175,086 Depreciation and amortization (16,465 ) (14,032 ) Loss on sale/disposal of assets (161 ) (306 ) Non-cash (5,204 ) (4,914 ) Income from operations 186,538 155,834 Other income 2,500 — Interest income 22 932 Interest expense (39,422 ) (39,470 ) Income before provision (benefit) for income taxes $ 149,638 $ 117,296 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 28, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 3. Earnings Per Share Fiscal Quarter Ended March 28, March 22, Net income available to common stockholders - basic and diluted $ 117,761 $ 121,602 Basic weighted average number of shares 38,700,225 38,665,924 Earnings per share – basic $ 3.04 $ 3.14 Diluted weighted average number of shares 39,208,383 39,633,404 Earnings per share – diluted $ 3.00 $ 3.07 The denominator used in calculating diluted earnings per share for the first quarter of 2021 does not include 51,490 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 2021 does not include 65,967 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 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. |
Stockholders' Deficit
Stockholders' Deficit | 3 Months Ended |
Mar. 28, 2021 | |
Federal Home Loan Banks [Abstract] | |
Stockholders' Deficit | 4. Stockholders’ Deficit The following table summarizes changes in stockholders’ deficit for the first quarter of 2021. Common Stock Additional Paid-in Retained Accumulated Shares Amount Capital Deficit Loss Balance at January 3, 2021 38,868,350 $ 389 $ 5,122 $ (3,303,492 ) $ (2,424 ) Net income — — — 117,761 — Dividends declared on common stock and equivalents ($0.94 per share) — — — (36,475 ) — Issuance and cancellation of stock awards, net (2,755 ) — — — — Tax payments for restricted stock upon vesting (2,791 ) — (1,044 ) — — Purchases of common stock (65,870 ) (1 ) (6,363 ) (18,636 ) — Exercise of stock options 21,263 — 3,693 — — Non-cash — — 5,204 — — Currency translation adjustment — — — — 186 Balance at March 28, 2021 38,818,197 $ 388 $ 6,612 $ (3,240,842 ) $ (2,238 ) Subsequent to the first quarter, on April 27, 2021, the Company’s Board of Directors declared a $0.94 per share quarterly dividend on its outstanding common stock for shareholders of record as of June 15, 2021 , The following table summarizes changes in stockholders’ deficit for the first quarter of 2020. Common Stock Additional Paid-in Retained Accumulated 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 credit losses standard — — — 1,102 — Currency translation adjustment — — — — (2,326 ) Balance at March 22, 2020 39,039,599 $ 390 $ 12,474 $ (3,398,986 ) $ (6,068 ) |
Recapitalization
Recapitalization | 3 Months Ended |
Mar. 28, 2021 | |
Debt Disclosure [Abstract] | |
Recapitalization | 5. Recapitalization Subsequent to the end of the first quarter of 2021, on April 16, 2021 (the “closing date”), the Company completed a recapitalization (the “2021 Recapitalization”) in which certain of the Company’s subsidiaries issued new notes pursuant to an asset-backed securitization. The new notes consist of $ million Series 2021-1 % Fixed Rate Senior Secured Notes, Class A-2-I with an anticipated term of years (the “ A-2-I Fixed Rate Notes”), and $ billion Series 2021-1 % Fixed Rate Senior Secured Notes, Class A-2-II with an anticipated term of years (the “ A-2-II Fixed Rate Notes” and, collectively with the A-2-I Fixed Rate Notes, the “ Notes”) in an offering exempt from registration under the Securities Act of , as amended. The Notes have scheduled principal payments of $ million in , $ million in each of through , $ million in , $ million in each of and and $ 905.0 million in . Gross proceeds from the issuance of the Notes were $ billion. Concurrently, certain of the Company’s subsidiaries also issued a new variable funding note facility which allows for advances of up to $ million of Series 2021-1 Variable Funding Senior Secured Notes, Class A-1 Notes and certain other credit instruments, including letters of credit (the “2021 Variable Funding Notes”). The 2021 Variable Funding Notes were undrawn on the closing date. In connection with the issuance of the 2021 Variable Funding Notes, the Company’s previous $200.0 million variable funding note facility was canceled. A portion of proceeds from the Recapitalization was used to repay the remaining $ million in outstanding principal under the Company’s five-year floating rate notes and $ million in outstanding principal under the Company’s -year fixed rate notes, prefund a portion of the interest payable on the Notes and pay transaction fees and expenses. In connection with the repayment of the five-year floating rate notes and -year fixed rate notes, the Company expensed approximately $ million for the remaining unamortized debt issuance costs associated with these notes. Additionally, in connection with the Recapitalization, the Company capitalized $ million of debt issuance costs, which are being amortized into interest expense over the and 10-year expected terms of the Notes. As of the first quarter of and the fourth quarter of , the Company had a leverage ratio of less than x, and accordingly, did not make the previously scheduled debt amortization payment for its then outstanding notes beginning in the first quarter of 2021. Accordingly, all principal amounts of the Company’s outstanding notes have been classified as long-term debt in the consolidated balance sheet as of March 28, 2021 and January 3, 2021. Subsequent to the closing of the 2021 Recapitalization, the Company had a leverage ratio of greater than x and, accordingly, the Company resumed making the scheduled amortization payments on its notes in the second quarter of . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 28, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. 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. Fair Value of Cash Equivalents and Investments 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 fair value of the Company’s Level 3 investment is not readily determinable. The fair value represents its cost with adjustments for observable changes in prices resulting from orderly transactions for the identical or a similar investment of the same issuer or impairments. The following tables summarize the carrying amounts and fair values of certain assets at March 28, 2021 and January 3, 2021: At March 28, 2021 Fair Value Estimated Using Carrying Level 1 Level 2 Level 3 Cash equivalents $ 194,325 $ 194,325 $ — $ — Restricted cash equivalents 104,232 104,232 — — Investments in marketable securities 13,384 13,384 — — Advertising fund cash equivalents, restricted 113,384 113,384 — — Investments 82,500 — — 82,500 At January 3, 2021 Fair Value Estimated Using Carrying Level 1 Level 2 Level 3 Cash equivalents $ 151,502 $ 151,502 $ — $ — Restricted cash equivalents 126,595 126,595 — — Investments in marketable securities 13,251 13,251 — — Advertising fund cash equivalents, restricted 104,197 104,197 — — Investments 40,000 — — 40,000 During the second quarter of 2020, a subsidiary of the Company acquired a non-controlling in-substance In the first quarter of 2021, the Company invested an additional $40.0 million in Dash Brands based on Dash Brands’ achievement of certain preestablished performance conditions. additional investment. This amount was recorded in other income in the Company’s condensed consolidated statements of income. The following table summarizes the reconciliation of the carrying amount of the Company’s investment in Dash Brands from the opening balance at January 3, 2021 to the closing balance at March 28, 2021. First Quarter of 2021 Carrying Carrying January 3, Purchases Unrealized March 28, Investments $ 40,000 $ 40,000 $ 2,500 $ 82,500 Fair Value of Debt The estimated fair values of the Company’s 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. 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 28, 2021 January 3, 2021 Principal Amount Fair Value Principal Amount Fair Value 2015 Ten-Year $ 766,000 $ 808,896 $ 766,000 $ 809,662 2017 Five-Year Fixed Rate Notes 582,000 583,164 582,000 582,582 2017 Ten-Year 970,000 1,034,020 970,000 1,035,960 2017 Five-Year Floating Rate Notes 291,000 291,291 291,000 291,000 2018 7.5-Year 415,438 436,625 415,438 437,456 2018 9.25-Year 391,000 422,671 391,000 422,280 2019 Ten-Year 668,250 703,667 668,250 712,355 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 28, 2021 or January 3, 2021. |
Revenue Disclosures
Revenue Disclosures | 3 Months Ended |
Mar. 28, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Disclosures | 7. 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 2021 and the first quarter of 2020 were as follows: Fiscal Quarter Ended March 28, March 22, Deferred franchise fees and deferred development fees at beginning of period $ 19,090 $ 20,463 Revenue recognized during the period (1,390 ) (1,417 ) New deferrals due to cash received and other 803 724 Deferred franchise fees and deferred development fees at end of period $ 18,503 $ 19,770 Advertising Fund Assets As of March 28, 2021, advertising fund assets, restricted of $162.1 million consisted of $131.9 million of cash and cash equivalents, $28.8 million of accounts receivable and $1.4 million of prepaid expenses. As of March 28, 2021, advertising fund cash and cash equivalents included $7.2 million of cash contributed from U.S. Company-owned stores that had not yet been expended. As of January 3, 2021, advertising fund assets, restricted of $147.7 million consisted of $115.9 million of cash and cash equivalents, $27.0 million of accounts receivable and $4.8 million of prepaid expenses. As of January 3, 2021, advertising fund cash and cash equivalents included $6.5 million of cash contributed from U.S. Company-owned stores that had not yet been expended. |
Leases
Leases | 3 Months Ended |
Mar. 28, 2021 | |
Leases [Abstract] | |
Leases | 8. Leases The Company leases certai n The components of operating and finance lease cost for the first quarter of 2021 and the first quarter of 2020 were as follows: Fiscal Quarter Ended March 28, March 22, Operating lease cost $ 10,424 $ 9,582 Finance lease cost: Amortization of right-of-use 919 249 Interest on lease liabilities 1,026 375 Total finance lease cost $ 1,945 $ 624 Rent expense totaled $18.2 million and $16.4 million in the first quarter of 2021 and the first quarter of 2020, respectively. Rent expense 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 28, 2021 and January 3, 2021 was as follows: March 28, January 3, Land and buildings $ 68,489 $ 68,084 Accumulated depreciation and amortization (10,973 ) (10,049 ) Finance lease assets, net $ 57,516 $ 58,035 Current portion of long-term debt $ 2,931 $ 2,855 Long-term debt, less current portion 57,338 57,700 Total principal payable on finance leases $ 60,269 $ 60,555 March 28, 2021 January 3, 2021 Operating Finance Operating Finance Weighted average remaining lease term 7 years 16 years 7 years 16 years Weighted average discount rate 3.7 % 6.8 % 3.7 % 6.8 % Supplemental cash flow information related to leases for the first quarter of 2021 and the first quarter of 2020 was as follows: Fiscal Quarter Ended March 28, March 22, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10,187 $ 10,119 Operating cash flows from finance leases 1,026 375 Financing cash flows from finance leases 704 349 Right-of-use Operating leases 4,672 8,982 Finance leases 399 — Maturities of lease liabilities as of March 28, 2021 were as follows: Operating Finance 2021 $ 34,764 $ 4,620 2022 43,209 6,754 2023 37,620 6,274 2024 36,260 6,732 2025 29,559 6,527 Thereafter 87,007 69,983 Total future minimum rental commitments 268,419 100,890 Less – amounts representing interest (33,721 ) (40,621 ) Total lease liabilities $ 234,698 $ 60,269 As of March 28, 2021, the Company has additional leases for certain supply chain tractors and trailers that had not yet commenced with estimated future minimum rental commitments of approximately $15.7 million. These leases are expected to commence in 2021 with lease terms of up to 9 years. 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 $12.0 million and $12.6 million as of March 28, 2021 and January 3, 2021, respectively. The Company does not believe these arrangements have or are likely to have a material effect on its results of operations, financial condition, revenues, expenses or liquidity. |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information | 3 Months Ended |
Mar. 28, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flow Information | 9. Supplemental Disclosures of Cash Flow Information The Company had non-cash |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 28, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | 10. New Accounting Pronouncements Recently Adopted Accounting Standard Accounting Standards Update (“ASU”) 2019-12, In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”) 2019-12 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 2020-04, In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) 2020- 0 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
Segment Reporting [Abstract] | |
Financial Information by Operating Segment | The following table summarizes revenues 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 28, 2021 and March 22, 2020 U.S. Supply International Intersegment Other Total Revenues 2021 $ 348,590 $ 599,177 $ 66,770 $ (30,839 ) $ — $ 983,698 2020 302,906 541,639 57,496 (28,939 ) — 873,102 Segment Income 2021 $ 107,436 $ 52,552 $ 54,468 N/A $ (6,088 ) $ 208,368 2020 88,277 51,437 43,504 N/A (8,132 ) 175,086 |
Reconciliation of Total Segment Income to Consolidated Income Before Provision for Income Taxes | The following table reconciles Total Segment Income to consolidated income before provision (benefit) for income taxes. Fiscal Quarter Ended March 28, March 22, Total Segment Income $ 208,368 $ 175,086 Depreciation and amortization (16,465 ) (14,032 ) Loss on sale/disposal of assets (161 ) (306 ) Non-cash (5,204 ) (4,914 ) Income from operations 186,538 155,834 Other income 2,500 — Interest income 22 932 Interest expense (39,422 ) (39,470 ) Income before provision (benefit) for income taxes $ 149,638 $ 117,296 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Fiscal Quarter Ended March 28, March 22, Net income available to common stockholders - basic and diluted $ 117,761 $ 121,602 Basic weighted average number of shares 38,700,225 38,665,924 Earnings per share – basic $ 3.04 $ 3.14 Diluted weighted average number of shares 39,208,383 39,633,404 Earnings per share – diluted $ 3.00 $ 3.07 |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
Federal Home Loan Banks [Abstract] | |
Changes in Stockholders' Deficit | The following table summarizes changes in stockholders’ deficit for the first quarter of 2021. Common Stock Additional Paid-in Retained Accumulated Shares Amount Capital Deficit Loss Balance at January 3, 2021 38,868,350 $ 389 $ 5,122 $ (3,303,492 ) $ (2,424 ) Net income — — — 117,761 — Dividends declared on common stock and equivalents ($0.94 per share) — — — (36,475 ) — Issuance and cancellation of stock awards, net (2,755 ) — — — — Tax payments for restricted stock upon vesting (2,791 ) — (1,044 ) — — Purchases of common stock (65,870 ) (1 ) (6,363 ) (18,636 ) — Exercise of stock options 21,263 — 3,693 — — Non-cash — — 5,204 — — Currency translation adjustment — — — — 186 Balance at March 28, 2021 38,818,197 $ 388 $ 6,612 $ (3,240,842 ) $ (2,238 ) Subsequent to the first quarter, on April 27, 2021, the Company’s Board of Directors declared a $0.94 per share quarterly dividend on its outstanding common stock for shareholders of record as of June 15, 2021 , The following table summarizes changes in stockholders’ deficit for the first quarter of 2020. Common Stock Additional Paid-in Retained Accumulated 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 credit losses standard — — — 1,102 — Currency translation adjustment — — — — (2,326 ) Balance at March 22, 2020 39,039,599 $ 390 $ 12,474 $ (3,398,986 ) $ (6,068 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
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 fair value of the Company’s Level 3 investment is not readily determinable. The fair value represents its cost with adjustments for observable changes in prices resulting from orderly transactions for the identical or a similar investment of the same issuer or impairments. The following tables summarize the carrying amounts and fair values of certain assets at March 28, 2021 and January 3, 2021: At March 28, 2021 Fair Value Estimated Using Carrying Level 1 Level 2 Level 3 Cash equivalents $ 194,325 $ 194,325 $ — $ — Restricted cash equivalents 104,232 104,232 — — Investments in marketable securities 13,384 13,384 — — Advertising fund cash equivalents, restricted 113,384 113,384 — — Investments 82,500 — — 82,500 At January 3, 2021 Fair Value Estimated Using Carrying Level 1 Level 2 Level 3 Cash equivalents $ 151,502 $ 151,502 $ — $ — Restricted cash equivalents 126,595 126,595 — — Investments in marketable securities 13,251 13,251 — — Advertising fund cash equivalents, restricted 104,197 104,197 — — Investments 40,000 — — 40,000 |
Summary of reconciliation of the carrying amount of the Company's investment in Dash Brands | The following table summarizes the reconciliation of the carrying amount of the Company’s investment in Dash Brands from the opening balance at January 3, 2021 to the closing balance at March 28, 2021. First Quarter of 2021 Carrying Carrying January 3, Purchases Unrealized March 28, Investments $ 40,000 $ 40,000 $ 2,500 $ 82,500 |
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 28, 2021 January 3, 2021 Principal Amount Fair Value Principal Amount Fair Value 2015 Ten-Year $ 766,000 $ 808,896 $ 766,000 $ 809,662 2017 Five-Year Fixed Rate Notes 582,000 583,164 582,000 582,582 2017 Ten-Year 970,000 1,034,020 970,000 1,035,960 2017 Five-Year Floating Rate Notes 291,000 291,291 291,000 291,000 2018 7.5-Year 415,438 436,625 415,438 437,456 2018 9.25-Year 391,000 422,671 391,000 422,280 2019 Ten-Year 668,250 703,667 668,250 712,355 |
Revenue Disclosures (Tables)
Revenue Disclosures (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
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 2021 and the first quarter of 2020 were as follows: Fiscal Quarter Ended March 28, March 22, Deferred franchise fees and deferred development fees at beginning of period $ 19,090 $ 20,463 Revenue recognized during the period (1,390 ) (1,417 ) New deferrals due to cash received and other 803 724 Deferred franchise fees and deferred development fees at end of period $ 18,503 $ 19,770 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
Leases [Abstract] | |
Components Of Operating And Finance Lease Cost | The components of operating and finance lease cost for the first quarter of 2021 and the first quarter of 2020 were as follows: Fiscal Quarter Ended March 28, March 22, Operating lease cost $ 10,424 $ 9,582 Finance lease cost: Amortization of right-of-use 919 249 Interest on lease liabilities 1,026 375 Total finance lease cost $ 1,945 $ 624 |
Schedule of Supplemental Balance Sheet Information Related To Finance Leases | Supplemental balance sheet information related to the Company’s finance leases as of March 28, 2021 and January 3, 2021 was as follows: March 28, January 3, Land and buildings $ 68,489 $ 68,084 Accumulated depreciation and amortization (10,973 ) (10,049 ) Finance lease assets, net $ 57,516 $ 58,035 Current portion of long-term debt $ 2,931 $ 2,855 Long-term debt, less current portion 57,338 57,700 Total principal payable on finance leases $ 60,269 $ 60,555 March 28, 2021 January 3, 2021 Operating Finance Operating Finance Weighted average remaining lease term 7 years 16 years 7 years 16 years Weighted average discount rate 3.7 % 6.8 % 3.7 % 6.8 % |
Schedule Of Supplemental Cash Flow Information Related To Leases | Supplemental cash flow information related to leases for the first quarter of 2021 and the first quarter of 2020 was as follows: Fiscal Quarter Ended March 28, March 22, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10,187 $ 10,119 Operating cash flows from finance leases 1,026 375 Financing cash flows from finance leases 704 349 Right-of-use Operating leases 4,672 8,982 Finance leases 399 — |
Schedule Of Maturities Of Operating And Finance Leases Liabilities | Maturities of lease liabilities as of March 28, 2021 were as follows: Operating Finance 2021 $ 34,764 $ 4,620 2022 43,209 6,754 2023 37,620 6,274 2024 36,260 6,732 2025 29,559 6,527 Thereafter 87,007 69,983 Total future minimum rental commitments 268,419 100,890 Less – amounts representing interest (33,721 ) (40,621 ) Total lease liabilities $ 234,698 $ 60,269 |
Financial Information by Operat
Financial Information by Operating Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 22, 2020 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 983,698 | $ 873,102 |
Segment Income | 208,368 | 175,086 |
Supply Chain [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 568,338 | 512,700 |
Operating Segments [Member] | U.S. Stores [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 348,590 | 302,906 |
Segment Income | 107,436 | 88,277 |
Operating Segments [Member] | Supply Chain [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 599,177 | 541,639 |
Segment Income | 52,552 | 51,437 |
Operating Segments [Member] | International Franchise [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 66,770 | 57,496 |
Segment Income | 54,468 | 43,504 |
Intersegment Revenues [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | (30,839) | (28,939) |
Segment Reconciling [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment Income | $ (6,088) | $ (8,132) |
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. 28, 2021 | Mar. 22, 2020 | |
Segment Reconciliation [Abstract] | ||
Total Segment Income | $ 208,368 | $ 175,086 |
Depreciation and amortization | (16,465) | (14,032) |
Loss on sale/disposal of assets | (161) | (306) |
Non-cash equity-based compensation expense | (5,204) | (4,914) |
Income from operations | 186,538 | 155,834 |
Other Income | 2,500 | |
Interest income | 22 | 932 |
Interest expense | (39,422) | (39,470) |
Income before provision (benefit) for income taxes | $ 149,638 | $ 117,296 |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 22, 2020 | |
Earnings Per Share [Abstract] | ||
Net income available to common stockholders - basic and diluted | $ 117,761 | $ 121,602 |
Basic weighted average number of shares | 38,700,225 | 38,665,924 |
Earnings per share – basic | $ 3.04 | $ 3.14 |
Diluted weighted average number of shares | 39,208,383 | 39,633,404 |
Earnings per share – diluted | $ 3 | $ 3.07 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 28, 2021 | Mar. 22, 2020 | |
Stock Option [Member] | ||
Earnings Per Share [Line Items] | ||
Anti-dilutive Securities Excluded from Computation of Earnings Per Share | 51,490 | 128,280 |
Restricted Performance Shares [Member] | ||
Earnings Per Share [Line Items] | ||
Securities excluded from computation of earnings per share, amount unvested | 65,967 | 84,765 |
Recapitalization - Additional I
Recapitalization - Additional Information (Detail) $ in Thousands | Apr. 16, 2021USD ($) | Jun. 26, 2021 | Mar. 28, 2021 |
Debt Instrument [Line Items] | |||
Leverage ratio of total debt to earnings before interest, tax, depreciation amortization | 5 | ||
Two Thousand and Twenty Variable Funding Notes | |||
Debt Instrument [Line Items] | |||
Variable funding notes | $ 200,000 | ||
Two Thousand and Twenty One Recapitalization | |||
Debt Instrument [Line Items] | |||
Scheduled principal payments in year 2021 | 9,300 | ||
Scheduled principal payments in year 2022 | 18,500 | ||
Scheduled principal payments in year 2023 | 18,500 | ||
Scheduled principal payments in year 2024 | 18,500 | ||
Scheduled principal payments in year 2025 | 18,500 | ||
Scheduled principal payments in year 2026 | 18,500 | ||
Scheduled principal payments in year 2028 | 804,800 | ||
Scheduled principal payments in year 2029 | 10,000 | ||
Scheduled principal payments in year 2030 | 10,000 | ||
Scheduled principal payments in year 2031 | 905,000 | ||
Gross proceeds from the issuance of debt | 1,850 | ||
Debt issuance costs | 14,900 | ||
Two Thousand and Twenty One Recapitalization | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Leverage ratio of total debt to earnings before interest, tax, depreciation amortization | 5 | ||
Two Thousand and Twenty One Recapitalization | Two Thousand and Twenty One A2I Fixed Rate Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | $ 850,000 | ||
Debt instrument, stated percentage | 2.662% | ||
Debt instrument, term | 7 years 6 months | ||
Two Thousand and Twenty One Recapitalization | Two Thousand and Twenty One A2II Fixed Rate Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | $ 1,000,000 | ||
Debt instrument, term | 10 years | ||
Two Thousand and Twenty One Recapitalization | Two Thousand and Twenty Variable Funding Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, stated percentage | 3.151% | ||
Variable funding notes | $ 200,000 | ||
Two Thousand and Twenty One Recapitalization | DPZ Class A2i Series One Floating Rate Senior Secured Notes | |||
Debt Instrument [Line Items] | |||
Repayment of Outstanding Principal portion of debt | 291,000 | ||
Two Thousand and Twenty One Recapitalization | DPZ Class A2ii Series One Three Point Zero Eight Two Percent Fixed Rate Senior Secured Notes | |||
Debt Instrument [Line Items] | |||
Repayment of Outstanding Principal portion of debt | 582,000 | ||
DPZ Two Thousand Seventeen Recapitalization | |||
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | $ 2,000 |
Stockholders' Deficit - Additio
Stockholders' Deficit - Additional Information (Detail) - $ / shares | Apr. 27, 2021 | Mar. 28, 2021 | Mar. 22, 2020 |
Dividends declared per share | $ 0.94 | $ 0.78 | |
Subsequent Event [Member] | |||
Dividends declared per share | $ 0.94 | ||
Record date of dividend | Jun. 15, 2021 | ||
Dividend declared date | Apr. 27, 2021 | ||
Dividend payable date | Jun. 30, 2021 |
Stockholders' Deficit (Detail)
Stockholders' Deficit (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 28, 2021 | Mar. 22, 2020 | ||
Stockholders' Deficit [Line Items] | |||
Balance | [1] | $ (3,300,405) | |
Net income | 117,761 | $ 121,602 | |
Balance | $ (3,236,080) | ||
Common Stock [Member] | |||
Stockholders' Deficit [Line Items] | |||
Balance (in shares) | 38,868,350 | 38,934,009 | |
Balance | $ 389 | $ 389 | |
Issuance and cancellation of stock awards, net (in shares) | (2,755) | 1,645 | |
Tax payments for restricted stock upon vesting, (in shares) | (2,791) | (5,929) | |
Purchases of common stock, (in shares) | (65,870) | (271,064) | |
Purchases of common stock | $ (1) | $ (3) | |
Exercises of stock options, (in shares) | 21,263 | 380,938 | |
Exercises of stock options | $ 4 | ||
Balance (in shares) | 38,818,197 | 39,039,599 | |
Balance | $ 388 | $ 390 | |
Additional Paid-in Capital [Member] | |||
Stockholders' Deficit [Line Items] | |||
Balance | 5,122 | 243 | |
Tax payments for restricted stock upon vesting | (1,044) | (1,796) | |
Purchases of common stock | (6,363) | (988) | |
Exercises of stock options | 3,693 | 10,101 | |
Non-cash equity-based compensation expense | 5,204 | 4,914 | |
Balance | 6,612 | 12,474 | |
Retained Deficit [Member] | |||
Stockholders' Deficit [Line Items] | |||
Balance | (3,303,492) | (3,412,649) | |
Net income | 117,761 | 121,602 | |
Dividends declared on common stock and equivalents | (36,475) | (30,442) | |
Purchases of common stock | (18,636) | (78,599) | |
Adoption of credit losses standard | 1,102 | ||
Balance | (3,240,842) | (3,398,986) | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Stockholders' Deficit [Line Items] | |||
Balance | (2,424) | (3,742) | |
Currency translation adjustment | 186 | (2,326) | |
Balance | $ (2,238) | $ (6,068) | |
[1] | The balance sheet at January 3, 2021 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. 28, 2021 | Mar. 22, 2020 | |
Dividends declared per share | $ 0.94 | $ 0.78 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Dash Brands Ltd [Member] - USD ($) $ in Millions | Mar. 28, 2021 | Jun. 14, 2020 |
Acquisition of non-controlling interest | $ 40 | $ 40 |
Adjustments to the carrying amount of equity securities | 2.5 | |
Investments at carrying value | $ 40 |
Carrying Amounts and Fair Value
Carrying Amounts and Fair Values of Certain Assets (Detail) - USD ($) $ in Thousands | Mar. 28, 2021 | Jan. 03, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents, carrying amount | $ 194,325 | $ 151,502 |
Restricted cash equivalents, carrying amount | 104,232 | 126,595 |
Investments in marketable securities, carrying amount | 13,384 | 13,251 |
Advertising fund cash equivalents, restricted, carrying amount | 113,384 | 104,197 |
Inverstments | 82,500 | 40,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents, carrying amount | 194,325 | 151,502 |
Restricted cash equivalents, carrying amount | 104,232 | 126,595 |
Investments in marketable securities, carrying amount | 13,384 | 13,251 |
Advertising fund cash equivalents, restricted, fair value | 113,384 | 104,197 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Inverstments | $ 82,500 | $ 40,000 |
Summary of reconciliation of th
Summary of reconciliation of the carrying amount of the Company's investment in Dash Brands - (Detail) - DPZ Dash Brands Ltd [Member] $ in Thousands | 3 Months Ended |
Mar. 28, 2021USD ($) | |
Schedule of Equity Method Investments [Line Items] | |
Equity Securities without Readily Determinable Fair Value, Amount | $ 40,000 |
Additional Purchase of Equity Securities Without Readily Determinable Fair Value Amount | 40,000 |
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Annual Amount | 2,500 |
Equity Securities without Readily Determinable Fair Value, Amount | $ 82,500 |
Schedule of Estimated Fair Valu
Schedule of Estimated Fair Value (Detail) - USD ($) $ in Thousands | Mar. 28, 2021 | Jan. 03, 2021 |
2015 Ten-Year Fixed Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 766,000 | $ 766,000 |
Fair Value | 808,896 | 809,662 |
2017 Five-Year Fixed Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 582,000 | 582,000 |
Fair Value | 583,164 | 582,582 |
2017 Ten-Year Fixed Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 970,000 | 970,000 |
Fair Value | 1,034,020 | 1,035,960 |
2017 Five-Year Floating Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 291,000 | 291,000 |
Fair Value | 291,291 | 291,000 |
2018 7.5-Year Fixed Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 415,438 | 415,438 |
Fair Value | 436,625 | 437,456 |
2018 9.25-Year Fixed Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 391,000 | 391,000 |
Fair Value | 422,671 | 422,280 |
2019 Ten-Year Fixed Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 668,250 | 668,250 |
Fair Value | $ 703,667 | $ 712,355 |
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. 28, 2021 | Mar. 22, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred franchise fees and deferred development fees at beginning of period | $ 19,090 | $ 20,463 |
Revenue recognized during the period | (1,390) | (1,417) |
New deferrals due to cash received and other | 803 | 724 |
Deferred franchise fees and deferred development fees at end of period | $ 18,503 | $ 19,770 |
Revenue Disclosures - Additiona
Revenue Disclosures - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 28, 2021 | Jan. 03, 2021 | |
Advertising fund assets restricted | $ 162,118 | $ 147,698 | [1] |
U.S. stores [Member] | U.S. franchise stores [Member] | Cash, cash equivalents and investments [Member] | |||
Advertising fund assets restricted | 131,900 | 115,900 | |
U.S. stores [Member] | U.S. franchise stores [Member] | Prepaid expenses [Member] | |||
Advertising fund assets restricted | 1,400 | 4,800 | |
U.S. stores [Member] | U.S. franchise stores [Member] | Accounts receivable [Member] | |||
Advertising fund assets restricted | 28,800 | 27,000 | |
U.S. stores [Member] | U.S. Company-owned stores [Member] | |||
Cash contributed from Company-owned stores | $ 7,200 | $ 6,500 | |
[1] | The balance sheet at January 3, 2021 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. 28, 2021 | Mar. 22, 2020 | |
Operating lease cost | $ 10,424 | $ 9,582 |
Finance lease cost: | ||
Amortization of right-of-use assets | 919 | 249 |
Interest on lease liabilities | 1,026 | 375 |
Total finance lease cost | $ 1,945 | $ 624 |
Supplemental balance sheet info
Supplemental balance sheet information related to the Company's leases (Detail) - USD ($) $ in Thousands | Mar. 28, 2021 | Jan. 03, 2021 |
Land and buildings | $ 68,489 | $ 68,084 |
Accumulated depreciation and amortization | (10,973) | (10,049) |
Finance lease assets, net | 57,516 | 58,035 |
Current portion of long-term debt | 2,931 | 2,855 |
Long-term debt, less current portion | 57,338 | 57,700 |
Total principal payable on finance leases | $ 60,269 | $ 60,555 |
Finance Lease, Weighted Average Remaining Lease Term | 16 years | 16 years |
Finance Lease, Weighted Average Discount Rate, Percent | 6.80% | 6.80% |
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 7 years |
Operating Lease, Weighted Average Discount Rate, Percent | 3.70% | 3.70% |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information Related To Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 22, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 10,187 | $ 10,119 |
Operating cash flows from finance leases | 1,026 | 375 |
Financing cash flows from finance leases | 704 | 349 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | 4,672 | 8,982 |
Finance leases | $ 399 | $ 0 |
Maturities of Lease Liabilities
Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Mar. 28, 2021 | Jan. 03, 2021 |
Leases [Abstract] | ||
2021 | $ 34,764 | |
2022 | 43,209 | |
2023 | 37,620 | |
2024 | 36,260 | |
2025 | 29,559 | |
Thereafter | 87,007 | |
Total future minimum rental commitments | 268,419 | |
Less – amounts representing interest | (33,721) | |
Total lease liabilities | 234,698 | |
2021 | 4,620 | |
2022 | 6,754 | |
2023 | 6,274 | |
2024 | 6,732 | |
2025 | 6,527 | |
Thereafter | 69,983 | |
Total future minimum rental commitments | 100,890 | |
Less – amounts representing interest | (40,621) | |
Total principal payable on finance leases | $ 60,269 | $ 60,555 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 28, 2021 | Mar. 22, 2020 | Jan. 03, 2021 | |
Rent Expenses | $ 18.2 | $ 16.4 | |
Potential future payments | 12 | $ 12.6 | |
Operating Lease [Member] | |||
Lessee, operating lease, lease not yet commenced, future minimum rental commitments | $ 15.7 | ||
Lease Term | 9 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. 28, 2021 | Jan. 03, 2021 | |
Schedule of Cash Flow, Supplemental [Line Items] | ||
Capital expenditure accrual | $ 3.1 | $ 4.3 |