Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Apr. 12, 2015 | 8-May-15 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | JACK IN THE BOX INC /NEW/ | |
Entity Central Index Key | 807882 | |
Current Fiscal Year End Date | -18 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 12-Apr-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 37,380,529 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Apr. 12, 2015 | Sep. 28, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $10,386 | $10,578 |
Accounts and other receivables, net | 69,455 | 50,014 |
Inventories | 7,335 | 7,481 |
Prepaid expenses | 29,448 | 36,314 |
Deferred income taxes | 36,810 | 36,810 |
Assets held for sale | 10,505 | 4,766 |
Other current assets | 2,097 | 597 |
Total current assets | 166,036 | 146,560 |
Property and equipment, at cost | 1,508,360 | 1,519,947 |
Less accumulated depreciation and amortization | -812,898 | -797,818 |
Property and equipment, net | 695,462 | 722,129 |
Intangible assets, net | 15,146 | 15,604 |
Goodwill | 149,042 | 149,074 |
Other assets, net | 236,717 | 237,298 |
Total assets | 1,262,403 | 1,270,665 |
Current liabilities: | ||
Current maturities of long-term debt | 10,898 | 10,871 |
Accounts payable | 28,505 | 31,810 |
Accrued liabilities | 159,633 | 163,626 |
Total current liabilities | 199,036 | 206,307 |
Long-term debt, net of current maturities | 592,989 | 497,012 |
Other long-term liabilities | 307,433 | 309,435 |
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, 81,036,074 and 80,127,387 issued, respectively | 810 | 801 |
Capital in excess of par value | 395,087 | 356,727 |
Retained earnings | 1,288,272 | 1,244,897 |
Accumulated other comprehensive loss | -90,285 | -90,132 |
Treasury stock, at cost, 43,655,712 and 41,571,752 shares, respectively | -1,430,939 | -1,254,382 |
Total stockholders’ equity | 162,945 | 257,911 |
Total liabilities and stockholders' equity | $1,262,403 | $1,270,665 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Apr. 12, 2015 | Sep. 28, 2014 |
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 | 81,036,074 | 80,127,387 |
Treasury stock at cost, shares | 43,655,712 | 41,571,752 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Earnings (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Apr. 12, 2015 | Apr. 13, 2014 | Apr. 12, 2015 | Apr. 13, 2014 |
Common Stock, Dividends, Per Share, Cash Paid | $0.20 | $0 | $0.40 | $0 |
Revenues: | ||||
Company restaurant sales | $268,904 | $257,773 | $620,800 | $596,602 |
Franchise revenues | 89,218 | 83,097 | 205,943 | 194,350 |
Total revenue | 358,122 | 340,870 | 826,743 | 790,952 |
Company restaurant costs: | ||||
Food and packaging | 84,032 | 81,422 | 197,141 | 189,660 |
Payroll and employee benefits | 73,073 | 71,616 | 168,752 | 165,432 |
Occupancy and other | 56,468 | 56,998 | 131,499 | 131,707 |
Total company restaurant costs | 213,573 | 210,036 | 497,392 | 486,799 |
Franchise costs | 43,059 | 41,996 | 100,200 | 97,507 |
Selling, general and administrative expenses | 52,472 | 48,660 | 115,567 | 107,816 |
Impairment and other charges, net | 2,130 | 9,056 | 4,310 | 10,965 |
Losses (gains) on the sale of company-operated restaurants | 5,020 | -1,757 | 4,170 | -2,218 |
Total operating costs and expenses | 316,254 | 307,991 | 721,639 | 700,869 |
Earnings from operations | 41,868 | 32,879 | 105,104 | 90,083 |
Interest expense, net | 4,220 | 4,311 | 9,433 | 8,853 |
Earnings from continuing operations and before income taxes | 37,648 | 28,568 | 95,671 | 81,230 |
Income taxes | 14,286 | 10,304 | 35,211 | 29,956 |
Earnings from continuing operations | 23,362 | 18,264 | 60,460 | 51,274 |
Losses from discontinued operations, net of income tax benefit | -357 | -2,463 | -1,620 | -3,187 |
Net earnings | $23,005 | $15,801 | $58,840 | $48,087 |
Net earnings per share - basic: | ||||
Earnings from continuing operations (usd per share) | $0.62 | $0.44 | $1.58 | $1.22 |
Losses from discontinued operations (usd per share) | ($0.01) | ($0.06) | ($0.04) | ($0.08) |
Net earnings per share (usd per share) | $0.61 | $0.38 | $1.53 | $1.14 |
Net earnings per share - diluted: | ||||
Earnings from continuing operations (usd per share) | $0.61 | $0.43 | $1.55 | $1.18 |
Losses from discontinued operations (usd per share) | ($0.01) | ($0.06) | ($0.04) | ($0.07) |
Net earnings per share (usd per share) | $0.60 | $0.37 | $1.51 | $1.11 |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 37,970 | 41,464 | 38,353 | 42,018 |
Diluted (in shares) | 38,566 | 42,632 | 39,039 | 43,336 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 12, 2015 | Apr. 13, 2014 | Apr. 12, 2015 | Apr. 13, 2014 |
Net earnings | $23,005 | $15,801 | $58,840 | $48,087 |
Net change in fair value of derivatives | 86 | -31 | -6,672 | -85 |
Net loss reclassified to earnings | 468 | 322 | 1,095 | 748 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | 554 | 291 | -5,577 | 663 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | -212 | -112 | 2,135 | -254 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 342 | 179 | -3,442 | 409 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 2,276 | 1,210 | 5,311 | 2,825 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | -871 | -464 | -2,033 | -1,084 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 1,405 | 746 | 3,278 | 1,741 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 10 | 0 | 16 | 7 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | -2 | 0 | -5 | -3 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 8 | 0 | 11 | 4 |
Other comprehensive income (loss), net of tax | 1,755 | 925 | -153 | 2,154 |
Comprehensive income | $24,760 | $16,726 | $58,687 | $50,241 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 12, 2015 | Apr. 13, 2014 | ||
Cash flows from operating activities: | ||||
Net earnings | $58,840 | $48,087 | ||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Depreciation and amortization | 47,875 | 49,725 | ||
Deferred finance cost amortization | 1,155 | 1,177 | ||
Excess Tax Benefit from Share-based Compensation, Operating Activities | -17,073 | -12,017 | ||
Deferred income taxes | -2,785 | -384 | ||
Share-based compensation expense | 7,367 | 6,348 | ||
Pension and postretirement expense | 10,096 | 7,410 | ||
Gains on cash surrender value of company-owned life insurance | -3,635 | -3,428 | ||
Losses (gains) on the sale of company-operated restaurants | 4,170 | -2,218 | ||
Losses on the disposition of property and equipment | 466 | 594 | ||
Impairment charges and other | 2,180 | 8,088 | ||
Gains (Losses) on Extinguishment of Debt | 0 | 789 | ||
Changes in assets and liabilities, excluding acquisitions and dispositions: | ||||
Accounts and other receivables | -21,841 | -14,274 | ||
Inventories | 146 | -640 | ||
Prepaid expenses and other current assets | 27,181 | -8,746 | ||
Accounts payable | -1,459 | 1,725 | ||
Accrued liabilities | -8,991 | -13,543 | ||
Pension and postretirement contributions | -8,113 | -7,831 | ||
Other | -4,659 | -9,910 | ||
Cash flows provided by operating activities | 90,920 | 50,952 | ||
Cash flows from investing activities: | ||||
Purchases of property and equipment | -32,959 | -31,196 | ||
Purchases Of Assets Held For Sale And Leaseback | -5,355 | -19 | ||
Proceeds from sale and leaseback of assets | 0 | 2,105 | ||
Proceeds from the sale of company-operated restaurants | 2,630 | [1] | 7,842 | [1] |
Collections on notes receivable | 5,314 | 1,774 | ||
Acquisitions of franchise-operated restaurants | 0 | -1,750 | ||
Other | 1,786 | 36 | ||
Cash flows used in investing activities | -28,584 | -21,208 | ||
Cash flows from financing activities: | ||||
Borrowings on revolving credit facilities | 264,000 | 509,000 | ||
Repayments of borrowings on revolving credit facilities | -160,000 | -379,000 | ||
Proceeds from Issuance of Long-term Debt | 0 | 200,000 | ||
Principal repayments on debt | -7,996 | -190,549 | ||
Payments of Debt Issuance Costs | 0 | -3,527 | ||
Payments of Ordinary Dividends | -15,395 | 0 | ||
Proceeds from issuance of common stock | 13,894 | 22,457 | ||
Repurchases of common stock | -174,115 | -205,453 | ||
Excess tax benefits from share-based compensation arrangements | 17,073 | 12,017 | ||
Change in book overdraft | 0 | 4,774 | ||
Cash flows used in financing activities | -62,539 | -30,281 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 11 | 5 | ||
Net increase in cash and cash equivalents | -192 | -532 | ||
Cash and cash equivalents at beginning of period | 10,578 | 9,644 | ||
Cash and cash equivalents at end of period | $10,386 | $9,112 | ||
[1] | Amounts in 2015 and 2014 include additional proceeds recognized upon the extension of the underlying franchise and lease agreements related to restaurants sold in a prior year of $0.0 million and $0.7 million, respectively, in the quarter, and $0.1 million and $1.2 million, respectively, year-to-date. |
Basis_Of_Presentation
Basis Of Presentation | 6 Months Ended | |||||
Apr. 12, 2015 | ||||||
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: | ||||||
April 12, | April 13, | |||||
2015 | 2014 | |||||
Jack in the Box: | ||||||
Company-operated | 412 | 455 | ||||
Franchise | 1,836 | 1,799 | ||||
Total system | 2,248 | 2,254 | ||||
Qdoba: | ||||||
Company-operated | 310 | 303 | ||||
Franchise | 334 | 323 | ||||
Total system | 644 | 626 | ||||
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 2013 Qdoba Closures 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 28, 2014. The accounting policies used in preparing these condensed consolidated financial statements are the same as those described in our Form 10-K with the exception of new accounting pronouncements adopted in fiscal 2015 which are described below. | ||||||
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. | ||||||
Reclassifications and adjustments — Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform to the fiscal 2015 presentation. | ||||||
Fiscal year — Our fiscal year is 52 or 53 weeks ending the Sunday closest to September 30. Fiscal years 2015 and 2014 include 52 weeks. Our first quarter includes 16 weeks and all other quarters include 12 weeks. All comparisons between 2015 and 2014 refer to the 12-weeks (“quarter”) and 28-weeks (“year-to-date”) ended April 12, 2015 and April 13, 2014, 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. | ||||||
Effect of new accounting pronouncements — In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which modifies the definition of discontinued operations to include only disposals of an entity that represent strategic shifts that have or will have a major effect on an entity's operations and financial results. This ASU also expands the disclosure requirements for disposals which meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. The standard is effective prospectively for annual and interim periods beginning after December 15, 2014, with early adoption permitted. We early adopted this standard on September 29, 2014. This pronouncement did not have a material impact on our condensed consolidated financial statements. | ||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which provides a comprehensive new revenue recognition model that requires a company to recognize revenue in an amount that reflects the consideration it expects to receive for the transfer of promised goods or services to its customers. The standard also requires additional disclosure regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This ASU is effective for annual periods and interim periods beginning after December 15, 2016. The ASU is to be applied retrospectively or using a cumulative effect transition method and early adoption is not permitted. In April 2015, the FASB proposed a deferral of this ASU's effective date by one year, to December 15, 2017. The proposed deferral allows early adoption at the original effective date. We are currently evaluating the effect that this pronouncement will have on our consolidated financial statements and related disclosures. | ||||||
In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments when the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, which requires a reporting entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. This standard is to be applied prospectively for annual and interim periods beginning after December 15, 2015, with early adoption permitted. We early adopted this standard on September 29, 2014. This pronouncement did not have a material impact on our condensed consolidated financial statements. | ||||||
In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which changes the presentation of debt issuance costs in financial statements. Under this ASU, an entity presents such costs on the balance sheet as a direct deduction from the related debt liability rather than as an asset. This new standard is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, with early adoption permitted. We do not plan to adopt this standard early and do not expect that it will have a material impact on our consolidated financial statements or disclosures upon adoption. | ||||||
In April 2015, the FASB issued ASU 2015-04, Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets, which provides a practical expedient that permits a company to measure defined benefit plan assets and obligations using the month-end date that is closest to the company's fiscal year-end and apply that practical expedient consistently from year to year. The practical expedient should be applied consistently to all plans if the company has more than one plan. This ASU is effective prospectively for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. We do not expect this standard to have a material impact our consolidated financial statements upon adoption. |
Discontinued_Operations
Discontinued Operations | 6 Months Ended | ||||
Apr. 12, 2015 | |||||
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 ASC 205, Presentation of Financial Statements, the results are reported as discontinued operations for all periods presented. | |||||
We recognized operating losses before taxes of $0.1 million in both periods of 2015, and $0.1 million and $0.7 million in the quarter and year-to-date, respectively, in 2014. Year-to-date, operating losses before taxes include $0.1 million and $0.2 million in 2015 and 2014, respectively, related to our lease commitments, and $0.4 million in 2014 related to insurance settlements. | |||||
Our liability for lease commitments related to our distribution centers is included in accrued liabilities and other long-term liabilities, and was $0.3 million and $0.5 million as of April 12, 2015 and September 28, 2014, respectively. The lease commitment balance as of April 12, 2015 relates to one distribution center subleased at a loss. | |||||
2013 Qdoba 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 predominantly located near those remaining in operation, we did not expect the majority of cash flows and sales lost from these closures to be recovered. In addition, we did not anticipate 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. In the quarter and year-to-date periods, we recognized operating losses before income taxes of $0.5 million and $2.5 million, respectively, in 2015, and $3.8 million and $4.4 million, respectively, in 2014. | |||||
In 2015, the year-to-date operating losses include $2.2 million of unfavorable lease commitment adjustments, $0.2 million of ongoing facility related costs and $0.1 million of broker commissions. In 2014, the year-to-date operating losses include $3.0 million of unfavorable lease commitment adjustments, $0.4 million for asset impairments, $0.6 million of ongoing facility related costs and $0.3 million of broker commissions. We do not expect the remaining costs to be incurred related to these closures to be material; however, the estimates we make related to our future lease obligations, primarily sublease income, are subject to a high degree of judgment and may differ from actual sublease income due to changes in economic conditions, desirability of the sites and other factors. | |||||
Our liability for lease commitments related to the 2013 Qdoba Closures is included in accrued liabilities and other long-term liabilities and changed as follows in 2015 (in thousands): | |||||
Year-to-date | |||||
Balance as of September 28, 2014 | $ | 5,737 | |||
Adjustments | 2,185 | ||||
Cash payments | (4,060 | ) | |||
Balance as of April 12, 2015 | $ | 3,862 | |||
Adjustments primarily relate to revisions to certain sublease and cost assumptions due to changes in market conditions as well as charges to terminate four lease agreements. These amounts were partially offset by favorable adjustments for locations that we have subleased. |
Summary_Of_Refranchisings_Fran
Summary Of Refranchisings, Franchisee Development And Acquisitions | 6 Months Ended | |||||||||||||||
Apr. 12, 2015 | ||||||||||||||||
Summary Of Refranchisings, Franchisee Development And Acquisitions [Abstract] | ||||||||||||||||
Summary Of Refranchisings, Franchisee Development And Acquisitions | SUMMARY OF REFRANCHISINGS, FRANCHISEE DEVELOPMENT AND ACQUISITIONS | |||||||||||||||
Refranchisings and franchisee development — The following is a summary of the number of restaurants sold to franchisees, number of restaurants developed by franchisees and the related gains or losses and fees recognized (dollars in thousands): | ||||||||||||||||
Quarter | Year-to-date | |||||||||||||||
April 12, | April 13, | April 12, | April 13, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Restaurants sold to Jack in the Box franchisees | 20 | 14 | 21 | 14 | ||||||||||||
New restaurants opened by franchisees | 10 | 6 | 22 | 19 | ||||||||||||
Initial franchise fees | $ | 608 | $ | 755 | $ | 983 | $ | 1,154 | ||||||||
Proceeds from the sale of company-operated restaurants (1) | $ | 1,456 | $ | 7,374 | $ | 2,630 | $ | 7,842 | ||||||||
Net assets sold (primarily property and equipment) | (1,945 | ) | (2,240 | ) | (2,434 | ) | (2,240 | ) | ||||||||
Goodwill related to the sale of company-operated restaurants | (16 | ) | (120 | ) | (32 | ) | (129 | ) | ||||||||
Other (2) | (4,515 | ) | (142 | ) | (4,334 | ) | (140 | ) | ||||||||
(Losses) gains on the sale of company-operated restaurants | $ | (5,020 | ) | $ | 4,872 | $ | (4,170 | ) | $ | 5,333 | ||||||
Losses on expected sale of Jack in the box company-operated markets (3) | — | (3,115 | ) | — | (3,115 | ) | ||||||||||
Total (losses) gains on the sale of company-operated restaurants | $ | (5,020 | ) | $ | 1,757 | $ | (4,170 | ) | $ | 2,218 | ||||||
____________________________ | ||||||||||||||||
-1 | Amounts in 2015 and 2014 include additional proceeds recognized upon the extension of the underlying franchise and lease agreements related to restaurants sold in a prior year of $0.0 million and $0.7 million, respectively, in the quarter, and $0.1 million and $1.2 million, respectively, year-to-date. | |||||||||||||||
-2 | Amounts in 2015 include lease commitment charges related to restaurants closed in connection with the sale of the related market, and charges for operating restaurant leases with lease commitments in excess of our sublease rental income. | |||||||||||||||
-3 | Amounts in 2014 relate to losses on the expected sale of approximately 30 company-operated restaurants in two Jack in the Box markets sold in the fourth quarter of 2014 and the second quarter of 2015. | |||||||||||||||
Franchise acquisitions — In 2015, we acquired six Jack in the Box franchise restaurants in one market, and during 2014 we repurchased four Jack in the Box franchise restaurants in another market. 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). Acquisitions were not material to our condensed consolidated financial statements in either year. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||
Apr. 12, 2015 | ||||||||||||||||
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 April 12, 2015: | ||||||||||||||||
Non-qualified deferred compensation plan (1) | $ | (37,701 | ) | $ | (37,701 | ) | $ | — | $ | — | ||||||
Interest rate swaps (Note 5) (2) | (7,366 | ) | — | (7,366 | ) | — | ||||||||||
Total liabilities at fair value | $ | (45,067 | ) | $ | (37,701 | ) | $ | (7,366 | ) | $ | — | |||||
Fair value measurements as of September 28, 2014: | ||||||||||||||||
Non-qualified deferred compensation plan (1) | $ | (35,602 | ) | $ | (35,602 | ) | $ | — | $ | — | ||||||
Interest rate swaps (Note 5) (2) | (1,789 | ) | — | (1,789 | ) | — | ||||||||||
Total liabilities at fair value | $ | (37,391 | ) | $ | (35,602 | ) | $ | (1,789 | ) | $ | — | |||||
____________________________ | ||||||||||||||||
-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 our debt instruments are based on the amount of future cash flows associated with each instrument discounted using our borrowing rate. At April 12, 2015, 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 April 12, 2015. | ||||||||||||||||
Non-financial assets and liabilities — Our 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 2015, no material fair value adjustments were required. Refer to Note 6, Impairment and Other Charges, Net for additional information regarding impairment charges. |
Derivative_Instruments
Derivative Instruments | 6 Months Ended | |||||||||||||||||
Apr. 12, 2015 | ||||||||||||||||||
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 converted $100.0 million of our variable rate term loan borrowings to a fixed-rate basis from September 2011 through September 2014. In April 2014, we entered into nine forward-starting interest rate swap agreements that effectively convert $300.0 million of our variable rate borrowings to a fixed rate basis from October 2014 through October 2018. These agreements have been designated as cash flow hedges under the terms of the FASB authoritative guidance for derivatives and hedging. To the extent that they are effective in offsetting the variability of the hedged cash flows, changes in the fair values of the derivatives are not included in earnings, but are included in other comprehensive income (“OCI”). These changes in fair value are subsequently reclassified into net earnings as a component of interest expense as the hedged interest payments are made on our term debt. | ||||||||||||||||||
Financial position — The following derivative instruments were outstanding as of the end of each period (in thousands): | ||||||||||||||||||
April 12, 2015 | September 28, 2014 | |||||||||||||||||
Balance | Fair | Balance | Fair | |||||||||||||||
Sheet | Value | Sheet | Value | |||||||||||||||
Location | Location | |||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Interest rate swaps (Note 4) | Accrued | $ | (7,366 | ) | Accrued | $ | (1,789 | ) | ||||||||||
liabilities | liabilities | |||||||||||||||||
Total derivatives | $ | (7,366 | ) | $ | (1,789 | ) | ||||||||||||
Financial performance — The following is a summary of the OCI activity related to our interest rate swap derivative instruments (in thousands): | ||||||||||||||||||
Location of Loss in Income | Quarter | Year-to-date | ||||||||||||||||
April 12, | April 13, | April 12, | April 13, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Gain (loss) recognized in OCI | N/A | $ | 86 | $ | (31 | ) | $ | (6,672 | ) | $ | (85 | ) | ||||||
Loss reclassified from accumulated OCI into net earnings | Interest | $ | (468 | ) | $ | (322 | ) | $ | (1,095 | ) | $ | (748 | ) | |||||
expense, | ||||||||||||||||||
net | ||||||||||||||||||
Amounts reclassified from accumulated OCI into interest expense represent payments made to the counterparties 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 | 6 Months Ended | |||||||||||||||
Apr. 12, 2015 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Schedule of Impairment and Other Charges Net [Text Block] | Impairment and other charges, net in the accompanying condensed consolidated statements of earnings is comprised of the following (in thousands): | |||||||||||||||
Quarter | Year-to-date | |||||||||||||||
April 12, | April 13, | April 12, | April 13, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Accelerated depreciation | $ | 1,387 | $ | 487 | $ | 2,139 | $ | 1,151 | ||||||||
Restaurant impairment charges | 27 | 85 | 41 | 180 | ||||||||||||
(Gains) losses on the disposition of property and equipment, net | (269 | ) | 262 | 352 | 550 | |||||||||||
Costs of closed restaurants (primarily lease obligations) and other | 973 | 731 | 1,759 | 1,295 | ||||||||||||
Restructuring costs | 12 | 7,491 | 19 | 7,789 | ||||||||||||
$ | 2,130 | $ | 9,056 | $ | 4,310 | $ | 10,965 | |||||||||
Income_Taxes
Income Taxes | 6 Months Ended | |
Apr. 12, 2015 | ||
Income Tax Disclosure [Abstract] | ||
Income Taxes | ||
INCOME TAXES | ||
The income tax provisions reflect tax rates of 37.9% in the quarter and 36.8% year-to-date in 2015, compared with 36.1% and 36.9%, respectively, a year ago. The quarter tax rates reflect the timing of the benefit recognized from the reenactment of the Work Opportunity Tax Credit and the benefit of the market performance of insurance products used to fund certain non-qualified retirement plans which are excluded from taxable income. The final annual tax rate cannot be determined until the end of the fiscal year; therefore, the actual 2015 rate could differ from our current estimates. |
Retirement_Plans
Retirement Plans | 6 Months Ended | |||||||||||||||
Apr. 12, 2015 | ||||||||||||||||
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 Jack in the Box 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 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): | ||||||||||||||||
Quarter | Year-to-date | |||||||||||||||
April 12, | April 13, | April 12, | April 13, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Defined benefit pension plans: | ||||||||||||||||
Service cost | $ | 1,908 | $ | 1,875 | $ | 4,452 | $ | 4,374 | ||||||||
Interest cost | 5,237 | 5,364 | 12,220 | 12,516 | ||||||||||||
Expected return on plan assets | (5,370 | ) | (5,652 | ) | (12,531 | ) | (13,188 | ) | ||||||||
Actuarial loss | 2,172 | 1,024 | 5,068 | 2,388 | ||||||||||||
Amortization of unrecognized prior service costs | 62 | 62 | 145 | 145 | ||||||||||||
Net periodic benefit cost | $ | 4,009 | $ | 2,673 | $ | 9,354 | $ | 6,235 | ||||||||
Postretirement healthcare plans: | ||||||||||||||||
Interest cost | $ | 276 | $ | 379 | $ | 644 | $ | 883 | ||||||||
Actuarial loss | 42 | 125 | 98 | 292 | ||||||||||||
Net periodic benefit cost | $ | 318 | $ | 504 | $ | 742 | $ | 1,175 | ||||||||
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 2015 contributions are as follows (in thousands): | ||||||||||||||||
Defined Benefit | Postretirement | |||||||||||||||
Pension Plans | Healthcare Plans | |||||||||||||||
Net year-to-date contributions | $ | 7,543 | $ | 570 | ||||||||||||
Remaining estimated net contributions during fiscal 2015 | $ | 17,000 | $ | 700 | ||||||||||||
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 | 6 Months Ended | |||||||||||||||
Apr. 12, 2015 | ||||||||||||||||
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 fiscal 2015, we granted the following shares related to our share-based compensation awards: | ||||||||||||||||
Stock options | 123,042 | |||||||||||||||
Performance share awards | 40,594 | |||||||||||||||
Nonvested stock units | 93,570 | |||||||||||||||
The components of share-based compensation expense recognized in each period are as follows (in thousands): | ||||||||||||||||
Quarter | Year-to-date | |||||||||||||||
April 12, | April 13, | April 12, | April 13, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Stock options | $ | 555 | $ | 489 | $ | 1,554 | $ | 1,778 | ||||||||
Performance share awards | 991 | 999 | 2,072 | 2,496 | ||||||||||||
Nonvested stock awards | 35 | 45 | 96 | 218 | ||||||||||||
Nonvested stock units | 1,638 | 796 | 3,382 | 1,638 | ||||||||||||
Deferred compensation for non-management directors | 263 | 218 | 263 | 218 | ||||||||||||
Total share-based compensation expense | $ | 3,482 | $ | 2,547 | $ | 7,367 | $ | 6,348 | ||||||||
Stockholders_Equity
Stockholders' Equity | 6 Months Ended |
Apr. 12, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY |
Repurchases of common stock — In February 2014 and July 2014, the Board of Directors approved two programs, both expiring in November 2015, which provided repurchase authorizations for up to $200.0 million and $100.0 million, respectively, in shares of our common stock. Additionally, in November 2014, the Board of Directors approved another $100.0 million stock buyback program that expires in November 2016. During fiscal 2015, we repurchased 2.08 million shares at an aggregate cost of $176.6 million and fully utilized the February and July 2014 authorizations. As of April 12, 2015, there was $40.5 million remaining under our November 2014 stock-buyback program which expires in November 2016. | |
Repurchases of common stock included in our condensed consolidated statements of cash flows for 2015 and 2014 include $3.1 million and $7.3 million, respectively, related to repurchase transactions traded in the prior fiscal year and settled in the subsequent quarter. Additionally, these cash flows exclude $5.6 million and $3.9 million related to repurchase transactions traded in the second quarter and settled in the third quarter of 2015 and 2014, respectively. | |
Dividends — During the third quarter of fiscal 2014, the Board of Directors approved the initiation of a regular quarterly cash dividend. In fiscal 2015, the Board of Directors declared two cash dividends of $0.20 per share each, which were paid to shareholders of record as of December 1, 2014 and March 6, 2015 and totaled $15.5 million. Future dividends are subject to approval by our Board of Directors. |
Average_Shares_Outstanding
Average Shares Outstanding | 6 Months Ended | |||||||||||
Apr. 12, 2015 | ||||||||||||
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 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): | ||||||||||||
Quarter | Year-to-date | |||||||||||
April 12, | April 13, | April 12, | April 13, | |||||||||
2015 | 2014 | 2015 | 2014 | |||||||||
Weighted-average shares outstanding – basic | 37,970 | 41,464 | 38,353 | 42,018 | ||||||||
Effect of potentially dilutive securities: | ||||||||||||
Stock options | 246 | 640 | 337 | 725 | ||||||||
Nonvested stock awards and units | 190 | 243 | 195 | 318 | ||||||||
Performance share awards | 160 | 285 | 154 | 275 | ||||||||
Weighted-average shares outstanding – diluted | 38,566 | 42,632 | 39,039 | 43,336 | ||||||||
Excluded from diluted weighted-average shares outstanding: | ||||||||||||
Antidilutive | — | 185 | 78 | 152 | ||||||||
Performance conditions not satisfied at the end of the period | 6 | 20 | 14 | 30 | ||||||||
Variable_Interest_Entities
Variable Interest Entities | 6 Months Ended | |||||||
Apr. 12, 2015 | ||||||||
Variable Interest Entities ("VIEs") [Abstract] | ||||||||
Variable Interest Entity Disclosure [Text Block] | ||||||||
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 April 12, 2015, 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 we are 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 we are the primary beneficiary and the entity is reflected in the accompanying condensed consolidated financial statements. | ||||||||
FFE’s assets consolidated by us represent assets that can be used only to settle obligations of the consolidated VIE. Likewise, FFE’s liabilities consolidated by us do not represent additional claims on our general assets; rather they represent claims against the specific assets of FFE. The impacts of FFE’s results were not material to our condensed consolidated statements of earnings. | ||||||||
The FFE’s balance sheet consisted of the following at the end of each period (in thousands): | ||||||||
April 12, | September 28, | |||||||
2015 | 2014 | |||||||
Cash | $ | — | $ | — | ||||
Other current assets (1) | 1,072 | 2,494 | ||||||
Other assets, net (1) | 2,539 | 5,776 | ||||||
Total assets | $ | 3,611 | $ | 8,270 | ||||
Current liabilities (2) | $ | 1,203 | $ | 2,833 | ||||
Other long-term liabilities (2) | 2,276 | 5,367 | ||||||
Retained earnings | 132 | 70 | ||||||
Total liabilities and stockholders’ equity | $ | 3,611 | $ | 8,270 | ||||
____________________________ | ||||||||
-1 | Consists primarily of amounts due from franchisees. | |||||||
-2 | Consists primarily of the capital note contribution from Jack in the Box which is eliminated in consolidation. | |||||||
In 2015, we received $3.9 million of early prepayments on notes receivable due from franchisees, which increased our cash flows from investing activities in the year-to-date period. | ||||||||
Our maximum exposure to loss is equal to its outstanding contributions as of April 12, 2015. 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 our variable interest in FFE, we hold a security interest in the assets of FFE subordinate and junior to all other obligations of FFE. | ||||||||
Variable Interest Entities | The FFE’s balance sheet consisted of the following at the end of each period (in thousands): | |||||||
April 12, | September 28, | |||||||
2015 | 2014 | |||||||
Cash | $ | — | $ | — | ||||
Other current assets (1) | 1,072 | 2,494 | ||||||
Other assets, net (1) | 2,539 | 5,776 | ||||||
Total assets | $ | 3,611 | $ | 8,270 | ||||
Current liabilities (2) | $ | 1,203 | $ | 2,833 | ||||
Other long-term liabilities (2) | 2,276 | 5,367 | ||||||
Retained earnings | 132 | 70 | ||||||
Total liabilities and stockholders’ equity | $ | 3,611 | $ | 8,270 | ||||
____________________________ | ||||||||
-1 | Consists primarily of amounts due from franchisees. | |||||||
-2 | Consists primarily of the capital note contribution from Jack in the Box which is eliminated in consolidation. |
Contingencies_and_Legal_Matter
Contingencies and Legal Matters | 6 Months Ended |
Apr. 12, 2015 | |
Legal Matters and Contingencies [Abstract] | |
Legal Matters and Contingencies [Text Block] | 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 or financial exposure. We regularly review 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 and Oregon wage and hour laws. The plaintiffs alleged 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 2014, the district court granted our motion for summary judgment, and dismissed all claims without prejudice to re-filing in state court. In July 2014, the plaintiffs re-filed similar claims, and additional claims relating to timing of final pay and related wage and hour claims involving employees of a franchisee, in Oregon state court. The amended complaint seeks damages of $45.0 million but does not provide a basis for that amount. In fiscal 2012, we accrued 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. We have not established a loss contingency accrual for those claims as to which we believe liability is not probable or estimable, and we plan to vigorously defend against this lawsuit. Nonetheless, an unfavorable resolution of this matter in excess of our current accrued loss contingencies 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, we are subject to normal and routine litigation brought by former, current or prospective employees, customers, franchisees, vendors, landlords, shareholders or others, whether individually, collectively or on behalf of a proposed class. We intend to defend ourselves in any such matters. 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. As of April 12, 2015, our estimated liability for general liability and workers’ compensation claims exceeded our self-insurance retention limits by $24.6 million. We expect to be fully covered for these amounts by surety bond issuers or our insurance providers. Although we currently believe 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, our 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. | |
Lease guarantees — In connection with the sale of the Jack in the Box 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, we remain secondarily liable for the lease payments for which we were responsible under the original lease. As of April 12, 2015, the amount remaining under these lease guarantees totaled $1.5 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 | 6 Months Ended | |||||||||||||||
Apr. 12, 2015 | ||||||||||||||||
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. This segment reporting structure reflects our current management structure, internal reporting method and financial information used in deciding how to allocate our resources. Based upon certain quantitative thresholds, each operating segment is considered a reportable segment. | ||||||||||||||||
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. The following table provides information related to our segments in each period (in thousands): | ||||||||||||||||
Quarter | Year-to-date | |||||||||||||||
April 12, | April 13, | April 12, | April 13, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenues by segment: | ||||||||||||||||
Jack in the Box restaurant operations | $ | 269,444 | $ | 260,089 | $ | 621,395 | $ | 609,912 | ||||||||
Qdoba restaurant operations | 88,678 | 80,781 | 205,348 | 181,040 | ||||||||||||
Consolidated revenues | $ | 358,122 | $ | 340,870 | $ | 826,743 | $ | 790,952 | ||||||||
Earnings from operations by segment: | ||||||||||||||||
Jack in the Box restaurant operations | $ | 64,313 | $ | 53,617 | $ | 145,168 | $ | 129,920 | ||||||||
Qdoba restaurant operations | 8,778 | 7,105 | 23,460 | 16,713 | ||||||||||||
Shared services and unallocated costs | (26,203 | ) | (29,600 | ) | (59,354 | ) | (58,768 | ) | ||||||||
(Losses) gains on the sale of company-operated restaurants | (5,020 | ) | 1,757 | (4,170 | ) | 2,218 | ||||||||||
Consolidated earnings from operations | 41,868 | 32,879 | 105,104 | 90,083 | ||||||||||||
Interest expense, net | 4,220 | 4,311 | 9,433 | 8,853 | ||||||||||||
Consolidated earnings from continuing operations and before income taxes | $ | 37,648 | $ | 28,568 | $ | 95,671 | $ | 81,230 | ||||||||
Total depreciation expense by segment: | ||||||||||||||||
Jack in the Box restaurant operations | $ | 14,699 | $ | 15,418 | $ | 34,314 | $ | 36,269 | ||||||||
Qdoba restaurant operations | 1,612 | 3,906 | 3,872 | 9,136 | ||||||||||||
Shared services and unallocated costs | 4,035 | 1,785 | 9,315 | 3,924 | ||||||||||||
Consolidated depreciation expense | $ | 20,346 | $ | 21,109 | $ | 47,501 | $ | 49,329 | ||||||||
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 28, 2014 | $ | 100,597 | $ | 48,477 | $ | 149,074 | ||||||||||
Disposals | — | (32 | ) | (32 | ) | |||||||||||
Balance at April 12, 2015 | $ | 100,597 | $ | 48,445 | $ | 149,042 | ||||||||||
Refer to Note 3, Summary of Refranchisings, Franchisee Development and Acquisitions, for information regarding the transactions resulting in the changes in goodwill. |
Supplemental_Consolidated_Cash
Supplemental Consolidated Cash Flow Information | 6 Months Ended | |||||||
Apr. 12, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Consolidated Cash Flow Information | SUPPLEMENTAL CONSOLIDATED CASH FLOW INFORMATION (in thousands) | |||||||
Year-to-date | ||||||||
April 12, | April 13, | |||||||
2015 | 2014 | |||||||
Cash paid during the year for: | ||||||||
Interest, net of amounts capitalized | $ | 9,166 | $ | 9,114 | ||||
Income tax payments | $ | 1,087 | $ | 28,701 | ||||
Non-cash transactions: | ||||||||
Increase in dividends accrued at period end | $ | 70 | $ | — | ||||
Increase in property and equipment through accrued purchases at period end | $ | 5,395 | $ | 9,070 | ||||
Supplemental_Consolidated_Bala
Supplemental Consolidated Balance Sheet Information | 6 Months Ended | |||||||
Apr. 12, 2015 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||
Supplemental Consolidated Balance Sheet Information | SUPPLEMENTAL CONSOLIDATED BALANCE SHEET INFORMATION (in thousands) | |||||||
April 12, | September 28, | |||||||
2015 | 2014 | |||||||
Prepaid expenses: | ||||||||
Prepaid income taxes | $ | 13,493 | $ | 27,956 | ||||
Prepaid rent | 8,961 | 178 | ||||||
Other | 6,994 | 8,180 | ||||||
$ | 29,448 | $ | 36,314 | |||||
Other assets, net: | ||||||||
Company-owned life insurance policies | $ | 104,388 | $ | 100,753 | ||||
Deferred tax assets | 48,953 | 50,807 | ||||||
Other | 83,376 | 85,738 | ||||||
$ | 236,717 | $ | 237,298 | |||||
Accrued liabilities: | ||||||||
Payroll and related taxes | $ | 49,404 | $ | 54,905 | ||||
Insurance | 33,569 | 34,834 | ||||||
Advertising | 17,029 | 21,452 | ||||||
Deferred rent income | 11,044 | 2,432 | ||||||
Lease commitments related to closed or refranchised locations | 10,383 | 10,258 | ||||||
Sales and property taxes | 8,958 | 11,760 | ||||||
Other | 29,246 | 27,985 | ||||||
$ | 159,633 | $ | 163,626 | |||||
Other long-term liabilities: | ||||||||
Pension plans | $ | 140,436 | $ | 143,838 | ||||
Straight-line rent accrual | 47,052 | 48,835 | ||||||
Other | 119,945 | 116,762 | ||||||
$ | 307,433 | $ | 309,435 | |||||
Subsequent_Events
Subsequent Events | 6 Months Ended |
Apr. 12, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS |
Declaration of dividend — On May 7, 2015, the Board of Directors declared a cash dividend of $0.30 per share, to be paid on June 12, 2015 to shareholders of record as of the close of business on June 1, 2015. Future dividends will be subject to approval by our Board of Directors. | |
On May 7, 2015, the Board of Directors authorized an additional $100.0 million stock-buyback program that expires in November 2016. |
Basis_Of_Presentation_Policy
Basis Of Presentation (Policy) | 6 Months Ended |
Apr. 12, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncement, Early Adoption [Table Text Block] | Effect of new accounting pronouncements — In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which modifies the definition of discontinued operations to include only disposals of an entity that represent strategic shifts that have or will have a major effect on an entity's operations and financial results. This ASU also expands the disclosure requirements for disposals which meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. The standard is effective prospectively for annual and interim periods beginning after December 15, 2014, with early adoption permitted. We early adopted this standard on September 29, 2014. This pronouncement did not have a material impact on our condensed consolidated financial statements. |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which provides a comprehensive new revenue recognition model that requires a company to recognize revenue in an amount that reflects the consideration it expects to receive for the transfer of promised goods or services to its customers. The standard also requires additional disclosure regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This ASU is effective for annual periods and interim periods beginning after December 15, 2016. The ASU is to be applied retrospectively or using a cumulative effect transition method and early adoption is not permitted. In April 2015, the FASB proposed a deferral of this ASU's effective date by one year, to December 15, 2017. The proposed deferral allows early adoption at the original effective date. We are currently evaluating the effect that this pronouncement will have on our consolidated financial statements and related disclosures. | |
In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments when the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, which requires a reporting entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. This standard is to be applied prospectively for annual and interim periods beginning after December 15, 2015, with early adoption permitted. We early adopted this standard on September 29, 2014. This pronouncement did not have a material impact on our condensed consolidated financial statements. | |
In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which changes the presentation of debt issuance costs in financial statements. Under this ASU, an entity presents such costs on the balance sheet as a direct deduction from the related debt liability rather than as an asset. This new standard is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, with early adoption permitted. We do not plan to adopt this standard early and do not expect that it will have a material impact on our consolidated financial statements or disclosures upon adoption. | |
In April 2015, the FASB issued ASU 2015-04, Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets, which provides a practical expedient that permits a company to measure defined benefit plan assets and obligations using the month-end date that is closest to the company's fiscal year-end and apply that practical expedient consistently from year to year. The practical expedient should be applied consistently to all plans if the company has more than one plan. This ASU is effective prospectively for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. We do not expect this standard to have a material impact our consolidated financial statements upon adoption | |
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 2013 Qdoba Closures 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 28, 2014. The accounting policies used in preparing these condensed consolidated financial statements are the same as those described in our Form 10-K with the exception of new accounting pronouncements adopted in fiscal 2015 which are described below. | |
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. |
Reclassification, Policy [Policy Text Block] | Reclassifications and adjustments — Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform to the fiscal 2015 presentation. |
Fiscal year | Fiscal year — Our fiscal year is 52 or 53 weeks ending the Sunday closest to September 30. Fiscal years 2015 and 2014 include 52 weeks. Our first quarter includes 16 weeks and all other quarters include 12 weeks. All comparisons between 2015 and 2014 refer to the 12-weeks (“quarter”) and 28-weeks (“year-to-date”) ended April 12, 2015 and April 13, 2014, 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) | 6 Months Ended | |||||||||||||||
Apr. 12, 2015 | ||||||||||||||||
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: | |||||||||||||||
April 12, | April 13, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Jack in the Box: | ||||||||||||||||
Company-operated | 412 | 455 | ||||||||||||||
Franchise | 1,836 | 1,799 | ||||||||||||||
Total system | 2,248 | 2,254 | ||||||||||||||
Qdoba: | ||||||||||||||||
Company-operated | 310 | 303 | ||||||||||||||
Franchise | 334 | 323 | ||||||||||||||
Total system | 644 | 626 | ||||||||||||||
The following is a summary of the number of restaurants sold to franchisees, number of restaurants developed by franchisees and the related gains or losses and fees recognized (dollars in thousands): | ||||||||||||||||
Quarter | Year-to-date | |||||||||||||||
April 12, | April 13, | April 12, | April 13, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Restaurants sold to Jack in the Box franchisees | 20 | 14 | 21 | 14 | ||||||||||||
New restaurants opened by franchisees | 10 | 6 | 22 | 19 | ||||||||||||
Initial franchise fees | $ | 608 | $ | 755 | $ | 983 | $ | 1,154 | ||||||||
Proceeds from the sale of company-operated restaurants (1) | $ | 1,456 | $ | 7,374 | $ | 2,630 | $ | 7,842 | ||||||||
Net assets sold (primarily property and equipment) | (1,945 | ) | (2,240 | ) | (2,434 | ) | (2,240 | ) | ||||||||
Goodwill related to the sale of company-operated restaurants | (16 | ) | (120 | ) | (32 | ) | (129 | ) | ||||||||
Other (2) | (4,515 | ) | (142 | ) | (4,334 | ) | (140 | ) | ||||||||
(Losses) gains on the sale of company-operated restaurants | $ | (5,020 | ) | $ | 4,872 | $ | (4,170 | ) | $ | 5,333 | ||||||
Losses on expected sale of Jack in the box company-operated markets (3) | — | (3,115 | ) | — | (3,115 | ) | ||||||||||
Total (losses) gains on the sale of company-operated restaurants | $ | (5,020 | ) | $ | 1,757 | $ | (4,170 | ) | $ | 2,218 | ||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | |||||||||||||||
Apr. 12, 2015 | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Schedule of Restructuring and Related Costs | Restructuring costs — Since the beginning of 2012, we have been engaged in efforts to improve our cost structure and identify opportunities to reduce general and administrative expenses as well as improve profitability across both brands. The following is a summary of the costs incurred in connection with these activities (in thousands): | |||||||||||||||
Quarter | Year-to-date | |||||||||||||||
April 12, | April 13, | April 12, | April 13, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Severance costs | $ | 12 | $ | 1,098 | $ | 19 | $ | 1,396 | ||||||||
Other | — | 6,393 | — | 6,393 | ||||||||||||
$ | 12 | $ | 7,491 | $ | 19 | $ | 7,789 | |||||||||
In 2014, other costs represent a $6.4 million impairment charge recognized in the second quarter of fiscal 2014 related to a restaurant software asset we no longer planned to place in service as we integrate certain systems across both of our brands. We may incur additional charges related to our restructuring activities; however, we are unable to make a reasonable estimate at this time. | ||||||||||||||||
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 changed as follows in 2015 (in thousands): | |||||||||||||||
Year-to-date | ||||||||||||||||
Balance as of September 28, 2014 | $ | 5,737 | ||||||||||||||
Adjustments | 2,185 | |||||||||||||||
Cash payments | (4,060 | ) | ||||||||||||||
Balance as of April 12, 2015 | $ | 3,862 | ||||||||||||||
Summary_Of_Refranchisings_Fran1
Summary Of Refranchisings, Franchisee Development And Acquisitions (Tables) | 6 Months Ended | |||||||||||||||
Apr. 12, 2015 | ||||||||||||||||
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: | |||||||||||||||
April 12, | April 13, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Jack in the Box: | ||||||||||||||||
Company-operated | 412 | 455 | ||||||||||||||
Franchise | 1,836 | 1,799 | ||||||||||||||
Total system | 2,248 | 2,254 | ||||||||||||||
Qdoba: | ||||||||||||||||
Company-operated | 310 | 303 | ||||||||||||||
Franchise | 334 | 323 | ||||||||||||||
Total system | 644 | 626 | ||||||||||||||
The following is a summary of the number of restaurants sold to franchisees, number of restaurants developed by franchisees and the related gains or losses and fees recognized (dollars in thousands): | ||||||||||||||||
Quarter | Year-to-date | |||||||||||||||
April 12, | April 13, | April 12, | April 13, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Restaurants sold to Jack in the Box franchisees | 20 | 14 | 21 | 14 | ||||||||||||
New restaurants opened by franchisees | 10 | 6 | 22 | 19 | ||||||||||||
Initial franchise fees | $ | 608 | $ | 755 | $ | 983 | $ | 1,154 | ||||||||
Proceeds from the sale of company-operated restaurants (1) | $ | 1,456 | $ | 7,374 | $ | 2,630 | $ | 7,842 | ||||||||
Net assets sold (primarily property and equipment) | (1,945 | ) | (2,240 | ) | (2,434 | ) | (2,240 | ) | ||||||||
Goodwill related to the sale of company-operated restaurants | (16 | ) | (120 | ) | (32 | ) | (129 | ) | ||||||||
Other (2) | (4,515 | ) | (142 | ) | (4,334 | ) | (140 | ) | ||||||||
(Losses) gains on the sale of company-operated restaurants | $ | (5,020 | ) | $ | 4,872 | $ | (4,170 | ) | $ | 5,333 | ||||||
Losses on expected sale of Jack in the box company-operated markets (3) | — | (3,115 | ) | — | (3,115 | ) | ||||||||||
Total (losses) gains on the sale of company-operated restaurants | $ | (5,020 | ) | $ | 1,757 | $ | (4,170 | ) | $ | 2,218 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||
Apr. 12, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
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 April 12, 2015: | ||||||||||||||||
Non-qualified deferred compensation plan (1) | $ | (37,701 | ) | $ | (37,701 | ) | $ | — | $ | — | ||||||
Interest rate swaps (Note 5) (2) | (7,366 | ) | — | (7,366 | ) | — | ||||||||||
Total liabilities at fair value | $ | (45,067 | ) | $ | (37,701 | ) | $ | (7,366 | ) | $ | — | |||||
Fair value measurements as of September 28, 2014: | ||||||||||||||||
Non-qualified deferred compensation plan (1) | $ | (35,602 | ) | $ | (35,602 | ) | $ | — | $ | — | ||||||
Interest rate swaps (Note 5) (2) | (1,789 | ) | — | (1,789 | ) | — | ||||||||||
Total liabilities at fair value | $ | (37,391 | ) | $ | (35,602 | ) | $ | (1,789 | ) | $ | — | |||||
____________________________ | ||||||||||||||||
-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 our debt instruments are based on the amount of future cash flows associated with each instrument discounted using our borrowing rate. At April 12, 2015, 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 April 12, 2015 |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 6 Months Ended | |||||||||||||||||
Apr. 12, 2015 | ||||||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ||||||||||||||||||
Derivative Instruments Outstanding | The following derivative instruments were outstanding as of the end of each period (in thousands): | |||||||||||||||||
April 12, 2015 | September 28, 2014 | |||||||||||||||||
Balance | Fair | Balance | Fair | |||||||||||||||
Sheet | Value | Sheet | Value | |||||||||||||||
Location | Location | |||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Interest rate swaps (Note 4) | Accrued | $ | (7,366 | ) | Accrued | $ | (1,789 | ) | ||||||||||
liabilities | liabilities | |||||||||||||||||
Total derivatives | $ | (7,366 | ) | $ | (1,789 | ) | ||||||||||||
Gains Or Losses Recognized On Interest Rate Swap Derivative Instruments | The following is a summary of the OCI activity related to our interest rate swap derivative instruments (in thousands): | |||||||||||||||||
Location of Loss in Income | Quarter | Year-to-date | ||||||||||||||||
April 12, | April 13, | April 12, | April 13, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Gain (loss) recognized in OCI | N/A | $ | 86 | $ | (31 | ) | $ | (6,672 | ) | $ | (85 | ) | ||||||
Loss reclassified from accumulated OCI into net earnings | Interest | $ | (468 | ) | $ | (322 | ) | $ | (1,095 | ) | $ | (748 | ) | |||||
expense, | ||||||||||||||||||
net | ||||||||||||||||||
Amounts reclassified from accumulated OCI into interest expense represent payments made to the counterparties for the effective portions of the interest rate swaps. During the periods presented, our interest rate swaps had no hedge ineffectiveness. |
Impairment_Disposition_Of_Prop1
Impairment, Disposition Of Property And Equipment, Restaurant Closing Costs And Restructuring (Tables) | 6 Months Ended | |||||||||||||||
Apr. 12, 2015 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Impairment Disposition Of Property And Equipment, Restaurant Closing Costs And Resturcturing | ||||||||||||||||
IMPAIRMENT AND OTHER CHARGES, NET | ||||||||||||||||
Impairment and other charges, net in the accompanying condensed consolidated statements of earnings is comprised of the following (in thousands): | ||||||||||||||||
Quarter | Year-to-date | |||||||||||||||
April 12, | April 13, | April 12, | April 13, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Accelerated depreciation | $ | 1,387 | $ | 487 | $ | 2,139 | $ | 1,151 | ||||||||
Restaurant impairment charges | 27 | 85 | 41 | 180 | ||||||||||||
(Gains) losses on the disposition of property and equipment, net | (269 | ) | 262 | 352 | 550 | |||||||||||
Costs of closed restaurants (primarily lease obligations) and other | 973 | 731 | 1,759 | 1,295 | ||||||||||||
Restructuring costs | 12 | 7,491 | 19 | 7,789 | ||||||||||||
$ | 2,130 | $ | 9,056 | $ | 4,310 | $ | 10,965 | |||||||||
Accelerated depreciation — When a long-lived asset will be replaced or otherwise disposed of prior to the end of its estimated useful life, the useful life of the asset is adjusted based on the estimated disposal date and accelerated depreciation is recognized. Accelerated depreciation primarily relates to expenses at our Jack in the Box company restaurants for the replacement of technology and beverage equipment in 2015 and restaurant facility enhancement programs in 2014. | ||||||||||||||||
Impairment charges — 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 all periods include charges for restaurants we intend to or have closed. | ||||||||||||||||
Disposition of property and equipment — Disposal costs primarily relate to gains or losses recognized upon the sale of closed restaurant properties. In 2015, losses on the disposition of property and equipment includes a gain of $0.9 million from the resolution of one eminent domain matter involving a Jack in the Box restaurant. | ||||||||||||||||
Costs of closed restaurants — Costs of closed restaurants primarily consists of future lease commitments, net of anticipated sublease rentals and expected ancillary costs. Accrued restaurant closing costs, included in accrued liabilities and other long-term liabilities, changed as follows in 2015 (in thousands): | ||||||||||||||||
Year-to-date | ||||||||||||||||
Balance as of September 28, 2014 | $ | 13,173 | ||||||||||||||
Adjustments (1) | 1,427 | |||||||||||||||
Cash payments | (3,319 | ) | ||||||||||||||
Balance as of April 12, 2015 | $ | 11,281 | ||||||||||||||
___________________________ | ||||||||||||||||
(1) Adjustments relate primarily 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 efforts to improve our cost structure and identify opportunities to reduce general and administrative expenses as well as improve profitability across both brands. The following is a summary of the costs incurred in connection with these activities (in thousands): | ||||||||||||||||
Quarter | Year-to-date | |||||||||||||||
April 12, | April 13, | April 12, | April 13, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Severance costs | $ | 12 | $ | 1,098 | $ | 19 | $ | 1,396 | ||||||||
Other | — | 6,393 | — | 6,393 | ||||||||||||
$ | 12 | $ | 7,491 | $ | 19 | $ | 7,789 | |||||||||
In 2014, other costs represent a $6.4 million impairment charge recognized in the second quarter of fiscal 2014 related to a restaurant software asset we no longer planned to place in service as we integrate certain systems across both of our brands. We may incur additional charges related to our restructuring activities; however, we are unable to make a reasonable estimate at this time. | ||||||||||||||||
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): | |||||||||||||||
Quarter | Year-to-date | |||||||||||||||
April 12, | April 13, | April 12, | April 13, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Accelerated depreciation | $ | 1,387 | $ | 487 | $ | 2,139 | $ | 1,151 | ||||||||
Restaurant impairment charges | 27 | 85 | 41 | 180 | ||||||||||||
(Gains) losses on the disposition of property and equipment, net | (269 | ) | 262 | 352 | 550 | |||||||||||
Costs of closed restaurants (primarily lease obligations) and other | 973 | 731 | 1,759 | 1,295 | ||||||||||||
Restructuring costs | 12 | 7,491 | 19 | 7,789 | ||||||||||||
$ | 2,130 | $ | 9,056 | $ | 4,310 | $ | 10,965 | |||||||||
Schedule of Restructuring and Related Costs | Restructuring costs — Since the beginning of 2012, we have been engaged in efforts to improve our cost structure and identify opportunities to reduce general and administrative expenses as well as improve profitability across both brands. The following is a summary of the costs incurred in connection with these activities (in thousands): | |||||||||||||||
Quarter | Year-to-date | |||||||||||||||
April 12, | April 13, | April 12, | April 13, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Severance costs | $ | 12 | $ | 1,098 | $ | 19 | $ | 1,396 | ||||||||
Other | — | 6,393 | — | 6,393 | ||||||||||||
$ | 12 | $ | 7,491 | $ | 19 | $ | 7,789 | |||||||||
In 2014, other costs represent a $6.4 million impairment charge recognized in the second quarter of fiscal 2014 related to a restaurant software asset we no longer planned to place in service as we integrate certain systems across both of our brands. We may incur additional charges related to our restructuring activities; however, we are unable to make a reasonable estimate at this time. | ||||||||||||||||
Contract Termination [Member] | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restaurant Closing Costs | Costs of closed restaurants — Costs of closed restaurants primarily consists of future lease commitments, net of anticipated sublease rentals and expected ancillary costs. Accrued restaurant closing costs, included in accrued liabilities and other long-term liabilities, changed as follows in 2015 (in thousands): | |||||||||||||||
Year-to-date | ||||||||||||||||
Balance as of September 28, 2014 | $ | 13,173 | ||||||||||||||
Adjustments (1) | 1,427 | |||||||||||||||
Cash payments | (3,319 | ) | ||||||||||||||
Balance as of April 12, 2015 | $ | 11,281 | ||||||||||||||
___________________________ | ||||||||||||||||
(1) Adjustments relate primarily 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 changed as follows in 2015 (in thousands): | |||||||||||||||
Year-to-date | ||||||||||||||||
Balance as of September 28, 2014 | $ | 5,737 | ||||||||||||||
Adjustments | 2,185 | |||||||||||||||
Cash payments | (4,060 | ) | ||||||||||||||
Balance as of April 12, 2015 | $ | 3,862 | ||||||||||||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 6 Months Ended | |||||||||||||||
Apr. 12, 2015 | ||||||||||||||||
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): | |||||||||||||||
Quarter | Year-to-date | |||||||||||||||
April 12, | April 13, | April 12, | April 13, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Defined benefit pension plans: | ||||||||||||||||
Service cost | $ | 1,908 | $ | 1,875 | $ | 4,452 | $ | 4,374 | ||||||||
Interest cost | 5,237 | 5,364 | 12,220 | 12,516 | ||||||||||||
Expected return on plan assets | (5,370 | ) | (5,652 | ) | (12,531 | ) | (13,188 | ) | ||||||||
Actuarial loss | 2,172 | 1,024 | 5,068 | 2,388 | ||||||||||||
Amortization of unrecognized prior service costs | 62 | 62 | 145 | 145 | ||||||||||||
Net periodic benefit cost | $ | 4,009 | $ | 2,673 | $ | 9,354 | $ | 6,235 | ||||||||
Postretirement healthcare plans: | ||||||||||||||||
Interest cost | $ | 276 | $ | 379 | $ | 644 | $ | 883 | ||||||||
Actuarial loss | 42 | 125 | 98 | 292 | ||||||||||||
Net periodic benefit cost | $ | 318 | $ | 504 | $ | 742 | $ | 1,175 | ||||||||
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 2015 contributions are as follows (in thousands): | |||||||||||||||
Defined Benefit | Postretirement | |||||||||||||||
Pension Plans | Healthcare Plans | |||||||||||||||
Net year-to-date contributions | $ | 7,543 | $ | 570 | ||||||||||||
Remaining estimated net contributions during fiscal 2015 | $ | 17,000 | $ | 700 | ||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | |||||||||||||||
Apr. 12, 2015 | ||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||
Schedule Of Share-Based Awards Granted | In fiscal 2015, we granted the following shares related to our share-based compensation awards: | |||||||||||||||
Stock options | 123,042 | |||||||||||||||
Performance share awards | 40,594 | |||||||||||||||
Nonvested stock units | 93,570 | |||||||||||||||
Components Of Share-Based Compensation Expense | The components of share-based compensation expense recognized in each period are as follows (in thousands): | |||||||||||||||
Quarter | Year-to-date | |||||||||||||||
April 12, | April 13, | April 12, | April 13, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Stock options | $ | 555 | $ | 489 | $ | 1,554 | $ | 1,778 | ||||||||
Performance share awards | 991 | 999 | 2,072 | 2,496 | ||||||||||||
Nonvested stock awards | 35 | 45 | 96 | 218 | ||||||||||||
Nonvested stock units | 1,638 | 796 | 3,382 | 1,638 | ||||||||||||
Deferred compensation for non-management directors | 263 | 218 | 263 | 218 | ||||||||||||
Total share-based compensation expense | $ | 3,482 | $ | 2,547 | $ | 7,367 | $ | 6,348 | ||||||||
Average_Shares_Outstanding_Tab
Average Shares Outstanding (Tables) | 6 Months Ended | |||||||||||
Apr. 12, 2015 | ||||||||||||
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): | |||||||||||
Quarter | Year-to-date | |||||||||||
April 12, | April 13, | April 12, | April 13, | |||||||||
2015 | 2014 | 2015 | 2014 | |||||||||
Weighted-average shares outstanding – basic | 37,970 | 41,464 | 38,353 | 42,018 | ||||||||
Effect of potentially dilutive securities: | ||||||||||||
Stock options | 246 | 640 | 337 | 725 | ||||||||
Nonvested stock awards and units | 190 | 243 | 195 | 318 | ||||||||
Performance share awards | 160 | 285 | 154 | 275 | ||||||||
Weighted-average shares outstanding – diluted | 38,566 | 42,632 | 39,039 | 43,336 | ||||||||
Excluded from diluted weighted-average shares outstanding: | ||||||||||||
Antidilutive | — | 185 | 78 | 152 | ||||||||
Performance conditions not satisfied at the end of the period | 6 | 20 | 14 | 30 | ||||||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 6 Months Ended | |||||||
Apr. 12, 2015 | ||||||||
Variable Interest Entities ("VIEs") [Abstract] | ||||||||
Components Of FFE's Balance Sheet | The FFE’s balance sheet consisted of the following at the end of each period (in thousands): | |||||||
April 12, | September 28, | |||||||
2015 | 2014 | |||||||
Cash | $ | — | $ | — | ||||
Other current assets (1) | 1,072 | 2,494 | ||||||
Other assets, net (1) | 2,539 | 5,776 | ||||||
Total assets | $ | 3,611 | $ | 8,270 | ||||
Current liabilities (2) | $ | 1,203 | $ | 2,833 | ||||
Other long-term liabilities (2) | 2,276 | 5,367 | ||||||
Retained earnings | 132 | 70 | ||||||
Total liabilities and stockholders’ equity | $ | 3,611 | $ | 8,270 | ||||
____________________________ | ||||||||
-1 | Consists primarily of amounts due from franchisees. | |||||||
-2 | Consists primarily of the capital note contribution from Jack in the Box which is eliminated in consolidation. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | |||||||||||||||
Apr. 12, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Summarized Financial Information Of Reportable Segments | ||||||||||||||||
Quarter | Year-to-date | |||||||||||||||
April 12, | April 13, | April 12, | April 13, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenues by segment: | ||||||||||||||||
Jack in the Box restaurant operations | $ | 269,444 | $ | 260,089 | $ | 621,395 | $ | 609,912 | ||||||||
Qdoba restaurant operations | 88,678 | 80,781 | 205,348 | 181,040 | ||||||||||||
Consolidated revenues | $ | 358,122 | $ | 340,870 | $ | 826,743 | $ | 790,952 | ||||||||
Earnings from operations by segment: | ||||||||||||||||
Jack in the Box restaurant operations | $ | 64,313 | $ | 53,617 | $ | 145,168 | $ | 129,920 | ||||||||
Qdoba restaurant operations | 8,778 | 7,105 | 23,460 | 16,713 | ||||||||||||
Shared services and unallocated costs | (26,203 | ) | (29,600 | ) | (59,354 | ) | (58,768 | ) | ||||||||
(Losses) gains on the sale of company-operated restaurants | (5,020 | ) | 1,757 | (4,170 | ) | 2,218 | ||||||||||
Consolidated earnings from operations | 41,868 | 32,879 | 105,104 | 90,083 | ||||||||||||
Interest expense, net | 4,220 | 4,311 | 9,433 | 8,853 | ||||||||||||
Consolidated earnings from continuing operations and before income taxes | $ | 37,648 | $ | 28,568 | $ | 95,671 | $ | 81,230 | ||||||||
Total depreciation expense by segment: | ||||||||||||||||
Jack in the Box restaurant operations | $ | 14,699 | $ | 15,418 | $ | 34,314 | $ | 36,269 | ||||||||
Qdoba restaurant operations | 1,612 | 3,906 | 3,872 | 9,136 | ||||||||||||
Shared services and unallocated costs | 4,035 | 1,785 | 9,315 | 3,924 | ||||||||||||
Consolidated depreciation expense | $ | 20,346 | $ | 21,109 | $ | 47,501 | $ | 49,329 | ||||||||
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 28, 2014 | $ | 100,597 | $ | 48,477 | $ | 149,074 | ||||||||||
Disposals | — | (32 | ) | (32 | ) | |||||||||||
Balance at April 12, 2015 | $ | 100,597 | $ | 48,445 | $ | 149,042 | ||||||||||
Supplemental_Consolidated_Cash1
Supplemental Consolidated Cash Flow Information (Tables) | 6 Months Ended | |||||||
Apr. 12, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Additional Information Related To Cash Flows | ||||||||
Year-to-date | ||||||||
April 12, | April 13, | |||||||
2015 | 2014 | |||||||
Cash paid during the year for: | ||||||||
Interest, net of amounts capitalized | $ | 9,166 | $ | 9,114 | ||||
Income tax payments | $ | 1,087 | $ | 28,701 | ||||
Non-cash transactions: | ||||||||
Increase in dividends accrued at period end | $ | 70 | $ | — | ||||
Increase in property and equipment through accrued purchases at period end | $ | 5,395 | $ | 9,070 | ||||
Supplemental_Consolidated_Bala1
Supplemental Consolidated Balance Sheet Information (Tables) | 6 Months Ended | |||||||
Apr. 12, 2015 | ||||||||
Supplemental Balance Sheet Disclosures [Line Items] | ||||||||
Schedule Of Supplemental Consolidated Balance Sheet Information | ||||||||
April 12, | September 28, | |||||||
2015 | 2014 | |||||||
Prepaid expenses: | ||||||||
Prepaid income taxes | $ | 13,493 | $ | 27,956 | ||||
Prepaid rent | 8,961 | 178 | ||||||
Other | 6,994 | 8,180 | ||||||
$ | 29,448 | $ | 36,314 | |||||
Other assets, net: | ||||||||
Company-owned life insurance policies | $ | 104,388 | $ | 100,753 | ||||
Deferred tax assets | 48,953 | 50,807 | ||||||
Other | 83,376 | 85,738 | ||||||
$ | 236,717 | $ | 237,298 | |||||
Accrued liabilities: | ||||||||
Payroll and related taxes | $ | 49,404 | $ | 54,905 | ||||
Insurance | 33,569 | 34,834 | ||||||
Advertising | 17,029 | 21,452 | ||||||
Deferred rent income | 11,044 | 2,432 | ||||||
Lease commitments related to closed or refranchised locations | 10,383 | 10,258 | ||||||
Sales and property taxes | 8,958 | 11,760 | ||||||
Other | 29,246 | 27,985 | ||||||
$ | 159,633 | $ | 163,626 | |||||
Other long-term liabilities: | ||||||||
Pension plans | $ | 140,436 | $ | 143,838 | ||||
Straight-line rent accrual | 47,052 | 48,835 | ||||||
Other | 119,945 | 116,762 | ||||||
$ | 307,433 | $ | 309,435 | |||||
Basis_Of_Presentation_Details
Basis Of Presentation (Details) | Apr. 12, 2015 | Apr. 13, 2014 |
restaurant | restaurant | |
Jack In The Box [Member] | ||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Number of restaurants | 2,248 | 2,254 |
Qdoba [Member] | ||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Number of restaurants | 644 | 626 |
Entity Operated Units [Member] | Jack In The Box [Member] | ||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Number of restaurants | 412 | 455 |
Entity Operated Units [Member] | Qdoba [Member] | ||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Number of restaurants | 310 | 303 |
Franchised Units [Member] | Jack In The Box [Member] | ||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Number of restaurants | 1,836 | 1,799 |
Franchised Units [Member] | Qdoba [Member] | ||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Number of restaurants | 334 | 323 |
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 $) | 3 Months Ended | 6 Months Ended | ||
Apr. 12, 2015 | Apr. 13, 2014 | Apr. 12, 2015 | Apr. 13, 2014 | |
Restructuring Reserve [Roll Forward] | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ($357,000) | ($2,463,000) | ($1,620,000) | ($3,187,000) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | ($0.01) | ($0.06) | ($0.04) | ($0.08) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | ($0.01) | ($0.06) | ($0.04) | ($0.07) |
Asset Impairment Charges | 27,000 | 85,000 | 41,000 | 180,000 |
2013 Qdoba Closures [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | 2,185,000 | |||
Disposal Group, Including Discontinued Operation, Future Lease Commitments | 2,200,000 | 3,000,000 | ||
Number of Lease agreements | 4 | |||
Disposal group, Including Discontinued Operations, Brokerage Commissions | 100,000 | 300,000 | ||
Operating loss before income tax benefit | -500,000 | -3,800,000 | -2,500,000 | -4,400,000 |
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | 5,737,000 | |||
Cash payments | -4,060,000 | |||
Balance at end of period | 3,862,000 | 3,862,000 | ||
Asset Impairment Charges | 400,000 | |||
Disposal Group, Including Discontinued Operation, Other Expense | 200,000 | 600,000 | ||
Discontinued Operation - Distribution Business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Future Lease Commitments | 100,000 | 200,000 | ||
Operating loss before income tax benefit | -100,000 | -100,000 | -100,000 | -700,000 |
Number of Distribution Centers | 1 | 1 | ||
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | 500,000 | |||
Balance at end of period | 300,000 | 300,000 | ||
Increase (Decrease) in Workers' Compensation Liabilities | $400,000 |
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 $) | 3 Months Ended | 6 Months Ended | ||||||
Apr. 12, 2015 | Apr. 13, 2014 | Apr. 12, 2015 | Apr. 13, 2014 | |||||
restaurant | restaurant | restaurant | restaurant | |||||
Summary Of Refranchisings, Franchisee Development And Acquisitions [Line Items] | ||||||||
Initial franchise fees | $608,000 | $755,000 | $983,000 | $1,154,000 | ||||
Proceeds from Divestiture of Businesses | 1,456,000 | [1] | 7,374,000 | [1] | 2,630,000 | [1] | 7,842,000 | [1] |
Net assets sold (primarily property and equipment) | -1,945,000 | -2,240,000 | -2,434,000 | -2,240,000 | ||||
Goodwill related to the sale of company-operated restaurants | -16,000 | -120,000 | -32,000 | -129,000 | ||||
Disposal Group Not Discontinued Operation Other Gain Loss On Disposal | -4,515,000 | [2] | -142,000 | [2] | -4,334,000 | [2] | -140,000 | [2] |
New restaurants opened by franchisees | 10 | 6 | 22 | 19 | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | -5,020,000 | 1,757,000 | -4,170,000 | 2,218,000 | ||||
Proceeds From Extension Of Franchise And Lease Agreements | 0 | 700,000 | 100,000 | 1,200,000 | ||||
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 | -5,020,000 | 4,872,000 | 5,333,000 | |||||
Total gain (loss) on the sale of company-operated restaurants [Member] | ||||||||
Summary Of Refranchisings, Franchisee Development And Acquisitions [Line Items] | ||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | -5,020,000 | 1,757,000 | -4,170,000 | 2,218,000 | ||||
Loss on anticipated sale [Member] | ||||||||
Summary Of Refranchisings, Franchisee Development And Acquisitions [Line Items] | ||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $0 | [3] | ($3,115,000) | [3] | $0 | [3] | ($3,115,000) | [3] |
Significant Changes, Franchises Sold | 30 | |||||||
Jack In The Box [Member] | ||||||||
Summary Of Refranchisings, Franchisee Development And Acquisitions [Line Items] | ||||||||
Significant Changes, Franchises Sold | 20 | 14 | 21 | 14 | ||||
Significant Changes, Franchises Purchased During Period | 6 | 4 | ||||||
[1] | Amounts in 2015 and 2014 include additional proceeds recognized upon the extension of the underlying franchise and lease agreements related to restaurants sold in a prior year of $0.0 million and $0.7 million, respectively, in the quarter, and $0.1 million and $1.2 million, respectively, year-to-date. | |||||||
[2] | Amounts in 2015 include lease commitment charges related to restaurants closed in connection with the sale of the related market, and charges for operating restaurant leases with lease commitments in excess of our sublease rental income. | |||||||
[3] | Amounts in 2014 relate to losses on the expected sale of approximately 30 company-operated restaurants in two Jack in the Box markets sold in the fourth quarter of 2014 and the second quarter of 2015. |
Summary_Of_Refranchisings_Fran3
Summary Of Refranchisings, Franchisee Development And Acquisitions (Purchase Price Allocations On Franchise Acquisitions) (Details) (Jack In The Box [Member]) | 6 Months Ended | |
Apr. 12, 2015 | Apr. 13, 2014 | |
restaurant | restaurant | |
Jack In The Box [Member] | ||
Summary Of Refranchisings, Franchisee Development And Acquisitions [Line Items] | ||
Significant Changes, Franchises Purchased During Period | 6 | 4 |
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 $) | Apr. 12, 2015 | Sep. 28, 2014 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total liabilities at fair value | ($45,067) | ($37,391) | ||
Interest Rate Swaps [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total liabilities at fair value | -7,366 | [1] | -1,789 | [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 | -37,701 | [2] | -35,602 | [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 | -37,701 | [3] | -35,602 | [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 | -37,701 | [2],[3] | -35,602 | [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 | -7,366 | [3] | -1,789 | [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 | -7,366 | [1],[3] | -1,789 | [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 $) | 3 Months Ended | 6 Months Ended | ||||
Apr. 12, 2015 | Apr. 13, 2014 | Apr. 12, 2015 | Apr. 13, 2014 | Apr. 14, 2014 | Aug. 31, 2010 | |
agreements | agreements | |||||
Derivative [Line Items] | ||||||
Interest rate derivatives held | 9 | 2 | ||||
Interest rate swaps hedge ineffectiveness | $0 | $0 | $0 | $0 | ||
Interest Rate Swaps [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 300,000,000 | 100,000,000 |
Derivative_Instruments_Derivat
Derivative Instruments (Derivative Instruments Outstanding) (Details) (Designated as Hedging Instrument [Member], Interest Rate Swaps [Member], USD $) | Apr. 12, 2015 | Sep. 28, 2014 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Total liabilities at fair value | ($7,366) | ($1,789) |
Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total liabilities at fair value | ($7,366) | ($1,789) |
Derivative_Instruments_Gains_O
Derivative Instruments (Gains Or Losses Recognized On Interest Rate Swap Derivative Instruments) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 12, 2015 | Apr. 13, 2014 | Apr. 12, 2015 | Apr. 13, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in OCI | $86 | ($31) | ($6,672) | ($85) |
Loss reclassified from accumulated OCI into income | -468 | -322 | -1,095 | -748 |
Interest Rate Swaps [Member] | Derivatives Designated As Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in OCI | 86 | -31 | -6,672 | -85 |
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 | ($468) | ($322) | ($1,095) | ($748) |
Impairment_Disposition_Of_Prop2
Impairment, Disposition Of Property And Equipment, Restaurant Closing Costs And Restructuring (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Apr. 12, 2015 | Apr. 13, 2014 | Apr. 12, 2015 | Apr. 13, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
accelerated depreciation | $1,387,000 | $487,000 | $2,139,000 | $1,151,000 |
Severance Costs | 12,000 | 1,098,000 | 19,000 | 1,396,000 |
Asset Impairment Charges | 27,000 | 85,000 | 41,000 | 180,000 |
Losses (gains) on the disposition of property and equipment, net | 466,000 | 594,000 | ||
Business Exit Costs | 973,000 | 731,000 | 1,759,000 | 1,295,000 |
Restructuring Charges | 12,000 | 7,491,000 | 19,000 | 7,789,000 |
Impairment and other charges, net | 2,130,000 | 9,056,000 | 4,310,000 | 10,965,000 |
Restructuring Reserve [Roll Forward] | ||||
Other Restructuring Costs | 0 | 6,393,000 | 0 | 6,393,000 |
Gains from eminent domain [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Losses (gains) on the disposition of property and equipment, net | -900,000 | |||
Facility Closing [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | 13,173,000 | |||
Cash payments | -3,319,000 | |||
Restructuring costs | 1,427,000 | |||
Balance at end of period | 11,281,000 | 11,281,000 | ||
Continuing Operations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Losses (gains) on the disposition of property and equipment, net | -269,000 | 262,000 | 352,000 | 550,000 |
Fair Value, Measurements, Nonrecurring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Asset Impairment Charges | $6,400,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Apr. 12, 2015 | Apr. 13, 2014 | Apr. 12, 2015 | Apr. 13, 2014 | |
Operating Loss Carryforwards [Line Items] | ||||
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | $0 | $0 | $0 | $0 |
Effective tax rates | 37.90% | 36.10% | 36.80% | 36.90% |
Retirement_Plans_Components_Of
Retirement Plans (Components Of Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 12, 2015 | Apr. 13, 2014 | Apr. 12, 2015 | Apr. 13, 2014 |
Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $1,908 | $1,875 | $4,452 | $4,374 |
Interest cost | 5,237 | 5,364 | 12,220 | 12,516 |
Expected return on plan assets | -5,370 | -5,652 | -12,531 | -13,188 |
Actuarial loss | 2,172 | 1,024 | 5,068 | 2,388 |
Amortization of unrecognized prior service cost | 62 | 62 | 145 | 145 |
Net periodic benefit cost | 4,009 | 2,673 | 9,354 | 6,235 |
Postretirement Healthcare Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 276 | 379 | 644 | 883 |
Actuarial loss | 42 | 125 | 98 | 292 |
Net periodic benefit cost | $318 | $504 | $742 | $1,175 |
Retirement_Plans_Schedule_Of_F
Retirement Plans (Schedule Of Future Cash Flows) (Details) (USD $) | 6 Months Ended | |
Sep. 27, 2015 | Apr. 12, 2015 | |
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 | 7,543,000 | |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | 17,000,000 | |
Postretirement Healthcare Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net year-to-date contributions | 570,000 | |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | $700,000 |
ShareBased_Compensation_Schedu
Share-Based Compensation (Schedule Of Share-Based Awards Granted) (Details) | 6 Months Ended |
Apr. 12, 2015 | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares | 123,042 |
Performance-Vested Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares | 40,594 |
Nonvested Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares | 93,570 |
ShareBased_Compensation_Compon
Share-Based Compensation (Components Of Share-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 12, 2015 | Apr. 13, 2014 | Apr. 12, 2015 | Apr. 13, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $3,482 | $2,547 | $7,367 | $6,348 |
Deferred Compensation For Non Management Directors Member | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 263 | 218 | 263 | 218 |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 555 | 489 | 1,554 | 1,778 |
Performance-Vested Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 991 | 999 | 2,072 | 2,496 |
Nonvested Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 35 | 45 | 96 | 218 |
Nonvested Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $1,638 | $796 | $3,382 | $1,638 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
Share data in Millions, except Per Share data, unless otherwise specified | Apr. 12, 2015 | Apr. 13, 2014 | Apr. 12, 2015 | Apr. 13, 2014 | Nov. 13, 2014 | Jul. 31, 2014 | Feb. 10, 2014 |
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | $100,000,000 | $100,000,000 | $200,000,000 | ||||
Treasury Stock, Shares, Acquired | 2.08 | ||||||
Repurchase of common stock, remaining authorized amount | 40,500,000 | 40,500,000 | |||||
Repurchases of common stock | 174,115,000 | 205,453,000 | |||||
Common Stock, Dividends, Per Share, Declared | $0.20 | $0 | $0.40 | $0 | |||
Declared Dividends | -15,500,000 | ||||||
Fiscal 2014 Trades Settled Fiscal 2015 [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Repurchases of common stock | 3,100,000 | ||||||
Fiscal 2013 Trades Settled Fiscal 2014 [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Repurchases of common stock | 7,300,000 | ||||||
Q2 2015 trades settled Q3 2015 [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Repurchases of common stock | 5,600,000 | ||||||
Q2 2014 trades settled Q3 2014 [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Repurchases of common stock | 3,900,000 | ||||||
Treasury Stock [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Repurchases of common stock | $176,600,000 |
Average_Shares_Outstanding_Rec
Average Shares Outstanding (Reconciliation Of Basic Weighted-Average Shares Outstanding To Diluted Weighted-Average Shares Outstanding) (Details) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 12, 2015 | Apr. 13, 2014 | Apr. 12, 2015 | Apr. 13, 2014 |
Average Shares Outstanding [Line Items] | ||||
Weighted-average shares outstanding - basic | 37,970 | 41,464 | 38,353 | 42,018 |
Weighted-average shares outstanding - diluted | 38,566 | 42,632 | 39,039 | 43,336 |
Excluded from diluted weighted-average shares outstanding, Antidilutive | 0 | 185 | 78 | 152 |
Excluded from diluted weighted-average shares outstanding, Performance conditions not satisfied at the end of the period | 6 | 20 | 14 | 30 |
Stock Options [Member] | ||||
Average Shares Outstanding [Line Items] | ||||
Effect of potentially dilutive securities | 246 | 640 | 337 | 725 |
Nonvested Stock Awards And Units [Member] | ||||
Average Shares Outstanding [Line Items] | ||||
Effect of potentially dilutive securities | 190 | 243 | 195 | 318 |
Performance-Vested Stock Awards [Member] | ||||
Average Shares Outstanding [Line Items] | ||||
Effect of potentially dilutive securities | 160 | 285 | 154 | 275 |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narrative) (Details) (Variable Interest Entity, Primary Beneficiary [Member], USD $) | 6 Months Ended |
Apr. 12, 2015 | |
Variable Interest Entity [Line Items] | |
Proceeds from Maturities, Prepayments and Calls of Other Investments | $3,900,000 |
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 $) | Apr. 12, 2015 | Sep. 28, 2014 | ||
In Thousands, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ||||
Other current assets | $2,097 | $597 | ||
Current liabilities | 199,036 | 206,307 | ||
Other long-term liabilities | 307,433 | 309,435 | ||
Retained earnings | 1,288,272 | 1,244,897 | ||
Total liabilities and stockholders' equity | 1,262,403 | 1,270,665 | ||
Jack In The Box Franchise Finance, LLC (FFE) [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash | 0 | 0 | ||
Other current assets | 1,072 | [1] | 2,494 | [1] |
Other assets, net | 2,539 | [1] | 5,776 | [1] |
Total assets | 3,611 | 8,270 | ||
Current liabilities | 1,203 | [2] | 2,833 | [2] |
Other long-term liabilities | 2,276 | [2] | 5,367 | [2] |
Retained earnings | 132 | 70 | ||
Total liabilities and stockholders' equity | $3,611 | $8,270 | ||
[1] | Consists primarily of amounts due from franchisees. | |||
[2] | Consists primarily of the capital note contribution from Jack in the Box which is eliminated in consolidation. |
Contingencies_and_Legal_Matter1
Contingencies and Legal Matters (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 12, 2015 |
Guarantees [Abstract] | |
Loss Contingency, Damages Sought, Value | $45 |
General liability and workers' comp estimated claims to be paid by insurance providers | 24.6 |
number of distribution center leases assigned to third parties | 2 |
Guarantor obligations, maximum exposure, Undiscounted | $1.50 |
Segment_Reporting_Summarized_F
Segment Reporting (Summarized Financial Information Of Reportable Segments) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 12, 2015 | Apr. 13, 2014 | Apr. 12, 2015 | Apr. 13, 2014 | Sep. 28, 2014 |
Segment Reporting Information [Line Items] | |||||
Consolidated revenues | $358,122 | $340,870 | $826,743 | $790,952 | |
Consolidated earnings from operations | 41,868 | 32,879 | 105,104 | 90,083 | |
Interest Income (Expense), Net | 4,220 | 4,311 | 9,433 | 8,853 | |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 37,648 | 28,568 | 95,671 | 81,230 | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | -5,020 | 1,757 | -4,170 | 2,218 | |
Consolidated depreciation expense | 20,346 | 21,109 | 47,501 | 49,329 | |
Consolidated goodwill | 149,042 | 149,042 | 149,074 | ||
Goodwill, Written off Related to Sale of Business Unit | -16 | -120 | -32 | -129 | |
Qdoba brand restaurant operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Consolidated revenues | 88,678 | 80,781 | 205,348 | 181,040 | |
Consolidated earnings from operations | 8,778 | 7,105 | 23,460 | 16,713 | |
Consolidated depreciation expense | 1,612 | 3,906 | 3,872 | 9,136 | |
Consolidated goodwill | 100,597 | 100,597 | 100,597 | ||
Goodwill, Written off Related to Sale of Business Unit | 0 | ||||
Jack in the box brand restaurant operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Consolidated revenues | 269,444 | 260,089 | 621,395 | 609,912 | |
Consolidated earnings from operations | 64,313 | 53,617 | 145,168 | 129,920 | |
Consolidated depreciation expense | 14,699 | 15,418 | 34,314 | 36,269 | |
Consolidated goodwill | 48,445 | 48,445 | 48,477 | ||
Goodwill, Written off Related to Sale of Business Unit | -32 | ||||
Shared services and unallocated costs [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Consolidated earnings from operations | -26,203 | -29,600 | -59,354 | -58,768 | |
Consolidated depreciation expense | 4,035 | 1,785 | 9,315 | 3,924 | |
Total gain (loss) on the sale of company-operated restaurants [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | -5,020 | 1,757 | -4,170 | 2,218 | |
Subtotal of gains (losses) on sale of company-operated restaurants [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ($5,020) | $4,872 | $5,333 |
Supplemental_Consolidated_Cash2
Supplemental Consolidated Cash Flow Information (Additional Information Related To Cash Flows) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Apr. 12, 2015 | Apr. 13, 2014 |
Supplemental Cash Flow Information [Abstract] | ||
Interest, net of amounts capitalized | $9,166 | $9,114 |
Income tax payments | 1,087 | 28,701 |
Change in dividends payable | 70 | 0 |
Capital Expenditures Incurred but Not yet Paid | $5,395 | $9,070 |
Supplemental_Consolidated_Bala2
Supplemental Consolidated Balance Sheet Information (Details) (USD $) | Apr. 12, 2015 | Sep. 28, 2014 |
In Thousands, unless otherwise specified | ||
Supplemental Balance Sheet Disclosures [Line Items] | ||
Prepaid Taxes | $13,493 | $27,956 |
Prepaid Rent | 8,961 | 178 |
Other Prepaid Expense, Current | 6,994 | 8,180 |
Prepaid Expense, Current | 29,448 | 36,314 |
Accrued Advertising, Current | 17,029 | 21,452 |
Deferred Rent Credit | 11,044 | 2,432 |
Company-owned life insurance policies | 104,388 | 100,753 |
Deferred tax asset | 48,953 | 50,807 |
Other | 83,376 | 85,738 |
Other assets, net | 236,717 | 237,298 |
Payroll and related taxes | 49,404 | 54,905 |
Sales and Excise Tax Payable, Current | 8,958 | 11,760 |
Insurance | 33,569 | 34,834 |
Lease commitments related to closed or refranchised locations | 10,383 | 10,258 |
Other | 29,246 | 27,985 |
Accrued liabilities | 159,633 | 163,626 |
Pension plans | 140,436 | 143,838 |
Deferred Rent Credit, Noncurrent | 47,052 | 48,835 |
Other | 119,945 | 116,762 |
Other Liabilities, Noncurrent | $307,433 | $309,435 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Apr. 12, 2015 | Apr. 13, 2014 | Apr. 12, 2015 | Apr. 13, 2014 | Jul. 05, 2015 | Nov. 13, 2014 | Jul. 31, 2014 | Feb. 10, 2014 | 7-May-15 |
Subsequent Event [Line Items] | |||||||||
Common Stock, Dividends, Per Share, Declared | $0.20 | $0 | $0.40 | $0 | |||||
Stock Repurchase Program, Authorized Amount | $100 | $100 | $200 | ||||||
Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Common Stock, Dividends, Per Share, Declared | $0.30 | ||||||||
Stock Repurchase Program, Authorized Amount | $100 |