Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | ||
Sep. 30, 2014 | Oct. 28, 2014 | Oct. 28, 2014 | |
Common Class A [Member] | Common Class B [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'Panera Bread Company | ' | ' |
Entity Central Index Key | '0000724606 | ' | ' |
Current Fiscal Year End Date | '--12-30 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 25,587,607 | 1,381,865 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Document_and_Entity_Informatio1
Document and Entity Information Balance Sheet Parentheticals (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Treasury Stock, Shares | 5,109,341 | 4,283,405 |
Common Class A [Member] | ' | ' |
Common Stock, Par or Stated Value Per Share | 0.0001 | 0.0001 |
Common Stock, Shares Authorized | 112,500,000 | 112,500,000 |
Common Stock, Shares, Issued | 30,690,640 | 30,573,851 |
Common Stock, Shares, Outstanding | 25,581,299 | 26,290,446 |
Common Class B [Member] | ' | ' |
Common Stock, Par or Stated Value Per Share | 0.0001 | 0.0001 |
Common Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Common Stock, Shares, Issued | 1,381,865 | 1,382,393 |
Common Stock, Shares, Outstanding | 1,381,865 | 1,382,393 |
Preferred Stock [Member] | ' | ' |
Preferred Stock, Par or Stated Value Per Share | 0.0001 | 0.0001 |
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Consolidated_Balance_Sheets_un
Consolidated Balance Sheets (unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $146,110,000 | $125,245,000 |
Trade accounts receivable, net | 35,302,000 | 32,965,000 |
Other accounts receivable | 30,616,000 | 51,637,000 |
Inventories | 20,430,000 | 21,916,000 |
Prepaid expenses and other | 50,185,000 | 43,064,000 |
Deferred income taxes | 25,625,000 | 27,889,000 |
Total current assets | 308,268,000 | 302,716,000 |
Property and equipment, net | 744,107,000 | 669,409,000 |
Other assets: | ' | ' |
Goodwill | 122,923,000 | 123,013,000 |
Other intangible assets, net | 73,132,000 | 79,768,000 |
Deposits and other | 5,912,000 | 5,956,000 |
Total other assets | 201,967,000 | 208,737,000 |
Total assets | 1,254,342,000 | 1,180,862,000 |
Current liabilities: | ' | ' |
Accounts payable | 20,633,000 | 17,533,000 |
Accrued expenses | 261,623,000 | 285,792,000 |
Total current liabilities | 282,256,000 | 303,325,000 |
Long-term Debt | 100,000,000 | 0 |
Deferred rent | 65,943,000 | 65,974,000 |
Deferred income taxes | 50,724,000 | 65,398,000 |
Other long-term liabilities | 45,485,000 | 46,273,000 |
Total liabilities | 544,408,000 | 480,970,000 |
Commitments and Contingencies | ' | ' |
Common stock, $.0001 par value per share: | ' | ' |
Treasury stock, carried at cost | -680,817,000 | -546,570,000 |
Preferred Stock, $.0001 par value per share | 0 | 0 |
Additional paid-in capital | 210,910,000 | 196,908,000 |
Accumulated other comprehensive (loss) income | -847,000 | -333,000 |
Retained earnings | 1,180,685,000 | 1,049,884,000 |
Total stockholders' equity | 709,934,000 | 699,892,000 |
Total liabilities and stockholders' equity | 1,254,342,000 | 1,180,862,000 |
Common Stock Class A [Member] | ' | ' |
Common stock, $.0001 par value per share: | ' | ' |
Common stock | 3,000 | 3,000 |
Common Stock Class B [Member] | ' | ' |
Common stock, $.0001 par value per share: | ' | ' |
Common stock | $0 | $0 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 24, 2013 | Sep. 30, 2014 | Sep. 24, 2013 |
Revenues: | ' | ' | ' | ' |
Total revenues | $619,890 | $572,480 | $1,856,698 | $1,723,270 |
Bakery-cafe expenses: | ' | ' | ' | ' |
Cost of food and paper products | 165,443 | 152,202 | 492,524 | 454,790 |
Labor | 170,207 | 151,786 | 500,880 | 450,253 |
Occupancy | 40,357 | 36,860 | 118,845 | 108,714 |
Other operating expenses | 79,094 | 73,846 | 233,625 | 213,936 |
Total bakery-cafe expenses | 455,101 | 414,694 | 1,345,874 | 1,227,693 |
Fresh dough and other product cost of sales to franchisees | 39,100 | 35,886 | 113,842 | 103,083 |
Depreciation and amortization | 31,187 | 26,329 | 90,681 | 75,961 |
General and administrative expenses | 34,460 | 28,837 | 102,112 | 86,887 |
Pre-opening expenses | 2,083 | 2,165 | 5,283 | 5,337 |
Total costs and expenses | 561,931 | 507,911 | 1,657,792 | 1,498,961 |
Operating profit | 57,959 | 64,569 | 198,906 | 224,309 |
Interest expense | 462 | 75 | 1,386 | 555 |
Other (income) expense, net | -719 | 324 | -5,934 | -2,892 |
Income before income taxes | 58,216 | 64,170 | 203,454 | 226,646 |
Income taxes | 19,002 | 21,408 | 72,653 | 84,725 |
Net income | 39,214 | 42,762 | 130,801 | 141,921 |
Earnings Per Common Share | ' | ' | ' | ' |
Basic (in dollars per share) | $1.47 | $1.49 | $4.85 | $4.89 |
Diluted (in dollars per share) | $1.46 | $1.48 | $4.83 | $4.86 |
Weighted average shares of common and common equivalent shares outstanding: | ' | ' | ' | ' |
Weighted average number of shares outstanding - basic (in shares) | 26,715 | 28,744 | 26,979 | 28,995 |
Weighted average number of shares outstanding - diluted (in shares) | 26,813 | 28,899 | 27,108 | 29,173 |
Other Comprehensive Income, Net of Tax | ' | ' | ' | ' |
Foreign currency translation adjustment | -570 | 206 | -514 | -522 |
Other Comprehensive Income | -570 | 206 | -514 | -522 |
Comprehensive Income | 38,644 | 42,968 | 130,287 | 141,399 |
Company Bakery Cafe Operations [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Total revenues | 545,393 | 505,428 | 1,636,587 | 1,523,985 |
Franchise Operations [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Total revenues | 30,585 | 27,189 | 89,950 | 81,219 |
Fresh dough and other product sales to franchisees [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Total revenues | $43,912 | $39,863 | $130,161 | $118,066 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 24, 2013 | |
Cash flows from operations: | ' | ' |
Net income | $130,801,000 | $141,921,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 90,681,000 | 75,961,000 |
Stock-based compensation expense | 8,032,000 | 7,841,000 |
Excess tax benefit from exercise of stock options | -2,733,000 | -7,818,000 |
Increase (Decrease) in Deferred Income Taxes | -12,410,000 | 7,991,000 |
Other | 1,434,000 | 3,538,000 |
Changes in operating assets and liabilities, excluding the effect of acquisitions and dispositions: | ' | ' |
Trade and other accounts receivable, net | 17,924,000 | 2,241,000 |
Inventories | 1,486,000 | 299,000 |
Prepaid expenses and other | -7,121,000 | 4,920,000 |
Deposits and other | 237,000 | 1,005,000 |
Accounts payable | 3,100,000 | 425,000 |
Accrued expenses | -35,349,000 | -26,741,000 |
Deferred rent | -282,000 | 3,464,000 |
Other long-term liabilities | -1,162,000 | -3,536,000 |
Net cash provided by operating activities | 194,638,000 | 211,511,000 |
Cash flows from investing activities: | ' | ' |
Additions to property and equipment | -155,348,000 | -124,334,000 |
Acquisitions, net of cash acquired | 0 | 2,446,000 |
Proceeds from sale-leaseback transactions | 10,315,000 | 2,085,000 |
Purchases of investments | 0 | -97,919,000 |
Proceeds from Sale, Maturity and Collection of Investments | 0 | 97,936,000 |
Net cash used in investing activities | -145,033,000 | -124,678,000 |
Cash flows from financing activities: | ' | ' |
Proceeds from Issuance of Long-term Debt | 100,000,000 | 0 |
Repurchase of common stock | -134,247,000 | -200,465,000 |
Exercise of employee stock options | 863,000 | 456,000 |
Tax benefit from exercise of stock options | 2,733,000 | 7,818,000 |
Proceeds from issuance of common stock under employee benefit plans | 2,374,000 | 2,178,000 |
Payment of Deferred Acquisition Holdback | -270,000 | 0 |
Payments of Debt Issuance Costs | -193,000 | 0 |
Net cash provided by (used in) financing activities | -28,740,000 | -190,013,000 |
Net increase (decrease) in cash and cash equivalents | 20,865,000 | -103,180,000 |
Cash and cash equivalents at beginning of period | 125,245,000 | 297,141,000 |
Cash and cash equivalents at end of period | $146,110,000 | $193,961,000 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Basis of Presentation and Principles of Consolidation | |
The unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q, which consist of the accounts of Panera Bread Company and its wholly owned direct and indirect subsidiaries (collectively, the “Company”), have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), under the rules and regulations of the United States Securities and Exchange Commission (the “SEC”), and on a basis substantially consistent with the audited consolidated financial statements of the Company as of and for the fiscal year ended December 31, 2013 (“fiscal 2013”). These unaudited consolidated financial statements should be read in conjunction with such audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, as filed with the SEC on February 19, 2014. All intercompany balances and transactions have been eliminated in consolidation. The Consolidated Balance Sheet data as of December 31, 2013 was derived from audited financial statements, but does not include all disclosures required by GAAP contained herein. | |
The unaudited consolidated financial statements include all adjustments (consisting of normal recurring adjustments and accruals) that management considers necessary for a fair statement of the Company's financial position and comprehensive income for the interim periods presented. Interim results are not necessarily indicative of the results for any other interim period or for the entire fiscal year. | |
Recent Accounting Pronouncements | |
In August 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40); Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. This update requires management of the Company to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern. This update is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company does not expect this standard to have an impact on the Company’s consolidated financial statements upon adoption. | |
In May 2014, the FASB issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers (Topic 606)”. This update provides 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. The guidance also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. This update is effective for annual and interim periods beginning after December 15, 2016, which will require the Company to adopt these provisions in the first quarter of fiscal 2017. Early application is not permitted. This update permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect this guidance will have on the Company's consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |
In July 2013, the FASB issued Accounting Standards Update No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. This guidance requires an unrecognized tax benefit related to a net operating loss carryforward, a similar tax loss or a tax credit carryforward to be presented as a reduction to a deferred tax asset, unless the tax benefit is not available at the reporting date to settle any additional income taxes under the tax law of the applicable tax jurisdiction. The guidance became effective at the beginning of the Company's first quarter of the fiscal year ending December 30, 2014 (“fiscal 2014”) and did not have a material impact on the Company's consolidated financial statements. |
Business_Combinations_and_Dive
Business Combinations and Divestitures | 9 Months Ended |
Sep. 30, 2014 | |
Business Combinations [Abstract] | ' |
Business Combinations and Divestitures | ' |
Business Combinations | |
Florida Bakery-cafe Acquisition | |
On April 9, 2013, the Company acquired substantially all the assets of one bakery-cafe from its Hallandale, Florida franchisee for a purchase price of $2.7 million. The Company paid approximately $2.4 million of the purchase price on April 9, 2013 and paid the remaining $0.3 million with interest on April 9, 2014, the one year anniversary of the transaction closing date. The Consolidated Statements of Comprehensive Income include the results of operations for the bakery-cafe from the date of its acquisition. The pro-forma impact of the acquisition on prior periods is not presented, as the impact is not material to reported results. | |
The Company allocated the purchase price to the tangible and intangible assets acquired in the acquisition at their estimated fair values with the remainder allocated to tax deductible goodwill as follows: $0.4 million to property and equipment; $1.0 million to intangible assets, which represents the fair value of re-acquired territory rights and the favorable lease agreement, that are expected to be amortized on average over approximately 12 years; and $1.3 million to goodwill. The fair value measurement of tangible and intangible assets as of the acquisition date was based on significant inputs not observable in the market and thus represents a Level 3 measurement. | |
Goodwill recorded in connection with this acquisition was attributed to the workforce of the acquired bakery-cafe and synergies expected from cost savings opportunities. All of the recorded goodwill is tax deductible and is included in the Company Bakery-Cafe Operations segment. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Measurements | ' |
Fair Value Measurements | |
The Company’s cash equivalents of $37.5 million and $18.1 million at September 30, 2014 and December 31, 2013, respectively, were carried at fair value in the Consolidated Balance Sheets based on quoted market prices for identical securities (Level 1 inputs). |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories consisted of the following (in thousands): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Food: | |||||||||
Fresh dough facilities: | |||||||||
Raw materials | $ | 3,446 | $ | 3,377 | |||||
Finished goods | 407 | 545 | |||||||
Bakery-cafes: | |||||||||
Raw materials | 13,293 | 14,329 | |||||||
Paper goods | 3,284 | 3,665 | |||||||
Total | $ | 20,430 | $ | 21,916 | |||||
Goodwill
Goodwill | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill | ' | |||||||||||||||
Goodwill | ||||||||||||||||
The following is a reconciliation of the beginning and ending balances of the Company’s goodwill by reportable segment as of September 30, 2014 (in thousands): | ||||||||||||||||
Company Bakery- | Franchise | Fresh Dough and Other Product | Total | |||||||||||||
Cafe Operations | Operations | Operations | ||||||||||||||
Balance as of December 31, 2013 | $ | 119,384 | $ | 1,934 | $ | 1,695 | $ | 123,013 | ||||||||
Currency translation | (90 | ) | — | — | (90 | ) | ||||||||||
Balance as of September 30, 2014 | $ | 119,294 | $ | 1,934 | $ | 1,695 | $ | 122,923 | ||||||||
Accrued_Expenses
Accrued Expenses | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued expenses | ' | |||||||
Accrued Expenses | ||||||||
Accrued expenses consisted of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Unredeemed gift cards, net | $ | 65,537 | $ | 86,287 | ||||
Capital expenditures | 55,511 | 41,329 | ||||||
Compensation and related employment taxes | 40,271 | 60,123 | ||||||
Insurance | 31,504 | 31,545 | ||||||
Taxes, other than income taxes | 15,192 | 17,618 | ||||||
Fresh dough and other product operations | 8,515 | 8,236 | ||||||
Occupancy costs | 7,108 | 5,017 | ||||||
Advertising | 6,358 | 5,729 | ||||||
Utilities | 5,980 | 5,488 | ||||||
Deferred revenue | 5,163 | 2,852 | ||||||
Loyalty program | 2,581 | 3,362 | ||||||
Other | 17,903 | 18,206 | ||||||
Total | $ | 261,623 | $ | 285,792 | ||||
Term_Loan
Term Loan | 9 Months Ended |
Sep. 30, 2014 | |
Debt Instruments [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
Debt | |
On June 11, 2014, the Company entered into a term loan agreement (the “Term Loan Agreement”), by and among the Company, as borrower, Bank of America, N.A., as administrative agent, and other lenders party thereto. The Term Loan Agreement provides for an unsecured term loan (the "Term Loan") in the amount of $100 million that is scheduled to mature on June 11, 2019, subject to acceleration upon certain specified events of defaults, including breaches of representations or covenants, failure to pay other material indebtedness or a change of control of the Company, as defined in the Term Loan Agreement. The Term Loan bears interest at a rate equal to, at the Company's option, (1) LIBOR plus a margin ranging from 1.00 percent to 1.50 percent depending on the Company’s consolidated leverage ratio or (2) the highest of (a) the Bank of America prime rate, (b) the Federal funds rate plus 0.50 percent or (c) LIBOR plus 1.00 percent, plus a margin ranging from 0.00 percent to 0.50 percent depending on the Company’s consolidated leverage ratio. The Company incurred debt issuance costs of $0.2 million in connection with the issuance of the Term Loan. The debt issuance costs are being amortized to expense over the term of the Term Loan. The weighted-average interest rate of the Term Loan, excluding the amortization of debt issuance costs, was 1.15 percent for the thirteen weeks ended September 30, 2014. As of September 30, 2014, the carrying amount of the Term Loan approximates fair value as the interest rate on the Term Loan approximates current market rates (Level 2 inputs). | |
On November 30, 2012, the Company entered into a credit agreement (the "Credit Agreement") with Bank of America, N.A. and other lenders party thereto. The Credit Agreement provides for an unsecured revolving credit facility of $250 million that will become due on November 30, 2017. As of September 30, 2014 and December 31, 2013, the Company had no loans outstanding under the Credit Agreement. | |
Both the Term Loan Agreement and the Credit Agreement contain customary affirmative and negative covenants, including covenants limiting liens, dispositions, fundamental changes, investments, indebtedness, and certain transactions and payments. In addition, the Term Loan Agreement and the Credit Agreement contain various financial covenants that, among other things, require the Company to satisfy two financial covenants at the end of each fiscal quarter: (1) a consolidated leverage ratio less than or equal to 3.00 to 1.00, and (2) a consolidated fixed charge coverage ratio of greater than or equal to 2.00 to 1.00. The Company is currently in compliance with all covenant requirements in the Term Loan Agreement and the Credit Agreement. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Lease Obligations | |
As of September 30, 2014, the Company guaranteed the operating leases of 24 franchisee or affiliate locations, which the Company accounted for in accordance with the accounting requirements for guarantees. These guarantees are primarily a result of the Company's sales of Company-owned bakery-cafes to franchisees and affiliates, pursuant to which the Company exercised its right to assign the lease or sublease for the bakery-cafe but remain liable to the landlord for the remaining lease term in the event of a default by the assignee. These leases have terms expiring on various dates from October 31, 2014 to September 30, 2027 and potential future rental payments of approximately $17.5 million as of September 30, 2014. The obligations from these leases will decrease over time as these operating leases expire. The Company has not recorded a liability for certain of these guarantees as they arose prior to the implementation of the accounting requirements for guarantees and, unless modified, are exempt from its requirements. The Company has not recorded a liability for those guarantees issued after the effective date of the accounting requirements because the fair value of these lease guarantees was determined by the Company to be insignificant individually, and in the aggregate, based on an analysis of the facts and circumstances of each such lease and each such assignee's performance, and the Company did not believe it was probable that it would be required to perform under any guarantees at the time the guarantees were issued. The Company has not had to make any payments related to any of these guaranteed leases. Applicable assignees continue to have primary liability for these operating leases. | |
Legal Proceedings | |
On July 2, 2014, a purported class action lawsuit was filed against one of the Company's subsidiaries by Jason Lofstedt, a former employee of one of the Company's subsidiaries. The lawsuit was filed in the California Superior Court, County of Riverside. The complaint alleges, among other things, violations of the California Labor Code, failure to pay overtime, failure to provide meal and rest periods, and violations of California's Unfair Competition Law. The complaint seeks, among other relief, collective and class certification of the lawsuit, unspecified damages, costs and expenses, including attorneys’ fees, and such other relief as the Court might find just and proper. The Company believes its subsidiary has meritorious defenses to each of the claims in the lawsuit and is prepared to vigorously defend the lawsuit. There can be no assurance, however, that the Company's subsidiary will be successful, and an adverse resolution of the lawsuit could have a material adverse effect on the Company's consolidated financial position and results of operations in the period in which the lawsuit is resolved. The Company is not presently able to reasonably estimate potential losses, if any, related to the lawsuit. | |
In addition to the legal matter described above, the Company is subject to various legal proceedings, claims, and litigation that arise in the ordinary course of its business. Defending lawsuits requires significant management attention and financial resources and the outcome of any litigation, including the matter described above, is inherently uncertain. The Company does not believe the ultimate resolution of these actions will have a material adverse effect on its consolidated financial statements. However, a significant increase in the number of these claims, or one or more successful claims under which the Company incurs greater liabilities than is currently anticipated, could materially and adversely affect its consolidated financial statements. | |
Other | |
The Company is subject to ongoing federal and state income tax audits and sales and use tax audits. The Company does not believe the ultimate resolution of these actions will have a material adverse effect on its consolidated financial statements. However, a significant increase in the number of these audits, or one or more audits under which the Company incurs greater liabilities than is currently anticipated, could materially and adversely affect its consolidated financial statements. The Company believes reserves for these matters are adequately provided for in its consolidated financial statements. |
Business_Segment_Information
Business Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Business Segment Information | ' | |||||||||||||||
Business Segment Information | ||||||||||||||||
The Company operates three business segments. The Company Bakery-Cafe Operations segment is comprised of the operating activities of the bakery-cafes owned directly and indirectly by the Company. The Company-owned bakery-cafes conduct business under the Panera Bread®, Saint Louis Bread Co.® or Paradise Bakery & Café® names. These bakery-cafes offer some or all of the following: fresh baked goods, made-to-order sandwiches on freshly baked breads, soups, salads, pasta dishes, custom roasted coffees, and other complementary products through on-premise sales, as well as catering. | ||||||||||||||||
The Franchise Operations segment is comprised of the operating activities of the franchise business unit, which licenses qualified operators to conduct business under the Panera Bread or Paradise Bakery & Café names and also monitors the operations of these bakery-cafes. Under the terms of most of the agreements, the licensed operators pay royalties and fees to the Company in return for the use of the Panera Bread or Paradise Bakery & Café names. | ||||||||||||||||
The Fresh Dough and Other Product Operations segment supplies fresh dough, produce, tuna, and cream cheese, and indirectly supplies proprietary sweet goods items through a contract manufacturing arrangement, to Company-owned and franchise-operated bakery-cafes. The fresh dough is sold to a number of both Company-owned and franchise-operated bakery-cafes at a delivered cost generally not to exceed 27 percent of the retail value of the end product. The sales and related costs to the franchise-operated bakery-cafes are separately stated line items in the Consolidated Statements of Comprehensive Income. The sales, costs, and operating profit related to the sales to Company-owned bakery-cafes are eliminated in consolidation in the Consolidated Statements of Comprehensive Income. | ||||||||||||||||
Segment information related to the Company’s three business segments is as follows (in thousands): | ||||||||||||||||
For the 13 Weeks Ended | For the 39 Weeks Ended | |||||||||||||||
September 30, | September 24, | September 30, | September 24, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: | ||||||||||||||||
Company bakery-cafe operations | $ | 545,393 | $ | 505,428 | $ | 1,636,587 | $ | 1,523,985 | ||||||||
Franchise operations | 30,585 | 27,189 | 89,950 | 81,219 | ||||||||||||
Fresh dough and other product operations | 92,789 | 85,095 | 275,353 | 251,779 | ||||||||||||
Intercompany sales eliminations | (48,877 | ) | (45,232 | ) | (145,192 | ) | (133,713 | ) | ||||||||
Total revenues | $ | 619,890 | $ | 572,480 | $ | 1,856,698 | $ | 1,723,270 | ||||||||
Segment profit: | ||||||||||||||||
Company bakery-cafe operations | $ | 90,292 | $ | 90,734 | $ | 290,713 | $ | 296,292 | ||||||||
Franchise operations | 29,214 | 25,732 | 85,403 | 76,738 | ||||||||||||
Fresh dough and other product operations | 4,812 | 3,977 | 16,319 | 14,983 | ||||||||||||
Total segment profit | $ | 124,318 | $ | 120,443 | $ | 392,435 | $ | 388,013 | ||||||||
Depreciation and amortization | $ | 31,187 | $ | 26,329 | $ | 90,681 | $ | 75,961 | ||||||||
Unallocated general and administrative expenses | 33,089 | 27,380 | 97,565 | 82,406 | ||||||||||||
Pre-opening expenses | 2,083 | 2,165 | 5,283 | 5,337 | ||||||||||||
Interest expense | 462 | 75 | 1,386 | 555 | ||||||||||||
Other (income) expense, net | (719 | ) | 324 | (5,934 | ) | (2,892 | ) | |||||||||
Income before income taxes | $ | 58,216 | $ | 64,170 | $ | 203,454 | $ | 226,646 | ||||||||
Depreciation and amortization: | ||||||||||||||||
Company bakery-cafe operations | $ | 25,593 | $ | 22,489 | $ | 75,791 | $ | 65,198 | ||||||||
Fresh dough and other product operations | 2,141 | 2,010 | 6,295 | 5,988 | ||||||||||||
Corporate administration | 3,453 | 1,830 | 8,595 | 4,775 | ||||||||||||
Total depreciation and amortization | $ | 31,187 | $ | 26,329 | $ | 90,681 | $ | 75,961 | ||||||||
Capital expenditures: | ||||||||||||||||
Company bakery-cafe operations | $ | 44,111 | $ | 31,799 | $ | 110,664 | $ | 97,813 | ||||||||
Fresh dough and other product operations | 4,356 | 3,668 | 9,127 | 7,448 | ||||||||||||
Corporate administration | 16,138 | 7,365 | 35,557 | 19,073 | ||||||||||||
Total capital expenditures | $ | 64,605 | $ | 42,832 | $ | 155,348 | $ | 124,334 | ||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Segment assets: | ||||||||||||||||
Company bakery-cafe operations | $ | 900,921 | $ | 867,093 | ||||||||||||
Franchise operations | 13,064 | 10,156 | ||||||||||||||
Fresh dough and other product operations | 62,908 | 62,854 | ||||||||||||||
Total segment assets | $ | 976,893 | $ | 940,103 | ||||||||||||
Unallocated cash and cash equivalents | $ | 146,110 | $ | 125,245 | ||||||||||||
Unallocated trade and other accounts receivable | 2,213 | 2,281 | ||||||||||||||
Unallocated property and equipment | 76,628 | 53,587 | ||||||||||||||
Unallocated deposits and other | 3,698 | 3,865 | ||||||||||||||
Other unallocated assets | 48,800 | 55,781 | ||||||||||||||
Total assets | $ | 1,254,342 | $ | 1,180,862 | ||||||||||||
“Unallocated cash and cash equivalents” relates primarily to corporate cash and cash equivalents, “unallocated trade and other accounts receivable” relates primarily to rebates and interest receivable, “unallocated property and equipment” relates primarily to corporate fixed assets, “unallocated deposits and other” relates primarily to insurance deposits, and “other unallocated assets” relates primarily to deferred income taxes. |
Income_Taxes_Income_Taxes_Note
Income Taxes Income Taxes (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
Note 10. Income Taxes | |
The Company records income taxes using an estimated annual effective tax rate for interim reporting. The estimated annual effective tax rate may fluctuate due to changes in forecasted annual operating income; changes to the valuation allowance for deferred tax assets; changes to actual or forecast permanent book to tax differences; impacts from future tax settlements with state, federal or foreign tax authorities (such changes would be recorded discretely in the quarter in which they occur); or impacts from tax law changes. To the extent such changes impact the Company’s deferred tax assets/liabilities, these changes would generally be recorded discretely in the quarter in which they occur. | |
The Company's effective tax rates were 32.6% and 33.4% for the thirteen weeks ended September 30, 2014 and September 24, 2013, respectively, and 35.7% and 37.4% for the thirty-nine weeks ended September 30, 2014 and September 24, 2013, respectively. | |
In the thirteen and thirty-nine weeks ended September 30, 2014, the Company recorded discrete items resulting in net tax benefits of $2.4 million and $3.4 million, respectively. These amounts include tax benefits of $2.3 million related to additional federal tax credits and an increased deduction for domestic production activities. | |
In the thirteen and thirty-nine weeks ended September 24, 2013, the Company recorded discrete items resulting in net tax benefits of $3.8 million and $2.9 million, respectively. These amounts include tax benefits of $3.8 million related to the net impact of changes in permanent differences between financial and tax reporting, refinement of estimates of certain state tax attributes, and settlement of tax audits. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except for per share data): | ||||||||||||||||
For the 13 Weeks Ended | For the 39 Weeks Ended | |||||||||||||||
September 30, | September 24, | September 30, | September 24, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Amounts used for basic and diluted per share calculations: | ||||||||||||||||
Net income | $ | 39,214 | $ | 42,762 | $ | 130,801 | $ | 141,921 | ||||||||
Weighted average number of shares outstanding — basic | 26,715 | 28,744 | 26,979 | 28,995 | ||||||||||||
Effect of dilutive stock-based employee compensation awards | 98 | 155 | 129 | 178 | ||||||||||||
Weighted average number of shares outstanding — diluted | 26,813 | 28,899 | 27,108 | 29,173 | ||||||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 1.47 | $ | 1.49 | $ | 4.85 | $ | 4.89 | ||||||||
Diluted | $ | 1.46 | $ | 1.48 | $ | 4.83 | $ | 4.86 | ||||||||
For the thirteen and thirty-nine weeks ended September 30, 2014 and September 24, 2013, weighted-average outstanding stock options, restricted stock, and stock-settled appreciation rights of less than 0.1 million shares, respectively, were excluded in calculating diluted earnings per share as the exercise price exceeded fair market value and the inclusion of such shares would have been antidilutive. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
In August 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40); Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. This update requires management of the Company to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern. This update is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company does not expect this standard to have an impact on the Company’s consolidated financial statements upon adoption. | |
In May 2014, the FASB issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers (Topic 606)”. This update provides 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. The guidance also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. This update is effective for annual and interim periods beginning after December 15, 2016, which will require the Company to adopt these provisions in the first quarter of fiscal 2017. Early application is not permitted. This update permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect this guidance will have on the Company's consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |
In July 2013, the FASB issued Accounting Standards Update No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. This guidance requires an unrecognized tax benefit related to a net operating loss carryforward, a similar tax loss or a tax credit carryforward to be presented as a reduction to a deferred tax asset, unless the tax benefit is not available at the reporting date to settle any additional income taxes under the tax law of the applicable tax jurisdiction. The guidance became effective at the beginning of the Company's first quarter of the fiscal year ending December 30, 2014 (“fiscal 2014”) and did not have a material impact on the Company's consolidated financial statements. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Food: | |||||||||
Fresh dough facilities: | |||||||||
Raw materials | $ | 3,446 | $ | 3,377 | |||||
Finished goods | 407 | 545 | |||||||
Bakery-cafes: | |||||||||
Raw materials | 13,293 | 14,329 | |||||||
Paper goods | 3,284 | 3,665 | |||||||
Total | $ | 20,430 | $ | 21,916 | |||||
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Reconciliation of goodwill by reportable segment | ' | |||||||||||||||
The following is a reconciliation of the beginning and ending balances of the Company’s goodwill by reportable segment as of September 30, 2014 (in thousands): | ||||||||||||||||
Company Bakery- | Franchise | Fresh Dough and Other Product | Total | |||||||||||||
Cafe Operations | Operations | Operations | ||||||||||||||
Balance as of December 31, 2013 | $ | 119,384 | $ | 1,934 | $ | 1,695 | $ | 123,013 | ||||||||
Currency translation | (90 | ) | — | — | (90 | ) | ||||||||||
Balance as of September 30, 2014 | $ | 119,294 | $ | 1,934 | $ | 1,695 | $ | 122,923 | ||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Expenses | ' | |||||||
September 30, 2014 | December 31, 2013 | |||||||
Unredeemed gift cards, net | $ | 65,537 | $ | 86,287 | ||||
Capital expenditures | 55,511 | 41,329 | ||||||
Compensation and related employment taxes | 40,271 | 60,123 | ||||||
Insurance | 31,504 | 31,545 | ||||||
Taxes, other than income taxes | 15,192 | 17,618 | ||||||
Fresh dough and other product operations | 8,515 | 8,236 | ||||||
Occupancy costs | 7,108 | 5,017 | ||||||
Advertising | 6,358 | 5,729 | ||||||
Utilities | 5,980 | 5,488 | ||||||
Deferred revenue | 5,163 | 2,852 | ||||||
Loyalty program | 2,581 | 3,362 | ||||||
Other | 17,903 | 18,206 | ||||||
Total | $ | 261,623 | $ | 285,792 | ||||
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Business Segment Information | ' | |||||||||||||||
nformation related to the Company’s three business segments is as follows (in thousands): | ||||||||||||||||
For the 13 Weeks Ended | For the 39 Weeks Ended | |||||||||||||||
September 30, | September 24, | September 30, | September 24, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: | ||||||||||||||||
Company bakery-cafe operations | $ | 545,393 | $ | 505,428 | $ | 1,636,587 | $ | 1,523,985 | ||||||||
Franchise operations | 30,585 | 27,189 | 89,950 | 81,219 | ||||||||||||
Fresh dough and other product operations | 92,789 | 85,095 | 275,353 | 251,779 | ||||||||||||
Intercompany sales eliminations | (48,877 | ) | (45,232 | ) | (145,192 | ) | (133,713 | ) | ||||||||
Total revenues | $ | 619,890 | $ | 572,480 | $ | 1,856,698 | $ | 1,723,270 | ||||||||
Segment profit: | ||||||||||||||||
Company bakery-cafe operations | $ | 90,292 | $ | 90,734 | $ | 290,713 | $ | 296,292 | ||||||||
Franchise operations | 29,214 | 25,732 | 85,403 | 76,738 | ||||||||||||
Fresh dough and other product operations | 4,812 | 3,977 | 16,319 | 14,983 | ||||||||||||
Total segment profit | $ | 124,318 | $ | 120,443 | $ | 392,435 | $ | 388,013 | ||||||||
Depreciation and amortization | $ | 31,187 | $ | 26,329 | $ | 90,681 | $ | 75,961 | ||||||||
Unallocated general and administrative expenses | 33,089 | 27,380 | 97,565 | 82,406 | ||||||||||||
Pre-opening expenses | 2,083 | 2,165 | 5,283 | 5,337 | ||||||||||||
Interest expense | 462 | 75 | 1,386 | 555 | ||||||||||||
Other (income) expense, net | (719 | ) | 324 | (5,934 | ) | (2,892 | ) | |||||||||
Income before income taxes | $ | 58,216 | $ | 64,170 | $ | 203,454 | $ | 226,646 | ||||||||
Depreciation and amortization: | ||||||||||||||||
Company bakery-cafe operations | $ | 25,593 | $ | 22,489 | $ | 75,791 | $ | 65,198 | ||||||||
Fresh dough and other product operations | 2,141 | 2,010 | 6,295 | 5,988 | ||||||||||||
Corporate administration | 3,453 | 1,830 | 8,595 | 4,775 | ||||||||||||
Total depreciation and amortization | $ | 31,187 | $ | 26,329 | $ | 90,681 | $ | 75,961 | ||||||||
Capital expenditures: | ||||||||||||||||
Company bakery-cafe operations | $ | 44,111 | $ | 31,799 | $ | 110,664 | $ | 97,813 | ||||||||
Fresh dough and other product operations | 4,356 | 3,668 | 9,127 | 7,448 | ||||||||||||
Corporate administration | 16,138 | 7,365 | 35,557 | 19,073 | ||||||||||||
Total capital expenditures | $ | 64,605 | $ | 42,832 | $ | 155,348 | $ | 124,334 | ||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Segment assets: | ||||||||||||||||
Company bakery-cafe operations | $ | 900,921 | $ | 867,093 | ||||||||||||
Franchise operations | 13,064 | 10,156 | ||||||||||||||
Fresh dough and other product operations | 62,908 | 62,854 | ||||||||||||||
Total segment assets | $ | 976,893 | $ | 940,103 | ||||||||||||
Unallocated cash and cash equivalents | $ | 146,110 | $ | 125,245 | ||||||||||||
Unallocated trade and other accounts receivable | 2,213 | 2,281 | ||||||||||||||
Unallocated property and equipment | 76,628 | 53,587 | ||||||||||||||
Unallocated deposits and other | 3,698 | 3,865 | ||||||||||||||
Other unallocated assets | 48,800 | 55,781 | ||||||||||||||
Total assets | $ | 1,254,342 | $ | 1,180,862 | ||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computation of basic and diluted earnings per share | ' | |||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except for per share data): | ||||||||||||||||
For the 13 Weeks Ended | For the 39 Weeks Ended | |||||||||||||||
September 30, | September 24, | September 30, | September 24, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Amounts used for basic and diluted per share calculations: | ||||||||||||||||
Net income | $ | 39,214 | $ | 42,762 | $ | 130,801 | $ | 141,921 | ||||||||
Weighted average number of shares outstanding — basic | 26,715 | 28,744 | 26,979 | 28,995 | ||||||||||||
Effect of dilutive stock-based employee compensation awards | 98 | 155 | 129 | 178 | ||||||||||||
Weighted average number of shares outstanding — diluted | 26,813 | 28,899 | 27,108 | 29,173 | ||||||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 1.47 | $ | 1.49 | $ | 4.85 | $ | 4.89 | ||||||||
Diluted | $ | 1.46 | $ | 1.48 | $ | 4.83 | $ | 4.86 | ||||||||
Business_Combinations_Details_
Business Combinations (Details Textuals) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 24, 2013 | Jul. 01, 2014 | Apr. 09, 2013 | Sep. 30, 2014 | Apr. 29, 2014 | |
Florida Franchisee Acquisition [Member] | Florida Franchisee Acquisition [Member] | Florida Franchisee Acquisition [Member] | Florida Franchisee Acquisition [Member] | |||
bakery-cafes | ||||||
Business Combination [Line Items] | ' | ' | ' | ' | ' | ' |
Number of bakery cafe (in stores) | ' | ' | ' | 1 | ' | ' |
Purchase price of assets and liabilities | ' | ' | ' | $2,700,000 | ' | ' |
Payment of purchase price and transaction cost | ' | ' | ' | 2,400,000 | ' | ' |
Amount retained by the company for hold backs | 270,000 | 0 | 300,000 | ' | ' | ' |
Expiration Period of Holdbacks (in months) | ' | ' | ' | ' | ' | '1 year |
Purchase price allocation estimated fair value of property and equipment | ' | ' | ' | 400,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | 1,000,000 | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | '12 years | ' |
Purchase price allocation estimated fair value of goodwill | ' | ' | ' | $1,300,000 | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair Value, Inputs, Level 1 [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | $37.50 | $18.10 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Bakery cafes [Abstract] | ' | ' |
Paper goods | $3,284 | $3,665 |
Total | 20,430 | 21,916 |
Fresh dough and other product operations [Member] | ' | ' |
Fresh dough facilities [Abstract] | ' | ' |
Raw materials | 3,446 | 3,377 |
Finished goods | 407 | 545 |
Company Bakery Cafe Operations [Member] | ' | ' |
Fresh dough facilities [Abstract] | ' | ' |
Raw materials | $13,293 | $14,329 |
Goodwill_Details
Goodwill (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Goodwill [Roll Forward] | ' |
Beginning Balance | $123,013,000 |
Currency translation | -90,000 |
Ending Balance | 122,923,000 |
Company bakery cafe operations [Member] | ' |
Goodwill [Roll Forward] | ' |
Beginning Balance | 119,384,000 |
Currency translation | -90,000 |
Ending Balance | 119,294,000 |
Franchise operations [Member] | ' |
Goodwill [Roll Forward] | ' |
Beginning Balance | 1,934,000 |
Currency translation | 0 |
Ending Balance | 1,934,000 |
Fresh dough and other product operations [Member] | ' |
Goodwill [Roll Forward] | ' |
Beginning Balance | 1,695,000 |
Currency translation | 0 |
Ending Balance | $1,695,000 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Unredeemed gift cards, net | $65,537 | $86,287 |
Compensation and related employment taxes | 40,271 | 60,123 |
Capital Expenditures | 55,511 | 41,329 |
Insurance | 31,504 | 31,545 |
Taxes, other than income taxes | 15,192 | 17,618 |
Fresh dough and other product operations | 8,515 | 8,236 |
Utilities | 5,980 | 5,488 |
Occupancy costs | 7,108 | 5,017 |
Deferred Revenue | 5,163 | 2,852 |
Advertising | 6,358 | 5,729 |
Loyalty program | 2,581 | 3,362 |
Other | 17,903 | 18,206 |
Total | $261,623 | $285,792 |
Term_Loan_Details_Textuals
Term Loan (Details Textuals) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Credit Facility [Member] | LIBOR Loan [Member] | LIBOR Loan [Member] | LIBOR Loan [Member] | Base Rate Loan [Member] | Base Rate Loan [Member] | Federal Funds Rate [Member] | |||
Fair Value, Inputs, Level 2 [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured Long-term Debt, Noncurrent | ' | ' | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | 11-Jun-19 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | 1.50% | 0.00% | 0.50% | 0.50% |
Debt Issuance Cost | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate at Period End | ' | ' | 1.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Expiration Date | ' | ' | ' | ' | ' | 30-Nov-17 | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | $0 | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' |
Consolidated Leverage Ratio | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Fixed Charge Coverage Ratio | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Detail Textuals) (Guarantee of Indebtedness of Others [Member], USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | franchisee |
Guarantee of Indebtedness of Others [Member] | ' |
Loss Contingencies [Line Items] | ' |
Franchisees guaranteed under operating leases (in franchisees) | 24 |
Potential amount of future rental payments | $17.50 |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 24, 2013 | Sep. 30, 2014 | Sep. 24, 2013 | Dec. 31, 2013 | Dec. 25, 2012 |
Revenues: | ' | ' | ' | ' | ' | ' |
Total revenues | $619,890 | $572,480 | $1,856,698 | $1,723,270 | ' | ' |
Segment profit: | ' | ' | ' | ' | ' | ' |
Total segment profit | 124,318 | 120,443 | 392,435 | 388,013 | ' | ' |
Depreciation and amortization | 31,187 | 26,329 | 90,681 | 75,961 | ' | ' |
Unallocated General and Administrative Expenses | 34,460 | 28,837 | 102,112 | 86,887 | ' | ' |
Pre-opening expenses | 2,083 | 2,165 | 5,283 | 5,337 | ' | ' |
Interest expense | 462 | 75 | 1,386 | 555 | ' | ' |
Other (income) expense, net | -719 | 324 | -5,934 | -2,892 | ' | ' |
Income before income taxes | 58,216 | 64,170 | 203,454 | 226,646 | ' | ' |
Capital expenditures: | ' | ' | ' | ' | ' | ' |
Capital Expenditures | 64,605 | 42,832 | 155,348 | 124,334 | ' | ' |
Segment Assets | ' | ' | ' | ' | ' | ' |
Unallocated cash and cash equivalents | 146,110 | 193,961 | 146,110 | 193,961 | 125,245 | 297,141 |
Unallocated trade and other accounts receivable | 35,302 | ' | 35,302 | ' | 32,965 | ' |
Unallocated property and equipment | 744,107 | ' | 744,107 | ' | 669,409 | ' |
Total assets | 1,254,342 | ' | 1,254,342 | ' | 1,180,862 | ' |
Company bakery cafe operations [Member] | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' |
Total revenues | 545,393 | 505,428 | 1,636,587 | 1,523,985 | ' | ' |
Franchise operations [Member] | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' |
Total revenues | 30,585 | 27,189 | 89,950 | 81,219 | ' | ' |
Unallocated Amount to Segment [Member] | ' | ' | ' | ' | ' | ' |
Segment profit: | ' | ' | ' | ' | ' | ' |
Unallocated General and Administrative Expenses | 33,089 | 27,380 | 97,565 | 82,406 | ' | ' |
Segment Assets | ' | ' | ' | ' | ' | ' |
Unallocated cash and cash equivalents | 146,110 | ' | 146,110 | ' | 125,245 | ' |
Unallocated trade and other accounts receivable | 2,213 | ' | 2,213 | ' | 2,281 | ' |
Unallocated property and equipment | 76,628 | ' | 76,628 | ' | 53,587 | ' |
Unallocated deposits and other | 3,698 | ' | 3,698 | ' | 3,865 | ' |
Other unallocated assets | 48,800 | ' | 48,800 | ' | 55,781 | ' |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' |
Segment Assets | ' | ' | ' | ' | ' | ' |
Total assets | 976,893 | ' | 976,893 | ' | 940,103 | ' |
Operating Segments [Member] | Company bakery cafe operations [Member] | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' |
Total revenues | 545,393 | 505,428 | 1,636,587 | 1,523,985 | ' | ' |
Segment profit: | ' | ' | ' | ' | ' | ' |
Total segment profit | 90,292 | 90,734 | 290,713 | 296,292 | ' | ' |
Depreciation and amortization | 25,593 | 22,489 | 75,791 | 65,198 | ' | ' |
Capital expenditures: | ' | ' | ' | ' | ' | ' |
Capital Expenditures | 44,111 | 31,799 | 110,664 | 97,813 | ' | ' |
Segment Assets | ' | ' | ' | ' | ' | ' |
Total assets | 900,921 | ' | 900,921 | ' | 867,093 | ' |
Operating Segments [Member] | Franchise operations [Member] | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' |
Total revenues | 30,585 | 27,189 | 89,950 | 81,219 | ' | ' |
Segment profit: | ' | ' | ' | ' | ' | ' |
Total segment profit | 29,214 | 25,732 | 85,403 | 76,738 | ' | ' |
Segment Assets | ' | ' | ' | ' | ' | ' |
Total assets | 13,064 | ' | 13,064 | ' | 10,156 | ' |
Operating Segments [Member] | Fresh dough and other product operations [Member] | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' |
Total revenues | 92,789 | 85,095 | 275,353 | 251,779 | ' | ' |
Segment profit: | ' | ' | ' | ' | ' | ' |
Total segment profit | 4,812 | 3,977 | 16,319 | 14,983 | ' | ' |
Depreciation and amortization | 2,141 | 2,010 | 6,295 | 5,988 | ' | ' |
Capital expenditures: | ' | ' | ' | ' | ' | ' |
Capital Expenditures | 4,356 | 3,668 | 9,127 | 7,448 | ' | ' |
Segment Assets | ' | ' | ' | ' | ' | ' |
Total assets | 62,908 | ' | 62,908 | ' | 62,854 | ' |
Operating Segments [Member] | Corporate Administration [Member] | ' | ' | ' | ' | ' | ' |
Segment profit: | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | 3,453 | 1,830 | 8,595 | 4,775 | ' | ' |
Capital expenditures: | ' | ' | ' | ' | ' | ' |
Capital Expenditures | 16,138 | 7,365 | 35,557 | 19,073 | ' | ' |
Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' |
Total revenues | ($48,877) | ($45,232) | ($145,192) | ($133,713) | ' | ' |
Business_Segment_Information_B
Business Segment Information Business Segment Information (Detail Textuals) | 9 Months Ended |
Sep. 30, 2014 | |
segments | |
Segment Reporting [Abstract] | ' |
Segment Reporting Information Number Of Business Segments (in segments) | 3 |
Maximum Delivered Cost On Fresh Dough Based On Retail Value Of End Product (as a percent) | 27.00% |
Income_Taxes_Income_Taxes_Deta
Income Taxes Income Taxes (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 24, 2013 | Sep. 30, 2014 | Sep. 24, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | 32.60% | 33.40% | 35.70% | 37.40% |
Other Tax Expense (Benefit) | $2.40 | $3.80 | $3.40 | $2.90 |
Discrete Tax Benefit | 2.3 | ' | 2.3 | ' |
Tax Adjustments, Settlements, and Unusual Provisions | ' | $3.80 | ' | $3.80 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 24, 2013 | Sep. 30, 2014 | Sep. 24, 2013 |
Amounts used for basic and diluted per share calculations | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $39,214 | $42,762 | $130,801 | $141,921 |
Weighted average number of shares outstanding - basic (in shares) | 26,715 | 28,744 | 26,979 | 28,995 |
Effect of dilutive stock-based employee compensation awards (in shares) | 98 | 155 | 129 | 178 |
Weighted average number of shares outstanding - diluted (in shares) | 26,813 | 28,899 | 27,108 | 29,173 |
Earnings per common share: | ' | ' | ' | ' |
Basic (in dollars per share) | $1.47 | $1.49 | $4.85 | $4.89 |
Diluted (in dollars per share) | $1.46 | $1.48 | $4.83 | $4.86 |
Earnings_Per_Share_Details_Tex
Earnings Per Share (Details Textuals) (Stock Compensation Plan [Member]) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 24, 2013 | Sep. 30, 2014 | Sep. 24, 2013 |
Stock Compensation Plan [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Shares excluded from computation of earning per share | 0.1 | 0.1 | 0.1 | 0.1 |