Texas Roadhouse (TXRH) 10-Q 5 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 28, 2021	Oct. 27, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2021
Document Transition Report	false
Entity File Number	000-50972
Entity Registrant Name	Texas Roadhouse, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-1083890
Entity Address, Address Line One	6040 Dutchmans Lane, Suite 200
Entity Address, City or Town	Louisville
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40205
City Area Code	502
Local Phone Number	426-9984
Title of 12(b) Security	Common Stock
Trading Symbol	TXRH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		69,645,006
Entity Central Index Key	0001289460
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 28, 2021	Dec. 29, 2020
Current assets:
Cash and cash equivalents	$ 436,563	$ 363,155
Receivables, net of allowance for doubtful accounts of $10 at June 29, 2021 and $11 at December 29, 2020	52,346	98,418
Inventories, net	27,784	22,364
Prepaid income taxes	4,793	4,502
Prepaid expenses and other current assets	16,429	22,212
Total current assets	537,915	510,651
Property and equipment, net of accumulated depreciation of $816,085 at June 29, 2021 and $763,700 at December 29, 2020	1,139,661	1,088,623
Operating lease right-of-use assets, net	558,452	530,625
Goodwill	127,001	127,001
Intangible assets, net of accumulated amortization of $14,731 at June 29, 2021 and $14,341 at December 29, 2020	1,701	2,271
Other assets	77,823	65,990
Total assets	2,442,553	2,325,161
Current liabilities:
Current portion of operating lease liabilities	21,327	19,271
Current maturities of long-term debt		50,000
Accounts payable	80,444	66,977
Deferred revenue-gift cards	160,670	232,812
Accrued wages and payroll taxes	43,862	51,982
Income taxes payable	5,228	2,859
Accrued taxes and licenses	33,451	24,751
Other accrued liabilities	98,872	57,666
Total current liabilities	443,854	506,318
Operating lease liabilities, net of current portion	603,964	572,171
Long-term debt	190,000	190,000
Restricted stock and other deposits	8,023	7,481
Deferred tax liabilities, net	2,370	2,802
Other liabilities	113,735	103,338
Total liabilities	1,361,946	1,382,110
Texas Roadhouse, Inc. and subsidiaries stockholders' equity:
Preferred stock ($0.001 par value, 1,000,000 shares authorized; no shares issued or outstanding)
Common stock ($0.001 par value, 100,000,000 shares authorized, 69,830,389 and 69,561,861 shares issued and outstanding at June 29, 2021 and December 29, 2020, respectively)	70	70
Additional paid-in-capital	146,898	145,626
Retained earnings	918,302	781,915
Accumulated other comprehensive loss	(96)	(106)
Total Texas Roadhouse, Inc. and subsidiaries stockholders' equity	1,065,174	927,505
Noncontrolling interests	15,433	15,546
Total equity	1,080,607	943,051
Total liabilities and equity	$ 2,442,553	$ 2,325,161

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 28, 2021	Dec. 29, 2020
Condensed Consolidated Balance Sheets
Receivables, allowance for doubtful accounts (in dollars)	$ 14	$ 11
Property and equipment, accumulated depreciation (in dollars)	842,686	763,700
Intangible assets, accumulated amortization (in dollars)	$ 14,911	$ 14,341
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	69,735,401	69,561,861
Common stock, shares outstanding	69,735,401	69,561,861

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2021	Sep. 29, 2020	Sep. 28, 2021	Sep. 29, 2020
Revenue:
Total revenue	$ 868,943	$ 631,185	$ 2,568,360	$ 1,760,134
Restaurant operating costs (excluding depreciation and amortization shown separately below):
Food and beverage	298,164	201,308	845,150	575,529
Labor	286,593	217,275	832,776	652,976
Rent	15,089	13,723	44,497	40,445
Other operating	127,769	102,978	386,754	296,615
Pre-opening	6,740	4,894	17,327	14,296
Depreciation and amortization	31,627	29,364	94,146	87,434
Impairment and closure, net	29	716	550	871
General and administrative	41,234	25,951	114,807	88,520
Total costs and expenses	807,245	596,209	2,336,007	1,756,686
Income (loss) from operations	61,698	34,976	232,353	3,448
Interest expense, net	604	1,502	3,039	2,601
Equity income (loss) from investments in unconsolidated affiliates	266	1	288	(597)
Income (loss) before taxes	61,360	33,475	229,602	250
Income tax expense (benefit)	7,144	3,072	31,031	(13,999)
Net income (loss) including noncontrolling interests	54,216	30,403	198,571	14,249
Less: Net income attributable to noncontrolling interests	1,610	1,173	6,335	2,543
Net income (loss) attributable to Texas Roadhouse, Inc. and subsidiaries	52,606	29,230	192,236	11,706
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment, net of tax of $0, ($25), ($3) and ($16), respectively		74	10	47
Total comprehensive income (loss)	$ 52,606	$ 29,304	$ 192,246	$ 11,753
Net income (loss) per common share attributable to Texas Roadhouse, Inc. and subsidiaries:
Basic	$ 0.75	$ 0.42	$ 2.76	$ 0.17
Diluted	$ 0.75	$ 0.42	$ 2.74	$ 0.17
Weighted average shares outstanding:
Basic	69,808	69,446	69,745	69,410
Diluted	70,146	69,898	70,148	69,830
Cash dividends declared per share	$ 0.40		$ 0.80	$ 0.36
Restaurant and other sales
Revenue:
Total revenue	$ 862,757	$ 626,429	$ 2,550,124	$ 1,747,145
Franchise royalties and fees
Revenue:
Total revenue	$ 6,186	$ 4,756	$ 18,236	$ 12,989

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2021	Sep. 29, 2020	Sep. 28, 2021	Sep. 29, 2020
Condensed Consolidated Statements of Income and Comprehensive Income
Foreign currency translation adjustment, (tax)/benefit	$ 0	$ (25)	$ (3)	$ (16)

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total Texas Roadhouse, Inc. and Subsidiaries	Common Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Total
Balance at Dec. 31, 2019	$ 915,994	$ 69	$ 140,501	$ 775,649	$ (225)	$ 15,175	$ 931,169
Balance (in shares) at Dec. 31, 2019		69,400,252
Increase (Decrease) in Stockholders' Equity
Net (loss) income	11,706			11,706		2,543	14,249
Other comprehensive income ( loss) net of tax	47				47		47
Distributions to noncontrolling interest holders						(2,131)	(2,131)
Dividends declared	(24,989)			(24,989)			(24,989)
Shares issued under share-based compensation plans including tax effects (in shares)		501,930
Indirect repurchase of shares for minimum tax withholdings	(9,291)		(9,291)				(9,291)
Indirect repurchase of shares for minimum tax withholdings (in shares)		(167,251)
Repurchase of shares of common stock	(12,621)		(12,621)				$ (12,621)
Repurchase of shares of common stock (in shares)		(252,409)					(252,409)
Share-based compensation	22,070		22,070				$ 22,070
Balance at Sep. 29, 2020	902,916	$ 69	140,659	762,366	(178)	15,587	918,503
Balance (in shares) at Sep. 29, 2020		69,482,522
Balance at Jun. 30, 2020	868,021	$ 69	135,068	733,136	(252)	14,698	882,719
Balance (in shares) at Jun. 30, 2020		69,403,969
Increase (Decrease) in Stockholders' Equity
Net (loss) income	29,230			29,230		1,173	30,403
Other comprehensive income ( loss) net of tax	74				74		74
Distributions to noncontrolling interest holders						(284)	(284)
Shares issued under share-based compensation plans including tax effects (in shares)		113,453
Indirect repurchase of shares for minimum tax withholdings	(1,989)		(1,989)				(1,989)
Indirect repurchase of shares for minimum tax withholdings (in shares)		(34,900)
Share-based compensation	7,580		7,580				7,580
Balance at Sep. 29, 2020	902,916	$ 69	140,659	762,366	(178)	15,587	918,503
Balance (in shares) at Sep. 29, 2020		69,482,522
Balance at Dec. 29, 2020	927,505	$ 70	145,626	781,915	(106)	15,546	$ 943,051
Balance (in shares) at Dec. 29, 2020		69,561,861					69,561,861
Increase (Decrease) in Stockholders' Equity
Net (loss) income	192,236			192,236		6,335	$ 198,571
Other comprehensive income ( loss) net of tax	10				10		10
Distributions to noncontrolling interest holders						(6,448)	(6,448)
Dividends declared	(55,849)			(55,849)			(55,849)
Shares issued under share-based compensation plans including tax effects (in shares)		493,479
Indirect repurchase of shares for minimum tax withholdings	(14,842)		(14,842)				(14,842)
Indirect repurchase of shares for minimum tax withholdings (in shares)		(158,905)
Repurchase of shares of common stock	(14,683)		(14,683)				$ (14,683)
Repurchase of shares of common stock (in shares)		(161,034)					(161,034)
Share-based compensation	30,797		30,797				$ 30,797
Balance at Sep. 28, 2021	1,065,174	$ 70	146,898	918,302	(96)	15,433	$ 1,080,607
Balance (in shares) at Sep. 28, 2021		69,735,401					69,735,401
Balance at Jun. 29, 2021	1,046,835	$ 70	153,248	893,613	(96)	15,848	$ 1,062,683
Balance (in shares) at Jun. 29, 2021		69,830,389
Increase (Decrease) in Stockholders' Equity
Net (loss) income	52,606			52,606		1,610	54,216
Distributions to noncontrolling interest holders						(2,025)	(2,025)
Dividends declared	(27,917)			(27,917)			(27,917)
Shares issued under share-based compensation plans including tax effects (in shares)		94,971
Indirect repurchase of shares for minimum tax withholdings	(2,647)		(2,647)				(2,647)
Indirect repurchase of shares for minimum tax withholdings (in shares)		(28,925)
Repurchase of shares of common stock	(14,683)		(14,683)				$ (14,683)
Repurchase of shares of common stock (in shares)		(161,034)					(161,034)
Share-based compensation	10,980		10,980				$ 10,980
Balance at Sep. 28, 2021	$ 1,065,174	$ 70	$ 146,898	$ 918,302	$ (96)	$ 15,433	$ 1,080,607
Balance (in shares) at Sep. 28, 2021		69,735,401					69,735,401

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 28, 2021	Sep. 28, 2021	Sep. 29, 2020
Condensed Consolidated Statement of Stockholders' Equity
Dividends declared (in dollars per share)	$ 0.40	$ 0.80	$ 0.36

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2021	Sep. 29, 2020
Cash flows from operating activities:
Net income (loss) including noncontrolling interests	$ 198,571	$ 14,249
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	94,146	87,434
Deferred income taxes	(435)	(15,572)
Loss on disposition of assets	2,312	2,107
Impairment and closure costs	512	799
Equity income (loss) from investments in unconsolidated affiliates	(288)	597
Distributions of income received from investments in unconsolidated affiliates	729	205
Provision for doubtful accounts	3	9
Share-based compensation expense	30,797	22,070
Changes in operating working capital:
Receivables	46,395	67,281
Inventories	(5,420)	378
Prepaid expenses and other current assets	5,311	5,045
Other assets	(11,553)	(6,185)
Accounts payable	13,667	(771)
Deferred revenue-gift cards	(72,142)	(62,788)
Accrued wages and payroll taxes	(8,120)	(4,874)
Prepaid income taxes and income taxes payable	2,078	(837)
Accrued taxes and licenses	8,700	(2,144)
Other accrued liabilities	27,252	504
Operating lease right-of-use assets and lease liabilities	5,797	3,519
Other liabilities	10,397	35,009
Net cash provided by operating activities	348,709	146,035
Cash flows from investing activities:
Capital expenditures-property and equipment	(139,001)	(117,521)
Proceeds from sale of property and equipment		32
Proceeds from sale leaseback transactions	5,588	2,167
Net cash used in investing activities	(133,413)	(115,322)
Cash flows from financing activities:
(Payments on) proceeds from revolving credit facility, net	(50,000)	240,000
Debt issuance costs	(708)	(641)
Distributions to noncontrolling interest holders	(6,448)	(2,131)
Proceeds from (payments on) restricted stock and other deposits, net	642	(283)
Indirect repurchase of shares for minimum tax withholdings	(14,842)	(9,291)
Repurchase of shares of common stock	(14,683)	(12,621)
Dividends paid to shareholders	(55,849)	(24,989)
Net cash (used in) provided by financing activities	(141,888)	190,044
Net increase in cash and cash equivalents	73,408	220,757
Cash and cash equivalents-beginning of period	363,155	107,879
Cash and cash equivalents-end of period	436,563	328,636
Supplemental disclosures of cash flow information:
Interest paid, net of amounts capitalized	2,632	1,654
Income taxes paid	29,388	2,419
Capital expenditures included in current liabilities	$ 28,363	$ 12,164

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 28, 2021
Basis of Presentation
Basis of Presentation	(1) Basis of Presentation ​ The accompanying unaudited condensed consolidated financial statements include the accounts of Texas Roadhouse, Inc. ("TRI"), our wholly-owned subsidiaries and subsidiaries in which we have a controlling interest (collectively the "Company," "we," "our" and/or "us") as of September 28, 2021 and December 29, 2020 and for the 13 and 39 weeks ended September 28, 2021 and September 29, 2020. ​ As of September 28, 2021, we owned and operated 555 restaurants and franchised an additional 99 restaurants in 49 states and ten foreign countries. Of the 555 company restaurants that were operating at September 28, 2021, 535 were wholly-owned and 20 were majority-owned. Of the 99 franchise restaurants, 69 were domestic restaurants and 30 were international restaurants. ​ As of September 29, 2020, we owned and operated 526 restaurants and franchised an additional 97 restaurants in 49 states and ten foreign countries. Of the 526 company restaurants that were operating at September 29, 2020, 506 were wholly-owned and 20 were majority-owned. Of the 97 franchise restaurants, 70 were domestic restaurants and 27 were international restaurants. ​ As of September 28, 2021 and September 29, 2020, we owned a 5.0% to 10.0% equity interest in 24 domestic franchise restaurants. Additionally, as of September 28, 2021 and September 29, 2020, we owned a non-Texas Roadhouse restaurants, respectively, as part of a joint venture agreement with a casual dining restaurant operator in China. The unconsolidated restaurants are accounted for using the equity method. Our investments in these unconsolidated affiliates are included in other assets in our unaudited condensed consolidated balance sheets, and we record our percentage share of net income earned by these unconsolidated affiliates in our unaudited condensed consolidated statements of income and comprehensive income under equity income (loss) from investments in unconsolidated affiliates. All significant intercompany balances and transactions for these unconsolidated restaurants as well as the entities whose accounts have been consolidated have been eliminated. ​ We have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reporting of revenue and expenses during the periods to prepare these unaudited condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP"). Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, goodwill, obligations related to insurance reserves, leases and leasehold improvements, legal reserves, gift card breakage and third party fees and income taxes. Actual results could differ from those estimates. ​ In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position, results of operations and cash flows for the periods presented. The unaudited condensed consolidated financial statements have been prepared in accordance with GAAP, except that certain information and footnotes have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission (the "SEC"). Operating results for the 13 and 39 weeks ended September 28, 2021 are not necessarily indicative of the results that may be expected for the year ending December 28, 2021. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 29, 2020. ​ Our significant interim accounting policies include the recognition of income taxes using an estimated annual effective tax rate. ​ Risks and Uncertainties ​ The Company has been subject to risks and uncertainties as a result of the COVID-19 pandemic (the "pandemic"). These include federal, state and local restrictions on restaurants, some of which have limited capacity or seating in the dining rooms while others have allowed to-go or curbside service only. As of September 28, 2021, all of our domestic company and franchise locations were operating without restriction. As of September 29, 2020, nearly all of our domestic company and franchise restaurants were operating their dining rooms under various limited capacity restrictions. ​ As a result of these restrictions, we developed a hybrid operating model to accommodate our dining room restrictions together with enhanced to-go. We continue to see increased sales in our to-go program over pre-pandemic levels, even with dining rooms operating without restriction. We cannot predict how long we will continue to be impacted by the pandemic, the extent to which our dining rooms will have to close again or otherwise have limited seating, or if the increased sales in our to-go program will continue. The extent to which COVID-19 impacts our business, results of operations, or financial condition will depend on future developments which are outside of our control. This includes the efficacy and public acceptance of vaccination programs or testing mandates in curbing the spread of the virus, the introduction and spread of new variants of the virus, which may prove resistant to currently approved vaccines, and new or reinstated restrictions or regulations on our operations. In addition, significant items subject to estimates and assumptions including the carrying amount of property and equipment, goodwill, and lease related assets could be impacted. ​

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 28, 2021
Recent Accounting Pronouncements
Recent Accounting Pronouncements	(2) Recent Accounting Pronouncements ​ Income Taxes (Accounting Standards Update 2019-12, "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, which removed certain exceptions related to the approach for intraperiod tax allocations, the calculation of income taxes in interim periods, and the recognition of deferred taxes for investments. This guidance also simplified aspects of accounting for recognizing deferred taxes for taxable goodwill. We adopted ASU 2019-12 as of the beginning of our 2021 fiscal year. The adoption of this standard did not have a significant impact on our condensed consolidated financial statements. ​ Reference Rate Reform (Accounting Standards Update 2020-04, "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, which provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting. These changes are intended to simplify the market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. This guidance is effective upon issuance to modifications made as early as the beginning of the interim period through December 31, 2022. We are currently assessing the impact of this new standard on our condensed consolidated financial statements.

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 28, 2021
Long-term Debt
Long-term Debt	(3) Long-term Debt ​ On May 4, 2021, we entered into an agreement to amend our revolving credit facility with The amended revolving credit facility remains an unsecured, revolving credit agreement and has a borrowing capacity of up to $300.0 million with the option to increase by an additional $200.0 million subject to certain limitations, including approval by the syndicate of lenders. The amendment also extended the maturity date to May 1, 2026. ​ Prior to the amendment, our original revolving credit facility had a borrowing capacity of up to $200.0 million with the option to increase by an additional $200.0 million subject to certain limitations, including approval by the syndicate of lenders. million. This amount reduced the additional ​ As of May 4, 2021, before the amendment, we had $190.0 million outstanding on the original revolving credit facility and $50.0 million outstanding on the incremental revolving credit facility. As part of the amendment, the million was repaid. ​ The terms of the amendment require us to pay interest on outstanding borrowings at LIBOR plus a margin of 0.875% to 1.875% and pay a commitment fee of 0.125% to 0.30% per year on any unused portion of the revolving credit facility, in each case depending on our leverage ratio. The amendment also provides an Alternate Base Rate that may be substituted for LIBOR. ​ As of September 28, 2021, we had $190.0 million outstanding on the amended revolving credit facility and $101.8 million of availability, net of $8.2 million of outstanding letters of credit. This outstanding amount is included as long-term debt on our unaudited condensed consolidated balance sheet. ​ As of December 29, 2020, we had $190.0 million outstanding on the original revolving credit facility which is included as long-term debt on our unaudited condensed consolidated balance sheet. In addition, we had million outstanding on the incremental revolving credit facility which is included as current maturities of long-term debt on our unaudited condensed consolidated balance sheet. ​ The weighted-average interest rate for the $190.0 million outstanding as of September 28, 2021 was 0.96%. ​The weighted-average interest rate for the $240.0 million of combined borrowings as of December 29, 2020 was 1.98% . ​ The lenders’ obligation to extend credit pursuant to the revolving credit facility depends on us maintaining certain financial covenants. We were in compliance with all financial covenants as of September 28, 2021. ​

Revenue

Revenue	9 Months Ended
	Sep. 28, 2021
Revenue
Revenue	(4) Revenue ​ The following table disaggregates our revenue by major source (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 weeks ended ​ 39 weeks ended ​ September 28, 2021 ​ September 29, 2020 ​ September 28, 2021 ​ September 29, 2020 Restaurant and other sales $ 862,757 ​ $ 626,429 ​ $ 2,550,124 ​ $ 1,747,145 Franchise royalties ​ 5,449 ​ ​ 4,141 ​ ​ 15,977 ​ ​ 11,195 Franchise fees ​ 737 ​ ​ 615 ​ ​ 2,259 ​ ​ 1,794 Total revenue $ 868,943 ​ $ 631,185 ​ $ 2,568,360 ​ $ 1,760,134 ​ We record deferred revenue for gift cards which includes cards that have been sold but not yet redeemed, a breakage adjustment for a percentage of gift cards that are not expected to be redeemed, and fees paid on gift cards sold through third party retailers. When the gift cards are redeemed, we recognize restaurant sales and reduce deferred revenue. We amortize breakage and third party fees consistent with the historic redemption pattern of the associated gift card or on actual redemptions in periods where redemptions do not align with historic redemption patterns. We recognize these amounts as a component of other sales. As of September 28, 2021 and December 29, 2020, our deferred revenue balance related to gift cards was million, respectively. We recognized sales of million for the 13 and 39 weeks ended September 28, 2021, respectively, related to the amount in deferred revenue as of December 29, 2020. We recognized sales of

Income Taxes

Income Taxes	9 Months Ended
	Sep. 28, 2021
Income Taxes
Income Taxes	​ (5) Income Taxes ​ Our effective tax rate was 11.6% and 13.5 % for the 13 and 39 weeks ended September 28, 2021, respectively. For these periods we recognized income tax expense using an estimated effective annual tax rate. Our effective tax rate for the 13 weeks ended September 29, 2020 was 9.2 %. For the 39 weeks ended September 29, 2020, due to the impact of tax credits on near break-even pre-tax income, the effective tax rate was not meaningful. For these periods we recognized an income tax benefit using a discrete tax calculation as we were unable to reliably estimate our full year effective income tax rate. This was primarily due to the inability to estimate the increased impact of the FICA tip and Work opportunity tax credits on our effective tax rate as a result of the significant decrease in our pre-tax income. The impact of these credits was the primary driver of the difference between our statutory and effective tax rates for all periods presented. Additionally, the FICA tip and Work opportunity tax credits exceeded our federal tax liability for fiscal year 2020 but we expect to fully utilize these credits in our 2021 tax year.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 28, 2021
Commitments and Contingencies
Commitments and Contingencies	(6) Commitments and Contingencies ​ The estimated cost of completing capital project commitments at September 28, 2021 and December 29, 2020 was $122.6 million and $95.9 million, respectively. ​ As of September 28, 2021 and December 29, 2020, we were contingently liable for $12.4 million and $13.0 million, respectively, for seven lease guarantees, listed in the table below. These amounts represent the maximum potential liability of future payments under the guarantees. In the event of default, the indemnity and default clauses in our assignment agreements govern our ability to pursue and recover damages incurred. No material liabilities have been recorded as of September 28, 2021 and December 29, 2020 as the likelihood of default was deemed to be less than probable and the fair value of the guarantees is not considered significant. ​ ​ ​ ​ ​ ​ ​ ​ Lease Current Lease Everett, Massachusetts (1) September 2002 February 2023 ​ Longmont, Colorado (1) October 2003 May 2029 ​ Montgomeryville, Pennsylvania (1) October 2004 March 2026 ​ Fargo, North Dakota (1) February 2006 July 2026 ​ Logan, Utah (1) January 2009 August 2024 ​ Irving, Texas (2) ​ December 2013 ​ December 2024 ​ Louisville, Kentucky (2)(3) ​ December 2013 ​ November 2023 ​ (1) Real estate lease agreements for restaurant locations which we entered into before granting franchise rights to those restaurants. We have subsequently assigned the leases to the franchisees, but remain contingently liable under the terms of the lease if the franchisee defaults . (2) Leases associated with non-Texas Roadhouse restaurants which were sold. The leases were assigned to the acquirer, but we remain contingently liable under the terms of the lease if the acquirer defaults. (3) We may be released from liability after the initial contractual lease term expiration contingent upon certain conditions being met by the acquirer. ​ During the 13 and 39 weeks ended September 28, 2021, we bought most of our beef from three suppliers. We have no material minimum purchase commitments with our vendors that extend beyond a year. ​ Occasionally, we are a defendant in litigation arising in the ordinary course of our business, including "slip and fall" accidents, employment related claims, claims related to our service of alcohol, and claims from guests or employees alleging illness, injury or food quality, health or operational concerns. None of these types of litigation, most of which are covered by insurance, has had a material adverse effect on us during the periods covered by this report and, as of the date of this report, we are not party to any litigation that we believe could have a material adverse effect on our business.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 28, 2021
Related Party Transactions
Related Party Transactions	(7) Related Party Transactions ​ As of September 28, 2021 and September 29, 2020, we had three franchise restaurants and two majority-owned company restaurants owned in part by current officers of the Company. These franchise entities paid us fees of million for the 13 weeks ended September 28, 2021 and September 29, 2020, respectively. These franchise entities paid us fees of ​

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 28, 2021
Earnings Per Share
Earnings Per Share	(8) Earnings Per Share ​ The share and net income per share data for all periods presented are based on the historical weighted-average shares outstanding. The diluted earnings per share calculations show the effect of the weighted-average restricted stock units from our equity incentive plans, except during loss periods as the effect would be anti-dilutive. Performance stock units are not included in the diluted earnings per share calculation until the performance-based criteria have been met. ​ For the 13 and 39 weeks ended September 28, 2021, there were 8,003 and 5,527 weighted-average shares of nonvested stock, respectively, that were outstanding but not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect. For the 13 and 39 weeks ended September 29, 2020, there were 4,570 and 21,957 weighted-average shares of nonvested stock, respectively, that were outstanding but not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect. ​ The following table sets forth the calculation of earnings per share and weighted-average shares outstanding (in thousands) as presented in the accompanying unaudited condensed consolidated statements of income and comprehensive income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ ​ 39 Weeks Ended ​ ​ September 28, 2021 September 29, 2020 ​ September 28, 2021 September 29, 2020 Net income attributable to Texas Roadhouse, Inc. and subsidiaries ​ $ 52,606 ​ $ 29,230 ​ ​ $ 192,236 ​ $ 11,706 ​ Basic EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ 69,808 ​ ​ 69,446 ​ ​ ​ 69,745 ​ ​ 69,410 ​ Basic EPS ​ $ 0.75 ​ $ 0.42 ​ ​ $ 2.76 ​ $ 0.17 ​ Diluted EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ 69,808 ​ ​ 69,446 ​ ​ ​ 69,745 ​ ​ 69,410 ​ Dilutive effect of nonvested stock ​ 338 ​ ​ 452 ​ ​ ​ 403 ​ ​ 420 ​ Shares-diluted ​ 70,146 ​ 69,898 ​ ​ 70,148 ​ 69,830 ​ Diluted EPS ​ $ 0.75 ​ $ 0.42 ​ ​ $ 2.74 ​ $ 0.17 ​ ​

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 28, 2021
Fair Value Measurements
Fair Value Measurements	(9) Fair Value Measurements ​ Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures ("ASC 820"), establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 establishes a three-level hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs in measuring fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. ​ Level 1 Inputs based on quoted prices in active markets for identical assets. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the assets, either directly or indirectly. Level 3 Inputs that are unobservable for the asset. ​ There were no transfers among levels within the fair value hierarchy during the 13 and 39 weeks ended September 28, 2021. ​ The following table presents the fair values for our financial assets and liabilities measured on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Level September 28, 2021 December 29, 2020 Deferred compensation plan—assets 1 ​ $ 65,482 ​ $ 55,633 ​ Deferred compensation plan—liabilities 1 ​ $ (65,337) ​ $ (55,614) ​ ​ The Second Amended and Restated Deferred Compensation Plan of Texas Roadhouse Management Corp. (as amended, the "Deferred Compensation Plan") is a nonqualified deferred compensation plan which allows highly compensated employees to defer receipt of a portion of their compensation and contribute such amounts to one or more investment funds held in a rabbi trust. We report the amounts of the rabbi trust in other assets and the corresponding liability in other liabilities in our unaudited condensed consolidated financial statements. These investments are considered trading securities and are reported at fair value based on quoted market prices. The realized and unrealized holding gains and losses related to these investments, as well as the offsetting compensation expense, are recorded in general and administrative expense in the unaudited condensed consolidated statements of income and comprehensive income. ​ The following table presents the fair value of our assets measured on a nonrecurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Total loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended ​ ​ September 28, December 29, September 28, ​ September 29, ​ September 28, ​ September 29, ​ ​ Level ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ 2021 ​ 2020 Long-lived assets held for sale ​ 3 ​ $ — ​ $ 1,645 ​ $ — ​ $ (432) ​ $ (470) ​ $ (432) Goodwill ​ 3 ​ $ — ​ $ 2,625 ​ $ — ​ $ — ​ $ — ​ $ — Investments in unconsolidated affiliates ​ 3 ​ $ — ​ $ 1,531 ​ $ — ​ $ — ​ $ (531) ​ $ (528) ​ Long-lived assets held for sale include land and building at a site that was relocated and had a carrying amount of $1.2 million as of September 28, 2021. These assets are included in prepaid expenses and other current assets in our unaudited condensed consolidated balance sheets. These assets are valued using a Level 3 input. This resulted in a loss of $0.5 million which is included in impairment and closure, net in our unaudited condensed consolidated statement of income and comprehensive income for the 39 weeks ended September 28, 2021. ​ Goodwill includes two restaurants whose carrying amounts were determined to be in excess of their fair values as part of our most recent annual goodwill impairment assessment in 2020 and had a carrying amount of $2.6 million as of September 28, 2021. In determining the fair value, multiple valuation approaches were utilized which considered the historical results and anticipated future trends of operations for these restaurants. We consider this a Level 3 input. ​ Investments in unconsolidated affiliates include a 40% equity interest in a joint venture in China that had a carrying amount of $1.0 million as of September 28, 2021. This asset is valued using a Level 3 input, or the amount we expect to receive upon the sale of this investment. This resulted in a loss of million which is included in equity income from investments in unconsolidated affiliates in our unaudited condensed consolidated statement of income and comprehensive income for the 39 weeks ended September 28, 2021. ​ At September 28, 2021 and December 29, 2020, the fair values of cash and cash equivalents, accounts receivable and accounts payable approximated their carrying values based on the short-term nature of these instruments. At September 28, 2021 and December 29, 2020, the fair value of our revolving credit facility approximated its carrying value since it is a variable rate credit facility (Level 2).

Share Based Compensation

Share Based Compensation	9 Months Ended
	Sep. 28, 2021
Share Based Compensation
Share Based Compensation	​ (10) Share Based Compensation ​ On May 13, 2021, our stockholders approved the Texas Roadhouse, Inc. 2021 Long-Term Incentive Plan (the "Plan"). The Plan provides for the granting of various forms of equity awards including options, stock appreciation rights, full value awards, and performance-based awards. This Plan replaced the 2013 Long-Term Incentive Plan and no subsequent awards will be granted under the 2013 Plan. The Company provides restricted stock units ("RSUs") to employees as a form of share-based compensation. An RSU is the conditional right to receive one share of common stock upon satisfaction of the vesting requirement. In addition to RSUs, the Company provides performance stock units ("PSUs") to certain executives as a form of share-based compensation. A PSU is the conditional right to receive one share of common stock upon meeting a performance obligation along with the satisfaction of the vesting requirement. The following table summarizes the share-based compensation recorded in the accompanying unaudited condensed consolidated statements of income and comprehensive income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended ​ ​ September 28, 2021 September 29, 2020 September 28, 2021 September 29, 2020 Labor expense ​ $ 2,662 ​ $ 2,480 ​ $ 7,741 ​ $ 7,400 ​ General and administrative expense ​ 8,318 ​ 5,100 ​ 23,056 ​ 14,670 ​ Total share-based compensation expense ​ $ 10,980 ​ $ 7,580 ​ $ 30,797 ​ $ 22,070 ​ ​ We grant PSUs to certain executives which are generally subject to a one-year vesting and the achievement of certain earnings targets, which determine the number of units to vest at the end of the vesting period. Share-based compensation expense is recognized for the number of units expected to vest at the end of the period and is expensed beginning on the grant date and through the performance period. For each grant, PSUs vest after meeting the performance and service conditions. There were no PSUs that vested during the 13 weeks ended September 28, 2021 and September 29, 2020. The total intrinsic value of PSUs vested during the 39 weeks ended September 28, 2021 and September 29, 2020 was $0.4 million and $5.4 million, respectively. On January 8, 2021, 5,199 shares vested related to the January 2020 PSU grant and were distributed during the 13 weeks ended March 30, 2021. With respect to unvested PSUs, we recognized expense of $1.8 million and $5.9 million during the 13 and 39 weeks ended September 28, 2021, respectively. As of September 28, 2021, with respect to unvested PSUs, there was $2.0 million of unrecognized compensation cost that is expected to be recognized over a weight ed- average period of 0.3 years.

Stock Repurchase Program

Stock Repurchase Program	9 Months Ended
	Sep. 28, 2021
Stock Repurchase Program
Stock Repurchase Program	(11) Stock Repurchase Program ​ On May 31, 2019, our Board of Directors approved a stock repurchase program under which we may repurchase up to $250.0 million of our common stock. This stock repurchase program has no expiration date and replaced a previous stock repurchase program which was approved on May 22, 2014. All repurchases to date under our stock repurchase programs have been made through open market transactions. The timing and the amount of any repurchases are determined by management under parameters established by our Board of Directors, based on an evaluation of our stock price, market conditions and other corporate considerations. ​ For both the 13 and 39 week periods ended September 28, 2021, we paid $14.7 million to repurchase 161,034 shares of our common stock. For the 13 weeks ended September 29, 2020, we did not repurchase any shares of our common stock. For the 39 weeks ended September 29, 2020, we paid shares of our common stock. As of September 28, 2021, we had million remaining under our authorized stock repurchase program.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 28, 2021
Recent Accounting Pronouncements
Income Taxes	Income Taxes (Accounting Standards Update 2019-12, "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, which removed certain exceptions related to the approach for intraperiod tax allocations, the calculation of income taxes in interim periods, and the recognition of deferred taxes for investments. This guidance also simplified aspects of accounting for recognizing deferred taxes for taxable goodwill. We adopted ASU 2019-12 as of the beginning of our 2021 fiscal year. The adoption of this standard did not have a significant impact on our condensed consolidated financial statements.
Reference Rate Reform	Reference Rate Reform (Accounting Standards Update 2020-04, "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, which provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting. These changes are intended to simplify the market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. This guidance is effective upon issuance to modifications made as early as the beginning of the interim period through December 31, 2022. We are currently assessing the impact of this new standard on our condensed consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 28, 2021
Revenue
Schedule of disaggregated revenue	The following table disaggregates our revenue by major source (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 weeks ended ​ 39 weeks ended ​ September 28, 2021 ​ September 29, 2020 ​ September 28, 2021 ​ September 29, 2020 Restaurant and other sales $ 862,757 ​ $ 626,429 ​ $ 2,550,124 ​ $ 1,747,145 Franchise royalties ​ 5,449 ​ ​ 4,141 ​ ​ 15,977 ​ ​ 11,195 Franchise fees ​ 737 ​ ​ 615 ​ ​ 2,259 ​ ​ 1,794 Total revenue $ 868,943 ​ $ 631,185 ​ $ 2,568,360 ​ $ 1,760,134

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 28, 2021
Commitments and Contingencies
Schedule of real estate lease agreements for franchises	​ ​ ​ ​ ​ ​ ​ ​ Lease Current Lease Everett, Massachusetts (1) September 2002 February 2023 ​ Longmont, Colorado (1) October 2003 May 2029 ​ Montgomeryville, Pennsylvania (1) October 2004 March 2026 ​ Fargo, North Dakota (1) February 2006 July 2026 ​ Logan, Utah (1) January 2009 August 2024 ​ Irving, Texas (2) ​ December 2013 ​ December 2024 ​ Louisville, Kentucky (2)(3) ​ December 2013 ​ November 2023 ​ (1) Real estate lease agreements for restaurant locations which we entered into before granting franchise rights to those restaurants. We have subsequently assigned the leases to the franchisees, but remain contingently liable under the terms of the lease if the franchisee defaults . (2) Leases associated with non-Texas Roadhouse restaurants which were sold. The leases were assigned to the acquirer, but we remain contingently liable under the terms of the lease if the acquirer defaults. (3) We may be released from liability after the initial contractual lease term expiration contingent upon certain conditions being met by the acquirer.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 28, 2021
Earnings Per Share
Schedule of calculation of earnings per share and weighted average shares outstanding	The following table sets forth the calculation of earnings per share and weighted-average shares outstanding (in thousands) as presented in the accompanying unaudited condensed consolidated statements of income and comprehensive income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ ​ 39 Weeks Ended ​ ​ September 28, 2021 September 29, 2020 ​ September 28, 2021 September 29, 2020 Net income attributable to Texas Roadhouse, Inc. and subsidiaries ​ $ 52,606 ​ $ 29,230 ​ ​ $ 192,236 ​ $ 11,706 ​ Basic EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ 69,808 ​ ​ 69,446 ​ ​ ​ 69,745 ​ ​ 69,410 ​ Basic EPS ​ $ 0.75 ​ $ 0.42 ​ ​ $ 2.76 ​ $ 0.17 ​ Diluted EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ 69,808 ​ ​ 69,446 ​ ​ ​ 69,745 ​ ​ 69,410 ​ Dilutive effect of nonvested stock ​ 338 ​ ​ 452 ​ ​ ​ 403 ​ ​ 420 ​ Shares-diluted ​ 70,146 ​ 69,898 ​ ​ 70,148 ​ 69,830 ​ Diluted EPS ​ $ 0.75 ​ $ 0.42 ​ ​ $ 2.74 ​ $ 0.17 ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 28, 2021
Fair Value Measurements
Schedule of fair values for our financial assets and liabilities measured on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Level September 28, 2021 December 29, 2020 Deferred compensation plan—assets 1 ​ $ 65,482 ​ $ 55,633 ​ Deferred compensation plan—liabilities 1 ​ $ (65,337) ​ $ (55,614) ​
Schedule of fair value of assets and liabilities measured on a nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Total loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended ​ ​ September 28, December 29, September 28, ​ September 29, ​ September 28, ​ September 29, ​ ​ Level ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ 2021 ​ 2020 Long-lived assets held for sale ​ 3 ​ $ — ​ $ 1,645 ​ $ — ​ $ (432) ​ $ (470) ​ $ (432) Goodwill ​ 3 ​ $ — ​ $ 2,625 ​ $ — ​ $ — ​ $ — ​ $ — Investments in unconsolidated affiliates ​ 3 ​ $ — ​ $ 1,531 ​ $ — ​ $ — ​ $ (531) ​ $ (528)

Share Based Compensation (Table

Share Based Compensation (Tables)	9 Months Ended
	Sep. 28, 2021
Share Based Compensation
Summary of allocation of share-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended ​ ​ September 28, 2021 September 29, 2020 September 28, 2021 September 29, 2020 Labor expense ​ $ 2,662 ​ $ 2,480 ​ $ 7,741 ​ $ 7,400 ​ General and administrative expense ​ 8,318 ​ 5,100 ​ 23,056 ​ 14,670 ​ Total share-based compensation expense ​ $ 10,980 ​ $ 7,580 ​ $ 30,797 ​ $ 22,070 ​

Basis of Presentation (Details)

Basis of Presentation (Details)	Sep. 28, 2021itemrestaurant	Sep. 29, 2020restaurantitem
Description of Business
Number of states in which restaurants operate | item	49	49
Number of countries in which restaurants operate | item	10	10
Company-owned
Description of Business
Number of restaurants	555	526
Company-owned | Wholly-owned
Description of Business
Number of restaurants	535	506
Company-owned | Majority-owned
Description of Business
Number of restaurants	20	20
Franchise
Description of Business
Number of restaurants	99	97
Franchise | Domestic
Description of Business
Number of restaurants	69	70
Franchise | International
Description of Business
Number of restaurants	30	27
Franchise | Unconsolidated | Domestic
Description of Business
Number of restaurants	24	24
Franchise | Minimum | Unconsolidated
Description of Business
Ownership percentage	5.00%	5.00%
Franchise | Maximum | Unconsolidated
Description of Business
Ownership percentage	10.00%	10.00%
Non-Texas Roadhouse restaurants | Unconsolidated
Description of Business
Number of restaurants	2	4
Ownership percentage	40.00%	40.00%

Long-term Debt (Details)

Long-term Debt (Details) - USD ($) $ in Millions	May 04, 2021	May 03, 2021	May 11, 2020	Sep. 28, 2021	Dec. 29, 2020
Revolving Credit Facility [Member]
Revolving Credit Facility
Revolving credit facility, maximum borrowing capacity	$ 300
Revolving credit facility contingent increase in maximum borrowing capacity	200
Repayment of credit facility	50
Weighted-average interest rate (as a percent)				0.96%	1.98%
Amount borrowed					$ 240
Revolving credit facility, amount outstanding	190			$ 190
Revolving credit facility, remaining borrowing capacity				101.8
Letters of credit outstanding				$ 8.2
Revolving Credit Facility [Member] | Minimum
Revolving Credit Facility
Percentage of commitment fee on unused credit facility				0.125%
Revolving Credit Facility [Member] | Maximum
Revolving Credit Facility
Percentage of commitment fee on unused credit facility				0.30%
Revolving Credit Facility [Member] | LIBOR | Minimum
Long-term debt
Interest rate (as a percent)				0.875%
Revolving Credit Facility [Member] | LIBOR | Maximum
Long-term debt
Interest rate (as a percent)				1.875%
Original Revolving Credit Facility [Member]
Revolving Credit Facility
Revolving credit facility, maximum borrowing capacity		$ 200
Revolving credit facility contingent increase in maximum borrowing capacity		$ 200	$ 200
Revolving credit facility, amount outstanding	190				190
Incremental Revolving Credit Facility [Member]
Revolving Credit Facility
Revolving credit facility, maximum borrowing capacity			$ 82.5
Revolving credit facility, amount outstanding	$ 50				$ 50

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2021	Sep. 29, 2020	Sep. 28, 2021	Sep. 29, 2020
Revenue
Total revenue	$ 868,943	$ 631,185	$ 2,568,360	$ 1,760,134
Restaurant and other sales
Revenue
Total revenue	862,757	626,429	2,550,124	1,747,145
Franchise royalties
Revenue
Total revenue	5,449	4,141	15,977	11,195
Franchise fees
Revenue
Total revenue	$ 737	$ 615	$ 2,259	$ 1,794

Revenue - Other (Details)

Revenue - Other (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2021	Sep. 29, 2020	Sep. 28, 2021	Sep. 29, 2020	Dec. 29, 2020
Revenue
Deferred revenue-gift cards	$ 160,670		$ 160,670		$ 232,812
Gift cards
Revenue
Deferred revenue-gift cards	160,700		160,700		$ 232,800
Deferred revenue recognized	$ 23,200	$ 15,200	$ 123,400	$ 101,300

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 28, 2021	Sep. 29, 2020	Sep. 28, 2021
Reconciliation of the statutory federal income tax rate to our effective tax rate:
Tax expense (tax benefit), as a percent	11.60%	9.20%	13.50%

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 28, 2021USD ($)item	Sep. 28, 2021USD ($)item	Dec. 29, 2020USD ($)item
Commitments and Contingencies
Estimated cost to complete capital project commitments (in dollars) | $	$ 122.6	$ 122.6	$ 95.9
Number of suppliers providing most of the company's beef | item	3	3
Lease Agreements
Commitments and Contingencies
Number of leases guarantees entity contingently liable | item		7	7
Lease Agreements | Maximum
Commitments and Contingencies
Contingently liable amount | $	$ 12.4	$ 12.4	$ 13

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2021USD ($)restaurant	Sep. 29, 2020USD ($)restaurant	Sep. 28, 2021USD ($)restaurant	Sep. 29, 2020USD ($)restaurant
Franchise
Related Party Transactions
Number of restaurants	99	97	99	97
Officers, directors and shareholders | Majority-owned
Related Party Transactions
Number of restaurants	2	2	2	2
Officers, directors and shareholders | Franchise
Related Party Transactions
Number of restaurants	3	3	3	3
Fees received from franchise and license restaurants | $	$ 0.3	$ 0.2	$ 0.9	$ 0.6

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2021	Sep. 29, 2020	Sep. 28, 2021	Sep. 29, 2020
Earnings per share
Net (loss) income attributable to Texas Roadhouse, Inc. and subsidiaries	$ 52,606	$ 29,230	$ 192,236	$ 11,706
Basic EPS:
Weighted-average common shares outstanding (in shares)	69,808,000	69,446,000	69,745,000	69,410,000
Basic EPS (in dollars per share)	$ 0.75	$ 0.42	$ 2.76	$ 0.17
Diluted EPS:
Weighted-average common shares outstanding (in shares)	69,808,000	69,446,000	69,745,000	69,410,000
Dilutive effect of nonvested stock (in shares)	338,000	452,000	403,000	420,000
Shares-diluted (in shares)	70,146,000	69,898,000	70,148,000	69,830,000
Diluted EPS (in dollars per share)	$ 0.75	$ 0.42	$ 2.74	$ 0.17
Nonvested stock
Antidilutive securities
Anti-dilutive securities (in shares)	8,003	4,570	5,527	21,957

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 28, 2021USD ($)	Sep. 28, 2021USD ($)itemrestaurant	Dec. 29, 2020USD ($)
Fair value of financial instruments
Transfer of asset levels within the fair value hierarchy	$ 0	$ 0
Minimum number of investment funds in rabbi trust for deferred compensation plan | item		1
Number of underperforming restaurants related to goodwill | restaurant		2
Land and Building Relocated [Member] | Carrying Amount
Fair value of financial instruments
Long-lived assets held for sale	1,200	$ 1,200
Fair value measured on a recurring basis | Level 1
Fair value of financial instruments
Deferred compensation plan - assets	65,482	65,482	$ 55,633
Deferred compensation plan - liabilities	(65,337)	(65,337)	(55,614)
Fair value measured on a nonrecurring basis | Level 3
Fair value of financial instruments
Long-lived assets held for sale			1,645
Goodwill, FairValue Measurements			2,625
Investments in unconsolidated affiliates, fair value measurements			$ 1,531
Fair value measured on a nonrecurring basis | Level 3 | Carrying Amount
Fair value of financial instruments
Goodwill of underperforming restaurant	2,600	2,600
Fair value measured on a nonrecurring basis | Level 3 | Carrying Amount | China Joint Venture
Fair value of financial instruments
Investments in unconsolidated affiliates, fair value measurements	$ 1,000	$ 1,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2021	Sep. 29, 2020	Sep. 28, 2021	Sep. 29, 2020	Dec. 29, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated affiliates , total gain (loss)	$ 266	$ 1	$ 288	$ (597)
Level 3 | Fair value measured on a nonrecurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held for sale					$ 1,645
Goodwill, FairValue Measurements					2,625
Investments in unconsolidated affiliates, fair value measurements					$ 1,531
Long-lived assets held for sale, total gain (loss)		$ (432)	(470)	(432)
Investments in unconsolidated affiliates , total gain (loss)			(531)	$ (528)
Level 3 | Fair value measured on a nonrecurring basis | China Joint Venture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated affiliates , total gain (loss)			$ (500)
Ownership percentage	40.00%		40.00%

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2021	Sep. 29, 2020	Sep. 28, 2021	Sep. 29, 2020
Share-based Compensation
Share-based compensation expense	$ 10,980	$ 7,580	$ 30,797	$ 22,070
Labor expense
Share-based Compensation
Share-based compensation expense	2,662	2,480	7,741	7,400
General and administrative expense
Share-based Compensation
Share-based compensation expense	$ 8,318	$ 5,100	$ 23,056	$ 14,670

Share Based Compensation - PSU

Share Based Compensation - PSU (Details) - USD ($) $ in Thousands	Jan. 08, 2021	Sep. 28, 2021	Sep. 29, 2020	Sep. 28, 2021	Sep. 29, 2020
Share-based Compensation
Expense compensation		$ 10,980	$ 7,580	$ 30,797	$ 22,070
PSUs
Share-based Compensation
Vesting period				1 year
Intrinsic value of awards vested (in dollars)		0	$ 0	$ 400	$ 5,400
Vested (in shares)	(5,199)
Expense compensation		1,800		5,900
Unrecognized compensation cost of unvested stock awards (in dollars)		$ 2,000		$ 2,000
Unrecognized Compensation Cost Recognized Weighted Average Period				3 months 18 days

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 28, 2021	Sep. 28, 2021	Sep. 29, 2020	May 31, 2019
Stock Repurchase Program
Repurchase of common stock authorized by board of directors				$ 250,000
Payments to repurchase common stock	$ 14,683	$ 14,683	$ 12,621
Number of shares repurchased	161,034	161,034	252,409
Amount remaining under authorized stock repurchase program	$ 133,100	$ 133,100