Panera Bread (PNRA) 10-Q 27 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - $ / shares	6 Months Ended
	Jun. 28, 2016	Jul. 26, 2016	Dec. 29, 2015
Document Information [Line Items]
Entity Registrant Name	Panera Bread Company
Entity Central Index Key	724,606
Current Fiscal Year End Date	--12-27
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 28, 2016
Document Fiscal Year Focus	2,016
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		22,264,647
Common Stock, Par or Stated Value Per Share	$ 0.0001		$ 0.0001
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,381,730
Common Stock, Par or Stated Value Per Share	$ 0.0001		$ 0.0001
Subsequent Event [Member] | Common Class A [Member]
Document Information [Line Items]
Common Stock, Par or Stated Value Per Share		$ 0.0001
Subsequent Event [Member] | Common Class B [Member]
Document Information [Line Items]
Common Stock, Par or Stated Value Per Share		$ 0.0001

Consolidated Balance Sheets (un

Consolidated Balance Sheets (unaudited) - USD ($)	Jun. 28, 2016	Dec. 29, 2015
Current assets:
Cash and cash equivalents	$ 160,018,000	$ 241,886,000
Trade accounts receivable, net	43,038,000	38,211,000
Other accounts receivable	34,522,000	77,575,000
Inventories	21,746,000	22,482,000
Prepaid expenses and other	56,582,000	59,457,000
Assets held for sale	5,868,000	28,699,000
Total current assets	321,774,000	468,310,000
Property and equipment, net	785,426,000	776,248,000
Other assets:
Goodwill	122,377,000	121,791,000
Other intangible assets, net	59,154,000	63,877,000
Deposits and other	9,762,000	10,613,000
Total other assets	191,293,000	196,281,000
Total assets	1,298,493,000	1,440,839,000
Current liabilities:
Accounts payable	27,515,000	19,805,000
Accrued expenses	336,530,000	359,464,000
Current portion of long-term debt	17,229,000	17,229,000
Liabilities associated with assets held for sale	924,000	2,945,000
Total current liabilities	382,198,000	399,443,000
Long-term debt	380,478,000	388,971,000
Deferred rent	62,533,000	62,610,000
Deferred income taxes	36,253,000	35,968,000
Other long-term liabilities	56,611,000	52,566,000
Total liabilities	918,073,000	939,558,000
Commitments and Contingencies (Note 9)
Redeemable noncontrolling interest	3,901,000	3,981,000
Common stock, $.0001 par value per share:
Treasury stock, carried at cost	(1,308,428,000)	(1,111,586,000)
Preferred Stock, $.0001 par value per share	0	0
Additional paid-in capital	245,337,000	235,393,000
Accumulated other comprehensive income (loss)	(8,501,000)	(5,029,000)
Retained earnings	1,448,108,000	1,378,519,000
Total stockholders' equity	376,519,000	497,300,000
Total liabilities, redeemable noncontrolling interest, and stockholders' equity	1,298,493,000	1,440,839,000
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. 28, 2016	Dec. 29, 2015
Capital Unit [Line Items]
Treasury Stock, Shares	8,458,009	7,490,481
Common Class A [Member]
Capital Unit [Line Items]
Common Stock, Shares Authorized	112,500,000	112,500,000
Common Stock, Shares, Issued	30,839,543	30,836,669
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares, Outstanding	22,381,534	23,346,188
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	1,381,730
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares, Outstanding	1,381,730	1,381,730
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 Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2016	Jun. 30, 2015	Jun. 28, 2016	Jun. 30, 2015
Revenues:
Total revenues	$ 698,900,000	$ 676,657,000	$ 1,384,053,000	$ 1,325,161,000
Bakery-cafe expenses:
Cost of food and paper products	179,760,000	182,924,000	356,445,000	356,581,000
Labor	195,443,000	189,489,000	387,005,000	371,026,000
Occupancy	42,087,000	43,392,000	84,007,000	86,248,000
Other operating expenses	89,288,000	88,707,000	177,719,000	169,444,000
Total bakery-cafe expenses	506,578,000	504,512,000	1,005,176,000	983,299,000
Fresh dough and other product cost of sales to franchisees	45,011,000	40,252,000	87,229,000	76,518,000
Depreciation and amortization	38,831,000	32,335,000	75,088,000	66,282,000
General and administrative expenses	38,937,000	28,173,000	87,119,000	65,940,000
Pre-opening expenses	1,440,000	2,306,000	3,636,000	3,955,000
Refranchising loss	7,872,000	667,000	8,943,000	9,558,000
Total costs and expenses	638,669,000	608,245,000	1,267,191,000	1,205,552,000
Operating profit	60,231,000	68,412,000	116,862,000	119,609,000
Interest expense	1,791,000	417,000	3,530,000	903,000
Other (income) expense, net	114,000	1,187,000	(137,000)	1,003,000
Income before income taxes	58,326,000	66,808,000	113,469,000	117,703,000
Income taxes	23,770,000	24,879,000	43,915,000	43,914,000
Net income	34,556,000	41,929,000	69,554,000	73,789,000
Less: Net income (loss) attributable to noncontrolling interest	55,000	0	(35,000)	0
Net income attributable to Panera Bread Company	$ 34,501,000	$ 41,929,000	$ 69,589,000	$ 73,789,000
Earnings Per Common Share
Basic (in dollars per share)	$ 1.46	$ 1.60	$ 2.92	$ 2.80
Diluted (in dollars per share)	$ 1.46	$ 1.60	$ 2.90	$ 2.79
Weighted average shares of common and common equivalent shares outstanding:
Weighted average number of shares outstanding - basic (in shares)	23,569	26,158	23,838	26,319
Weighted average number of shares outstanding - diluted (in shares)	23,702	26,275	23,960	26,423
Operating Segments [Member]
Bakery-cafe expenses:
Depreciation and amortization	$ 38,831,000		$ 75,088,000	$ 66,282,000
Company Bakery Cafe Operations [Member]
Revenues:
Total revenues	609,284,000	$ 598,124,000	1,208,068,000	1,171,800,000
Franchise Operations [Member]
Revenues:
Total revenues	38,017,000	32,819,000	75,869,000	65,212,000
Fresh dough and other product sales to franchisees [Member]
Revenues:
Total revenues	$ 51,599,000	$ 45,714,000	$ 100,116,000	$ 88,149,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 28, 2016	Jun. 30, 2015	Jun. 28, 2016	Jun. 30, 2015
Net income	$ 34,556,000	$ 41,929,000	$ 69,554,000	$ 73,789,000
Less: Net income (loss) attributable to noncontrolling interest	55,000	0	(35,000)	0
Net income attributable to Panera Bread Company	34,501,000	41,929,000	69,589,000	73,789,000
Unrealized gains (losses) on cash flow hedging instruments	(2,621,000)	0	(7,158,000)	0
Tax (expense) benefit	1,037,000	0	2,831,000	0
Foreign currency translation adjustment	286,000	322,000	855,000	(703,000)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(1,298,000)	322,000	(3,472,000)	(703,000)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 33,203,000	$ 42,251,000	$ 66,117,000	$ 73,086,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($)	6 Months Ended
	Jun. 28, 2016	Jun. 30, 2015
Cash flows from operations:
Net income	$ 69,554,000	$ 73,789,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	75,088,000	66,282,000
Stock-based compensation expense	8,058,000	7,482,000
Tax benefit from stock-based compensation	(114,000)	(43,000)
Deferred income taxes	3,116,000	(28,649,000)
Refranchising loss, cash flow	7,414,000	9,558,000
Other	5,434,000	1,148,000
Changes in operating assets and liabilities, excluding the effect of acquisitions and dispositions:
Trade and other accounts receivable, net	33,366,000	49,413,000
Inventories	1,043,000	1,264,000
Prepaid expenses and other	2,875,000	1,348,000
Deposits and other	851,000	360,000
Accounts payable	7,710,000	16,755,000
Accrued expenses	(10,990,000)	(25,718,000)
Deferred rent	(204,000)	1,878,000
Other long-term liabilities	(615,000)	(5,262,000)
Net cash provided by operating activities	202,586,000	169,605,000
Cash flows from investing activities:
Additions to property and equipment	(98,955,000)	(104,856,000)
Proceeds from refranchising	15,151,000	3,218,000
Proceeds from sale-leaseback transactions	2,998,000	7,184,000
Proceeds from sale of property and equipment	0	1,553,000
Net cash used in investing activities	(80,806,000)	(92,901,000)
Cash flows from financing activities:
Repayments of Long-term Debt	(8,647,000)	0
Repurchase of common stock	(196,842,000)	(150,185,000)
Tax benefit from stock-based compensation	114,000	43,000
Proceeds from issuance of common stock under employee benefit plans	1,772,000	1,761,000
Distribution to redeemable noncontrolling interest	(45,000)	0
Net cash used in financing activities	(203,648,000)	(148,381,000)
Net decrease in cash and cash equivalents	(81,868,000)	(71,677,000)
Cash and cash equivalents at beginning of period	241,886,000	196,493,000
Cash and cash equivalents at end of period	$ 160,018,000	$ 124,816,000

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 28, 2016
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 29, 2015 (“fiscal 2015 ”). 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 29, 2015 , as filed with the SEC on February 18, 2016 . All intercompany balances and transactions have been eliminated in consolidation. The Consolidated Balance Sheet data as of December 29, 2015 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 ending December 27, 2016 ("fiscal 2016"). Certain reclassifications have been made to prior year balances to conform to the fiscal 2016 presentation. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. This update simplifies accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This update is effective for annual and interim reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the effect this standard will have on the Company's consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. This update will increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for annual and interim reporting periods beginning after December 15, 2018. Early adoption is permitted. Based on a preliminary assessment, the Company has determined that the adoption will require the Company to recognize and measure operating leases on the balance sheets of its consolidated financial statements at the beginning of the earliest period presented. The Company is continuing its assessment, which may identify additional impacts this standard will have on its consolidated financial statements and related disclosures. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”. This update requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The Company early adopted ASU 2015-17 during the thirteen weeks ended March 29, 2016 on a retrospective basis. As a result of the retrospective adoption, the Company reclassified current deferred income tax assets of $34.5 million as of December 29, 2015 to long-term deferred income tax liabilities 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. In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”. This update eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Acquirers would now recognize measurement-period adjustments during the period in which they determine the amount of the adjustment. This update is effective for annual and interim reporting periods beginning after December 15, 2015, and should be applied prospectively to adjustments for provisional amounts that occur after the effective date with early adoption permitted for financial statements that have not been issued. The adoption of this guidance did not have a material effect on the Company's consolidated financial statements or related disclosures; however, it may impact the reporting of future acquisitions if and when they occur. In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory”. This update provides guidance on the subsequent measurement of inventory, which changes the measurement from lower of cost or market to lower of cost and net realizable value. This update is effective for annual and interim reporting periods beginning after December 15, 2016. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. 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. In August 2015, the FASB issued ASU 2015-14 delaying the effective date for adoption. The update is now effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. The update permits the use of either the retrospective or cumulative effect transition method. The FASB has also issued the following standards which provide additional clarification and implementation guidance on the previously issued ASU 2014-09 and have the same effective date as the original standard: ASU 2016-12, “Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients (Topic 606);” ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update);” ASU 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing (Topic 606);” and ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net).” The Company is currently evaluating the overall impact ASU 2014-09 will have on the Company's consolidated financial statements, as well as the expected timing and method of adoption. Based on a preliminary assessment, the Company has determined that the adoption will change the timing of recognition of gift card card breakage income, which is currently recognized using the remote method. The new guidance will require application of the proportional method. The Company is continuing its assessment, which may identify additional impacts this standard will have on its consolidated financial statements and related disclosures.

Divestitures

Divestitures	6 Months Ended
	Jun. 28, 2016
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. As of June 28, 2016 , the Company had completed the sale of 90 Company-owned bakery-cafes. During the thirteen weeks ended March 29, 2016, 20 Company-owned bakery-cafes that the Company concluded no longer met all of the criteria required to be classified as held for sale were reclassified to held and used at their fair value. On May 3, 2016, the Company sold substantially all of the assets of 15 bakery-cafes in the Portland, Oregon market to an existing franchisee for a purchase price of approximately $15.2 million , which resulted in a gain on sale of approximately $0.5 million . The Company classified as held for sale the assets and certain liabilities of 12 and 35 Company-owned bakery-cafes as of June 28, 2016 and December 29, 2015, 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 (in thousands): June 28, 2016 December 29, 2015 Inventories $ 248 $ 738 Property and equipment, net 5,620 26,462 Goodwill — 1,499 Assets held for sale $ 5,868 $ 28,699 Deferred rent $ 707 $ 2,410 Asset retirement obligation 217 535 Liabilities associated with assets held for sale $ 924 $ 2,945 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 in the Company's Consolidated Balance Sheets. The Company recognized an impairment loss of $1.1 million during the thirteen weeks ended June 28, 2016 related to an under-performing bakery-cafe in a market targeted for refranchising, which has been excluded from the proposed sale. The following summarizes activity associated with the refranchising initiative recorded in the caption entitled Refranchising loss in the Consolidated Statements of Income for the periods indicated (in thousands): For the 13 Weeks Ended For the 26 Weeks Ended June 28, June 30, June 28, June 30, Loss on assets held for sale (1) $ 6,112 $ 317 $ 6,112 $ 7,941 Lease termination costs and impairment of long-lived assets (1) 1,953 — 2,858 3,837 Professional fees, severance, and other 298 350 464 350 Loss (gain) on sale of bakery-cafes (1) (491 ) — (491 ) (2,570 ) Refranchising loss $ 7,872 $ 667 $ 8,943 $ 9,558 (1) Certain of the amounts for the twenty-six weeks ended June 28, 2016 and June 30, 2015 are included in the caption entitled Refranchising loss in the Consolidated Statements of Cash Flows as a non-cash adjustment to reconcile net income to net cash provided by operating activities.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 28, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following summarizes assets and liabilities measured at fair value on a recurring basis (in thousands): Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 28, 2016: Cash equivalents $ 2 $ 2 $ — $ — Total assets $ 2 $ 2 $ — $ — Interest rate swaps $ 9,710 $ — $ 9,710 $ — Total liabilities $ 9,710 $ — $ 9,710 $ — December 29, 2015: Cash equivalents $ 2 $ 2 $ — $ — Total assets $ 2 $ 2 $ — $ — Interest rate swaps $ 2,552 $ — $ 2,552 $ — Total liabilities $ 2,552 $ — $ 2,552 $ — The fair value of the Company's cash equivalents is based on quoted market prices for identical securities. The fair value of the Company's interest rate swaps are determined based on a discounted cash flow analysis on the expected future cash flows of each derivative. This analysis reflects the contractual terms of the derivatives and uses observable market-based inputs, including interest rate curves and credit spreads.

Inventories

Inventories	6 Months Ended
	Jun. 28, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): June 28, 2016 December 29, 2015 Food: Fresh dough facilities: Raw materials $ 3,265 $ 3,561 Finished goods 362 446 Bakery-cafes: Raw materials 14,704 14,819 Paper goods 3,415 3,656 Total $ 21,746 $ 22,482

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 28, 2016
Payables and Accruals [Abstract]
Accrued expenses	Accrued Expenses Accrued expenses consisted of the following (in thousands): June 28, 2016 December 29, 2015 Unredeemed gift cards, net $ 93,558 $ 123,363 Compensation and related employment taxes 61,554 64,882 Insurance 40,487 37,208 Capital expenditures 38,300 53,914 Taxes, other than income taxes 23,422 20,206 Advertising 15,776 5,242 Occupancy costs 9,223 8,594 Deferred revenue 8,874 5,690 Fresh dough and other product operations 8,195 10,854 Utilities 4,852 4,581 Loyalty program 2,766 2,653 Other 29,523 22,277 Total $ 336,530 $ 359,464

Debt

Debt	6 Months Ended
	Jun. 28, 2016
Debt Instruments [Abstract]
Debt Disclosure [Text Block]	Debt Long-term debt consisted of the following (in thousands): June 28, 2016 December 29, 2015 2014 Term Loan $ 100,000 $ 100,000 2015 Term Loan 288,750 296,250 2015 Note Payable 10,144 10,144 Debt assumed in Tatte acquisition — 1,147 Aggregate unamortized lender fees and issuance costs (1,187 ) (1,341 ) Total carrying amount 397,707 406,200 Current portion of long-term debt 17,229 17,229 Long-term debt $ 380,478 $ 388,971 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"). The 2014 Term Loan is scheduled to mature on July 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 lender fees and issuance costs totaling $0.2 million in connection with the issuance of the 2014 Term Loan. The lender fees and issuance costs are being amortized to expense over the term of the 2014 Term Loan. 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"). The 2015 Term Loan 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, and is amortized in equal quarterly installments in an amount equal to 1.25 percent of the original principal amount of the 2015 Term Loan. The Company incurred lender fees and issuance costs totaling $1.4 million in connection with the issuance of the 2015 Term Loan. The lender fees and issuance costs are being amortized to expense over the term of the 2015 Term Loan. As of June 28, 2016 , $14.7 million of the 2015 Term Loan's carrying amount is presented as the current portion of long-term debt in the Consolidated Balance Sheets. 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. The weighted-average interest rates for both the 2014 Term Loan and 2015 Term Loan, excluding the amortization of issuance costs, were 1.56% and 1.55% for the thirteen and twenty-six weeks ended June 28, 2016, respectively. The weighted-average interest rate for the 2014 Term Loan, excluding the amortization of issuance costs, was 1.18% for both the thirteen and twenty-six weeks ended June 30, 2015. As of June 28, 2016, the carrying amounts of the 2014 Term Loan and 2015 Term Loan approximate fair value as the variable interest rates approximate current market rates (Level 2 inputs). 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. See Note 7 for information on the Company's interest rate swaps. Installment Payment Agreement On September 15, 2015 , the Company entered into a Master Installment Payment Agreement (the “Master IPA”) with PNC Equipment Finance, LLC (“PNC”) pursuant to which PNC financed the Company's purchase of hardware, software, and services associated with new storage virtualization and disaster recovery systems. The Master IPA provides for a secured note payable in the amount of $12.7 million (the “2015 Note Payable”), payable in five annual installments beginning November 1, 2015 and each September 1st thereafter. As of June 28, 2016 , there was $10.1 million outstanding under the 2015 Note Payable and $2.5 million of the 2015 Note Payable is presented as the current portion of long-term debt in the Consolidated Balance Sheets. Revolving Credit Agreements On July 16, 2015 , the Company entered into a 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. As of June 28, 2016 , the Company had no loans outstanding under the 2015 Credit Agreement. 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 28, 2016, the Company was in compliance with all covenant requirements.

Derivative Financial Instrument

Derivative Financial Instruments Derivative Financial Instruments	6 Months Ended
	Jun. 28, 2016
Derivative [Line Items]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	Derivative Financial Instruments The Company enters into derivative instruments solely for risk management purposes. To the extent the Company's cash-flow hedging instruments are effective in offsetting the variability in the hedged cash flows, and otherwise meet the cash flow hedge accounting criteria required by FASB Accounting Standards Codification 815, "Derivatives and Hedging" , changes in the derivatives' fair value are not included in current earnings but are included in accumulated other comprehensive income (loss), net of tax. These changes in fair value will be reclassified into earnings at the time of the forecasted transaction. By using these instruments, the Company exposes itself, from time to time, to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. The Company minimizes this credit risk by entering into transactions with high-quality counterparties. Market risk is the adverse effect on the value of a financial instrument that results from changes in interest rates. The Company minimizes this market risk by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. On July 16, 2015, the Company entered into two forward-starting interest rate swap agreements with an aggregate initial notional value of $242.5 million to hedge a portion of the cash flows of its term loan borrowings. For each of the swaps, the Company has agreed to exchange with a counterparty the difference between fixed and variable interest amounts calculated by reference to an agreed-upon principal amount. The following table summarizes the Company's interest rate swaps as of June 28, 2016 : Trade Date Effective Date Term (in Years) Notional Amount (in thousands) Fixed Rate July 16, 2015 July 11, 2016 4 $ 100,000 1.75 % July 16, 2015 July 18, 2016 5 142,500 1.97 % The notional amount for the interest rate swap with an effective date of July 18, 2016 decreases quarterly by $1.9 million over the five-year term of the interest rate swap beginning in September 2016. The interest rate swaps, which have been designated and qualify as cash flow hedges, are recorded at fair value in the Consolidated Balance Sheets. The following table summarizes the estimated fair value of the Company's interest rate swaps as of June 28, 2016 and December 29, 2015 (in thousands): Balance Sheet Location June 28, 2016 December 29, 2015 Accrued expenses $ 3,531 $ — Other long-term liabilities 6,179 2,552 Total $ 9,710 $ 2,552 The change in fair value of the interest rate swaps resulted in an after-tax loss of approximately $4.3 million for the twenty-six weeks ended June 28, 2016 , which is recorded in accumulated other comprehensive income (loss). A net of tax loss of approximately $2.1 million is expected to be reclassified from accumulated other comprehensive income (loss) to earnings within the next twelve months. The Company did not recognize a gain or loss due to hedge ineffectiveness during the thirteen weeks or twenty-six weeks ended June 28, 2016 . The Company does not hold or use derivative instruments for trading purposes. The Company does not have any derivatives that are not designated as hedging instruments and has not designated any non-derivatives as hedging instruments.

Stockholders' Equity Stockholde

Stockholders' Equity Stockholders' Equity	6 Months Ended
	Jun. 28, 2016
Stockholders' Equity Attributable to Parent [Abstract]
Stockholders' Equity	Stockholders' Equity 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. 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 28, 2016 , the Company repurchased 839,759 shares under the 2014 repurchase authorization, at an average price of $201.15 per share, for an aggregate purchase price of approximately $168.9 million . On May 19, 2016, the Company's Board of Directors terminated the 2014 repurchase authorization program. On May 19, 2016, the Company's Board of Directors approved a new three year share repurchase authorization of up to $600 million of the Company's Class A common stock (the "2016 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 2016 repurchase authorization may be modified, suspended, or discontinued by the Company's Board of Directors at any time. As of June 28, 2016 , the Company had repurchased a total of 124,952 shares under the 2016 share repurchase authorization, at a weighted average price of $ 218.45 per share, for an aggregate purchase price of approximately $27.3 million . There was approximately $572.7 million available under the 2016 repurchase authorization as of June 28, 2016 . In total, during the twenty-six weeks ended June 28, 2016 , the Company repurchased 964,711 shares under the 2014 repurchase authorization and 2016 repurchase authorization, at an average price of $203.39 per share, for an aggregate purchase price of approximately $196.2 million . Accumulated Other Comprehensive Income (Loss) The following table summarizes changes in accumulated other comprehensive income (loss), net of tax, for the thirteen weeks ended June 28, 2016 and June 30, 2015 (in thousands): Foreign Currency Translation Adjustment Cash Flow Hedging Instruments Total June 28, 2016 Net gains (losses), beginning of period $ (2,917 ) $ (4,286 ) $ (7,203 ) Net gains (losses) recognized before reclassification 286 (1,584 ) (1,298 ) Net gains (losses) reclassified to earnings — — — Other comprehensive income (loss), net of tax 286 (1,584 ) (1,298 ) Net gains (losses), end of period $ (2,631 ) $ (5,870 ) $ (8,501 ) June 30, 2015 Net gains (losses), beginning of period $ (2,385 ) $ — $ (2,385 ) Net gains (losses) recognized before reclassification 322 — 322 Net gains (losses) reclassified to earnings — — — Other comprehensive income (loss), net of tax 322 — 322 Net gains (losses), end of period $ (2,063 ) $ — $ (2,063 ) The following table summarizes changes in accumulated other comprehensive income (loss), net of tax, for the twenty-six weeks ended June 28, 2016 and June 30, 2015 (in thousands): Foreign Currency Translation Adjustment Cash Flow Hedging Instruments Total June 28, 2016 Net gains (losses), beginning of period $ (3,486 ) $ (1,543 ) $ (5,029 ) Net gains (losses) recognized before reclassification 855 (4,327 ) (3,472 ) Net gains (losses) reclassified to earnings — — — Other comprehensive income (loss), net of tax 855 (4,327 ) (3,472 ) Net gains (losses), end of period $ (2,631 ) $ (5,870 ) $ (8,501 ) June 30, 2015 Net gains (losses), beginning of period $ (1,360 ) $ — $ (1,360 ) Net gains (losses) recognized before reclassification (703 ) — (703 ) Net gains (losses) reclassified to earnings — — — Other comprehensive income (loss), net of tax (703 ) — (703 ) Net gains (losses), end of period $ (2,063 ) $ — $ (2,063 )

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 28, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Obligations As of June 28, 2016 , the Company has guaranteed the operating leases of 90 franchisee 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, pursuant to which the Company exercised its right to assign the lease 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 15, 2020 to February 28, 2049 , with a maximum potential amount of future rental payments of approximately $284.1 million as of June 28, 2016 . The obligations from these leases will decrease over time as these operating leases expire. The Company has not recorded a liability for these guarantees 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. In addition, several other purported class action lawsuits based on similar claims and seeking similar damages were filed against the subsidiary: on October 30, 2015 in the California Superior Court, County of San Bernardino by Jazmin Dabney, a former subsidiary employee; on November 3, 2015 in the United States District Court, Eastern District of California by Clara Manchester, a former subsidiary employee; and on November 30, 2015 in the California Superior Court, County of Yolo by Tanner Maginnis, a current subsidiary assistant manager. On May 6, 2016, the parties of all four pending cases reached a Memorandum of Understanding For Three Settlement Classes regarding the class action lawsuits. Under the terms of the agreement, the Company agreed to pay an immaterial amount to purported class members, plaintiffs' attorneys' fees, Private Attorney General Act payments, and costs of administering the settlement. The Memorandum of Understanding contains no admission of wrongdoing. The terms and conditions of a definitive settlement agreement are under negotiation and such agreement is subject to the final approval by two California Superior Courts. The Company maintained an appropriate reserve in accrued expenses in the Company's Consolidated Balance Sheets as of June 28, 2016. 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. 28, 2016
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 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 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 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 28, June 30, June 28, June 30, Revenues: Company bakery-cafe operations $ 609,284 $ 598,124 $ 1,208,068 $ 1,171,800 Franchise operations 38,017 32,819 75,869 65,212 Fresh dough and other product operations 102,380 97,767 198,279 187,891 Intercompany sales eliminations (50,781 ) (52,053 ) (98,163 ) (99,742 ) Total revenues $ 698,900 $ 676,657 $ 1,384,053 $ 1,325,161 Segment profit: Company bakery-cafe operations (1) $ 94,834 $ 92,945 $ 193,949 $ 178,943 Franchise operations 36,748 31,679 73,200 62,758 Fresh dough and other product operations 6,588 5,462 12,887 11,631 Total segment profit $ 138,170 $ 130,086 $ 280,036 $ 253,332 Depreciation and amortization $ 38,831 $ 32,335 $ 75,088 $ 66,282 Unallocated general and administrative expenses 37,668 27,033 84,450 63,486 Pre-opening expenses 1,440 2,306 3,636 3,955 Interest expense 1,791 417 3,530 903 Other (income) expense, net 114 1,187 (137 ) 1,003 Income before income taxes $ 58,326 $ 66,808 $ 113,469 $ 117,703 Depreciation and amortization: Company bakery-cafe operations $ 29,237 $ 25,359 $ 56,934 $ 52,694 Fresh dough and other product operations 2,533 2,225 4,638 4,534 Corporate administration 7,061 4,751 13,516 9,054 Total depreciation and amortization $ 38,831 $ 32,335 $ 75,088 $ 66,282 Capital expenditures: Company bakery-cafe operations $ 35,469 $ 42,592 $ 70,347 $ 78,110 Fresh dough and other product operations 4,634 3,499 10,559 4,493 Corporate administration 8,279 9,191 18,049 22,253 Total capital expenditures $ 48,382 $ 55,282 $ 98,955 $ 104,856 (1) Includes refranchising losses of $7.9 million and $0.7 million for the thirteen weeks ended June 28, 2016 and June 30, 2015 , respectively, and $8.9 million and $9.6 million for the twenty-six weeks ended June 28, 2016 and June 30, 2015 , respectively. June 28, December 29, Segment assets: Company bakery-cafe operations $ 894,829 $ 953,717 Franchise operations 13,841 13,049 Fresh dough and other product operations 82,709 75,634 Total segment assets $ 991,379 $ 1,042,400 Unallocated cash and cash equivalents $ 160,018 $ 241,886 Unallocated trade and other accounts receivable 4,482 2,968 Unallocated property and equipment 112,104 107,333 Unallocated deposits and other 5,793 6,660 Other unallocated assets 24,717 39,592 Total assets $ 1,298,493 $ 1,440,839 “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 refundable income taxes.

Income Taxes Income Taxes

Income Taxes Income Taxes	6 Months Ended
	Jun. 28, 2016
Income Taxes [Abstract]
Income Tax Disclosure [Text Block]	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 40.8% and 37.2% for the thirteen weeks ended June 28, 2016 and June 30, 2015 , respectively, and 38.7% and 37.3% for the twenty-six weeks ended June 28, 2016 and June 30, 2015 , respectively. During the thirteen weeks ended June 28, 2016 , the Company recorded $7.2 million of refranchising charges for which the Company cannot currently realize the associated tax benefit.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 28, 2016
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 28, June 30, June 28, June 30, Amounts used for basic and diluted per share calculations: Net income attributable to Panera Bread Company $ 34,501 $ 41,929 $ 69,589 $ 73,789 Weighted average number of shares outstanding — basic 23,569 26,158 23,838 26,319 Effect of dilutive stock-based employee compensation awards 133 117 122 104 Weighted average number of shares outstanding — diluted 23,702 26,275 23,960 26,423 Earnings per common share: Basic $ 1.46 $ 1.60 $ 2.92 $ 2.80 Diluted $ 1.46 $ 1.60 $ 2.90 $ 2.79 For each of the thirteen and twenty-six weeks ended June 28, 2016 and June 30, 2015 , weighted-average outstanding stock options, restricted stock, and stock-settled appreciation rights of approximately 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.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information Supplemental Cash Flow Information	6 Months Ended
	Jun. 28, 2016
Supplemental Cash Flow Information [Abstract]
Cash Flow, Supplemental Disclosures [Text Block]	Supplemental Cash Flow Information The following table sets forth supplemental cash flow information (in thousands): For the 26 Weeks Ended June 28, June 30, Cash paid during the period for: Interest $ 3,141 $ 735 Income taxes 25,940 33,839 Non-cash investing and financing activities: Change in accrued property and equipment purchases $ (15,614 ) $ (3,546 ) Asset retirement obligations 414 247

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 28, 2016
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. This update simplifies accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This update is effective for annual and interim reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the effect this standard will have on the Company's consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. This update will increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for annual and interim reporting periods beginning after December 15, 2018. Early adoption is permitted. Based on a preliminary assessment, the Company has determined that the adoption will require the Company to recognize and measure operating leases on the balance sheets of its consolidated financial statements at the beginning of the earliest period presented. The Company is continuing its assessment, which may identify additional impacts this standard will have on its consolidated financial statements and related disclosures. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”. This update requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The Company early adopted ASU 2015-17 during the thirteen weeks ended March 29, 2016 on a retrospective basis. As a result of the retrospective adoption, the Company reclassified current deferred income tax assets of $34.5 million as of December 29, 2015 to long-term deferred income tax liabilities 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. In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”. This update eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Acquirers would now recognize measurement-period adjustments during the period in which they determine the amount of the adjustment. This update is effective for annual and interim reporting periods beginning after December 15, 2015, and should be applied prospectively to adjustments for provisional amounts that occur after the effective date with early adoption permitted for financial statements that have not been issued. The adoption of this guidance did not have a material effect on the Company's consolidated financial statements or related disclosures; however, it may impact the reporting of future acquisitions if and when they occur. In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory”. This update provides guidance on the subsequent measurement of inventory, which changes the measurement from lower of cost or market to lower of cost and net realizable value. This update is effective for annual and interim reporting periods beginning after December 15, 2016. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. 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. In August 2015, the FASB issued ASU 2015-14 delaying the effective date for adoption. The update is now effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. The update permits the use of either the retrospective or cumulative effect transition method. The FASB has also issued the following standards which provide additional clarification and implementation guidance on the previously issued ASU 2014-09 and have the same effective date as the original standard: ASU 2016-12, “Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients (Topic 606);” ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update);” ASU 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing (Topic 606);” and ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net).” The Company is currently evaluating the overall impact ASU 2014-09 will have on the Company's consolidated financial statements, as well as the expected timing and method of adoption. Based on a preliminary assessment, the Company has determined that the adoption will change the timing of recognition of gift card card breakage income, which is currently recognized using the remote method. The new guidance will require application of the proportional method. The Company is continuing its assessment, which may identify additional impacts this standard will have on its consolidated financial statements and related disclosures.

Divestitures Business Combinati

Divestitures Business Combinations and Divestitures (Tables)	6 Months Ended
	Jun. 28, 2016
Assets and Liabilities Associated with Assets Held for Sale [Abstract]
Assets and Liabilities associated with Assets Held for Sale [Table Text Block]	June 28, 2016 December 29, 2015 Inventories $ 248 $ 738 Property and equipment, net 5,620 26,462 Goodwill — 1,499 Assets held for sale $ 5,868 $ 28,699 Deferred rent $ 707 $ 2,410 Asset retirement obligation 217 535 Liabilities associated with assets held for sale $ 924 $ 2,945

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements (Tables)	6 Months Ended
	Jun. 28, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 28, 2016: Cash equivalents $ 2 $ 2 $ — $ — Total assets $ 2 $ 2 $ — $ — Interest rate swaps $ 9,710 $ — $ 9,710 $ — Total liabilities $ 9,710 $ — $ 9,710 $ — December 29, 2015: Cash equivalents $ 2 $ 2 $ — $ — Total assets $ 2 $ 2 $ — $ — Interest rate swaps $ 2,552 $ — $ 2,552 $ — Total liabilities $ 2,552 $ — $ 2,552 $ —

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 28, 2016
Inventory Disclosure [Abstract]
Inventories	June 28, 2016 December 29, 2015 Food: Fresh dough facilities: Raw materials $ 3,265 $ 3,561 Finished goods 362 446 Bakery-cafes: Raw materials 14,704 14,819 Paper goods 3,415 3,656 Total $ 21,746 $ 22,482

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 28, 2016
Payables and Accruals [Abstract]
Accrued Expenses	June 28, 2016 December 29, 2015 Unredeemed gift cards, net $ 93,558 $ 123,363 Compensation and related employment taxes 61,554 64,882 Insurance 40,487 37,208 Capital expenditures 38,300 53,914 Taxes, other than income taxes 23,422 20,206 Advertising 15,776 5,242 Occupancy costs 9,223 8,594 Deferred revenue 8,874 5,690 Fresh dough and other product operations 8,195 10,854 Utilities 4,852 4,581 Loyalty program 2,766 2,653 Other 29,523 22,277 Total $ 336,530 $ 359,464

Debt Long-term debt (Tables)

Debt Long-term debt (Tables)	6 Months Ended
	Jun. 28, 2016
Debt Instrument [Line Items]
Schedule of Long-term Debt Instruments [Table Text Block]	June 28, 2016 December 29, 2015 2014 Term Loan $ 100,000 $ 100,000 2015 Term Loan 288,750 296,250 2015 Note Payable 10,144 10,144 Debt assumed in Tatte acquisition — 1,147 Aggregate unamortized lender fees and issuance costs (1,187 ) (1,341 ) Total carrying amount 397,707 406,200 Current portion of long-term debt 17,229 17,229 Long-term debt $ 380,478 $ 388,971

Derivative Financial Instrume26

Derivative Financial Instruments Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 28, 2016
Derivative [Line Items]
Fair Value, by Balance Sheet Grouping [Table Text Block]	Balance Sheet Location June 28, 2016 December 29, 2015 Accrued expenses $ 3,531 $ — Other long-term liabilities 6,179 2,552 Total $ 9,710 $ 2,552
Schedule of Derivative Instruments [Table Text Block]	Trade Date Effective Date Term (in Years) Notional Amount (in thousands) Fixed Rate July 16, 2015 July 11, 2016 4 $ 100,000 1.75 % July 16, 2015 July 18, 2016 5 142,500 1.97 %

Stockholders' Equity Stockhol27

Stockholders' Equity Stockholders' Equity (Tables)	6 Months Ended
	Jun. 28, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' Equity	Stockholders' Equity 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. 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 28, 2016 , the Company repurchased 839,759 shares under the 2014 repurchase authorization, at an average price of $201.15 per share, for an aggregate purchase price of approximately $168.9 million . On May 19, 2016, the Company's Board of Directors terminated the 2014 repurchase authorization program. On May 19, 2016, the Company's Board of Directors approved a new three year share repurchase authorization of up to $600 million of the Company's Class A common stock (the "2016 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 2016 repurchase authorization may be modified, suspended, or discontinued by the Company's Board of Directors at any time. As of June 28, 2016 , the Company had repurchased a total of 124,952 shares under the 2016 share repurchase authorization, at a weighted average price of $ 218.45 per share, for an aggregate purchase price of approximately $27.3 million . There was approximately $572.7 million available under the 2016 repurchase authorization as of June 28, 2016 . In total, during the twenty-six weeks ended June 28, 2016 , the Company repurchased 964,711 shares under the 2014 repurchase authorization and 2016 repurchase authorization, at an average price of $203.39 per share, for an aggregate purchase price of approximately $196.2 million . Accumulated Other Comprehensive Income (Loss) The following table summarizes changes in accumulated other comprehensive income (loss), net of tax, for the thirteen weeks ended June 28, 2016 and June 30, 2015 (in thousands): Foreign Currency Translation Adjustment Cash Flow Hedging Instruments Total June 28, 2016 Net gains (losses), beginning of period $ (2,917 ) $ (4,286 ) $ (7,203 ) Net gains (losses) recognized before reclassification 286 (1,584 ) (1,298 ) Net gains (losses) reclassified to earnings — — — Other comprehensive income (loss), net of tax 286 (1,584 ) (1,298 ) Net gains (losses), end of period $ (2,631 ) $ (5,870 ) $ (8,501 ) June 30, 2015 Net gains (losses), beginning of period $ (2,385 ) $ — $ (2,385 ) Net gains (losses) recognized before reclassification 322 — 322 Net gains (losses) reclassified to earnings — — — Other comprehensive income (loss), net of tax 322 — 322 Net gains (losses), end of period $ (2,063 ) $ — $ (2,063 ) The following table summarizes changes in accumulated other comprehensive income (loss), net of tax, for the twenty-six weeks ended June 28, 2016 and June 30, 2015 (in thousands): Foreign Currency Translation Adjustment Cash Flow Hedging Instruments Total June 28, 2016 Net gains (losses), beginning of period $ (3,486 ) $ (1,543 ) $ (5,029 ) Net gains (losses) recognized before reclassification 855 (4,327 ) (3,472 ) Net gains (losses) reclassified to earnings — — — Other comprehensive income (loss), net of tax 855 (4,327 ) (3,472 ) Net gains (losses), end of period $ (2,631 ) $ (5,870 ) $ (8,501 ) June 30, 2015 Net gains (losses), beginning of period $ (1,360 ) $ — $ (1,360 ) Net gains (losses) recognized before reclassification (703 ) — (703 ) Net gains (losses) reclassified to earnings — — — Other comprehensive income (loss), net of tax (703 ) — (703 ) Net gains (losses), end of period $ (2,063 ) $ — $ (2,063 )
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Foreign Currency Translation Adjustment Cash Flow Hedging Instruments Total June 28, 2016 Net gains (losses), beginning of period $ (2,917 ) $ (4,286 ) $ (7,203 ) Net gains (losses) recognized before reclassification 286 (1,584 ) (1,298 ) Net gains (losses) reclassified to earnings — — — Other comprehensive income (loss), net of tax 286 (1,584 ) (1,298 ) Net gains (losses), end of period $ (2,631 ) $ (5,870 ) $ (8,501 ) June 30, 2015 Net gains (losses), beginning of period $ (2,385 ) $ — $ (2,385 ) Net gains (losses) recognized before reclassification 322 — 322 Net gains (losses) reclassified to earnings — — — Other comprehensive income (loss), net of tax 322 — 322 Net gains (losses), end of period $ (2,063 ) $ — $ (2,063 ) Foreign Currency Translation Adjustment Cash Flow Hedging Instruments Total June 28, 2016 Net gains (losses), beginning of period $ (3,486 ) $ (1,543 ) $ (5,029 ) Net gains (losses) recognized before reclassification 855 (4,327 ) (3,472 ) Net gains (losses) reclassified to earnings — — — Other comprehensive income (loss), net of tax 855 (4,327 ) (3,472 ) Net gains (losses), end of period $ (2,631 ) $ (5,870 ) $ (8,501 ) June 30, 2015 Net gains (losses), beginning of period $ (1,360 ) $ — $ (1,360 ) Net gains (losses) recognized before reclassification (703 ) — (703 ) Net gains (losses) reclassified to earnings — — — Other comprehensive income (loss), net of tax (703 ) — (703 ) Net gains (losses), end of period $ (2,063 ) $ — $ (2,063 )

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Jun. 28, 2016
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 28, June 30, June 28, June 30, Revenues: Company bakery-cafe operations $ 609,284 $ 598,124 $ 1,208,068 $ 1,171,800 Franchise operations 38,017 32,819 75,869 65,212 Fresh dough and other product operations 102,380 97,767 198,279 187,891 Intercompany sales eliminations (50,781 ) (52,053 ) (98,163 ) (99,742 ) Total revenues $ 698,900 $ 676,657 $ 1,384,053 $ 1,325,161 Segment profit: Company bakery-cafe operations (1) $ 94,834 $ 92,945 $ 193,949 $ 178,943 Franchise operations 36,748 31,679 73,200 62,758 Fresh dough and other product operations 6,588 5,462 12,887 11,631 Total segment profit $ 138,170 $ 130,086 $ 280,036 $ 253,332 Depreciation and amortization $ 38,831 $ 32,335 $ 75,088 $ 66,282 Unallocated general and administrative expenses 37,668 27,033 84,450 63,486 Pre-opening expenses 1,440 2,306 3,636 3,955 Interest expense 1,791 417 3,530 903 Other (income) expense, net 114 1,187 (137 ) 1,003 Income before income taxes $ 58,326 $ 66,808 $ 113,469 $ 117,703 Depreciation and amortization: Company bakery-cafe operations $ 29,237 $ 25,359 $ 56,934 $ 52,694 Fresh dough and other product operations 2,533 2,225 4,638 4,534 Corporate administration 7,061 4,751 13,516 9,054 Total depreciation and amortization $ 38,831 $ 32,335 $ 75,088 $ 66,282 Capital expenditures: Company bakery-cafe operations $ 35,469 $ 42,592 $ 70,347 $ 78,110 Fresh dough and other product operations 4,634 3,499 10,559 4,493 Corporate administration 8,279 9,191 18,049 22,253 Total capital expenditures $ 48,382 $ 55,282 $ 98,955 $ 104,856 (1) Includes refranchising losses of $7.9 million and $0.7 million for the thirteen weeks ended June 28, 2016 and June 30, 2015 , respectively, and $8.9 million and $9.6 million for the twenty-six weeks ended June 28, 2016 and June 30, 2015 , respectively. June 28, December 29, Segment assets: Company bakery-cafe operations $ 894,829 $ 953,717 Franchise operations 13,841 13,049 Fresh dough and other product operations 82,709 75,634 Total segment assets $ 991,379 $ 1,042,400 Unallocated cash and cash equivalents $ 160,018 $ 241,886 Unallocated trade and other accounts receivable 4,482 2,968 Unallocated property and equipment 112,104 107,333 Unallocated deposits and other 5,793 6,660 Other unallocated assets 24,717 39,592 Total assets $ 1,298,493 $ 1,440,839

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 28, 2016
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 28, June 30, June 28, June 30, Amounts used for basic and diluted per share calculations: Net income attributable to Panera Bread Company $ 34,501 $ 41,929 $ 69,589 $ 73,789 Weighted average number of shares outstanding — basic 23,569 26,158 23,838 26,319 Effect of dilutive stock-based employee compensation awards 133 117 122 104 Weighted average number of shares outstanding — diluted 23,702 26,275 23,960 26,423 Earnings per common share: Basic $ 1.46 $ 1.60 $ 2.92 $ 2.80 Diluted $ 1.46 $ 1.60 $ 2.90 $ 2.79

Supplemental Cash Flow Inform30

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 28, 2016
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	For the 26 Weeks Ended June 28, June 30, Cash paid during the period for: Interest $ 3,141 $ 735 Income taxes 25,940 33,839 Non-cash investing and financing activities: Change in accrued property and equipment purchases $ (15,614 ) $ (3,546 ) Asset retirement obligations 414 247

Summary of Significant Accoun31

Summary of Significant Accounting Policies Recent Accounting Pronouncements (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2016	Dec. 29, 2015
Recent Accounting Updates [Abstract]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification		$ 34.5
Current Fiscal Year End Date	--12-27

Business Combinations and Dives

Business Combinations and Divestitures (Details Textuals)	3 Months Ended		4 Months Ended	6 Months Ended
	Jun. 28, 2016USD ($)bakery-cafes	Jun. 30, 2015USD ($)	May 02, 2016USD ($)	Jun. 28, 2016USD ($)bakery-cafes	Jun. 30, 2015USD ($)	May 03, 2016bakery-cafes	Mar. 29, 2016bakery-cafes	Dec. 29, 2015USD ($)bakery-cafes
Business Acquisitions And Divestitures [Line Items]
Impairment of Long-Lived Assets Held-for-use	$ 1,100,000
Disposal Group, Including Discontinued Operation, Inventory, Current	248,000			$ 248,000				$ 738,000
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current	5,620,000			5,620,000				26,462,000
Disposal Group, Including Discontinued Operation, Goodwill	0			0				1,499,000
Assets held for sale	5,868,000			5,868,000				28,699,000
Disposal Group, Including Discontinued Operation, Deferred Rent	707,000			707,000				2,410,000
Disposal Group, Including Discontinued Operation, Asset Retirement Obligation	217,000			217,000				535,000
Liabilities associated with assets held for sale	924,000			924,000				$ 2,945,000
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down	6,112,000	$ 317,000		6,112,000	$ 7,941,000
Lease termination costs and impairment of long-lived assets	1,953,000	0		2,858,000	3,837,000
Disposal Group, Including Discontinued Operation, Other Expense	298,000	350,000		464,000	350,000
Proceeds from refranchising			$ 15,200,000	15,151,000	3,218,000
Gain (Loss) on Disposition of Business	(491,000)	0	$ (500,000)	(491,000)	(2,570,000)
Refranchising loss	$ 7,872,000	$ 667,000		$ 8,943,000	$ 9,558,000
Refranchised Cafe [Domain]
Business Acquisitions And Divestitures [Line Items]
Number of bakery cafe | bakery-cafes	90			90
Cafes recalssified as held and used [Member]
Business Acquisitions And Divestitures [Line Items]
Number of bakery cafe | bakery-cafes							20
Refranchised Cafe [Member]
Business Acquisitions And Divestitures [Line Items]
Number of bakery cafe | bakery-cafes						15
Refranchising loss	$ 7,200,000
Cafe Held for Sale [Member]
Business Acquisitions And Divestitures [Line Items]
Number of bakery cafe | bakery-cafes	12			12				35
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

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Jun. 28, 2016	Dec. 29, 2015
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	$ 2,000	$ 2,000
Assets, Fair Value Disclosure, Recurring	2,000	2,000
Interest Rate Derivative Liabilities, at Fair Value	9,710,000	2,552,000
Liabilities, Fair Value Disclosure, Recurring	9,710,000	2,552,000
Fair Value, Inputs, Level 1 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	2,000	2,000
Assets, Fair Value Disclosure, Recurring	2,000	2,000
Interest Rate Derivative Liabilities, at Fair Value	0	0
Liabilities, Fair Value Disclosure, Recurring	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Assets, Fair Value Disclosure, Recurring	0	0
Interest Rate Derivative Liabilities, at Fair Value	9,710,000	2,552,000
Liabilities, Fair Value Disclosure, Recurring	9,710,000	2,552,000
Fair Value, Inputs, Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Assets, Fair Value Disclosure, Recurring	0	0
Interest Rate Derivative Liabilities, at Fair Value	0	0
Liabilities, Fair Value Disclosure, Recurring	$ 0	$ 0

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 28, 2016	Dec. 29, 2015
Inventory [Line Items]
Paper goods	$ 3,415	$ 3,656
Total	21,746	22,482
Fresh dough and other product operations [Member]
Inventory [Line Items]
Raw materials	3,265	3,561
Finished goods	362	446
Company Bakery Cafe Operations [Member]
Inventory [Line Items]
Raw materials	$ 14,704	$ 14,819

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 28, 2016	Dec. 29, 2015
Payables and Accruals [Abstract]
Unredeemed gift cards, net	$ 93,558	$ 123,363
Compensation and related employment taxes	61,554	64,882
Capital Expenditures	38,300	53,914
Insurance	40,487	37,208
Taxes, other than income taxes	23,422	20,206
Fresh dough and other product operations	8,195	10,854
Utilities	4,852	4,581
Occupancy costs	9,223	8,594
Deferred Revenue	8,874	5,690
Customer Loyalty Program Liability, Current	2,766	2,653
Advertising	15,776	5,242
Other	29,523	22,277
Total	$ 336,530	$ 359,464

Term Loan (Details Textuals)

Term Loan (Details Textuals)	3 Months Ended		5 Months Ended	6 Months Ended		7 Months Ended	9 Months Ended
	Jun. 28, 2016USD ($)	Jun. 30, 2015	Jun. 10, 2014USD ($)	Jun. 28, 2016USD ($)	Jun. 30, 2015	Jul. 15, 2015USD ($)	Sep. 14, 2015	Dec. 29, 2015USD ($)	Sep. 15, 2015USD ($)	Jul. 16, 2015USD ($)	Jun. 11, 2014USD ($)
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 397,707,000			$ 397,707,000				$ 406,200,000
Notes Payable to Bank	$ 10,144,000			$ 10,144,000				10,144,000	$ 12,700,000
Number of Installment Payments	5			5
Notes Payable to Bank, Current	$ 2,500,000			$ 2,500,000
Line of Credit Facility, Initiation Date						Jul. 16, 2015
Debt Instrument, Periodic Payment				0.0125
Unamortized Debt Issuance Expense	(1,187,000)			$ (1,187,000)				(1,341,000)
Current portion of long-term debt	17,229,000			17,229,000				17,229,000
Long-term debt	380,478,000			380,478,000				388,971,000
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Debt Instrument, Issuance Date							Sep. 15, 2015
Tatte Acquisition [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	0			0				1,147,000
2014 Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Issuance Date			Jun. 11, 2014
Long-term Debt, Gross	$ 100,000,000			$ 100,000,000				100,000,000			$ 100,000,000
Debt Instrument, Maturity Date				Jul. 11, 2019
Debt Issuance Cost			$ (200,000)
Debt Instrument, Interest Rate at Period End	1.56%	1.18%		1.55%	1.18%
Consolidated Leverage Ratio				3
Consolidated Leverage Ratio Denominator				1
Consolidated Fixed Charge Coverage Ratio				2
Consolidated Fixed Charge Coverage Ratio Denominator				1
2015 Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Issuance Date						Jul. 16, 2015
Long-term Debt, Gross	$ 288,750,000			$ 288,750,000				$ 296,250,000		$ 300,000,000
Debt Instrument, Maturity Date				Jul. 16, 2020
Debt Issuance Cost						$ (1,400,000)
Debt Instrument, Interest Rate at Period End	1.56%			1.55%
Consolidated Leverage Ratio				3
Consolidated Leverage Ratio Denominator				1
Consolidated Fixed Charge Coverage Ratio				2
Consolidated Fixed Charge Coverage Ratio Denominator				1
Current portion of long-term debt	$ 14,700,000			$ 14,700,000
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] | LIBOR Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.00%
2015 Term Loan [Member] | LIBOR Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.00%
2015 Term Loan [Member] | LIBOR Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.50%
2015 Term Loan [Member] | Base Rate Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.00%
2015 Term Loan [Member] | Base Rate Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.50%
2015 Term Loan [Member] | Federal Funds Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.50%
2015 Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity										$ 250,000,000
Line of Credit Facility, Expiration Date				Jul. 16, 2020
Line of Credit Facility, Amount Outstanding	$ 0			$ 0
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] | LIBOR Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.00%
2015 Credit Facility [Member] | LIBOR Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.00%
2015 Credit Facility [Member] | LIBOR Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.50%
2015 Credit Facility [Member] | Base Rate Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.00%
2015 Credit Facility [Member] | Base Rate Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.50%
2015 Credit Facility [Member] | Federal Funds Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.50%

Derivative Financial Instrume37

Derivative Financial Instruments Derivative Financial Instruments (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 28, 2016	Jun. 28, 2016	Dec. 29, 2015
Derivative [Line Items]
Stock Repurchased and Retired During Period, Shares		964,711
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness	$ 0	$ 0
Derivative Asset, Notional Amount	242,500,000	242,500,000
Interest Rate Derivative Liabilities, at Fair Value	$ 9,710,000	9,710,000	$ 2,552,000
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Accumulated Other Comprehensive Income (Loss), Net		(4,300,000)
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months		2,100,000
2014 Term Loan [Member]
Derivative [Line Items]
Derivative, Inception Date	Jul. 16, 2015
Derivative, Effective Date	Jul. 11, 2016
Derivative, Term of Contract	4 years
Derivative Asset, Notional Amount	$ 100,000,000	$ 100,000,000
Derivative, Fixed Interest Rate	1.75%	1.75%
2015 Term Loan [Member]
Derivative [Line Items]
Derivative, Notional Amount Decrease	$ 1,900,000
Derivative, Inception Date	Jul. 16, 2015
Derivative, Effective Date	Jul. 18, 2016
Derivative, Term of Contract	5 years
Derivative Asset, Notional Amount	$ 142,500,000	$ 142,500,000
Derivative, Fixed Interest Rate	1.97%	1.97%
Accrued Liabilities [Member]
Derivative [Line Items]
Interest Rate Derivative Liabilities, at Fair Value	$ 3,531,000	$ 3,531,000	0
Other Noncurrent Liabilities [Member]
Derivative [Line Items]
Interest Rate Derivative Liabilities, at Fair Value	$ 6,179,000	$ 6,179,000	$ 2,552,000
2014 Repurchase Authorization [Member]
Derivative [Line Items]
Stock Repurchased and Retired During Period, Shares		839,759

Stockholders' Equity Share Repu

Stockholders' Equity Share Repurchase (Details) - USD ($)	6 Months Ended
	Jun. 28, 2016	May 19, 2016	Apr. 15, 2015	Jun. 05, 2014
Equity, Class of Treasury Stock [Line Items]
Stock Repurchased and Retired During Period, Shares	964,711
Treasury Stock Acquired, Average Cost Per Share	$ 203.39
Stock Repurchased and Retired During Period, Value	$ 196,200,000
2014 Repurchase Authorization [Member]
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount			$ 750,000,000	$ 600,000,000
Stock Repurchased and Retired During Period, Shares	839,759
Treasury Stock Acquired, Average Cost Per Share	$ 201.15
Stock Repurchased and Retired During Period, Value	$ 168,900,000
2016 Repurchase Authorization [Member]
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount		$ 600,000,000
Stock Repurchased and Retired During Period, Shares	124,952
Treasury Stock Acquired, Average Cost Per Share	$ 218.45
Stock Repurchased and Retired During Period, Value	$ 27,300,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 572,700,000

Stockholders' Equity Accumulate

Stockholders' Equity Accumulated Other Comprehensive Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 28, 2016	Jun. 30, 2015	Jun. 28, 2016	Jun. 30, 2015	Mar. 29, 2016	Dec. 29, 2015	Mar. 31, 2015	Dec. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (8,501,000)	$ (2,063,000)	$ (8,501,000)	$ (2,063,000)	$ (7,203,000)	$ (5,029,000)	$ (2,385,000)	$ (1,360,000)
Other Comprehensive Income (Loss), Net of Tax	(1,298,000)	322,000	(3,472,000)	(703,000)
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	0	0	0	0
Foreign Currency Gain (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(2,631,000)	(2,063,000)	(2,631,000)	(2,063,000)	(2,917,000)	(3,486,000)	(2,385,000)	(1,360,000)
Other Comprehensive Income (Loss), Net of Tax	286,000	322,000	855,000	(703,000)
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	0	0	0	0
Cash Flow Hedging [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(5,870,000)	0	(5,870,000)	0	$ (4,286,000)	$ (1,543,000)	$ 0	$ 0
Other Comprehensive Income (Loss), Net of Tax	(1,584,000)	0	(4,327,000)	0
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	$ 0	$ 0	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Detail Textuals) $ in Millions	6 Months Ended
	Jun. 28, 2016USD ($)franchisee
Guarantee of Indebtedness of Others [Member]
Loss Contingencies [Line Items]
Franchisees guaranteed under operating leases (in franchisees) | franchisee	90
Potential amount of future rental payments | $	$ 284.1
Minimum [Member]
Loss Contingencies [Line Items]
Lease Expiration Date	Jul. 15, 2020
Maximum [Member]
Loss Contingencies [Line Items]
Lease Expiration Date	Feb. 28, 2049

Business Segment Information (D

Business Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2016	Jun. 30, 2015	Jun. 28, 2016	Jun. 30, 2015	Dec. 29, 2015	Dec. 30, 2014
Segment Reporting Information [Line Items]
Refranchising loss	$ 7,872	$ 667	$ 8,943	$ 9,558
Revenues:
Total revenues	698,900	676,657	1,384,053	1,325,161
Segment profit:
Total segment profit	138,170	130,086	280,036	253,332
Depreciation and amortization	38,831	32,335	75,088	66,282
Unallocated General and Administrative Expenses	38,937	28,173	87,119	65,940
Pre-opening expenses	1,440	2,306	3,636	3,955
Interest expense	1,791	417	3,530	903
Other (income) expense, net	114	1,187	(137)	1,003
Income before income taxes	58,326	66,808	113,469	117,703
Capital expenditures:
Capital Expenditures	48,382	55,282	98,955	104,856
Segment Assets
Unallocated cash and cash equivalents	160,018	124,816	160,018	124,816	$ 241,886	$ 196,493
Unallocated trade and other accounts receivable	43,038		43,038		38,211
Unallocated property and equipment	785,426		785,426		776,248
Total assets	1,298,493		1,298,493		1,440,839
Company bakery cafe operations [Member]
Revenues:
Total revenues	609,284	598,124	1,208,068	1,171,800
Franchise operations [Member]
Revenues:
Total revenues	38,017	32,819	75,869	65,212
Operating Segments [Member]
Segment profit:
Depreciation and amortization	38,831		75,088	66,282
Unallocated Amount to Segment [Member]
Segment profit:
Unallocated General and Administrative Expenses	37,668	27,033	84,450	63,486
Segment Assets
Unallocated cash and cash equivalents	160,018		160,018		241,886
Unallocated trade and other accounts receivable	4,482		4,482		2,968
Unallocated property and equipment	112,104		112,104		107,333
Unallocated deposits and other	5,793		5,793		6,660
Other unallocated assets	24,717		24,717		39,592
Operating Segments [Member]
Segment Assets
Total assets	991,379		991,379		1,042,400
Operating Segments [Member] | Company bakery cafe operations [Member]
Revenues:
Total revenues	609,284	598,124	1,208,068	1,171,800
Segment profit:
Total segment profit	94,834	92,945	193,949	178,943
Depreciation and amortization	29,237	25,359	56,934	52,694
Capital expenditures:
Capital Expenditures	35,469	42,592	70,347	78,110
Segment Assets
Total assets	894,829		894,829		953,717
Operating Segments [Member] | Franchise operations [Member]
Revenues:
Total revenues	38,017	32,819	75,869	65,212
Segment profit:
Total segment profit	36,748	31,679	73,200	62,758
Segment Assets
Total assets	13,841		13,841		13,049
Operating Segments [Member] | Fresh dough and other product operations [Member]
Revenues:
Total revenues	102,380	97,767	198,279	187,891
Segment profit:
Total segment profit	6,588	5,462	12,887	11,631
Depreciation and amortization	2,533	2,225	4,638	4,534
Capital expenditures:
Capital Expenditures	4,634	3,499	10,559	4,493
Segment Assets
Total assets	82,709		82,709		$ 75,634
Operating Segments [Member] | Corporate Administration [Member]
Segment profit:
Depreciation and amortization	7,061	4,751	13,516	9,054
Capital expenditures:
Capital Expenditures	8,279	9,191	18,049	22,253
Intersegment Eliminations [Member] | Intersegment Eliminations [Member]
Revenues:
Total revenues	$ (50,781)	$ (52,053)	$ (98,163)	$ (99,742)

Business Segment Information Bu

Business Segment Information Business Segment Information (Detail Textuals)	6 Months Ended
	Jun. 28, 2016segments
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

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2016	Jun. 30, 2015	Jun. 28, 2016	Jun. 30, 2015
Income Taxes [Line Items]
Effective Income Tax Rate Reconciliation, Percent	40.80%	37.20%	38.70%	37.30%
Refranchising loss	$ 7,872	$ 667	$ 8,943	$ 9,558
Refranchised Cafe [Member]
Income Taxes [Line Items]
Refranchising loss	$ 7,200

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2016	Jun. 30, 2015	Jun. 28, 2016	Jun. 30, 2015
Amounts used for basic and diluted per share calculations
Net income attributable to Panera Bread Company	$ 34,501	$ 41,929	$ 69,589	$ 73,789
Weighted average number of shares outstanding - basic (in shares)	23,569	26,158	23,838	26,319
Effect of dilutive stock-based employee compensation awards (in shares)	133	117	122	104
Weighted average number of shares outstanding - diluted (in shares)	23,702	26,275	23,960	26,423
Earnings per common share:
Basic (in dollars per share)	$ 1.46	$ 1.60	$ 2.92	$ 2.80
Diluted (in dollars per share)	$ 1.46	$ 1.60	$ 2.90	$ 2.79

Earnings Per Share (Details Tex

Earnings Per Share (Details Textuals) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2016	Jun. 30, 2015	Jun. 28, 2016	Jun. 30, 2015
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

Supplemental Cash Flow Inform46

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2016	Jun. 30, 2015
Supplemental Cash Flow Information [Abstract]
Interest Paid	$ 3,141	$ 735
Income Taxes Paid	25,940	33,839
Change in Accrued Capital Expenditures	(15,614)	(3,546)
Asset Retirement Obligation	$ 414	$ 247