Document_And_Entity_Informatio
Document And Entity Information | 4 Months Ended | |
Jan. 19, 2014 | Feb. 14, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'JACK IN THE BOX INC /NEW/ | ' |
Entity Central Index Key | '0000807882 | ' |
Current Fiscal Year End Date | '--09-28 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 19-Jan-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 41,896,286 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jan. 19, 2014 | Sep. 29, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $9,933 | $9,644 |
Accounts and other receivables, net | 40,695 | 41,749 |
Inventories | 7,862 | 7,181 |
Prepaid expenses | 28,030 | 19,970 |
Deferred income taxes | 26,685 | 26,685 |
Assets held for sale and leaseback | 5,543 | 11,875 |
Other current assets | 323 | 108 |
Total current assets | 119,071 | 117,212 |
Property and equipment, at cost | 1,527,023 | 1,516,913 |
Less accumulated depreciation and amortization | -767,143 | -746,054 |
Property and equipment, net | 759,880 | 770,859 |
Intangible Assets, Net (Excluding Goodwill) | 16,207 | 16,390 |
Goodwill | 149,235 | 148,988 |
Other assets, net | 268,435 | 265,760 |
Total assets | 1,312,828 | 1,319,209 |
Current liabilities: | ' | ' |
Current maturities of long-term debt | 20,854 | 20,889 |
Accounts payable | 27,394 | 36,899 |
Accrued liabilities | 132,839 | 153,886 |
Total current liabilities | 181,087 | 211,674 |
Long-term debt, net of current maturities | 399,098 | 349,393 |
Other long-term liabilities | 277,280 | 286,124 |
Stockholders’ equity: | ' | ' |
Preferred stock $0.01 par value, 15,000,000 shares authorized, none issued | 0 | 0 |
Common stock $0.01 par value, 175,000,000 shares authorized, 79,381,880 and 78,515,171 issued, respectively | 794 | 785 |
Capital in excess of par value | 323,616 | 296,764 |
Retained earnings | 1,204,109 | 1,171,823 |
Accumulated other comprehensive loss | -61,433 | -62,662 |
Treasury stock, at cost, 37,504,794 and 35,926,269 shares, respectively | -1,011,723 | -934,692 |
Total stockholders’ equity | 455,363 | 472,018 |
Total liabilities and stockholders' equity | $1,312,828 | $1,319,209 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 19, 2014 | Sep. 29, 2013 |
Stockholders’ equity: | ' | ' |
Preferred stock, par value (usd per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (usd per share) | $0.01 | $0.01 |
Common stock, shares authorized | 175,000,000 | 175,000,000 |
Common stock, shares issued | 79,381,880 | 78,515,171 |
Treasury stock at cost, shares | 37,504,794 | 35,926,269 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Earnings (USD $) | 4 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jan. 19, 2014 | Jan. 20, 2013 |
Revenues: | ' | ' |
Company restaurant sales | $338,828 | $348,906 |
Franchise revenues | 111,253 | 105,429 |
Total revenue | 450,081 | 454,335 |
Company restaurant costs: | ' | ' |
Food and packaging | 108,238 | 112,537 |
Payroll and employee benefits | 93,816 | 99,576 |
Occupancy and other | 74,709 | 77,369 |
Total company restaurant costs | 276,763 | 289,482 |
Franchise costs | 55,510 | 52,488 |
Selling, general and administrative expenses | 59,156 | 66,686 |
Impairment and other charges, net | 1,909 | 3,253 |
Gains on the sale of company-operated restaurants | -461 | -748 |
Total operating costs and expenses | 392,877 | 411,161 |
Earnings from operations | 57,204 | 43,174 |
Interest expense, net | 4,542 | 5,365 |
Earnings from continuing operations and before income taxes | 52,662 | 37,809 |
Income taxes | 19,652 | 11,700 |
Earnings from continuing operations | 33,010 | 26,109 |
Losses from discontinued operations, net of income tax benefit | -724 | -5,420 |
Net earnings | $32,286 | $20,689 |
Net earnings per share - basic: | ' | ' |
Earnings from continuing operations (usd per share) | $0.78 | $0.61 |
Losses from discontinued operations (usd per share) | ($0.02) | ($0.13) |
Net earnings per share (usd per share) | $0.76 | $0.48 |
Net earnings per share - diluted: | ' | ' |
Earnings from continuing operations (usd per share) | $0.75 | $0.59 |
Losses from discontinued operations (usd per share) | ($0.02) | ($0.12) |
Net earnings per share (usd per share) | $0.74 | $0.47 |
Weighted-average shares outstanding: | ' | ' |
Basic (in shares) | 42,434 | 42,997 |
Diluted (in shares) | 43,838 | 44,356 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Comprehensive Income (USD $) | 4 Months Ended | |
In Thousands, unless otherwise specified | Jan. 19, 2014 | Jan. 20, 2013 |
Net earnings | $32,286 | $20,689 |
Net change in fair value of derivatives | -54 | 4 |
Net loss reclassified to earnings | 426 | 413 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | 372 | 417 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | -142 | -160 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 230 | 257 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 1,614 | 5,814 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | -619 | -2,229 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 995 | 3,585 |
Foreign Currency Transaction Gain (Loss), before Tax | 7 | 3 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | -2 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 5 | 3 |
Other comprehensive income | 1,230 | 3,845 |
Comprehensive income | $33,516 | $24,534 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 4 Months Ended | |
In Thousands, unless otherwise specified | Jan. 19, 2014 | Jan. 20, 2013 |
Cash flows from operating activities: | ' | ' |
Net earnings | $32,286 | $20,689 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 28,454 | 30,016 |
Deferred finance cost amortization | 675 | 729 |
Deferred income taxes | -1,257 | -1,370 |
Share-based compensation expense | 3,801 | 4,062 |
Pension and postretirement expense | 4,233 | 9,584 |
Gains on cash surrender value of company-owned life insurance | -3,117 | -2,836 |
Gains on the sale of company-operated restaurants | -461 | -748 |
Losses (gains) on the disposition of property and equipment | 992 | -832 |
Impairment charges and other | 393 | 4,458 |
Loss on early retirement of debt | 0 | 939 |
Changes in assets and liabilities, excluding acquisitions and dispositions: | ' | ' |
Accounts and other receivables | 1,582 | 38,766 |
Inventories | -682 | 26,361 |
Prepaid expenses and other current assets | -8,274 | 11,980 |
Accounts payable | -5,636 | -33,966 |
Accrued liabilities | -16,781 | -9,141 |
Pension and postretirement contributions | -6,558 | -5,525 |
Other | -5,998 | -3,201 |
Cash flows provided by operating activities | 23,652 | 89,965 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -21,310 | -21,394 |
Purchases of assets intended for sale and leaseback | 0 | -13,357 |
Proceeds from sale and leaseback of assets | 2,105 | 13,513 |
Proceeds from the sale of company-operated restaurants | 468 | 833 |
Collections on notes receivable | 894 | 1,848 |
Acquisitions of franchise-operated restaurants | -1,750 | -7,800 |
Other | 36 | 2,042 |
Cash flows used in investing activities | -19,557 | -24,315 |
Cash flows from financing activities: | ' | ' |
Borrowings on revolving credit facilities | 163,000 | 385,148 |
Repayments of borrowings on revolving credit facilities | -103,000 | -445,148 |
Proceeds from issuance of debt | 0 | 200,000 |
Principal repayments on debt | -10,330 | -165,305 |
Debt issuance costs | 0 | -4,386 |
Proceeds from issuance of common stock | 17,650 | 10,733 |
Repurchases of common stock | 84,318 | 26,888 |
Excess tax benefits from share-based compensation arrangements | 5,307 | 675 |
Change in book overdraft | 7,880 | -19,406 |
Cash flows used in financing activities | -3,811 | -64,577 |
Effect of Exchange Rate on Cash and Cash Equivalents | 5 | 0 |
Net increase in cash and cash equivalents | 289 | 1,073 |
Cash and cash equivalents at beginning of period | 9,644 | 8,469 |
Cash and cash equivalents at end of period | $9,933 | $9,542 |
Basis_Of_Presentation
Basis Of Presentation | 4 Months Ended | |||||
Jan. 19, 2014 | ||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||
Basis Of Presentation | ' | |||||
BASIS OF PRESENTATION | ||||||
Nature of operations — Founded in 1951, Jack in the Box Inc. (the “Company”) operates and franchises Jack in the Box® quick-service restaurants and Qdoba Mexican Grill® (“Qdoba”) fast-casual restaurants. The following table summarizes the number of restaurants as of the end of each period: | ||||||
January 19, | January 20, | |||||
2014 | 2013 | |||||
Jack in the Box: | ||||||
Company-operated | 469 | 551 | ||||
Franchise | 1,785 | 1,704 | ||||
Total system | 2,254 | 2,255 | ||||
Qdoba: | ||||||
Company-operated | 301 | 325 | ||||
Franchise | 319 | 311 | ||||
Total system | 620 | 636 | ||||
References to the Company throughout these Notes to Condensed Consolidated Financial Statements are made using the first person notations of “we,” “us” and “our.” | ||||||
Basis of presentation — The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and the rules and regulations of the Securities and Exchange Commission (“SEC”). During fiscal 2012, we entered into an agreement to outsource our Jack in the Box distribution business. In the third quarter of fiscal 2013, we closed 62 Qdoba restaurants (the “2013 Qdoba Closures”) as part of a comprehensive Qdoba market performance review. The results of operations for our distribution business and for the 62 closed Qdoba restaurants are reported as discontinued operations for all periods presented. Refer to Note 2, Discontinued Operations, for additional information. Unless otherwise noted, amounts and disclosures throughout these Notes to Condensed Consolidated Financial Statements relate to our continuing operations. In our opinion, all adjustments considered necessary for a fair presentation of financial condition and results of operations for these interim periods have been included. Operating results for one interim period are not necessarily indicative of the results for any other interim period or for the full year. | ||||||
These financial statements should be read in conjunction with the consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the fiscal year ended September 29, 2013. The accounting policies used in preparing these condensed consolidated financial statements are the same as those described in our Form 10-K. | ||||||
Principles of consolidation — The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the accounts of any variable interest entities (“VIEs”) where we are deemed the primary beneficiary. All significant intercompany accounts and transactions are eliminated. For information related to the VIE included in our condensed consolidated financial statements, refer to Note 12, Variable Interest Entities. | ||||||
Fiscal year — Our fiscal year is 52 or 53 weeks ending the Sunday closest to September 30. Fiscal years 2014 and 2013 include 52 weeks. Our first quarter includes 16 weeks and all other quarters include 12 weeks. All comparisons between 2014 and 2013 refer to the 16-weeks (“quarter”) ended January 19, 2014 and January 20, 2013, respectively, unless otherwise indicated. | ||||||
Use of estimates — In preparing the condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles, management is required to make certain assumptions and estimates that affect reported amounts of assets, liabilities, revenues, expenses and the disclosure of contingencies. In making these assumptions and estimates, management may from time to time seek advice and consider information provided by actuaries and other experts in a particular area. Actual amounts could differ materially from these estimates. |
Discontinued_Operations
Discontinued Operations | 4 Months Ended | |||||||
Jan. 19, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Discontinued Operations | ' | |||||||
DISCONTINUED OPERATIONS | ||||||||
Distribution business — During fiscal 2012, we entered into an agreement with a third party distribution service provider pursuant to a plan approved by our board of directors to sell our Jack in the Box distribution business. During the first quarter of fiscal 2013, we completed the transition of our distribution centers. The operations and cash flows of the business have been eliminated and in accordance with the provisions of the Accounting Standards Codification (“ASC”) 205, Presentation of Financial Statements, the results are reported as discontinued operations for all periods presented. | ||||||||
The following is a summary of our distribution business operating results, which are included in discontinued operations for each period (in thousands): | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Revenue | $ | — | $ | 37,743 | ||||
Operating loss before income tax benefit | $ | (572 | ) | $ | (5,262 | ) | ||
The loss on the sale of the distribution business was not material to our results of operations in 2013. The operating loss in 2014 includes $0.4 million related to insurance settlements and $0.1 million for future lease commitments. Our liability for lease commitments related to our distribution centers is included in accrued liabilities and other long-term liabilities and has changed as follows during 2014 (in thousands): | ||||||||
Balance at beginning of period | $ | 1,318 | ||||||
Adjustments | 79 | |||||||
Cash payments | (270 | ) | ||||||
Balance at end of period | $ | 1,127 | ||||||
Qdoba restaurant closures — During the third quarter of fiscal 2013, we closed 62 Qdoba restaurants. The decision to close these restaurants was based on a comprehensive analysis that took into consideration levels of return on investment and other key operating performance metrics. | ||||||||
Since the closed locations were not located near those remaining in operation, we do not expect the majority of cash flows and sales lost from these closures to be recovered. In addition, there will not be any ongoing involvement or significant direct cash flows from the closed stores. Therefore, in accordance with the provisions of ASC 205, Presentation of Financial Statements, the results of operations for these restaurants are reported as discontinued operations for all periods presented. | ||||||||
The following is a summary of the results of operations related to the 2013 Qdoba Closures for each period (in thousands): | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Company restaurant sales | $ | — | $ | 11,188 | ||||
Operating loss before income tax benefit | $ | (588 | ) | $ | (3,510 | ) | ||
In 2014, the operating loss includes $0.3 million for asset impairments, $0.3 million of ongoing facility related costs and $0.2 million of broker commissions, partially offset by favorable lease commitment adjustments of $0.3 million. We do not expect the remaining costs to be incurred related to this transaction to be material. Our liability for lease commitments related to the 2013 Qdoba closures is included in accrued liabilities and other long-term liabilities and has changed as follows during 2014 (in thousands): | ||||||||
Balance at beginning of period | $ | 10,712 | ||||||
Adjustments | (286 | ) | ||||||
Cash payments | (3,395 | ) | ||||||
Balance at end of period | $ | 7,031 | ||||||
Summary_Of_Refranchisings_Fran
Summary Of Refranchisings, Franchisee Development And Acquisitions | 4 Months Ended | |||||||
Jan. 19, 2014 | ||||||||
Summary Of Refranchisings, Franchisee Development And Acquisitions [Abstract] | ' | |||||||
Summary Of Refranchisings, Franchisee Development And Acquisitions | ' | |||||||
SUMMARY OF REFRANCHISINGS, FRANCHISE DEVELOPMENT AND ACQUISITIONS | ||||||||
Refranchisings and franchise development — The following is a summary of the number of restaurants developed by franchisees and the related fees recognized, and additional proceeds recognized upon the extension of underlying franchise and lease agreements related to restaurants sold in a prior year (dollars in thousands): | ||||||||
Sixteen Weeks Ended | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
New restaurants opened by franchisees | 13 | 20 | ||||||
Initial franchise fees | $ | 399 | $ | 646 | ||||
Net proceeds | $ | 468 | $ | 833 | ||||
Net assets sold (primarily property and equipment) | — | (85 | ) | |||||
Goodwill related to the sale of company-operated restaurants | (9 | ) | — | |||||
Other | 2 | — | ||||||
Gains on the sale of company-operated restaurants | $ | 461 | $ | 748 | ||||
Franchise acquisitions — During 2014, we repurchased four Jack in the Box franchise restaurants. In 2013, we acquired six Qdoba franchise restaurants and one Jack in the Box franchise restaurant. We account for the acquisition of franchised restaurants using the acquisition method of accounting for business combinations. The purchase price allocations were based on fair value estimates determined using significant unobservable inputs (Level 3). The goodwill recorded primarily relates to the sales growth potential of the locations acquired and is expected to be deductible for tax purposes. The following table provides detail of the combined acquisitions in each period (dollars in thousands): | ||||||||
Sixteen Weeks Ended | ||||||||
19-Jan-14 | 20-Jan-13 | |||||||
Restaurants acquired from franchisees | 4 | 7 | ||||||
Property and equipment | $ | 1,398 | $ | 1,138 | ||||
Reacquired franchise rights | 96 | 96 | ||||||
Liabilities assumed | — | (95 | ) | |||||
Goodwill | 256 | 6,661 | ||||||
Total consideration | $ | 1,750 | $ | 7,800 | ||||
Fair_Value_Measurements
Fair Value Measurements | 4 Months Ended | |||||||||||||||
Jan. 19, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
Financial assets and liabilities — The following table presents the financial assets and liabilities measured at fair value on a recurring basis (in thousands): | ||||||||||||||||
Total | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical | Inputs (3) | (Level 3) | ||||||||||||||
Assets (3) | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Fair value measurements as of January 19, 2014: | ||||||||||||||||
Non-qualified deferred compensation plan (1) | $ | (38,407 | ) | $ | (38,407 | ) | $ | — | $ | — | ||||||
Interest rate swaps (Note 5) (2) | (818 | ) | — | (818 | ) | — | ||||||||||
Total liabilities at fair value | $ | (39,225 | ) | $ | (38,407 | ) | $ | (818 | ) | $ | — | |||||
Fair value measurements as of September 29, 2013: | ||||||||||||||||
Non-qualified deferred compensation plan (1) | $ | (39,135 | ) | $ | (39,135 | ) | $ | — | $ | — | ||||||
Interest rate swaps (Note 5) (2) | (1,190 | ) | — | (1,190 | ) | — | ||||||||||
Total liabilities at fair value | $ | (40,325 | ) | $ | (39,135 | ) | $ | (1,190 | ) | $ | — | |||||
____________________________ | ||||||||||||||||
-1 | We maintain an unfunded defined contribution plan for key executives and other members of management excluded from participation in our qualified savings plan. The fair value of this obligation is based on the closing market prices of the participants’ elected investments. | |||||||||||||||
-2 | We entered into interest rate swaps to reduce our exposure to rising interest rates on our variable debt. The fair values of our interest rate swaps are based upon Level 2 inputs which include valuation models as reported by our counterparties. The key inputs for the valuation models are quoted market prices, interest rates and forward yield curves. | |||||||||||||||
-3 | We did not have any transfers in or out of Level 1 or Level 2. | |||||||||||||||
The fair values of the Company’s debt instruments are based on the amount of future cash flows associated with each instrument discounted using the Company’s borrowing rate. At January 19, 2014, the carrying value of all financial instruments was not materially different from fair value, as the borrowings are prepayable without penalty. The estimated fair values of our capital lease obligations approximated their carrying values as of January 19, 2014. | ||||||||||||||||
Non-financial assets and liabilities — The Company’s non-financial instruments, which primarily consist of property and equipment, goodwill and intangible assets, are reported at carrying value and are not required to be measured at fair value on a recurring basis. However, on a periodic basis (at least annually for goodwill and intangible assets, and semi-annually for property and equipment) or whenever events or changes in circumstances indicate that their carrying value may not be recoverable, non-financial instruments are assessed for impairment. If applicable, the carrying values are written down to fair value. | ||||||||||||||||
In connection with our impairment reviews performed during the quarter ended January 19, 2014, no material fair value adjustments were required. Refer to Note 6, Impairment, Disposition of Property and Equipment, Restaurant Closing Costs and Restructuring, for additional information regarding impairment charges. |
Derivative_Instruments
Derivative Instruments | 4 Months Ended | |||||||||||
Jan. 19, 2014 | ||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ' | |||||||||||
Derivative Instruments | ' | |||||||||||
DERIVATIVE INSTRUMENTS | ||||||||||||
Objectives and strategies — We are exposed to interest rate volatility with regard to our variable rate debt. To reduce our exposure to rising interest rates, in August 2010, we entered into two interest rate swap agreements that effectively convert $100.0 million of our variable rate term loan borrowings to a fixed-rate basis from September 2011 through September 2014. These agreements have been designated as cash flow hedges. | ||||||||||||
Financial position — The following derivative instruments were outstanding as of the end of each period (in thousands): | ||||||||||||
January 19, 2014 | September 29, 2013 | |||||||||||
Balance | Fair | Balance | Fair | |||||||||
Sheet | Value | Sheet | Value | |||||||||
Location | Location | |||||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Interest rate swaps (Note 4) | Accrued | $ | (818 | ) | Accrued | $ | (1,190 | ) | ||||
liabilities | liabilities | |||||||||||
Total derivatives | $ | (818 | ) | $ | (1,190 | ) | ||||||
Financial performance — The following is a summary of the accumulated other comprehensive income (“OCI”) activity related to our interest rate swap derivative instruments (in thousands): | ||||||||||||
Location of Loss in Income | Sixteen Weeks Ended | |||||||||||
January 19, | January 20, | |||||||||||
2014 | 2013 | |||||||||||
Gains (losses) recognized in OCI | N/A | $ | (54 | ) | $ | 4 | ||||||
Losses reclassified from accumulated OCI into income | Interest | $ | (426 | ) | $ | (413 | ) | |||||
expense, | ||||||||||||
net | ||||||||||||
Amounts reclassified from accumulated OCI into interest expense represent payments made to the counterparty for the effective portions of the interest rate swaps. During the periods presented, our interest rate swaps had no hedge ineffectiveness. |
Impairment_Disposition_Of_Prop
Impairment, Disposition Of Property And Equipment, Restaurant Closing Costs And Restructuring | 4 Months Ended | |||||||
Jan. 19, 2014 | ||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||
Impairment Disposition Of Property And Equipment, Restaurant Closing Costs And Resturcturing | ' | |||||||
IMPAIRMENT, DISPOSITION OF PROPERTY AND EQUIPMENT, RESTAURANT CLOSING COSTS AND RESTRUCTURING | ||||||||
Impairment and other charges, net in the accompanying condensed consolidated statements of earnings is comprised of the following (in thousands): | ||||||||
Sixteen Weeks Ended | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Impairment charges | $ | 95 | $ | 2,522 | ||||
Losses (gains) on the disposition of property and equipment, net | 952 | (832 | ) | |||||
Costs of closed restaurants (primarily lease obligations) and other | 564 | 751 | ||||||
Restructuring costs | 298 | 812 | ||||||
$ | 1,909 | $ | 3,253 | |||||
Impairment — When events and circumstances indicate that our long-lived assets might be impaired and their carrying amount is greater than the undiscounted cash flows we expect to generate from such assets, we recognize an impairment loss as the amount by which the carrying value exceeds the fair value of the assets. Impairment charges in both periods include charges for restaurants we have closed, and additionally in 2013, charges for underperforming Jack in the Box restaurants. | ||||||||
Disposition of property and equipment — We also recognize accelerated depreciation and other costs on the disposition of property and equipment. When we decide to dispose of a long-lived asset, depreciable lives are adjusted based on the estimated disposal date and accelerated depreciation is recorded. Other disposal costs primarily relate to gains or losses recognized upon the sale of closed restaurant properties, and charges from our ongoing restaurant upgrade programs, remodels and rebuilds, and other corporate initiatives. In 2013, losses on the disposition of property and equipment include income of $2.1 million from the resolution of two eminent domain matters involving Jack in the Box restaurants. | ||||||||
Restaurant closing costs consist of future lease commitments, net of anticipated sublease rentals and expected ancillary costs, and are included in impairment and other charges, net in the accompanying condensed consolidated statements of earnings. Accrued restaurant closing costs, included in accrued liabilities and other long-term liabilities, changed as follows (in thousands): | ||||||||
Sixteen Weeks Ended | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Balance at beginning of period | $ | 16,321 | $ | 20,677 | ||||
Adjustments | 612 | 426 | ||||||
Cash payments | (1,434 | ) | (1,542 | ) | ||||
Balance at end of quarter | $ | 15,499 | $ | 19,561 | ||||
In 2014 and 2013, adjustments primarily relate to revisions to certain sublease and cost assumptions due to changes in market conditions. | ||||||||
Restructuring costs — Since the beginning of 2012, we have been engaged in a comprehensive review of our organization structure, including evaluating opportunities for outsourcing, restructuring of certain functions and workforce reductions. The following is a summary of the costs incurred in connection with these activities (in thousands): | ||||||||
Sixteen Weeks Ended | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Severance costs | $ | 298 | $ | 368 | ||||
Other | — | 444 | ||||||
$ | 298 | $ | 812 | |||||
Total accrued severance costs related to our restructuring activities are included in accrued liabilities and changed as follows (in thousands): | ||||||||
Sixteen Weeks Ended | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Balance at beginning of period | $ | 253 | $ | 1,758 | ||||
Additions | 298 | 368 | ||||||
Cash payments | (453 | ) | (1,455 | ) | ||||
Balance at end of quarter | $ | 98 | $ | 671 | ||||
As part of the ongoing review of our organization structure, we expect to incur additional charges related to our restructuring activities; however, we are unable to make a reasonable estimate at this time. Our continuing efforts to lower our cost structure include identifying opportunities to reduce general and administrative costs as well as improve restaurant profitability across both brands. |
Income_Taxes
Income Taxes | 4 Months Ended | |
Jan. 19, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
INCOME TAXES | ||
The income tax provisions reflect year-to-date effective tax rates of 37.3% in 2014, and 30.9% in 2013. The final annual tax rate cannot be determined until the end of the fiscal year; therefore, the actual 2014 rate could differ from our current estimates. | ||
At January 19, 2014, our gross unrecognized tax benefits associated with uncertain income tax positions were $0.8 million, which if recognized would favorably impact the effective income tax rate. There was no change in our gross unrecognized tax benefits from the end of fiscal year 2013. It is reasonably possible that changes to the gross unrecognized tax benefits will be required within the next twelve months due to the possible settlement of state tax audits. | ||
The major jurisdictions in which the Company files income tax returns include the United States and states in which we operate that impose an income tax. The federal statutes of limitations have not expired for fiscal years 2010 and forward. The Company has refund claims related to fiscal years 2008 and 2009 that allow the statute to remain open for the specific claim. The statutes of limitations for California and Texas, which constitute the Company’s major state tax jurisdictions, have not expired for fiscal years 2001 and 2007, respectively, and forward. Generally, the statutes of limitations for the other state jurisdictions have not expired for fiscal years 2009 and forward. |
Retirement_Plans
Retirement Plans | 4 Months Ended | |||||||
Jan. 19, 2014 | ||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | |||||||
Retirement Plans | ' | |||||||
RETIREMENT PLANS | ||||||||
Defined benefit pension plans — We sponsor two defined benefit pension plans: a qualified plan covering substantially all full-time employees hired prior to January 1, 2011, and an unfunded supplemental executive plan which provides certain employees additional pension benefits and was closed to new participants effective January 1, 2007. In fiscal 2011, the Board of Directors approved changes to our qualified plan whereby participants will no longer accrue benefits under this plan effective December 31, 2015. Benefits under both plans are based on the employees’ years of service and compensation over defined periods of employment. | ||||||||
Postretirement healthcare plans — We also sponsor two healthcare plans, closed to new participants, that provide postretirement medical benefits to certain employees who have met minimum age and service requirements. The plans are contributory, with retiree contributions adjusted annually, and contain other cost-sharing features such as deductibles and coinsurance. | ||||||||
Net periodic benefit cost — The components of net periodic benefit cost in each period were as follows (in thousands): | ||||||||
Sixteen Weeks Ended | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Defined benefit pension plans: | ||||||||
Service cost | $ | 2,499 | $ | 3,308 | ||||
Interest cost | 7,152 | 6,963 | ||||||
Expected return on plan assets | (7,536 | ) | (6,989 | ) | ||||
Actuarial loss | 1,364 | 5,488 | ||||||
Amortization of unrecognized prior service cost | 83 | 83 | ||||||
Net periodic benefit cost | $ | 3,562 | $ | 8,853 | ||||
Postretirement healthcare plans: | ||||||||
Interest cost | $ | 504 | $ | 488 | ||||
Actuarial loss | 167 | 243 | ||||||
Net periodic benefit cost | $ | 671 | $ | 731 | ||||
Future cash flows — Our policy is to fund our plans at or above the minimum required by law. As of the date of our last actuarial funding valuation, there was no minimum contribution funding requirement. Details regarding fiscal 2014 contributions are as follows (in thousands): | ||||||||
Defined Benefit | Postretirement | |||||||
Pension Plans | Healthcare Plans | |||||||
Net year-to-date contributions | $ | 6,269 | $ | 289 | ||||
Remaining estimated net contributions during fiscal 2014 | $ | 18,100 | $ | 1,100 | ||||
We will continue to evaluate contributions to our qualified defined benefit pension plan based on changes in pension assets as a result of asset performance in the current market and economic environment. |
ShareBased_Compensation
Share-Based Compensation | 4 Months Ended | |||||||
Jan. 19, 2014 | ||||||||
Share-based Compensation [Abstract] | ' | |||||||
Share-Based Compensation | ' | |||||||
SHARE-BASED COMPENSATION | ||||||||
We offer share-based compensation plans to attract, retain and motivate key officers, employees and non-employee directors to work toward the financial success of the Company. In 2014, we granted the following shares related to our share-based compensation awards: | ||||||||
Stock options | 215,248 | |||||||
Performance share awards | 55,668 | |||||||
Nonvested stock units | 102,232 | |||||||
The components of share-based compensation expense recognized in each period are as follows (in thousands): | ||||||||
Sixteen Weeks Ended | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Stock options | $ | 1,289 | $ | 1,890 | ||||
Performance share awards | 1,497 | 1,117 | ||||||
Nonvested stock awards | 173 | 134 | ||||||
Nonvested stock units | 842 | 921 | ||||||
Total share-based compensation expense | $ | 3,801 | $ | 4,062 | ||||
Stockholders_Equity
Stockholders' Equity | 4 Months Ended |
Jan. 19, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity | ' |
STOCKHOLDERS’ EQUITY | |
Repurchases of common stock — In November 2012 and August 2013, the Board of Directors approved two programs, each of which provide repurchase authorizations for up to $100.0 million in shares of our common stock, expiring November 2014 and November 2015, respectively. During 2014, we repurchased 1.6 million shares at an aggregate cost of $77.0 million and fully utilized the November 2012 authorization. As of January 19, 2014, there was $59.7 million remaining under the August 2013 authorization. Repurchases of common stock included in our condensed consolidated statement of cash flows for the quarter ended January 19, 2014, includes $7.3 million related to repurchase transactions traded in fiscal 2013 and settled in 2014. |
Average_Shares_Outstanding
Average Shares Outstanding | 4 Months Ended | |||||
Jan. 19, 2014 | ||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ' | |||||
Average Shares Outstanding | ' | |||||
AVERAGE SHARES OUTSTANDING | ||||||
Our basic earnings per share calculation is computed based on the weighted-average number of common shares outstanding. Our diluted earnings per share calculation is computed based on the weighted-average number of common shares outstanding adjusted by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued. Potentially dilutive common shares include stock options, nonvested stock awards and units, non-management director stock equivalents and shares issuable under our employee stock purchase plan. Performance share awards are included in the weighted-average diluted shares outstanding each period if the performance criteria have been met at the end of the respective periods. | ||||||
The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding (in thousands): | ||||||
Sixteen Weeks Ended | ||||||
January 19, | January 20, | |||||
2014 | 2013 | |||||
Weighted-average shares outstanding – basic | 42,434 | 42,997 | ||||
Effect of potentially dilutive securities: | ||||||
Stock options | 765 | 821 | ||||
Nonvested stock awards and units | 372 | 297 | ||||
Performance share awards | 267 | 241 | ||||
Weighted-average shares outstanding – diluted | 43,838 | 44,356 | ||||
Excluded from diluted weighted-average shares outstanding: | ||||||
Antidilutive | 151 | 1,097 | ||||
Performance conditions not satisfied at the end of the period | 52 | 202 | ||||
Variable_Interest_Entities
Variable Interest Entities | 4 Months Ended | |||||||
Jan. 19, 2014 | ||||||||
Variable Interest Entities ("VIEs") [Abstract] | ' | |||||||
Variable Interest Entities | ' | |||||||
VARIABLE INTEREST ENTITIES | ||||||||
In January 2011, we formed Jack in the Box Franchise Finance, LLC (“FFE”) for the purpose of operating a franchisee lending program to assist Jack in the Box franchisees in re-imaging their restaurants. We are the sole equity investor in FFE. The lending program was comprised of a $20.0 million commitment from the Company in the form of a capital note and an $80.0 million Senior Secured Revolving Securitization Facility entered into with a third party. The lending period and the revolving period expired in June 2012. At January 19, 2014, we had no borrowings under the FFE Facility and we do not plan to make any further contributions. | ||||||||
We have determined that FFE is a VIE, and that the Company is the primary beneficiary. We considered a variety of factors in identifying the primary beneficiary of FFE including, but not limited to, who holds the power to direct matters that most significantly impact FFE’s economic performance (such as determining the underwriting standards and credit management policies), as well as what party has the obligation to absorb the losses of FFE. Based on these considerations, we have determined that the Company is the primary beneficiary and the entity is reflected in the accompanying condensed consolidated financial statements. | ||||||||
FFE’s assets consolidated by the Company represent assets that can be used only to settle obligations of the consolidated VIE. Likewise, FFE’s liabilities consolidated by the Company do not represent additional claims on the Company’s general assets; rather they represent claims against the specific assets of FFE. The impacts of FFE’s results were not material to the Company’s condensed consolidated statements of earnings or cash flows. | ||||||||
The FFE’s balance sheet consisted of the following at the end of each period (in thousands): | ||||||||
January 19, | September 29, | |||||||
2014 | 2013 | |||||||
Cash | $ | — | $ | 250 | ||||
Other current assets (1) | 2,432 | 2,368 | ||||||
Other assets, net (1) | 7,674 | 8,367 | ||||||
Total assets | $ | 10,106 | $ | 10,985 | ||||
Current liabilities | $ | 3,034 | $ | 3,010 | ||||
Other long-term liabilities (2) | 7,129 | 8,076 | ||||||
Retained earnings | (57 | ) | (101 | ) | ||||
Total liabilities and stockholders’ equity | $ | 10,106 | $ | 10,985 | ||||
____________________________ | ||||||||
-1 | Consists primarily of amounts due from franchisees. | |||||||
-2 | Consists primarily of the capital note contributions from Jack in the Box which are eliminated in consolidation. | |||||||
The Company’s maximum exposure to loss is equal to its outstanding contributions as of January 19, 2014. This amount represents estimated losses that would be incurred should all franchisees default on their loans without any consideration of recovery. To offset the credit risk associated with the Company’s variable interest in FFE, the Company holds a security interest in the assets of FFE subordinate and junior to all other obligations of FFE. | ||||||||
The FFE’s balance sheet consisted of the following at the end of each period (in thousands): | ||||||||
January 19, | September 29, | |||||||
2014 | 2013 | |||||||
Cash | $ | — | $ | 250 | ||||
Other current assets (1) | 2,432 | 2,368 | ||||||
Other assets, net (1) | 7,674 | 8,367 | ||||||
Total assets | $ | 10,106 | $ | 10,985 | ||||
Current liabilities | $ | 3,034 | $ | 3,010 | ||||
Other long-term liabilities (2) | 7,129 | 8,076 | ||||||
Retained earnings | (57 | ) | (101 | ) | ||||
Total liabilities and stockholders’ equity | $ | 10,106 | $ | 10,985 | ||||
____________________________ | ||||||||
-1 | Consists primarily of amounts due from franchisees. | |||||||
-2 | Consists primarily of the capital note contributions from Jack in the Box which are eliminated in consolidation. |
Contingencies_and_Legal_Matter
Contingencies and Legal Matters | 4 Months Ended |
Jan. 19, 2014 | |
Legal Matters [Abstract] | ' |
Contingencies and Legal Matters | ' |
CONTINGENCIES AND LEGAL MATTERS | |
Legal Matters — The Company assesses contingencies, including litigation contingencies, to determine the degree of probability and range of possible loss for potential accrual in its financial statements. An estimated loss contingency is accrued in the financial statements if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Because litigation is inherently unpredictable, assessing contingencies is highly subjective and requires judgments about future events. When evaluating litigation contingencies, we may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, the availability of appellate remedies, insurance coverage related to the claim or claims in question, the presence of complex or novel legal theories, and/or the ongoing discovery and development of information important to the matter. In addition, damage amounts claimed in litigation against us may be unsupported, exaggerated or unrelated to possible outcomes, and as such are not meaningful indicators of our potential liability. The Company regularly reviews contingencies to determine the adequacy of the accruals and related disclosures. The ultimate amount of loss may differ from these estimates. | |
Gessele v. Jack in the Box Inc. — In August 2010, five former employees instituted litigation in federal court in Oregon alleging claims under the federal Fair Labor Standards Act (“FLSA”) and Oregon wage and hour laws. The plaintiffs allege that the Company failed to pay non-exempt employees for certain meal breaks and improperly made payroll deductions for shoe purchases and for workers’ compensation expenses. In April 2013, the district court: (i) granted certification of the Oregon state law claims with respect to payroll deductions for shoe purchases and workers’ compensation expenses, (ii) granted conditional certification for these same claims under the FLSA, and (iii) denied certification for meal break claims under both federal and Oregon law. We intend to vigorously defend against this lawsuit. We have made an accrual for a single claim for which we believe a loss is both probable and estimable. This accrued loss contingency did not have a material effect on our results of operations. Due to the procedural status of the other claims in this case, we have not established a loss contingency accrual for these claims as the liability with respect to these claims is not probable and we are currently unable to estimate a range of loss. Nonetheless, an unfavorable resolution of this matter could have a material adverse effect on our business, results of operations, liquidity or financial condition. | |
Other Legal Matters — In addition to the matter described above, the Company is subject to normal and routine litigation brought by former, current or prospective employees, customers, franchisees, vendors, landlords, shareholders or others. We intend to defend ourselves in any such matters. Although the Company currently believes that the ultimate determination of liability in connection with legal claims pending against it, if any, in excess of amounts already provided for these matters in the consolidated financial statements will not have a material adverse effect on our business, the Company’s annual results of operations, liquidity or financial position, it is possible that our results of operations, liquidity, or financial position could be materially affected in a particular future reporting period by the unfavorable resolution of one or more of these matters or contingencies during such period. In addition, some of these matters may be covered, at least in part, by insurance. Our insurance liability (undiscounted) and reserves are established in part by using independent actuarial estimates of expected losses for reported claims and for estimating claims incurred but not reported. In addition, some of these matters may be covered, at least in part, by insurance. As of January 19, 2014, our estimated liability for general liability and workers’ compensation claims exceeded our self-insurance retention limits by $22.9 million, which we expect our insurance providers to pay on our behalf in accordance with the contractual terms of our insurance policies. | |
Lease Guarantees — In connection with the sale of the distribution business, we have assigned the leases at two of our distribution centers to third parties. Under these agreements, which expire in 2015 and 2017, the Company remains secondarily liable for the lease payments for which we were responsible under the original lease. As of January 19, 2014, the amount remaining under these lease guarantees totaled $2.2 million. We have not recorded a liability for the guarantees as the likelihood of the third party defaulting on the assignment agreements was deemed to be less than probable. |
Segment_Reporting
Segment Reporting | 4 Months Ended | |||||||||||
Jan. 19, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Reporting | ' | |||||||||||
SEGMENT REPORTING | ||||||||||||
Our principal business consists of developing, operating and franchising our Jack in the Box and Qdoba restaurant concepts, each of which we consider reportable operating segments. Since the beginning of 2012, we have been engaged in restructuring activities related to our internal organization and have now instituted a shared-services model (refer also to Note 6, Impairment, Disposition of Property and Equipment, Restaurant Closing Costs and Restructuring). As a result, in fiscal 2014, our chief operating decision makers, which consist of a collective group of executive leadership, revised the method by which they determine performance and strategy for our segments. This change was made to reflect a shared-services model whereby each brand’s results of operations are assessed separately and do not include costs related to certain corporate functions which support both brands. This segment reporting structure reflects the Company’s current management structure, internal reporting method and financial information used in deciding how to allocate Company resources. Based upon certain quantitative thresholds, each operating segment is considered a reportable segment. This change to our segment reporting did not change our reporting units for goodwill. | ||||||||||||
We measure and evaluate our segments based on segment revenues and earnings from operations. The reportable segments do not include an allocation of the costs related to shared service functions, such as accounting/finance, human resources, audit services, legal, tax and treasury; nor do they include unallocated costs such as pension expense and share-based compensation. These costs are reflected in the caption “Shared services and unallocated costs,” and therefore, the measure of segment profit or loss is before such items. As it was impractical to recast prior period information, 2014 segment information is reported under both the old basis and new basis of segmentation (in thousands): | ||||||||||||
Sixteen Weeks Ended | ||||||||||||
January 19, | January 19, | January 20, | ||||||||||
2014 | 2014 | 2013 | ||||||||||
(New) | (Old) | |||||||||||
Revenues by segment: | ||||||||||||
Jack in the Box restaurant operations segment | $ | 349,824 | $ | 349,824 | $ | 367,576 | ||||||
Qdoba restaurant operations segment | 100,257 | 100,257 | 86,759 | |||||||||
Consolidated revenues | $ | 450,081 | $ | 450,081 | $ | 454,335 | ||||||
Earnings from operations by segment: | ||||||||||||
Jack in the Box restaurant operations segment | $ | 76,366 | $ | 48,251 | $ | 37,217 | ||||||
Qdoba restaurant operations segment | 9,606 | 8,995 | 6,006 | |||||||||
FFE operations (1) | — | (42 | ) | (49 | ) | |||||||
Shared services and unallocated costs | (29,229 | ) | — | — | ||||||||
Gains on the sale of company-operated restaurants | 461 | — | — | |||||||||
Consolidated earnings from operations | $ | 57,204 | $ | 57,204 | $ | 43,174 | ||||||
Total depreciation expense by segment: | ||||||||||||
Jack in the Box restaurant operations segment | $ | 20,851 | $ | 22,990 | $ | 23,683 | ||||||
Qdoba restaurant operations segment | 5,230 | 5,230 | 4,689 | |||||||||
Shared services and unallocated costs | 2,139 | — | — | |||||||||
Consolidated depreciation expense | $ | 28,220 | $ | 28,220 | $ | 28,372 | ||||||
____________________________ | ||||||||||||
(1) FFE operations are included in the Jack in the Box operations segment under the new basis of segmentation. | ||||||||||||
Interest income and expense, income taxes and total assets are not reported for our segments, in accordance with our method of internal reporting. | ||||||||||||
The following table provides detail of the change in the balance of goodwill for each of our reportable segments (in thousands): | ||||||||||||
Qdoba | Jack in the Box | Total | ||||||||||
Balance at September 29, 2013 | $ | 100,597 | $ | 48,391 | $ | 148,988 | ||||||
Additions | — | 256 | 256 | |||||||||
Disposals | — | (9 | ) | (9 | ) | |||||||
Balance at January 19, 2014 | $ | 100,597 | $ | 48,638 | $ | 149,235 | ||||||
Refer to Note 3, Summary of Refranchisings, Franchise Development and Acquisitions, for information regarding the transactions resulting in the changes in goodwill. |
Supplemental_Consolidated_Cash
Supplemental Consolidated Cash Flow Information | 4 Months Ended | |||||||
Jan. 19, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Consolidated Cash Flow Information | ' | |||||||
SUPPLEMENTAL CONSOLIDATED CASH FLOW INFORMATION (in thousands) | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Cash paid during the year for: | ||||||||
Interest, net of amounts capitalized | $ | 5,357 | $ | 5,573 | ||||
Income tax payments | $ | 16,684 | $ | 12,357 | ||||
Supplemental_Consolidated_Bala
Supplemental Consolidated Balance Sheet Information | 4 Months Ended | |||||||
Jan. 19, 2014 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
Supplemental Consolidated Balance Sheet Information | ' | |||||||
SUPPLEMENTAL CONSOLIDATED BALANCE SHEET INFORMATION (in thousands) | ||||||||
January 19, | September 29, | |||||||
2014 | 2013 | |||||||
Other assets, net: | ||||||||
Company-owned life insurance policies | $ | 97,821 | $ | 94,704 | ||||
Deferred tax assets | 89,329 | 88,833 | ||||||
Other | 81,285 | 82,223 | ||||||
$ | 268,435 | $ | 265,760 | |||||
Accrued liabilities: | ||||||||
Payroll and related taxes | $ | 34,625 | $ | 46,970 | ||||
Sales and property taxes | 13,822 | 11,386 | ||||||
Advertising | 14,295 | 17,706 | ||||||
Insurance | 35,017 | 35,209 | ||||||
Lease commitments related to closed or refranchised locations | 9,844 | 12,737 | ||||||
Other | 25,236 | 29,878 | ||||||
$ | 132,839 | $ | 153,886 | |||||
Other long-term liabilities: | ||||||||
Pension plans | $ | 101,815 | $ | 105,968 | ||||
Straight-line rent accrual | 50,397 | 50,726 | ||||||
Other | 125,068 | 129,430 | ||||||
$ | 277,280 | $ | 286,124 | |||||
Subsequent_Events
Subsequent Events | 4 Months Ended |
Jan. 19, 2014 | |
Subsequent Event [Line Items] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
In February 2014, the Board of Directors authorized an additional $200.0 million stock-buyback program that expires in November 2015. |
Basis_Of_Presentation_Policy
Basis Of Presentation (Policy) | 4 Months Ended |
Jan. 19, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of presentation | ' |
Basis of presentation — The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and the rules and regulations of the Securities and Exchange Commission (“SEC”). During fiscal 2012, we entered into an agreement to outsource our Jack in the Box distribution business. In the third quarter of fiscal 2013, we closed 62 Qdoba restaurants (the “2013 Qdoba Closures”) as part of a comprehensive Qdoba market performance review. The results of operations for our distribution business and for the 62 closed Qdoba restaurants are reported as discontinued operations for all periods presented. Refer to Note 2, Discontinued Operations, for additional information. Unless otherwise noted, amounts and disclosures throughout these Notes to Condensed Consolidated Financial Statements relate to our continuing operations. In our opinion, all adjustments considered necessary for a fair presentation of financial condition and results of operations for these interim periods have been included. Operating results for one interim period are not necessarily indicative of the results for any other interim period or for the full year. | |
These financial statements should be read in conjunction with the consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the fiscal year ended September 29, 2013. The accounting policies used in preparing these condensed consolidated financial statements are the same as those described in our Form 10-K. | |
Principles of consolida | |
Principles of consolidation | ' |
Principles of consolidation — The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the accounts of any variable interest entities (“VIEs”) where we are deemed the primary beneficiary. All significant intercompany accounts and transactions are eliminated. For information related to the VIE included in our condensed consolidated financial statements, refer to Note 12, Variable Interest Entities. | |
Fiscal year | ' |
Fiscal year — Our fiscal year is 52 or 53 weeks ending the Sunday closest to September 30. Fiscal years 2014 and 2013 include 52 weeks. Our first quarter includes 16 weeks and all other quarters include 12 weeks. All comparisons between 2014 and 2013 refer to the 16-weeks (“quarter”) ended January 19, 2014 and January 20, 2013, respectively, unless otherwise indicated. | |
Use of estimates | ' |
Use of estimates — In preparing the condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles, management is required to make certain assumptions and estimates that affect reported amounts of assets, liabilities, revenues, expenses and the disclosure of contingencies. In making these assumptions and estimates, management may from time to time seek advice and consider information provided by actuaries and other experts in a particular area. Actual amounts could differ materially from these estimates. |
Basis_Of_Presentation_Tables
Basis Of Presentation (Tables) | 4 Months Ended | |||||||
Jan. 19, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Summary Of Number Of Restaurants | ' | |||||||
The following table summarizes the number of restaurants as of the end of each period: | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Jack in the Box: | ||||||||
Company-operated | 469 | 551 | ||||||
Franchise | 1,785 | 1,704 | ||||||
Total system | 2,254 | 2,255 | ||||||
Qdoba: | ||||||||
Company-operated | 301 | 325 | ||||||
Franchise | 319 | 311 | ||||||
Total system | 620 | 636 | ||||||
The following is a summary of the number of restaurants developed by franchisees and the related fees recognized, and additional proceeds recognized upon the extension of underlying franchise and lease agreements related to restaurants sold in a prior year (dollars in thousands): | ||||||||
Sixteen Weeks Ended | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
New restaurants opened by franchisees | 13 | 20 | ||||||
Initial franchise fees | $ | 399 | $ | 646 | ||||
Net proceeds | $ | 468 | $ | 833 | ||||
Net assets sold (primarily property and equipment) | — | (85 | ) | |||||
Goodwill related to the sale of company-operated restaurants | (9 | ) | — | |||||
Other | 2 | — | ||||||
Gains on the sale of company-operated restaurants | $ | 461 | $ | 748 | ||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 4 Months Ended | |||||||
Jan. 19, 2014 | ||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||
The following is a summary of our distribution business operating results, which are included in discontinued operations for each period (in thousands): | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Revenue | $ | — | $ | 37,743 | ||||
Operating loss before income tax benefit | $ | (572 | ) | $ | (5,262 | ) | ||
The loss on the sale of the distribution business was not material to our results of operations in 2013. The operating loss in 2014 includes $0.4 million related to insurance settlements and $0.1 million for future lease commitments. Our liability for lease commitments related to our distribution centers is included in accrued liabilities and other long-term liabilities and has changed as follows during 2014 (in thousands): | ||||||||
Balance at beginning of period | $ | 1,318 | ||||||
Adjustments | 79 | |||||||
Cash payments | (270 | ) | ||||||
Balance at end of period | $ | 1,127 | ||||||
Qdoba restaurant closures — During the third quarter of fiscal 2013, we closed 62 Qdoba restaurants. The decision to close these restaurants was based on a comprehensive analysis that took into consideration levels of return on investment and other key operating performance metrics. | ||||||||
Since the closed locations were not located near those remaining in operation, we do not expect the majority of cash flows and sales lost from these closures to be recovered. In addition, there will not be any ongoing involvement or significant direct cash flows from the closed stores. Therefore, in accordance with the provisions of ASC 205, Presentation of Financial Statements, the results of operations for these restaurants are reported as discontinued operations for all periods presented. | ||||||||
The following is a summary of the results of operations related to the 2013 Qdoba Closures for each period (in thousands): | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Company restaurant sales | $ | — | $ | 11,188 | ||||
Operating loss before income tax benefit | $ | (588 | ) | $ | (3,510 | ) | ||
In 2014, the operating loss includes $0.3 million for asset impairments, $0.3 million of ongoing facility related costs and $0.2 million of broker commissions, partially offset by favorable lease commitment adjustments of $0.3 million. We do not expect the remaining costs to be incurred related to this transaction to be material. Our liability for lease commitments related to the 2013 Qdoba closures is included in accrued liabilities and other long-term liabilities and has changed as follows during 2014 (in thousands): | ||||||||
Balance at beginning of period | $ | 10,712 | ||||||
Adjustments | (286 | ) | ||||||
Cash payments | (3,395 | ) | ||||||
Balance at end of period | $ | 7,031 | ||||||
Schedule of Restructuring and Related Costs | ' | |||||||
Restructuring costs — Since the beginning of 2012, we have been engaged in a comprehensive review of our organization structure, including evaluating opportunities for outsourcing, restructuring of certain functions and workforce reductions. The following is a summary of the costs incurred in connection with these activities (in thousands): | ||||||||
Sixteen Weeks Ended | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Severance costs | $ | 298 | $ | 368 | ||||
Other | — | 444 | ||||||
$ | 298 | $ | 812 | |||||
Contract Termination [Member] | ' | |||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||
Schedule of Restructuring and Related Costs | ' | |||||||
Our liability for lease commitments related to the 2013 Qdoba closures is included in accrued liabilities and other long-term liabilities and has changed as follows during 2014 (in thousands): | ||||||||
Balance at beginning of period | $ | 10,712 | ||||||
Adjustments | (286 | ) | ||||||
Cash payments | (3,395 | ) | ||||||
Balance at end of period | $ | 7,031 | ||||||
Summary_Of_Refranchisings_Fran1
Summary Of Refranchisings, Franchisee Development And Acquisitions (Tables) | 4 Months Ended | |||||||
Jan. 19, 2014 | ||||||||
Summary Of Refranchisings, Franchisee Development And Acquisitions [Abstract] | ' | |||||||
Number Of Restaurants Sold And Developed By Franchisees And Related Gains And Fees Recognized | ' | |||||||
The following table summarizes the number of restaurants as of the end of each period: | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Jack in the Box: | ||||||||
Company-operated | 469 | 551 | ||||||
Franchise | 1,785 | 1,704 | ||||||
Total system | 2,254 | 2,255 | ||||||
Qdoba: | ||||||||
Company-operated | 301 | 325 | ||||||
Franchise | 319 | 311 | ||||||
Total system | 620 | 636 | ||||||
The following is a summary of the number of restaurants developed by franchisees and the related fees recognized, and additional proceeds recognized upon the extension of underlying franchise and lease agreements related to restaurants sold in a prior year (dollars in thousands): | ||||||||
Sixteen Weeks Ended | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
New restaurants opened by franchisees | 13 | 20 | ||||||
Initial franchise fees | $ | 399 | $ | 646 | ||||
Net proceeds | $ | 468 | $ | 833 | ||||
Net assets sold (primarily property and equipment) | — | (85 | ) | |||||
Goodwill related to the sale of company-operated restaurants | (9 | ) | — | |||||
Other | 2 | — | ||||||
Gains on the sale of company-operated restaurants | $ | 461 | $ | 748 | ||||
Purchase Price Allocations On Franchise Acquisitions | ' | |||||||
The following table provides detail of the combined acquisitions in each period (dollars in thousands): | ||||||||
Sixteen Weeks Ended | ||||||||
19-Jan-14 | 20-Jan-13 | |||||||
Restaurants acquired from franchisees | 4 | 7 | ||||||
Property and equipment | $ | 1,398 | $ | 1,138 | ||||
Reacquired franchise rights | 96 | 96 | ||||||
Liabilities assumed | — | (95 | ) | |||||
Goodwill | 256 | 6,661 | ||||||
Total consideration | $ | 1,750 | $ | 7,800 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 4 Months Ended | |||||||||||||||
Jan. 19, 2014 | ||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | |||||||||||||||
Non-financial assets and liabilities — The Company’s non-financial instruments, which primarily consist of property and equipment, goodwill and intangible assets, are reported at carrying value and are not required to be measured at fair value on a recurring basis. However, on a periodic basis (at least annually for goodwill and intangible assets, and semi-annually for property and equipment) or whenever events or changes in circumstances indicate that their carrying value may not be recoverable, non-financial instruments are assessed for impairment. If applicable, the carrying values are written down to fair value. | ||||||||||||||||
In connection with our impairment reviews performed during the quarter ended January 19, 2014, no material fair value adjustments were required. Refer to Note 6, Impairment, Disposition of Property and Equipment, Restaurant Closing Costs and Restructuring, for additional information regarding impairment charges. | ||||||||||||||||
Financial Assets And Liabilities Measured At Fair Value On Recurring Basis | ' | |||||||||||||||
The following table presents the financial assets and liabilities measured at fair value on a recurring basis (in thousands): | ||||||||||||||||
Total | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical | Inputs (3) | (Level 3) | ||||||||||||||
Assets (3) | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Fair value measurements as of January 19, 2014: | ||||||||||||||||
Non-qualified deferred compensation plan (1) | $ | (38,407 | ) | $ | (38,407 | ) | $ | — | $ | — | ||||||
Interest rate swaps (Note 5) (2) | (818 | ) | — | (818 | ) | — | ||||||||||
Total liabilities at fair value | $ | (39,225 | ) | $ | (38,407 | ) | $ | (818 | ) | $ | — | |||||
Fair value measurements as of September 29, 2013: | ||||||||||||||||
Non-qualified deferred compensation plan (1) | $ | (39,135 | ) | $ | (39,135 | ) | $ | — | $ | — | ||||||
Interest rate swaps (Note 5) (2) | (1,190 | ) | — | (1,190 | ) | — | ||||||||||
Total liabilities at fair value | $ | (40,325 | ) | $ | (39,135 | ) | $ | (1,190 | ) | $ | — | |||||
____________________________ | ||||||||||||||||
-1 | We maintain an unfunded defined contribution plan for key executives and other members of management excluded from participation in our qualified savings plan. The fair value of this obligation is based on the closing market prices of the participants’ elected investments. | |||||||||||||||
-2 | We entered into interest rate swaps to reduce our exposure to rising interest rates on our variable debt. The fair values of our interest rate swaps are based upon Level 2 inputs which include valuation models as reported by our counterparties. The key inputs for the valuation models are quoted market prices, interest rates and forward yield curves. | |||||||||||||||
-3 | We did not have any transfers in or out of Level 1 or Level 2. | |||||||||||||||
The fair values of the Company’s debt instruments are based on the amount of future cash flows associated with each instrument discounted using the Company’s borrowing rate. At January 19, 2014, the carrying value of all financial instruments was not materially different from fair value, as the borrowings are prepayable without penalty. The estimated fair values of our capital lease obligations approximated their carrying values as of January 19, 2014 |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 4 Months Ended | |||||||||||
Jan. 19, 2014 | ||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ' | |||||||||||
Derivative Instruments Outstanding | ' | |||||||||||
The following derivative instruments were outstanding as of the end of each period (in thousands): | ||||||||||||
January 19, 2014 | September 29, 2013 | |||||||||||
Balance | Fair | Balance | Fair | |||||||||
Sheet | Value | Sheet | Value | |||||||||
Location | Location | |||||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Interest rate swaps (Note 4) | Accrued | $ | (818 | ) | Accrued | $ | (1,190 | ) | ||||
liabilities | liabilities | |||||||||||
Total derivatives | $ | (818 | ) | $ | (1,190 | ) | ||||||
Gains Or Losses Recognized On Interest Rate Swap Derivative Instruments | ' | |||||||||||
The following is a summary of the accumulated other comprehensive income (“OCI”) activity related to our interest rate swap derivative instruments (in thousands): | ||||||||||||
Location of Loss in Income | Sixteen Weeks Ended | |||||||||||
January 19, | January 20, | |||||||||||
2014 | 2013 | |||||||||||
Gains (losses) recognized in OCI | N/A | $ | (54 | ) | $ | 4 | ||||||
Losses reclassified from accumulated OCI into income | Interest | $ | (426 | ) | $ | (413 | ) | |||||
expense, | ||||||||||||
net | ||||||||||||
Amounts reclassified from accu |
Impairment_Disposition_Of_Prop1
Impairment, Disposition Of Property And Equipment, Restaurant Closing Costs And Restructuring (Tables) | 4 Months Ended | |||||||
Jan. 19, 2014 | ||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||
Schedule of Impairment and Disposal Costs Included in Impairment and Other Charges | ' | |||||||
Impairment and other charges, net in the accompanying condensed consolidated statements of earnings is comprised of the following (in thousands): | ||||||||
Sixteen Weeks Ended | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Impairment charges | $ | 95 | $ | 2,522 | ||||
Losses (gains) on the disposition of property and equipment, net | 952 | (832 | ) | |||||
Costs of closed restaurants (primarily lease obligations) and other | 564 | 751 | ||||||
Restructuring costs | 298 | 812 | ||||||
$ | 1,909 | $ | 3,253 | |||||
Restaurant Closing Costs | ' | |||||||
Total accrued severance costs related to our restructuring activities are included in accrued liabilities and changed as follows (in thousands): | ||||||||
Sixteen Weeks Ended | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Balance at beginning of period | $ | 253 | $ | 1,758 | ||||
Additions | 298 | 368 | ||||||
Cash payments | (453 | ) | (1,455 | ) | ||||
Balance at end of quarter | $ | 98 | $ | 671 | ||||
As part of the ongoing review of our organization structure, we expect to incur additional charges related to our restructuring activities; however, we are unable to make a reasonable estimate at this time. Our continuing efforts to lower our cost structure include identifying opportunities to reduce general and administrative costs as well as improve restaurant profitability across both brands. | ||||||||
Schedule of Restructuring and Related Costs | ' | |||||||
Restructuring costs — Since the beginning of 2012, we have been engaged in a comprehensive review of our organization structure, including evaluating opportunities for outsourcing, restructuring of certain functions and workforce reductions. The following is a summary of the costs incurred in connection with these activities (in thousands): | ||||||||
Sixteen Weeks Ended | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Severance costs | $ | 298 | $ | 368 | ||||
Other | — | 444 | ||||||
$ | 298 | $ | 812 | |||||
Contract Termination [Member] | ' | |||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||
Restaurant Closing Costs | ' | |||||||
Restaurant closing costs consist of future lease commitments, net of anticipated sublease rentals and expected ancillary costs, and are included in impairment and other charges, net in the accompanying condensed consolidated statements of earnings. Accrued restaurant closing costs, included in accrued liabilities and other long-term liabilities, changed as follows (in thousands): | ||||||||
Sixteen Weeks Ended | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Balance at beginning of period | $ | 16,321 | $ | 20,677 | ||||
Adjustments | 612 | 426 | ||||||
Cash payments | (1,434 | ) | (1,542 | ) | ||||
Balance at end of quarter | $ | 15,499 | $ | 19,561 | ||||
In 2014 and 2013, adjustments primarily relate to revisions to certain sublease and cost assumptions due to changes in market conditions. | ||||||||
Schedule of Restructuring and Related Costs | ' | |||||||
Our liability for lease commitments related to the 2013 Qdoba closures is included in accrued liabilities and other long-term liabilities and has changed as follows during 2014 (in thousands): | ||||||||
Balance at beginning of period | $ | 10,712 | ||||||
Adjustments | (286 | ) | ||||||
Cash payments | (3,395 | ) | ||||||
Balance at end of period | $ | 7,031 | ||||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 4 Months Ended | |||||||
Jan. 19, 2014 | ||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | |||||||
Components Of Net Periodic Benefit Cost | ' | |||||||
The components of net periodic benefit cost in each period were as follows (in thousands): | ||||||||
Sixteen Weeks Ended | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Defined benefit pension plans: | ||||||||
Service cost | $ | 2,499 | $ | 3,308 | ||||
Interest cost | 7,152 | 6,963 | ||||||
Expected return on plan assets | (7,536 | ) | (6,989 | ) | ||||
Actuarial loss | 1,364 | 5,488 | ||||||
Amortization of unrecognized prior service cost | 83 | 83 | ||||||
Net periodic benefit cost | $ | 3,562 | $ | 8,853 | ||||
Postretirement healthcare plans: | ||||||||
Interest cost | $ | 504 | $ | 488 | ||||
Actuarial loss | 167 | 243 | ||||||
Net periodic benefit cost | $ | 671 | $ | 731 | ||||
Schedule Of Defined Benefit Plan Contribution | ' | |||||||
Future cash flows — Our policy is to fund our plans at or above the minimum required by law. As of the date of our last actuarial funding valuation, there was no minimum contribution funding requirement. Details regarding fiscal 2014 contributions are as follows (in thousands): | ||||||||
Defined Benefit | Postretirement | |||||||
Pension Plans | Healthcare Plans | |||||||
Net year-to-date contributions | $ | 6,269 | $ | 289 | ||||
Remaining estimated net contributions during fiscal 2014 | $ | 18,100 | $ | 1,100 | ||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 4 Months Ended | |||||||
Jan. 19, 2014 | ||||||||
Share-based Compensation [Abstract] | ' | |||||||
Schedule Of Share-Based Awards Granted | ' | |||||||
In 2014, we granted the following shares related to our share-based compensation awards: | ||||||||
Stock options | 215,248 | |||||||
Performance share awards | 55,668 | |||||||
Nonvested stock units | 102,232 | |||||||
Components Of Share-Based Compensation Expense | ' | |||||||
The components of share-based compensation expense recognized in each period are as follows (in thousands): | ||||||||
Sixteen Weeks Ended | ||||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Stock options | $ | 1,289 | $ | 1,890 | ||||
Performance share awards | 1,497 | 1,117 | ||||||
Nonvested stock awards | 173 | 134 | ||||||
Nonvested stock units | 842 | 921 | ||||||
Total share-based compensation expense | $ | 3,801 | $ | 4,062 | ||||
Average_Shares_Outstanding_Tab
Average Shares Outstanding (Tables) | 4 Months Ended | |||||
Jan. 19, 2014 | ||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ' | |||||
Reconciliation Of Basic Weighted-Average Shares Outstanding To Diluted Weighted-Average Shares Outstanding | ' | |||||
The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding (in thousands): | ||||||
Sixteen Weeks Ended | ||||||
January 19, | January 20, | |||||
2014 | 2013 | |||||
Weighted-average shares outstanding – basic | 42,434 | 42,997 | ||||
Effect of potentially dilutive securities: | ||||||
Stock options | 765 | 821 | ||||
Nonvested stock awards and units | 372 | 297 | ||||
Performance share awards | 267 | 241 | ||||
Weighted-average shares outstanding – diluted | 43,838 | 44,356 | ||||
Excluded from diluted weighted-average shares outstanding: | ||||||
Antidilutive | 151 | 1,097 | ||||
Performance conditions not satisfied at the end of the period | 52 | 202 | ||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 4 Months Ended | |||||||
Jan. 19, 2014 | ||||||||
Variable Interest Entities ("VIEs") [Abstract] | ' | |||||||
Components Of FFE's Balance Sheet | ' | |||||||
VARIABLE INTEREST ENTITIES | ||||||||
In January 2011, we formed Jack in the Box Franchise Finance, LLC (“FFE”) for the purpose of operating a franchisee lending program to assist Jack in the Box franchisees in re-imaging their restaurants. We are the sole equity investor in FFE. The lending program was comprised of a $20.0 million commitment from the Company in the form of a capital note and an $80.0 million Senior Secured Revolving Securitization Facility entered into with a third party. The lending period and the revolving period expired in June 2012. At January 19, 2014, we had no borrowings under the FFE Facility and we do not plan to make any further contributions. | ||||||||
We have determined that FFE is a VIE, and that the Company is the primary beneficiary. We considered a variety of factors in identifying the primary beneficiary of FFE including, but not limited to, who holds the power to direct matters that most significantly impact FFE’s economic performance (such as determining the underwriting standards and credit management policies), as well as what party has the obligation to absorb the losses of FFE. Based on these considerations, we have determined that the Company is the primary beneficiary and the entity is reflected in the accompanying condensed consolidated financial statements. | ||||||||
FFE’s assets consolidated by the Company represent assets that can be used only to settle obligations of the consolidated VIE. Likewise, FFE’s liabilities consolidated by the Company do not represent additional claims on the Company’s general assets; rather they represent claims against the specific assets of FFE. The impacts of FFE’s results were not material to the Company’s condensed consolidated statements of earnings or cash flows. | ||||||||
The FFE’s balance sheet consisted of the following at the end of each period (in thousands): | ||||||||
January 19, | September 29, | |||||||
2014 | 2013 | |||||||
Cash | $ | — | $ | 250 | ||||
Other current assets (1) | 2,432 | 2,368 | ||||||
Other assets, net (1) | 7,674 | 8,367 | ||||||
Total assets | $ | 10,106 | $ | 10,985 | ||||
Current liabilities | $ | 3,034 | $ | 3,010 | ||||
Other long-term liabilities (2) | 7,129 | 8,076 | ||||||
Retained earnings | (57 | ) | (101 | ) | ||||
Total liabilities and stockholders’ equity | $ | 10,106 | $ | 10,985 | ||||
____________________________ | ||||||||
-1 | Consists primarily of amounts due from franchisees. | |||||||
-2 | Consists primarily of the capital note contributions from Jack in the Box which are eliminated in consolidation. | |||||||
The Company’s maximum exposure to loss is equal to its outstanding contributions as of January 19, 2014. This amount represents estimated losses that would be incurred should all franchisees default on their loans without any consideration of recovery. To offset the credit risk associated with the Company’s variable interest in FFE, the Company holds a security interest in the assets of FFE subordinate and junior to all other obligations of FFE. | ||||||||
The FFE’s balance sheet consisted of the following at the end of each period (in thousands): | ||||||||
January 19, | September 29, | |||||||
2014 | 2013 | |||||||
Cash | $ | — | $ | 250 | ||||
Other current assets (1) | 2,432 | 2,368 | ||||||
Other assets, net (1) | 7,674 | 8,367 | ||||||
Total assets | $ | 10,106 | $ | 10,985 | ||||
Current liabilities | $ | 3,034 | $ | 3,010 | ||||
Other long-term liabilities (2) | 7,129 | 8,076 | ||||||
Retained earnings | (57 | ) | (101 | ) | ||||
Total liabilities and stockholders’ equity | $ | 10,106 | $ | 10,985 | ||||
____________________________ | ||||||||
-1 | Consists primarily of amounts due from franchisees. | |||||||
-2 | Consists primarily of the capital note contributions from Jack in the Box which are eliminated in consolidation. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 4 Months Ended | |||||||||||
Jan. 19, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Summarized Financial Information Of Reportable Segments | ' | |||||||||||
Sixteen Weeks Ended | ||||||||||||
January 19, | January 19, | January 20, | ||||||||||
2014 | 2014 | 2013 | ||||||||||
(New) | (Old) | |||||||||||
Revenues by segment: | ||||||||||||
Jack in the Box restaurant operations segment | $ | 349,824 | $ | 349,824 | $ | 367,576 | ||||||
Qdoba restaurant operations segment | 100,257 | 100,257 | 86,759 | |||||||||
Consolidated revenues | $ | 450,081 | $ | 450,081 | $ | 454,335 | ||||||
Earnings from operations by segment: | ||||||||||||
Jack in the Box restaurant operations segment | $ | 76,366 | $ | 48,251 | $ | 37,217 | ||||||
Qdoba restaurant operations segment | 9,606 | 8,995 | 6,006 | |||||||||
FFE operations (1) | — | (42 | ) | (49 | ) | |||||||
Shared services and unallocated costs | (29,229 | ) | — | — | ||||||||
Gains on the sale of company-operated restaurants | 461 | — | — | |||||||||
Consolidated earnings from operations | $ | 57,204 | $ | 57,204 | $ | 43,174 | ||||||
Total depreciation expense by segment: | ||||||||||||
Jack in the Box restaurant operations segment | $ | 20,851 | $ | 22,990 | $ | 23,683 | ||||||
Qdoba restaurant operations segment | 5,230 | 5,230 | 4,689 | |||||||||
Shared services and unallocated costs | 2,139 | — | — | |||||||||
Consolidated depreciation expense | $ | 28,220 | $ | 28,220 | $ | 28,372 | ||||||
Schedule of Goodwill | ' | |||||||||||
The following table provides detail of the change in the balance of goodwill for each of our reportable segments (in thousands): | ||||||||||||
Qdoba | Jack in the Box | Total | ||||||||||
Balance at September 29, 2013 | $ | 100,597 | $ | 48,391 | $ | 148,988 | ||||||
Additions | — | 256 | 256 | |||||||||
Disposals | — | (9 | ) | (9 | ) | |||||||
Balance at January 19, 2014 | $ | 100,597 | $ | 48,638 | $ | 149,235 | ||||||
Supplemental_Consolidated_Cash1
Supplemental Consolidated Cash Flow Information (Tables) | 4 Months Ended | |||||||
Jan. 19, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Additional Information Related To Cash Flows | ' | |||||||
January 19, | January 20, | |||||||
2014 | 2013 | |||||||
Cash paid during the year for: | ||||||||
Interest, net of amounts capitalized | $ | 5,357 | $ | 5,573 | ||||
Income tax payments | $ | 16,684 | $ | 12,357 | ||||
Supplemental_Consolidated_Bala1
Supplemental Consolidated Balance Sheet Information (Tables) | 4 Months Ended | |||||||
Jan. 19, 2014 | ||||||||
Supplemental Balance Sheet Disclosures [Line Items] | ' | |||||||
Schedule Of Supplemental Consolidated Balance Sheet Information | ' | |||||||
January 19, | September 29, | |||||||
2014 | 2013 | |||||||
Other assets, net: | ||||||||
Company-owned life insurance policies | $ | 97,821 | $ | 94,704 | ||||
Deferred tax assets | 89,329 | 88,833 | ||||||
Other | 81,285 | 82,223 | ||||||
$ | 268,435 | $ | 265,760 | |||||
Accrued liabilities: | ||||||||
Payroll and related taxes | $ | 34,625 | $ | 46,970 | ||||
Sales and property taxes | 13,822 | 11,386 | ||||||
Advertising | 14,295 | 17,706 | ||||||
Insurance | 35,017 | 35,209 | ||||||
Lease commitments related to closed or refranchised locations | 9,844 | 12,737 | ||||||
Other | 25,236 | 29,878 | ||||||
$ | 132,839 | $ | 153,886 | |||||
Other long-term liabilities: | ||||||||
Pension plans | $ | 101,815 | $ | 105,968 | ||||
Straight-line rent accrual | 50,397 | 50,726 | ||||||
Other | 125,068 | 129,430 | ||||||
$ | 277,280 | $ | 286,124 | |||||
Basis_Of_Presentation_Details
Basis Of Presentation (Details) | Jan. 19, 2014 | Jan. 20, 2013 |
restaurant | restaurant | |
Jack In The Box [Member] | ' | ' |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Number of restaurants | 2,254 | 2,255 |
Qdoba [Member] | ' | ' |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Number of restaurants | 620 | 636 |
Entity Operated Units [Member] | Jack In The Box [Member] | ' | ' |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Number of restaurants | 469 | 551 |
Entity Operated Units [Member] | Qdoba [Member] | ' | ' |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Number of restaurants | 301 | 325 |
Franchised Units [Member] | Jack In The Box [Member] | ' | ' |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Number of restaurants | 1,785 | 1,704 |
Franchised Units [Member] | Qdoba [Member] | ' | ' |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Number of restaurants | 319 | 311 |
Basis_Of_Presentation_Presenta
Basis Of Presentation Presentation Details (Details) (2013 Qdoba Closures [Member]) | Jul. 07, 2013 |
restaurant | |
2013 Qdoba Closures [Member] | ' |
Number of restaurants closed [Line Items] | ' |
Number of Restaurants | 62 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 4 Months Ended | |
Jan. 19, 2014 | Jan. 20, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | $0 | $0 |
Restructuring Reserve [Roll Forward] | ' | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | -724,000 | -5,420,000 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | ($0.02) | ($0.13) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | ($0.02) | ($0.12) |
Asset Impairment Charges | 95,000 | 2,522,000 |
2013 Qdoba Closures [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Disposal group, Including Discontinued Operations, Brokerage Commissions | 200,000 | ' |
Revenue | 0 | 11,188,000 |
Operating loss before income tax benefit | -588,000 | -3,510,000 |
Disposal Group, Including Discontinued Operation, Future Lease Commitments | 300,000 | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance at beginning of period | 10,712,000 | ' |
Cash payments | 3,395,000 | ' |
Balance at end of period | 7,031,000 | ' |
Restructuring Reserve, Accrual Adjustment | -286,000 | ' |
Asset Impairment Charges | 300,000 | ' |
Disposal Group, Including Discontinued Operation, Favorable adjustment for Future Lease Commitments | 300,000 | ' |
Discontinued Operation - Distribution Business [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Revenue | 0 | 37,743,000 |
Operating loss before income tax benefit | -572,000 | -5,262,000 |
Restructuring reserve, accelerated depreciation | 400,000 | ' |
Disposal Group, Including Discontinued Operation, Future Lease Commitments | 100,000 | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance at beginning of period | 1,318,000 | ' |
Balance at end of period | 1,127,000 | ' |
Restructuring Reserve, Accrual Adjustment | 79,000 | ' |
Cash paid to settle restructuring reserve | ($270,000) | ' |
Indebtedness_Details
Indebtedness (Details) (USD $) | 4 Months Ended | |
In Thousands, unless otherwise specified | Jan. 19, 2014 | Jan. 20, 2013 |
Debt Instrument [Line Items] | ' | ' |
Proceeds from issuance of debt | $0 | $200,000 |
Summary_Of_Refranchisings_Fran2
Summary Of Refranchisings, Franchisee Development And Acquisitions (Number Of Restaurants Sold And Developed By Franchisees And Related Gains And Fees Recognized) (Details) (USD $) | 4 Months Ended | |
In Thousands, unless otherwise specified | Jan. 19, 2014 | Jan. 20, 2013 |
restaurant | restaurant | |
Summary Of Refranchisings, Franchisee Development And Acquisitions [Abstract] | ' | ' |
New restaurants opened by franchisees | 13 | 20 |
Initial franchise fees | $399 | $646 |
Proceeds | -468 | -833 |
Net assets sold (primarily property and equipment) | 0 | -85 |
Goodwill related to the sale of company-operated restaurants | -9 | 0 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ($461) | ($748) |
Summary_Of_Refranchisings_Fran3
Summary Of Refranchisings, Franchisee Development And Acquisitions (Purchase Price Allocations On Franchise Acquisitions) (Details) (USD $) | 3 Months Ended | 4 Months Ended | |
In Thousands, unless otherwise specified | Jul. 08, 2012 | Jan. 19, 2014 | Jan. 20, 2013 |
restaurant | restaurant | ||
Summary Of Refranchisings, Franchisee Development And Acquisitions [Line Items] | ' | ' | ' |
Proceeds from Divestiture of Businesses | ' | $468 | $833 |
Goodwill, Acquired During Period | ' | 256 | ' |
Assets, Written off Related to Sale of Business Unit | ' | 0 | 85 |
Goodwill, Written off Related to Sale of Business Unit | ' | 9 | 0 |
Disposal Group Not Discontinued Operation Other Gain Loss On Disposal | 0 | -2 | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | 461 | 748 |
Number of New Restaurants Opened by Franchisees | ' | 13 | 20 |
Qdoba [Member] | ' | ' | ' |
Summary Of Refranchisings, Franchisee Development And Acquisitions [Line Items] | ' | ' | ' |
Restaurants acquired from franchisees | ' | ' | 6 |
Significant Changes, Franchises Purchased During Period | ' | ' | 7 |
Property and equipment | ' | ' | 1,138 |
Reacquired franchise rights | ' | ' | 96 |
Liabilities assumed | ' | ' | -95 |
Goodwill, Acquired During Period | ' | 0 | 6,661 |
Total consideration | ' | ' | 7,800 |
Jack In Box [Member] | ' | ' | ' |
Summary Of Refranchisings, Franchisee Development And Acquisitions [Line Items] | ' | ' | ' |
Restaurants acquired from franchisees | ' | 4 | 1 |
Significant Changes, Franchises Purchased During Period | ' | 4 | ' |
Property and equipment | ' | 1,398 | ' |
Reacquired franchise rights | ' | 96 | ' |
Liabilities assumed | ' | 0 | ' |
Goodwill, Acquired During Period | ' | 256 | ' |
Total consideration | ' | 1,750 | ' |
Goodwill, Written off Related to Sale of Business Unit | ' | -9 | ' |
Subtotal of gains (losses) on sale of company-operated restaurants [Member] | ' | ' | ' |
Summary Of Refranchisings, Franchisee Development And Acquisitions [Line Items] | ' | ' | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | ' | $748 |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Jan. 19, 2014 | Sep. 29, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | ($39,225) | ($40,325) | ||
Interest Rate Swaps [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | -818 | [1] | -1,190 | [1] |
Non Qualified Deferred Compensation Plan [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | -38,407 | [2] | -39,135 | [2] |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | -38,407 | [3] | -39,135 | [3] |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | 0 | [1],[3] | 0 | [1],[3] |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Non Qualified Deferred Compensation Plan [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | -38,407 | [2],[3] | -39,135 | [2],[3] |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | -818 | [3] | -1,190 | [3] |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | -818 | [1],[3] | -1,190 | [1],[3] |
Fair Value, Inputs, Level 2 [Member] | Non Qualified Deferred Compensation Plan [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | 0 | [2],[3] | 0 | [2],[3] |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | 0 | [1] | 0 | [1] |
Fair Value, Inputs, Level 3 [Member] | Non Qualified Deferred Compensation Plan [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total liabilities at fair value | $0 | [2] | $0 | [2] |
[1] | We entered into interest rate swaps to reduce our exposure to rising interest rates on our variable debt. The fair values of our interest rate swaps are based upon Level 2 inputs which include valuation models as reported by our counterparties. The key inputs for the valuation models are quoted market prices, interest rates and forward yield curves. | |||
[2] | We maintain an unfunded defined contribution plan for key executives and other members of management excluded from participation in our qualified savings plan. The fair value of this obligation is based on the closing market prices of the participants’ elected investments. | |||
[3] | We did not have any transfers in or out of Level 1 or Level 2. |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | 4 Months Ended | ||
Jan. 19, 2014 | Jan. 20, 2013 | Aug. 31, 2010 | |
agreements | |||
Derivative [Line Items] | ' | ' | ' |
Interest rate derivatives held | ' | ' | 2 |
Interest rate swaps hedge ineffectiveness | $0 | $0 | ' |
Interest Rate Swaps [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Converted fixed-rate term loan borrowings | ' | ' | 100,000,000 |
Derivative_Instruments_Derivat
Derivative Instruments (Derivative Instruments Outstanding) (Details) (Designated as Hedging Instrument [Member], Interest Rate Swaps [Member], USD $) | Jan. 19, 2014 | Sep. 29, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Total liabilities at fair value | ($818) | ($1,190) |
Derivatives Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total liabilities at fair value | ($818) | ($1,190) |
Derivative_Instruments_Gains_O
Derivative Instruments (Gains Or Losses Recognized On Interest Rate Swap Derivative Instruments) (Details) (USD $) | 4 Months Ended | |
In Thousands, unless otherwise specified | Jan. 19, 2014 | Jan. 20, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (loss) recognized in OCI | ($54) | $4 |
Loss reclassified from accumulated OCI into income | -426 | -413 |
Interest Rate Swaps [Member] | Derivatives Designated As Hedging Instrument [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (loss) recognized in OCI | -54 | 4 |
Interest Rate Swaps [Member] | Interest Expense, Net [Member] | Derivatives Designated As Hedging Instrument [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Loss reclassified from accumulated OCI into income | ($426) | ($413) |
Impairment_Disposition_Of_Prop2
Impairment, Disposition Of Property And Equipment, Restaurant Closing Costs And Restructuring (Details) (USD $) | 4 Months Ended | |
In Thousands, unless otherwise specified | Jan. 19, 2014 | Jan. 20, 2013 |
litigation | ||
Restructuring Cost and Reserve [Line Items] | ' | ' |
Asset Impairment Charges | $95 | $2,522 |
Losses (gains) on the disposition of property and equipment, net | 992 | -832 |
Restructuring and Related Cost, Incurred Cost | 564 | 751 |
Impairment and other charges, net | 1,909 | 3,253 |
Restructuring Reserve [Roll Forward] | ' | ' |
Severance costs | 298 | 368 |
Restructuring Charges | 298 | 812 |
Other restructuring costs | 0 | 444 |
Number of Closed Restaurants Related to Eminent Domain Proceeds in Current Period | ' | 2 |
Gains from imminent domain [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Losses (gains) on the disposition of property and equipment, net | ' | -2,100 |
Facility Closing [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance at beginning of period | 16,321 | 20,677 |
Cash payments | -1,434 | -1,542 |
Balance at end of period | 15,499 | 19,561 |
Restructuring costs | 612 | 426 |
Employee Severance [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance at beginning of period | 253 | 1,758 |
Cash payments | 453 | 1,455 |
Severance costs | 298 | 368 |
Balance at end of period | 98 | 671 |
Continuing Operations [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Losses (gains) on the disposition of property and equipment, net | $952 | ($832) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 4 Months Ended | |
Jan. 19, 2014 | Jan. 20, 2013 | |
Operating Loss Carryforwards [Line Items] | ' | ' |
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | $0 | $0 |
Effective tax rates | 37.30% | 30.90% |
Gross unrecognized tax benefits associated with uncertain income tax positions | $800,000 | ' |
Retirement_Plans_Components_Of
Retirement Plans (Components Of Net Periodic Benefit Cost) (Details) (USD $) | 4 Months Ended | |
In Thousands, unless otherwise specified | Jan. 19, 2014 | Jan. 20, 2013 |
Defined Benefit Pension Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | $2,499 | $3,308 |
Interest cost | 7,152 | 6,963 |
Expected return on plan assets | -7,536 | -6,989 |
Actuarial loss | 1,364 | 5,488 |
Amortization of unrecognized prior service cost | 83 | 83 |
Net periodic benefit cost | 3,562 | 8,853 |
Postretirement Healthcare Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Interest cost | 504 | 488 |
Actuarial loss | 167 | 243 |
Net periodic benefit cost | $671 | $731 |
Retirement_Plans_Schedule_Of_F
Retirement Plans (Schedule Of Future Cash Flows) (Details) (USD $) | 4 Months Ended | 9 Months Ended |
Jan. 19, 2014 | Sep. 28, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Minimum required contribution for retirement plans | $0 | ' |
Defined Benefit Pension Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net year-to-date contributions | 6,269,000 | ' |
Remaining estimated net contributions during fiscal 2012 | ' | 18,100,000 |
Postretirement Healthcare Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net year-to-date contributions | 289,000 | ' |
Remaining estimated net contributions during fiscal 2012 | ' | $1,149,000 |
ShareBased_Compensation_Schedu
Share-Based Compensation (Schedule Of Share-Based Awards Granted) (Details) | 4 Months Ended |
Jan. 19, 2014 | |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares | 215,248 |
Performance-Vested Stock Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares | 55,668 |
Nonvested Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares | 102,232 |
ShareBased_Compensation_Compon
Share-Based Compensation (Components Of Share-Based Compensation Expense) (Details) (USD $) | 4 Months Ended | |
In Thousands, unless otherwise specified | Jan. 19, 2014 | Jan. 20, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based compensation expense | $3,801 | $4,062 |
Allocated Share-based Compensation Expense | 3,801 | 4,062 |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | 1,289 | 1,890 |
Performance-Vested Stock Awards [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | 1,497 | 1,117 |
Nonvested Stock Awards [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | 173 | 134 |
Nonvested Stock Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | $842 | $921 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 4 Months Ended | 10 Months Ended | 21 Months Ended | 24 Months Ended | |
Share data in Millions, unless otherwise specified | Jan. 19, 2014 | Jan. 20, 2013 | Nov. 15, 2014 | Nov. 15, 2015 | Nov. 15, 2014 |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' |
Repurchase of common stock, authorized amount | ' | ' | ' | $200,000,000 | $100,000,000 |
Treasury Stock, Shares, Acquired | 1.6 | ' | ' | ' | ' |
Repurchase of common stock, remaining authorized amount | ' | ' | 59,700,000 | ' | ' |
Repurchases of common stock | 84,318,000 | 26,888,000 | ' | ' | ' |
Fiscal 2013 Trades Settled Fiscal 2014 [Member] | ' | ' | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' |
Repurchases of common stock | 7,300,000 | ' | ' | ' | ' |
Treasury Stock [Member] | ' | ' | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' |
Repurchases of common stock | $77,000,000 | ' | ' | ' | ' |
Average_Shares_Outstanding_Rec
Average Shares Outstanding (Reconciliation Of Basic Weighted-Average Shares Outstanding To Diluted Weighted-Average Shares Outstanding) (Details) | 4 Months Ended | |
In Thousands, unless otherwise specified | Jan. 19, 2014 | Jan. 20, 2013 |
Average Shares Outstanding [Line Items] | ' | ' |
Weighted-average shares outstanding - basic | 42,434 | 42,997 |
Weighted-average shares outstanding - diluted | 43,838 | 44,356 |
Excluded from diluted weighted-average shares outstanding, Antidilutive | 151 | 1,097 |
Excluded from diluted weighted-average shares outstanding, Performance conditions not satisfied at the end of the period | 52 | 202 |
Stock Options [Member] | ' | ' |
Average Shares Outstanding [Line Items] | ' | ' |
Effect of potentially dilutive securities | 765 | 821 |
Nonvested Stock Awards And Units [Member] | ' | ' |
Average Shares Outstanding [Line Items] | ' | ' |
Effect of potentially dilutive securities | 372 | 297 |
Performance-Vested Stock Awards [Member] | ' | ' |
Average Shares Outstanding [Line Items] | ' | ' |
Effect of potentially dilutive securities | 267 | 241 |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narrative) (Details) (Variable Interest Entity, Primary Beneficiary [Member], USD $) | Jan. 19, 2014 |
Variable Interest Entity [Line Items] | ' |
Commitment to lending program from company through capital note | $20,000,000 |
Long-term Line of Credit | 0 |
F F E Facility Member | ' |
Variable Interest Entity [Line Items] | ' |
Senior secured revolving securitization facility | $80,000,000 |
Variable_Interest_Entities_Com
Variable Interest Entities (Components Of FFE's Balance Sheet) (Details) (USD $) | Jan. 19, 2014 | Sep. 29, 2013 | ||
In Thousands, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ' | ' | ||
Other current assets | $323 | $108 | ||
Current liabilities | 181,087 | 211,674 | ||
Other long-term liabilities | 277,280 | 286,124 | ||
Retained earnings | 1,204,109 | 1,171,823 | ||
Total liabilities and stockholders' equity | 1,312,828 | 1,319,209 | ||
Jack In The Box Franchise Finance, LLC (FFE) [Member] | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Cash | 0 | 250 | ||
Other current assets | 2,432 | [1] | 2,368 | [1] |
Other assets, net | 7,674 | [1] | 8,367 | [1] |
Total assets | 10,106 | 10,985 | ||
Current liabilities | 3,034 | 3,010 | ||
Other long-term liabilities | 7,129 | [2] | 8,076 | [2] |
Retained earnings | -57 | -101 | ||
Total liabilities and stockholders' equity | $10,106 | $10,985 | ||
[1] | Consists primarily of amounts due from franchisees. | |||
[2] | Consists primarily of the capital note contributions from Jack in the Box which are eliminated in consolidation. |
Contingencies_and_Legal_Matter1
Contingencies and Legal Matters (Details) (USD $) | Jan. 19, 2014 |
In Millions, unless otherwise specified | |
Guarantees [Abstract] | ' |
General liability and workers' comp estimated claims to be paid by insurance providers | $22.90 |
Guarantor obligations, maximum exposure, Undiscounted | $2.20 |
Segment_Reporting_Summarized_F
Segment Reporting (Summarized Financial Information Of Reportable Segments) (Details) (USD $) | 4 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 19, 2014 | Jan. 20, 2013 | Sep. 29, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Consolidated revenues | $450,081 | $454,335 | ' |
Consolidated earnings from operations | 57,204 | 43,174 | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 461 | 748 | ' |
Consolidated depreciation expense | 28,220 | 28,372 | ' |
Consolidated goodwill | 149,235 | ' | 148,988 |
Goodwill, Acquired During Period | 256 | ' | ' |
Goodwill, Written off Related to Sale of Business Unit | 9 | 0 | ' |
Total goodwill disposals | -9 | ' | ' |
Jack In The Box [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Consolidated revenues | 349,824 | 367,576 | ' |
Consolidated earnings from operations | 48,251 | 37,217 | ' |
Consolidated depreciation expense | 22,990 | 23,683 | ' |
Consolidated goodwill | 48,638 | ' | 48,391 |
Goodwill, Acquired During Period | 256 | ' | ' |
Goodwill, Written off Related to Sale of Business Unit | -9 | ' | ' |
Qdoba brand restaurant operations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Consolidated revenues | 100,257 | ' | ' |
Consolidated earnings from operations | 9,606 | ' | ' |
Consolidated depreciation expense | 5,230 | ' | ' |
Qdoba [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Consolidated revenues | 100,257 | 86,759 | ' |
Consolidated earnings from operations | 8,995 | 6,006 | ' |
Consolidated depreciation expense | 5,230 | 4,689 | ' |
Consolidated goodwill | 100,597 | ' | 100,597 |
Goodwill, Acquired During Period | 0 | 6,661 | ' |
Total goodwill disposals | 0 | ' | ' |
F F E Operations New [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Consolidated earnings from operations | 0 | ' | ' |
Jack in the box brand restaurant operations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Consolidated revenues | 349,824 | ' | ' |
Consolidated earnings from operations | 76,366 | ' | ' |
Consolidated depreciation expense | 20,851 | ' | ' |
FFE Operations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Consolidated earnings from operations | -42 | -49 | ' |
Shared services and unallocated costs [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Consolidated earnings from operations | -29,229 | ' | ' |
Consolidated depreciation expense | 2,139 | ' | ' |
Shared services and unallocated costs old reporting [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Consolidated earnings from operations | 0 | 0 | ' |
Consolidated depreciation expense | 0 | 0 | ' |
Old segment reporting structure [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $0 | $0 | ' |
Supplemental_Consolidated_Cash2
Supplemental Consolidated Cash Flow Information (Additional Information Related To Cash Flows) (Details) (USD $) | 4 Months Ended | |
In Thousands, unless otherwise specified | Jan. 19, 2014 | Jan. 20, 2013 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Interest, net of amounts capitalized | $5,357 | $5,573 |
Income tax payments | $16,684 | $12,357 |
Supplemental_Consolidated_Bala2
Supplemental Consolidated Balance Sheet Information (Details) (USD $) | Jan. 19, 2014 | Sep. 29, 2013 |
In Thousands, unless otherwise specified | ||
Supplemental Balance Sheet Disclosures [Line Items] | ' | ' |
Company-owned life insurance policies | $97,821 | $94,704 |
Deferred tax asset | 89,329 | 88,833 |
Other | 81,285 | 82,223 |
Other assets, net | 268,435 | 265,760 |
Payroll and related taxes | 34,625 | 46,970 |
Sales and Excise Tax Payable, Current | 13,822 | 11,386 |
Advertising | 14,295 | 17,706 |
Insurance | 35,017 | 35,209 |
Liabilities of Disposal Group, Including Discontinued Operation, Noncurrent | 9,844 | 12,737 |
Other | 25,236 | 29,878 |
Accrued liabilities | 132,839 | 153,886 |
Pension plans | 101,815 | 105,968 |
Straight-line rent accrual | 50,397 | 50,726 |
Other | 125,068 | 129,430 |
Other Liabilities, Noncurrent | $277,280 | $286,124 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 4 Months Ended | 21 Months Ended | 24 Months Ended | |
Jan. 19, 2014 | Jan. 20, 2013 | Nov. 15, 2015 | Nov. 15, 2014 | |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Proceeds from Divestiture of Businesses | $468,000 | $833,000 | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | ' | $200,000,000 | $100,000,000 |