Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 29, 2017 | May 01, 2017 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 29, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | BRINKER INTERNATIONAL INC | |
Entity Central Index Key | 703,351 | |
Current Fiscal Year End Date | --06-28 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 48,930,887 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 29, 2017 | Jun. 29, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 9,043 | $ 31,446 |
Accounts receivable, net | 38,326 | 43,944 |
Inventories | 26,317 | 25,104 |
Restaurant supplies | 46,328 | 45,455 |
Prepaid expenses | 28,182 | 30,825 |
Total current assets | 148,196 | 176,774 |
Property and Equipment, at Cost: | ||
Land | 149,098 | 147,626 |
Buildings and leasehold improvements | 1,654,067 | 1,626,924 |
Furniture and equipment | 688,409 | 663,472 |
Construction-in-progress | 12,144 | 23,965 |
Property plant and equipment gross | 2,503,718 | 2,461,987 |
Less accumulated depreciation and amortization | (1,506,665) | (1,418,835) |
Net property and equipment | 997,053 | 1,043,152 |
Other Assets: | ||
Goodwill | 163,814 | 164,007 |
Deferred income taxes, net | 35,687 | 27,003 |
Intangibles, net | 27,960 | 30,225 |
Other | 30,368 | 28,299 |
Total other assets | 257,829 | 249,534 |
Total assets | 1,403,078 | 1,469,460 |
Current Liabilities: | ||
Current installments of long-term debt | 3,860 | 3,563 |
Accounts payable | 85,606 | 95,414 |
Gift card liability | 131,438 | 122,329 |
Accrued payroll | 75,579 | 70,999 |
Other accrued liabilities | 134,287 | 121,324 |
Income taxes payable | 6,497 | 18,814 |
Total current liabilities | 437,267 | 432,443 |
Long-term debt, less current installments | 1,325,604 | 1,110,693 |
Other liabilities | 138,907 | 139,423 |
Commitments and Contingencies (Note 11) | ||
Shareholders’ Deficit: | ||
Common stock—250,000,000 authorized shares; $0.10 par value; 176,246,649 shares issued and 48,914,360 shares outstanding at March 29, 2017, and 176,246,649 shares issued and 55,420,656 shares outstanding at June 29, 2016 | 17,625 | 17,625 |
Additional paid-in capital | 501,167 | 495,110 |
Accumulated other comprehensive loss | (13,005) | (11,594) |
Retained earnings | 2,605,637 | 2,558,193 |
Shareholders' deficit including treasury stock | 3,111,424 | 3,059,334 |
Less treasury stock, at cost (127,332,289 shares at March 29, 2017 and 120,825,993 shares at June 29, 2016) | (3,610,124) | (3,272,433) |
Total shareholders’ deficit | (498,700) | (213,099) |
Total liabilities and shareholders’ deficit | $ 1,403,078 | $ 1,469,460 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 29, 2017 | Jun. 29, 2016 |
Common Stock, authorized shares | 250,000,000 | 250,000,000 |
Common Stock, par value | $ 0.10 | $ 0.10 |
Common Stock, shares issued | 176,246,649 | 176,246,649 |
Common Stock, shares outstanding | 48,914,360 | 55,420,656 |
Treasury Stock, shares | 127,332,289 | 120,825,993 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 29, 2017 | Mar. 23, 2016 | Mar. 29, 2017 | Mar. 23, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Company sales | $ 790,624 | $ 805,145 | $ 2,276,743 | $ 2,311,298 |
Franchise and other revenues | 20,017 | 19,494 | 63,433 | 64,510 |
Total revenues | 810,641 | 824,639 | 2,340,176 | 2,375,808 |
Operating costs and expenses: | ||||
Cost of sales | 201,903 | 215,362 | 587,742 | 615,764 |
Restaurant labor | 261,632 | 262,701 | 760,894 | 756,874 |
Restaurant expenses | 192,372 | 187,216 | 582,146 | 567,049 |
Company restaurant expenses | 655,907 | 665,279 | 1,930,782 | 1,939,687 |
Depreciation and amortization | 39,335 | 39,050 | 117,526 | 117,335 |
General and administrative | 35,931 | 30,170 | 102,014 | 95,190 |
Other gains and charges | 6,600 | 3,864 | 13,984 | 5,454 |
Total operating costs and expenses | 737,773 | 738,363 | 2,164,306 | 2,157,666 |
Operating income | 72,868 | 86,276 | 175,870 | 218,142 |
Interest expense | 13,658 | 8,403 | 36,108 | 24,077 |
Other, net | (402) | (277) | (1,084) | (1,110) |
Income before provision for income taxes | 59,612 | 78,150 | 140,846 | 195,175 |
Provision for income taxes | 17,243 | 20,648 | 40,607 | 56,772 |
Net income | $ 42,369 | $ 57,502 | $ 100,239 | $ 138,403 |
Basic net income per share | $ 0.87 | $ 1.01 | $ 1.96 | $ 2.36 |
Diluted net income per share | $ 0.86 | $ 1 | $ 1.93 | $ 2.33 |
Basic weighted average shares outstanding | 48,954 | 56,673 | 51,211 | 58,699 |
Diluted weighted average shares outstanding | 49,506 | 57,407 | 51,854 | 59,505 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | $ 734 | $ (29) | $ (1,411) | $ (3,294) |
Other comprehensive income (loss) | 734 | (29) | (1,411) | (3,294) |
Comprehensive income | $ 43,103 | $ 57,473 | $ 98,828 | $ 135,109 |
Dividends per share | $ 0.34 | $ 0.32 | $ 1.02 | $ 0.96 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 29, 2017 | Mar. 23, 2016 | |
Cash Flows from Operating Activities: | ||
Net income | $ 100,239 | $ 138,403 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 117,526 | 117,335 |
Stock-based compensation | 13,237 | 12,095 |
Deferred income taxes, net | (8,684) | 36,535 |
Restructure charges and other impairments | 8,837 | 5,937 |
Net gain on disposal of assets | (628) | (633) |
Undistributed earnings on equity investments | (82) | (522) |
Other | 2,082 | 1,390 |
Changes in assets and liabilities: | ||
Accounts receivable, net | 11,078 | 4,713 |
Inventories | (1,386) | 785 |
Restaurant supplies | (1,338) | (1,030) |
Prepaid expenses | 4,580 | 2,197 |
Intangibles | (54) | (294) |
Other assets | (286) | (272) |
Accounts payable | (7,487) | (6,560) |
Gift card liability | 9,109 | 12,802 |
Accrued payroll | 4,592 | (14,945) |
Other accrued liabilities | 9,269 | 4,682 |
Current income taxes | (16,644) | (14,182) |
Other liabilities | (338) | 1,145 |
Net cash provided by operating activities | 243,622 | 299,581 |
Cash Flows from Investing Activities: | ||
Payments for property and equipment | (79,730) | (76,090) |
Proceeds from sale of assets | 3,077 | 4,256 |
Payment for business acquisition, net of cash acquired | 0 | (105,577) |
Net cash used in investing activities | (76,653) | (177,411) |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of long-term debt | 350,000 | 0 |
Purchases of treasury stock | (350,768) | (266,157) |
Payments on revolving credit facility | (328,000) | (50,000) |
Borrowings on revolving credit facility | 200,000 | 256,500 |
Payments of dividends | (54,087) | (56,192) |
Payments for debt issuance costs | (10,216) | 0 |
Proceeds from issuances of treasury stock | 4,505 | 4,725 |
Payments on long-term debt | (2,847) | (2,547) |
Excess tax benefits from stock-based compensation | 2,041 | 5,365 |
Net cash used in financing activities | (189,372) | (108,306) |
Net change in cash and cash equivalents | (22,403) | 13,864 |
Cash and cash equivalents at beginning of period | 31,446 | 55,121 |
Cash and cash equivalents at end of period | $ 9,043 | $ 68,985 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Mar. 29, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION References to “Brinker,” the "Company,” “we,” “us” and “our” in this Form 10-Q are references to Brinker International, Inc. and its subsidiaries and any predecessor companies of Brinker International, Inc. Our consolidated financial statements as of March 29, 2017 and June 29, 2016 and for the thirteen and thirty-nine week periods ended March 29, 2017 and March 23, 2016 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). We are principally engaged in the ownership, operation, development, and franchising of the Chili’s ® Grill & Bar (“Chili’s”) and Maggiano’s Little Italy ® (“Maggiano’s”) restaurant brands. At March 29, 2017 , we owned, operated or franchised 1,660 restaurants in the United States and 30 countries and two territories outside of the United States. The foreign currency translation adjustment included in comprehensive income on the consolidated statements of comprehensive income represents the unrealized impact of translating the financial statements of our Canadian restaurants and our Mexican joint venture from their respective functional currencies to U.S. dollars. This amount is not included in net income and would only be realized upon disposition of the businesses. The accumulated other comprehensive loss is presented on the consolidated balance sheets. We reinvest foreign earnings, therefore, United States deferred income taxes have not been provided on foreign earnings. The preparation of the consolidated financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and costs and expenses during the reporting periods. Actual results could differ from those estimates. In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, Simplifying the Presentation of Debt Issuance Costs. This update requires that debt issuance costs be presented in the balance sheet as a direct deduction from the associated debt liability. This update is effective for annual and interim periods for fiscal years beginning after December 15, 2015, which required us to adopt these provisions in the first quarter of fiscal 2017. Accordingly, we reclassified the debt issuance cost balances associated with the 2.60% notes and 3.88% notes of $1.0 million and $2.2 million , respectively, from other assets to long-term debt, less current installments on the consolidated balance sheet as of June 29, 2016. The reclassification did not have a material effect on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. This update provides guidance to companies that purchase cloud computing services to determine whether or not the arrangement includes a software license and the related accounting treatment. This update is effective for annual and interim periods for fiscal years beginning after December 15, 2015, which required us to adopt these provisions in the first quarter of fiscal 2017. We adopted the guidance prospectively and the adoption did not have any impact on our consolidated financial statements. The information furnished herein reflects all adjustments (consisting only of normal recurring accruals and adjustments) which are, in our opinion, necessary to fairly state the interim operating results, financial position and cash flows for the respective periods. However, these operating results are not necessarily indicative of the results expected for the full fiscal year. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to SEC rules and regulations. The notes to the consolidated financial statements (unaudited) should be read in conjunction with the notes to the consolidated financial statements contained in the June 29, 2016 Form 10-K. We believe the disclosures are sufficient for interim financial reporting purposes. |
ACQUISITION OF CHILI'S RESTAURA
ACQUISITION OF CHILI'S RESTAURANTS | 9 Months Ended |
Mar. 29, 2017 | |
ACQUISITION OF CHILI'S RESTAURANTS [Abstract] | |
ACQUISITION OF CHILI'S RESTAURANTS | ACQUISITION OF CHILI'S RESTAURANTS On June 25, 2015 , we completed the stock acquisition of Pepper Dining Holding Corp. ("Pepper Dining") , a franchisee of 103 Chili's Grill & Bar restaurants primarily located in the Northeast and Southeast United States. The purchase price of $106.5 million , excluding cash and customary working capital adjustments of $0.9 million , was funded with borrowings from our existing credit facility. The results of operations of these restaurants are included in our consolidated financial statements from the date of acquisition. The assets and liabilities of the restaurants were recorded at their respective fair values as of the date of acquisition. The acquisition of Pepper Dining resulted in the recognition of $31.9 million of goodwill and we expect $12.8 million of the goodwill balance to be deductible for tax purposes. The portion of the purchase price attributable to goodwill represents the benefits expected as a result of the acquisition, including sales and unit growth opportunities. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Mar. 29, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding for the reporting periods. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted net income per share, the basic weighted average number of shares is increased by the dilutive effect of stock options and restricted share awards determined using the treasury stock method. Stock options and restricted share awards with an anti-dilutive effect are not included in the diluted net income per share calculation. Basic weighted average shares outstanding is reconciled to diluted weighted average shares outstanding as follows (in thousands): Thirteen Week Periods Ended Thirty-Nine Week Periods Ended March 29, 2017 March 23, 2016 March 29, 2017 March 23, 2016 Basic weighted average shares outstanding 48,954 56,673 51,211 58,699 Dilutive stock options 168 297 212 337 Dilutive restricted shares 384 437 431 469 552 734 643 806 Diluted weighted average shares outstanding 49,506 57,407 51,854 59,505 Awards excluded due to anti-dilutive effect on diluted net income per share 993 561 970 533 |
LONG-TERM DEBT
LONG-TERM DEBT | 9 Months Ended |
Mar. 29, 2017 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consists of the following (in thousands): March 29, June 29, Revolving credit facility $ 402,250 $ 530,250 5.00% notes 350,000 0 3.88% notes 300,000 300,000 2.60% notes 250,000 250,000 Capital lease obligations 35,832 37,532 Total long-term debt 1,338,082 1,117,782 Less unamortized debt issuance costs and discounts (8,618 ) (3,526 ) Total long-term debt less unamortized debt issuance costs and discounts 1,329,464 1,114,256 Less current installments (3,860 ) (3,563 ) $ 1,325,604 $ 1,110,693 On September 23, 2016, we completed the private offering of $350 million of our 5.0% senior notes due October 2024 . We received proceeds of $350.0 million prior to debt issuance costs of $6.2 million and utilized the proceeds to fund a $300 million accelerated share repurchase agreement and to repay $50.0 million on the amended $1 billion revolving credit facility. See Note 9 for additional disclosures related to the accelerated share repurchase agreement. The notes require semi-annual interest payments beginning on April 1, 2017. On September 13, 2016, we amended the revolving credit agreement to increase the borrowing capacity from $750 million to $1 billion . We capitalized debt issuance costs of $4.0 million associated with the amendment of the revolving credit facility which is included in other assets in the consolidated balance sheet as of March 29, 2017 . During the first three quarters of fiscal 2017, net payments of $128.0 million were made on the revolving credit facility. Under the amended $1 billion revolving credit facility, the maturity date for $890.0 million of the facility was extended from March 12, 2020 to September 12, 2021 and the remaining $110.0 million remains due on March 12, 2020 . The amended revolving credit facility bears interest of LIBOR plus an applicable margin, which is a function of our credit rating and debt to cash flow ratio, but is subject to a maximum of LIBOR plus 2.00% . Based on our current credit rating, we are paying interest at a rate of LIBOR plus 1.38% for a total of 2.36% . One month LIBOR at March 29, 2017 was approximately 0.98% . As of March 29, 2017 , $597.7 million of credit is available under the revolving credit facility. Our debt agreements contain various financial covenants that, among other things, require the maintenance of certain leverage and fixed charge coverage ratios. The financial covenants were not significantly changed as a result of the new and amended debt agreements. We are currently in compliance with all financial covenants. |
OTHER GAINS AND CHARGES
OTHER GAINS AND CHARGES | 9 Months Ended |
Mar. 29, 2017 | |
Other Gains and Charges [Abstract] | |
OTHER GAINS AND CHARGES | OTHER GAINS AND CHARGES Other gains and charges consist of the following (in thousands): Thirteen Week Periods Ended Thirty-Nine Week Periods Ended March 29, March 23, March 29, March 23, Severance $ 5,929 $ 0 $ 6,222 $ 2,368 Restaurant closure charges 794 89 3,621 89 Gain on the sale of assets, net (55 ) (1,096 ) (2,624 ) (2,858 ) Information technology restructuring 0 0 2,700 0 Restaurant impairment charges 0 3,413 1,851 3,937 Impairment of investment 0 1,000 0 1,000 Litigation 0 0 0 (2,032 ) Acquisition costs 0 120 0 700 Other (68 ) 338 2,214 2,250 $ 6,600 $ 3,864 $ 13,984 $ 5,454 Fiscal 2017 During the third quarter of fiscal 2017, we completed a reorganization of the Chili’s restaurant operations team and certain departments at the corporate headquarters to better align our staffing with the current management strategy and resource needs. This employee separation action resulted in severance charges and accelerated stock-based compensation expenses of $5.9 million . Substantially all of the severance amounts were paid by the end of the third quarter of fiscal 2017. Additionally, we recorded restaurant closure charges of $0.8 million primarily related to additional lease and other costs associated with closed restaurants. During the second quarter of fiscal 2017, we recorded a $2.6 million gain on the sale of property, partially offset by restaurant impairment charges of $1.9 million primarily related to the long-lived assets and reacquired franchise rights of six underperforming Chili's restaurants which will continue to operate. See Note 8 for fair value disclosures. During the first quarter of fiscal 2017, we recorded restaurant closure charges of $2.5 million primarily related to lease termination charges for restaurants closed during the quarter. Additionally, we incurred $2.7 million of professional fees and severance associated with the information technology restructuring. Fiscal 2016 During the third quarter of fiscal 2016, we recorded impairment charges of $3.4 million related to two underperforming restaurants identified for closure by management and $1.0 million related to a cost method investment. See Note 8 for fair value disclosures. These charges were partially offset by a $1.1 million gain on the sale of property. We were a plaintiff in a class action lawsuit against US Foods styled as In re U.S. Foodservice, Inc. Pricing Litigation . A settlement agreement was fully executed by all parties in September 2015 and we received approximately $2.0 million during the second quarter of fiscal 2016 in settlement of this litigation. Additionally, we incurred expenses of $1.2 million to reserve for royalties, rents and other outstanding amounts related to a bankrupt franchisee. We also recorded impairment charges of $0.5 million primarily related to a capital lease asset that is subleased to a franchisee and an undeveloped parcel of land that we own for the excess of the carrying amounts over the fair values. See Note 8 for fair value disclosures. During the first quarter of fiscal 2016, we incurred $2.2 million in severance and other benefits related to organizational changes. Additionally, we recorded a $1.8 million gain on the sale of property. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Mar. 29, 2017 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT INFORMATION Our operating segments are Chili's and Maggiano's. The Chili’s segment includes the results of our company-owned Chili’s restaurants in the U.S. and Canada as well as the results from our domestic and international franchise business. The Maggiano’s segment includes the results of our company-owned Maggiano’s restaurants. Company sales are derived principally from the sales of food and beverages. Franchise and other revenues primarily includes royalties, development fees, franchise fees, banquet service charge income, gift card breakage and discounts, digital entertainment revenue, Chili's retail food product royalties and delivery fee income. We do not rely on any major customers as a source of sales, and the customers and long-lived assets of our operating segments are predominantly in the U.S. There were no material transactions amongst our operating segments. Our chief operating decision maker uses operating income as the measure for assessing performance of our segments. Operating income includes revenues and expenses directly attributable to segment-level results of operations. Company restaurant expenses include food and beverage costs, restaurant labor costs and restaurant expenses. The following tables reconcile our segment results to our consolidated results reported in accordance with GAAP (in thousands): Thirteen Week Period Ended March 29, 2017 Chili's Maggiano's Other Consolidated Company sales $ 689,662 $ 100,962 $ 0 $ 790,624 Franchise and other revenues 15,224 4,793 0 20,017 Total revenues 704,886 105,755 0 810,641 Company restaurant expenses (a) 565,327 90,454 126 655,907 Depreciation and amortization 32,386 4,078 2,871 39,335 General and administrative 8,771 1,624 25,536 35,931 Other gains and charges 4,233 0 2,367 6,600 Total operating costs and expenses 610,717 96,156 30,900 737,773 Operating income (loss) $ 94,169 $ 9,599 $ (30,900 ) $ 72,868 Thirteen Week Period Ended March 23, 2016 Chili's Maggiano's Other Consolidated Company sales $ 703,545 $ 101,600 $ 0 $ 805,145 Franchise and other revenues 15,100 4,394 0 19,494 Total revenues 718,645 105,994 0 824,639 Company restaurant expenses (a) 574,189 90,957 133 665,279 Depreciation and amortization 32,461 3,889 2,700 39,050 General and administrative 7,780 1,312 21,078 30,170 Other gains and charges (462 ) 3,064 1,262 3,864 Total operating costs and expenses 613,968 99,222 25,173 738,363 Operating income (loss) $ 104,677 $ 6,772 $ (25,173 ) $ 86,276 Thirty-Nine Week Period Ended March 29, 2017 Chili's Maggiano's Other Consolidated Company sales $ 1,970,390 $ 306,353 $ 0 $ 2,276,743 Franchise and other revenues 47,417 16,016 0 63,433 Total revenues 2,017,807 322,369 0 2,340,176 Company restaurant expenses (a) 1,658,067 272,137 578 1,930,782 Depreciation and amortization 97,630 12,019 7,877 117,526 General and administrative 28,115 4,836 69,063 102,014 Other gains and charges 9,102 746 4,136 13,984 Total operating costs and expenses 1,792,914 289,738 81,654 2,164,306 Operating income (loss) $ 224,893 $ 32,631 $ (81,654 ) $ 175,870 Segment assets $ 1,170,685 $ 163,059 $ 69,334 $ 1,403,078 Equity method investment 9,641 0 0 $ 9,641 Payments for property and equipment 60,770 10,673 8,287 $ 79,730 Thirty-Nine Week Period Ended March 23, 2016 Chili's Maggiano's Other Consolidated Company sales $ 2,007,600 $ 303,698 $ 0 $ 2,311,298 Franchise and other revenues 48,245 16,265 0 64,510 Total revenues 2,055,845 319,963 0 2,375,808 Company restaurant expenses (a) 1,668,524 271,617 (454 ) 1,939,687 Depreciation and amortization 98,507 11,196 7,632 117,335 General and administrative 26,494 4,638 64,058 95,190 Other gains and charges (1,570 ) 3,230 3,794 5,454 Total operating costs and expenses 1,791,955 290,681 75,030 2,157,666 Operating income (loss) $ 263,890 $ 29,282 $ (75,030 ) $ 218,142 Segment assets $ 1,224,316 $ 161,324 $ 100,075 $ 1,485,715 Equity method investment 10,360 0 0 10,360 Payments for property and equipment 52,687 13,584 9,819 76,090 ____________________________________________________________________ (a) Company restaurant expenses includes cost of sales, restaurant labor and restaurant expenses, including advertising Reconciliation of operating income to income before provision for income taxes: Thirteen Week Periods Ended Thirty-Nine Week Periods Ended March 29, 2017 March 23, 2016 March 29, 2017 March 23, 2016 Operating income $ 72,868 $ 86,276 $ 175,870 $ 218,142 Less interest expense (13,658 ) (8,403 ) (36,108 ) (24,077 ) Plus other, net 402 277 1,084 1,110 Income before provision for income taxes $ 59,612 $ 78,150 $ 140,846 $ 195,175 |
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES | 9 Months Ended |
Mar. 29, 2017 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
ACCRUED AND OTHER LIABILITIES | ACCRUED AND OTHER LIABILITIES Other accrued liabilities consist of the following (in thousands): March 29, June 29, Sales tax $ 22,622 $ 26,280 Insurance 22,232 19,976 Property tax 13,792 15,762 Dividends 16,630 17,760 Other 59,011 41,546 $ 134,287 $ 121,324 Other liabilities consist of the following (in thousands): March 29, June 29, Straight-line rent $ 56,608 $ 56,896 Insurance 39,087 38,433 Landlord contributions 26,513 24,681 Unfavorable leases 5,550 6,521 Unrecognized tax benefits 4,180 5,811 Other 6,969 7,081 $ 138,907 $ 139,423 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Mar. 29, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. In determining fair value, the accounting standards establish a three level hierarchy for inputs used in measuring fair value, as follows: • Level 1 – inputs are quoted prices in active markets for identical assets or liabilities. • Level 2 – inputs are observable for the asset or liability, either directly or indirectly, including quoted prices in active markets for similar assets or liabilities. • Level 3 – inputs are unobservable and reflect our own assumptions. (a) Non-Financial Assets Measured on a Non-Recurring Basis We review the carrying amounts of property and equipment, reacquired franchise rights and transferable liquor licenses semi-annually or when events or circumstances indicate that the fair value may not exceed the carrying amount. We record an impairment charge for the excess of the carrying amount over the fair value. We determine the fair value of property and equipment and reacquired franchise rights based on discounted projected future cash flows of the restaurants over their remaining service life using a risk adjusted discount rate that is commensurate with the inherent risk in our current business model. Based on our semi-annual review, during fiscal 2017, long-lived assets and reacquired franchise rights with carrying values of $1.3 million and $0.8 million , respectively, primarily related to six underperforming restaurants, were determined to have a total fair value of $0.2 million resulting in an impairment charge of $1.9 million. During fiscal 2016, long-lived assets with a carrying value of $106,000 , primarily related to underperforming restaurants previously impaired, were determined to have no fair value resulting in an impairment charge of $106,000 . During the third quarter of fiscal 2016, two restaurants were identified for closure by management with a combined carrying value of $3.4 million . We determined these restaurants had no fair value resulting in an impairment charge of $3.4 million . We determine the fair value of transferable liquor licenses based on prices in the open market for licenses in the same or similar jurisdictions. Based on our semi-annual review, during the second quarter of fiscal 2017 and fiscal 2016, we determined there was no impairment. We review the carrying amounts of goodwill annually or when events or circumstances indicate that the carrying amount may not be recoverable. If the carrying amount is not recoverable, we record an impairment charge for the excess of the carrying amount over the implied fair value of the goodwill. We determined that there was no impairment of goodwill during our annual tests in the second quarter of fiscal 2017 and fiscal 2016 as the fair value of our reporting units was substantially in excess of their respective carrying values. No indicators of impairment were identified through the end of the third quarter of fiscal 2017. During fiscal 2016, we recorded an impairment charge of $187,000 related to a parcel of undeveloped land that we own. The land had a carrying value of $937,000 and was written down to the fair value of $750,000 . The fair value was based on the sales price of comparable properties. Additionally, we recorded an impairment charge of $231,000 related to a capital lease asset that is subleased to a franchisee. The capital lease asset had a carrying value of $338,000 and was written down to the fair value of $107,000 . The fair value of the capital lease asset is based on discounted projected future cash flows from the sublease. During the third quarter of fiscal 2016, we recorded an impairment charge of $1.0 million related to a cost method investment which we determined to have no fair value. All impairment charges were included in other gains and charges in the consolidated statements of comprehensive income for the periods presented. (b) Other Financial Instruments Our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and long-term debt. The fair values of cash and cash equivalents, accounts receivable and accounts payable approximate their carrying amounts because of the short maturity of these items. The carrying amount of debt outstanding related to the amended revolving credit facility approximates fair value as the interest rate on this instrument approximates current market rates (Level 2). The fair values of the 2.60% notes, 3.88% notes and 5.00% notes are based on quoted market prices for similar instruments and are considered Level 2 fair value measurements. The carrying amounts, which are net of unamortized debt issuance costs, and fair values of the 2.60% notes, 3.88% notes and 5.00% notes are as follows (in thousands): March 29, 2017 June 29, 2016 Carrying Amount Fair Value Carrying Amount Fair Value 2.60% Notes $ 249,351 $ 250,315 $ 248,918 $ 252,445 3.88% Notes $ 297,823 $ 284,340 $ 297,556 $ 302,655 5.00% Notes $ 344,208 $ 345,699 $ 0 $ 0 |
SHAREHOLDERS' DEFICIT
SHAREHOLDERS' DEFICIT | 9 Months Ended |
Mar. 29, 2017 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS' DEFICIT | SHAREHOLDERS’ DEFICIT In August 2016, our Board of Directors authorized a $150.0 million increase to our existing share repurchase program resulting in total authorizations of $4.3 billion . In September 2016 , we entered into a $300.0 million accelerated share repurchase agreement ("ASR Agreement") with Bank of America, N.A. (“BofA”). The ASR Agreement settled in January 2017. Pursuant to the terms of the ASR Agreement, we paid BofA $300.0 million in cash and received 5.9 million shares of our common stock. The accelerated share repurchase transaction qualified for equity accounting treatment. Repurchased common stock is reflected as an increase in treasury stock within shareholders’ deficit. We also repurchased approximately 1.0 million additional shares of common stock for a total of 6.9 million shares repurchased during the first three quarters of fiscal 2017 for $350.8 million . The repurchased shares included shares purchased as part of our share repurchase program and shares repurchased to satisfy team member tax withholding obligations on the vesting of restricted shares. As of March 29, 2017 , approximately $135.8 million was available under our share repurchase authorizations. Our stock repurchase plan has been and will be used to return capital to shareholders and to minimize the dilutive impact of stock options and other share-based awards. We evaluate potential share repurchases under our plan based on several factors, including our cash position, share price, operational liquidity, proceeds from divestitures, borrowings, and planned investment and financing needs. During the first three quarters of fiscal 2017 , we granted approximately 492,000 stock options with a weighted average exercise price per share of $54.20 and a weighted average fair value per share of $9.62 , and approximately 248,000 restricted share awards with a weighted average fair value per share of $53.61 . Additionally, during the first three quarters of fiscal 2017 , approximately 176,000 stock options were exercised resulting in cash proceeds of approximately $4.5 million . We received an excess tax benefit from stock-based compensation of approximately $1.5 million , net of a $0.5 million tax deficiency, during the first three quarters of fiscal 2017 primarily as a result of the vesting and distribution of restricted stock grants and performance shares and stock option exercises. The excess tax benefit from stock-based compensation represents the additional income tax benefit received resulting from the increase in the fair value of awards from the time of grant to the exercise date. During the first three quarters of fiscal 2017 , we paid dividends of $54.1 million to common stock shareholders, compared to $56.2 million in the prior year. Additionally, our Board of Directors approved a 6.25% increase in the quarterly dividend from $0.32 to $0.34 per share effective with the dividend declared in August 2016. We also declared a quarterly dividend of $16.6 million in February 2017 which was paid subsequent to the end of the quarter on March 30, 2017 . The dividend accrual was included in other accrued liabilities on our consolidated balance sheet as of March 29, 2017 . |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended |
Mar. 29, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for income taxes and interest in the first three quarters of fiscal 2017 and 2016 are as follows (in thousands): March 29, March 23, Income taxes, net of refunds $ 63,381 $ 28,877 Interest, net of amounts capitalized 18,595 16,842 Non-cash investing and financing activities for the first three quarters of fiscal 2017 and 2016 are as follows (in thousands): March 29, March 23, Retirement of fully depreciated assets $ 17,964 $ 16,109 Dividends declared but not paid 17,276 18,334 Accrued capital expenditures 4,599 7,803 Capital lease additions 1,147 0 |
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Mar. 29, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES In connection with the sale of restaurants to franchisees and brand divestitures, we have, in certain cases, guaranteed lease payments. As of March 29, 2017 and June 29, 2016 , we have outstanding lease guarantees or are secondarily liable for $71.3 million and $72.9 million , respectively. These amounts represent the maximum potential liability of future payments under the guarantees. These leases have been assigned to the buyers and expire at the end of the respective lease terms, which range from fiscal 2017 through fiscal 2027. In the event of default, the indemnity and default clauses in our assignment agreements govern our ability to pursue and recover damages incurred. During the third quarter of fiscal 2017, one of our divested brands ceased rental payments related to one of its properties that is subleased from Brinker. As a result of this action we recorded a lease liability of approximately $0.4 million . We will continue to assess the financial viability of this brand based on available information to evaluate the possibility that additional losses may occur. We have not been informed of any other lease defaults. No other liabilities have been recorded as of March 29, 2017 . We provide letters of credit to various insurers to collateralize obligations for outstanding claims. As of March 29, 2017 , we had $26.9 million in undrawn standby letters of credit outstanding. All standby letters of credit are renewable annually. Evaluating contingencies related to litigation is a complex process involving subjective judgment on the potential outcome of future events, and the ultimate resolution of litigated claims may differ from our current analysis. Accordingly, we review the adequacy of accruals and disclosures pertaining to litigated matters each quarter in consultation with legal counsel, and we assess the probability and range of possible losses associated with contingencies for potential accrual in the consolidated financial statements. We are engaged in various legal proceedings and have certain unresolved claims pending. Reserves have been established based on our best estimates of our potential liability in certain of these matters. Based upon consultation with legal counsel, management is of the opinion that there are no matters pending or threatened which are expected to have a material adverse effect, individually or in the aggregate, on our consolidated financial condition or results of operations. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Mar. 29, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On March 30, 2017, an additional $40.0 million was drawn from the revolving credit facility. |
EFFECT OF NEW ACCOUNTING STANDA
EFFECT OF NEW ACCOUNTING STANDARDS | 9 Months Ended |
Mar. 29, 2017 | |
Effect of New Accounting Standards [Abstract] | |
EFFECT OF NEW ACCOUNTING STANDARDS | EFFECT OF NEW ACCOUNTING STANDARDS In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This update eliminates Step 2 of the goodwill impairment analysis. Companies will no longer be required to perform a hypothetical purchase price allocation to measure goodwill impairment. Instead, they will measure impairment as the difference between the carrying amount and the fair value of the reporting unit. This update is effective for annual and interim periods for fiscal years beginning after December 15, 2019, which will require us to adopt these provisions in the first quarter of fiscal 2021. Early adoption is permitted for interim or annual goodwill impairment tests performed with measurement dates after January 1, 2017. The update will be applied on a prospective basis. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (Topic 230). This update provides clarification regarding how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. This update is effective for annual and interim periods for fiscal years beginning after December 15, 2017, which will require us to adopt these provisions in the first quarter of fiscal 2019. Early adoption is permitted for financial statements that have not been previously issued. The update will be applied on a retrospective basis. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements or debt covenants. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718). This update was issued as part of the FASB’s simplification initiative and affects all entities that issue share-based payment awards to their employees. The amendments in this update cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. This update is effective for annual and interim periods for fiscal years beginning after December 15, 2016, which will require us to adopt these provisions in the first quarter of fiscal 2018. Adoption of the new guidance will require recognition of excess tax benefits and tax deficiencies in the consolidated statements of comprehensive income on a prospective basis, with a cumulative effect adjustment to retained earnings for any prior year excess tax benefits or tax deficiencies not previously recorded. In addition, this guidance will require reclassification of excess tax benefits from cash flows from financing activities to cash flows from operating activities on the consolidated statements of cash flows. We expect to apply this change on a retrospective basis. The adoption of the provisions related to excess tax benefits and tax deficiencies could have a material impact on our consolidated financial statements depending on the changes in fair value of our share-based payment awards. We expect that adoption of the remaining provisions in the update noted above will not have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This update requires a lessee to recognize on the balance sheet a liability to make lease payments and a corresponding right-of-use asset for virtually all leases, other than leases with a term of 12 months or less. The update also requires additional disclosures about the amount, timing, and uncertainty of cash flows arising from leases. This update is effective for annual and interim periods for fiscal years beginning after December 15, 2018, which will require us to adopt these provisions in the first quarter of fiscal 2020. Early adoption is permitted for financial statements that have not been previously issued. This update will be applied on a modified retrospective basis. We anticipate implementing the standard by taking advantage of the practical expedient option. The discounted minimum remaining rental payments will be the starting point for determining the right-of-use asset and lease liability. We had operating leases with remaining rental payments of approximately $639 million at the end of fiscal 2016. We expect that adoption of the new guidance will have a material impact on our consolidated balance sheets due to recognition of the right-of-use asset and lease liability related to our current operating leases. The process of evaluating the full impact of the new guidance on our consolidated financial statements and disclosures is ongoing, but we anticipate the initial evaluation of the impact will be completed in fiscal 2018. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The FASB has subsequently amended this update by issuing additional ASU's that provide clarification and further guidance around areas identified as potential implementation issues. These updates provide a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. These updates also require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. In August 2015, the FASB issued ASU 2015-14 delaying the effective date of adoption. These updates are now effective for annual and interim periods for fiscal years beginning after December 15, 2017, which will require us to adopt these provisions in the first quarter of fiscal 2019. Early application in fiscal 2018 is permitted. These updates permit the use of either the retrospective or cumulative effect transition method. We do not believe these updates will impact our recognition of revenue from sales generated at company-owned restaurants or our recognition of royalty fees from franchisees. We are continuing to evaluate the impact the adoption of these updates will have on the recognition of revenue related to our gift card and loyalty programs and our franchise agreements, as well as which adoption method will be used. The process of evaluating the full impact of the new guidance on our consolidated financial statements and disclosures is ongoing, but we anticipate the initial evaluation of the impact will be completed in fiscal 2018. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Mar. 29, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | Basic weighted average shares outstanding is reconciled to diluted weighted average shares outstanding as follows (in thousands): Thirteen Week Periods Ended Thirty-Nine Week Periods Ended March 29, 2017 March 23, 2016 March 29, 2017 March 23, 2016 Basic weighted average shares outstanding 48,954 56,673 51,211 58,699 Dilutive stock options 168 297 212 337 Dilutive restricted shares 384 437 431 469 552 734 643 806 Diluted weighted average shares outstanding 49,506 57,407 51,854 59,505 Awards excluded due to anti-dilutive effect on diluted net income per share 993 561 970 533 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 9 Months Ended |
Mar. 29, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consists of the following (in thousands): March 29, June 29, Revolving credit facility $ 402,250 $ 530,250 5.00% notes 350,000 0 3.88% notes 300,000 300,000 2.60% notes 250,000 250,000 Capital lease obligations 35,832 37,532 Total long-term debt 1,338,082 1,117,782 Less unamortized debt issuance costs and discounts (8,618 ) (3,526 ) Total long-term debt less unamortized debt issuance costs and discounts 1,329,464 1,114,256 Less current installments (3,860 ) (3,563 ) $ 1,325,604 $ 1,110,693 |
OTHER GAINS AND CHARGES (Tables
OTHER GAINS AND CHARGES (Tables) | 9 Months Ended |
Mar. 29, 2017 | |
Other Gains and Charges [Abstract] | |
Schedule Of Other Gains And Charges Table | Other gains and charges consist of the following (in thousands): Thirteen Week Periods Ended Thirty-Nine Week Periods Ended March 29, March 23, March 29, March 23, Severance $ 5,929 $ 0 $ 6,222 $ 2,368 Restaurant closure charges 794 89 3,621 89 Gain on the sale of assets, net (55 ) (1,096 ) (2,624 ) (2,858 ) Information technology restructuring 0 0 2,700 0 Restaurant impairment charges 0 3,413 1,851 3,937 Impairment of investment 0 1,000 0 1,000 Litigation 0 0 0 (2,032 ) Acquisition costs 0 120 0 700 Other (68 ) 338 2,214 2,250 $ 6,600 $ 3,864 $ 13,984 $ 5,454 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Mar. 29, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables reconcile our segment results to our consolidated results reported in accordance with GAAP (in thousands): Thirteen Week Period Ended March 29, 2017 Chili's Maggiano's Other Consolidated Company sales $ 689,662 $ 100,962 $ 0 $ 790,624 Franchise and other revenues 15,224 4,793 0 20,017 Total revenues 704,886 105,755 0 810,641 Company restaurant expenses (a) 565,327 90,454 126 655,907 Depreciation and amortization 32,386 4,078 2,871 39,335 General and administrative 8,771 1,624 25,536 35,931 Other gains and charges 4,233 0 2,367 6,600 Total operating costs and expenses 610,717 96,156 30,900 737,773 Operating income (loss) $ 94,169 $ 9,599 $ (30,900 ) $ 72,868 Thirteen Week Period Ended March 23, 2016 Chili's Maggiano's Other Consolidated Company sales $ 703,545 $ 101,600 $ 0 $ 805,145 Franchise and other revenues 15,100 4,394 0 19,494 Total revenues 718,645 105,994 0 824,639 Company restaurant expenses (a) 574,189 90,957 133 665,279 Depreciation and amortization 32,461 3,889 2,700 39,050 General and administrative 7,780 1,312 21,078 30,170 Other gains and charges (462 ) 3,064 1,262 3,864 Total operating costs and expenses 613,968 99,222 25,173 738,363 Operating income (loss) $ 104,677 $ 6,772 $ (25,173 ) $ 86,276 Thirty-Nine Week Period Ended March 29, 2017 Chili's Maggiano's Other Consolidated Company sales $ 1,970,390 $ 306,353 $ 0 $ 2,276,743 Franchise and other revenues 47,417 16,016 0 63,433 Total revenues 2,017,807 322,369 0 2,340,176 Company restaurant expenses (a) 1,658,067 272,137 578 1,930,782 Depreciation and amortization 97,630 12,019 7,877 117,526 General and administrative 28,115 4,836 69,063 102,014 Other gains and charges 9,102 746 4,136 13,984 Total operating costs and expenses 1,792,914 289,738 81,654 2,164,306 Operating income (loss) $ 224,893 $ 32,631 $ (81,654 ) $ 175,870 Segment assets $ 1,170,685 $ 163,059 $ 69,334 $ 1,403,078 Equity method investment 9,641 0 0 $ 9,641 Payments for property and equipment 60,770 10,673 8,287 $ 79,730 Thirty-Nine Week Period Ended March 23, 2016 Chili's Maggiano's Other Consolidated Company sales $ 2,007,600 $ 303,698 $ 0 $ 2,311,298 Franchise and other revenues 48,245 16,265 0 64,510 Total revenues 2,055,845 319,963 0 2,375,808 Company restaurant expenses (a) 1,668,524 271,617 (454 ) 1,939,687 Depreciation and amortization 98,507 11,196 7,632 117,335 General and administrative 26,494 4,638 64,058 95,190 Other gains and charges (1,570 ) 3,230 3,794 5,454 Total operating costs and expenses 1,791,955 290,681 75,030 2,157,666 Operating income (loss) $ 263,890 $ 29,282 $ (75,030 ) $ 218,142 Segment assets $ 1,224,316 $ 161,324 $ 100,075 $ 1,485,715 Equity method investment 10,360 0 0 10,360 Payments for property and equipment 52,687 13,584 9,819 76,090 |
Reconciliation of Revenue from Segments to Consolidated | Reconciliation of operating income to income before provision for income taxes: Thirteen Week Periods Ended Thirty-Nine Week Periods Ended March 29, 2017 March 23, 2016 March 29, 2017 March 23, 2016 Operating income $ 72,868 $ 86,276 $ 175,870 $ 218,142 Less interest expense (13,658 ) (8,403 ) (36,108 ) (24,077 ) Plus other, net 402 277 1,084 1,110 Income before provision for income taxes $ 59,612 $ 78,150 $ 140,846 $ 195,175 |
ACCRUED AND OTHER LIABILITIES (
ACCRUED AND OTHER LIABILITIES (Tables) | 9 Months Ended |
Mar. 29, 2017 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consist of the following (in thousands): March 29, June 29, Sales tax $ 22,622 $ 26,280 Insurance 22,232 19,976 Property tax 13,792 15,762 Dividends 16,630 17,760 Other 59,011 41,546 $ 134,287 $ 121,324 |
Schedule of Other Liabilities | Other liabilities consist of the following (in thousands): March 29, June 29, Straight-line rent $ 56,608 $ 56,896 Insurance 39,087 38,433 Landlord contributions 26,513 24,681 Unfavorable leases 5,550 6,521 Unrecognized tax benefits 4,180 5,811 Other 6,969 7,081 $ 138,907 $ 139,423 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Mar. 29, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The carrying amounts, which are net of unamortized debt issuance costs, and fair values of the 2.60% notes, 3.88% notes and 5.00% notes are as follows (in thousands): March 29, 2017 June 29, 2016 Carrying Amount Fair Value Carrying Amount Fair Value 2.60% Notes $ 249,351 $ 250,315 $ 248,918 $ 252,445 3.88% Notes $ 297,823 $ 284,340 $ 297,556 $ 302,655 5.00% Notes $ 344,208 $ 345,699 $ 0 $ 0 |
SUPPLEMENTAL CASH FLOW INFORM25
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 9 Months Ended |
Mar. 29, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Paid for Interest and Income Taxes | Cash paid for income taxes and interest in the first three quarters of fiscal 2017 and 2016 are as follows (in thousands): March 29, March 23, Income taxes, net of refunds $ 63,381 $ 28,877 Interest, net of amounts capitalized 18,595 16,842 |
Non-Cash Investing and Financing Activities | Non-cash investing and financing activities for the first three quarters of fiscal 2017 and 2016 are as follows (in thousands): March 29, March 23, Retirement of fully depreciated assets $ 17,964 $ 16,109 Dividends declared but not paid 17,276 18,334 Accrued capital expenditures 4,599 7,803 Capital lease additions 1,147 0 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | Mar. 29, 2017LocationrestaurantCountry |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of entity restaurants | restaurant | 1,660 |
Number of countries in which entity operates | Country | 30 |
Number of territories in which entity operates | Location | 2 |
BASIS OF PRESENTATION Adjustmen
BASIS OF PRESENTATION Adjustment for New Accounting Pronouncements (Details) - Accounting Standards Update 2015-03 [Member] $ in Millions | Jun. 29, 2016USD ($) |
2.60% notes [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Debt Issuance Costs, Net | $ 1 |
3.88% notes [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Debt Issuance Costs, Net | $ 2.2 |
Acquisition of Chili's Restau28
Acquisition of Chili's Restaurants - Additional Information (Details) $ in Millions | Jun. 25, 2015USD ($)Restaurants | Sep. 23, 2015USD ($) |
ACQUISITION OF CHILI'S RESTAURANTS [Abstract] | ||
Effective Date of Acquisition | Jun. 25, 2015 | |
Name of Acquired Entity | Pepper Dining Holding Corp. ("Pepper Dining") | |
Number of restaurants acquired | Restaurants | 103 | |
Purchase price excluding customary working capital adjustments | $ 106.5 | |
Cash and customary working capital purchase price adjustments | $ 0.9 | |
Goodwill, Acquired During Period | $ 31.9 | |
Goodwill deductible for tax purposes | $ 12.8 |
Schedule of Weighted Average Nu
Schedule of Weighted Average Number of Shares (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 29, 2017 | Mar. 23, 2016 | Mar. 29, 2017 | Mar. 23, 2016 | |
Reconciliation of Weighted Average Shares Outstanding [Line Items] | ||||
Basic weighted average shares outstanding | 48,954 | 56,673 | 51,211 | 58,699 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 552 | 734 | 643 | 806 |
Diluted weighted average shares outstanding | 49,506 | 57,407 | 51,854 | 59,505 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 993 | 561 | 970 | 533 |
Employee Stock Option [Member] | ||||
Reconciliation of Weighted Average Shares Outstanding [Line Items] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 168 | 297 | 212 | 337 |
Restricted Stock Units (RSUs) [Member] | ||||
Reconciliation of Weighted Average Shares Outstanding [Line Items] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 384 | 437 | 431 | 469 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 29, 2017 | Jun. 29, 2016 |
Debt Instrument [Line Items] | ||
Capital lease obligations | $ 35,832 | $ 37,532 |
Total long-term debt | 1,338,082 | 1,117,782 |
Less unamortized debt issuance costs and discounts | (8,618) | (3,526) |
Total long-term debt less unamortized debt issuance costs and discounts | 1,329,464 | 1,114,256 |
Less current installments | (3,860) | (3,563) |
Long-term debt, less current installments | 1,325,604 | 1,110,693 |
5.00% notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 350,000 | 0 |
3.88% notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 300,000 | 300,000 |
2.60% notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 250,000 | 250,000 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 402,250 | $ 530,250 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2016 | Mar. 29, 2017 | Mar. 23, 2016 | Jun. 29, 2016 | |
Line of Credit Facility [Line Items] | ||||
Proceeds from issuance of long-term debt | $ 350,000 | $ 0 | ||
Payments on revolving credit facility | (328,000) | $ (50,000) | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | $ 750,000 | ||
Net Payments on revolving credit facility | $ 128,000 | |||
Line of Credit Facility, Covenant Compliance | We are currently in compliance with all financial covenants. | |||
$1B Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Issuance Costs, Gross | 4,000 | |||
Repayments of Lines of Credit | $ 50,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 597,700 | |||
Line of Credit Facility, Interest Rate During Period | 2.36% | |||
Debt Instrument, Description of Variable Rate Basis | One month LIBOR | |||
$890M of the $1B Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Expiration Date | Sep. 12, 2021 | |||
$110M of the $1B Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Expiration Date | Mar. 12, 2020 | |||
Maximum [Member] | $1B Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 2.00% | |||
Minimum [Member] | $1B Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 1.375% | |||
London Interbank Offered Rate (LIBOR) [Member] | $1B Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.98% | |||
5.00% notes [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | ||
Debt Instrument, Maturity Date | Oct. 23, 2024 | |||
Debt Issuance Costs, Gross | $ 6,200 |
Other Gains and Charges - Sched
Other Gains and Charges - Schedule of Other Gains and Charges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Mar. 29, 2017 | Dec. 28, 2016 | Sep. 28, 2016 | Mar. 23, 2016 | Dec. 23, 2015 | Sep. 23, 2015 | Mar. 29, 2017 | Mar. 23, 2016 | |
Other Gains and Charges [Abstract] | ||||||||
Severance | $ 5,929 | $ 0 | $ 2,200 | $ 6,222 | $ 2,368 | |||
Restaurant closure charges | 794 | $ 2,500 | 89 | 3,621 | 89 | |||
Gain on the sale of assets, net | (55) | $ (2,600) | (1,096) | $ (1,800) | (2,624) | (2,858) | ||
Information technology restructuring | 0 | $ 2,700 | 0 | 2,700 | 0 | |||
Restaurant impairment charges | 0 | $ 1,900 | 3,413 | $ 500 | 1,851 | 3,937 | ||
Impairment of investment | 0 | 1,000 | 0 | 1,000 | ||||
Litigation | 0 | 0 | 0 | (2,032) | ||||
Acquisition costs | 0 | 120 | 0 | 700 | ||||
Other | (68) | 338 | 2,214 | 2,250 | ||||
Gains And Charges Other | $ 6,600 | $ 3,864 | $ 13,984 | $ 5,454 |
Other Gains and Charges - Addit
Other Gains and Charges - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Mar. 29, 2017 | Dec. 28, 2016 | Sep. 28, 2016 | Mar. 23, 2016 | Dec. 23, 2015 | Sep. 23, 2015 | Mar. 29, 2017 | Mar. 23, 2016 | |
Other Gains and Charges [Abstract] | ||||||||
Severance | $ 5,929 | $ 0 | $ 2,200 | $ 6,222 | $ 2,368 | |||
Restaurant closure charges | 794 | $ 2,500 | 89 | 3,621 | 89 | |||
Gain on the sale of assets, net | (55) | $ (2,600) | (1,096) | $ (1,800) | (2,624) | (2,858) | ||
Restaurant impairment charges | 0 | $ 1,900 | 3,413 | $ 500 | 1,851 | 3,937 | ||
Information technology restructuring | 0 | $ 2,700 | 0 | 2,700 | 0 | |||
Impairment of investment | $ 0 | $ 1,000 | $ 0 | $ 1,000 | ||||
Proceeds from Legal Settlements | (2,000) | |||||||
Expenses related to a bankrupt franchisee | $ 1,200 |
Segment Information (Schedule o
Segment Information (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Mar. 29, 2017 | Mar. 23, 2016 | Mar. 29, 2017 | Mar. 23, 2016 | Jun. 29, 2016 | ||
Segment Reporting Information [Line Items] | ||||||
Company sales | $ 790,624 | $ 805,145 | $ 2,276,743 | $ 2,311,298 | ||
Franchise and other revenues | 20,017 | 19,494 | 63,433 | 64,510 | ||
Total revenues | 810,641 | 824,639 | 2,340,176 | 2,375,808 | ||
Company restaurant expenses | [1] | 655,907 | 665,279 | 1,930,782 | 1,939,687 | |
Depreciation and amortization | 39,335 | 39,050 | 117,526 | 117,335 | ||
General and administrative | 35,931 | 30,170 | 102,014 | 95,190 | ||
Other gains and charges | 6,600 | 3,864 | 13,984 | 5,454 | ||
Total operating costs and expenses | 737,773 | 738,363 | 2,164,306 | 2,157,666 | ||
Operating income (loss) | 72,868 | 86,276 | 175,870 | 218,142 | ||
Assets | 1,403,078 | 1,485,715 | 1,403,078 | 1,485,715 | $ 1,469,460 | |
Equity Method Investments | 9,641 | 10,360 | 9,641 | 10,360 | ||
Payments to Acquire Property, Plant, and Equipment | 79,730 | 76,090 | ||||
Chili's Restaurants [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Company sales | 689,662 | 703,545 | 1,970,390 | 2,007,600 | ||
Franchise and other revenues | 15,224 | 15,100 | 47,417 | 48,245 | ||
Total revenues | 704,886 | 718,645 | 2,017,807 | 2,055,845 | ||
Company restaurant expenses | [1] | 565,327 | 574,189 | 1,658,067 | 1,668,524 | |
Depreciation and amortization | 32,386 | 32,461 | 97,630 | 98,507 | ||
General and administrative | 8,771 | 7,780 | 28,115 | 26,494 | ||
Other gains and charges | 4,233 | (462) | 9,102 | (1,570) | ||
Total operating costs and expenses | 610,717 | 613,968 | 1,792,914 | 1,791,955 | ||
Operating income (loss) | 94,169 | 104,677 | 224,893 | 263,890 | ||
Assets | 1,170,685 | 1,224,316 | 1,170,685 | 1,224,316 | ||
Equity Method Investments | 9,641 | 10,360 | 9,641 | 10,360 | ||
Payments to Acquire Property, Plant, and Equipment | 60,770 | 52,687 | ||||
Maggiano's Restaurants [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Company sales | 100,962 | 101,600 | 306,353 | 303,698 | ||
Franchise and other revenues | 4,793 | 4,394 | 16,016 | 16,265 | ||
Total revenues | 105,755 | 105,994 | 322,369 | 319,963 | ||
Company restaurant expenses | [1] | 90,454 | 90,957 | 272,137 | 271,617 | |
Depreciation and amortization | 4,078 | 3,889 | 12,019 | 11,196 | ||
General and administrative | 1,624 | 1,312 | 4,836 | 4,638 | ||
Other gains and charges | 0 | 3,064 | 746 | 3,230 | ||
Total operating costs and expenses | 96,156 | 99,222 | 289,738 | 290,681 | ||
Operating income (loss) | 9,599 | 6,772 | 32,631 | 29,282 | ||
Assets | 163,059 | 161,324 | 163,059 | 161,324 | ||
Equity Method Investments | 0 | 0 | 0 | 0 | ||
Payments to Acquire Property, Plant, and Equipment | 10,673 | 13,584 | ||||
Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Company sales | 0 | 0 | 0 | 0 | ||
Franchise and other revenues | 0 | 0 | 0 | 0 | ||
Total revenues | 0 | 0 | 0 | 0 | ||
Company restaurant expenses | [1] | 126 | 133 | 578 | (454) | |
Depreciation and amortization | 2,871 | 2,700 | 7,877 | 7,632 | ||
General and administrative | 25,536 | 21,078 | 69,063 | 64,058 | ||
Other gains and charges | 2,367 | 1,262 | 4,136 | 3,794 | ||
Total operating costs and expenses | 30,900 | 25,173 | 81,654 | 75,030 | ||
Operating income (loss) | (30,900) | (25,173) | (81,654) | (75,030) | ||
Assets | 69,334 | 100,075 | 69,334 | 100,075 | ||
Equity Method Investments | $ 0 | $ 0 | 0 | 0 | ||
Payments to Acquire Property, Plant, and Equipment | $ 8,287 | $ 9,819 | ||||
[1] | expenses includes cost of sales, restaurant labor and restaurant expenses |
Segment Information (Reconcilia
Segment Information (Reconciliation of Revenue from Segments to Consolidated) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 29, 2017 | Mar. 23, 2016 | Mar. 29, 2017 | Mar. 23, 2016 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating income (loss) | $ 72,868 | $ 86,276 | $ 175,870 | $ 218,142 |
Less Interest expense | (13,658) | (8,403) | (36,108) | (24,077) |
Plus Other, net | 402 | 277 | 1,084 | 1,110 |
Income before provision for income taxes | $ 59,612 | $ 78,150 | $ 140,846 | $ 195,175 |
Accrued and Other Liabilities36
Accrued and Other Liabilities (Other Accrued Liabilities) (Details) - USD ($) $ in Thousands | Mar. 29, 2017 | Jun. 29, 2016 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Sales tax | $ 22,622 | $ 26,280 |
Insurance | 22,232 | 19,976 |
Property tax | 13,792 | 15,762 |
Dividends | 16,630 | 17,760 |
Other | 59,011 | 41,546 |
Other accrued liabilities | $ 134,287 | $ 121,324 |
Accrued and Other Liabilities37
Accrued and Other Liabilities (Other Liabilities) (Details) - USD ($) $ in Thousands | Mar. 29, 2017 | Jun. 29, 2016 |
Accrued and Other Liabilities (Other Liabilities) [Abstract] | ||
Straight-line rent | $ 56,608 | $ 56,896 |
Insurance | 39,087 | 38,433 |
Landlord contributions | 26,513 | 24,681 |
Unfavorable leases | 5,550 | 6,521 |
Unrecognized tax benefits | 4,180 | 5,811 |
Other | 6,969 | 7,081 |
Other liabilities | $ 138,907 | $ 139,423 |
FAIR VALUE MEASUREMENTS Fair Va
FAIR VALUE MEASUREMENTS Fair Value Disclosures (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Mar. 29, 2017USD ($) | Mar. 23, 2016USD ($) | Dec. 28, 2016USD ($)Restaurants | Dec. 23, 2015USD ($) | Mar. 29, 2017USD ($) | Mar. 23, 2016USD ($) | |
Schedule of Impairments [Line Items] | ||||||
Carrying Value Of Impaired Long Lived Assets | $ 3,400,000 | $ 1,300,000 | $ 106,000 | |||
Carrying value of reacquired franchise rights | $ 800,000 | |||||
Number Of Underperforming Restaurants | Restaurants | 6 | |||||
Fair value of impaired long lived assets | 0 | $ 200,000 | 0 | $ 0 | ||
Impairment of Long-Lived Assets Held-for-use | 3,400,000 | 1,100,000 | $ 106,000 | |||
Goodwill, Impairment Loss | $ 0 | 0 | ||||
Impairment of Real Estate | 187,000 | |||||
Carrying value of undeveloped land | 937,000 | |||||
Fair value of undeveloped land | 750,000 | 750,000 | ||||
Impairment of capital lease asset | 231,000 | |||||
Carrying value of impaired capital lease asset | 338,000 | |||||
Fair value of capital lease asset | 107,000 | 107,000 | ||||
Impairment of investment | $ 0 | $ 1,000,000 | 0 | 1,000,000 | ||
Liquor Licenses [Member] | ||||||
Schedule of Impairments [Line Items] | ||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | 0 | ||||
Franchise Rights [Member] | ||||||
Schedule of Impairments [Line Items] | ||||||
Impairment of Intangible Assets, Finite-lived | $ 800,000 | $ 0 |
Fair Value Disclosures (Other F
Fair Value Disclosures (Other Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 29, 2017 | Sep. 28, 2016 | Jun. 29, 2016 |
2.60% notes [Member] | |||
Fair Value Disclosure, Senior Notes [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.60% | ||
Long-term Debt | $ 249,351 | $ 248,918 | |
Long-term Debt, Fair Value | $ 250,315 | 252,445 | |
3.88% notes [Member] | |||
Fair Value Disclosure, Senior Notes [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.88% | ||
Long-term Debt | $ 297,823 | 297,556 | |
Long-term Debt, Fair Value | $ 284,340 | 302,655 | |
5.00% notes [Member] | |||
Fair Value Disclosure, Senior Notes [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | |
Long-term Debt | $ 344,208 | 0 | |
Long-term Debt, Fair Value | $ 345,699 | $ 0 |
Shareholder's Deficit - Additio
Shareholder's Deficit - Additional information (Share Repurchase) (Details) - USD ($) $ in Thousands, shares in Millions | 9 Months Ended | |
Mar. 29, 2017 | Mar. 23, 2016 | |
Equity, Class of Treasury Stock [Line Items] | ||
Shares repurchased, shares | 6.9 | |
Payments for repurchase of common stock | $ 350,768 | $ 266,157 |
Accelerated Share Repurchase Agreement [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
$300 million ASR Agreement Inception Date | Sep. 23, 2016 | |
Shares repurchased, shares | 5.9 | |
Payments for repurchase of common stock | $ 300,000 | |
Other Share Repurchases [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Shares repurchased, shares | 1 |
Shareholders' Deficit - Additio
Shareholders' Deficit - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Mar. 29, 2017 | Sep. 28, 2016 | Mar. 23, 2016 | Sep. 23, 2015 | Mar. 29, 2017 | Mar. 23, 2016 | Jun. 29, 2016 | |
Stockholders' Equity Note [Abstract] | |||||||
Increase In Share Repurchase Program | $ 150,000,000 | ||||||
Stock repurchase program, authorized amount | $ 4,300,000,000 | 4,300,000,000 | |||||
Amount available under share repurchase authorizations | $ 135,800,000 | $ 135,800,000 | |||||
Stock option, granted | 492,000 | ||||||
Stock option, weighted average exercise price | $ 54.20 | ||||||
Stock option, weighted average fair value | $ 9.62 | ||||||
Restricted share awards, granted | 248,000 | ||||||
Restricted share awards, weighted average fair value | $ 53.61 | ||||||
Stock option exercised, shares | 176,000 | ||||||
Cash proceeds from stock option exercised | $ 4,505,000 | $ 4,725,000 | |||||
Excess tax benefits from stock-based compensation, net | 1,500,000 | ||||||
Income tax deficiency from share-based compensation | 500,000 | ||||||
Payments of dividends | $ 54,087,000 | $ 56,192,000 | |||||
Percentage increase in quarterly dividend declared | 6.25% | ||||||
Dividends per share declared | $ 0.34 | $ 0.34 | $ 0.32 | $ 0.32 | $ 1.02 | $ 0.96 | |
Dividends | $ 16,630,000 | $ 16,630,000 | $ 17,760,000 | ||||
Dividends Payable, Date to be Paid | Mar. 30, 2017 |
Supplemental Cash Flow Inform42
Supplemental Cash Flow Information - Cash Paid for Interest and Income Taxes (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 29, 2017 | Mar. 23, 2016 | |
Supplemental Cash Flow Information [Abstract] | ||
Income taxes, net of refunds | $ 63,381 | $ 28,877 |
Interest, net of amounts capitalized | $ 18,595 | $ 16,842 |
Supplemental Cash Flow Inform43
Supplemental Cash Flow Information - Non-Cash Investing and Financing Activities (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 29, 2017 | Mar. 23, 2016 | |
Other Significant Noncash Transactions [Line Items] | ||
Retirement of fully depreciated assets | $ 17,964 | $ 16,109 |
Accrued capital expenditures | 4,599 | 7,803 |
Capital lease additions | 1,147 | 0 |
Dividend Declared [Member] | ||
Other Significant Noncash Transactions [Line Items] | ||
Dividends declared but not paid | $ 17,276 | $ 18,334 |
Contingencies - Additional info
Contingencies - Additional information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Mar. 29, 2017 | Jun. 29, 2016 | |
Guarantor Obligations [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 26.9 | |
Lease Guarantees And Secondary Obligations [Member] | ||
Guarantor Obligations [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 71.3 | $ 72.9 |
Loss Contingency, Accrual, Current | $ 0.4 | |
Description of Material Contingencies of Parent Company | No other liabilities have been recorded |
Loss Contingencies (Details)
Loss Contingencies (Details) | Mar. 29, 2017LegalMatter |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 0 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ in Millions | 1 Months Ended |
May 01, 2017USD ($) | |
Revolving Credit Facility [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Proceeds from Lines of Credit | $ 40 |
EFFECT OF NEW ACCOUNTING STAN47
EFFECT OF NEW ACCOUNTING STANDARDS ADDITIONAL INFORMATION (Details) $ in Millions | Jun. 29, 2016USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Operating Leases, Future Minimum Payments Due | $ 639 |