Panera Bread (PNRA) 10-Q 29 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2015	Jul. 28, 2015
Document Information [Line Items]
Entity Registrant Name	Panera Bread Company
Entity Central Index Key	724,606
Current Fiscal Year End Date	--12-29
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		24,410,893
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,381,730

Consolidated Balance Sheets (un

Consolidated Balance Sheets (unaudited) - USD ($)	Jun. 30, 2015	Dec. 30, 2014
Current assets:
Cash and cash equivalents	$ 124,816,000	$ 196,493,000
Trade accounts receivable, net	37,758,000	36,584,000
Other accounts receivable	19,784,000	70,069,000
Inventories	20,067,000	22,811,000
Prepaid expenses and other	50,240,000	51,588,000
Deferred income taxes	35,116,000	28,621,000
Assets held for sale	60,588,000	0
Total current assets	348,369,000	406,166,000
Property and equipment, net	746,797,000	787,294,000
Other assets:
Goodwill	118,907,000	120,778,000
Other intangible assets, net	66,573,000	70,940,000
Deposits and other	5,148,000	5,508,000
Total other assets	190,628,000	197,226,000
Total assets	1,285,794,000	1,390,686,000
Current liabilities:
Accounts payable	36,266,000	19,511,000
Accrued expenses	304,050,000	333,201,000
Liabilities associated with assets held for sale	8,571,000	0
Total current liabilities	348,887,000	352,712,000
Long-term debt	99,809,000	99,784,000
Deferred rent	62,810,000	67,390,000
Deferred income taxes	54,435,000	76,589,000
Other long-term liabilities	51,482,000	58,027,000
Total liabilities	$ 617,423,000	$ 654,502,000
Commitments and Contingencies (Note 8)
Common stock, $.0001 par value per share:
Treasury stock, carried at cost	$ (856,258,000)	$ (706,073,000)
Preferred Stock, $.0001 par value per share	0	0
Additional paid-in capital	223,723,000	214,437,000
Accumulated other comprehensive income (loss)	(2,063,000)	(1,360,000)
Retained earnings	1,302,966,000	1,229,177,000
Total stockholders' equity	668,371,000	736,184,000
Total liabilities and stockholders' equity	1,285,794,000	1,390,686,000
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 Balance Sheets Bal

Consolidated Balance Sheets Balance Sheet Parenthetical - $ / shares	Jun. 30, 2015	Dec. 30, 2014
Capital Unit [Line Items]
Treasury Stock, Shares	6,097,644	5,260,744
Common Class A [Member]
Capital Unit [Line Items]
Common Stock, Shares Authorized	112,500,000	112,500,000
Common Stock, Shares, Issued	30,751,819	30,703,472
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares, Outstanding	24,654,175	25,442,728
Common Class B [Member]
Capital Unit [Line Items]
Common Stock, Shares Authorized	10,000,000	10,000,000
Common Stock, Shares, Issued	1,381,730	1,381,865
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares, Outstanding	1,381,730	1,381,865
Preferred Stock [Member]
Capital Unit [Line Items]
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 Statements of Oper

Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jul. 01, 2014	Jun. 30, 2015	Jul. 01, 2014
Revenues:
Total revenues	$ 676,657,000	$ 631,055,000	$ 1,325,161,000	$ 1,236,808,000
Bakery-cafe expenses:
Cost of food and paper products	182,924,000	168,187,000	356,581,000	327,081,000
Labor	189,489,000	168,210,000	371,026,000	330,673,000
Occupancy	43,392,000	39,237,000	86,248,000	78,488,000
Other operating expenses	88,707,000	78,714,000	169,444,000	154,531,000
Total bakery-cafe expenses	504,512,000	454,348,000	983,299,000	890,773,000
Fresh dough and other product cost of sales to franchisees	40,252,000	39,108,000	76,518,000	74,742,000
Depreciation and amortization	32,335,000	30,052,000	66,282,000	59,494,000
General and administrative expenses	28,173,000	32,229,000	65,940,000	67,652,000
Pre-opening expenses	2,306,000	1,376,000	3,955,000	3,200,000
Refranchising loss	667,000	0	9,558,000	0
Total costs and expenses	608,245,000	557,113,000	1,205,552,000	1,095,861,000
Operating profit	68,412,000	73,942,000	119,609,000	140,947,000
Interest expense	417,000	301,000	903,000	924,000
Other (income) expense, net	1,187,000	(4,003,000)	1,003,000	(5,215,000)
Income before income taxes	66,808,000	77,644,000	117,703,000	145,238,000
Income taxes	24,879,000	28,452,000	43,914,000	53,651,000
Net income	$ 41,929,000	$ 49,192,000	$ 73,789,000	$ 91,587,000
Earnings Per Common Share
Basic (in dollars per share)	$ 1.60	$ 1.83	$ 2.80	$ 3.38
Diluted (in dollars per share)	$ 1.60	$ 1.82	$ 2.79	$ 3.36
Weighted average shares of common and common equivalent shares outstanding:
Weighted average number of shares outstanding - basic (in shares)	26,158	26,951	26,319	27,111
Weighted average number of shares outstanding - diluted (in shares)	26,275	27,086	26,423	27,247
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustment	$ 322,000	$ 450,000	$ (703,000)	$ 56,000
Other comprehensive income (loss)	322,000	450,000	(703,000)	56,000
Comprehensive Income	42,251,000	49,642,000	73,086,000	91,643,000
Operating Segments [Member]
Bakery-cafe expenses:
Depreciation and amortization	32,335,000		66,282,000	59,494,000
Company Bakery Cafe Operations [Member]
Revenues:
Total revenues	598,124,000	555,645,000	1,171,800,000	1,091,194,000
Franchise Operations [Member]
Revenues:
Total revenues	32,819,000	30,057,000	65,212,000	59,365,000
Fresh dough and other product sales to franchisees [Member]
Revenues:
Total revenues	$ 45,714,000	$ 45,353,000	$ 88,149,000	$ 86,249,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jul. 01, 2014
Cash flows from operations:
Net income	$ 73,789,000	$ 91,587,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	66,282,000	59,494,000
Stock-based compensation expense	7,482,000	5,997,000
Tax benefit from stock-based compensation	(43,000)	(415,000)
Deferred income taxes	(28,649,000)	(13,679,000)
Refranchising loss	9,558,000	0
Other	1,148,000	903,000
Changes in operating assets and liabilities, excluding the effect of acquisitions and dispositions:
Trade and other accounts receivable, net	49,413,000	27,497,000
Inventories	1,264,000	1,801,000
Prepaid expenses and other	1,348,000	8,443,000
Deposits and other	360,000	197,000
Accounts payable	16,755,000	(3,432,000)
Accrued expenses	(25,718,000)	(26,304,000)
Deferred rent	1,878,000	(1,717,000)
Other long-term liabilities	(5,262,000)	(3,864,000)
Net cash provided by operating activities	169,605,000	146,508,000
Cash flows from investing activities:
Additions to property and equipment	(104,856,000)	(90,743,000)
Proceeds from refranchising	3,218,000	0
Proceeds from sale-leaseback transactions	7,184,000	2,709,000
Proceeds from sale of property and equipment	1,553,000	0
Net cash used in investing activities	(92,901,000)	(88,034,000)
Cash flows from financing activities:
Proceeds from Issuance of Long-term Debt	0	100,000,000
Capitalized debt issuance costs	0	(193,000)
Payment of Deferred Acquisition Holdback	0	(270,000)
Repurchase of common stock	(150,185,000)	(100,338,000)
Exercise of employee stock options	0	263,000
Tax benefit from stock-based compensation	43,000	415,000
Proceeds from issuance of common stock under employee benefit plans	1,761,000	1,480,000
Net cash used in financing activities	(148,381,000)	1,357,000
Net (decrease) increase in cash and cash equivalents	(71,677,000)	59,831,000
Cash and cash equivalents at beginning of period	196,493,000	125,245,000
Cash and cash equivalents at end of period	$ 124,816,000	$ 185,076,000

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
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 30, 2014 (“fiscal 2014”). 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 30, 2014 , as filed with the SEC on February 23, 2015 . All intercompany balances and transactions have been eliminated in consolidation. The Consolidated Balance Sheet data as of December 30, 2014 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 April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360)”. This update was issued to clarify the reporting for discontinued operations and disclosures for disposals of components of an entity. This update is effective for annual and interim periods beginning after December 15, 2014. The adoption of this update did not have a material effect on the Company’s consolidated financial statements or related disclosures; however, it may impact the reporting of future discontinued operations if and when they occur. In May 2014, the FASB issued ASU 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. ASU 2014-09 provides alternative methods of initial adoption. On July 9, 2015, the FASB voted to defer the effective date by one year to interim and annual reporting periods beginning after December 15, 2017 and permitted early adoption of the standard, but not before the original effective date. The FASB is expected to formally issue ASU 2014-09 during the third quarter of 2015. 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 August 2014, the FASB issued ASU 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 is currently evaluating the effect of the standard but its adoption is not expected to have an impact on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. This update requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying value of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs were not affected by this update. The Company early adopted ASU 2015-03 during the thirteen weeks ended June 30, 2015. As a result of the retrospective adoption, the Company reclassified unamortized debt issuance costs of $0.2 million as of both June 30, 2015 and December 30, 2014, from Deposits and other to Long-term debt on the Consolidated Balance Sheets. Adoption of this standard did not impact the Company's results of operations or cash flows in either the current or previous interim and annual reporting periods.

Business Combinations and Dives

Business Combinations and Divestitures	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Business Combinations and Divestitures	Divestitures Refranchising Initiative In February 2015, the Company announced a plan to refranchise approximately 50 to 150 Company-owned bakery-cafes by December 29, 2015, the end of fiscal 2015. As of June 30, 2015, the Company classified as held for sale the assets and certain liabilities of 81 Company-owned bakery-cafes the Company expects to sell during the next 12 months. During the thirteen and twenty-six weeks ended June 30, 2015, the Company recorded losses on assets held for sale of $0.3 million and $7.9 million , respectively. The Company classifies assets as held for sale and ceases depreciation of the assets when those assets meet the held for sale criteria, as defined in GAAP. The following summarizes the financial statement carrying amounts of assets and liabilities associated with the bakery-cafes classified as held for sale as of June 30, 2015 (in thousands): June 30, 2015 Inventories $ 1,480 Property and equipment, net 57,237 Goodwill 1,871 Assets held for sale $ 60,588 Deferred rent $ 7,041 Asset retirement obligation 1,530 Liabilities associated with assets held for sale $ 8,571 Assets held for sale were valued using Level 3 inputs, primarily representing information obtained from signed letters of intent. Costs to sell are considered in the estimates of fair value for those assets included in Assets held for sale on our Consolidated Balance Sheets. The following summarizes activity associated with the refranchising initiative recorded in the caption entitled "Refranchising loss" in the Consolidated Statements of Comprehensive Income for the thirteen and twenty-six weeks ended June 30, 2015 (in thousands): For the 13 Weeks Ended For the 26 Weeks Ended June 30, June 30, Loss on assets held for sale $ 317 $ 7,941 Impairment of long-lived assets — 3,837 Other 350 350 Gain on sale of bakery-cafe — (2,570 ) Refranchising loss $ 667 $ 9,558 On March 3, 2015, the Company sold substantially all of the assets of one bakery-cafe to an existing franchisee for cash proceeds of approximately $3.2 million , which resulted in a gain on sale of approximately $2.6 million . The Company recognized impairment losses of $3.8 million during the thirteen weeks ended March 31, 2015 related to certain under-performing bakery-cafes in one of the markets for which the Company had signed letters of intent, which were excluded from the proposed sale. On July 14, 2015, the Company sold substantially all of the assets of 29 bakery-cafes in the Boston market to an existing franchisee for a purchase price of approximately $19.1 million , with $2.0 million held in escrow for certain holdbacks. The holdbacks are primarily for certain indemnifications and expire on July 14, 2017 , the two year anniversary of the transaction closing date, with any remaining amounts reverting to the Company. Assets and liabilities associated with these bakery-cafes were classified as held for sale as of June 30, 2015.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company’s cash equivalents of $16.0 million and $92.3 million at June 30, 2015 and December 30, 2014 , respectively, were carried at fair value in the Consolidated Balance Sheets based on quoted market prices for identical securities (Level 1 inputs).

Inventories

Inventories	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): June 30, 2015 December 30, 2014 Food: Fresh dough facilities: Raw materials $ 3,295 $ 3,413 Finished goods 445 460 Bakery-cafes: Raw materials 13,120 15,152 Paper goods 3,207 3,786 Total $ 20,067 $ 22,811

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Accrued expenses	Accrued Expenses Accrued expenses consisted of the following (in thousands): June 30, 2015 December 30, 2014 Unredeemed gift cards, net $ 80,565 $ 105,576 Compensation and related employment taxes 55,378 59,442 Capital expenditures 53,262 56,808 Insurance 36,370 32,559 Taxes, other than income taxes 22,603 21,068 Deferred revenue 9,508 5,291 Occupancy costs 7,142 7,263 Fresh dough and other product operations 6,955 6,812 Utilities 6,043 5,527 Advertising 5,402 10,147 Loyalty program 2,572 2,525 Income taxes payable 1,013 — Other 17,237 20,183 Total $ 304,050 $ 333,201

Term Loan

Term Loan	6 Months Ended
	Jun. 30, 2015
Debt Instruments [Abstract]
Debt Disclosure [Text Block]	Debt Term Loans On June 11, 2014, the Company entered into a term loan agreement (the “2014 Term Loan Agreement”), by and among the Company, as borrower, Bank of America, N.A., as administrative agent, and other lenders party thereto. The 2014 Term Loan Agreement provides for an unsecured term loan in the amount of $100 million (the "2014 Term Loan") that is scheduled to mature on June 11, 2019 , subject to acceleration upon certain specified events of default, including breaches of representations or covenants, failure to pay other material indebtedness or a change of control of the Company, as defined in the 2014 Term Loan Agreement. The Company incurred debt issuance costs of $0.2 million in connection with the issuance of the 2014 Term Loan. The debt issuance costs are being amortized to expense over the term of the 2014 Term Loan. The weighted-average interest rate of the 2014 Term Loan, excluding the amortization of debt issuance costs, was 1.18 percent for both the thirteen and twenty-six weeks ended June 30, 2015 . As of June 30, 2015 , the carrying amount of the 2014 Term Loan approximates fair value as the interest rate on the 2014 Term Loan approximates current market rates (Level 2 inputs). On July 16, 2015, the Company entered into a term loan agreement (the “2015 Term Loan Agreement”), with Bank of America, N.A., as administrative agent, and other lenders party thereto. The 2015 Term Loan Agreement provides for an unsecured term loan in the amount of $300 million (the "2015 Term Loan") that is scheduled to mature on July 16, 2020 , subject to acceleration upon certain specified events of default, including breaches of representations or covenants, failure to pay other material indebtedness or a change of control of the Company, as defined in the 2015 Term Loan Agreement. Each of the 2014 Term Loan and 2015 Term Loan bears interest at a rate equal to, at the Company's option, (1) the Eurodollar rate 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) the Eurodollar rate 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’s obligations under the 2014 Term Loan Agreement and 2015 Term Loan Agreement are guaranteed by certain of its direct and indirect subsidiaries. On July 16, 2015, in order to hedge the variability in cash flows from changes in benchmark interest rates, the Company entered into two forward-starting interest rate swap agreements with an aggregate initial notional value of $242.5 million . The forward-starting interest rate swaps have been designated as cash flow hedging instruments. Revolving Credit Agreements On November 30, 2012, the Company entered into a credit agreement (the "2012 Credit Agreement") with Bank of America, N.A. and other lenders party thereto. The 2012 Credit Agreement provides for an unsecured revolving credit facility of $250 million that will become due on November 30, 2017 . As of June 30, 2015 and December 30, 2014 , the Company had no loans outstanding under the 2012 Credit Agreement. On July 16, 2015, the Company terminated the 2012 Credit Agreement and entered into a new credit agreement (the “2015 Credit Agreement”), with Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, and each lender from time to time party thereto. The 2015 Credit Agreement provides for an unsecured revolving credit facility of $250 million that will become due on July 16, 2020 , subject to acceleration upon certain specified events of default, including breaches of representations or covenants, failure to pay other material indebtedness or a change of control of the Company, as defined in the 2015 Credit Agreement. The 2015 Credit Agreement provides that the Company may select interest rates under the credit facility equal to, at the Company's option, (1) the Eurodollar rate 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) the Eurodollar rate 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 2014 Term Loan Agreement, 2015 Term Loan Agreement and 2015 Credit Agreement contain customary affirmative and negative covenants, including covenants limiting liens, dispositions, fundamental changes, investments, indebtedness, and certain transactions and payments. In addition, such term loan and credit agreements 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 . As of June 30, 2015, the Company was in compliance with all covenant requirements.

Share Repurchase Authorization

Share Repurchase Authorization Share Repurchase Authorization (Notes)	6 Months Ended
	Jun. 30, 2015
Repurchase of Equity [Abstract]
Treasury Stock [Text Block]	Share Repurchase Authorization On June 5, 2014, the Company's Board of Directors approved a three year share repurchase authorization of up to $600 million of the Company's Class A common stock (the "2014 repurchase authorization"), pursuant to which the Company may repurchase shares from time to time on the open market or in privately negotiated transactions and which may be made under a Rule 10b5-1 plan. Repurchased shares may be retired immediately and resume the status of authorized but unissued shares or may be held by the Company as treasury stock. The 2014 repurchase authorization may be modified, suspended or discontinued by the Company's Board of Directors at any time. On April 15, 2015, the Company's Board of Directors approved an increase of the 2014 repurchase authorization to $750 million . During the twenty-six weeks ended June 30, 2015 , the Company repurchased 835,780 shares under the 2014 repurchase authorization, at an average price of $179.44 per share, for an aggregate purchase price of approximately $150.0 million . As of June 30, 2015 , the Company has repurchased a total of 1,263,301 shares of its Class A common stock under this repurchase program, at a weighted-average price of $171.43 per share, for an aggregate purchase price of approximately $216.6 million . There was approximately $533.4 million available under the 2014 repurchase authorization as of June 30, 2015 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Obligations As of June 30, 2015 , the Company has guaranteed the operating leases of 18 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 July 31, 2015 to September 30, 2027 and potential future rental payments of approximately $15.2 million as of June 30, 2015 . 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 the Company's consolidated financial position and results of operations. 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 the Company's consolidated financial position and results of operations. The Company believes reserves for these matters are adequately provided for in its consolidated financial statements.

Business Segment Information

Business Segment Information	6 Months Ended
	Jun. 30, 2015
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 & Cafe 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 & Cafe 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 26 Weeks Ended June 30, July 1, June 30, July 1, Revenues: Company bakery-cafe operations $ 598,124 $ 555,645 $ 1,171,800 $ 1,091,194 Franchise operations 32,819 30,057 65,212 59,365 Fresh dough and other product operations 97,767 96,039 187,891 182,564 Intercompany sales eliminations (52,053 ) (50,686 ) (99,742 ) (96,315 ) Total revenues $ 676,657 $ 631,055 $ 1,325,161 $ 1,236,808 Segment profit: Company bakery-cafe operations (1) $ 92,945 $ 101,297 $ 178,943 $ 200,421 Franchise operations 31,679 28,732 62,758 56,189 Fresh dough and other product operations 5,462 6,245 11,631 11,507 Total segment profit $ 130,086 $ 136,274 $ 253,332 $ 268,117 Depreciation and amortization $ 32,335 $ 30,052 $ 66,282 $ 59,494 Unallocated general and administrative expenses 27,033 30,904 63,486 64,476 Pre-opening expenses 2,306 1,376 3,955 3,200 Interest expense 417 301 903 924 Other (income) expense, net 1,187 (4,003 ) 1,003 (5,215 ) Income before income taxes $ 66,808 $ 77,644 $ 117,703 $ 145,238 Depreciation and amortization: Company bakery-cafe operations $ 25,359 $ 25,415 $ 52,694 $ 50,198 Fresh dough and other product operations 2,225 2,097 4,534 4,154 Corporate administration 4,751 2,540 9,054 5,142 Total depreciation and amortization $ 32,335 $ 30,052 $ 66,282 $ 59,494 Capital expenditures: Company bakery-cafe operations $ 42,592 $ 33,947 $ 78,110 $ 64,231 Fresh dough and other product operations 3,499 3,737 4,493 6,567 Corporate administration 9,191 10,758 22,253 19,945 Total capital expenditures $ 55,282 $ 48,442 $ 104,856 $ 90,743 (1) Includes refranchising losses of $0.7 million and $9.6 million for the thirteen and twenty-six weeks ended June 30, 2015. June 30, December 30, Segment assets: Company bakery-cafe operations $ 934,544 $ 953,896 Franchise operations 10,497 13,145 Fresh dough and other product operations 69,371 65,219 Total segment assets $ 1,014,412 $ 1,032,260 Unallocated cash and cash equivalents $ 124,816 $ 196,493 Unallocated trade and other accounts receivable 5,006 3,104 Unallocated property and equipment 93,785 84,224 Unallocated deposits and other 3,249 3,575 Other unallocated assets 44,526 71,030 Total assets $ 1,285,794 $ 1,390,686 “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 current and deferred income taxes.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
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 26 Weeks Ended June 30, July 1, June 30, July 1, Amounts used for basic and diluted per share calculations: Net income $ 41,929 $ 49,192 $ 73,789 $ 91,587 Weighted average number of shares outstanding — basic 26,158 26,951 26,319 27,111 Effect of dilutive stock-based employee compensation awards 117 135 104 136 Weighted average number of shares outstanding — diluted 26,275 27,086 26,423 27,247 Earnings per common share: Basic $ 1.60 $ 1.83 $ 2.80 $ 3.38 Diluted $ 1.60 $ 1.82 $ 2.79 $ 3.36 For each of the thirteen and twenty-six weeks ended June 30, 2015 and July 1, 2014 , weighted-average outstanding stock options, restricted stock, and stock-settled appreciation rights of less than 0.1 million shares 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 Accoun16

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360)”. This update was issued to clarify the reporting for discontinued operations and disclosures for disposals of components of an entity. This update is effective for annual and interim periods beginning after December 15, 2014. The adoption of this update did not have a material effect on the Company’s consolidated financial statements or related disclosures; however, it may impact the reporting of future discontinued operations if and when they occur. In May 2014, the FASB issued ASU 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. ASU 2014-09 provides alternative methods of initial adoption. On July 9, 2015, the FASB voted to defer the effective date by one year to interim and annual reporting periods beginning after December 15, 2017 and permitted early adoption of the standard, but not before the original effective date. The FASB is expected to formally issue ASU 2014-09 during the third quarter of 2015. 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 August 2014, the FASB issued ASU 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 is currently evaluating the effect of the standard but its adoption is not expected to have an impact on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. This update requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying value of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs were not affected by this update. The Company early adopted ASU 2015-03 during the thirteen weeks ended June 30, 2015. As a result of the retrospective adoption, the Company reclassified unamortized debt issuance costs of $0.2 million as of both June 30, 2015 and December 30, 2014, from Deposits and other to Long-term debt on the Consolidated Balance Sheets. Adoption of this standard did not impact the Company's results of operations or cash flows in either the current or previous interim and annual reporting periods.

Business Combination Business C

Business Combination Business Combinations and Divestitures (Tables)	6 Months Ended
	Jun. 30, 2015
Assets and Liabilities Associated with Assets Held for Sale [Abstract]
Assets and Liabilities associated with Assets Held for Sale [Table Text Block]	June 30, 2015 Inventories $ 1,480 Property and equipment, net 57,237 Goodwill 1,871 Assets held for sale $ 60,588 Deferred rent $ 7,041 Asset retirement obligation 1,530 Liabilities associated with assets held for sale $ 8,571

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventories	June 30, 2015 December 30, 2014 Food: Fresh dough facilities: Raw materials $ 3,295 $ 3,413 Finished goods 445 460 Bakery-cafes: Raw materials 13,120 15,152 Paper goods 3,207 3,786 Total $ 20,067 $ 22,811

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Accrued Expenses	June 30, 2015 December 30, 2014 Unredeemed gift cards, net $ 80,565 $ 105,576 Compensation and related employment taxes 55,378 59,442 Capital expenditures 53,262 56,808 Insurance 36,370 32,559 Taxes, other than income taxes 22,603 21,068 Deferred revenue 9,508 5,291 Occupancy costs 7,142 7,263 Fresh dough and other product operations 6,955 6,812 Utilities 6,043 5,527 Advertising 5,402 10,147 Loyalty program 2,572 2,525 Income taxes payable 1,013 — Other 17,237 20,183 Total $ 304,050 $ 333,201

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
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 26 Weeks Ended June 30, July 1, June 30, July 1, Revenues: Company bakery-cafe operations $ 598,124 $ 555,645 $ 1,171,800 $ 1,091,194 Franchise operations 32,819 30,057 65,212 59,365 Fresh dough and other product operations 97,767 96,039 187,891 182,564 Intercompany sales eliminations (52,053 ) (50,686 ) (99,742 ) (96,315 ) Total revenues $ 676,657 $ 631,055 $ 1,325,161 $ 1,236,808 Segment profit: Company bakery-cafe operations (1) $ 92,945 $ 101,297 $ 178,943 $ 200,421 Franchise operations 31,679 28,732 62,758 56,189 Fresh dough and other product operations 5,462 6,245 11,631 11,507 Total segment profit $ 130,086 $ 136,274 $ 253,332 $ 268,117 Depreciation and amortization $ 32,335 $ 30,052 $ 66,282 $ 59,494 Unallocated general and administrative expenses 27,033 30,904 63,486 64,476 Pre-opening expenses 2,306 1,376 3,955 3,200 Interest expense 417 301 903 924 Other (income) expense, net 1,187 (4,003 ) 1,003 (5,215 ) Income before income taxes $ 66,808 $ 77,644 $ 117,703 $ 145,238 Depreciation and amortization: Company bakery-cafe operations $ 25,359 $ 25,415 $ 52,694 $ 50,198 Fresh dough and other product operations 2,225 2,097 4,534 4,154 Corporate administration 4,751 2,540 9,054 5,142 Total depreciation and amortization $ 32,335 $ 30,052 $ 66,282 $ 59,494 Capital expenditures: Company bakery-cafe operations $ 42,592 $ 33,947 $ 78,110 $ 64,231 Fresh dough and other product operations 3,499 3,737 4,493 6,567 Corporate administration 9,191 10,758 22,253 19,945 Total capital expenditures $ 55,282 $ 48,442 $ 104,856 $ 90,743 (1) Includes refranchising losses of $0.7 million and $9.6 million for the thirteen and twenty-six weeks ended June 30, 2015. June 30, December 30, Segment assets: Company bakery-cafe operations $ 934,544 $ 953,896 Franchise operations 10,497 13,145 Fresh dough and other product operations 69,371 65,219 Total segment assets $ 1,014,412 $ 1,032,260 Unallocated cash and cash equivalents $ 124,816 $ 196,493 Unallocated trade and other accounts receivable 5,006 3,104 Unallocated property and equipment 93,785 84,224 Unallocated deposits and other 3,249 3,575 Other unallocated assets 44,526 71,030 Total assets $ 1,285,794 $ 1,390,686

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
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 26 Weeks Ended June 30, July 1, June 30, July 1, Amounts used for basic and diluted per share calculations: Net income $ 41,929 $ 49,192 $ 73,789 $ 91,587 Weighted average number of shares outstanding — basic 26,158 26,951 26,319 27,111 Effect of dilutive stock-based employee compensation awards 117 135 104 136 Weighted average number of shares outstanding — diluted 26,275 27,086 26,423 27,247 Earnings per common share: Basic $ 1.60 $ 1.83 $ 2.80 $ 3.38 Diluted $ 1.60 $ 1.82 $ 2.79 $ 3.36

Summary of Significant Accoun22

Summary of Significant Accounting Policies Recent Accounting Pronouncements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2014	Jun. 30, 2015
New Accounting Pronouncement, Early Adoption [Line Items]
Prior Period Reclassification Adjustment	$ 0.2
Debt Issuance Cost		$ 0.2

Business Combinations and Div23

Business Combinations and Divestitures (Details Textuals)	2 Months Ended	3 Months Ended			6 Months Ended
	Mar. 02, 2015USD ($)bakery-cafes	Jun. 30, 2015USD ($)bakery-cafes	Mar. 31, 2015USD ($)	Jul. 01, 2014USD ($)	Jul. 13, 2015USD ($)bakery-cafes	Jun. 30, 2015USD ($)bakery-cafes	Jul. 01, 2014USD ($)	Dec. 30, 2014USD ($)
Business Acquisitions And Divestitures [Line Items]
Disposal Group, Including Discontinued Operation, Inventory, Current		$ 1,480,000				$ 1,480,000
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current		57,237,000				57,237,000
Disposal Group, Including Discontinued Operation, Goodwill		1,871,000				1,871,000
Assets held for sale		60,588,000				60,588,000		$ 0
Disposal Group, Including Discontinued Operation, Deferred Rent		7,041,000				7,041,000
Disposal Group, Including Discontinued Operation, Asset Retirement Obligation		1,530,000				1,530,000
Liabilities associated with assets held for sale		8,571,000				8,571,000		$ 0
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down		317,000				7,941,000
Impairment of Long-Lived Assets Held-for-use		0	$ 3,800,000			3,837,000
Disposal Group, Including Discontinued Operation, Other Expense		350,000				350,000
Proceeds from refranchising	$ 3,200,000					3,218,000	$ 0
Gain (Loss) on Disposition of Business	$ (2,600,000)	0				(2,570,000)
Refranchising loss		$ 667,000		$ 0		$ 9,558,000	$ 0
Refranchised Cafe [Domain]
Business Acquisitions And Divestitures [Line Items]
Number of bakery cafe | bakery-cafes	1	81				81
Minimum [Member] | Refranchised Cafe [Domain]
Business Acquisitions And Divestitures [Line Items]
Number of bakery cafe | bakery-cafes		50				50
Maximum [Member] | Refranchised Cafe [Domain]
Business Acquisitions And Divestitures [Line Items]
Number of bakery cafe | bakery-cafes		150				150
Subsequent Event [Member]
Business Acquisitions And Divestitures [Line Items]
Proceeds from refranchising					$ 19,100,000
BusinessAcquisitionPurchasePricePaidSubsequentToHoldbackPeriod					$ 2,000,000
Expiration Period of Holdbacks
Subsequent Event [Member] | Refranchised Cafe [Domain]
Business Acquisitions And Divestitures [Line Items]
Number of bakery cafe | bakery-cafes					29

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 30, 2014
Fair Value, Inputs, Level 1 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	$ 16	$ 92.3

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 30, 2014
Bakery cafes [Abstract]
Paper goods	$ 3,207	$ 3,786
Total	20,067	22,811
Fresh dough and other product operations [Member]
Fresh dough facilities [Abstract]
Raw materials	3,295	3,413
Finished goods	445	460
Company Bakery Cafe Operations [Member]
Fresh dough facilities [Abstract]
Raw materials	$ 13,120	$ 15,152

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Jun. 30, 2015	Dec. 30, 2014
Payables and Accruals [Abstract]
Unredeemed gift cards, net	$ 80,565,000	$ 105,576,000
Compensation and related employment taxes	55,378,000	59,442,000
Capital Expenditures	53,262,000	56,808,000
Insurance	36,370,000	32,559,000
Taxes, other than income taxes	22,603,000	21,068,000
Taxes Payable	1,013,000	0
Fresh dough and other product operations	6,955,000	6,812,000
Utilities	6,043,000	5,527,000
Occupancy costs	7,142,000	7,263,000
Deferred Revenue	9,508,000	5,291,000
Customer Loyalty Program Liability, Current	2,572,000	2,525,000
Advertising	5,402,000	10,147,000
Other	17,237,000	20,183,000
Total	$ 304,050,000	$ 333,201,000

Term Loan (Details Textuals)

Term Loan (Details Textuals)	3 Months Ended	5 Months Ended	6 Months Ended	7 Months Ended
	Jun. 30, 2015USD ($)	Jun. 11, 2014USD ($)	Jun. 30, 2015USD ($)	Jul. 15, 2015USD ($)	Dec. 30, 2014USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 99,809,000		$ 99,809,000		$ 99,784,000
Line of Credit Facility, Amount Outstanding					$ 0
2014 Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date			Jun. 11, 2019
Debt Issuance Cost		$ 200,000
Debt Instrument, Interest Rate at Period End	1.18%		1.18%
Consolidated Leverage Ratio			3
Consolidated Leverage Ratio Denominator			1
Consolidated Fixed Charge Coverage Ratio			2
Consolidated Fixed Charge Coverage Ratio Denominator			1
2014 Term Loan [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 100,000,000		$ 100,000,000
Subsequent Event [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount				$ 242,500,000
Subsequent Event [Member] | 2015 Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date				Jul. 16, 2020
Consolidated Leverage Ratio				3
Consolidated Leverage Ratio Denominator				1
Consolidated Fixed Charge Coverage Ratio				2
Consolidated Fixed Charge Coverage Ratio Denominator				1
Subsequent Event [Member] | 2015 Term Loan [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Long-term debt				$ 300,000,000
2014 Term Loan [Member] | LIBOR Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.00%
2014 Term Loan [Member] | LIBOR Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.00%
2014 Term Loan [Member] | LIBOR Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.50%
2014 Term Loan [Member] | Base Rate Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.00%
2014 Term Loan [Member] | Base Rate Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.50%
2014 Term Loan [Member] | Federal Funds Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.50%
2015 Term Loan [Member] | Subsequent Event [Member] | LIBOR Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.00%
2015 Term Loan [Member] | Subsequent Event [Member] | LIBOR Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.00%
2015 Term Loan [Member] | Subsequent Event [Member] | LIBOR Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.50%
2015 Term Loan [Member] | Subsequent Event [Member] | Base Rate Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.00%
2015 Term Loan [Member] | Subsequent Event [Member] | Base Rate Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.50%
2015 Term Loan [Member] | Subsequent Event [Member] | Federal Funds Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.50%
2012 Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	250,000,000		$ 250,000,000
Line of Credit Facility, Expiration Date			Nov. 30, 2017
Line of Credit Facility, Amount Outstanding	$ 0		$ 0
2015 Credit Facility [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 250,000,000
Line of Credit Facility, Expiration Date				Jul. 16, 2020
Consolidated Leverage Ratio				3
Consolidated Leverage Ratio Denominator				1
Consolidated Fixed Charge Coverage Ratio				2
Consolidated Fixed Charge Coverage Ratio Denominator				1
2015 Credit Facility [Member] | Subsequent Event [Member] | LIBOR Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.00%
2015 Credit Facility [Member] | Subsequent Event [Member] | LIBOR Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.00%
2015 Credit Facility [Member] | Subsequent Event [Member] | LIBOR Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.50%
2015 Credit Facility [Member] | Subsequent Event [Member] | Base Rate Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.00%
2015 Credit Facility [Member] | Subsequent Event [Member] | Base Rate Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.50%
2015 Credit Facility [Member] | Subsequent Event [Member] | Federal Funds Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.50%

Share Repurchase Authorizatio28

Share Repurchase Authorization Share Repurchase Authorization (Details) - USD ($)	6 Months Ended	13 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Apr. 15, 2015	Jun. 05, 2014
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 533,400,000	$ 533,400,000
2014 Repurchase Authorization [Member]
Equity, Class of Treasury Stock [Line Items]
Stock Repurchased and Retired During Period, Value	$ 150,000,000	$ 216,600,000
Treasury Stock Acquired, Average Cost Per Share	$ 179.44	$ 171.43
Stock Repurchased and Retired During Period, Shares	835,780	1,263,301
Stock Repurchase Program, Authorized Amount			$ 750,000,000	$ 600,000,000

Commitments and Contingencies (

Commitments and Contingencies (Detail Textuals) - Jun. 30, 2015 - Guarantee of Indebtedness of Others [Member] $ in Millions	USD ($)franchisee
Loss Contingencies [Line Items]
Franchisees guaranteed under operating leases (in franchisees)	18
Potential amount of future rental payments | $	$ 15.2

Business Segment Information (D

Business Segment Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jul. 01, 2014	Jun. 30, 2015	Jul. 01, 2014	Dec. 30, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Refranchising loss	$ 667,000	$ 0	$ 9,558,000	$ 0
Revenues:
Total revenues	676,657,000	631,055,000	1,325,161,000	1,236,808,000
Segment profit:
Total segment profit	130,086,000	136,274,000	253,332,000	268,117,000
Depreciation and amortization	32,335,000	30,052,000	66,282,000	59,494,000
Unallocated General and Administrative Expenses	28,173,000	32,229,000	65,940,000	67,652,000
Pre-opening expenses	2,306,000	1,376,000	3,955,000	3,200,000
Interest expense	417,000	301,000	903,000	924,000
Other (income) expense, net	1,187,000	(4,003,000)	1,003,000	(5,215,000)
Income before income taxes	66,808,000	77,644,000	117,703,000	145,238,000
Capital expenditures:
Capital Expenditures	55,282,000	48,442,000	104,856,000	90,743,000
Segment Assets
Unallocated cash and cash equivalents	124,816,000	185,076,000	124,816,000	185,076,000	$ 196,493,000	$ 125,245,000
Unallocated trade and other accounts receivable	37,758,000		37,758,000		36,584,000
Unallocated property and equipment	746,797,000		746,797,000		787,294,000
Total assets	1,285,794,000		1,285,794,000		1,390,686,000
Company bakery cafe operations [Member]
Revenues:
Total revenues	598,124,000	555,645,000	1,171,800,000	1,091,194,000
Franchise operations [Member]
Revenues:
Total revenues	32,819,000	30,057,000	65,212,000	59,365,000
Operating Segments [Member]
Segment profit:
Depreciation and amortization	32,335,000		66,282,000	59,494,000
Unallocated Amount to Segment [Member]
Segment profit:
Unallocated General and Administrative Expenses	27,033,000	30,904,000	63,486,000	64,476,000
Segment Assets
Unallocated cash and cash equivalents	124,816,000		124,816,000		196,493,000
Unallocated trade and other accounts receivable	5,006,000		5,006,000		3,104,000
Unallocated property and equipment	93,785,000		93,785,000		84,224,000
Unallocated deposits and other	3,249,000		3,249,000		3,575,000
Other unallocated assets	44,526,000		44,526,000		71,030,000
Operating Segments [Member]
Segment Assets
Total assets	1,014,412,000		1,014,412,000		1,032,260,000
Operating Segments [Member] | Company bakery cafe operations [Member]
Revenues:
Total revenues	598,124,000	555,645,000	1,171,800,000	1,091,194,000
Segment profit:
Total segment profit	92,945,000	101,297,000	178,943,000	200,421,000
Depreciation and amortization	25,359,000	25,415,000	52,694,000	50,198,000
Capital expenditures:
Capital Expenditures	42,592,000	33,947,000	78,110,000	64,231,000
Segment Assets
Total assets	934,544,000		934,544,000		953,896,000
Operating Segments [Member] | Franchise operations [Member]
Revenues:
Total revenues	32,819,000	30,057,000	65,212,000	59,365,000
Segment profit:
Total segment profit	31,679,000	28,732,000	62,758,000	56,189,000
Segment Assets
Total assets	10,497,000		10,497,000		13,145,000
Operating Segments [Member] | Fresh dough and other product operations [Member]
Revenues:
Total revenues	97,767,000	96,039,000	187,891,000	182,564,000
Segment profit:
Total segment profit	5,462,000	6,245,000	11,631,000	11,507,000
Depreciation and amortization	2,225,000	2,097,000	4,534,000	4,154,000
Capital expenditures:
Capital Expenditures	3,499,000	3,737,000	4,493,000	6,567,000
Segment Assets
Total assets	69,371,000		69,371,000		$ 65,219,000
Operating Segments [Member] | Corporate Administration [Member]
Segment profit:
Depreciation and amortization	4,751,000	2,540,000	9,054,000	5,142,000
Capital expenditures:
Capital Expenditures	9,191,000	10,758,000	22,253,000	19,945,000
Intersegment Eliminations [Member] | Intersegment Eliminations [Member]
Revenues:
Total revenues	$ (52,053,000)	$ (50,686,000)	$ (99,742,000)	$ (96,315,000)

Business Segment Information Bu

Business Segment Information Business Segment Information (Detail Textuals) - 6 months ended Jun. 30, 2015 - segments	Total
Segment Reporting [Abstract]
Maximum Delivered Cost On Fresh Dough Based On Retail Value Of End Product (as a percent)	27.00%
Segment Reporting Information Number Of Business Segments (in segments)	3

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jul. 01, 2014	Jun. 30, 2015	Jul. 01, 2014
Amounts used for basic and diluted per share calculations
Net Income	$ 41,929	$ 49,192	$ 73,789	$ 91,587
Weighted average number of shares outstanding - basic (in shares)	26,158	26,951	26,319	27,111
Effect of dilutive stock-based employee compensation awards (in shares)	117	135	104	136
Weighted average number of shares outstanding - diluted (in shares)	26,275	27,086	26,423	27,247
Earnings per common share:
Basic (in dollars per share)	$ 1.60	$ 1.83	$ 2.80	$ 3.38
Diluted (in dollars per share)	$ 1.60	$ 1.82	$ 2.79	$ 3.36

Earnings Per Share (Details Tex

Earnings Per Share (Details Textuals) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jul. 01, 2014	Jun. 30, 2015	Jul. 01, 2014
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