Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 29, 2015 | Feb. 19, 2016 | Jun. 16, 2015 | |
Document and Entity Information | |||
Entity Voluntary Filers | No | ||
Entity Registrant Name | ClubCorp Holdings, Inc. | ||
Entity Central Index Key | 1,577,095 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 29, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-29 | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 65,248,354 | ||
Trading Symbol | MYCC | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Public Float | $ 1,039,723,940 | ||
Entity Tax Identification Number | 205,818,205 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
REVENUES: | |||
Club operations | $ 757,472 | $ 629,180 | $ 579,751 |
Food and beverage | 291,582 | 251,838 | 231,673 |
Other revenues | 3,813 | 3,137 | 3,656 |
Total revenues | 1,052,867 | 884,155 | 815,080 |
DIRECT AND SELLING, GENERAL AND ADMINISTRATIVE EXPENSES: | |||
Club operating costs exclusive of depreciation | 681,989 | 568,171 | 527,787 |
Cost of food and beverage sales exclusive of depreciation | 96,103 | 81,165 | 74,607 |
Depreciation and amortization | 103,944 | 80,792 | 72,073 |
Provision for doubtful accounts | 2,551 | 2,733 | 3,483 |
Loss on disposals of assets | 19,402 | 10,518 | 8,122 |
Impairment of assets | 5,144 | 2,325 | 6,380 |
Equity in loss (earnings) from unconsolidated ventures | 1,308 | (1,404) | (2,638) |
Selling, general and administrative | 82,616 | 73,870 | 64,073 |
OPERATING INCOME | 59,810 | 65,985 | 61,193 |
Interest and investment income | 5,519 | 2,585 | 345 |
Interest expense | (70,672) | (65,209) | (83,669) |
Gains (Losses) on Extinguishment of Debt | (2,599) | (31,498) | (16,856) |
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (7,942) | (28,137) | (38,987) |
INCOME TAX (EXPENSE) BENEFIT | (1,629) | 41,469 | (1,681) |
(LOSS) INCOME FROM CONTINUING OPERATIONS | (9,571) | 13,332 | (40,668) |
Loss from discontinued clubs, net of income tax benefit (expense) of $0, $1 and $(3) in 2015, 2014 and 2013, respectively | (2) | (3) | (12) |
NET (LOSS) INCOME | (9,573) | 13,329 | (40,680) |
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 61 | (103) | (212) |
NET (LOSS) INCOME ATTRIBUTABLE TO CLUBCORP | (9,512) | 13,226 | (40,892) |
Foreign currency translation | (2,959) | (3,220) | (398) |
OTHER COMPREHENSIVE LOSS | (2,959) | (3,220) | (398) |
COMPREHENSIVE (LOSS) INCOME | (12,532) | 10,109 | (41,078) |
COMPREHENSIVE LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 61 | (103) | (212) |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO CLUBCORP | $ (12,471) | $ 10,006 | $ (41,290) |
WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC | 64,364 | 63,941 | 54,172 |
WEIGHTED AVERAGE SHARES OUTSTANDING, DILUTED | 64,364 | 64,318 | 54,603 |
(Loss) income from continuing operations attributable to ClubCorp | $ (0.15) | $ 0.21 | $ (0.75) |
Loss from discontinued clubs attributable to ClubCorp | 0 | 0 | 0 |
Net (loss) income attributable to ClubCorp | (0.15) | 0.21 | (0.75) |
(Loss) income from continuing operations attributable to ClubCorp | (0.15) | 0.21 | (0.75) |
Loss from discontinued clubs attributable to ClubCorp | 0 | 0 | 0 |
Net (loss) income attributable to ClubCorp | (0.15) | 0.21 | (0.75) |
Cash distributions declared per common share | $ 0.52 | $ 0.49 | $ 0.79 |
CONSOLIDATED STATEMENTS OF OPE3
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Loss from discontinued clubs, income tax benefit | $ 0 | $ (1) | $ 3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 29, 2015 | Dec. 30, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 116,347 | $ 75,047 |
Receivables, net of allowances of $5,509 and $5,424 at December 29, 2015 and December 30, 2014, respectively | 68,671 | 65,337 |
Inventories | 20,929 | 20,931 |
Prepaids and other assets | 19,907 | 15,776 |
Deferred tax assets, net | 26,338 | 26,574 |
Total current assets | 252,192 | 203,665 |
Investments | 3,005 | 5,774 |
Property and equipment, net (includes $9,245 and $9,422 related to VIEs at December 29, 2015 and December 30, 2014, respectively) | 1,534,520 | 1,474,763 |
Notes receivable, net of allowances of $805 and $704 at December 29, 2015 and December 30, 2014, respectively | 7,448 | 8,262 |
Goodwill | 312,811 | 312,811 |
Intangibles, net | 31,252 | 34,960 |
Other assets | 29,634 | 24,836 |
TOTAL ASSETS | 2,170,862 | 2,065,071 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 20,414 | 18,025 |
Membership initiation deposits - current portion | 152,996 | 135,583 |
Accounts payable | 39,487 | 31,948 |
Accrued expenses | 37,441 | 44,424 |
Accrued taxes | 15,473 | 21,903 |
Other liabilities | 69,192 | 59,550 |
Total current liabilities | 335,003 | 311,433 |
Long-term debt (includes $13,026 and $13,302 related to VIEs at December 29, 2015 and December 30, 2014, respectively) | 1,092,320 | 965,187 |
Membership initiation deposits | 204,305 | 203,062 |
Deferred tax liability, net | 236,795 | 244,113 |
Other liabilities (includes $23,312 and $22,268 related to VIEs at December 29, 2015 and December 30, 2014, respectively) | 123,657 | 120,417 |
Total liabilities | $ 1,992,080 | $ 1,844,212 |
Commitments and contingencies (See Note 16) | ||
EQUITY | ||
Common stock, $0.01 par value, 200,000,000 shares authorized; 64,740,736 and 64,443,332 issued and outstanding at December 29, 2015 and December 30, 2014, respectively | $ 647 | $ 644 |
Additional paid-in capital | 263,921 | 293,006 |
Accumulated other comprehensive loss | (7,249) | (4,290) |
Accumulated deficit | (88,955) | (79,443) |
Total stockholders’ equity | 168,364 | 209,917 |
Noncontrolling interests in consolidated subsidiaries and variable interest entities | 10,418 | 10,942 |
Total equity | 178,782 | 220,859 |
TOTAL LIABILITIES AND EQUITY | $ 2,170,862 | $ 2,065,071 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 29, 2015 | Dec. 30, 2014 |
Statement of Financial Position [Abstract] | ||
Receivables, allowances | $ 5,509 | $ 5,424 |
Property and equipment, net, related to VIEs | 9,245 | 9,422 |
Notes receivable, allowances | 805 | 704 |
Long-term debt, related to VIEs | 13,026 | 13,302 |
Other LT Liabilities, related to VIEs | $ 23,312 | $ 22,268 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 64,740,736 | 64,443,332 |
Common stock, shares outstanding (in shares) | 64,740,736 | 64,443,332 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net (loss) income | $ (9,573) | $ 13,329 | $ (40,680) |
Adjustments to reconcile net (loss) income to cash flows from operating activities: | |||
Depreciation | 101,037 | 79,394 | 69,211 |
Amortization | 2,907 | 1,398 | 2,863 |
Asset impairments | 5,144 | 2,325 | 6,380 |
Bad debt expense | 2,605 | 2,760 | 3,502 |
Equity in loss (earnings) from unconsolidated ventures | 1,308 | (1,404) | (2,638) |
Gain on Investment from Equity Method Investment | (5,082) | (2,203) | 0 |
Distribution from investment in unconsolidated ventures | 5,845 | 5,740 | 4,699 |
Loss on disposals of assets | 19,399 | 10,514 | 8,121 |
Debt issuance costs and term loan discount | 15,600 | 13,687 | 5,084 |
Accretion of discount on member deposits | 20,307 | 20,723 | 20,961 |
Equity-based compensation | 4,970 | 4,303 | 14,217 |
Redemption premium payment included in loss on extinguishment of debt | 0 | 27,452 | 14,525 |
Net change in deferred tax assets and liabilities | (7,082) | 2,110 | (4,548) |
Net change in prepaid expenses and other assets | (7,636) | (4,017) | (2,708) |
Net change in receivables and membership notes | 6,619 | 29,741 | (26,925) |
Net change in accounts payable and accrued liabilities | 2,499 | 1,027 | (815) |
Net change in other current liabilities | (555) | (32,776) | 26,548 |
Net change in other long-term liabilities | (6,042) | (44,945) | (4,104) |
Net cash provided by operating activities | 152,270 | 129,158 | 93,693 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of property and equipment | (105,244) | (72,647) | (59,541) |
Acquisition of clubs | (58,582) | (20,255) | (15,620) |
Other Payments to Acquire Businesses | 0 | (260,007) | 0 |
Proceeds from dispositions | 3,764 | 447 | 1,419 |
Net change in restricted cash and capital reserve funds | (183) | (355) | (59) |
Return of capital in equity investments | 0 | 126 | 1,073 |
Net cash used in investing activities | (160,245) | (352,691) | (72,728) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayments of long-term debt | (247,313) | (283,387) | (170,937) |
Proceeds from new debt borrowings, net of loan discount | 350,000 | 596,375 | 10,713 |
Repayments of revolving credit facility borrowings | (57,000) | (11,200) | 0 |
Proceeds from revolving credit facility borrowings | 57,000 | 11,200 | 0 |
Redemption premium payment | 0 | (27,452) | (14,525) |
Debt issuance and modification costs | (17,525) | (8,254) | (7,872) |
Dividends to owners | (33,583) | (30,765) | (35,000) |
Proceeds from Issuance Initial Public Offering | 0 | 0 | 173,250 |
Payments of Stock Issuance Costs | (887) | (777) | (4,349) |
Payments Related to Tax Withholding for Share-based Compensation | (1,443) | 0 | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 1,055 | 0 | 0 |
Distributions to noncontrolling interest | (1,071) | (27) | 0 |
Proceeds from new membership initiation deposits | 749 | 853 | 1,042 |
Repayments of membership initiation deposits | (1,496) | (1,567) | (1,421) |
Net cash provided by (used in) financing activities | 48,486 | 244,999 | (49,099) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 789 | (200) | (50) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 41,300 | 21,266 | (28,184) |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 75,047 | 53,781 | 81,965 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 116,347 | 75,047 | 53,781 |
Supplemental Cash Flow Information [Abstract] | |||
Cash paid for interest | 51,368 | 35,930 | 61,441 |
Cash paid for income taxes | 11,297 | 2,723 | 3,187 |
Capital Lease Obligations Incurred | 26,243 | 20,428 | 11,342 |
Capital Expenditures Incurred but Not yet Paid | 2,394 | 2,394 | 1,790 |
Leasehold Improvements Incurred but not yet paid | 1,026 | 3,386 | 0 |
Dividends declared, but unpaid | 8,535 | 8,454 | 7,654 |
Distribution related to utilization of DTA - non-cash disclosure | 0 | 0 | 4,518 |
Notes Assumed | $ 0 | $ 87 | $ 4,954 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Noncontrolling Interests in Consolidated Subsidiaries | Common Class A [Member] |
Increase (Decrease) in Stockholders' Equity | |||||||
Common stock, shares outstanding (in shares) | 50,569,730 | ||||||
BALANCE at Dec. 25, 2012 | $ 143,082 | $ 506 | $ 184,460 | $ (672) | $ (51,777) | $ 10,565 | |
Increase (Decrease) in Stockholders' Equity | |||||||
Stock Issued During Period, Distribution to Owners | 0 | ||||||
Distribution to Affiliates | (35,000) | 0 | (35,000) | 0 | 0 | 0 | |
Dividends to owners declared ($0.52 per common share) | (7,654) | 0 | (7,654) | 0 | 0 | 0 | |
Equity-based compensation expense | 0 | ||||||
Adjustments to Additional Paid in Capital, Other | (4,518) | 0 | (4,518) | 0 | 0 | 0 | |
Equity-based compensation expense | 14,217 | 0 | 14,217 | 0 | 0 | 0 | |
Stock Issued During Period, Net Loss/Income | 0 | ||||||
Net (loss) income | (40,680) | 0 | 0 | 0 | (40,892) | 212 | |
Stock Issued During Period, OCI | 0 | ||||||
Other comprehensive income (loss) | (398) | 0 | 0 | (398) | 0 | 0 | |
Stock Issued During Period, Shares, New Issues | 13,200,000 | ||||||
Stock Issued During Period, Value, New Issues | 168,901 | 132 | 168,769 | 0 | 0 | 0 | |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 20,000 | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | 0 | 0 | 0 | 0 | 0 | |
BALANCE at Dec. 31, 2013 | 237,950 | 638 | 320,274 | (1,070) | (92,669) | 10,777 | |
Increase (Decrease) in Stockholders' Equity | |||||||
Common stock, shares outstanding (in shares) | 63,789,730 | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 653,602 | ||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 0 | 6 | (6) | 0 | 0 | 0 | |
Stock Issued During Period, Distribution to Owners | 0 | ||||||
Dividends to owners declared ($0.52 per common share) | (31,565) | 0 | (31,565) | 0 | 0 | 0 | |
Equity-based compensation expense | 0 | ||||||
Noncontrolling Interest, Increase from Business Combination | 89 | 0 | 0 | 0 | 0 | 89 | |
Equity-based compensation expense | 4,303 | 0 | 4,303 | 0 | 0 | 0 | |
Stock Issued During Period, Net Loss/Income | 0 | ||||||
Net (loss) income | 13,329 | 0 | 0 | 0 | 13,226 | 103 | |
Stock Issued During Period, OCI | 0 | ||||||
Other comprehensive income (loss) | (3,220) | 0 | 0 | (3,220) | 0 | 0 | |
Stock Issued During Period, Shares, New Issues | 0 | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (27) | 0 | 0 | 0 | 0 | (27) | |
BALANCE at Dec. 30, 2014 | $ 220,859 | 644 | 293,006 | (4,290) | (79,443) | 10,942 | |
Increase (Decrease) in Stockholders' Equity | |||||||
Common stock, shares outstanding (in shares) | 64,443,332 | 64,443,332 | |||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 297,404 | ||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ (1,443) | 3 | (1,446) | 0 | 0 | 0 | |
Stock Issued During Period, Distribution to Owners | 0 | ||||||
Dividends to owners declared ($0.52 per common share) | (33,664) | 0 | (33,664) | 0 | 0 | 0 | |
Equity-based compensation expense | 0 | ||||||
Equity-based compensation expense | 4,970 | 0 | 4,970 | 0 | 0 | 0 | |
Stock issued during period, excess tax benefit from equity-based awards | 0 | ||||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 1,055 | 0 | 1,055 | 0 | 0 | 0 | |
Stock Issued During Period, Net Loss/Income | 0 | ||||||
Net (loss) income | (9,573) | 0 | 0 | 0 | (9,512) | (61) | |
Stock Issued During Period, OCI | 0 | ||||||
Other comprehensive income (loss) | (2,959) | 0 | 0 | (2,959) | 0 | 0 | |
Stock Issued During Period, Shares, New Issues | 0 | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1,071) | 0 | 0 | 0 | 0 | (1,071) | |
Stock issued during period, noncontrolling interest deconsolidation | 0 | ||||||
Noncontrolling Interest, Decrease from Deconsolidation | 608 | 0 | 0 | 0 | 0 | 608 | |
BALANCE at Dec. 29, 2015 | $ 178,782 | $ 647 | $ 263,921 | $ (7,249) | $ (88,955) | $ 10,418 | |
Increase (Decrease) in Stockholders' Equity | |||||||
Common stock, shares outstanding (in shares) | 64,740,736 | 64,740,736 |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Distributions to Affiliates, Per Average Share, Declared | $ 0 | $ 0 | $ 0.65 |
Cash distributions declared per common share | $ 0.52 | $ 0.49 | $ 0.14 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 29, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION AND DESCRIPTION OF THE BUSINESS ClubCorp Holdings, Inc. (“Holdings”) and its wholly owned subsidiaries CCA Club Operations Holdings, LLC (“Operations' Parent”) and ClubCorp Club Operations, Inc. (“Operations” and, together with Holdings and Operations' Parent, “ClubCorp”) were formed on November 10, 2010 , as part of a reorganization (“ClubCorp Formation”) of ClubCorp, Inc. (“CCI”), which was effective as of November 30, 2010 , for the purpose of operating and managing golf and country clubs and business, sports and alumni clubs. ClubCorp, together with its subsidiaries, may be referred to as “we”, “us”, “our” or the “Company”. As of December 29, 2015 , we own, lease or operate through joint ventures 148 golf and country clubs and manage 10 golf and country clubs. Likewise, we own, lease or operate through a joint venture 46 business, sports and alumni clubs and manage three business, sports and alumni clubs. Our facilities are located in 26 states, the District of Columbia and two foreign countries. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 29, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation —The consolidated financial statements reflect the consolidated operations of ClubCorp, its wholly and majority owned subsidiaries and certain variable interest entities (“VIEs”) for which we are deemed to be the primary beneficiary. The consolidated financial statements presented herein reflect our financial position, results of operations, cash flows and changes in equity in conformity with accounting principles generally accepted in the United States, or “GAAP”. All intercompany accounts have been eliminated. Investments in certain unconsolidated affiliates are accounted for by the equity method, while investments in other unconsolidated affiliates are accounted for under the cost method. See Note 4 . We have entered into agreements with third-party owners of clubs to act as a managing agent and provide certain services to the third party club owner in exchange for a management fee. The operations of managed clubs are not consolidated. We recognize the contractual management fees as revenue when earned. Additionally, we recognize reimbursements for certain costs of operations at certain managed clubs as revenue. We have two reportable segments (1) golf and country clubs and (2) business, sports and alumni clubs. These segments are managed separately and discrete financial information, including Adjusted EBITDA (“Adjusted EBITDA”), a key financial measurement of segment profit and loss, is reviewed regularly by the chief operating decision maker to evaluate performance and allocate resources. See Note 14 . Fiscal Year —Our fiscal year consists of a 52/53 week period ending on the last Tuesday of December. For 2015 and 2014 , the fiscal years are comprised of the 52 weeks ended December 29, 2015 and December 30, 2014 , respectively. For 2013 , the fiscal year is comprised of the 53 weeks ended December 31, 2013 . Use of Estimates —The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from such estimated amounts. Revenue Recognition —Revenues from club operations, food and beverage and merchandise sales are recognized at the time of sale or when the service is provided and are reported net of sales taxes. Revenues from membership dues are generally billed monthly and recognized in the period earned. At a majority of our private clubs, members are expected to pay an initiation fee or deposit upon their acceptance as a member to the club. In general, initiation fees are not refundable, whereas initiation deposits are not refundable until a fixed number of years (generally 30 ) after the date of acceptance of a member. We recognize revenue related to membership initiation fees and deposits over the expected life of an active membership. For membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized within club operations revenue over the expected life of an active membership. The present value of the refund obligation is recorded as a membership initiation deposit liability and accretes over the non-refundable term using the effective interest method with an interest rate defined as our incremental borrowing rate adjusted to reflect a 30 -year time frame. The accretion is included in interest expense . The majority of membership initiation fees received are not refundable and are deferred and recognized within club operations revenue on the consolidated statements of operations over the expected life of an active membership. The expected lives of active memberships are calculated annually using historical attrition rates. Periods in which attrition rates differ significantly from enrollment rates could have a material effect on our consolidated financial statements by decreasing or increasing the expected lives of active memberships, which in turn would affect the length of time over which we recognize initiation fee and deposit revenues. During each of the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 , our estimated expected lives ranged from one to 20 years ; the weighted-average expected life of a golf and country club membership was approximately seven years and the expected life of a business, sports and alumni club membership was approximately three years. Membership initiation payments recognized within club operations revenue on the consolidated statements of operations were $13.6 million , $13.1 million and $17.7 million for the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 , respectively. Cash Equivalents —We consider investments with an original maturity of three months or less to be cash equivalents. Allowance for Doubtful Accounts —The allowance for doubtful accounts is established and maintained based on our best estimate of accounts receivable collectability. Management estimates collectability by specifically analyzing known troubled accounts, accounts receivable aging and other historical factors that affect collections. Such factors include the historical trends of write-offs and recovery of previously written-off accounts, the financial strength of the member and projected economic and market conditions. The evaluation of these factors involves subjective judgments and changes in these factors may significantly impact the consolidated financial statements. The table below shows the changes in our allowance for doubtful accounts balance: 2015 2014 2013 Beginning allowance $ 5,424 $ 3,666 $ 2,626 Bad debt expense, excluding portion related to notes receivable 2,605 2,760 3,502 Write offs (2,520 ) (1,002 ) (2,462 ) Ending allowance $ 5,509 $ 5,424 $ 3,666 Inventories —Inventories, which consist primarily of food and beverages and merchandise held for resale, are stated at the lower of cost (weighted average cost method) or market. Losses on obsolete or excess inventory are not material. Investments —Investments in certain unconsolidated affiliates are accounted for by the equity method, while investments in other unconsolidated affiliates are accounted for under the cost method. See Note 4 . Property and Equipment, Net —Property and equipment is recorded at cost, including interest incurred during construction periods. We capitalize costs that both materially add value and appreciably extend the useful life of an asset. With respect to golf course improvements (included in land improvements), only costs associated with original construction, complete replacements, or the addition of new trees, sand traps, fairways or greens are capitalized. All other related costs are expensed as incurred. For building improvements, only costs that extend the useful life of the building are capitalized; repairs and maintenance are expensed as incurred. Internal use software development costs are capitalized and amortized on a straight-line basis over the expected benefit period. The net book value of internal use software totaled $9.9 million and $6.7 million at December 29, 2015 and December 30, 2014 , respectively. See Note 6 . Depreciation is calculated using the straight-line method based on the following estimated useful lives: Depreciable land improvements 5 - 20 years Building and recreational facilities 20 - 40 years Machinery and equipment (includes internal use software) 3 - 10 years Leasehold improvements 1 - 40 years Furniture and fixtures 3 - 10 years Leasehold improvements are amortized over the shorter of the term of the respective leases or their useful life using the straight-line method. Notes Receivable, Net of Allowances —Notes receivable reflect amounts due from our financing of membership initiation fees and deposits and typically range from one to six years in original maturity. We recognize interest income as earned and provide an allowance for doubtful accounts. This allowance is based on factors including the historical trends of write-offs and recoveries, the financial strength of the member and projected economic and market conditions. Goodwill and Other Intangibles, Net —GAAP requires that we allocate the purchase price of acquired businesses to the identifiable tangible and intangible assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. The difference between the purchase price and the fair value of the net assets acquired or the excess of the aggregate fair values of assets acquired and liabilities assumed is recorded as goodwill. We classify intangible assets into three categories: (1) intangible assets with definite lives subject to amortization, (2) intangible assets with indefinite lives not subject to amortization and (3) goodwill. Intangibles specifically related to an individual property are recorded at the property level. Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives as reflected in Note 7 . We assess the recoverability of the carrying value of goodwill and other indefinite-lived intangibles annually on the first day of the fourth quarter or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill impairment is tested for impairment by first comparing the fair value of a reporting unit to its carrying amount. When the fair value is less than carrying value further analysis is performed to measure the amount of impairment loss, if any. See Note 7 . Impairment of Long-Lived Assets —We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through future cash flows. For assets to be held and used, we perform a recoverability test to determine if the future undiscounted cash flows over the expected holding period for the property exceed the carrying amount of the assets of the property in question. If the recoverability test is not met, the impairment is determined by comparing the carrying value of the property to its fair value which may be approximated by using future discounted cash flows using a risk-adjusted discount rate. Future cash flows of each property are determined using management’s projections of the performance of a given property based on its past performance and expected future performance, local operations and other factors both within our control and out of our control. Additionally, throughout the impairment evaluation process, we consider the impact of recent property appraisals when they are available. If actual results differ from these estimates, additional impairment charges may be required. As discussed in Note 5 , GAAP establishes a three-tiered fair value hierarchy that prioritizes inputs to valuation techniques used in fair value calculations. The fair value calculations associated with these valuations are classified as Level 3 measurements. Insurance Reserves —We have established insurance programs to cover exposures above predetermined deductibles for certain insurable risks consisting primarily of physical loss to property, workers’ compensation, employee healthcare, and comprehensive general and auto liability. Insurance reserves are developed by us, using the assistance of a third-party actuary and consideration of our past claims experience, including both the frequency and settlement of claims. Advertising Expense —We market our clubs through advertising and other promotional activities. Advertising expense is charged to income during the period incurred. Advertising expense totaled $6.3 million , $5.5 million and $5.8 million for the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 , respectively. Foreign Currency —The functional currency of our entities located outside the United States is the local currency. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the current exchange rate in effect at period-end. All foreign income and expenses are translated at the monthly weighted-average exchange rates during the year. Translation gains and losses are reported separately, with no tax impact for all periods presented, as a component of comprehensive loss, until realized. No translation gains or losses have been reclassified into earnings for the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 . Realized foreign currency transaction gains and losses are reflected in the consolidated statements of operations and comprehensive loss in club operating costs. Income Taxes —Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recognized. We recognize the tax benefit from an uncertain tax position only if we conclude that it is “more likely than not” that the tax position will be sustained upon examination by the taxing authorities, based on the technical merits of the position. If the position drops below the “more likely than not” standard, the benefit can no longer be recognized. We use assumptions, estimates and our judgment in determining if the “more likely than not” standard has been met when developing our provision for income taxes. We recognize accrued interest and penalties related to uncertain tax positions as a component of income tax expense. Interest and Investment Income —Interest and investment income is comprised principally of interest on notes receivable, cash deposits held by financial institutions and the return on our equity investment in Avendra, LLC. See Note 4 . Leases —We lease operating facilities under agreements with terms up to 99 years . These agreements normally provide for minimum rentals plus executory costs. Some of the agreements provide for scheduled rent increases during the lease term, as well as provisions for renewal options. Rent expense is recognized on a straight-line basis over the term of the lease from the time at which we take control of the property. Renewal options determined to be reasonably assured are also included in the lease term. In some cases, we must pay contingent rent generally based on a percentage of gross receipts or positive cash flow as defined in the lease agreements. Some of our lease agreements contain tenant allowances. Upon receipt of such allowances, we record a deferred rent liability in other liabilities on the consolidated balance sheets. The allowances are then amortized on a straight-line basis over the remaining terms of the corresponding leases as a reduction of rent expense. Equity-Based Awards —We have granted equity-based awards to employees and non-employee directors in the form of restricted stock awards (“RSAs”), which restrictions will be removed upon satisfaction of time vesting requirements, subject to the holder remaining employed by us and performance restricted stock units (“PSUs”), which will convert into shares of our common stock upon satisfaction of (i) time vesting requirements and (ii) the applicable performance based requirements. The number of PSUs under these grants represents the target number of such units that may be earned, based on Holdings' total shareholder return over the applicable performance periods compared with a peer group. We measure the cost of employee services rendered in exchange for equity-based awards based upon the grant date fair market value of the respective equity-based awards. The value is recognized over the requisite service period, which is generally the vesting period. The fair market value of each RSA is estimated using the Company's closing share price on the date of grant. The fair market value of each PSU was estimated on the date of grant using a Monte Carlo simulation analysis which generates a distribution of possible future stock prices for Holdings and the peer group from the grant date to the end of the applicable performance period. Assumptions used as inputs in the analysis are disclosed below. The risk-free rate is based on U.S. Treasury yields with a term commensurate to the applicable PSU performance period. Expected dividend yields were 0% as all dividends are assumed to be reinvested. The expected volatility for each PSU is based on the historical volatility of our common stock. Fiscal Year Ended December 29, 2015 December 30, 2014 Risk-free rate 0.86 % 0.3% to 0.65% Expected dividends — % — % Expected volatility 24.5 % 21.6 % Expected term (years) 3.0 2.0 - 3.0 The following table shows total equity-based compensation expense included in the consolidated statements of operations: Fiscal Year Ended December 29, 2015 December 30, 2014 December 31, 2013 Club operating costs exclusive of depreciation $ 1,440 $ 1,395 $ 4,592 Selling, general and administrative 3,530 2,908 9,625 Pre-tax equity-based compensation expense 4,970 4,303 14,217 Less: benefit for income taxes (1,858 ) (1,311 ) (817 ) Equity-based compensation expense, net of tax $ 3,112 $ 2,992 $ 13,400 As of December 29, 2015 , there was approximately $4.1 million of unrecognized expense, adjusted for estimated forfeitures, related to non-vested, equity-based awards granted to employees, which is expected to be recognized over a weighted average period of approximately 1.6 years . The Amended and Restated ClubCorp Holdings, Inc. 2012 Stock Award Plan (the “Stock Plan”) provides for an aggregate amount of no more than 4.0 million shares of common stock to be available for awards. The Stock Plan provides for the grant of stock options, restricted stock awards, restricted stock units, performance-based awards and other equity-based incentive awards. To date, we have granted RSAs, PSUs and restricted stock units (“RSUs”) under the Stock Plan. As of December 29, 2015 , approximately 2.7 million shares of common stock were available for future issuance under the Stock Plan. The following table summarizes RSA and PSU activity for the periods presented: Restricted stock awards Performance-based restricted stock units Shares Weighted Average Grant Date Fair Value Target shares Weighted Average Grant Date Fair Value Non-vested balance at December 31, 2013 20,000 $ 14.00 — $ — Granted 230,427 18.30 111,610 17.08 Vested (20,000) 14.00 — — Forfeited (2,361) 19.06 — — Canceled — — — — Non-vested balance at December 30, 2014 228,066 $ 18.29 111,610 $ 17.08 Granted 214,306 18.42 136,071 19.64 Vested (82,025) 18.36 — — Forfeited (22,384) 18.11 (20,271) 18.44 Canceled (7,493) 18.50 — — Non-vested balance at December 29, 2015 330,470 $ 18.37 227,410 $ 18.49 On April 1, 2012 , prior to our initial public offering (“IPO”), Holdings granted RSUs to certain executives under the Stock Plan. The RSUs vest based on satisfaction of both a time condition and a liquidity condition and are converted into shares of our common stock upon vesting. On March 15, 2014 , the required time period following our IPO was satisfied and the liquidity vesting requirement was met, at which time one third of the RSUs granted were converted into 211,596 shares of our common stock. On April 1, 2014 , 211,579 of the RSUs vested and were converted into shares of our common stock. The remaining 190,788 RSUs vested on April 1, 2015 and 122,144 RSUs were converted into shares of our common stock, while 68,644 RSUs were forfeited by employees in lieu of the payment of income tax withholding obligations. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-9 (“ASU 2014-9”), Revenue from Contracts with Customers . ASU 2014-9 requires revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also specifies the accounting for some costs to obtain or fulfill a contract with a customer, as well as enhanced disclosure requirements. In August 2015, the FASB issued Accounting Standards Update No. 2015-14 which deferred the effective date of ASU 2014-9 to fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2017. We are still evaluating the impact that our adoption of ASU 2014-9 will have on our consolidated financial position or results of operations. In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (“ASU 2014-15”), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern . ASU 2014-15 provides guidance on management's responsibility to perform interim and annual assessments of an entity’s ability to continue as a going concern and to provide related disclosure requirements. ASU 2014-15 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2016. The adoption of ASU 2014-15 is not expected to have a material impact on our consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update No. 2015-2 (“ASU 2015-2”), Consolidation (Topic 810)–Amendments to the Consolidation Analysis . ASU 2015-2 applies to entities in all industries and provides a new scope exception to registered money market funds and similar unregistered money market funds. It makes targeted amendments to existing consolidation guidance and ends the deferral granted to investment companies from applying the VIE guidance. The targeted changes are designed to address most of the concerns of the asset management industry. However, entities across all industries will be impacted, particularly those that use limited partnerships. ASU 2015-2 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2015. We are still evaluating the impact that our adoption of ASU 2015-2 will have on our consolidated financial position or results of operations. In April 2015, the FASB issued Accounting Standards Update No. 2015-3 (“ASU 2015-3”), Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-3 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-3 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2015. We are still evaluating the impact that our adoption of ASU 2015-3 will have on our consolidated financial statements. In September 2015, the FASB issued Accounting Standards Update No. 2015-16 (“ASU 2015-16), Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments . ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2015. We are still evaluating the impact that our adoption of ASU 2015-16 will have on our consolidated financial position or results of operations. In November 2015, the FASB issued Accounting Standards Update No. 2015-17 (“ASU 2015-17), Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes . ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2016. We are still evaluating the impact that our adoption of ASU 2015-17 will have on our consolidated financial position. In February 2016, the FASB issued Accounting Standards Update No. 2016-2 (“ASU 2016-2), Leases (Topic 842). ASU 2016-2 requires the recognition of lease assets and lease liabilities by lessees for leases classified as operating leases under previous GAAP; however, ASU 2016-2 retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous leases guidance. The result of retaining a distinction between finance leases and operating leases is that the effect of leases in the statement of comprehensive income and the statement of cash flows is largely unchanged from previous GAAP. ASU 2016-2 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2018. We are still evaluating the impact that our adoption of ASU 2016-2 will have on our consolidated financial position or results of operations. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 29, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES Consolidated VIEs include three managed golf course properties and certain realty interests which we define as “Non-Core Development Entities”. We have determined we are the primary beneficiary of these VIEs as we have the obligation to absorb the majority of losses from and direct activities of these operations. One of these managed golf course property VIEs is financed through a loan payable of $0.8 million collateralized by assets of the entity totaling $3.9 million as of December 29, 2015 . The other managed golf course property VIEs are financed through advances from us. Outstanding advances as of December 29, 2015 total $4.4 million compared to recorded assets of $6.5 million . The VIE related to the Non-Core Development Entities is financed through notes which are payable through cash proceeds related to the sale of certain real estate held by the Non-Core Development Entities. Recourse of creditors to these VIEs is limited to the assets of the VIE entities, which total $11.3 million and $11.2 million at December 29, 2015 and December 30, 2014 , respectively. The following summarizes the carrying amount and classification of the VIEs' assets and liabilities in the consolidated balance sheets as of December 29, 2015 and December 30, 2014 , net of intercompany amounts: December 29, 2015 December 30, 2014 Current assets $ 1,201 $ 962 Fixed assets, net 9,245 9,422 Other assets 839 839 Total assets $ 11,285 $ 11,223 Current liabilities $ 1,228 $ 1,007 Long-term debt 13,026 13,302 Other long-term liabilities 23,817 20,718 Noncontrolling interest 5,619 5,886 Company capital (32,405 ) (29,690 ) Total liabilities and equity $ 11,285 $ 11,223 |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 29, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS | INVESTMENTS We have an equity method investment in one active golf and country club joint venture totaling $0.5 million and $1.3 million at December 29, 2015 and December 30, 2014 , respectively. Our share of earnings in the equity investment is included in equity in loss (earnings) from unconsolidated ventures in the consolidated statements of operations. We also have one equity method investment of 10.2% in Avendra, LLC, a purchasing cooperative of hospitality companies. The carrying value of the investment was $2.0 million and $4.0 million at December 29, 2015 and December 30, 2014 , respectively. Our share of earnings in the equity investment is included in equity in loss (earnings) from unconsolidated ventures in the consolidated statements of operations. We have contractual agreements with the joint venture to provide procurement services for our clubs for which we received net volume rebates and allowances totaling $4.2 million , $3.5 million and $3.5 million during the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 , respectively. In 2006, we recognized an intangible asset reflecting the difference between the carrying value of the investment and our share of the equity reflected in the joint venture's financial statements which is being amortized over approximately 10 years beginning in 2007 and is included within the carrying value of the investment. Our equity in net income from Avendra, LLC is shown below: Fiscal Year Ended December 29, 2015 December 30, 2014 December 31, 2013 ClubCorp's equity in net income, excluding amortization $ 354 $ 3,107 $ 4,400 Amortization (2,008 ) (2,008 ) (2,008 ) ClubCorp's equity in net (loss) income $ (1,654 ) $ 1,099 $ 2,392 Additionally, we recognized $5.1 million and $2.2 million of return on our equity investment in Avendra within interest and investment income during the fiscal years ended December 29, 2015 and December 30, 2014 , respectively. We did not have a return on our equity investment in Avendra in the fiscal year ended December 31, 2013 . All cash distributions from our equity investment are reported as distribution from investment in unconsolidated ventures within the operating section of our consolidated statements of cash flows. |
FAIR VALUE
FAIR VALUE | 12 Months Ended |
Dec. 29, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE GAAP establishes a three-tiered fair value hierarchy that prioritizes inputs to valuation techniques used in fair value calculations. The three levels of inputs are defined as follows: Level 1—unadjusted quoted prices for identical assets or liabilities in active markets accessible by the Company; Level 2—inputs that are observable in the marketplace other than those inputs classified as Level 1; and Level 3—inputs that are unobservable in the marketplace and significant to the valuation. We maximize the use of observable inputs and minimize the use of unobservable inputs. If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument is categorized based upon the lowest level of input that is significant to the fair value calculation. We recognize transfers between levels of the fair value hierarchy on the date of the change in circumstances that caused the transfer. Fair Value of Financial Instruments Debt —We estimate the fair value of our debt obligations, excluding capital lease obligations, as follows, as of December 29, 2015 and December 30, 2014 : December 29, 2015 December 30, 2014 Recorded Value Fair Value Recorded Value Fair Value Level 2 (1) $ 1,019,511 $ 1,020,625 $ 897,729 $ 887,589 Level 3 49,952 40,794 51,534 41,648 Total $ 1,069,463 $ 1,061,419 $ 949,263 $ 929,237 ______________________ (1) The recorded value for Level 2 Debt is presented net of the $5.5 million and $3.4 million discount as of December 29, 2015 and December 30, 2014 , respectively, on the Secured Credit Facilities, as defined in Note 10 . All debt obligations are considered Level 3 except for the 2015 Senior Notes and borrowings under the Secured Credit Facilities, as defined in Note 10 , which are considered Level 2. We use quoted prices for identical or similar liabilities to value debt obligations classified as Level 2. We use adjusted quoted prices for similar liabilities to value debt obligations classified as Level 3. Key inputs include: (1) the determination that certain other debt obligations are similar, (2) nonperformance risk, and (3) interest rates. Changes or fluctuations in these assumptions and valuations will result in different estimates of value. The use of different techniques to determine the fair value of these debt obligations could result in different estimates of fair value at the reporting date. The carrying value of financial instruments including cash, cash equivalents, receivables, notes receivable, accounts payable and other short-term and long-term assets and liabilities approximate their fair values as of December 29, 2015 and December 30, 2014 . Assets and Liabilities Measured at Fair Value on a Non-recurring Basis Our assets and liabilities measured at fair value on a non-recurring basis include equity method investments, property and equipment, mineral rights, goodwill, trade names, liquor licenses, management contracts and other assets and liabilities recorded during business combinations. Assets and liabilities from business combinations were recorded on our consolidated balance sheets at fair value at the date of acquisition. The key assumptions used in determining these values are considered Level 3 measurements. See Note 13 . The estimated fair values of our assets measured at fair value on a non-recurring basis as a result of impairment losses during the years ended December 29, 2015 , December 30, 2014 , and December 31, 2013 were as follows: 2015 2014 2013 Fair Value (1) Impairment Losses Fair Value (1) Impairment Losses Fair Value (1) Impairment Losses Property and equipment $ 52 $ 2,687 $ 1,076 $ 1,443 $ 2,028 $ 3,937 Other assets - mineral rights 600 1,623 — — — — Intangible assets - trade names — — 760 60 — — Intangible assets - liquor licenses 21 7 20 2 642 2,443 Intangible assets - management contracts — 827 — 820 — — (1) Impaired assets were written down to fair value, which became their new cost basis. Property and Equipment —We recognized impairment losses to property and equipment of $2.7 million , $1.4 million and $3.9 million during the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 , respectively, to adjust the carrying amount of certain property and equipment to its fair value of $0.1 million , $1.1 million and $2.0 million , respectively, due to continued and projected negative operating results as well as changes in the expected holding period of certain fixed assets. The valuation methods used to determine fair value included an evaluation of the sales price of comparable real estate properties (‘‘Sales comparison approach’’), an analysis of discounted future cash flows using a risk-adjusted discount rate (‘‘Income Approach’’), and consideration of historical cost adjusted for economic obsolescence (‘‘Cost Approach’’). The fair value calculations associated with these valuations are classified as Level 3 measurements. See Note 6 . Mineral Rights —We evaluate these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable through future cash flows. During the fiscal year ended December 29, 2015 , we recognized an impairment of $1.6 million to adjust the carrying value of certain of these mineral rights to their fair value of $0.6 million . The valuation is considered a Level 3 measurement and is based upon inactive market prices for similar assets which are not observable in the marketplace. See Note 8 . Trade Names —We test our trade name intangible assets annually for impairment, utilizing the relief from royalty method to determine the estimated fair value for each trade name which is classified as a Level 3 measurement. The relief from royalty method estimates our theoretical royalty savings from ownership of the intangible asset. Key assumptions used in this model include discount rates, royalty rates, growth rates, sales projections and terminal value rates. We recorded impairment of trade names of $0.1 million during the fiscal year ended December 30, 2014 , to adjust the carrying amount of certain trade names to their fair value of $0.8 million . See Note 7 . Liquor Licenses —We test our liquor licenses annually for impairment. We use quoted prices for similar assets in active markets when they are available; quoted prices are considered Level 2 measurements. We recorded immaterial impairments of liquor licenses in the fiscal years ended December 29, 2015 and December 30, 2014 . We recorded impairment of liquor licenses of $2.4 million in the fiscal year ended December 31, 2013 , to adjust the carrying amount of certain liquor licenses to their fair value of $0.6 million . See Note 7 . Management Contracts —We evaluate these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable through future cash flows. During the fiscal years ended December 29, 2015 and December 30, 2014 , we recognized an impairment of $0.8 million and $0.8 million to adjust the carrying value of certain management contracts to their fair value of $0.0 million and $0.0 million , respectively, due to the termination of the contract. The valuation is considered a Level 3 measurement and is based on expected future cash flows. See Note 7 . There were no impairments to goodwill in the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 . The key assumptions used in the goodwill impairment analysis are considered Level 3 measurements. See Note 7 . Assets and liabilities from business combinations were recorded on our consolidated balance sheets at fair value at the date of acquisition. The key assumptions used in determining these values are considered Level 3 measurements. See Note 13 . |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 29, 2015 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT Property and equipment, including capital lease assets, at cost consists of the following at December 29, 2015 and December 30, 2014 : December 29, 2015 December 30, 2014 Land and non-depreciable land improvements $ 600,819 $ 589,975 Depreciable land improvements 478,352 445,979 Buildings and recreational facilities 511,124 482,493 Machinery and equipment 264,129 225,103 Leasehold improvements 111,184 104,904 Furniture and fixtures 97,459 85,800 Construction in progress 13,413 6,284 2,076,480 1,940,538 Accumulated depreciation (541,960 ) (465,775 ) Total $ 1,534,520 $ 1,474,763 Depreciation expense, from continuing operations, which included depreciation of assets recorded under capital leases, was $101.0 million , $79.4 million and $69.2 million for the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 , respectively. Interest capitalized as a cost of property and equipment totaled $0.3 million , $0.2 million and $0.3 million for the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 , respectively. We evaluate property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through future cash flows. See Note 5 . |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 29, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill and other intangible assets consist of the following at December 29, 2015 and December 30, 2014 : December 29, 2015 December 30, 2014 Asset Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets with indefinite lives: Trade names $ 24,790 $ 24,790 $ 24,790 $ 24,790 Liquor Licenses 2,068 2,068 2,042 2,042 Intangible assets with finite lives: Member Relationships 2-7 years 2,866 $ (1,907 ) 959 2,866 $ (539 ) 2,327 Management Contracts 1-10 years 3,959 (988 ) 2,971 5,698 (866 ) 4,832 Trade names 2 years 1,100 (636 ) 464 1,100 (131 ) 969 Total $ 34,783 $ (3,531 ) $ 31,252 $ 36,496 $ (1,536 ) $ 34,960 Goodwill $ 312,811 $ 312,811 $ 312,811 $ 312,811 Intangible Assets —Intangible asset amortization expense was $2.9 million , $1.4 million and $2.9 million for the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 , respectively. During the fiscal year ended December 30, 2014 , we acquired Sequoia Golf. See Note 13 . As part of the purchase we recorded $9.8 million of intangible assets with finite lives that have a weighted average amortization period of approximately three years . The intangible assets recorded are comprised of member relationships of $2.9 million , management contracts of $5.8 million and a trade name of $1.1 million , which have weighted average amortization periods of approximately two years , three years and two years , respectively. We retired fully amortized intangible assets and the related accumulated amortization of $0.6 million and $2.9 million , which were comprised of member relationships and management contracts, from the consolidated balance sheets as of December 29, 2015 and December 30, 2014 , respectively. For each of the five years subsequent to 2015 and thereafter the amortization expense is expected to be as follows: Year Amount 2016 $ 1,797 2017 761 2018 629 2019 383 2020 239 Thereafter 585 Total $ 4,394 We test indefinite-lived intangible assets for impairment annually. We test intangible assets with finite lives for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through future cash flows. We test our trade name intangible assets annually for impairment, utilizing the relief from royalty method to determine the estimated fair value for each trade name which is classified as a Level 3 measurement. The relief from royalty method estimates our theoretical royalty savings from ownership of the intangible asset. Key assumptions used in this model include discount rates, royalty rates, growth rates, sales projections and terminal value rates. We recorded impairment of indefinite-lived trade names of $0.1 million during fiscal year ended December 30, 2014 , to adjust the carrying amount of certain trade names to their fair value of $0.8 million . See Note 5 . We did not recognize any impairment losses to trade name intangible assets in the fiscal years ended December 29, 2015 and December 31, 2013 . We test our liquor licenses annually for impairment. We use quoted prices for similar assets in active markets when they are available; quoted prices are considered Level 2 measurements. We recorded immaterial impairments of liquor licenses in the fiscal years ended December 29, 2015 and December 30, 2014 . We recorded impairment of liquor licenses of $2.4 million in the fiscal year ended December 31, 2013 , to adjust the carrying amount of certain liquor licenses to their fair value of $0.6 million . See Note 5 . We evaluate our management contracts for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable through future cash flows. During fiscal years ended December 29, 2015 and December 30, 2014 , we recognized an impairment of $0.8 million and $0.8 million , respectively, to adjust the carrying value of certain management contracts to their fair value of $0.0 million and $0.0 million , respectively, due to the termination of the contracts. The valuation is considered a Level 3 measurement and is based on expected future cash flows. See Note 5 . We did not recognize any impairment losses to management contracts in the fiscal year ended December 31, 2013 . Goodwill —We evaluate goodwill for impairment at the reporting unit level (golf and country clubs and business, sports and alumni clubs), which are the same as our operating segments. When testing for impairment, we first compare the fair value of our reporting units to the recorded values. Valuation methods used to determine fair value include analysis of the discounted future free cash flows that a reporting unit is expected to generate (Income Approach) and an analysis which is based upon a comparison of our reporting units to similar companies utilizing a purchase multiple of earnings before interest, taxes, depreciation and amortization (Market Approach). These valuations are considered Level 3 measurements. Key assumptions used in this model include future cash flows, growth rates, discount rates, capital needs and projected margins, among other factors. If the carrying amount of the reporting units exceeds its fair value, goodwill is considered potentially impaired and a second step is performed to measure the amount of impairment loss. In the second step of the goodwill impairment test, we compare the implied value of the reporting unit's goodwill with the carrying value of that unit's goodwill. If the carrying value of the reporting unit's goodwill exceeds the implied value, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. Accordingly, the fair value of a reporting unit is allocated to the assets and liabilities of that unit, including intangible assets, and any excess of the value of the reporting unit over the amounts assigned to its assets and liabilities is the implied value of its goodwill. We evaluate goodwill for impairment annually as of the first day of our last fiscal quarter or whenever events or circumstances indicate that the carrying amount may not be fully recoverable. Based on this analysis, no impairment of goodwill was recorded for the fiscal years ended December 29, 2015 , December 30, 2014 , and December 31, 2013 . During the fiscal year ended December 30, 2014 , we acquired Sequoia Golf. See Note 13 . The excess of the purchase price over the aggregate fair values of assets acquired and liabilities assumed was recorded as goodwill of $54.4 million and allocated to the golf and country club reporting unit, which is the only reporting unit within our golf and country club segment. The goodwill recorded is primarily related to: (i) expected cost and revenue synergies from combining operations and expanding our reciprocal access programs and (ii) expected earnings growth due to increased discretionary capital spending. The following table shows goodwill activity by reporting unit. No impairments have been recorded for either reporting unit. Golf & Country Clubs Business, Sports & Alumni Clubs Total December 31, 2013 $ 113,108 $ 145,351 $ 258,459 Acquisition - Sequoia Golf $ 54,352 $ — $ 54,352 December 30, 2014 $ 167,460 $ 145,351 $ 312,811 December 29, 2015 $ 167,460 $ 145,351 $ 312,811 |
OTHER ASSETS (Notes)
OTHER ASSETS (Notes) | 12 Months Ended |
Dec. 29, 2015 | |
Other Assets Disclosure [Abstract] | |
Other Assets Disclosure [Text Block] | OTHER ASSETS Other asset s includes debt issuance costs and assets related to mineral rights. Debt Issuance Costs —Debt issuance costs totaled $15.6 million and $11.5 million at December 29, 2015 and December 30, 2014 , respectively. See Note 10 . Mineral Rights —Mineral rights at various golf properties totaled $0.7 million and $2.3 million at December 29, 2015 and December 30, 2014 , respectively. We evaluate these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable through future cash flows. During the fiscal year ended December 29, 2015 , we recognized an impairment of $1.6 million to adjust the carrying value of certain of these mineral rights to their fair value of $0.6 million . We have not recognized any impairment losses to mineral rights in the fiscal years ended December 30, 2014 and December 31, 2013 . The valuation is considered a Level 3 measurement and is based upon inactive market prices for similar assets which are not observable in the marketplace. See Note 5 . |
CURRENT AND LONG-TERM LIABILITI
CURRENT AND LONG-TERM LIABILITIES | 12 Months Ended |
Dec. 29, 2015 | |
Payables and Accruals [Abstract] | |
CURRENT AND LONG-TERM LIABILITIES | CURRENT AND LONG-TERM LIABILITIES Current liabilities consist of the following at December 29, 2015 and December 30, 2014 : December 29, 2015 December 30, 2014 Accrued compensation $ 27,247 $ 29,273 Accrued interest 2,618 7,428 Other accrued expenses 7,576 7,723 Total accrued expenses $ 37,441 $ 44,424 Taxes payable other than federal income taxes (1) $ 15,473 $ 21,903 Total accrued taxes $ 15,473 $ 21,903 Advance event and other deposits $ 18,708 $ 15,584 Unearned dues 14,225 12,819 Deferred membership revenues 12,175 10,937 Insurance reserves 11,317 8,464 Dividends to owners declared, but unpaid 8,467 8,384 Other current liabilities 4,300 3,362 Total other current liabilities $ 69,192 $ 59,550 ______________________ (1) We had no federal income taxes payable as of December 29, 2015 and December 30, 2014 . Other long-term liabilities consist of the following at December 29, 2015 and December 30, 2014 : December 29, 2015 December 30, 2014 Uncertain tax positions $ 7,343 $ 7,670 Deferred membership revenues 45,960 42,894 Casualty insurance loss reserves - long term portion 14,659 14,162 Above market lease intangibles 352 774 Deferred rent 29,250 27,838 Accrued interest on notes payable related to Non-Core Development Entities 23,236 22,174 Other 2,857 4,905 Total other long-term liabilities $ 123,657 $ 120,417 |
DEBT AND CAPITAL LEASES
DEBT AND CAPITAL LEASES | 12 Months Ended |
Dec. 29, 2015 | |
Debt Disclosure [Abstract] | |
DEBT AND CAPITAL LEASES | DEBT AND CAPITAL LEASES Secured Credit Facilities Secured Credit Facilities —In 2010, Operations entered into the credit agreement governing the secured credit facilities (the “Secured Credit Facilities”). The credit agreement governing the Secured Credit Facilities was subsequently amended in 2012, 2013, 2014, 2015 and subsequent to fiscal year 2015 on January 25, 2016. As of December 29, 2015 , the Secured Credit Facilities are comprised of (i) a $675.0 million term loan facility, and (ii) a revolving credit facility with capacity of $135.0 million and $105.3 million available for borrowing, after deducting $29.7 million of standby letters of credit outstanding. In addition, the credit agreement governing the Secured Credit Facilities includes capacity which provides, subject to lender participation, for additional borrowings in revolving or term loan commitments of $125.0 million , and additional borrowings thereafter so long as a senior secured leverage ratio (the “Senior Secured Leverage Ratio”) does not exceed 3.50 :1.00. As of December 29, 2015 , the interest rate on the term loan facility is a variable rate calculated as the higher of (i) 4.25% or (ii) an elected LIBOR plus a margin of 3.25% and the maturity date of the term loan facility is December 15, 2022 . As of December 29, 2015 , the revolving credit commitments mature on September 30, 2018 and bear interest at a rate of LIBOR plus a margin of 3.0% per annum. We are required to pay a commitment fee on all undrawn amounts under the revolving credit facility and a fee on all outstanding letters of credit, payable quarterly in arrears. As long as commitments are outstanding under the revolving credit facility, we are subject to the Senior Secured Leverage Ratio and a total leverage ratio (the “Total Leverage Ratio”). The Senior Secured Leverage Ratio is defined as the ratio of Operations' Consolidated Senior Secured Debt (exclusive of the Senior Notes) to Consolidated EBITDA (disclosed as Adjusted EBITDA and defined in “Basis of Presentation”) and is calculated on a pro forma basis, giving effect to current period acquisitions as though they had been consummated on the first day of the period presented. The Total Leverage Ratio is defined as the ratio of Operations' Consolidated Total Debt (including the Senior Notes) to Consolidated EBITDA and is also calculated on a pro forma basis. The credit agreement governing the Secured Credit Facilities requires us to maintain a Senior Secured Leverage Ratio no greater than 4.50 :1.00 and a Total Leverage Ratio of no greater than 5.75 :1.00 as of the end of each fiscal quarter. As of December 29, 2015 , Operations' Senior Secured Leverage Ratio was 3.01 :1.00 and the Total Leverage ratio was 4.50 :1.00. The amendments to the Secured Credit Facilities made during 2013, 2014, 2015 and 2016 included, among other things, the following key modifications: On July 24, 2013 , Operations entered into a second amendment to the credit agreement governing the Secured Credit Facilities to reduce the interest rate on the term loan facility, increase the principal borrowed under the term loan facility, extend the maturity date of the term loan facility, eliminate the quarterly principal payment requirement under the term loan facility, increase the amount of permissible incremental facilities and modify certain financial covenants and non-financial terms and conditions associated with the credit agreement governing the Secured Credit Facilities. The interest rate on the term loan facility was reduced to the higher of (i) 4.25% or (ii) an elected LIBOR plus a margin of 3.25% , and further reduced to the higher of (i) 4.0% or (ii) an elected LIBOR plus a margin of 3.0% on September 25, 2013 , following the completion of our IPO. The term loan facility principal balance was increased to $301.1 million and the maturity date of the term loan facility was extended to July 24, 2020 . On August 30, 2013 , Operations entered into a third amendment to the credit agreement governing the Secured Credit Facilities, effective on September 30, 2013 , to conditionally secure the $135.0 million incremental revolving credit commitments, with a maturity date of September 30, 2018 . Borrowings under such facility bear interest at a rate of LIBOR plus a margin of 3.0% per annum. On February 21, 2014 , Operations entered into a fourth amendment to the credit agreement governing the Secured Credit Facilities which made certain administrative changes to such credit agreement. On April 11, 2014 , Operations entered into a fifth amendment to the credit agreement governing the Secured Credit Facilities to, amongst other matters, (i) provide an aggregate of $350.0 million , before a discount of $1.8 million , of additional senior secured term loans under the existing term loan facility, and (ii) amend the Senior Secured Leverage Ratio. On September 30, 2014 , Operations entered into a sixth amendment to the credit agreement governing the Secured Credit Facilities to (i) provide an aggregate of $250.0 million , before a debt issuance discount of $1.9 million , of incremental senior secured term loans under the existing term loan facility, (ii) modify the interest rate on the term loan facility to a variable rate calculated as the higher of (a) 4.5% or (b) an elected LIBOR plus a margin of 3.5% and (iii) modify the accordion feature under the credit agreement to provide for, subject to lender participation, additional borrowings in revolving or term loan commitments. On May 28, 2015 , Operations entered into a seventh amendment to the credit agreement governing the Secured Credit Facilities, which reduced the interest rate on the term loan facility to the higher of (a) 4.25% or (b) an elected LIBOR plus a margin of 3.25% . On December 15, 2015 , Operations entered into an eighth amendment to the credit agreement governing the Secured Credit Facilities to (i) reduce the principal by $226.1 million to an aggregate of $675.0 million , before a debt issuance discount of $3.4 million , (ii) extend the maturity date to December 15, 2022 , (iii) provide for additional incremental term and revolving commitments under certain circumstances, so long as the Senior Secured Leverage Ratio does not exceed 3.50 :1.00 and (iv) revise the Senior Secured Leverage Ratio and Total Leverage Ratio required as of the end of each fiscal quarter to no greater than 4.50 :1.00 and 5.75 :1.00, respectively. In conjunction with the principal payment made on December 15, 2015 , we expensed a proportionate share of the unamortized debt issuance costs of $1.9 million and unamortized loan discounts of $0.7 million to loss on extinguishment of debt in the year ended December 29, 2015 . Subsequent to fiscal year 2015, on January 25, 2016 , Operations entered into a ninth amendment to the credit agreement governing the Secured Credit Facilities to replace the existing revolving credit facility with a new revolving credit facility, with a capacity of $175.0 million , maturing on January 25, 2021 . See Note 19 . All obligations under the Secured Credit Facilities are guaranteed by Operations' Parent and each existing and all subsequently acquired or organized direct and indirect restricted subsidiaries of Operations, other than certain excluded subsidiaries (collectively, the “Guarantors”). The Secured Credit Facilities are secured, subject to permitted liens and other exceptions, by a first-priority perfected security interest in substantially all the assets of Operations, and the Guarantors, including, but not limited to (1) a perfected pledge of all the domestic capital stock owned by Operations and the Guarantors, and (2) perfected security interests in and mortgages on substantially all tangible and intangible personal property and material fee-owned property of Operations and the Guarantors, subject to certain exclusions. We are required to make interest payments on the last business day of each of March, June, September and December. We may be required to prepay the outstanding term loan facility by a percentage of excess cash flows, as defined by the credit agreement governing the Secured Credit Facilities, each fiscal year end after our annual consolidated financial statements are delivered, which percentage may decrease or be eliminated depending on the results of the Senior Secured Leverage Ratio test at the end of each fiscal year. Additionally, we are required to prepay the term loan facility with proceeds from certain asset sales, borrowings and certain insurance claims as defined by the credit agreement governing the Secured Credit Facilities. We may voluntarily prepay outstanding loans under the Secured Credit Facilities in whole or in part upon prior notice without premium or penalty, other than certain fees incurred in connection with repaying, refinancing, substituting or replacing the existing term loans with new indebtedness. We are also required to pay a commitment fee on all undrawn amounts under the revolving credit facility and a fee on all outstanding letters of credit, payable in arrears on the last business day of each March, June, September and December. The credit agreement governing the Secured Credit Facilities limits Operations' Parent's and Operations' (and most or all of Operations' Parent's subsidiaries') ability to: • create, incur, assume or suffer to exist any liens on any of their assets; • make or hold any investments (including acquisitions, loans and advances); • incur or guarantee additional indebtedness; • enter into mergers or consolidations; • conduct sales and other dispositions of property or assets; • pay dividends or distributions on capital stock or redeem or repurchase capital stock; • change the nature of the business; • enter into transactions with affiliates; and • enter into burdensome agreements. We incurred debt issuance costs of $6.8 million in conjunction with the issuance of the Secured Credit Facilities; these costs were capitalized. In conjunction with the amendments, we capitalized debt issuance costs of $0.8 million , $7.8 million , $1.9 million and $0.7 million during the fiscal years ended December 25, 2012, December 31, 2013 , December 30, 2014 and December 29, 2015 , respectively, and expensed additional debt issuance costs of $6.4 million and $9.3 million during the fiscal years ended December 30, 2014 and December 29, 2015 , respectively. All capitalized debt issuance costs are amortized over the term of the loan. In conjunction with the principal payment made on December 15, 2015 , we expensed a proportionate share of the unamortized debt issuance costs of $1.9 million to loss on extinguishment of debt in the fiscal year ended December 29, 2015 . 2015 Senior Notes On December 15, 2015 , Operations issued $350.0 million of senior notes (the “2015 Senior Notes”), maturing December 15, 2023 . The net proceeds from the offering of the 2015 Senior Notes were used in part to repay amounts outstanding under the Secured Credit Facilities in connection with the eighth amendment. Interest on the 2015 Senior Notes accrues at the rate of 8.25% per annum and is payable semiannually in arrears on June 15 and December 15. The 2015 Senior Notes are also guaranteed by the Guarantors that guarantee its obligations under the credit agreement governing the Secured Credit Facilities on a full and unconditional basis. At any time prior to December 15, 2018 , Operations may redeem the 2015 Senior Notes, in whole or in part, at a price equal to 100% of the principal amount of the 2015 Senior Notes redeemed, plus an applicable “make-whole” premium and accrued and unpaid interest, if any, to the redemption date. In addition, at any time prior to December 15, 2018 , Operations may redeem up to 40% of the aggregate principal amount of the 2015 Senior Notes at a redemption price of 108.25% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds of certain equity offerings; provided that at least 50% of the aggregate principal amount of the 2015 Senior Notes originally issued remains outstanding immediately after the occurrence of such redemption (excluding Notes held by Operations and its subsidiaries); and provided, further, that such redemption occurs within 90 days of the date of the closing of such equity offering. On and after December 15, 2018 , Operations may redeem all or a part of the 2015 Senior Notes at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest, if any, thereon, to the applicable redemption date, if redeemed during the twelve-month period beginning on December 15 of the years indicated below: Year Percentage 2018 106.188 % 2019 104.125 % 2020 102.063 % 2021 and thereafter 100.000 % If a change of control, as defined in the indenture governing the 2015 Senior Notes, occurs, holders of the 2015 Senior Notes have the right to require Operations to repurchase all or any part of their 2015 Senior Notes at a purchase price equal to 101% of the aggregate principal amount of the 2015 Senior Notes repurchased, plus accrued and unpaid interest, if any, to the purchase date. The indenture governing the 2015 Senior Notes contains covenants that limit, among other things, Operations’ ability and the ability of certain of its subsidiaries, to: • incur, assume or guarantee additional indebtedness; • pay dividends or distributions on capital stock or redeem or repurchase capital stock; • make investments; • sell stock of its subsidiaries; • transfer or sell assets; • create liens; • enter into transactions with affiliates; and • enter into mergers or consolidations. Operations incurred debt issuance costs in conjunction with the issuance of the 2015 Senior Notes of $7.3 million . These have been capitalized and are being amortized over the term of the 2015 Senior Notes. 2010 Senior Notes On November 30, 2010 , Operations issued $415.0 million in senior unsecured notes (the “2010 Senior Notes”), bearing interest at 10.0% and maturing December 1, 2018 . On October 28, 2013 , Operations repaid $145.3 million in aggregate principal of 2010 Senior Notes at a redemption price of 110.00% , plus accrued and unpaid interest thereon. On April 11, 2014 , Operations provided notice to the trustee for the 2010 Senior Notes that Operations had elected to redeem all of the remaining outstanding 2010 Senior Notes at a redemption price of 110.18% , plus accrued and unpaid interest thereon, on May 11, 2014 . Operations irrevocably deposited with the trustee $309.2 million , which is the amount sufficient to fund the redemption and to satisfy and discharge Operations' obligations under the 2010 Senior Notes. The redemption premium of $27.5 million and the write-off of remaining unamortized debt issuance costs of $4.0 million was accounted for as loss on extinguishment of debt during the fiscal year ended December 30, 2014 . Notes payable related to certain Non-Core Development Entities In 1994 and 1995, we issued notes payable to finance a VIE related to our Non-Core Development Entities. The notes and accrued interest are payable through the cash proceeds related to the sale of certain real estate held by these Non-Core Development Entities. Mortgage Loans Stonebriar / Monarch Loan —In July 2008 , we entered into a secured mortgage loan with General Electric Capital Corporation for $32.0 million (the “Stonebriar / Monarch Loan”). Effective November 30, 2015, the maturity date is November 2016 with one twelve month option to extend the maturity date through November 2017 , upon satisfaction of certain conditions of the loan agreement. On June 11, 2015 , we were notified that the Stonebriar / Monarch Loan was assigned to an affiliate of Blackstone Mortgage Trust, Inc. As of December 29, 2015 , we expected to meet the required conditions and currently intend to extend the maturity date to November 2017 . Atlantic Capital Bank —In October 2010 , we entered into a new mortgage loan with Atlantic Capital Bank for $4.0 million of debt maturing in 2015 with twenty-five year amortization. Effective May 6, 2015 , we amended the loan agreement with Atlantic Capital Bank to extend the maturity date to April 2020 . BancFirst —In May 2013 , in connection with the acquisition of Oak Tree Country Club, we assumed a mortgage loan with BancFirst for $5.0 million with an original maturity of October 2014 and two twelve month options to extend the maturity through October 2016 upon satisfaction of certain conditions in the loan agreement. Effective October 1, 2015 , we extended the term of the loan to October 1, 2016 . Long-term borrowings and lease commitments as of December 29, 2015 and December 30, 2014 , are summarized below: December 29, 2015 December 30, 2014 Carrying Value Interest Rate Carrying Value Interest Rate Interest Rate Calculation Maturity 2015 Senior Notes $ 350,000 8.25 % $ — — % Fixed 2023 Secured Credit Facilities Term Loan, gross of discount 675,000 4.25 % 901,106 4.50 % As of December 29, 2015, greater of (i) 4.25% or (ii) an elected LIBOR + 3.25%; as of December 30, 2014, greater of (i) 4.5% or (ii) an elected LIBOR + 3.5% 2022 Revolving Credit Borrowings - ($135,000 capacity) (1) — 3.42 % — 3.26 % LIBOR plus a margin of 3.0% 2018 Notes payable related to certain Non-Core Development Entities 11,837 9.00 % 11,837 9.00 % Fixed (2) Mortgage Loans Stonebriar / Monarch Loan 29,112 6.00 % 29,738 6.00 % 5.00% plus the greater of (i) three month LIBOR or (ii) 1% 2017 Atlantic Capital Bank 3,173 4.50 % 3,333 4.50 % Greater of (i) 3.0% + 30 day LIBOR or (ii) 4.5% 2020 BancFirst 3,842 4.50 % 4,266 4.50 % Greater of (i) 4.5% or (ii) prime rate 2016 Other indebtedness 1,988 4.75% - 6.00% 2,360 4.00% - 8.60% Fixed Various 1,074,952 952,640 Capital leases 43,271 33,949 1,118,223 986,589 Less current portion (20,414 ) (18,025 ) Less discount on the Secured Credit Facilities' Term Loan (5,489 ) (3,377 ) Long-term debt $ 1,092,320 $ 965,187 ______________________ (1) As of December 29, 2015 , the revolving credit facility had capacity of $135.0 million , which was reduced by the $29.7 million of standby letters of credit outstanding, leaving $105.3 million available for borrowing. Subsequent to fiscal year 2015, on January 25, 2016 , Operations entered into a ninth amendment to the credit agreement governing the Secured Credit Facilities to replace the existing revolving credit facility with a new revolving credit facility with capacity of $175.0 million . (2) Notes payable and accrued interest related to certain Non-Core Development Entities are payable through the cash proceeds related to the sale of certain real estate held by these Non-Core Development Entities. The amount of long-term debt maturing in each of the five years subsequent to 2015 and thereafter is as follows. This table reflects the contractual maturity dates as of December 29, 2015 . Year Debt Capital Leases Total 2016 $ 4,924 $ 15,490 $ 20,414 2017 28,957 12,794 41,751 2018 490 9,172 9,662 2019 426 4,611 5,037 2020 2,630 1,204 3,834 Thereafter 1,037,525 — 1,037,525 Total $ 1,074,952 $ 43,271 $ 1,118,223 |
LEASES (Notes)
LEASES (Notes) | 12 Months Ended |
Dec. 29, 2015 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | LEASES We lease operating facilities under agreements with terms up to 99 years . These agreements normally provide for minimum rentals plus executory costs. In some cases, we must pay contingent rent generally based on a percentage of gross receipts or positive cash flows as defined in the lease agreements. As a result, future lease payments that are considered contingent on future results are not included in the table below. Future minimum lease payments for each of the next five years and thereafter required at December 29, 2015 under operating leases for land, buildings and recreational facilities with initial non-cancelable lease terms in excess of one year are as follows: Year Capital Leases Operating Leases 2016 $ 17,344 $ 22,173 2017 13,858 21,256 2018 9,932 18,987 2019 5,052 16,823 2020 1,324 15,047 Thereafter — 104,903 Minimum lease payments $ 47,510 $ 199,189 Less: imputed interest component 4,239 Present value of net minimum lease payments of which $15.5 million is included in current liabilities $ 43,271 Total facility rental expense was $32.4 million , $29.1 million and $29.4 million in the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 , respectively; contingent rent was $10.1 million , $9.2 million and $8.8 million in the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 , respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 29, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Holdings files a consolidated federal income tax return. Income taxes recorded are adjusted to the extent losses or other deductions cannot be utilized in the consolidated federal income tax return. We file state tax returns on a separate company basis or unitary basis as required by law. Additionally, certain subsidiaries of Holdings, owned through lower tier joint ventures, file separate tax returns for federal and state purposes. We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, operating losses and tax credit carryforwards. Deferred tax assets and liabilities are calculated using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. Valuation allowances are provided against deferred income tax assets for amounts which are not considered “more likely than not” to be realized. Loss from continuing operations before income taxes and noncontrolling interest consists of the following: 2015 2014 2013 Domestic $ (7,626 ) $ (27,471 ) $ (38,583 ) Foreign (316 ) (666 ) (404 ) $ (7,942 ) $ (28,137 ) $ (38,987 ) The income tax (expense) benefit from continuing operations consists of the following: 2015 2014 2013 Current Federal $ (669 ) $ 42,400 $ (3,040 ) State (6,010 ) 1,242 (2,972 ) Foreign (977 ) (62 ) (220 ) Total Current (7,656 ) 43,580 (6,232 ) Deferred Federal 4,300 (1,277 ) 4,209 State 1,727 (834 ) 342 Total Deferred 6,027 (2,111 ) 4,551 Total income tax (expense) benefit $ (1,629 ) $ 41,469 $ (1,681 ) The differences between income taxes computed using the U.S. statutory Federal income tax rate of 35% and the actual income tax provision for continuing operations as reflected in the accompanying consolidated statements of operations are as follows: 2015 2014 2013 Expected federal income tax benefit $ 2,780 $ 10,113 $ 13,645 State taxes, net of federal benefit (1,041 ) (2,607 ) (468 ) Change in valuation allowance - state (1,820 ) (245 ) (1,266 ) Change in valuation allowance - foreign (200 ) (1,128 ) (44 ) Foreign rate differential (117 ) (127 ) (97 ) IETU (business tax in Mexico), withholding and other permanent - foreign (210 ) (62 ) (220 ) Adjustments related to uncertain tax positions (749 ) 36,409 (3,171 ) Equity-based compensation (29 ) (298 ) (4,192 ) Membership initiation deposits — — (4,586 ) Nondeductible transaction costs (311 ) (1,777 ) — Other, net 68 1,191 (1,282 ) Actual income tax (expense) benefit $ (1,629 ) $ 41,469 $ (1,681 ) We had the following net operating loss carryforwards at December 29, 2015 , which are available to offset future taxable income: Type of Carryforward Gross Amount Expiration Dates (in years) Federal tax operating loss $ 48,462 2024 - 2034 State tax operating loss $ 215,825 2016 - 2034 AMT net operating loss $ 29,288 2026 - 2034 Foreign net operating loss $ 18,757 2025 The components of the deferred tax assets and deferred tax liabilities at December 29, 2015 and December 30, 2014 are as follows: 2015 2014 Deferred tax assets: Federal tax net operating loss carryforwards $ 16,962 $ 31,396 State and foreign tax net operating loss carryforwards 13,487 12,577 Membership deferred revenue 70,669 59,605 Reserves and accruals 18,564 19,829 Tax credits 4,464 3,908 Straight-line rent 11,480 10,918 Other 16,095 18,074 Total gross deferred tax assets 151,721 156,307 Valuation allowances: State (7,413 ) (5,594 ) Foreign (6,251 ) (6,696 ) Total valuation allowance (13,664 ) (12,290 ) Deferred tax liabilities: Discounts on membership initiation deposits and acquired notes (138,735 ) (145,772 ) Property and equipment (200,665 ) (204,304 ) Deferred revenue (1,151 ) (1,525 ) Intangibles (7,491 ) (9,617 ) Other (472 ) (338 ) Total gross deferred tax liabilities (348,514 ) (361,556 ) Net deferred tax liability $ (210,457 ) $ (217,539 ) The allocation of deferred taxes between current and long-term as of December 29, 2015 and December 30, 2014 is as follows: 2015 2014 Current deferred tax asset, net $ 26,338 $ 26,574 Long-term deferred tax liability, net (236,795 ) (244,113 ) Net deferred tax liability $ (210,457 ) $ (217,539 ) Valuation allowances included above of $13.7 million and $12.3 million at December 29, 2015 and December 30, 2014 , respectively, relate primarily to net operating loss carryforwards in certain states and in Mexico. GAAP prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Benefits from tax positions are recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. We recognize accrued interest and penalties related to uncertain tax positions as a component of income tax (expense) benefit. Income tax (expense) benefit for the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 includes interest expense (benefit) and penalties of $0.8 million , $(10.6) million and $4.1 million , respectively. A reconciliation of the change in our unrealized tax benefit for all periods presented is as follows: 2015 2014 2013 Balance at beginning of year $ 7,542 $ 50,378 $ 51,384 Increases in tax positions for current year — — — Increases in tax positions for prior years 207 5,800 103 Decreases in tax positions for prior years (1,376 ) (48,636 ) (1,109 ) Balance at end of year $ 6,373 $ 7,542 $ 50,378 Holdings files income tax returns in the U.S. federal jurisdiction, numerous state jurisdictions and in three foreign jurisdictions. During 2014, we completed an Internal Revenue Service (“IRS”) audit of certain components for the 2010 tax return, which included cancellation of indebtedness income related to the ClubCorp Formation. We are also subject to a variety of state income tax audits for years open under the statute of limitations and certain of our foreign subsidiaries are under audit in Mexico for the 2008 and 2009 tax years. We have received two assessments for our state income tax audits, for a total of $2.5 million which has been recognized within our state income tax payable. As of December 29, 2015 , tax years 2010 - 2015 remain open under statute for US federal and most state tax jurisdictions. In Mexico, the statute of limitations is generally five years from the date of the filing of the tax return for any particular year, including amended returns. Accordingly, in general, tax years 2009 through 2015 remain open under statute; although certain prior years are also open as a result of the tax proceedings described below. As of December 29, 2015 and December 30, 2014 , we have recorded $7.3 million and $7.7 million , respectively, of unrecognized tax benefits related to uncertain tax positions, including interest and penalties of $2.3 million and $1.4 million , respectively, which are included in other liabilities in the consolidated balance sheets. If we were to prevail on all uncertain tax positions recorded as of December 29, 2015 , the net effect would be an income tax benefit of approximately $5.1 million , exclusive of any benefits related to interest and penalties. In October 2014 , the IRS audit was completed resulting in $48.6 million reduction to unrecognized tax benefits, of which $11.7 million represented settlements and $36.9 million represented further reductions of prior period unrecognized tax benefits. An additional $11.8 million of accrued interest and penalties were reversed, thereby resulting in $43.7 million of the above benefits being recorded in the income statement. These benefits are offset by an increase of approximately $7.3 million of unrecognized tax benefits (including penalties and interest) primarily related to certain Mexican tax positions described in more detail below. In addition, certain of our Mexican subsidiaries are under audit by the Mexican taxing authorities for the 2008 and 2009 tax years. We have received two assessments, for approximately $3.0 million each, exclusive of penalties and interest, for two of our Mexican subsidiaries under audit for the 2008 tax year. We have taken the appropriate procedural steps to vigorously contest these assessments through the appropriate Mexican judicial channels. We have not recorded a liability related to these uncertain tax positions as we believe it is more likely than not that we will prevail based on the merits of our positions. In 2014, we received an audit assessment for the 2009 tax year for another Mexican subsidiary. We have taken the appropriate procedural steps to contest the assessment through the appropriate Mexican judicial channels. We have recorded a liability related to an unrecognized tax benefit for $4.7 million , exclusive of penalties and interest, related to this audit. The unrecognized tax benefit has been recorded due to the technical nature of the tax filing position taken by our Mexican subsidiary and uncertainty around the ultimate outcome of this assessment, which we intend to continue to contest. Management believes it is unlikely that our unrecognized tax benefits will significantly change within the next 12 months given the current status in particular of the matters currently under examination by the Mexican tax authorities. However, as audit outcomes and the timing of related resolutions are subject to significant uncertainties, we will continue to evaluate the tax issues related to these assessments in future periods. In summary, we believe we are adequately reserved for our uncertain tax positions as of December 29, 2015 . |
CLUB ACQUISITIONS, CLUB DISPOSI
CLUB ACQUISITIONS, CLUB DISPOSITIONS AND DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 29, 2015 | |
Business Combinations [Abstract] | |
CLUB ACQUISITIONS, CLUB DISPOSITIONS AND DISCONTINUED OPERATIONS | NEW AND ACQUIRED CLUBS AND CLUB DIVESTITURES New and Acquired Clubs Assets and liabilities from business combinations were recorded on our consolidated balance sheets at fair value at the date of acquisition. The results of operations of such businesses have been included in the consolidated statements of operations since their date of acquisition. Bernardo Heights Country Club —On December 17, 2015 , we purchased Bernardo Heights, a private golf club in San Diego, California, for a purchase price and net cash consideration of $2.7 million . We recorded the following major categories of assets and liabilities, which are subject to change until our information is finalized, no later than twelve months from the acquisition date: December 17, 2015 Land, depreciable land improvements and property and equipment $ 2,840 Inventory and prepaid assets 102 Other current liabilities and accrued taxes (104 ) Long-term debt (obligation related to capital leases) (134 ) Total $ 2,704 Southeast Portfolio —On April 7, 2015 , we acquired a multi-club portfolio of six golf and country clubs for a combined purchase price of $43.8 million and net cash consideration of $43.6 million . Golf and Country Clubs Type of Club Market State Golf Holes Bermuda Run Country Club Private Country Club Charlotte NC 36 Brookfield Country Club Private Country Club Atlanta GA 18 Firethorne Country Club Private Country Club Charlotte NC 18 Temple Hills Country Club Private Country Club Nashville TN 27 Ford's Colony Country Club Semi-Private Golf Club Richmond VA 54 Legacy Golf Club at Lakewood Ranch (subsequently divested) Public Golf Bradenton FL 18 We recorded the following major categories of assets and liabilities, which are subject to change until our information is finalized, no later than twelve months from the acquisition date: April 7, 2015 Receivables, net of allowances of $228 $ 1,757 Inventories and notes receivable 646 Land 9,920 Depreciable land improvements 17,321 Buildings and recreational facilities 13,113 Machinery and equipment and furniture and fixtures 4,959 Current liabilities (2,063 ) Long-term debt (obligation related to capital leases) and other liabilities (2,020 ) Total $ 43,633 Rolling Green Country Club —On January 20, 2015 , we purchased Rolling Green Country Club, a private golf club in Arlington Heights, Illinois, for a purchase price of $6.5 million and net cash consideration of $6.4 million . We recorded the following major categories of assets and liabilities. January 20, 2015 Land, depreciable land improvements and property and equipment $ 6,554 Inventory 125 Other current liabilities and accrued taxes (110 ) Long-term debt (obligation related to capital leases) (193 ) Total $ 6,376 Ravinia Green Country Club —On January 13, 2015 , we acquired Ravinia Green Country Club, a private golf club in Riverwoods, Illinois, for a purchase price and net cash consideration of $5.9 million . We recorded the following major categories of assets and liabilities. January 13, 2015 Land, depreciable land improvements and property and equipment $ 6,034 Inventory and prepaid assets 30 Other current liabilities and accrued taxes (186 ) Long-term debt (obligation related to capital leases) (11 ) Total $ 5,867 Oro Valley Country Club —On December 4, 2014 , we acquired Oro Valley Country Club, a private golf club in Oro Valley, Arizona, for a purchase price and net cash consideration of $3.1 million . We recorded the following major categories of assets and liabilities: December 4, 2014 Land, depreciable land improvements and property and equipment $ 2,997 Inventory and prepaid assets 120 Intangibles, net 230 Other current liabilities and accrued taxes (53 ) Long-term debt (obligation related to capital leases) (225 ) Total $ 3,069 Sequoia Golf —On September 30, 2014 , we completed the Sequoia Golf acquisition, which was executed through the purchase of all the equity interests in each of Sequoia Golf Holdings, LLC and Parthenon-Sequoia Ltd. (“Sequoia Golf”). On the date of acquisition, Sequoia Golf was comprised of 30 owned golf and country clubs and 20 leased or managed clubs. The total purchase price was $260.0 million , net of $5.6 million of cash acquired and after customary closing adjustments including net working capital. The acquisition was funded through net proceeds of $244.6 million , net of discount and debt issuance costs, from incremental term loan borrowings under the Secured Credit Facilities and from cash and cash equivalents. See Note 10 for further description of the incremental term loan borrowings. The following summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition: September 30, 2014 Receivables $ 10,204 Inventories, prepaids, notes receivable, current deferred tax assets and other assets 7,957 Land 54,990 Depreciable land improvements 88,025 Buildings and recreational facilities 46,931 Machinery and equipment and furniture and fixtures 26,954 Intangibles, net 9,756 Goodwill 54,352 Total assets acquired 299,169 Current liabilities (22,266 ) Long-term debt (obligation related to capital leases) (2,544 ) Long-term deferred tax liability, net (14,263 ) Noncontrolling interests in consolidated subsidiaries (89 ) Total liabilities and noncontrolling interests in consolidated subsidiaries (39,162 ) Net assets acquired $ 260,007 The excess of the purchase price over the aggregate fair values of assets acquired and liabilities assumed was recorded as goodwill and allocated to the golf and country club reporting unit, which is the only reporting unit within our golf and country club segment. The goodwill recorded is primarily related to: (i) expected cost and revenue synergies from combining operations and expanding our reciprocal access programs and (ii) expected earnings growth due to increased discretionary capital spending. None of the goodwill recorded is deductible for tax purposes. The intangible assets recorded are related to member relationships and management contracts and have a weighted average amortization period of approximately 3 years . Machinery and equipment recorded above includes $4.0 million of assets which are accounted for as capital leases. The following table presents the unaudited pro forma consolidated financial information of ClubCorp as if the acquisition of Sequoia Golf was completed on December 26, 2012, the first day of fiscal year 2013. The following unaudited pro forma financial information includes adjustments for: (i) depreciation on acquired property and equipment; (ii) alignment of revenue recognition policies; (iii) amortization of intangible assets recorded at the date of the transaction; and (iv) transaction and business integration related costs. No adjustments were made to reflect anticipated synergies. This unaudited pro forma financial information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on December 26, 2012. Fiscal Year Ended December 30, 2014 December 31, 2013 Pro forma revenues $ 1,001,599 $ 948,472 Pro forma net income (loss) attributable to ClubCorp $ (9,080 ) $ (55,178 ) Pro forma basic net income (loss) from continuing operations attributable to ClubCorp, per share $ (0.14 ) $ (1.02 ) Pro forma diluted net income (loss) from continuing operations attributable to ClubCorp, per share $ (0.14 ) $ (1.02 ) Baylor Club —On April 30, 2014 , we finalized the lease and management rights to the Baylor Club, an alumni club within the new Baylor University football stadium in Waco, Texas. TPC Piper Glen —On April 29, 2014 , we acquired Tournament Players Club (“TPC”) Piper Glen, a private golf club in Charlotte, North Carolina with a purchase price of $3.8 million for net cash consideration of $3.7 million . We recorded the following major categories of assets and liabilities: April 29, 2014 Land, depreciable land improvements and property and equipment $ 3,833 Receivables and inventory 210 Other current liabilities and accrued taxes (115 ) Long-term debt (obligation related to capital leases) and other liabilities (197 ) Total $ 3,731 TPC Michigan —On April 29, 2014 , we acquired TPC Michigan, a semi-private golf club in Dearborn, Michigan with a purchase price of $3.0 million for net cash consideration of $2.6 million . We recorded the following major categories of assets and liabilities: April 29, 2014 Land, depreciable land improvements and property and equipment $ 3,643 Receivables, inventory and prepaid assets 235 Other current liabilities and accrued expenses (624 ) Long-term debt (obligation related to capital leases) (157 ) Deferred tax liability (175 ) Membership initiation deposits (370 ) Total $ 2,552 The Clubs of Prestonwood —On March 3, 2014 , we acquired The Clubs of Prestonwood, a private golf club comprised of two properties, The Creek in Dallas, Texas and The Hills in nearby Plano, Texas, with a purchase price of $11.2 million for net cash consideration of $10.9 million . We recorded the following major categories of assets and liabilities: March 3, 2014 Land, depreciable land improvements and property and equipment $ 14,742 Inventory and prepaid assets 97 Other current liabilities and accrued taxes (362 ) Long-term debt (obligation related to capital leases) (280 ) Deferred tax liability (1,300 ) Membership initiation deposits and other liabilities (1,994 ) Total $ 10,903 Chantilly National Golf & Country Club —On December 17, 2013 , we acquired Chantilly National Golf & Country Club, a private country club located in Centreville, Virginia, with a purchase price of $4.6 million for net cash consideration of $4.8 million . We recorded the following major categories of assets and liabilities: December 17, 2013 Depreciable land improvements, property and equipment $ 5,171 Inventory 103 Other current liabilities (25 ) Other long-term liabilities (180 ) Long-term debt (obligation related to capital leases) (234 ) Total $ 4,835 Cherry Valley Country Club —On June 18, 2013 , we acquired Cherry Valley Country Club, a private country club located in Skillman, New Jersey, with a purchase price and net cash consideration of $5.6 million . We recorded the following major categories of assets and liabilities: June 18, 2013 Depreciable land improvements, property and equipment $ 5,976 Prepaid assets 121 Inventory 179 Long-term debt (obligation related to capital leases) (311 ) Other liabilities (408 ) Total $ 5,557 Oak Tree Country Club —On May 22, 2013 , we acquired Oak Tree Country Club, a private country club located in Edmond, Oklahoma, with a purchase price of $10.0 million for net cash consideration of $5.2 million . We assumed debt of $5.0 million in connection with the acquisition. We recorded the following major categories of assets and liabilities: May 22, 2013 Land, property and equipment $ 12,108 Receivables, prepaid assets and other assets 662 Inventory 233 Current maturities of long-term debt (468 ) Long-term debt (4,486 ) Deferred tax liability (722 ) Membership initiation deposits and other liabilities (2,099 ) Total $ 5,228 Club Dispositions and Management Agreement Terminations Clubs may be divested when we determine they will be unable to provide a positive contribution to cash flows from operations in future periods and/or when they are determined to be non-strategic holdings. Gains from divestitures are recognized in the period in which operations cease and losses are recognized when we determine that the carrying value is not recoverable and exceeds fair value. During the fiscal year ended December 29, 2015 , ten management agreements were terminated, including a management agreement with Shoreby Club, a business and sports club located in Bratenahl, Ohio, a multi-course management agreement for Klein Creek Golf Club, a public golf course located in Winfield, Illinois, The Grove Country Club, a private country club located in Long Grove, Illinois, The Royal Fox Country Club and The Royal Hawk Country Club, private country clubs both located in St. Charles, Illinois, a management agreement with Smoke Rise Country Club, a private country club located in Stone Mountain, Georgia, a management agreement with Stone Creek Golf Club, a semi-private country club located in Ocala, Florida, a management agreement with Regatta Bay Golf and Country Club, a private country club located in Destin, Florida, a management agreement with University of Massachusetts Club, an alumni club located in Boston, Massachusetts and a management agreement with Rancho Vista Golf Club, a public golf club in Rancho Vista, California. No gain or loss on divestiture was recorded. These divestitures did not qualify as discontinued operations. During the fiscal year ended December 29, 2015 , on November 4, 2015, we sold Legacy Golf Club at Lakewood Ranch, a public golf course in Bradenton, Florida. We recognized a gain of $0.6 million on the sale which is included in loss on disposals of assets in the consolidated statements of operations. During the fiscal year ended December 30, 2014 , five management agreements were terminated, including a management agreement with Hollytree Country Club, a private country club located in Tyler, Texas, three management agreements acquired with the Sequoia Golf acquisition which terminated after acquisition, and a management agreement with Paragon Club of Hefei, a business club located in Hefei, China. No gain or loss on divestiture was recorded. These divestitures did not qualify as discontinued operations. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 29, 2015 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION We currently have two reportable segments: (1) golf and country clubs and (2) business, sports and alumni clubs. These segments are managed separately and discrete financial information, including Adjusted EBITDA, our financial measure of segment profit and loss, is reviewed regularly by our chief operating decision maker to evaluate performance and allocate resources. Our chief operating decision maker is our Chief Executive Officer. We also use Adjusted EBITDA, on a consolidated basis, to assess our ability to service our debt, incur additional debt and meet our capital expenditure requirements. We believe that the presentation of Adjusted EBITDA is appropriate as it provides additional information to investors about our performance and investors and lenders have historically used EBITDA-related measures. EBITDA is defined as net income before interest expense, income taxes, interest and investment income, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA plus or minus impairments, gain or loss on disposition and acquisition of assets, losses from discontinued operations, loss on extinguishment of debt, non-cash and other adjustments, equity-based compensation expense and an acquisition adjustment. The acquisition adjustment to revenues and Adjusted EBITDA within each segment represents estimated deferred revenue using current membership life estimates related to initiation payments that would have been recognized in the applicable period but for the application of purchase accounting. Adjusted EBITDA is based on the definition of Consolidated EBITDA as defined in the credit agreement governing the Secured Credit Facilities and may not be comparable to similarly titled measures reported by other companies. The credit agreement governing the Secured Credit Facilities and the indenture governing the 2015 Senior Notes contain certain financial covenants which require us to maintain specified financial ratios in reference to Adjusted EBITDA, after giving effect to the pro forma impact of acquisitions. The pro forma impact gives effect to all acquisitions in the four quarters ended December 29, 2015 as though they had been consummated on the first day of fiscal year 2015 . Golf and country club operations consist of private country clubs, golf clubs and public golf facilities. Private country clubs provide at least one 18-hole golf course and various other recreational amenities that are open to members and their guests. Golf clubs provide both private and public golf play and usually offer fewer recreational amenities than private country clubs. Public golf facilities are open to the public and generally provide the same amenities as golf clubs. Business, sports and alumni club operations consist of business clubs, business/sports clubs, sports clubs and alumni clubs. Business clubs provide a setting for dining, business or social entertainment. Sports clubs provide a variety of recreational facilities and business/sports clubs provide a combination of the amenities available at business clubs and sports clubs. Alumni clubs provide the same amenities as business clubs while targeting alumni and staff of universities. We also disclose other (“Other”), which consists of other business activities including ancillary revenues related to alliance arrangements, a portion of the revenue associated with upgrade offerings, reimbursements for certain costs of operations at managed clubs, corporate overhead expenses and shared services. Other also includes corporate assets such as cash, goodwill, intangible assets, and loan origination fees. The table below shows summarized financial information by segment for the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 : 2015 2014 2013 Golf and Country Clubs Revenues $ 842,622 $ 694,680 $ 628,333 Adjusted EBITDA 246,111 203,191 180,076 Capital Expenditures 107,632 71,108 47,546 Business, Sports and Alumni Clubs Revenues $ 195,331 $ 183,646 $ 180,073 Adjusted EBITDA 39,641 34,954 34,144 Capital Expenditures 7,316 20,605 18,641 Other Revenues $ 22,901 $ 10,701 $ 10,066 Adjusted EBITDA (52,090 ) (41,822 ) (37,504 ) Capital Expenditures 16,724 5,483 5,428 Elimination of intersegment revenues and segment reporting adjustments $ (14,383 ) $ (12,037 ) $ (7,485 ) Revenues relating to divested clubs (1) 6,396 7,165 4,093 Total Revenues $ 1,052,867 $ 884,155 $ 815,080 Adjusted EBITDA 233,662 196,323 176,716 Capital Expenditures 131,672 97,196 71,615 ______________________ (1) When clubs are divested, the associated revenues are excluded from segment results for all periods presented. As of Total Assets December 29, 2015 December 30, 2014 Golf and Country Clubs $ 1,554,524 $ 1,483,856 Business, Sports and Alumni Clubs 89,823 92,525 Other 526,515 488,690 Consolidated $ 2,170,862 $ 2,065,071 The following table presents revenue by product type and revenue and long-lived assets by geographical region, excluding financial instruments. Foreign operations are primarily located in Mexico. 2015 2014 2013 Revenues by Type Dues $ 492,565 $ 408,351 $ 373,422 Food and beverage 291,582 251,838 231,673 Golf 173,982 144,139 133,412 Other 94,738 79,827 76,573 Total $ 1,052,867 $ 884,155 $ 815,080 2015 2014 2013 Revenues United States $ 1,046,561 $ 877,780 $ 808,208 All Foreign 6,306 6,375 6,872 Total $ 1,052,867 $ 884,155 $ 815,080 As of December 29, 2015 December 30, 2014 Long-Lived Assets United States $ 1,881,126 $ 1,817,545 All Foreign 21,560 24,567 Total 1,902,686 1,842,112 The table below provides a reconciliation of our net (loss) income to Adjusted EBITDA for the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 : Fiscal Year Ended 2015 2014 2013 Net (loss) income $ (9,573 ) $ 13,329 $ (40,680 ) Interest expense 70,672 65,209 83,669 Income tax expense (benefit) 1,629 (41,469 ) 1,681 Interest and investment income (5,519 ) (2,585 ) (345 ) Depreciation and amortization 103,944 80,792 72,073 EBITDA $ 161,153 $ 115,276 $ 116,398 Impairments and disposition of assets (1) 24,546 12,843 14,502 Loss (income) from discontinued operations and divested clubs (2) 363 (563 ) (626 ) Loss on extinguishment of debt (3) 2,599 31,498 16,856 Non-cash adjustments (4) 2,008 2,007 3,929 Acquisition related costs (5) 4,965 10,568 1,211 Capital structure costs (6) 10,047 8,785 824 Centralization and transformation costs (7) 8,495 1,330 30 Other adjustments (8) 7,405 4,632 8,069 Equity-based compensation expense (9) 4,970 4,303 14,217 Acquisition adjustment (10) 7,111 5,644 1,306 Adjusted EBITDA $ 233,662 $ 196,323 $ 176,716 ______________________ (1) Includes non-cash impairment charges related to property and equipment and intangible assets and loss on disposals of assets (including property and equipment disposed of in connection with renovations). (2) Net income or loss from discontinued operations and divested clubs that do not qualify as discontinued operations in accordance with GAAP. (3) Includes loss on extinguishment of debt calculated in accordance with GAAP. (4) Includes non-cash items related to purchase accounting associated with the acquisition of CCI in 2006 by affiliates of KSL Capital Partners, LLC (“KSL”) and expense recognized for our long-term incentive plan related to fiscal years 2011 through 2013. (5) Represents legal and professional fees related to the acquisition of clubs, including the acquisition of Sequoia Golf on September 30, 2014. (6) Represents legal and professional fees related to our capital structure, including debt issuance and amendment costs and equity offering costs. (7) Includes fees and expenses associated with readiness efforts for Section 404(b) of the Sarbanes-Oxley Act and related centralization and transformation of administrative processes, finance processes and related IT systems. (8) Represents adjustments permitted by the credit agreement governing the Secured Credit Facilities including cash distributions from equity method investments less equity in earnings recognized for said investments, income or loss attributable to non-controlling equity interests of continuing operations and management fees, termination fee and expenses paid to an affiliate of KSL. (9) Includes equity-based compensation expense, calculated in accordance with GAAP, related to awards held by certain employees, executives and directors. (10) Represents estimated deferred revenue using current membership life estimates related to initiation payments that would have been recognized in the applicable period but for the application of purchase accounting in connection with the acquisition of CCI in 2006 and the acquisition of Sequoia Golf on September 30, 2014 . Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, operating income or net income (as determined in accordance with GAAP) as a measure of our operating results or net cash provided by operating activities (as determined in accordance with GAAP) as a measure of our cash flows or ability to fund our cash needs. Our measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. |
EARNINGS PER SHARE EARNINGS PER
EARNINGS PER SHARE EARNINGS PER SHARE | 12 Months Ended |
Dec. 29, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE GAAP requires that earnings per share (“EPS”) calculations treat unvested share-based payment awards that have non-forfeitable rights to dividends or dividend equivalents as a separate class of securities (participating securities) and calculate basic EPS using the two-class method. We have granted RSAs that contain non-forfeitable rights to dividends. Such awards are considered participating securities. The two-class method of computing EPS is an earnings allocation formula that determines EPS for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. We have also granted RSAs that contain forfeitable rights to dividends. These awards are not considered participating securities and are excluded from the basic weighted-average shares outstanding calculation. Basic EPS is computed utilizing the two-class method and is calculated on weighted-average number of common shares outstanding during the periods presented. Diluted EPS reflects the dilutive effective of equity based awards (potential common shares) that may share in the earnings of ClubCorp when such shares are either issued or vesting restrictions lapse. Diluted EPS is computed using the weighted-average number of common shares and potential common shares outstanding during the periods presented, utilizing the two-class method for unvested equity-based awards. Presented below is basic and diluted EPS for the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 (in thousands, except per share amounts): Fiscal Year Ended December 29, 2015 December 30, 2014 December 31, 2013 Basic Diluted Basic Diluted Basic Diluted Numerator for earnings per share $ (9,615 ) $ (9,615 ) $ 13,229 $ 13,229 $ (40,880 ) $ (40,880 ) Weighted-average shares outstanding 64,364 64,364 63,941 63,941 54,172 54,172 Effect of dilutive equity-based awards — — — 377 — 431 Total Shares 64,364 64,364 63,941 64,318 54,172 54,603 (Loss) income from continuing operations attributable to ClubCorp per share $ (0.15 ) $ (0.15 ) $ 0.21 $ 0.21 $ (0.75 ) $ (0.75 ) The basis for the numerator for earnings per share is loss from continuing operations attributable to ClubCorp. The numerator was adjusted by $0.1 million for the dividends paid to participating securities during the fiscal year ended December 29, 2015 . There were no dividends paid to participating securities during the fiscal years ended December 30, 2014 and December 31, 2013 . Potential common shares are excluded from the calculation of diluted EPS when the effect of their inclusion would reduce our net loss per share and would be anti-dilutive. For the fiscal year ended December 29, 2015 there are 0.2 million potential common shares excluded from the calculation of diluted EPS. For the fiscal years ended December 30, 2014 and December 31, 2013 there are no potential common shares excluded from the calculation of diluted EPS. The following is a summary of dividends declared or paid during the periods presented: Declaration Date Dividend Per Share Record Date Total Amount Payment Date Fiscal Year 2013 December 26, 2012 $ 0.69 December 26, 2012 $ 35,000 December 27, 2012 December 10, 2013 $ 0.12 January 3, 2014 $ 7,654 January 15, 2014 Fiscal Year 2014 March 18, 2014 $ 0.12 April 3, 2014 $ 7,725 April 15, 2014 June 25, 2014 $ 0.12 July 7, 2014 $ 7,731 July 15, 2014 September 9, 2014 $ 0.12 October 3, 2014 $ 7,731 October 15, 2014 December 3, 2014 $ 0.13 January 2, 2015 $ 8,377 January 15, 2015 Fiscal Year 2015 March 20, 2015 $ 0.13 April 2, 2015 $ 8,399 April 15, 2015 June 25, 2015 $ 0.13 July 6, 2015 $ 8,417 July 15, 2015 September 3, 2015 $ 0.13 October 1, 2015 $ 8,416 October 15, 2015 December 9, 2015 $ 0.13 January 4, 2016 $ 8,416 January 15, 2016 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 29, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES We routinely enter into contractual obligations to procure assets used in the day to day operations of our business. As of December 29, 2015 , we had capital commitments of $18.6 million at certain of our clubs. We currently have sales and use tax audits in progress. We believe the potential for a liability related to the outcome of these audits may exist. However, we believe that the outcome of these audits would not materially affect our consolidated financial statements. Certain of our Mexican subsidiaries are under audit by the Mexican taxing authorities for the 2008 and 2009 tax years. We have received two assessments, for approximately $3.0 million each, exclusive of penalties and interest, for two of our Mexican subsidiaries under audit for the 2008 tax year. We have taken the appropriate procedural steps to vigorously contest these assessments through the appropriate Mexican judicial channels. We have not recorded a liability related to these uncertain tax positions as we believe it is more likely than not that we will prevail based on the merits of our positions. In 2014, we received an audit assessment for the 2009 tax year for another Mexican subsidiary. We have taken the appropriate procedural steps to contest the assessment through the appropriate Mexican judicial channels. We have recorded a liability related to an unrecognized tax benefit for $4.7 million , exclusive of penalties and interest, related to this audit. The unrecognized tax benefit has been recorded due to the technical nature of the tax filing position taken by our Mexican subsidiary and uncertainty around the ultimate outcome of this assessment, which we intend to continue to contest. We are currently under audit by state income tax authorities. We have received two assessments for our state income tax audits, for a total of $2.5 million which has been recognized within our state income tax payable. Each of our properties is subject to real and personal property taxes. If local taxing authorities reassess the taxable value of certain properties in accordance with local and state regulations, we may be subject to additional property tax assessments, penalties and interest. At December 29, 2015 , we have an immaterial amount recorded in accrued taxes on the consolidated balance sheet related to certain of these properties. While the outcome of such reassessments cannot be predicted with certainty, we believe that any potential liability from these matters would not materially affect our consolidated financial statements. We are subject to certain pending or threatened litigation and other claims that arise in the ordinary course of business. While the outcome of such legal proceedings and other claims cannot be predicted with certainty, after review and consultation with legal counsel, we believe that any potential liability from these matters would not materially affect our consolidated financial statements. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 29, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS During the fiscal year ended December 31, 2013 , we were a party to a management agreement (the “Management Agreement”) with an affiliate of KSL, pursuant to which we were provided financial and management consulting services in exchange for an annual fee of $1.0 million . In addition, we agreed to reimburse the management company for all of its reasonable out-of-pocket costs and expenses incurred in providing management services to us and certain of our affiliates. During the fiscal year ended December 31, 2013 , we paid an affiliate of KSL approximately $0.8 million in management fees. The Management Agreement allowed that, in the event of a financing, refinancing or direct or indirect sale of all or substantially all of our equity or assets, the management company may also be entitled to receive a fee equal to 1% of the lenders' maximum commitments, in the case of a financing or refinancing, or 1% of the total consideration paid, in the case of a sale. Following our IPO and effective October 1, 2013 , the Management Agreement was terminated and in connection with the termination, we made a one-time payment of $5.0 million during the fiscal year ended December 31, 2013 . Effective October 1, 2013 , we entered into a Financial Consulting Services Agreement with an affiliate of KSL, pursuant to which we are provided certain ongoing financial consulting services. No fees were payable under such agreement, however we agreed to reimburse the affiliate of KSL for all reasonable out-of-pocket costs and expenses incurred in providing such services to us and certain of our affiliates up to $0.1 million annually. The expense associated with this agreement was not material for the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 . The agreement was not renewed after September 30, 2015. Following the sale of all remaining shares of our common stock owned by an affiliate of KSL on October 20, 2015, KSL and its affiliates are no longer related parties nor hold any seats on our board of directors. During the fiscal year ended December 31, 2013 , we paid $0.4 million to affiliates of KSL for private party events. We made no payments to affiliates of KSL for private party events during the fiscal years ended December 29, 2015 and December 30, 2014 . On December 27, 2012 , during the fiscal year ended December 31, 2013 , we paid a $35.0 million dividend to our owners. Effective May 1, 2013 , we entered into a consulting services agreement with an affiliate of KSL whereby we provide certain international golf-related consulting services in exchange for an annual fee of $0.1 million . The contract was terminated in December, 2015. The revenue associated with this contract was not material for the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 . We had receivables of $0.1 million and $0.2 million , as of December 29, 2015 and December 30, 2014 , respectively, for outstanding advances from a golf club venture in which we have an equity method investment. We recorded $0.2 million , $0.2 million and $0.2 million in the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 , respectively, in management fees from this venture. As of December 29, 2015 and December 30, 2014 , we had a receivable of $3.2 million and $2.3 million , respectively, for volume rebates from Avendra, LLC, the supplier firm in which we have an equity method investment. See Note 4 . |
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS (Notes) | 12 Months Ended |
Dec. 29, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | QUARTERLY RESULTS OF OPERATIONS (unaudited) The following table sets forth the historical unaudited quarterly financial data for the periods indicated. The information for each of these periods has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period. For the sixteen weeks ended For the twelve weeks ended 2015 December 29, 2015 September 8, 2015 June 16, 2015 March 24, 2015 Total revenues $ 331,688 $ 255,360 $ 263,747 $ 202,072 Direct and selling, general and administrative expenses 313,148 238,126 246,567 195,216 (Loss) income from continuing operations (6,259 ) 1,185 (222 ) (4,275 ) Net (loss) income (6,259 ) 1,185 (223 ) (4,276 ) Net (loss) income attributable to ClubCorp (6,346 ) 1,252 (196 ) (4,222 ) Net (loss) income attributable to ClubCorp per share, basic $ (0.10 ) $ 0.02 $ — $ (0.07 ) Net (loss) income attributable to ClubCorp per share, diluted $ (0.10 ) $ 0.02 $ — $ (0.07 ) For the sixteen weeks ended For the twelve weeks ended 2014 December 30, 2014 September 9, 2014 June 17, 2014 March 25, 2014 Total revenues $ 302,539 $ 204,475 $ 211,418 $ 165,723 Direct and selling, general and administrative expenses 289,741 183,821 189,877 154,731 Income (loss) from continuing operations 31,322 3,274 (17,476 ) (3,788 ) Net income (loss) 31,321 3,273 (17,477 ) (3,788 ) Net income (loss) attributable to ClubCorp 31,355 3,210 (17,613 ) (3,726 ) Net income (loss) attributable to ClubCorp per share, basic $ 0.49 $ 0.05 $ (0.28 ) $ (0.06 ) Net income (loss) attributable to ClubCorp per share, diluted $ 0.49 $ 0.05 $ (0.28 ) $ (0.06 ) |
SUBSEQUENT EVENTS SUBSEQUENT EV
SUBSEQUENT EVENTS SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 29, 2015 | |
Subsequent Event [Line Items] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On December 9, 2015 , our board of directors declared a cash dividend of $8.4 million , or $0.13 per share of common stock, to all common stockholders of record at the close of business on January 4, 2016 . This dividend was paid on January 15, 2016 . On January 25, 2016 , Operations entered into a ninth amendment to the credit agreement governing the Secured Credit Facilities to replace the existing revolving credit facility with a new revolving credit facility, with a capacity of $175.0 million , maturing on January 25, 2021 . See Note 10 . On February 2, 2016 , we purchased Marsh Creek Country Club, a private golf club in St. Augustine, Florida, for a purchase price of $4.5 million . Due to the timing of this acquisition, the purchase price allocation was not yet available for disclosure as of the date these financial statements were available to be issued. On February 18, 2016 , our board of directors declared a cash dividend of approximately $8.5 million , or $0.13 per share of common stock, to all common stockholders of record at the close of business on April 5, 2016 . This dividend will be paid on April 15, 2016 . On February 18, 2016 , our Board of Directors authorized a repurchase of up to $50 million of our common stock. The repurchase program is expected to be executed over two years, and is expected to be executed from time to time, subject to general business and market conditions and other investment opportunities, through open market or privately negotiated transactions, including through plans designed under Rule 10b5-1 of the Exchange Act. On February 19, 2016 , we granted 540,791 shares of restricted stock, under the Stock Plan, to certain officers and employees. Under the terms of the grants, the restrictions will be removed upon satisfaction of time vesting requirements, subject to the holder remaining employed by us. Also on February 19, 2016 , we granted 308,219 PSUs, under the Stock Plan, to officers and employees. Under the terms of the grants, the PSUs will convert into shares of our common stock upon satisfaction of (i) time vesting requirements and (ii) the applicable performance based requirements. The number of performance restricted stock units issued under these grants represents the target number of such units that may be earned, based on Holdings' total shareholder return over the applicable performance periods compared with a peer group. If more than the target number of performance restricted stock units vest at the end of a performance period because Holdings' total shareholder return exceeds certain percentile thresholds of the peer group, additional shares will be issued under the Stock Plan at that time. |
SCHEDULE I - REGISTRANT'S CONDE
SCHEDULE I - REGISTRANT'S CONDENSED FINANCIAL STATEMENTS (Notes) | 12 Months Ended |
Dec. 29, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Schedule I - Registrant’s Condensed Financial Statements ClubCorp Holdings, Inc. Registrant Only Financial Statements Condensed Statements of Operations and Comprehensive (Loss) Income For the Fiscal Years Ended December 29, 2015 , December 30, 2014 , and December 31, 2013 (In thousands) 2015 2014 2013 Equity in net (loss) income of subsidiaries $ (9,512 ) $ 13,226 $ (40,892 ) NET (LOSS) INCOME (9,512 ) 13,226 (40,892 ) NET (LOSS) INCOME ATTRIBUTABLE TO CLUBCORP HOLDINGS, INC. $ (9,512 ) $ 13,226 $ (40,892 ) NET (LOSS) INCOME (9,512 ) 13,226 (40,892 ) Equity in other comprehensive (loss) income of subsidiaries (2,959 ) (3,220 ) (398 ) COMPREHENSIVE (LOSS) INCOME (12,471 ) 10,006 (41,290 ) COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO CLUBCORP HOLDINGS, INC. $ (12,471 ) $ 10,006 $ (41,290 ) ClubCorp Holdings, Inc. Registrant Only Financial Statements Condensed Balance Sheets As of December 29, 2015 and December 30, 2014 (In thousands, except share and per share amounts) 2015 2014 ASSETS Investment in subsidiaries $ 176,899 $ 218,371 TOTAL ASSETS $ 176,899 $ 218,371 LIABILITIES AND EQUITY Dividends to owners declared, but unpaid - current 8,467 8,384 Dividends to owners declared, but unpaid - long-term 68 70 TOTAL LIABILITIES $ 8,535 $ 8,454 EQUITY Common stock, $0.01 par value, 200,000,000 shares authorized; 64,740,736 and 64,443,332 issued and outstanding at December 29, 2015 and December 30, 2014, respectively 647 644 Additional paid-in capital 263,921 293,006 Accumulated deficit and accumulated other comprehensive loss (96,204 ) (83,733 ) Total stockholders’ equity 168,364 209,917 Total equity 168,364 209,917 TOTAL LIABILITIES AND EQUITY $ 176,899 $ 218,371 ClubCorp Holdings, Inc. Registrant Only Financial Statements Condensed Statements of Cash Flows For the Fiscal Years Ended December 29, 2015 , December 30, 2014 , and December 31, 2013 (In thousands) 2015 2014 2013 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ (9,512 ) $ 13,226 $ (40,892 ) Adjustments to reconcile net loss to cash flows from operating activities: Equity in net (income) loss of subsidiary 9,512 (13,226 ) 40,892 Net cash provided by operating activities — — — CASH FLOWS FROM INVESTING ACTIVITIES: Contribution from subsidiary 33,664 30,765 35,000 Distribution to subsidiary — — (173,250 ) Net cash provided by (used in) investing activities 33,664 30,765 (138,250 ) CASH FLOWS FROM FINANCING ACTIVITIES: Dividends to owners (33,664 ) (30,765 ) (35,000 ) Proceeds from issuance of common stock in Holdings' initial public offering, net of underwriting discounts and commissions — — 173,250 Net cash (used in) provided by financing activities (33,664 ) (30,765 ) 138,250 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS — — — CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD — — — CASH AND CASH EQUIVALENTS - END OF PERIOD $ — $ — $ — Non-cash investing and financing activities are as follows: Dividends declared payable to owners $ 8,535 $ 8,454 $ 7,654 Distribution related to utilization of certain deferred tax benefits recorded in connection with the ClubCorp Formation $ — $ — $ 4,518 Notes to Condensed Registrant Only Financial Statements 1. ORGANIZATION ClubCorp Holdings, Inc. (“Holdings”) and its wholly owned subsidiaries CCA Club Operations Holdings, LLC (“Operations' Parent”) and ClubCorp Club Operations, Inc. (“Operations” and, together with Holdings and Operations' Parent, “ClubCorp”) were formed on November 10, 2010 , as part of a reorganization (“ClubCorp Formation”) of ClubCorp, Inc. (“CCI”), which was effective as of November 30, 2010 , for the purpose of operating and managing golf and country clubs and business, sports and alumni clubs. ClubCorp, together with its subsidiaries, may be referred to as “we”, “us”, “our” or the “Company”. Holdings has no operations or significant assets or liabilities other than its investment in Operations' Parent and Operations. Accordingly, Holdings is dependent upon distributions from Operations' Parent and Operations to fund its obligations. However, Operations' Parent's and Operations’ ability to pay dividends or lend to Holdings is limited under the terms of our various debt agreements. 2. BASIS OF PRESENTATION The accompanying condensed financial statements (registrant only) include the accounts of Holdings and its investment in Operations' Parent and Operations accounted for in accordance with the equity method, and do not present the financial statements of Holdings and its subsidiaries on a consolidated basis. These registrant only condensed financial statements should be read in conjunction with the ClubCorp Holdings, Inc. consolidated financial statements. 3. EQUITY-BASED AWARDS The Amended and Restated ClubCorp Holdings, Inc. 2012 Stock Award Plan (the “Stock Plan”) provides for an aggregate amount of no more than 4.0 million shares of common stock to be available for awards. The Stock Plan provides for the grant of stock options, restricted stock awards, restricted stock units, performance-based awards and other equity-based incentive awards. To date, we have granted RSAs, PSUs and restricted stock units (“RSUs”) under the Stock Plan. As of December 29, 2015 , approximately 2.7 million shares of common stock were available for future issuance under the Stock Plan. The following table summarizes RSA and PSU activity for the periods presented: Restricted stock awards Performance-based restricted stock units Shares Weighted Average Grant Date Fair Value Target shares Weighted Average Grant Date Fair Value Non-vested balance at December 31, 2013 20,000 $ 14.00 — $ — Granted 230,427 18.30 111,610 17.08 Vested (20,000) 14.00 — — Forfeited (2,361) 19.06 — — Canceled — — — — Non-vested balance at December 30, 2014 228,066 $ 18.29 111,610 $ 17.08 Granted 214,306 18.42 136,071 19.64 Vested (82,025) 18.36 — — Forfeited (22,384) 18.11 (20,271) 18.44 Canceled (7,493) 18.50 — — Non-vested balance at December 29, 2015 330,470 $ 18.37 227,410 $ 18.49 On April 1, 2012 , Holdings granted RSUs to certain executives under the Stock Plan. The RSUs vest based on satisfaction of both a time condition and a liquidity condition and are converted into shares of our common stock upon vesting. On March 15, 2014 , the required time period following our initial public offering (“IPO”) was satisfied and the liquidity vesting requirement was met, at which time one third of the RSUs granted were converted into 211,596 shares of our common stock. On April 1, 2014 , 211,579 of the RSUs vested and were converted into shares of our common stock. The remaining 190,788 RSUs vested on April 1, 2015 and 122,144 RSUs were converted into shares of our common stock, while 68,644 RSUs were forfeited by employees in lieu of the payment of income tax withholding obligations. 4. SUBSEQUENT EVENTS On December 9, 2015 , our board of directors declared a cash dividend of $8.4 million , or $0.13 per share of common stock, to all common stockholders of record at the close of business on January 4, 2016 . This dividend was paid on January 15, 2016 . On February 18, 2016 , our board of directors declared a cash dividend of approximately $8.5 million , or $0.13 per share of common stock, to all common stockholders of record at the close of business on April 5, 2016 . This dividend will be paid on April 15, 2016 . On February 18, 2016, our Board of Directors authorized a repurchase of up to $50 million of our common stock. The repurchase program is expected to be executed over two years, and is expected to be executed from time to time, subject to general business and market conditions and other investment opportunities, through open market or privately negotiated transactions, including through plans designed under Rule 10b5-1 of the Exchange Act. On February 19, 2016 , we granted 540,791 shares of restricted stock, under the Stock Plan, to certain officers and employees. Under the terms of the grants, the restrictions will be removed upon satisfaction of time vesting requirements, subject to the holder remaining employed by us. Also on February 19, 2016 , we granted 308,219 PSUs, under the Stock Plan, to officers and employees. Under the terms of the grants, the PSUs will convert into shares of our common stock upon satisfaction of (i) time vesting requirements and (ii) the applicable performance based requirements. The number of performance restricted stock units issued under these grants represents the target number of such units that may be earned, based on Holdings' total shareholder return over the applicable performance periods compared with a peer group. If more than the target number of performance restricted stock units vest at the end of a performance period because Holdings' total shareholder return exceeds certain percentile thresholds of the peer group, additional shares will be issued under the Stock Plan at that time. |
SUMMARY OF SIGNIFICANT ACCOUN29
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 29, 2015 | |
Accounting Policies [Abstract] | |
Income Tax, Policy [Policy Text Block] | Income Taxes —Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recognized. We recognize the tax benefit from an uncertain tax position only if we conclude that it is “more likely than not” that the tax position will be sustained upon examination by the taxing authorities, based on the technical merits of the position. If the position drops below the “more likely than not” standard, the benefit can no longer be recognized. We use assumptions, estimates and our judgment in determining if the “more likely than not” standard has been met when developing our provision for income taxes. We recognize accrued interest and penalties related to uncertain tax positions as a component of income tax expense. |
Interest And Investment Income, Policy [Policy Text Block] | Interest and Investment Income —Interest and investment income is comprised principally of interest on notes receivable, cash deposits held by financial institutions and the return on our equity investment in Avendra, LLC. See Note 4 . |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency —The functional currency of our entities located outside the United States is the local currency. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the current exchange rate in effect at period-end. All foreign income and expenses are translated at the monthly weighted-average exchange rates during the year. Translation gains and losses are reported separately, with no tax impact for all periods presented, as a component of comprehensive loss, until realized. No translation gains or losses have been reclassified into earnings for the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 . Realized foreign currency transaction gains and losses are reflected in the consolidated statements of operations and comprehensive loss in club operating costs. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangibles, Net —GAAP requires that we allocate the purchase price of acquired businesses to the identifiable tangible and intangible assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. The difference between the purchase price and the fair value of the net assets acquired or the excess of the aggregate fair values of assets acquired and liabilities assumed is recorded as goodwill. We classify intangible assets into three categories: (1) intangible assets with definite lives subject to amortization, (2) intangible assets with indefinite lives not subject to amortization and (3) goodwill. Intangibles specifically related to an individual property are recorded at the property level. Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives as reflected in Note 7 . We assess the recoverability of the carrying value of goodwill and other indefinite-lived intangibles annually on the first day of the fourth quarter or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill impairment is tested for impairment by first comparing the fair value of a reporting unit to its carrying amount. When the fair value is less than carrying value further analysis is performed to measure the amount of impairment loss, if any. See Note 7 . |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Notes Receivable, Net of Allowances —Notes receivable reflect amounts due from our financing of membership initiation fees and deposits and typically range from one to six years in original maturity. We recognize interest income as earned and provide an allowance for doubtful accounts. This allowance is based on factors including the historical trends of write-offs and recoveries, the financial strength of the member and projected economic and market conditions. |
Inventory, Policy [Policy Text Block] | Inventories —Inventories, which consist primarily of food and beverages and merchandise held for resale, are stated at the lower of cost (weighted average cost method) or market. Losses on obsolete or excess inventory are not material. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents —We consider investments with an original maturity of three months or less to be cash equivalents. |
Basis of Presentation | Basis of Presentation —The consolidated financial statements reflect the consolidated operations of ClubCorp, its wholly and majority owned subsidiaries and certain variable interest entities (“VIEs”) for which we are deemed to be the primary beneficiary. The consolidated financial statements presented herein reflect our financial position, results of operations, cash flows and changes in equity in conformity with accounting principles generally accepted in the United States, or “GAAP”. All intercompany accounts have been eliminated. Investments in certain unconsolidated affiliates are accounted for by the equity method, while investments in other unconsolidated affiliates are accounted for under the cost method. See Note 4 . We have entered into agreements with third-party owners of clubs to act as a managing agent and provide certain services to the third party club owner in exchange for a management fee. The operations of managed clubs are not consolidated. We recognize the contractual management fees as revenue when earned. Additionally, we recognize reimbursements for certain costs of operations at certain managed clubs as revenue. We have two reportable segments (1) golf and country clubs and (2) business, sports and alumni clubs. These segments are managed separately and discrete financial information, including Adjusted EBITDA (“Adjusted EBITDA”), a key financial measurement of segment profit and loss, is reviewed regularly by the chief operating decision maker to evaluate performance and allocate resources. See Note 14 . |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year —Our fiscal year consists of a 52/53 week period ending on the last Tuesday of December. For 2015 and 2014 , the fiscal years are comprised of the 52 weeks ended December 29, 2015 and December 30, 2014 , respectively. For 2013 , the fiscal year is comprised of the 53 weeks ended December 31, 2013 . |
Use of Estimates | Use of Estimates —The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from such estimated amounts. |
Equity-Based Awards | Equity-Based Awards —We have granted equity-based awards to employees and non-employee directors in the form of restricted stock awards (“RSAs”), which restrictions will be removed upon satisfaction of time vesting requirements, subject to the holder remaining employed by us and performance restricted stock units (“PSUs”), which will convert into shares of our common stock upon satisfaction of (i) time vesting requirements and (ii) the applicable performance based requirements. The number of PSUs under these grants represents the target number of such units that may be earned, based on Holdings' total shareholder return over the applicable performance periods compared with a peer group. We measure the cost of employee services rendered in exchange for equity-based awards based upon the grant date fair market value of the respective equity-based awards. The value is recognized over the requisite service period, which is generally the vesting period. The fair market value of each RSA is estimated using the Company's closing share price on the date of grant. The fair market value of each PSU was estimated on the date of grant using a Monte Carlo simulation analysis which generates a distribution of possible future stock prices for Holdings and the peer group from the grant date to the end of the applicable performance period. Assumptions used as inputs in the analysis are disclosed below. The risk-free rate is based on U.S. Treasury yields with a term commensurate to the applicable PSU performance period. Expected dividend yields were 0% as all dividends are assumed to be reinvested. The expected volatility for each PSU is based on the historical volatility of our common stock. Fiscal Year Ended December 29, 2015 December 30, 2014 Risk-free rate 0.86 % 0.3% to 0.65% Expected dividends — % — % Expected volatility 24.5 % 21.6 % Expected term (years) 3.0 2.0 - 3.0 The following table shows total equity-based compensation expense included in the consolidated statements of operations: Fiscal Year Ended December 29, 2015 December 30, 2014 December 31, 2013 Club operating costs exclusive of depreciation $ 1,440 $ 1,395 $ 4,592 Selling, general and administrative 3,530 2,908 9,625 Pre-tax equity-based compensation expense 4,970 4,303 14,217 Less: benefit for income taxes (1,858 ) (1,311 ) (817 ) Equity-based compensation expense, net of tax $ 3,112 $ 2,992 $ 13,400 As of December 29, 2015 , there was approximately $4.1 million of unrecognized expense, adjusted for estimated forfeitures, related to non-vested, equity-based awards granted to employees, which is expected to be recognized over a weighted average period of approximately 1.6 years . The Amended and Restated ClubCorp Holdings, Inc. 2012 Stock Award Plan (the “Stock Plan”) provides for an aggregate amount of no more than 4.0 million shares of common stock to be available for awards. The Stock Plan provides for the grant of stock options, restricted stock awards, restricted stock units, performance-based awards and other equity-based incentive awards. To date, we have granted RSAs, PSUs and restricted stock units (“RSUs”) under the Stock Plan. As of December 29, 2015 , approximately 2.7 million shares of common stock were available for future issuance under the Stock Plan. The following table summarizes RSA and PSU activity for the periods presented: Restricted stock awards Performance-based restricted stock units Shares Weighted Average Grant Date Fair Value Target shares Weighted Average Grant Date Fair Value Non-vested balance at December 31, 2013 20,000 $ 14.00 — $ — Granted 230,427 18.30 111,610 17.08 Vested (20,000) 14.00 — — Forfeited (2,361) 19.06 — — Canceled — — — — Non-vested balance at December 30, 2014 228,066 $ 18.29 111,610 $ 17.08 Granted 214,306 18.42 136,071 19.64 Vested (82,025) 18.36 — — Forfeited (22,384) 18.11 (20,271) 18.44 Canceled (7,493) 18.50 — — Non-vested balance at December 29, 2015 330,470 $ 18.37 227,410 $ 18.49 On April 1, 2012 , prior to our initial public offering (“IPO”), Holdings granted RSUs to certain executives under the Stock Plan. The RSUs vest based on satisfaction of both a time condition and a liquidity condition and are converted into shares of our common stock upon vesting. On March 15, 2014 , the required time period following our IPO was satisfied and the liquidity vesting requirement was met, at which time one third of the RSUs granted were converted into 211,596 shares of our common stock. On April 1, 2014 , 211,579 of the RSUs vested and were converted into shares of our common stock. The remaining 190,788 RSUs vested on April 1, 2015 and 122,144 RSUs were converted into shares of our common stock, while 68,644 RSUs were forfeited by employees in lieu of the payment of income tax withholding obligations. |
Revenue Recognition | Revenue Recognition —Revenues from club operations, food and beverage and merchandise sales are recognized at the time of sale or when the service is provided and are reported net of sales taxes. Revenues from membership dues are generally billed monthly and recognized in the period earned. At a majority of our private clubs, members are expected to pay an initiation fee or deposit upon their acceptance as a member to the club. In general, initiation fees are not refundable, whereas initiation deposits are not refundable until a fixed number of years (generally 30 ) after the date of acceptance of a member. We recognize revenue related to membership initiation fees and deposits over the expected life of an active membership. For membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized within club operations revenue over the expected life of an active membership. The present value of the refund obligation is recorded as a membership initiation deposit liability and accretes over the non-refundable term using the effective interest method with an interest rate defined as our incremental borrowing rate adjusted to reflect a 30 -year time frame. The accretion is included in interest expense . The majority of membership initiation fees received are not refundable and are deferred and recognized within club operations revenue on the consolidated statements of operations over the expected life of an active membership. The expected lives of active memberships are calculated annually using historical attrition rates. Periods in which attrition rates differ significantly from enrollment rates could have a material effect on our consolidated financial statements by decreasing or increasing the expected lives of active memberships, which in turn would affect the length of time over which we recognize initiation fee and deposit revenues. During each of the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 , our estimated expected lives ranged from one to 20 years ; the weighted-average expected life of a golf and country club membership was approximately seven years and the expected life of a business, sports and alumni club membership was approximately three years. Membership initiation payments recognized within club operations revenue on the consolidated statements of operations were $13.6 million , $13.1 million and $17.7 million for the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 , respectively. |
Revenue Recognition, Services, Refundable Fees for Services | At a majority of our private clubs, members are expected to pay an initiation fee or deposit upon their acceptance as a member to the club. In general, initiation fees are not refundable, whereas initiation deposits are not refundable until a fixed number of years (generally 30 ) after the date of acceptance of a member. We recognize revenue related to membership initiation fees and deposits over the expected life of an active membership. For membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized within club operations revenue over the expected life of an active membership. The present value of the refund obligation is recorded as a membership initiation deposit liability and accretes over the non-refundable term using the effective interest method with an interest rate defined as our incremental borrowing rate adjusted to reflect a 30 -year time frame. The accretion is included in interest expense . The majority of membership initiation fees received are not refundable and are deferred and recognized within club operations revenue on the consolidated statements of operations over the expected life of an active membership. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-9 (“ASU 2014-9”), Revenue from Contracts with Customers . ASU 2014-9 requires revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also specifies the accounting for some costs to obtain or fulfill a contract with a customer, as well as enhanced disclosure requirements. In August 2015, the FASB issued Accounting Standards Update No. 2015-14 which deferred the effective date of ASU 2014-9 to fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2017. We are still evaluating the impact that our adoption of ASU 2014-9 will have on our consolidated financial position or results of operations. In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (“ASU 2014-15”), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern . ASU 2014-15 provides guidance on management's responsibility to perform interim and annual assessments of an entity’s ability to continue as a going concern and to provide related disclosure requirements. ASU 2014-15 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2016. The adoption of ASU 2014-15 is not expected to have a material impact on our consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update No. 2015-2 (“ASU 2015-2”), Consolidation (Topic 810)–Amendments to the Consolidation Analysis . ASU 2015-2 applies to entities in all industries and provides a new scope exception to registered money market funds and similar unregistered money market funds. It makes targeted amendments to existing consolidation guidance and ends the deferral granted to investment companies from applying the VIE guidance. The targeted changes are designed to address most of the concerns of the asset management industry. However, entities across all industries will be impacted, particularly those that use limited partnerships. ASU 2015-2 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2015. We are still evaluating the impact that our adoption of ASU 2015-2 will have on our consolidated financial position or results of operations. In April 2015, the FASB issued Accounting Standards Update No. 2015-3 (“ASU 2015-3”), Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-3 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-3 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2015. We are still evaluating the impact that our adoption of ASU 2015-3 will have on our consolidated financial statements. In September 2015, the FASB issued Accounting Standards Update No. 2015-16 (“ASU 2015-16), Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments . ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2015. We are still evaluating the impact that our adoption of ASU 2015-16 will have on our consolidated financial position or results of operations. In November 2015, the FASB issued Accounting Standards Update No. 2015-17 (“ASU 2015-17), Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes . ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2016. We are still evaluating the impact that our adoption of ASU 2015-17 will have on our consolidated financial position. In February 2016, the FASB issued Accounting Standards Update No. 2016-2 (“ASU 2016-2), Leases (Topic 842). ASU 2016-2 requires the recognition of lease assets and lease liabilities by lessees for leases classified as operating leases under previous GAAP; however, ASU 2016-2 retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous leases guidance. The result of retaining a distinction between finance leases and operating leases is that the effect of leases in the statement of comprehensive income and the statement of cash flows is largely unchanged from previous GAAP. ASU 2016-2 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2018. We are still evaluating the impact that our adoption of ASU 2016-2 will have on our consolidated financial position or results of operations. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Doubtful Accounts —The allowance for doubtful accounts is established and maintained based on our best estimate of accounts receivable collectability. Management estimates collectability by specifically analyzing known troubled accounts, accounts receivable aging and other historical factors that affect collections. Such factors include the historical trends of write-offs and recovery of previously written-off accounts, the financial strength of the member and projected economic and market conditions. The evaluation of these factors involves subjective judgments and changes in these factors may significantly impact the consolidated financial statements. The table below shows the changes in our allowance for doubtful accounts balance: 2015 2014 2013 Beginning allowance $ 5,424 $ 3,666 $ 2,626 Bad debt expense, excluding portion related to notes receivable 2,605 2,760 3,502 Write offs (2,520 ) (1,002 ) (2,462 ) Ending allowance $ 5,509 $ 5,424 $ 3,666 |
Equity and Cost Method Investments, Policy [Policy Text Block] | Investments —Investments in certain unconsolidated affiliates are accounted for by the equity method, while investments in other unconsolidated affiliates are accounted for under the cost method. See Note 4 . |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment, Net —Property and equipment is recorded at cost, including interest incurred during construction periods. We capitalize costs that both materially add value and appreciably extend the useful life of an asset. With respect to golf course improvements (included in land improvements), only costs associated with original construction, complete replacements, or the addition of new trees, sand traps, fairways or greens are capitalized. All other related costs are expensed as incurred. For building improvements, only costs that extend the useful life of the building are capitalized; repairs and maintenance are expensed as incurred. Internal use software development costs are capitalized and amortized on a straight-line basis over the expected benefit period. The net book value of internal use software totaled $9.9 million and $6.7 million at December 29, 2015 and December 30, 2014 , respectively. See Note 6 . Depreciation is calculated using the straight-line method based on the following estimated useful lives: Depreciable land improvements 5 - 20 years Building and recreational facilities 20 - 40 years Machinery and equipment (includes internal use software) 3 - 10 years Leasehold improvements 1 - 40 years Furniture and fixtures 3 - 10 years Leasehold improvements are amortized over the shorter of the term of the respective leases or their useful life using the straight-line method. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets —We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through future cash flows. For assets to be held and used, we perform a recoverability test to determine if the future undiscounted cash flows over the expected holding period for the property exceed the carrying amount of the assets of the property in question. If the recoverability test is not met, the impairment is determined by comparing the carrying value of the property to its fair value which may be approximated by using future discounted cash flows using a risk-adjusted discount rate. Future cash flows of each property are determined using management’s projections of the performance of a given property based on its past performance and expected future performance, local operations and other factors both within our control and out of our control. Additionally, throughout the impairment evaluation process, we consider the impact of recent property appraisals when they are available. If actual results differ from these estimates, additional impairment charges may be required. As discussed in Note 5 , GAAP establishes a three-tiered fair value hierarchy that prioritizes inputs to valuation techniques used in fair value calculations. The fair value calculations associated with these valuations are classified as Level 3 measurements. |
Liability Reserve Estimate, Policy [Policy Text Block] | Insurance Reserves —We have established insurance programs to cover exposures above predetermined deductibles for certain insurable risks consisting primarily of physical loss to property, workers’ compensation, employee healthcare, and comprehensive general and auto liability. Insurance reserves are developed by us, using the assistance of a third-party actuary and consideration of our past claims experience, including both the frequency and settlement of claims. |
Advertising Costs, Policy [Policy Text Block] | Advertising Expense —We market our clubs through advertising and other promotional activities. Advertising expense is charged to income during the period incurred. Advertising expense totaled $6.3 million , $5.5 million and $5.8 million for the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 , respectively. |
Lease, Policy [Policy Text Block] | Leases —We lease operating facilities under agreements with terms up to 99 years . These agreements normally provide for minimum rentals plus executory costs. Some of the agreements provide for scheduled rent increases during the lease term, as well as provisions for renewal options. Rent expense is recognized on a straight-line basis over the term of the lease from the time at which we take control of the property. Renewal options determined to be reasonably assured are also included in the lease term. In some cases, we must pay contingent rent generally based on a percentage of gross receipts or positive cash flow as defined in the lease agreements. Some of our lease agreements contain tenant allowances. Upon receipt of such allowances, we record a deferred rent liability in other liabilities on the consolidated balance sheets. The allowances are then amortized on a straight-line basis over the remaining terms of the corresponding leases as a reduction of rent expense. |
FAIR VALUE Fair Value of Impair
FAIR VALUE Fair Value of Impaired Assets (Policies) | 12 Months Ended |
Dec. 29, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Nonrecurring [Table Text Block] | The estimated fair values of our assets measured at fair value on a non-recurring basis as a result of impairment losses during the years ended December 29, 2015 , December 30, 2014 , and December 31, 2013 were as follows: 2015 2014 2013 Fair Value (1) Impairment Losses Fair Value (1) Impairment Losses Fair Value (1) Impairment Losses Property and equipment $ 52 $ 2,687 $ 1,076 $ 1,443 $ 2,028 $ 3,937 Other assets - mineral rights 600 1,623 — — — — Intangible assets - trade names — — 760 60 — — Intangible assets - liquor licenses 21 7 20 2 642 2,443 Intangible assets - management contracts — 827 — 820 — — (1) Impaired assets were written down to fair value, which became their new cost basis. |
SUMMARY OF SIGNIFICANT ACCOUN31
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | The following table summarizes RSA and PSU activity for the periods presented: Restricted stock awards Performance-based restricted stock units Shares Weighted Average Grant Date Fair Value Target shares Weighted Average Grant Date Fair Value Non-vested balance at December 31, 2013 20,000 $ 14.00 — $ — Granted 230,427 18.30 111,610 17.08 Vested (20,000) 14.00 — — Forfeited (2,361) 19.06 — — Canceled — — — — Non-vested balance at December 30, 2014 228,066 $ 18.29 111,610 $ 17.08 Granted 214,306 18.42 136,071 19.64 Vested (82,025) 18.36 — — Forfeited (22,384) 18.11 (20,271) 18.44 Canceled (7,493) 18.50 — — Non-vested balance at December 29, 2015 330,470 $ 18.37 227,410 $ 18.49 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair market value of each RSA is estimated using the Company's closing share price on the date of grant. The fair market value of each PSU was estimated on the date of grant using a Monte Carlo simulation analysis which generates a distribution of possible future stock prices for Holdings and the peer group from the grant date to the end of the applicable performance period. Assumptions used as inputs in the analysis are disclosed below. The risk-free rate is based on U.S. Treasury yields with a term commensurate to the applicable PSU performance period. Expected dividend yields were 0% as all dividends are assumed to be reinvested. The expected volatility for each PSU is based on the historical volatility of our common stock. Fiscal Year Ended December 29, 2015 December 30, 2014 Risk-free rate 0.86 % 0.3% to 0.65% Expected dividends — % — % Expected volatility 24.5 % 21.6 % Expected term (years) 3.0 2.0 - 3.0 |
Property, Plant and Equipment, Useful Lives [Table Text Block] | Depreciation is calculated using the straight-line method based on the following estimated useful lives: Depreciable land improvements 5 - 20 years Building and recreational facilities 20 - 40 years Machinery and equipment (includes internal use software) 3 - 10 years Leasehold improvements 1 - 40 years Furniture and fixtures 3 - 10 years |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2015 2014 2013 Beginning allowance $ 5,424 $ 3,666 $ 2,626 Bad debt expense, excluding portion related to notes receivable 2,605 2,760 3,502 Write offs (2,520 ) (1,002 ) (2,462 ) Ending allowance $ 5,509 $ 5,424 $ 3,666 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The following table shows total equity-based compensation expense included in the consolidated statements of operations: Fiscal Year Ended December 29, 2015 December 30, 2014 December 31, 2013 Club operating costs exclusive of depreciation $ 1,440 $ 1,395 $ 4,592 Selling, general and administrative 3,530 2,908 9,625 Pre-tax equity-based compensation expense 4,970 4,303 14,217 Less: benefit for income taxes (1,858 ) (1,311 ) (817 ) Equity-based compensation expense, net of tax $ 3,112 $ 2,992 $ 13,400 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The following summarizes the carrying amount and classification of the VIEs' assets and liabilities in the consolidated balance sheets as of December 29, 2015 and December 30, 2014 , net of intercompany amounts: December 29, 2015 December 30, 2014 Current assets $ 1,201 $ 962 Fixed assets, net 9,245 9,422 Other assets 839 839 Total assets $ 11,285 $ 11,223 Current liabilities $ 1,228 $ 1,007 Long-term debt 13,026 13,302 Other long-term liabilities 23,817 20,718 Noncontrolling interest 5,619 5,886 Company capital (32,405 ) (29,690 ) Total liabilities and equity $ 11,285 $ 11,223 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | Our equity in net income from Avendra, LLC is shown below: Fiscal Year Ended December 29, 2015 December 30, 2014 December 31, 2013 ClubCorp's equity in net income, excluding amortization $ 354 $ 3,107 $ 4,400 Amortization (2,008 ) (2,008 ) (2,008 ) ClubCorp's equity in net (loss) income $ (1,654 ) $ 1,099 $ 2,392 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Debt —We estimate the fair value of our debt obligations, excluding capital lease obligations, as follows, as of December 29, 2015 and December 30, 2014 : December 29, 2015 December 30, 2014 Recorded Value Fair Value Recorded Value Fair Value Level 2 (1) $ 1,019,511 $ 1,020,625 $ 897,729 $ 887,589 Level 3 49,952 40,794 51,534 41,648 Total $ 1,069,463 $ 1,061,419 $ 949,263 $ 929,237 ______________________ (1) The recorded value for Level 2 Debt is presented net of the $5.5 million and $3.4 million discount as of December 29, 2015 and December 30, 2014 , respectively, on the Secured Credit Facilities, as defined in Note 10 . |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property and equipment, including capital lease assets, at cost consists of the following at December 29, 2015 and December 30, 2014 : December 29, 2015 December 30, 2014 Land and non-depreciable land improvements $ 600,819 $ 589,975 Depreciable land improvements 478,352 445,979 Buildings and recreational facilities 511,124 482,493 Machinery and equipment 264,129 225,103 Leasehold improvements 111,184 104,904 Furniture and fixtures 97,459 85,800 Construction in progress 13,413 6,284 2,076,480 1,940,538 Accumulated depreciation (541,960 ) (465,775 ) Total $ 1,534,520 $ 1,474,763 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For each of the five years subsequent to 2015 and thereafter the amortization expense is expected to be as follows: Year Amount 2016 $ 1,797 2017 761 2018 629 2019 383 2020 239 Thereafter 585 Total $ 4,394 |
Schedule of Intangible Assets and Goodwill | ntangible assets consist of the following at December 29, 2015 and December 30, 2014 : December 29, 2015 December 30, 2014 Asset Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets with indefinite lives: Trade names $ 24,790 $ 24,790 $ 24,790 $ 24,790 Liquor Licenses 2,068 2,068 2,042 2,042 Intangible assets with finite lives: Member Relationships 2-7 years 2,866 $ (1,907 ) 959 2,866 $ (539 ) 2,327 Management Contracts 1-10 years 3,959 (988 ) 2,971 5,698 (866 ) 4,832 Trade names 2 years 1,100 (636 ) 464 1,100 (131 ) 969 Total $ 34,783 $ (3,531 ) $ 31,252 $ 36,496 $ (1,536 ) $ 34,960 Goodwill $ 312,811 $ 312,811 $ 312,811 $ 312,811 |
Schedule of Goodwill | The following table shows goodwill activity by reporting unit. No impairments have been recorded for either reporting unit. Golf & Country Clubs Business, Sports & Alumni Clubs Total December 31, 2013 $ 113,108 $ 145,351 $ 258,459 Acquisition - Sequoia Golf $ 54,352 $ — $ 54,352 December 30, 2014 $ 167,460 $ 145,351 $ 312,811 December 29, 2015 $ 167,460 $ 145,351 $ 312,811 |
CURRENT AND LONG-TERM LIABILI37
CURRENT AND LONG-TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Current liabilities consist of the following at December 29, 2015 and December 30, 2014 : December 29, 2015 December 30, 2014 Accrued compensation $ 27,247 $ 29,273 Accrued interest 2,618 7,428 Other accrued expenses 7,576 7,723 Total accrued expenses $ 37,441 $ 44,424 Taxes payable other than federal income taxes (1) $ 15,473 $ 21,903 Total accrued taxes $ 15,473 $ 21,903 Advance event and other deposits $ 18,708 $ 15,584 Unearned dues 14,225 12,819 Deferred membership revenues 12,175 10,937 Insurance reserves 11,317 8,464 Dividends to owners declared, but unpaid 8,467 8,384 Other current liabilities 4,300 3,362 Total other current liabilities $ 69,192 $ 59,550 ______________________ (1) We had no federal income taxes payable as of December 29, 2015 and December 30, 2014 . Other long-term liabilities consist of the following at December 29, 2015 and December 30, 2014 : December 29, 2015 December 30, 2014 Uncertain tax positions $ 7,343 $ 7,670 Deferred membership revenues 45,960 42,894 Casualty insurance loss reserves - long term portion 14,659 14,162 Above market lease intangibles 352 774 Deferred rent 29,250 27,838 Accrued interest on notes payable related to Non-Core Development Entities 23,236 22,174 Other 2,857 4,905 Total other long-term liabilities $ 123,657 $ 120,417 |
DEBT AND CAPITAL LEASES (Tables
DEBT AND CAPITAL LEASES (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Debt Disclosure [Abstract] | |
Debt Instrument Redemption [Table Text Block] | On and after December 15, 2018 , Operations may redeem all or a part of the 2015 Senior Notes at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest, if any, thereon, to the applicable redemption date, if redeemed during the twelve-month period beginning on December 15 of the years indicated below: Year Percentage 2018 106.188 % 2019 104.125 % 2020 102.063 % 2021 and thereafter 100.000 % |
Schedule of Debt | Long-term borrowings and lease commitments as of December 29, 2015 and December 30, 2014 , are summarized below: December 29, 2015 December 30, 2014 Carrying Value Interest Rate Carrying Value Interest Rate Interest Rate Calculation Maturity 2015 Senior Notes $ 350,000 8.25 % $ — — % Fixed 2023 Secured Credit Facilities Term Loan, gross of discount 675,000 4.25 % 901,106 4.50 % As of December 29, 2015, greater of (i) 4.25% or (ii) an elected LIBOR + 3.25%; as of December 30, 2014, greater of (i) 4.5% or (ii) an elected LIBOR + 3.5% 2022 Revolving Credit Borrowings - ($135,000 capacity) (1) — 3.42 % — 3.26 % LIBOR plus a margin of 3.0% 2018 Notes payable related to certain Non-Core Development Entities 11,837 9.00 % 11,837 9.00 % Fixed (2) Mortgage Loans Stonebriar / Monarch Loan 29,112 6.00 % 29,738 6.00 % 5.00% plus the greater of (i) three month LIBOR or (ii) 1% 2017 Atlantic Capital Bank 3,173 4.50 % 3,333 4.50 % Greater of (i) 3.0% + 30 day LIBOR or (ii) 4.5% 2020 BancFirst 3,842 4.50 % 4,266 4.50 % Greater of (i) 4.5% or (ii) prime rate 2016 Other indebtedness 1,988 4.75% - 6.00% 2,360 4.00% - 8.60% Fixed Various 1,074,952 952,640 Capital leases 43,271 33,949 1,118,223 986,589 Less current portion (20,414 ) (18,025 ) Less discount on the Secured Credit Facilities' Term Loan (5,489 ) (3,377 ) Long-term debt $ 1,092,320 $ 965,187 ______________________ (1) As of December 29, 2015 , the revolving credit facility had capacity of $135.0 million , which was reduced by the $29.7 million of standby letters of credit outstanding, leaving $105.3 million available for borrowing. Subsequent to fiscal year 2015, on January 25, 2016 , Operations entered into a ninth amendment to the credit agreement governing the Secured Credit Facilities to replace the existing revolving credit facility with a new revolving credit facility with capacity of $175.0 million . (2) Notes payable and accrued interest related to certain Non-Core Development Entities are payable through the cash proceeds related to the sale of certain real estate held by these Non-Core Development Entities. |
Schedule of Maturities of Long-term Debt | The amount of long-term debt maturing in each of the five years subsequent to 2015 and thereafter is as follows. This table reflects the contractual maturity dates as of December 29, 2015 . Year Debt Capital Leases Total 2016 $ 4,924 $ 15,490 $ 20,414 2017 28,957 12,794 41,751 2018 490 9,172 9,662 2019 426 4,611 5,037 2020 2,630 1,204 3,834 Thereafter 1,037,525 — 1,037,525 Total $ 1,074,952 $ 43,271 $ 1,118,223 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Leases [Abstract] | |
Schedule Of Future Minimum Rental Payments For Operating Leases & Lease Payments For Capital Leases [Table Text Block] | Future minimum lease payments for each of the next five years and thereafter required at December 29, 2015 under operating leases for land, buildings and recreational facilities with initial non-cancelable lease terms in excess of one year are as follows: Year Capital Leases Operating Leases 2016 $ 17,344 $ 22,173 2017 13,858 21,256 2018 9,932 18,987 2019 5,052 16,823 2020 1,324 15,047 Thereafter — 104,903 Minimum lease payments $ 47,510 $ 199,189 Less: imputed interest component 4,239 Present value of net minimum lease payments of which $15.5 million is included in current liabilities $ 43,271 |
INCOME TAXES (Tables) (Tables)
INCOME TAXES (Tables) (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Unrecognized Tax Benefits [Table Text Block] | A reconciliation of the change in our unrealized tax benefit for all periods presented is as follows: 2015 2014 2013 Balance at beginning of year $ 7,542 $ 50,378 $ 51,384 Increases in tax positions for current year — — — Increases in tax positions for prior years 207 5,800 103 Decreases in tax positions for prior years (1,376 ) (48,636 ) (1,109 ) Balance at end of year $ 6,373 $ 7,542 $ 50,378 |
Summary of Operating Loss Carryforwards [Table Text Block] | We had the following net operating loss carryforwards at December 29, 2015 , which are available to offset future taxable income: Type of Carryforward Gross Amount Expiration Dates (in years) Federal tax operating loss $ 48,462 2024 - 2034 State tax operating loss $ 215,825 2016 - 2034 AMT net operating loss $ 29,288 2026 - 2034 Foreign net operating loss $ 18,757 2025 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Loss from continuing operations before income taxes and noncontrolling interest consists of the following: 2015 2014 2013 Domestic $ (7,626 ) $ (27,471 ) $ (38,583 ) Foreign (316 ) (666 ) (404 ) $ (7,942 ) $ (28,137 ) $ (38,987 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The income tax (expense) benefit from continuing operations consists of the following: 2015 2014 2013 Current Federal $ (669 ) $ 42,400 $ (3,040 ) State (6,010 ) 1,242 (2,972 ) Foreign (977 ) (62 ) (220 ) Total Current (7,656 ) 43,580 (6,232 ) Deferred Federal 4,300 (1,277 ) 4,209 State 1,727 (834 ) 342 Total Deferred 6,027 (2,111 ) 4,551 Total income tax (expense) benefit $ (1,629 ) $ 41,469 $ (1,681 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The differences between income taxes computed using the U.S. statutory Federal income tax rate of 35% and the actual income tax provision for continuing operations as reflected in the accompanying consolidated statements of operations are as follows: 2015 2014 2013 Expected federal income tax benefit $ 2,780 $ 10,113 $ 13,645 State taxes, net of federal benefit (1,041 ) (2,607 ) (468 ) Change in valuation allowance - state (1,820 ) (245 ) (1,266 ) Change in valuation allowance - foreign (200 ) (1,128 ) (44 ) Foreign rate differential (117 ) (127 ) (97 ) IETU (business tax in Mexico), withholding and other permanent - foreign (210 ) (62 ) (220 ) Adjustments related to uncertain tax positions (749 ) 36,409 (3,171 ) Equity-based compensation (29 ) (298 ) (4,192 ) Membership initiation deposits — — (4,586 ) Nondeductible transaction costs (311 ) (1,777 ) — Other, net 68 1,191 (1,282 ) Actual income tax (expense) benefit $ (1,629 ) $ 41,469 $ (1,681 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of the deferred tax assets and deferred tax liabilities at December 29, 2015 and December 30, 2014 are as follows: 2015 2014 Deferred tax assets: Federal tax net operating loss carryforwards $ 16,962 $ 31,396 State and foreign tax net operating loss carryforwards 13,487 12,577 Membership deferred revenue 70,669 59,605 Reserves and accruals 18,564 19,829 Tax credits 4,464 3,908 Straight-line rent 11,480 10,918 Other 16,095 18,074 Total gross deferred tax assets 151,721 156,307 Valuation allowances: State (7,413 ) (5,594 ) Foreign (6,251 ) (6,696 ) Total valuation allowance (13,664 ) (12,290 ) Deferred tax liabilities: Discounts on membership initiation deposits and acquired notes (138,735 ) (145,772 ) Property and equipment (200,665 ) (204,304 ) Deferred revenue (1,151 ) (1,525 ) Intangibles (7,491 ) (9,617 ) Other (472 ) (338 ) Total gross deferred tax liabilities (348,514 ) (361,556 ) Net deferred tax liability $ (210,457 ) $ (217,539 ) The allocation of deferred taxes between current and long-term as of December 29, 2015 and December 30, 2014 is as follows: 2015 2014 Current deferred tax asset, net $ 26,338 $ 26,574 Long-term deferred tax liability, net (236,795 ) (244,113 ) Net deferred tax liability $ (210,457 ) $ (217,539 ) |
CLUB ACQUISITIONS, CLUB DISPO41
CLUB ACQUISITIONS, CLUB DISPOSITIONS AND DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Bernardo Heights Country Club [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Bernardo Heights Country Club —On December 17, 2015 , we purchased Bernardo Heights, a private golf club in San Diego, California, for a purchase price and net cash consideration of $2.7 million . We recorded the following major categories of assets and liabilities, which are subject to change until our information is finalized, no later than twelve months from the acquisition date: December 17, 2015 Land, depreciable land improvements and property and equipment $ 2,840 Inventory and prepaid assets 102 Other current liabilities and accrued taxes (104 ) Long-term debt (obligation related to capital leases) (134 ) Total $ 2,704 |
Southeast Portfolio [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Southeast Portfolio —On April 7, 2015 , we acquired a multi-club portfolio of six golf and country clubs for a combined purchase price of $43.8 million and net cash consideration of $43.6 million . Golf and Country Clubs Type of Club Market State Golf Holes Bermuda Run Country Club Private Country Club Charlotte NC 36 Brookfield Country Club Private Country Club Atlanta GA 18 Firethorne Country Club Private Country Club Charlotte NC 18 Temple Hills Country Club Private Country Club Nashville TN 27 Ford's Colony Country Club Semi-Private Golf Club Richmond VA 54 Legacy Golf Club at Lakewood Ranch (subsequently divested) Public Golf Bradenton FL 18 We recorded the following major categories of assets and liabilities, which are subject to change until our information is finalized, no later than twelve months from the acquisition date: April 7, 2015 Receivables, net of allowances of $228 $ 1,757 Inventories and notes receivable 646 Land 9,920 Depreciable land improvements 17,321 Buildings and recreational facilities 13,113 Machinery and equipment and furniture and fixtures 4,959 Current liabilities (2,063 ) Long-term debt (obligation related to capital leases) and other liabilities (2,020 ) Total $ 43,633 |
Rolling Green Country Club [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Rolling Green Country Club —On January 20, 2015 , we purchased Rolling Green Country Club, a private golf club in Arlington Heights, Illinois, for a purchase price of $6.5 million and net cash consideration of $6.4 million . We recorded the following major categories of assets and liabilities. January 20, 2015 Land, depreciable land improvements and property and equipment $ 6,554 Inventory 125 Other current liabilities and accrued taxes (110 ) Long-term debt (obligation related to capital leases) (193 ) Total $ 6,376 |
Ravinia Green Country Club [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Ravinia Green Country Club —On January 13, 2015 , we acquired Ravinia Green Country Club, a private golf club in Riverwoods, Illinois, for a purchase price and net cash consideration of $5.9 million . We recorded the following major categories of assets and liabilities. January 13, 2015 Land, depreciable land improvements and property and equipment $ 6,034 Inventory and prepaid assets 30 Other current liabilities and accrued taxes (186 ) Long-term debt (obligation related to capital leases) (11 ) Total $ 5,867 |
Oro Valley Country Club [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Oro Valley Country Club —On December 4, 2014 , we acquired Oro Valley Country Club, a private golf club in Oro Valley, Arizona, for a purchase price and net cash consideration of $3.1 million . We recorded the following major categories of assets and liabilities: December 4, 2014 Land, depreciable land improvements and property and equipment $ 2,997 Inventory and prepaid assets 120 Intangibles, net 230 Other current liabilities and accrued taxes (53 ) Long-term debt (obligation related to capital leases) (225 ) Total $ 3,069 |
Sequoia Golf Holdings LLC [Member] [Domain] | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The following table presents the unaudited pro forma consolidated financial information of ClubCorp as if the acquisition of Sequoia Golf was completed on December 26, 2012, the first day of fiscal year 2013. The following unaudited pro forma financial information includes adjustments for: (i) depreciation on acquired property and equipment; (ii) alignment of revenue recognition policies; (iii) amortization of intangible assets recorded at the date of the transaction; and (iv) transaction and business integration related costs. No adjustments were made to reflect anticipated synergies. This unaudited pro forma financial information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on December 26, 2012. Fiscal Year Ended December 30, 2014 December 31, 2013 Pro forma revenues $ 1,001,599 $ 948,472 Pro forma net income (loss) attributable to ClubCorp $ (9,080 ) $ (55,178 ) Pro forma basic net income (loss) from continuing operations attributable to ClubCorp, per share $ (0.14 ) $ (1.02 ) Pro forma diluted net income (loss) from continuing operations attributable to ClubCorp, per share $ (0.14 ) $ (1.02 ) |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Sequoia Golf —On September 30, 2014 , we completed the Sequoia Golf acquisition, which was executed through the purchase of all the equity interests in each of Sequoia Golf Holdings, LLC and Parthenon-Sequoia Ltd. (“Sequoia Golf”). On the date of acquisition, Sequoia Golf was comprised of 30 owned golf and country clubs and 20 leased or managed clubs. The total purchase price was $260.0 million , net of $5.6 million of cash acquired and after customary closing adjustments including net working capital. The acquisition was funded through net proceeds of $244.6 million , net of discount and debt issuance costs, from incremental term loan borrowings under the Secured Credit Facilities and from cash and cash equivalents. See Note 10 for further description of the incremental term loan borrowings. The following summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition: September 30, 2014 Receivables $ 10,204 Inventories, prepaids, notes receivable, current deferred tax assets and other assets 7,957 Land 54,990 Depreciable land improvements 88,025 Buildings and recreational facilities 46,931 Machinery and equipment and furniture and fixtures 26,954 Intangibles, net 9,756 Goodwill 54,352 Total assets acquired 299,169 Current liabilities (22,266 ) Long-term debt (obligation related to capital leases) (2,544 ) Long-term deferred tax liability, net (14,263 ) Noncontrolling interests in consolidated subsidiaries (89 ) Total liabilities and noncontrolling interests in consolidated subsidiaries (39,162 ) Net assets acquired $ 260,007 |
TPC-Piper Glen [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | TPC Piper Glen —On April 29, 2014 , we acquired Tournament Players Club (“TPC”) Piper Glen, a private golf club in Charlotte, North Carolina with a purchase price of $3.8 million for net cash consideration of $3.7 million . We recorded the following major categories of assets and liabilities: April 29, 2014 Land, depreciable land improvements and property and equipment $ 3,833 Receivables and inventory 210 Other current liabilities and accrued taxes (115 ) Long-term debt (obligation related to capital leases) and other liabilities (197 ) Total $ 3,731 |
TPC-Michigan [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | TPC Michigan —On April 29, 2014 , we acquired TPC Michigan, a semi-private golf club in Dearborn, Michigan with a purchase price of $3.0 million for net cash consideration of $2.6 million . We recorded the following major categories of assets and liabilities: April 29, 2014 Land, depreciable land improvements and property and equipment $ 3,643 Receivables, inventory and prepaid assets 235 Other current liabilities and accrued expenses (624 ) Long-term debt (obligation related to capital leases) (157 ) Deferred tax liability (175 ) Membership initiation deposits (370 ) Total $ 2,552 |
Prestonwood Country Club [Member] [Domain] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The Clubs of Prestonwood —On March 3, 2014 , we acquired The Clubs of Prestonwood, a private golf club comprised of two properties, The Creek in Dallas, Texas and The Hills in nearby Plano, Texas, with a purchase price of $11.2 million for net cash consideration of $10.9 million . We recorded the following major categories of assets and liabilities: March 3, 2014 Land, depreciable land improvements and property and equipment $ 14,742 Inventory and prepaid assets 97 Other current liabilities and accrued taxes (362 ) Long-term debt (obligation related to capital leases) (280 ) Deferred tax liability (1,300 ) Membership initiation deposits and other liabilities (1,994 ) Total $ 10,903 |
Chantilly National Golf & Country Club [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Chantilly National Golf & Country Club —On December 17, 2013 , we acquired Chantilly National Golf & Country Club, a private country club located in Centreville, Virginia, with a purchase price of $4.6 million for net cash consideration of $4.8 million . We recorded the following major categories of assets and liabilities: December 17, 2013 Depreciable land improvements, property and equipment $ 5,171 Inventory 103 Other current liabilities (25 ) Other long-term liabilities (180 ) Long-term debt (obligation related to capital leases) (234 ) Total $ 4,835 |
Cherry Valley Country Club [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cherry Valley Country Club —On June 18, 2013 , we acquired Cherry Valley Country Club, a private country club located in Skillman, New Jersey, with a purchase price and net cash consideration of $5.6 million . We recorded the following major categories of assets and liabilities: June 18, 2013 Depreciable land improvements, property and equipment $ 5,976 Prepaid assets 121 Inventory 179 Long-term debt (obligation related to capital leases) (311 ) Other liabilities (408 ) Total $ 5,557 |
Oak Tree Country Club [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Oak Tree Country Club —On May 22, 2013 , we acquired Oak Tree Country Club, a private country club located in Edmond, Oklahoma, with a purchase price of $10.0 million for net cash consideration of $5.2 million . We assumed debt of $5.0 million in connection with the acquisition. We recorded the following major categories of assets and liabilities: May 22, 2013 Land, property and equipment $ 12,108 Receivables, prepaid assets and other assets 662 Inventory 233 Current maturities of long-term debt (468 ) Long-term debt (4,486 ) Deferred tax liability (722 ) Membership initiation deposits and other liabilities (2,099 ) Total $ 5,228 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The table below shows summarized financial information by segment for the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 : 2015 2014 2013 Golf and Country Clubs Revenues $ 842,622 $ 694,680 $ 628,333 Adjusted EBITDA 246,111 203,191 180,076 Capital Expenditures 107,632 71,108 47,546 Business, Sports and Alumni Clubs Revenues $ 195,331 $ 183,646 $ 180,073 Adjusted EBITDA 39,641 34,954 34,144 Capital Expenditures 7,316 20,605 18,641 Other Revenues $ 22,901 $ 10,701 $ 10,066 Adjusted EBITDA (52,090 ) (41,822 ) (37,504 ) Capital Expenditures 16,724 5,483 5,428 Elimination of intersegment revenues and segment reporting adjustments $ (14,383 ) $ (12,037 ) $ (7,485 ) Revenues relating to divested clubs (1) 6,396 7,165 4,093 Total Revenues $ 1,052,867 $ 884,155 $ 815,080 Adjusted EBITDA 233,662 196,323 176,716 Capital Expenditures 131,672 97,196 71,615 ______________________ (1) When clubs are divested, the associated revenues are excluded from segment results for all periods presented. As of Total Assets December 29, 2015 December 30, 2014 Golf and Country Clubs $ 1,554,524 $ 1,483,856 Business, Sports and Alumni Clubs 89,823 92,525 Other 526,515 488,690 Consolidated $ 2,170,862 $ 2,065,071 The following table presents revenue by product type and revenue and long-lived assets by geographical region, excluding financial instruments. Foreign operations are primarily located in Mexico. 2015 2014 2013 Revenues by Type Dues $ 492,565 $ 408,351 $ 373,422 Food and beverage 291,582 251,838 231,673 Golf 173,982 144,139 133,412 Other 94,738 79,827 76,573 Total $ 1,052,867 $ 884,155 $ 815,080 2015 2014 2013 Revenues United States $ 1,046,561 $ 877,780 $ 808,208 All Foreign 6,306 6,375 6,872 Total $ 1,052,867 $ 884,155 $ 815,080 As of December 29, 2015 December 30, 2014 Long-Lived Assets United States $ 1,881,126 $ 1,817,545 All Foreign 21,560 24,567 Total 1,902,686 1,842,112 The table below provides a reconciliation of our net (loss) income to Adjusted EBITDA for the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 : Fiscal Year Ended 2015 2014 2013 Net (loss) income $ (9,573 ) $ 13,329 $ (40,680 ) Interest expense 70,672 65,209 83,669 Income tax expense (benefit) 1,629 (41,469 ) 1,681 Interest and investment income (5,519 ) (2,585 ) (345 ) Depreciation and amortization 103,944 80,792 72,073 EBITDA $ 161,153 $ 115,276 $ 116,398 Impairments and disposition of assets (1) 24,546 12,843 14,502 Loss (income) from discontinued operations and divested clubs (2) 363 (563 ) (626 ) Loss on extinguishment of debt (3) 2,599 31,498 16,856 Non-cash adjustments (4) 2,008 2,007 3,929 Acquisition related costs (5) 4,965 10,568 1,211 Capital structure costs (6) 10,047 8,785 824 Centralization and transformation costs (7) 8,495 1,330 30 Other adjustments (8) 7,405 4,632 8,069 Equity-based compensation expense (9) 4,970 4,303 14,217 Acquisition adjustment (10) 7,111 5,644 1,306 Adjusted EBITDA $ 233,662 $ 196,323 $ 176,716 ______________________ (1) Includes non-cash impairment charges related to property and equipment and intangible assets and loss on disposals of assets (including property and equipment disposed of in connection with renovations). (2) Net income or loss from discontinued operations and divested clubs that do not qualify as discontinued operations in accordance with GAAP. (3) Includes loss on extinguishment of debt calculated in accordance with GAAP. (4) Includes non-cash items related to purchase accounting associated with the acquisition of CCI in 2006 by affiliates of KSL Capital Partners, LLC (“KSL”) and expense recognized for our long-term incentive plan related to fiscal years 2011 through 2013. (5) Represents legal and professional fees related to the acquisition of clubs, including the acquisition of Sequoia Golf on September 30, 2014. (6) Represents legal and professional fees related to our capital structure, including debt issuance and amendment costs and equity offering costs. (7) Includes fees and expenses associated with readiness efforts for Section 404(b) of the Sarbanes-Oxley Act and related centralization and transformation of administrative processes, finance processes and related IT systems. (8) Represents adjustments permitted by the credit agreement governing the Secured Credit Facilities including cash distributions from equity method investments less equity in earnings recognized for said investments, income or loss attributable to non-controlling equity interests of continuing operations and management fees, termination fee and expenses paid to an affiliate of KSL. (9) Includes equity-based compensation expense, calculated in accordance with GAAP, related to awards held by certain employees, executives and directors. (10) Represents estimated deferred revenue using current membership life estimates related to initiation payments that would have been recognized in the applicable period but for the application of purchase accounting in connection with the acquisition of CCI in 2006 and the acquisition of Sequoia Golf on September 30, 2014 . |
EARNINGS PER SHARE EARNINGS P43
EARNINGS PER SHARE EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Earnings Per Share [Abstract] | |
Dividends Declared [Table Text Block] | The following is a summary of dividends declared or paid during the periods presented: Declaration Date Dividend Per Share Record Date Total Amount Payment Date Fiscal Year 2013 December 26, 2012 $ 0.69 December 26, 2012 $ 35,000 December 27, 2012 December 10, 2013 $ 0.12 January 3, 2014 $ 7,654 January 15, 2014 Fiscal Year 2014 March 18, 2014 $ 0.12 April 3, 2014 $ 7,725 April 15, 2014 June 25, 2014 $ 0.12 July 7, 2014 $ 7,731 July 15, 2014 September 9, 2014 $ 0.12 October 3, 2014 $ 7,731 October 15, 2014 December 3, 2014 $ 0.13 January 2, 2015 $ 8,377 January 15, 2015 Fiscal Year 2015 March 20, 2015 $ 0.13 April 2, 2015 $ 8,399 April 15, 2015 June 25, 2015 $ 0.13 July 6, 2015 $ 8,417 July 15, 2015 September 3, 2015 $ 0.13 October 1, 2015 $ 8,416 October 15, 2015 December 9, 2015 $ 0.13 January 4, 2016 $ 8,416 January 15, 2016 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Presented below is basic and diluted EPS for the fiscal years ended December 29, 2015 , December 30, 2014 and December 31, 2013 (in thousands, except per share amounts): Fiscal Year Ended December 29, 2015 December 30, 2014 December 31, 2013 Basic Diluted Basic Diluted Basic Diluted Numerator for earnings per share $ (9,615 ) $ (9,615 ) $ 13,229 $ 13,229 $ (40,880 ) $ (40,880 ) Weighted-average shares outstanding 64,364 64,364 63,941 63,941 54,172 54,172 Effect of dilutive equity-based awards — — — 377 — 431 Total Shares 64,364 64,364 63,941 64,318 54,172 54,603 (Loss) income from continuing operations attributable to ClubCorp per share $ (0.15 ) $ (0.15 ) $ 0.21 $ 0.21 $ (0.75 ) $ (0.75 ) |
QUARTERLY RESULTS OF OPERATIO44
QUARTERLY RESULTS OF OPERATIONS QUARTERLY RESULTS OF OPERATIONS (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | The following table sets forth the historical unaudited quarterly financial data for the periods indicated. The information for each of these periods has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period. For the sixteen weeks ended For the twelve weeks ended 2015 December 29, 2015 September 8, 2015 June 16, 2015 March 24, 2015 Total revenues $ 331,688 $ 255,360 $ 263,747 $ 202,072 Direct and selling, general and administrative expenses 313,148 238,126 246,567 195,216 (Loss) income from continuing operations (6,259 ) 1,185 (222 ) (4,275 ) Net (loss) income (6,259 ) 1,185 (223 ) (4,276 ) Net (loss) income attributable to ClubCorp (6,346 ) 1,252 (196 ) (4,222 ) Net (loss) income attributable to ClubCorp per share, basic $ (0.10 ) $ 0.02 $ — $ (0.07 ) Net (loss) income attributable to ClubCorp per share, diluted $ (0.10 ) $ 0.02 $ — $ (0.07 ) For the sixteen weeks ended For the twelve weeks ended 2014 December 30, 2014 September 9, 2014 June 17, 2014 March 25, 2014 Total revenues $ 302,539 $ 204,475 $ 211,418 $ 165,723 Direct and selling, general and administrative expenses 289,741 183,821 189,877 154,731 Income (loss) from continuing operations 31,322 3,274 (17,476 ) (3,788 ) Net income (loss) 31,321 3,273 (17,477 ) (3,788 ) Net income (loss) attributable to ClubCorp 31,355 3,210 (17,613 ) (3,726 ) Net income (loss) attributable to ClubCorp per share, basic $ 0.49 $ 0.05 $ (0.28 ) $ (0.06 ) Net income (loss) attributable to ClubCorp per share, diluted $ 0.49 $ 0.05 $ (0.28 ) $ (0.06 ) |
SCHEDULE I - REGISTRANT'S CON45
SCHEDULE I - REGISTRANT'S CONDENSED FINANCIAL STATEMENTS Condensed Income Statement (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Condensed Income Statements, Captions [Line Items] | |
Condensed Income Statement [Table Text Block] | ClubCorp Holdings, Inc. Registrant Only Financial Statements Condensed Statements of Operations and Comprehensive (Loss) Income For the Fiscal Years Ended December 29, 2015 , December 30, 2014 , and December 31, 2013 (In thousands) 2015 2014 2013 Equity in net (loss) income of subsidiaries $ (9,512 ) $ 13,226 $ (40,892 ) NET (LOSS) INCOME (9,512 ) 13,226 (40,892 ) NET (LOSS) INCOME ATTRIBUTABLE TO CLUBCORP HOLDINGS, INC. $ (9,512 ) $ 13,226 $ (40,892 ) NET (LOSS) INCOME (9,512 ) 13,226 (40,892 ) Equity in other comprehensive (loss) income of subsidiaries (2,959 ) (3,220 ) (398 ) COMPREHENSIVE (LOSS) INCOME (12,471 ) 10,006 (41,290 ) COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO CLUBCORP HOLDINGS, INC. $ (12,471 ) $ 10,006 $ (41,290 ) |
SCHEDULE I - REGISTRANT'S CON46
SCHEDULE I - REGISTRANT'S CONDENSED FINANCIAL STATEMENTS Condensed Balance Sheet Statement (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Condensed Balance Sheet Statements, Captions [Line Items] | |
Condensed Balance Sheet [Table Text Block] | Condensed Balance Sheets As of December 29, 2015 and December 30, 2014 (In thousands, except share and per share amounts) 2015 2014 ASSETS Investment in subsidiaries $ 176,899 $ 218,371 TOTAL ASSETS $ 176,899 $ 218,371 LIABILITIES AND EQUITY Dividends to owners declared, but unpaid - current 8,467 8,384 Dividends to owners declared, but unpaid - long-term 68 70 TOTAL LIABILITIES $ 8,535 $ 8,454 EQUITY Common stock, $0.01 par value, 200,000,000 shares authorized; 64,740,736 and 64,443,332 issued and outstanding at December 29, 2015 and December 30, 2014, respectively 647 644 Additional paid-in capital 263,921 293,006 Accumulated deficit and accumulated other comprehensive loss (96,204 ) (83,733 ) Total stockholders’ equity 168,364 209,917 Total equity 168,364 209,917 TOTAL LIABILITIES AND EQUITY $ 176,899 $ 218,371 |
SCHEDULE I - REGISTRANT'S CON47
SCHEDULE I - REGISTRANT'S CONDENSED FINANCIAL STATEMENTS Condensed Cash Flow Statement (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | |
Condensed Cash Flow Statement [Table Text Block] | Condensed Statements of Cash Flows For the Fiscal Years Ended December 29, 2015 , December 30, 2014 , and December 31, 2013 (In thousands) 2015 2014 2013 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ (9,512 ) $ 13,226 $ (40,892 ) Adjustments to reconcile net loss to cash flows from operating activities: Equity in net (income) loss of subsidiary 9,512 (13,226 ) 40,892 Net cash provided by operating activities — — — CASH FLOWS FROM INVESTING ACTIVITIES: Contribution from subsidiary 33,664 30,765 35,000 Distribution to subsidiary — — (173,250 ) Net cash provided by (used in) investing activities 33,664 30,765 (138,250 ) CASH FLOWS FROM FINANCING ACTIVITIES: Dividends to owners (33,664 ) (30,765 ) (35,000 ) Proceeds from issuance of common stock in Holdings' initial public offering, net of underwriting discounts and commissions — — 173,250 Net cash (used in) provided by financing activities (33,664 ) (30,765 ) 138,250 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS — — — CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD — — — CASH AND CASH EQUIVALENTS - END OF PERIOD $ — $ — $ — Non-cash investing and financing activities are as follows: Dividends declared payable to owners $ 8,535 $ 8,454 $ 7,654 Distribution related to utilization of certain deferred tax benefits recorded in connection with the ClubCorp Formation $ — $ — $ 4,518 |
SCHEDULE I - REGISTRANT'S CON48
SCHEDULE I - REGISTRANT'S CONDENSED FINANCIAL STATEMENTS Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | The following table summarizes RSA and PSU activity for the periods presented: Restricted stock awards Performance-based restricted stock units Shares Weighted Average Grant Date Fair Value Target shares Weighted Average Grant Date Fair Value Non-vested balance at December 31, 2013 20,000 $ 14.00 — $ — Granted 230,427 18.30 111,610 17.08 Vested (20,000) 14.00 — — Forfeited (2,361) 19.06 — — Canceled — — — — Non-vested balance at December 30, 2014 228,066 $ 18.29 111,610 $ 17.08 Granted 214,306 18.42 136,071 19.64 Vested (82,025) 18.36 — — Forfeited (22,384) 18.11 (20,271) 18.44 Canceled (7,493) 18.50 — — Non-vested balance at December 29, 2015 330,470 $ 18.37 227,410 $ 18.49 |
Parent Company [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | The following table summarizes RSA and PSU activity for the periods presented: Restricted stock awards Performance-based restricted stock units Shares Weighted Average Grant Date Fair Value Target shares Weighted Average Grant Date Fair Value Non-vested balance at December 31, 2013 20,000 $ 14.00 — $ — Granted 230,427 18.30 111,610 17.08 Vested (20,000) 14.00 — — Forfeited (2,361) 19.06 — — Canceled — — — — Non-vested balance at December 30, 2014 228,066 $ 18.29 111,610 $ 17.08 Granted 214,306 18.42 136,071 19.64 Vested (82,025) 18.36 — — Forfeited (22,384) 18.11 (20,271) 18.44 Canceled (7,493) 18.50 — — Non-vested balance at December 29, 2015 330,470 $ 18.37 227,410 $ 18.49 |
ORGANIZATION Details of Segment
ORGANIZATION Details of Segments and Clubs (Details) | Dec. 29, 2015Club |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Golf Clubs Owned, Leased or Operated through Joint Venture | 148 |
Number of Golf Clubs Managed | 10 |
Number of Business, Sports & Alumni Clubs Owned, Leased or Operated through Joint Venture | 46 |
Number of Business Sports & Alumni Clubs Managed | 3 |
Number of States in which Entity Operates | 26 |
Number of Foreign Countries in which Entity Operates | 2 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||
Jun. 17, 2014 | Mar. 25, 2014 | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | Sep. 24, 2013 | |
Accounting Policies [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |||||||
Lease Agreement Period, Maximum | 99 years | |||||||
Advertising Expense | $ 6,300,000 | $ 5,500,000 | $ 5,800,000 | |||||
Capitalized Computer Software, Net | $ 9,900,000 | $ 6,700,000 | $ 9,900,000 | 6,700,000 | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 2,700,000 | 2,700,000 | 4,000,000 | |||||
Membership deposits nonrefundable term (years) | 30 years | |||||||
Share-based Compensation | $ 4,970,000 | 4,303,000 | 14,217,000 | |||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | (1,858,000) | (1,311,000) | (817,000) | |||||
Allocated Share-based Compensation Expense, Net of Tax | 3,112,000 | 2,992,000 | 13,400,000 | |||||
Equity-based compensation included in Club Operating Costs | 1,440,000 | 1,395,000 | 4,592,000 | |||||
Equity-based compensation included in Selling, General & Administrative Expenses | 3,530,000 | 2,908,000 | 9,625,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 4,100,000 | $ 4,100,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months | |||||||
Membership initiation fees and deposits revenue | $ 13,600,000 | $ 13,100,000 | 17,700,000 | |||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ 0 | 0 | 0 | |||||
Translation Adjustment Functional to Reporting Currency, Loss (Gain), Reclassified to Earnings, Net of Tax | $ 0 | $ 0 | $ 0 | |||||
Restricted Stock [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 82,025 | 20,000 | ||||||
Units granted | 214,306 | 230,427 | ||||||
Performance Shares [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 0 | ||||||
Units granted | 136,071 | 111,610 | ||||||
2012 Stock Award Plan | Restricted Stock Units (RSUs) [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 211,579 | 211,596 | 190,788 | |||||
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings | 122,144 | |||||||
Shares Paid for Tax Withholding for Share Based Compensation | 68,644 | |||||||
Minimum [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years | |||||||
Financing Receivable, Net Contractual Term | 1 year | |||||||
Estimated Expected Membership Lives | 1 year | 1 year | 1 year | |||||
Maximum | ||||||||
Accounting Policies [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |||||||
Financing Receivable, Net Contractual Term | 6 years | |||||||
Estimated Expected Membership Lives | 20 years | 20 years | 20 years | |||||
Weighted Average [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Golf & Country Membership Expected Lives | 7 years | 7 years | 7 years | |||||
Business, Sports & Alumni Membership Expected Lives | 3 years | 3 years | 3 years |
SUMMARY OF SIGNIFICANT ACCOUN51
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Schedule of Property and Equipment Useful Lives (Details) | 12 Months Ended |
Dec. 29, 2015 | |
Land Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Land Improvements [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Buildings and recreational facilities | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Buildings and recreational facilities | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Machinery and equipment | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Leasehold improvements | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 1 year |
Leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Furniture and fixtures | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture and fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN52
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | Dec. 25, 2012 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||
Beginning allowance | $ 5,509 | $ 5,424 | $ 3,666 | $ 2,626 |
Provision for Doubtful Accounts Excluding Portion Related to Notes Receivable | 2,605 | 2,760 | 3,502 | |
Allowance for Doubtful Accounts Receivable, Write-offs | $ (2,520) | $ (1,002) | $ (2,462) |
SUMMARY OF SIGNIFICANT ACCOUN53
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES PSUs Assumptions Table (Details) | 12 Months Ended | |
Dec. 29, 2015 | Dec. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.86% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.30% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 0.65% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 24.51% | 21.62% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years |
SUMMARY OF SIGNIFICANT ACCOUN54
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Schedule of Share-based Compensation, Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 330,470 | 228,066 | 20,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 18.37 | $ 18.29 | $ 14 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 214,306 | 230,427 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.42 | $ 18.30 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (82,025) | (20,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 18.36 | $ 14 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (22,384) | (2,361) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 18.11 | $ 19.06 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Canceled in Period | (7,493) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancellations, Weighted Average Grant Date Fair Value | $ 18.50 | $ 0 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 227,410 | 111,610 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 18.49 | $ 17.08 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 136,071 | 111,610 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 19.64 | $ 17.08 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (20,271) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 18.44 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Canceled in Period | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancellations, Weighted Average Grant Date Fair Value | $ 0 | $ 0 |
VARIABLE INTEREST ENTITIES (Nar
VARIABLE INTEREST ENTITIES (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 29, 2015USD ($)Entity | Dec. 30, 2014USD ($) | |
Variable Interest Entity [Line Items] | ||
Number of variable interest entities (VIEs) | Entity | 3 | |
Variable Interest Entities Assets | $ 11,285 | $ 11,223 |
Total assets of the entity | 11,300 | $ 11,200 |
Variable Interest Entity One | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity financial support | 800 | |
Variable Interest Entities Assets | 3,900 | |
Variable Interest Entity One and Two | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity financial support | 4,400 | |
Variable Interest Entities Assets | $ 6,500 |
VARIABLE INTEREST ENTITIES (Sch
VARIABLE INTEREST ENTITIES (Schedule of Classification and Carrying Amounts of Variable Interest Entities Assets and Liabilities Net) (Details) - USD ($) $ in Thousands | Dec. 29, 2015 | Dec. 30, 2014 |
Variable Interest Entity [Line Items] | ||
Variable Interest Entities Assets | $ 11,285 | $ 11,223 |
Variable Interest Entities Assets and Liabilities, Net | 11,285 | 11,223 |
Current assets | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entities Assets | 1,201 | 962 |
Fixed assets, net | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entities Assets | 9,245 | 9,422 |
Other assets | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entities Assets | 839 | 839 |
Current liabilities | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entities Liabilities | 1,228 | 1,007 |
Long-term debt | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entities Liabilities | 13,026 | 13,302 |
Other long-term liabilities | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entities Liabilities | 23,817 | 20,718 |
Noncontrolling interest | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entities Assets and Liabilities, Net | 5,619 | 5,886 |
Company capital | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entities Assets and Liabilities, Net | $ (32,405) | $ (29,690) |
INVESTMENTS (Narrative) (Detail
INVESTMENTS (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Return on Equity Investment included in Investment Income | $ 5.1 | $ 2.2 | $ 0 |
Equity method investments | 0.5 | 1.3 | |
Avendra LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 2 | 4 | |
Useful lives of the difference between the carrying amount and underlying equity of equity method investments (years) | 10 years | ||
Equity method investment ownership percentage | 10.20% | ||
Volume rebates | $ 4.2 | $ 3.5 | $ 3.5 |
INVESTMENTS (Schedule of Signif
INVESTMENTS (Schedule of Significant Financial Information for Joint Venture) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Amortization | $ (2,907) | $ (1,398) | $ (2,863) |
ClubCorp's equity in net income | (1,308) | 1,404 | 2,638 |
Avendra LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
ClubCorp's equity in net income, excluding amortization | 354 | 3,107 | 4,400 |
Amortization | (2,008) | (2,008) | (2,008) |
ClubCorp's equity in net income | $ (1,654) | $ 1,099 | $ 2,392 |
FAIR VALUE (Schedule of Fair Va
FAIR VALUE (Schedule of Fair Value) (Details) - USD ($) | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Secured Credit Facilities Term Loan | Secured Debt [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 5,489,000 | $ 3,377,000 | |
Reported Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of debt obligations | 1,069,463,000 | 949,263,000 | |
Reported Value Measurement [Member] | Level 2 (1) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of debt obligations | 1,019,511,000 | 897,729,000 | |
Reported Value Measurement [Member] | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of debt obligations | 49,952,000 | 51,534,000 | |
Estimate of Fair Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of debt obligations | 1,061,419,000 | 929,237,000 | |
Estimate of Fair Value Measurement [Member] | Level 2 (1) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of debt obligations | 1,020,625,000 | 887,589,000 | |
Estimate of Fair Value Measurement [Member] | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of debt obligations | 40,794,000 | 41,648,000 | |
Certain property and equipment [Member] | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Property, Plant, and Equipment, Fair Value Disclosure | 52,000 | 1,076,000 | $ 2,028,000 |
Impairment Of Assets [Member] | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impairment of Oil and Gas Properties | 1,623,000 | 0 | 0 |
Impairment Of Assets [Member] | Certain property and equipment [Member] | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | 2,687,000 | 1,443,000 | 3,937,000 |
Trade Names [Member] | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 0 | 760,000 | 0 |
Trade Names [Member] | Impairment Of Assets [Member] | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 60,000 | 0 |
Unclassified Indefinite-lived Intangible Assets [Member] | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 21,000 | 20,000 | 642,000 |
Unclassified Indefinite-lived Intangible Assets [Member] | Impairment Of Assets [Member] | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 7,000 | 2,000 | 2,443,000 |
Management Contracts | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Finite-lived Intangible Assets, Fair Value Disclosure | 0 | 0 | 0 |
Management Contracts | Impairment Of Assets [Member] | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impairment of Intangible Assets, Finite-lived | 827,000 | 820,000 | 0 |
Drilling Rights [Member] | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other Assets, Fair Value Disclosure | $ 600,000 | $ 0 | $ 0 |
PROPERTY AND EQUIPMENT (Schedul
PROPERTY AND EQUIPMENT (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | Dec. 29, 2015 | Dec. 30, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,076,480 | $ 1,940,538 |
Accumulated depreciation | (541,960) | (465,775) |
Total | 1,534,520 | 1,474,763 |
Land and non-depreciable land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 600,819 | 589,975 |
Depreciable land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 478,352 | 445,979 |
Buildings and recreational facilities | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 511,124 | 482,493 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 264,129 | 225,103 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 111,184 | 104,904 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 97,459 | 85,800 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 13,413 | $ 6,284 |
PROPERTY AND EQUIPMENT (Narrati
PROPERTY AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 101,037 | $ 79,394 | $ 69,211 |
Interest Costs Capitalized | $ 300 | $ 200 | $ 300 |
GOODWILL AND INTANGIBLE ASSET62
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization | $ 2,907 | $ 1,398 | $ 2,863 |
Intangible Asset Disposals | $ 600 | 2,900 | |
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Minimum [Member] | Member Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Minimum [Member] | Management Contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 1 year | ||
Maximum | Member Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Maximum | Management Contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Sequoia Golf Holdings LLC [Member] [Domain] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | 9,800 | ||
Sequoia Golf Holdings LLC [Member] [Domain] | Member Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | 2,900 | ||
Sequoia Golf Holdings LLC [Member] [Domain] | Management Contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | 5,800 | ||
Sequoia Golf Holdings LLC [Member] [Domain] | Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 1,100 | ||
Sequoia Golf Holdings LLC [Member] [Domain] | Weighted Average [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Sequoia Golf Holdings LLC [Member] [Domain] | Weighted Average [Member] | Member Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Sequoia Golf Holdings LLC [Member] [Domain] | Weighted Average [Member] | Management Contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Sequoia Golf Holdings LLC [Member] [Domain] | Weighted Average [Member] | Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Fair Value, Inputs, Level 3 [Member] | Management Contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets, Fair Value Disclosure | $ 0 | $ 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 0 | 760 | 0 |
Fair Value, Inputs, Level 3 [Member] | Unclassified Indefinite-lived Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 21 | 20 | 642 |
Impairment Of Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Management Contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of Intangible Assets, Finite-lived | 827 | 820 | 0 |
Impairment Of Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 60 | 0 |
Impairment Of Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Unclassified Indefinite-lived Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 7 | $ 2 | $ 2,443 |
GOODWILL AND INTANGIBLE ASSET63
GOODWILL AND INTANGIBLE ASSETS (Schedule of Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Indefinite Lived and Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Amortization | $ (3,531) | $ (1,536) | |
Finite-Lived Intangible Assets, Net | 4,394 | ||
Intangible Assets, Net (Excluding Goodwill) | 31,252 | 34,960 | |
Intangible Assets, Gross | 34,783 | 36,496 | |
Goodwill | 312,811 | 312,811 | $ 258,459 |
Member Relationships | |||
Indefinite Lived and Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets with finite lives | 2,866 | 2,866 | |
Accumulated Amortization | (1,907) | (539) | |
Finite-Lived Intangible Assets, Net | 959 | 2,327 | |
Management Contracts | |||
Indefinite Lived and Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets with finite lives | 3,959 | 5,698 | |
Accumulated Amortization | (988) | (866) | |
Finite-Lived Intangible Assets, Net | $ 2,971 | 4,832 | |
Trade Names [Member] | |||
Indefinite Lived and Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Intangible assets with finite lives | $ 1,100 | 1,100 | |
Accumulated Amortization | (636) | (131) | |
Finite-Lived Intangible Assets, Net | 464 | 969 | |
Trade names | |||
Indefinite Lived and Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets with indefinite lives | 24,790 | 24,790 | |
Liquor Licenses | |||
Indefinite Lived and Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets with indefinite lives | $ 2,068 | $ 2,042 |
GOODWILL AND INTANGIBLE ASSET64
GOODWILL AND INTANGIBLE ASSETS (Schedule of Finite Lived Intangible Assets Future Amortization Expense) (Details) $ in Thousands | Dec. 29, 2015USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 1,797 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 761 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 629 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 383 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 239 |
Finite-Lived Intangible Assets, Amortization Expense, Thereafter | 585 |
Finite-Lived Intangible Assets, Net | $ 4,394 |
GOODWILL AND INTANGIBLE ASSET65
GOODWILL AND INTANGIBLE ASSETS (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2014 | Dec. 29, 2015 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | $ 54,352 | ||
Goodwill [Roll Forward] | |||
Goodwill | 312,811 | $ 312,811 | $ 258,459 |
Golf and Country Clubs | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | 54,352 | ||
Goodwill [Roll Forward] | |||
Goodwill | 167,460 | 167,460 | 113,108 |
Business, Sports and Alumni Clubs | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | 0 | ||
Goodwill [Roll Forward] | |||
Goodwill | 145,351 | $ 145,351 | $ 145,351 |
Sequoia Golf Holdings LLC [Member] [Domain] | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | $ 54,400 |
OTHER ASSETS Debt Issuance Cost
OTHER ASSETS Debt Issuance Costs and Mineral Rights - USD ($) | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Deferred Finance Costs, Net | $ 15,600,000 | $ 11,500,000 | |
Capitalized Costs, Mineral Interests in Unproved Properties | 700,000 | 2,300,000 | |
Impairment Of Assets [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impairment of Oil and Gas Properties | 1,623,000 | 0 | $ 0 |
Drilling Rights [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other Assets, Fair Value Disclosure | $ 600,000 | $ 0 | $ 0 |
CURRENT AND LONG-TERM LIABILI67
CURRENT AND LONG-TERM LIABILITIES (Schedule of Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 29, 2015 | Dec. 30, 2014 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 27,247 | $ 29,273 |
Accrued interest | 2,618 | 7,428 |
Other accrued expenses | 7,576 | 7,723 |
Total accrued expenses | 37,441 | 44,424 |
Taxes payable other than federal income taxes (1) | 15,473 | 21,903 |
Accrued Income Taxes, Current | 0 | 0 |
Total accrued taxes | 15,473 | 21,903 |
Advance event and other deposits | 18,708 | 15,584 |
Unearned dues | 14,225 | 12,819 |
Deferred membership revenues | 12,175 | 10,937 |
Insurance reserves | 11,317 | 8,464 |
Dividends to owners declared, but unpaid | 8,467 | 8,384 |
Other current liabilities | 4,300 | 3,362 |
Total other current liabilities | $ 69,192 | $ 59,550 |
CURRENT AND LONG-TERM LIABILI68
CURRENT AND LONG-TERM LIABILITIES (Schedule of Other Long Term Liabilities) (Details) - USD ($) $ in Thousands | Dec. 29, 2015 | Dec. 30, 2014 |
Payables and Accruals [Abstract] | ||
Uncertain tax positions | $ 7,343 | $ 7,670 |
Deferred membership revenues | 45,960 | 42,894 |
Casualty insurance loss reserves - long term portion | 14,659 | 14,162 |
Above market lease intangibles | 352 | 774 |
Deferred rent | 29,250 | 27,838 |
Interest Payable | 23,236 | 22,174 |
Other | 2,857 | 4,905 |
Total other long-term liabilities | $ 123,657 | $ 120,417 |
DEBT AND CAPITAL LEASES (Narrat
DEBT AND CAPITAL LEASES (Narrative) (Details) $ in Thousands | Dec. 15, 2015USD ($) | Apr. 11, 2014USD ($) | Nov. 30, 2010USD ($) | Oct. 28, 2013USD ($) | Dec. 29, 2015USD ($) | Dec. 30, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 25, 2012USD ($) | Jan. 25, 2016USD ($) | May. 28, 2015 | Sep. 30, 2014USD ($) | Sep. 25, 2013 | Jul. 24, 2013USD ($) | May. 22, 2013USD ($)Option | Aug. 01, 2012Option | Oct. 01, 2010USD ($) | Jul. 31, 2008USD ($) |
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | $ 1,074,952 | $ 952,640 | |||||||||||||||
Redemption premium payment included in loss on extinguishment of debt | 0 | 27,452 | $ 14,525 | ||||||||||||||
Revolving Credit Facility [Member] | Secured Credit Facilities Revolving Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Gross | $ 0 | $ 0 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.42% | 3.26% | |||||||||||||||
Secured Debt [Member] | Secured Credit Facilities Term Loan | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 5,489 | $ 3,377 | |||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 105,300 | ||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 135,000 | ||||||||||||||||
Letters of Credit Outstanding, Amount | 29,700 | ||||||||||||||||
Line of Credit Facility, Additional Borrowing Capacity | 125,000 | ||||||||||||||||
Unsecured Debt [Member] | Senior Unsecured Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 415,000 | ||||||||||||||||
Write off of Deferred Debt Issuance Cost | 4,000 | ||||||||||||||||
Amount paid to Trustee for redemption of bonds including principal, interest and redemption premium | $ 309,200 | ||||||||||||||||
Early Repayment of Debt | $ 145,300 | ||||||||||||||||
Redemption premium payment included in loss on extinguishment of debt | 27,500 | ||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 110.18% | 110.00% | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||||||||||||||
Unsecured Debt [Member] | Senior Unsecured Notes 2015 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 350,000 | ||||||||||||||||
Long-term Debt, Gross | $ 350,000 | $ 0 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | 8.25% | 0.00% | ||||||||||||||
Debt Issuance Cost | $ 7,300 | ||||||||||||||||
Mortgages [Member] | General Electric Capital Corporation Mortgage Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Mortgage Loan Mortgage Obligation Face Amount | $ 32,000 | ||||||||||||||||
Mortgage Loan Mortgage Obligation Options To Extend Maturity | Option | 1 | ||||||||||||||||
Long-term Debt, Gross | $ 29,112 | $ 29,738 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | |||||||||||||||
Mortgages [Member] | Atlantic Capital Bank Mortgage Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 4,000 | ||||||||||||||||
Debt Instrument Payment Amortization Period | 25 years | ||||||||||||||||
Long-term Debt, Gross | $ 3,173 | $ 3,333 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | |||||||||||||||
Mortgages [Member] | BancFirst Mortgage Loan [Member] [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Mortgage Loan Mortgage Obligation Face Amount | $ 5,000 | ||||||||||||||||
Mortgage Loan Mortgage Obligation Options To Extend Maturity | Option | 2 | ||||||||||||||||
Long-term Debt, Gross | $ 3,842 | $ 4,266 | |||||||||||||||
Secured Debt [Member] | Secured Debt [Member] | Secured Credit Facilities Term Loan | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 675,000 | $ 350,000 | $ 250,000 | $ 301,100 | |||||||||||||
Debt Instrument, Unamortized Discount | 3,400 | $ 1,900 | |||||||||||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 1,800 | ||||||||||||||||
Senior Secured Leverage Ratio Required for Additional Revolver Capacity | 3.50 | ||||||||||||||||
Senior Secured Leverage Ratio Requirement | 4.50 | ||||||||||||||||
Total Leverage Ratio Required | 5.75 | ||||||||||||||||
Senior Secured Leverage Ratio Actual | 3.01 | ||||||||||||||||
Total Leverage Ratio Actual Amount | 4.50 | ||||||||||||||||
Write off of Deferred Debt Issuance Cost | $ 1,900 | ||||||||||||||||
Write off of Unamortized Debt Discount | 700 | ||||||||||||||||
Early Repayment of Debt | $ 226,100 | ||||||||||||||||
Long-term Debt, Gross | $ 675,000 | $ 901,106 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.50% | |||||||||||||||
Debt Issuance Cost | $ 6,800 | $ 700 | $ 1,900 | $ 7,800 | $ 800 | ||||||||||||
Debt Issuance Costs Recorded to Expense | $ 9,300 | $ 6,400 | |||||||||||||||
Option 2 [Member] | Mortgages [Member] | Atlantic Capital Bank Mortgage Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||||||||||||||||
Option 1 [Member] | Secured Debt [Member] | Secured Credit Facilities Term Loan | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.50% | 4.25% | 4.50% | 4.00% | 4.25% | |||||||||||
Prime Rate [Member] | Mortgages [Member] | BancFirst Mortgage Loan [Member] [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | |||||||||||||||
Prime Rate [Member] | Option 1 [Member] | Mortgages [Member] | BancFirst Mortgage Loan [Member] [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||||||||||||||||
Libor Rate [Member] | Revolving Credit Facility Tranche B [Member] | Secured Credit Facilities Revolving Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | 3.00% | |||||||||||||||
Libor Rate [Member] | Option 2 [Member] | Secured Debt [Member] | Secured Credit Facilities Term Loan | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Variable Percentage | 3.25% | 3.50% | 3.25% | 3.50% | 3.00% | 3.25% | |||||||||||
Subsequent Event [Member] | Secured Debt [Member] | Secured Credit Facilities Term Loan | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 175,000 |
DEBT AND CAPITAL LEASES (Schedu
DEBT AND CAPITAL LEASES (Schedule of Long Term Debt and Capital Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 15, 2015 | May. 28, 2015 | Sep. 30, 2014 | Apr. 11, 2014 | Sep. 25, 2013 | Jul. 24, 2013 | Nov. 30, 2010 | |
Debt Instrument [Line Items] | |||||||||
Long-term Debt Carrying Value | $ 1,074,952 | $ 952,640 | |||||||
Capital leases | 43,271 | 33,949 | |||||||
Long Term Debt and Capital Lease Obligations Current and Noncurrent | 1,118,223 | 986,589 | |||||||
Less current portion | (20,414) | (18,025) | |||||||
Long-term debt | 1,092,320 | 965,187 | |||||||
Unsecured Debt | Senior Unsecured Notes 2015 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt Carrying Value | $ 350,000 | $ 0 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | 0.00% | 8.25% | ||||||
Unsecured Debt | Senior Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||||||
Secured Debt [Member] | Secured Credit Facilities Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 105,300 | ||||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ (5,489) | $ (3,377) | |||||||
Secured Debt [Member] | Secured Credit Facilities Term Loan | Fixed rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.50% | 4.25% | 4.50% | 4.00% | 4.25% | |||
Secured Debt [Member] | Secured Credit Facilities Term Loan | Fixed plus variable rate | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Variable Percentage | 3.25% | 3.50% | 3.25% | 3.50% | 3.00% | 3.25% | |||
Revolving Credit Facility [Member] | Secured Credit Facilities Revolving Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt Carrying Value | $ 0 | $ 0 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.42% | 3.26% | |||||||
Mortgages [Member] | General Electric Capital Corporation Mortgage Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt Carrying Value | $ 29,112 | $ 29,738 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | |||||||
Mortgages [Member] | General Electric Capital Corporation Mortgage Loan [Member] | Fixed rate | Three month LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | ||||||||
Mortgages [Member] | Atlantic Capital Bank Mortgage Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt Carrying Value | $ 3,173 | $ 3,333 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | |||||||
Mortgages [Member] | Atlantic Capital Bank Mortgage Loan | Fixed rate | Thirty Days Libor [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||||||||
Mortgages [Member] | Atlantic Capital Bank Mortgage Loan | Fixed plus variable rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||||||||
Mortgages [Member] | BancFirst Mortgage Loan [Member] [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt Carrying Value | $ 3,842 | $ 4,266 | |||||||
Mortgages [Member] | BancFirst Mortgage Loan [Member] [Member] | Prime Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | |||||||
Mortgages [Member] | BancFirst Mortgage Loan [Member] [Member] | Fixed rate | Prime Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||||||||
Other notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest Rate, Minimum | 4.75% | 4.00% | |||||||
Interest Rate, Maximum | 6.00% | 8.60% | |||||||
Other notes | Other Notes related to Non Core Development Entities [Member] [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt Carrying Value | $ 11,837 | $ 11,837 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | |||||||
Other notes | Other notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt Carrying Value | $ 1,988 | $ 2,360 | |||||||
Maximum | Mortgages [Member] | General Electric Capital Corporation Mortgage Loan [Member] | Fixed plus variable rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||||||||
Secured Debt [Member] | Secured Debt [Member] | Secured Credit Facilities Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt Carrying Value | $ 675,000 | $ 901,106 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.50% | |||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ (1,800) |
DEBT AND CAPITAL LEASES (Sche71
DEBT AND CAPITAL LEASES (Schedule of Long Term Debt maturities) (Details) - USD ($) $ in Thousands | Dec. 29, 2015 | Dec. 30, 2014 |
Debt Disclosure [Abstract] | ||
Debt 2,015 | $ 4,924 | |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 15,490 | |
Total 2,015 | 20,414 | |
Debt 2,016 | 28,957 | |
Capital Leases, Future Minimum Payments Due in Two Years | 12,794 | |
Total 2,016 | 41,751 | |
Debt 2,017 | 490 | |
Capital Leases, Future Minimum Payments Due in Three Years | 9,172 | |
Total 2,017 | 9,662 | |
Debt 2,018 | 426 | |
Capital Leases, Future Minimum Payments Due in Four Years | 4,611 | |
Total 2,018 | 5,037 | |
Debt 2,019 | 2,630 | |
Capital Leases, Future Minimum Payments Due in Five Years | 1,204 | |
Total 2,019 | 3,834 | |
Debt Thereafter | 1,037,525 | |
Capital Leases, Future Minimum Payments Due Thereafter | 0 | |
Total Thereafter | 1,037,525 | |
Total Debt | 1,074,952 | |
Capital Leases | 43,271 | $ 33,949 |
Long Term Debt and Capital Lease Obligations Current and Noncurrent | $ 1,118,223 | $ 986,589 |
DEBT AND CAPITAL LEASES Debt In
DEBT AND CAPITAL LEASES Debt Instrument Redemption (Details) - Unsecured Debt [Member] - Senior Unsecured Notes 2015 [Member] | 12 Months Ended |
Dec. 29, 2015 | |
Debt Instrument, Redemption [Line Items] | |
Debt Instrument, Redemption Price, Percentage, Change of Control | 101.00% |
Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument, Redemption [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 108.25% |
Debt Instrument, Redemption Price, Percentage, before Make-Whole Premium | 100.00% |
Debt Instrument, Percentage of Principal Allowed to be Redeemed | 40.00% |
Debt Instrument, Percentage of Principal Required Outstanding after Early Redemption | 50.00% |
Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument, Redemption [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 106.188% |
Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument, Redemption [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 104.125% |
Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument, Redemption [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 102.063% |
Debt Instrument, Redemption, Period Five [Member] | |
Debt Instrument, Redemption [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
LEASES (Details)
LEASES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Schedule of Capital Leased Assets & Operating Leased Assets [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 32,400 | $ 29,100 | $ 29,400 |
Capital Leases, Future Minimum Payments Due Thereafter | 0 | ||
Capital Leases, Future Minimum Payments Due in Five Years | 1,204 | ||
Capital Leases, Future Minimum Payments Due in Four Years | 4,611 | ||
Capital Leases, Future Minimum Payments Due in Three Years | 9,172 | ||
Capital Leases, Future Minimum Payments Due in Two Years | 12,794 | ||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 15,490 | ||
Operating Leases, Rent Expense, Contingent Rentals | $ 10,100 | $ 9,200 | $ 8,800 |
Lease Agreement Period, Maximum | 99 years | ||
Other Capitalized Property Plant and Equipment [Member] | |||
Schedule of Capital Leased Assets & Operating Leased Assets [Line Items] | |||
Capital Leases, Future Minimum Payments, Interest Included in Payments | $ 4,239 | ||
Capital Leases, Future Minimum Payments Due | 47,510 | ||
Operating Leases, Future Minimum Payments Due | 199,189 | ||
Capital Leases, Future Minimum Payments Due Thereafter | 0 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 104,903 | ||
Capital Leases, Future Minimum Payments Due in Five Years | 1,324 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 15,047 | ||
Capital Leases, Future Minimum Payments Due in Four Years | 5,052 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 16,823 | ||
Capital Leases, Future Minimum Payments Due in Three Years | 9,932 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 18,987 | ||
Capital Leases, Future Minimum Payments Due in Two Years | 13,858 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 21,256 | ||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 17,344 | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 22,173 | ||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 43,271 | ||
Current liabilities | |||
Schedule of Capital Leased Assets & Operating Leased Assets [Line Items] | |||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | $ 15,500 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | Dec. 25, 2012 |
Income Tax Contingency [Line Items] | ||||
Accrued Income Taxes, Current | $ 0 | $ 0 | ||
Uncertain tax positions | 7,343 | 7,670 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 2,300 | 1,400 | ||
Unrecognized Tax Benefits Maximum Impact To Effective Tax Rate | 5,100 | |||
Unrecognized Tax Benefits | 6,373 | $ 7,542 | $ 50,378 | $ 51,384 |
Tax Audit Year 2008 [Domain] | ||||
Income Tax Contingency [Line Items] | ||||
Tax Contingencies Subject To Compromise, Not Recorded | 3,000 | |||
Tax Audit Year 2009 [Domain] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | 4,700 | |||
State and Local Jurisdiction [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Accrued Income Taxes, Current | $ 2,500 |
INCOME TAXES Schedule of Income
INCOME TAXES Schedule of Income (loss) before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Schedule of Income (Loss) before Income Tax, Domestic and Foreign [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ (7,626) | $ (27,471) | $ (38,583) |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | (316) | (666) | (404) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $ (7,942) | $ (28,137) | $ (38,987) |
INCOME TAXES Schedule of Compon
INCOME TAXES Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Federal Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ (669) | $ 42,400 | $ (3,040) |
Current State and Local Tax Expense (Benefit) | (6,010) | 1,242 | (2,972) |
Current Foreign Tax Expense (Benefit) | (977) | (62) | (220) |
Current Income Tax Expense (Benefit) | (7,656) | 43,580 | (6,232) |
Deferred Federal Income Tax Expense (Benefit) | 4,300 | (1,277) | 4,209 |
Deferred State and Local Income Tax Expense (Benefit) | 1,727 | (834) | 342 |
Deferred Income Tax Expense (Benefit) | 6,027 | (2,111) | 4,551 |
Income Tax Expense (Benefit) | $ (1,629) | $ 41,469 | $ (1,681) |
INCOME TAXES Schedule of Effect
INCOME TAXES Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
State and Local Jurisdiction [Member] | |||
Valuation Allowance [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ (1,820) | $ (245) | $ (1,266) |
Foreign Tax Authority [Member] | |||
Valuation Allowance [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ (200) | $ (1,128) | $ (44) |
INCOME TAXES Summary of Operati
INCOME TAXES Summary of Operating Loss Carryforwards (Details) $ in Thousands | Dec. 29, 2015USD ($) |
Internal Revenue Service (IRS) [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 48,462 |
State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 215,825 |
Domestic Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 29,288 |
Foreign Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 18,757 |
INCOME TAXES Schedule of Deferr
INCOME TAXES Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 29, 2015 | Dec. 30, 2014 |
Valuation Allowance [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | $ (13,664) | $ (12,290) |
State and Local Jurisdiction [Member] | ||
Valuation Allowance [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | (7,413) | (5,594) |
Foreign Tax Authority [Member] | ||
Valuation Allowance [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | $ (6,251) | $ (6,696) |
INCOME TAXES Schedule of Unreco
INCOME TAXES Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 4 Months Ended | 12 Months Ended | |||
Dec. 30, 2014 | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | Dec. 25, 2012 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract] | |||||
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 48,600 | ||||
Unrecognized Tax Benefits | 7,542 | $ 6,373 | $ 7,542 | $ 50,378 | $ 51,384 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 0 | 0 | 0 | ||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 207 | 5,800 | 103 | ||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (36,900) | (1,376) | (48,636) | (1,109) | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 11,800 | $ 800 | $ (10,600) | $ 4,100 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 11,700 | ||||
Income Tax Benefit Related to IRS Audit | 43,700 | ||||
Increase in Unrecognized Tax Benefit, including interest and penalties | $ 7,300 |
INCOME TAXES Valuation Allowanc
INCOME TAXES Valuation Allowance (Details) - USD ($) $ in Thousands | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | Dec. 25, 2012 |
Deferred Tax Liabilities, Gross, Classification [Abstract] | ||||
Unrecognized Tax Benefits | $ 6,373 | $ 7,542 | $ 50,378 | $ 51,384 |
Deferred Tax Assets, Valuation Allowance | 13,664 | 12,290 | ||
Accrued Income Taxes, Current | $ 0 | $ 0 |
INCOME TAXES Effective Income T
INCOME TAXES Effective Income Tax Rate Reconciliation, Percent (Details) | 12 Months Ended |
Dec. 29, 2015 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |
Federal statutory rate | 35.00% |
INCOME TAXES Effective Income83
INCOME TAXES Effective Income Tax Rate Reconciliation, Amount (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Valuation Allowance [Line Items] | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 2,780 | $ 10,113 | $ 13,645 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | (1,041) | (2,607) | (468) |
Effective Income Tax Rate Reconciliation, Membership initiation deposits | 0 | 0 | (4,586) |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | (117) | (127) | (97) |
Income Tax Reconciliation Asset Tax And Impuesto Empresarial Tasa Unica Foreign Tax | (210) | (62) | (220) |
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount | (749) | 36,409 | (3,171) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | (29) | (298) | (4,192) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | (311) | (1,777) | 0 |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | 68 | 1,191 | (1,282) |
Federal Income Tax Expense (Benefit), Continuing Operations | (1,629) | 41,469 | (1,681) |
State and Local Jurisdiction [Member] | |||
Valuation Allowance [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (1,820) | (245) | (1,266) |
Foreign Tax Authority [Member] | |||
Valuation Allowance [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ (200) | $ (1,128) | $ (44) |
INCOME TAXES Deferred Taxes (De
INCOME TAXES Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 29, 2015 | Dec. 30, 2014 |
Valuation Allowance [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 16,962 | $ 31,396 |
Deferred Tax Assets Operating Loss Carryforwards, State And Foreign | 13,487 | 12,577 |
Deferred Tax Assets, Deferred Income | 70,669 | 59,605 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | 18,564 | 19,829 |
Deferred Tax Assets, State Taxes | 4,464 | 3,908 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Deferred Rent | 11,480 | 10,918 |
Deferred Tax Assets, Other | 16,095 | 18,074 |
Deferred Tax Assets, Gross | 151,721 | 156,307 |
Deferred Tax Assets, Valuation Allowance | (13,664) | (12,290) |
Deferred Tax Liabilities Discounts On Membership Deposits And Acquired Notes | (138,735) | (145,772) |
Deferred Tax Liabilities, Property, Plant and Equipment | (200,665) | (204,304) |
Deferred Tax Liabilities, Tax Deferred Income | (1,151) | (1,525) |
Deferred Tax Liabilities, Intangible Assets | (7,491) | (9,617) |
Deferred Tax Liabilities, Other | (472) | (338) |
Deferred Tax Liabilities, Gross | (348,514) | (361,556) |
Deferred Tax Liabilities, Net | (210,457) | (217,539) |
State and Local Jurisdiction [Member] | ||
Valuation Allowance [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | (7,413) | (5,594) |
Foreign Tax Authority [Member] | ||
Valuation Allowance [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | $ (6,251) | $ (6,696) |
INCOME TAXES Deferred Taxes, Cu
INCOME TAXES Deferred Taxes, Current and Noncurrent (Details) - USD ($) $ in Thousands | Dec. 29, 2015 | Dec. 30, 2014 |
Deferred Tax Liabilities, Gross, Classification [Abstract] | ||
Deferred Tax Assets, Net, Current | $ 26,338 | $ 26,574 |
Deferred Tax Liabilities, Net, Noncurrent | (236,795) | (244,113) |
Deferred Tax Liabilities, Net | $ (210,457) | $ (217,539) |
CLUB ACQUISITIONS, CLUB DISPO86
CLUB ACQUISITIONS, CLUB DISPOSITIONS AND DISCONTINUED OPERATIONS (Narrative) (Details) $ in Thousands | 12 Months Ended | |||||||||||||
Dec. 29, 2015USD ($) | Dec. 30, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 17, 2015USD ($) | Apr. 07, 2015USD ($)Club | Jan. 20, 2015USD ($) | Jan. 13, 2015USD ($) | Dec. 04, 2014USD ($) | Sep. 30, 2014USD ($)Club | Apr. 29, 2014USD ($) | Mar. 03, 2014USD ($) | Dec. 17, 2013USD ($) | Jun. 18, 2013USD ($) | May. 22, 2013USD ($) | |
Bernardo Heights Country Club [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 2,840 | |||||||||||||
Payments to Acquire Businesses, Gross | $ 2,700 | |||||||||||||
Business Combination, Consideration Transferred | 2,700 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (104) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (134) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 2,704 | |||||||||||||
Southeast Portfolio [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of Golf Clubs Owned, Leased or Operated through Joint Venture Acquired | Club | 6 | |||||||||||||
Payments to Acquire Businesses, Gross | 43,800 | |||||||||||||
Business Combination, Consideration Transferred | 43,600 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | $ (2,063) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (2,020) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 43,633 | |||||||||||||
Rolling Green Country Club [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 6,554 | |||||||||||||
Payments to Acquire Businesses, Gross | 6,500 | |||||||||||||
Business Combination, Consideration Transferred | 6,400 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 125 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (110) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (193) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 6,376 | |||||||||||||
Ravinia Green Country Club [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 6,034 | |||||||||||||
Payments to Acquire Businesses, Gross | 5,900 | |||||||||||||
Business Combination, Consideration Transferred | $ 5,900 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (186) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (11) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 5,867 | |||||||||||||
Oro Valley Country Club [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 2,997 | |||||||||||||
Payments to Acquire Businesses, Gross | $ 3,100 | |||||||||||||
Business Combination, Consideration Transferred | 3,100 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (53) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (225) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 3,069 | |||||||||||||
Sequoia Golf Holdings LLC [Member] [Domain] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Consideration Transferred | $ 260,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 5,600 | |||||||||||||
Number of Owned Clubs | Club | 30 | |||||||||||||
Number of Leased or Managed Clubs | Club | 20 | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | |||||||||||||
Capital Leased Assets, Gross | $ 4,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (2,544) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 260,007 | |||||||||||||
TPC-Piper Glen [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 3,833 | |||||||||||||
Payments to Acquire Businesses, Gross | $ 3,800 | |||||||||||||
Business Combination, Consideration Transferred | 3,700 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (115) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 3,731 | |||||||||||||
TPC-Michigan [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,643 | |||||||||||||
Payments to Acquire Businesses, Gross | 3,000 | |||||||||||||
Business Combination, Consideration Transferred | 2,600 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (624) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (157) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 2,552 | |||||||||||||
Prestonwood Country Club [Member] [Domain] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 14,742 | |||||||||||||
Payments to Acquire Businesses, Gross | 11,200 | |||||||||||||
Business Combination, Consideration Transferred | $ 10,900 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (362) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (280) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 10,903 | |||||||||||||
Chantilly National Golf & Country Club [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 5,171 | |||||||||||||
Payments to Acquire Businesses, Gross | $ 4,600 | |||||||||||||
Business Combination, Consideration Transferred | 4,800 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 103 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (25) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (180) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (234) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 4,835 | |||||||||||||
Cherry Valley Country Club [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 5,976 | |||||||||||||
Payments to Acquire Businesses, Gross | 5,600 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 179 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (408) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (311) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 5,557 | |||||||||||||
Oak Tree Country Club [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 12,108 | |||||||||||||
Payments to Acquire Businesses, Gross | 10,000 | |||||||||||||
Business Combination, Consideration Transferred | 5,200 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 233 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (4,486) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 5,228 | |||||||||||||
Liabilities Assumed | $ 5,000 | |||||||||||||
Secured Debt [Member] | Secured Debt [Member] | Secured Credit Facilities Term Loan | Sequoia Golf Holdings LLC [Member] [Domain] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 244,600 |
CLUB ACQUISITIONS, CLUB DISPO87
CLUB ACQUISITIONS, CLUB DISPOSITIONS AND DISCONTINUED OPERATIONS (Schedule of Recognized Indentifiable Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||||||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | Dec. 17, 2015 | Apr. 07, 2015 | Jan. 20, 2015 | Jan. 13, 2015 | Dec. 04, 2014 | Sep. 30, 2014 | Apr. 29, 2014 | Mar. 03, 2014 | Jun. 18, 2013 | May. 22, 2013 | |
Oak Tree Country Club [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Gross | $ 10,000 | ||||||||||||
Business Combination, Consideration Transferred | 5,200 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 12,108 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 233 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | (468) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (4,486) | ||||||||||||
Business Combination, Deferred Tax Liabilities Noncurrent | (722) | ||||||||||||
Business Combinations, Membership initiation deposits and other liabilities | (2,099) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 5,228 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | $ 662 | ||||||||||||
Bernardo Heights Country Club [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Gross | $ 2,700 | ||||||||||||
Business Combination, Consideration Transferred | 2,700 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | $ 102 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,840 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (104) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (134) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 2,704 | ||||||||||||
Sequoia Golf Holdings LLC [Member] [Domain] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Consideration Transferred | $ 260,000 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 10,204 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 7,957 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 54,990 | ||||||||||||
Business Combination, Depreciable land Improvements, property and equipment | 88,025 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 46,931 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment | 26,954 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 9,756 | ||||||||||||
Goodwill | 54,352 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 299,169 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (22,266) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (2,544) | ||||||||||||
Business Combination, Deferred Tax Liabilities Noncurrent | (14,263) | ||||||||||||
Business Combination, Noncontrolling Interests | (89) | ||||||||||||
Business Combination, Liabilities Assumed and Noncontrolling Interests | (39,162) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 260,007 | ||||||||||||
Southeast Portfolio [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Gross | 43,800 | ||||||||||||
Business Combination, Consideration Transferred | 43,600 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 1,757 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 646 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 9,920 | ||||||||||||
Business Combination, Depreciable land Improvements, property and equipment | 17,321 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 13,113 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment | 4,959 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (2,063) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (2,020) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 43,633 | ||||||||||||
Receivables, allowances | $ (228) | ||||||||||||
Rolling Green Country Club [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Gross | 6,500 | ||||||||||||
Business Combination, Consideration Transferred | 6,400 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 6,554 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 125 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (110) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (193) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 6,376 | ||||||||||||
Ravinia Green Country Club [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Gross | 5,900 | ||||||||||||
Business Combination, Consideration Transferred | $ 5,900 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | $ 30 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,034 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (186) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (11) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 5,867 | ||||||||||||
Cherry Valley Country Club [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Gross | $ 5,600 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 5,976 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 179 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (408) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (311) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 5,557 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | $ 121 | ||||||||||||
Oro Valley Country Club [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Gross | 3,100 | ||||||||||||
Business Combination, Consideration Transferred | 3,100 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | $ 120 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,997 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 230 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (53) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (225) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 3,069 | ||||||||||||
TPC-Piper Glen [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Gross | 3,800 | ||||||||||||
Business Combination, Consideration Transferred | 3,700 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | $ 210 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,833 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (115) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (197) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 3,731 | ||||||||||||
TPC-Michigan [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Gross | 3,000 | ||||||||||||
Business Combination, Consideration Transferred | 2,600 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 235 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,643 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (624) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (157) | ||||||||||||
Business Combination, Deferred Tax Liabilities Noncurrent | (175) | ||||||||||||
Business Combinations, Membership initiation deposits and other liabilities | (370) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 2,552 | ||||||||||||
Prestonwood Country Club [Member] [Domain] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Gross | 11,200 | ||||||||||||
Business Combination, Consideration Transferred | $ 10,900 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | $ 97 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 14,742 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (362) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (280) | ||||||||||||
Business Combination, Deferred Tax Liabilities Noncurrent | (1,300) | ||||||||||||
Business Combinations, Membership initiation deposits and other liabilities | (1,994) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 10,903 |
CLUB ACQUISITIONS, CLUB DISPO88
CLUB ACQUISITIONS, CLUB DISPOSITIONS AND DISCONTINUED OPERATIONS Discontinued Club Operations (Details) $ in Millions | 12 Months Ended | |
Dec. 29, 2015USD ($) | Dec. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Management Agreement Terminations | 10 | 5 |
Legacy Golf Club at Lakewood Ranch [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 0.6 |
CLUB ACQUISITIONS, CLUB DISPO89
CLUB ACQUISITIONS, CLUB DISPOSITIONS AND DISCONTINUED OPERATIONS Schedule of pro forma revenues and net income (loss) for business combinations (Details) - Sequoia Golf Holdings LLC [Member] [Domain] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 30, 2014 | Dec. 31, 2013 | |
Business Acquisition, Pro Format Information [Line Items] | ||
Business Acquisition, Pro Forma Revenue | $ 1,001,599 | $ 948,472 |
Business Acquisition, Pro Forma Net Income (Loss) | $ (9,080) | $ (55,178) |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ (140) | $ (1,020) |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ (140) | $ (1,020) |
CLUB ACQUISITIONS, CLUB DISPO90
CLUB ACQUISITIONS, CLUB DISPOSITIONS AND DISCONTINUED OPERATIONS Club Dispositions (Details) $ in Millions | 12 Months Ended |
Dec. 29, 2015USD ($) | |
Legacy Golf Club at Lakewood Ranch [Member] | |
Disposal Groups [Abstract] | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 0.6 |
SEGMENT INFORMATION (Schedule o
SEGMENT INFORMATION (Schedule of Segment Reporting Information, by Segment) (Details) $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
Sep. 08, 2015USD ($) | Jun. 16, 2015USD ($) | Mar. 24, 2015USD ($) | Sep. 09, 2014USD ($) | Jun. 17, 2014USD ($) | Mar. 25, 2014USD ($) | Dec. 29, 2015USD ($) | Dec. 30, 2014USD ($) | Dec. 29, 2015USD ($)Reportable_Segment | Dec. 30, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | Reportable_Segment | 2 | ||||||||||
Revenues | $ 1,052,867 | $ 884,155 | $ 815,080 | ||||||||
Total Assets | $ 2,170,862 | $ 2,065,071 | 2,170,862 | 2,065,071 | |||||||
Net (loss) income | $ 1,185 | $ (223) | $ (4,276) | $ 3,273 | $ (17,477) | $ (3,788) | (6,259) | 31,321 | (9,573) | 13,329 | (40,680) |
Interest Expense | 70,672 | 65,209 | 83,669 | ||||||||
Income Tax Expense (Benefit) | (1,629) | 41,469 | (1,681) | ||||||||
Interest and investment income | (5,519) | (2,585) | (345) | ||||||||
Depreciation and amortization | 103,944 | 80,792 | 72,073 | ||||||||
EBITDA | 161,153 | 115,276 | 116,398 | ||||||||
Segment Reporting Capital Expenditures | 131,672 | 97,196 | 71,615 | ||||||||
Loss On Disposals and Impairment Of Assets | 24,546 | 12,843 | 14,502 | ||||||||
Income/Loss from Discontinued and Divested Operations | 363 | (563) | (626) | ||||||||
Gains (Losses) on Extinguishment of Debt | 2,599 | 31,498 | 16,856 | ||||||||
EBITDA to Adjusted EBITDA Reconciliation, Non-cash adjustments | 2,008 | 2,007 | 3,929 | ||||||||
EBITDA to Adjusted EBITDA Reconciliation, Acquisition related costs | 4,965 | 10,568 | 1,211 | ||||||||
EBITDA to Adjusted EBITDA Reconciliation, Capital structure costs | 10,047 | 8,785 | 824 | ||||||||
EBITDA to Adjusted EBITDA Reconciliation, Centralization and transformation costs | 8,495 | 1,330 | 30 | ||||||||
EBITDA to Adjusted EBITDA Reconciliation, Other adjustments | 7,405 | 4,632 | 8,069 | ||||||||
Share-based Compensation | 4,970 | 4,303 | 14,217 | ||||||||
Interest and investment income | 7,111 | 5,644 | 1,306 | ||||||||
EBITDA to Adjusted EBITDA Reconciliation, Adjusted EBITDA | 233,662 | 196,323 | 176,716 | ||||||||
Long-Lived Assets | 1,902,686 | 1,842,112 | 1,902,686 | 1,842,112 | |||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,046,561 | 877,780 | 808,208 | ||||||||
Long-Lived Assets | 1,881,126 | 1,817,545 | 1,881,126 | 1,817,545 | |||||||
Geographical Segment All Foreign [Domain] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 6,306 | 6,375 | 6,872 | ||||||||
Long-Lived Assets | 21,560 | 24,567 | 21,560 | 24,567 | |||||||
Golf and Country Clubs | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 842,622 | 694,680 | 628,333 | ||||||||
Total Assets | 1,554,524 | 1,483,856 | 1,554,524 | 1,483,856 | |||||||
EBITDA | 246,111 | 203,191 | 180,076 | ||||||||
Segment Reporting Capital Expenditures | 107,632 | 71,108 | 47,546 | ||||||||
Business, Sports and Alumni Clubs | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 195,331 | 183,646 | 180,073 | ||||||||
Total Assets | 89,823 | 92,525 | 89,823 | 92,525 | |||||||
EBITDA | 39,641 | 34,954 | 34,144 | ||||||||
Segment Reporting Capital Expenditures | 7,316 | 20,605 | 18,641 | ||||||||
Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 22,901 | 10,701 | 10,066 | ||||||||
Total Assets | $ 526,515 | $ 488,690 | 526,515 | 488,690 | |||||||
EBITDA | (52,090) | (41,822) | (37,504) | ||||||||
Segment Reporting Capital Expenditures | 16,724 | 5,483 | 5,428 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (14,383) | (12,037) | (7,485) | ||||||||
Revenues Related to Divested Clubs [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 6,396 | 7,165 | 4,093 | ||||||||
Membership Dues Revenue [Domain] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 492,565 | 408,351 | 373,422 | ||||||||
Food and Beverage Revenue [Domain] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 291,582 | 251,838 | 231,673 | ||||||||
Golf Operations Revenue [Domain] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 173,982 | 144,139 | 133,412 | ||||||||
Other Revenue Type [Domain] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 94,738 | $ 79,827 | $ 76,573 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 09, 2015 | Sep. 03, 2015 | Jun. 25, 2015 | Mar. 20, 2015 | Dec. 03, 2014 | Sep. 09, 2014 | Jun. 25, 2014 | Mar. 18, 2014 | Dec. 10, 2013 | Mar. 19, 2013 | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 |
Distributions to owners [Line Items] | |||||||||||||
Cash distributions declared per common share | $ 0.13 | $ 0.13 | $ 0.13 | $ 0.13 | $ 0.13 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.69 | $ 0.52 | $ 0.49 | $ 0.79 |
Parent Company [Member] | |||||||||||||
Distributions to owners [Line Items] | |||||||||||||
Dividends | $ 8,416 | $ 8,416 | $ 8,417 | $ 8,399 | $ 8,377 | $ 7,731 | $ 7,731 | $ 7,725 | $ 7,654 | ||||
Principal Owner [Member] | |||||||||||||
Distributions to owners [Line Items] | |||||||||||||
Payments of Capital Distribution | $ 35,000 |
EARNINGS PER SHARE Earnings P93
EARNINGS PER SHARE Earnings Per Share Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Income Loss From Continuing Operations, Basic | $ (9,615) | $ 13,229 | $ (40,880) |
Income (Loss) From Continuing Operations, Diluted | $ (9,615) | $ 13,229 | $ (40,880) |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 200 | 0 | 0 |
WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC | 64,364 | 63,941 | 54,172 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 377 | 431 |
WEIGHTED AVERAGE SHARES OUTSTANDING, DILUTED | 64,364 | 64,318 | 54,603 |
Loss from continuing operations attributable to ClupCorp per basic share | $ (0.15) | $ 0.21 | $ (0.75) |
(Loss) income from continuing operations attributable to ClubCorp | $ (0.15) | $ 0.21 | $ (0.75) |
EARNINGS PER SHARE Dividends pa
EARNINGS PER SHARE Dividends paid to participating securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic | $ 0.1 | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | Dec. 25, 2012 |
Loss Contingencies [Line Items] | ||||
Unrecognized Tax Benefits | $ 6,373 | $ 7,542 | $ 50,378 | $ 51,384 |
Accrued Income Taxes, Current | 0 | $ 0 | ||
Capital commitments | ||||
Loss Contingencies [Line Items] | ||||
Capital commitments | 18,600 | |||
Tax Audit Year 2009 [Domain] | ||||
Loss Contingencies [Line Items] | ||||
Unrecognized Tax Benefits | 4,700 | |||
Tax Audit Year 2008 [Domain] | ||||
Loss Contingencies [Line Items] | ||||
Tax Contingencies Subject To Compromise, Not Recorded | 3,000 | |||
State and Local Jurisdiction [Member] | ||||
Loss Contingencies [Line Items] | ||||
Accrued Income Taxes, Current | $ 2,500 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 19, 2013USD ($) | Dec. 29, 2015USD ($) | Dec. 30, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 25, 2013USD ($) | |
Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Management consulting services annual fee | $ 1,000 | ||||
Related Party Transaction, Amounts of Transaction | $ 800 | ||||
Related Party Transaction Fee As A Percentage of Lenders' Maximum Commitment | 0.01 | ||||
Related Party Transaction Fee As A Percentage Of Total Consideration Paid | 0.01 | ||||
Related Party Management Contract Termination Fee | $ 5,000 | ||||
Other Affiliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management consulting services annual fee | $ 100 | ||||
Related Party Transaction, Amounts of Transaction | 0 | $ 0 | $ 400 | ||
Principal Owner [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payments of Capital Distribution | $ 35,000 | ||||
Equity Method Investment | |||||
Related Party Transaction [Line Items] | |||||
Management fees | 200 | 200 | $ 200 | ||
Equity Method Investment | Outstanding advances | |||||
Related Party Transaction [Line Items] | |||||
Receivables | 100 | 200 | |||
Equity Method Investment | Volume rebates | |||||
Related Party Transaction [Line Items] | |||||
Receivables | 3,200 | $ 2,300 | |||
Financial Consulting Services Agreement [Member] | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Maximum Reimbursements For Consulting Services | $ 100 |
QUARTERLY RESULTS OF OPERATIO97
QUARTERLY RESULTS OF OPERATIONS Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
Sep. 08, 2015 | Jun. 16, 2015 | Mar. 24, 2015 | Sep. 09, 2014 | Jun. 17, 2014 | Mar. 25, 2014 | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue, Net | $ 255,360 | $ 263,747 | $ 202,072 | $ 204,475 | $ 211,418 | $ 165,723 | $ 331,688 | $ 302,539 | $ 1,052,867 | $ 884,155 | $ 815,080 |
Direct and Selling, General and Administrative Expenses | 238,126 | 246,567 | 195,216 | 183,821 | 189,877 | 154,731 | 313,148 | 289,741 | |||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 1,185 | (222) | (4,275) | 3,274 | (17,476) | (3,788) | (6,259) | 31,322 | (9,571) | 13,332 | (40,668) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 1,185 | (223) | (4,276) | 3,273 | (17,477) | (3,788) | (6,259) | 31,321 | (9,573) | 13,329 | (40,680) |
Net Income (Loss) Available to Common Stockholders, Basic | $ 1,252 | $ (196) | $ (4,222) | $ 3,210 | $ (17,613) | $ (3,726) | $ (6,346) | $ 31,355 | $ (9,512) | $ 13,226 | $ (40,892) |
Net (loss) income attributable to ClubCorp | $ 0.02 | $ 0 | $ (0.07) | $ 0.05 | $ (0.28) | $ (0.06) | $ (0.10) | $ 0.49 | $ (0.15) | $ 0.21 | $ (0.75) |
Net (loss) income attributable to ClubCorp | $ 0.02 | $ 0 | $ (0.07) | $ 0.05 | $ (0.28) | $ (0.06) | $ (0.10) | $ 0.49 | $ (0.15) | $ 0.21 | $ (0.75) |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 18, 2016 | Dec. 09, 2015 | Sep. 03, 2015 | Jun. 25, 2015 | Mar. 20, 2015 | Dec. 03, 2014 | Sep. 09, 2014 | Jun. 25, 2014 | Mar. 18, 2014 | Dec. 10, 2013 | Mar. 22, 2016 | Mar. 19, 2013 | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 25, 2016 |
Subsequent Event [Line Items] | ||||||||||||||||
Cash distributions declared per common share | $ 0.13 | $ 0.13 | $ 0.13 | $ 0.13 | $ 0.13 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.69 | $ 0.52 | $ 0.49 | $ 0.79 | |||
Subsequent Event [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Cash distributions declared per common share | $ 0.13 | |||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 50,000 | |||||||||||||||
Parent Company [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Dividends | $ 8,416 | $ 8,416 | $ 8,417 | $ 8,399 | $ 8,377 | $ 7,731 | $ 7,731 | $ 7,725 | $ 7,654 | |||||||
Parent Company [Member] | Subsequent Event [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Dividends | $ 8,500 | |||||||||||||||
Restricted Stock [Member] | Subsequent Event [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Units granted | 540,791 | |||||||||||||||
Performance Shares [Member] | Subsequent Event [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Units granted | 308,219 | |||||||||||||||
Marsh Creek Country Club [Member] | Subsequent Event [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Payments to Acquire Businesses, Gross | $ 4,500 | |||||||||||||||
Secured Debt [Member] | Secured Credit Facilities Term Loan | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 135,000 | |||||||||||||||
Secured Debt [Member] | Secured Credit Facilities Term Loan | Subsequent Event [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 175,000 |
SCHEDULE I - REGISTRANT'S CON99
SCHEDULE I - REGISTRANT'S CONDENSED FINANCIAL STATEMENTS Condensed Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
Sep. 08, 2015 | Jun. 16, 2015 | Mar. 24, 2015 | Sep. 09, 2014 | Jun. 17, 2014 | Mar. 25, 2014 | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 1,185 | $ (223) | $ (4,276) | $ 3,273 | $ (17,477) | $ (3,788) | $ (6,259) | $ 31,321 | $ (9,573) | $ 13,329 | $ (40,680) |
Net Income (Loss) Available to Common Stockholders, Basic | $ 1,252 | $ (196) | $ (4,222) | $ 3,210 | $ (17,613) | $ (3,726) | $ (6,346) | $ 31,355 | (9,512) | 13,226 | (40,892) |
Other Comprehensive Income (Loss), Net of Tax | (2,959) | (3,220) | (398) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (12,471) | 10,006 | (41,290) | ||||||||
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Equity in Net Income (Loss) of Subsidiaries | (9,512) | 13,226 | (40,892) | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (9,512) | 13,226 | (40,892) | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | (9,512) | 13,226 | (40,892) | ||||||||
Equity in Other Comprehensive Loss of Subsidiaries | (2,959) | (3,220) | (398) | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (12,471) | 10,006 | (41,290) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (12,471) | $ 10,006 | $ (41,290) |
SCHEDULE I - REGISTRANT'S CO100
SCHEDULE I - REGISTRANT'S CONDENSED FINANCIAL STATEMENTS Condensed Balance Sheet Statement (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | Dec. 25, 2012 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | ||
Common stock, shares issued (in shares) | 64,740,736 | 64,443,332 | ||
Assets | $ 2,170,862 | $ 2,065,071 | ||
Dividends to owners declared, but unpaid | 8,467 | 8,384 | ||
Liabilities | 1,992,080 | 1,844,212 | ||
Common stock, $0.01 par value, 200,000,000 shares authorized; 64,740,736 and 64,443,332 issued and outstanding at December 29, 2015 and December 30, 2014, respectively | 647 | 644 | ||
Additional paid-in capital | 263,921 | 293,006 | ||
Accumulated deficit | (88,955) | (79,443) | ||
Stockholders' Equity Attributable to Parent | 168,364 | 209,917 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 178,782 | 220,859 | $ 237,950 | $ 143,082 |
Liabilities and Equity | $ 2,170,862 | $ 2,065,071 | ||
Common stock, shares outstanding (in shares) | 64,740,736 | 64,443,332 | ||
Parent Company [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Investment in Subsidiaries | $ 176,899 | $ 218,371 | ||
Assets | 176,899 | 218,371 | ||
Dividends to owners declared, but unpaid | 8,467 | 8,384 | ||
Dividends Payable, Noncurrent | 68 | 70 | ||
Liabilities | 8,535 | 8,454 | ||
Common stock, $0.01 par value, 200,000,000 shares authorized; 64,740,736 and 64,443,332 issued and outstanding at December 29, 2015 and December 30, 2014, respectively | 647 | 644 | ||
Additional paid-in capital | 263,921 | 293,006 | ||
Accumulated deficit | (96,204) | (83,733) | ||
Stockholders' Equity Attributable to Parent | 168,364 | 209,917 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 168,364 | 209,917 | ||
Liabilities and Equity | $ 176,899 | $ 218,371 |
SCHEDULE I - REGISTRANT'S CO101
SCHEDULE I - REGISTRANT'S CONDENSED FINANCIAL STATEMENTS Condensed Cash Flow Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||
Sep. 08, 2015 | Jun. 16, 2015 | Mar. 24, 2015 | Sep. 09, 2014 | Jun. 17, 2014 | Mar. 25, 2014 | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | Dec. 25, 2012 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 1,185 | $ (223) | $ (4,276) | $ 3,273 | $ (17,477) | $ (3,788) | $ (6,259) | $ 31,321 | $ (9,573) | $ 13,329 | $ (40,680) | |
Net Cash Provided by (Used in) Operating Activities | 152,270 | 129,158 | 93,693 | |||||||||
Net Cash Provided by (Used in) Investing Activities | (160,245) | (352,691) | (72,728) | |||||||||
Dividends to owners | (33,583) | (30,765) | (35,000) | |||||||||
Proceeds from Issuance Initial Public Offering | 0 | 0 | 173,250 | |||||||||
Net Cash Provided by (Used in) Financing Activities | 48,486 | 244,999 | (49,099) | |||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 41,300 | 21,266 | (28,184) | |||||||||
Cash and cash equivalents | 116,347 | 75,047 | 116,347 | 75,047 | 53,781 | $ 81,965 | ||||||
Dividends declared, but unpaid | 8,535 | 8,454 | 7,654 | |||||||||
Distribution related to utilization of DTA - non-cash disclosure | 0 | 0 | 4,518 | |||||||||
Parent Company [Member] | ||||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (9,512) | 13,226 | (40,892) | |||||||||
Equity in Net Income (Loss) of Subsidiaries | 9,512 | (13,226) | 40,892 | |||||||||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | 0 | |||||||||
Contribution from Subsidiary | 33,664 | 30,765 | 35,000 | |||||||||
Distribution to Subsidiary | 0 | 0 | (173,250) | |||||||||
Net Cash Provided by (Used in) Investing Activities | 33,664 | 30,765 | (138,250) | |||||||||
Dividends to owners | (33,664) | (30,765) | (35,000) | |||||||||
Proceeds from Issuance Initial Public Offering | 0 | 0 | 173,250 | |||||||||
Net Cash Provided by (Used in) Financing Activities | (33,664) | (30,765) | 138,250 | |||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | 0 | |||||||||
Cash and cash equivalents | $ 0 | $ 0 | 0 | 0 | 0 | $ 0 | ||||||
Dividends declared, but unpaid | 8,535 | 8,454 | 7,654 | |||||||||
Distribution related to utilization of DTA - non-cash disclosure | $ 0 | $ 0 | $ 4,518 |
SCHEDULE I - REGISTRANT'S CO102
SCHEDULE I - REGISTRANT'S CONDENSED FINANCIAL STATEMENTS Condensed Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 18, 2016 | Dec. 09, 2015 | Sep. 03, 2015 | Jun. 25, 2015 | Mar. 20, 2015 | Dec. 03, 2014 | Sep. 09, 2014 | Jun. 25, 2014 | Mar. 18, 2014 | Dec. 10, 2013 | Mar. 22, 2016 | Jun. 17, 2014 | Mar. 25, 2014 | Mar. 19, 2013 | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | Sep. 24, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 2,700,000 | 4,000,000 | ||||||||||||||||
Cash distributions declared per common share | $ 0.13 | $ 0.13 | $ 0.13 | $ 0.13 | $ 0.13 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.69 | $ 0.52 | $ 0.49 | $ 0.79 | |||||
Parent Company [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Dividends | $ 8,416 | $ 8,416 | $ 8,417 | $ 8,399 | $ 8,377 | $ 7,731 | $ 7,731 | $ 7,725 | $ 7,654 | |||||||||
Restricted Stock [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 22,384 | 2,361 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 18.11 | $ 19.06 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Canceled in Period | (7,493) | 0 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 82,025 | 20,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 214,306 | 230,427 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancellations, Weighted Average Grant Date Fair Value | $ 18.50 | $ 0 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 330,470 | 228,066 | 20,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.42 | $ 18.30 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 18.36 | 14 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 18.37 | $ 18.29 | $ 14 | |||||||||||||||
Performance Shares [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 20,271 | 0 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 18.44 | $ 0 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Canceled in Period | 0 | 0 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 0 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 136,071 | 111,610 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancellations, Weighted Average Grant Date Fair Value | $ 0 | $ 0 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 227,410 | 111,610 | 0 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 19.64 | $ 17.08 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 0 | 0 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 18.49 | $ 17.08 | $ 0 | |||||||||||||||
Two Zero One Two Stock Award Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 211,579 | 211,596 | 190,788 | |||||||||||||||
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings | 122,144 | |||||||||||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 68,644 | |||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Cash distributions declared per common share | $ 0.13 | |||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 50,000 | |||||||||||||||||
Subsequent Event [Member] | Parent Company [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Dividends | $ 8,500 | |||||||||||||||||
Performance Shares [Member] | Subsequent Event [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 308,219 | |||||||||||||||||
Restricted Stock [Member] | Subsequent Event [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 540,791 |