Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Sep. 30, 2018 | Nov. 16, 2018 | Apr. 13, 2017 | |
Entity Information [Line Items] | |||
Entity Registrant Name | JACK IN THE BOX INC /NEW/ | ||
Entity Central Index Key | 807,882 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 25,742,587 | ||
Entity Public Float | $ 2.4 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Oct. 01, 2017 |
Current assets: | ||
Cash | $ 2,705 | $ 4,467 |
Accounts and other receivables, net | 57,422 | 59,609 |
Inventories | 1,858 | 3,445 |
Prepaid expenses | 14,443 | 27,532 |
Current assets held for sale | 13,947 | 42,732 |
Other current assets | 4,598 | 1,493 |
Total current assets | 94,973 | 139,278 |
Property and equipment, at cost: | ||
Land | 105,155 | 112,509 |
Buildings | 934,360 | 958,841 |
Restaurant and other equipment | 129,701 | 173,980 |
Construction in progress | 20,815 | 16,787 |
Property and equipment, at cost | 1,190,031 | 1,262,117 |
Less accumulated depreciation and amortization | (770,362) | (777,841) |
Property and equipment, net | 419,669 | 484,276 |
Intangible assets, net | 600 | 1,413 |
Goodwill | 46,749 | 51,412 |
Non-current assets held for sale | 0 | 280,796 |
Other assets, net | 261,406 | 277,570 |
Total other assets | 308,755 | 611,191 |
Total assets | 823,397 | 1,234,745 |
Current liabilities: | ||
Current maturities of long-term debt | 31,828 | 64,225 |
Accounts payable | 44,970 | 28,366 |
Accrued liabilities | 106,922 | 135,054 |
Current liabilities held for sale | 0 | 34,345 |
Total current liabilities | 183,720 | 261,990 |
Long-term debt, net of current maturities | 1,037,927 | 1,079,982 |
Non-current liabilities held for sale | 0 | 32,078 |
Liabilities, Other than Long-term Debt, Noncurrent | 193,449 | 248,825 |
Total long-term liabilities | 1,231,376 | 1,360,885 |
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, 82,061,661 and 81,843,483 issued, respectively | 821 | 818 |
Capital in excess of par value | 470,826 | 453,432 |
Retained earnings | 1,561,353 | 1,485,820 |
Accumulated other comprehensive loss | (94,260) | (137,761) |
Treasury stock, at cost, 56,325,632 and 52,411,407 shares, respectively | (2,530,439) | (2,190,439) |
Total stockholders’ deficit | (591,699) | (388,130) |
Total liabilities and stockholders' equity | $ 823,397 | $ 1,234,745 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Oct. 01, 2017 |
Stockholders' equity: | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 175,000,000 | 175,000,000 |
Common stock, shares issued | 82,061,661 | 81,843,483 |
Treasury stock at cost, shares | 56,325,632 | 52,411,407 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | ||
Document Fiscal Year Focus | 2,018 | |||
Total revenue | $ 869,690 | $ 1,097,291 | $ 1,162,258 | |
Operating costs and expenses, net: | ||||
Cost, Direct Material | 128,947 | 206,653 | 235,538 | |
Payroll and employee benefits | 129,089 | 211,611 | 223,019 | |
Occupancy and other | 71,803 | 124,367 | 129,763 | |
Total company restaurant costs | 329,839 | 542,631 | 588,320 | |
Selling, general, and administrative expenses | 106,649 | 120,640 | 152,147 | |
Depreciation, Depletion and Amortization | 59,422 | 67,398 | 72,786 | |
Impairment and other charges, net | 18,418 | 13,169 | 9,929 | |
Gains on the sale of company-operated restaurants | (46,164) | (38,034) | (1,230) | |
Total operating costs and expenses | 638,076 | 855,238 | 970,765 | |
Earnings from operations | 231,614 | 242,053 | 191,493 | |
Interest expense, net | 45,547 | 38,148 | 24,280 | |
Earnings from continuing operations and before income taxes | 186,067 | 203,905 | 167,213 | |
Income taxes | 81,728 | 75,332 | 60,740 | |
Earnings from continuing operations | 104,339 | 128,573 | 106,473 | |
Earnings from discontinued operations, net of income taxes | 17,032 | 6,759 | 17,600 | |
Net earnings | $ 121,371 | $ 135,332 | $ 124,073 | |
Net earnings per share — basic: | ||||
Earnings from continuing operations | $ 3.66 | $ 4.20 | $ 3.16 | |
Earnings from discontinued operations | 0.60 | 0.22 | 0.52 | |
Net earnings per share (1) | [1] | 4.26 | 4.42 | 3.68 |
Net earnings per share — diluted: | ||||
Earnings from continuing operations | 3.62 | 4.16 | 3.12 | |
Earnings from discontinued operations | 0.59 | 0.22 | 0.52 | |
Net earnings per share (usd per share) | [1] | $ 4.21 | $ 4.38 | $ 3.63 |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 28,499 | 30,630 | 33,735 | |
Diluted (in shares) | 28,807 | 30,914 | 34,146 | |
Cash dividends declared per common share | $ 1.60 | $ 1.60 | $ 1.20 | |
Company restaurant sales | ||||
Total revenue | $ 448,058 | $ 715,921 | $ 789,040 | |
Franchise rental revenues | ||||
Total revenue | 259,047 | 231,578 | 232,794 | |
Operating costs and expenses, net: | ||||
Total company restaurant costs | 11,593 | 8,811 | 11,107 | |
Franchise occupancy expenses (excluding depreciation and amortization) | 158,319 | 140,623 | 137,706 | |
Franchise royalties and other | ||||
Total revenue | $ 162,585 | $ 149,792 | $ 140,424 | |
[1] | ________________________(1) Earnings per share may not add due to rounding. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 121,371 | $ 135,332 | $ 124,073 |
Net change in fair value of derivatives | 18,769 | 19,768 | (25,439) |
Net loss reclassified to earnings | 3,455 | 5,070 | 4,048 |
Cash flow hedges, Net change in fair value of derivatives | 22,224 | 24,838 | (21,391) |
Tax effect | (5,725) | (9,592) | 8,281 |
Cash flow hedges | 16,499 | 15,246 | (13,110) |
Actuarial gains (losses) arising during the period | (31,478) | (49,025) | (71,971) |
Actuarial losses and prior service cost reclassified to earnings | 4,988 | 6,429 | 4,546 |
Total recognized in OCI | 36,466 | 55,454 | (67,425) |
Tax effect | (9,544) | (21,418) | 26,087 |
Unrecognized periodic benefit costs | 26,922 | 34,036 | (41,338) |
Foreign currency translation adjustments | 6 | (35) | (70) |
Tax effect | 2 | (13) | (27) |
Derecognition of foreign currency translation adjustments due to sale | 100 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 80 | (22) | (43) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 43,501 | 49,260 | (54,491) |
Comprehensive income | $ 164,872 | $ 184,592 | $ 69,582 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows $ in Thousands | 12 Months Ended | |||||
Sep. 30, 2018USD ($) | Oct. 01, 2017USD ($) | Oct. 02, 2016USD ($) | ||||
Cash flows from operating activities: | ||||||
Net earnings | $ 121,371 | $ 135,332 | $ 124,073 | |||
Earnings from discontinued operations, net of income taxes | 17,032 | 6,759 | 17,600 | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 104,339 | 128,573 | 106,473 | |||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||
Depreciation and amortization | 59,422 | 67,398 | 72,786 | |||
Amortization of Lease Incentives | 862 | 121 | 3 | |||
Deferred finance cost amortization | 2,803 | 3,487 | 2,736 | |||
Excess tax benefits from share-based compensation arrangements | (2,031) | (4,232) | (7,461) | |||
Deferred income taxes | 25,352 | (16,074) | 33,293 | |||
Share-based compensation expense | 9,146 | 10,637 | 11,327 | |||
Pension and postretirement expense | 2,324 | 4,215 | 13,484 | |||
Gains on cash surrender value of company-owned life insurance | (2,280) | (2,424) | (5,365) | |||
Gains on the sale of company-operated restaurants | (46,164) | (38,034) | (1,230) | |||
Losses on the disposition of property and equipment | 1,627 | 2,891 | 2,280 | |||
Impairment charges and other | 2,505 | 1,815 | 1,543 | |||
Changes in assets and liabilities, excluding acquisitions and dispositions: | ||||||
Accounts and other receivables | 24,220 | (1,868) | (9,723) | |||
Inventories | 1,587 | 1,839 | (181) | |||
Prepaid expenses and other current assets | (9,432) | 12,718 | (13,966) | |||
Accounts payable | 4,890 | (3,359) | 2,739 | |||
Accrued liabilities | (38,329) | (16,654) | 4,877 | |||
Pension and postretirement contributions | (5,467) | (5,363) | (101,052) | |||
Payments for (Proceeds from) Tenant Allowance | (14,893) | 0 | 0 | |||
Other | (16,426) | (11,997) | (8,151) | |||
Cash flows provided by operating activities | 104,055 | 133,689 | 104,412 | |||
Cash flows from investing activities: | ||||||
Purchases of property and equipment | (32,345) | (33,284) | (43,261) | |||
Purchases of assets intended for sale and leaseback | (5,497) | (5,686) | (9,500) | |||
Proceeds from the sale and leaseback of assets | 9,336 | 6,057 | 15,461 | |||
Proceeds from the sale of company-operated restaurants | 26,486 | [1] | 99,591 | [1] | 1,439 | [1] |
Collections on notes receivable | 54,453 | 1,500 | 3,433 | |||
Proceeds from Sale of Property, Plant, and Equipment | 10,259 | 2,921 | 850 | |||
Other | 2,969 | (3,729) | (922) | |||
Cash flows provided by (used in) investing activities | 65,661 | 67,370 | (32,500) | |||
Cash flows from financing activities: | ||||||
Borrowings on revolving credit facilities | 757,100 | 747,900 | 705,000 | |||
Repayments of borrowings on revolving credit facilities | (523,700) | (533,300) | (817,578) | |||
Proceeds from issuance of debt | 0 | 0 | 417,578 | |||
Principal repayments on debt | (304,607) | (57,266) | (26,109) | |||
Debt issuance costs | (1,366) | 0 | (2,385) | |||
Dividends paid on common stock | (45,412) | (48,925) | (40,295) | |||
Proceeds from issuance of common stock | 7,959 | 5,165 | 10,564 | |||
Repurchases of common stock | (325,634) | (334,361) | (284,645) | |||
Excess tax benefits from share-based compensation arrangements | 0 | 4,232 | 7,461 | |||
Payments Related to Tax Withholding for Share-based Compensation | (7,719) | (9,240) | (13,182) | |||
Change in book overdraft | (2,150) | 2,151 | 0 | |||
Cash flows used in financing activities | (445,529) | (223,644) | (43,591) | |||
Net Cash Provided by (Used in) Continuing Operations | (275,813) | (22,585) | 28,321 | |||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 4,823 | 47,388 | 42,951 | |||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 266,125 | (34,031) | (71,897) | |||
Cash Provided by (Used in) Financing Activities, Discontinued Operations | (78) | (138) | (45) | |||
Net Cash Provided by (Used in) Discontinued Operations | 270,870 | 13,219 | (28,991) | |||
Effect of exchange rate changes on cash | 6 | (22) | (43) | |||
Cash | 2,705 | 4,467 | ||||
Cash, Including Discontinued Operations | $ 2,705 | $ 7,642 | $ 17,030 | |||
[1] | (1)Amounts in 2018, 2017, and 2016 include additional proceeds of $1.4 million, $0.2 million, and $1.4 million related to the extension of the underlying franchise and lease agreements from the sale of restaurants in prior years. |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital In Excess Of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss, Net [Member] | Treasury Stock [Member] |
Comprehensive income: | ||||||
Stockholders' Equity Attributable to Parent | $ 15,953 | $ 811 | $ 402,986 | $ 1,316,119 | $ (132,530) | $ (1,571,433) |
Shares, Outstanding | 81,096,156 | |||||
Balance, shares at Sep. 27, 2015 | 81,096,156 | |||||
Balance at Sep. 27, 2015 | 15,953 | $ 811 | 402,986 | 1,316,119 | (132,530) | (1,571,433) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under stock plans including tax benefit | 502,368 | |||||
Shares issued under stock plans, including tax benefit | 18,025 | $ 5 | 18,020 | |||
Share-based compensation | 11,455 | 11,455 | ||||
Dividends declared | 40,368 | 103 | 40,471 | |||
Purchases of treasury stock | (291,853) | (291,853) | ||||
Comprehensive income: | ||||||
Net earnings | 124,073 | 124,073 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (43) | (43) | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (13,110) | (13,110) | ||||
Effect of actuarial losses and prior service cost, net | (41,338) | (41,338) | ||||
Stockholders' Equity Attributable to Parent | 15,953 | $ 811 | 402,986 | 1,316,119 | (132,530) | (1,571,433) |
Shares, Outstanding | 81,096,156 | |||||
Stockholders' Equity Attributable to Parent | (217,206) | $ 816 | 432,564 | 1,399,721 | (187,021) | (1,863,286) |
Shares, Outstanding | 81,598,524 | |||||
Balance, shares at Oct. 02, 2016 | 81,598,524 | |||||
Balance at Oct. 02, 2016 | (217,206) | $ 816 | 432,564 | 1,399,721 | (187,021) | (1,863,286) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under stock plans including tax benefit | 244,959 | |||||
Shares issued under stock plans, including tax benefit | 9,397 | $ 2 | 9,395 | |||
Share-based compensation | 11,416 | 11,416 | ||||
Dividends declared | 49,078 | 155 | 49,233 | |||
Purchases of treasury stock | (327,153) | (327,153) | ||||
Comprehensive income: | ||||||
Net earnings | 135,332 | 135,332 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (22) | (22) | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 15,246 | 15,246 | ||||
Effect of actuarial losses and prior service cost, net | 34,036 | 34,036 | ||||
Stockholders' Equity Attributable to Parent | (217,206) | $ 816 | 432,564 | 1,399,721 | (187,021) | (1,863,286) |
Shares, Outstanding | 81,598,524 | |||||
Adjustments to Additional Paid in Capital, Other | (98) | |||||
Stockholders' Equity Attributable to Parent | (388,130) | $ 818 | 453,432 | 1,485,820 | (137,761) | (2,190,439) |
Shares, Outstanding | 81,843,483 | |||||
Balance, shares at Oct. 01, 2017 | 81,843,483 | |||||
Balance at Oct. 01, 2017 | (388,130) | $ 818 | 453,432 | 1,485,820 | (137,761) | (2,190,439) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under stock plans including tax benefit | 218,178 | |||||
Shares issued under stock plans, including tax benefit | 8,207 | $ 3 | 8,204 | |||
Share-based compensation | 9,017 | 9,017 | ||||
Dividends declared | 45,514 | 173 | 45,687 | |||
Purchases of treasury stock | (340,000) | (340,000) | ||||
Comprehensive income: | ||||||
Net earnings | 121,371 | 121,371 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 80 | 80 | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 16,499 | 16,499 | ||||
Effect of actuarial losses and prior service cost, net | 26,922 | 26,922 | ||||
Stockholders' Equity Attributable to Parent | (388,130) | $ 818 | 453,432 | 1,485,820 | (137,761) | (2,190,439) |
Shares, Outstanding | 81,843,483 | |||||
Cumulative Effect on Retained Earnings, before Tax | (151) | |||||
Stockholders' Equity Attributable to Parent | $ (591,699) | $ 821 | $ 470,826 | $ 1,561,353 | $ (94,260) | $ (2,530,439) |
Shares, Outstanding | 82,061,661 |
Nature Of Operations And Summar
Nature Of Operations And Summary Of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature Of Operations And Summary Of Significant Accounting Policies | NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of operations — Founded in 1951, Jack in the Box Inc. (the “Company”) operates and franchises Jack in the Box ® quick-service restaurants. The following table summarizes the number of restaurants as of the end of each fiscal year: 2018 2017 2016 Company-operated 137 276 417 Franchise 2,100 1,975 1,838 Total system 2,237 2,251 2,255 References to the Company throughout these notes to the consolidated financial statements are made using the first person notations of “we,” “us,” and “our.” Basis of presentation — The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). On December 19, 2017, we entered into a definitive agreement to sell Qdoba Restaurant Corporation (“Qdoba”), a wholly owned subsidiary of the Company that operates and franchises more than 700 Qdoba Mexican Eats ® fast-casual restaurants, to certain funds managed by affiliates of Apollo Global Management, LLC (together with its consolidated subsidiaries, the “Buyer”). The sale was completed on March 21, 2018. For all periods presented in our consolidated statements of earnings, all sales, costs, expenses, and income taxes attributable to Qdoba, except as related to the impact of the decrease in the federal statutory tax rate (see Note 10, Income Taxes ), have been aggregated under the caption “earnings from discontinued operations, net of income taxes.” Cash flows used in or provided by Qdoba operations have been aggregated in the consolidated statements of cash flows as part of discontinued operations. Prior year results have been recast to conform with the current presentation. Refer to Note 2, Discontinued Operations , for additional information. Unless otherwise noted, amounts and disclosures throughout these notes to consolidated financial statements relate to our continuing operations. Segment reporting — As a result of our sale of Qdoba, which has been classified as discontinued operations, we now have one reporting segment. Reclassifications and adjustments — Certain prior year amounts in the consolidated financial statements have been reclassified due to the sale of Qdoba. See Note 2, Discontinued Operations , for further information regarding this sale and the resulting prior year reclassifications. We recorded certain adjustments in 2018 upon the adoption of a new accounting pronouncement; see details regarding the effects of the adoption on our consolidated financial statements below under the heading “ Effect of new accounting pronouncements adopted in fiscal 2018 .” Further, in 2018, we began presenting depreciation and amortization as a separate line item on our consolidated statements of earnings to better align with similar presentation made by many of our peers and to provide additional disclosure that is meaningful for our investors. The prior years consolidated statements of earnings were adjusted to conform with this new presentation. Depreciation and amortization were previously presented within company restaurant costs, franchise occupancy expenses, selling, general, and administrative expenses, and impairment and other charges, net, on our consolidated statements of earnings. Fiscal year — Our fiscal year is 52 or 53 weeks ending the Sunday closest to September 30 . Comparisons throughout these notes to the consolidated financial statements refer to the 52 -week periods ended September 30, 2018 and October 1, 2017 for fiscal years 2018 and 2017, respectively, and 53-week period ended October 2, 2016 for fiscal year 2016 . Principles of consolidation — The 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. The Financial Accounting Standards Board (“FASB”) authoritative guidance on consolidation requires the primary beneficiary of a VIE to consolidate that entity. The primary beneficiary of a VIE is an enterprise that has a controlling financial interest in the VIE. Controlling financial interest exists when an enterprise has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The primary entities in which we possess a variable interest are franchise entities, which operate our franchise restaurants. We do not possess any ownership interests in franchise entities. We have reviewed these franchise entities and determined that we are not the primary beneficiary of the entities and therefore, these entities have not been consolidated. We hold and consolidate a variable interest in a subsidiary formed for the purpose of operating a franchisee lending program. The financial results and position of our VIE are immaterial to our consolidated financial statements. Use of estimates — In preparing the consolidated financial statements in conformity with U.S. GAAP, 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. Accounts and other receivables, net, is primarily comprised of receivables from franchisees, tenants, and credit card processors. Franchisee receivables primarily include rents, royalties, and marketing fees associated with lease and franchise agreements and notes issued in connection with refranchising transactions. Tenant receivables relate to subleased properties where we are on the master lease agreement. We accrue interest on notes receivable based on the contractual terms. The allowance for doubtful accounts is based on historical experience and a review of existing receivables. Changes in accounts and other receivables are classified as an operating activity in the consolidated statements of cash flows, except for changes in notes related to refranchising transactions, which are classified as an investing activity. Inventories consist principally of food, packaging, and supplies, and are valued at the lower of cost or market on a first-in, first-out basis. Changes in inventories are classified as an operating activity in the consolidated statements of cash flows. Assets held for sale typically represent the costs for new sites and existing sites that we plan to sell and lease back within the next year. Gains or losses realized on sale-leaseback transactions are deferred and amortized over the lease terms. Assets held for sale also periodically includes the net book value of property and equipment we plan to sell within the next year. If the determination is made that we no longer expect to sell an asset within the next year, the asset is reclassified out of assets held for sale. Assets held for sale consisted of the following at each fiscal year-end ( in thousands ): 2018 2017 Assets held for sale and leaseback $ 2,591 $ 10,152 Other property and equipment held for sale 11,356 8,315 Qdoba current assets held for sale — 24,265 Assets held for sale $ 13,947 $ 42,732 Property and equipment, net — Expenditures for new facilities and equipment, and those that substantially increase the useful lives of the property, are capitalized. Facilities leased under capital leases are stated at the present value of minimum lease payments at the beginning of the lease term, not to exceed fair value. Maintenance and repairs are expensed as incurred. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts, and gains or losses on the dispositions are reflected in results of operations. Buildings, equipment and leasehold improvements are generally depreciated using the straight-line method based on the estimated useful lives of the assets, over the initial lease term for certain assets acquired in conjunction with the lease commencement for leased properties, or the remaining lease term for certain assets acquired after the commencement of the lease for leased properties. In certain situations, one or more option periods may be used in determining the depreciable life of assets related to leased properties if we deem that an economic penalty would be incurred otherwise. In either circumstance, our policy requires lease term consistency when calculating the depreciation period, in classifying the lease and in computing straight-line rent expense. Building, leasehold improvement assets and equipment are assigned lives that range from 1 to 35 years. Depreciation expense related to property and equipment was $59.4 million , $67.4 million , and $72.8 million in fiscal year 2018 , 2017 , and 2016 , respectively. Impairment of long-lived assets — We evaluate our long-lived assets, such as property and equipment, for impairment on an annual basis or whenever events or changes in circumstances indicate that their carrying value may not be recoverable. This review generally includes a restaurant-level analysis, except when we are actively selling a group of restaurants in which case we perform our impairment evaluations at the group level. Impairment evaluations for individual restaurants may take into consideration a restaurant’s operating cash flows, the period of time since a restaurant has been opened or remodeled, refranchising expectations, if any, and the maturity of the related market, which are all significant unobservable inputs (“Level 3 Inputs”). Impairment evaluations for a group of restaurants take into consideration the group’s expected future cash flows and sales proceeds from bids received, if any, or fair market value based on, among other considerations, the specific sales and cash flows of those restaurants. If the assets of a restaurant or group of restaurants subject to our impairment evaluation are not recoverable based upon the forecasted, undiscounted cash flows, we recognize an impairment loss by the amount that the carrying value of the assets exceeds fair value. Refer to Note 9, Impairment and Other Charges, Net , for additional information. Long-lived assets that meet the held for sale criteria, which excludes assets intended to be sold and leased back, are held for sale and reported at the lower of their carrying value or fair value, less estimated costs to sell. Goodwill and intangible assets — Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired, if any. We generally record goodwill in connection with the acquisition of restaurants from franchisees. Likewise, upon the sale of restaurants to franchisees, goodwill is decremented. The amount of goodwill written-off is determined as the fair value of the business disposed of as a percentage of the fair value of the reporting unit retained. If the business disposed of was never fully integrated into the reporting unit after its acquisition, and thus the benefits of the acquired goodwill were never realized, the current carrying amount of the acquired goodwill is written off. Goodwill and our other indefinite-lived intangible assets are evaluated for impairment annually, or more frequently if indicators of impairment are present. We first assess qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit or indefinite-lived asset is less than its carrying amount. If the qualitative factors indicate that it is more likely than not that the fair value is less than the carrying amount, we perform a single-step impairment test. To perform our impairment analysis, we estimate the fair value of the reporting unit or indefinite-lived asset using Level 3 Inputs and compare it to the carrying value. If the carrying value exceeds the fair value, an impairment loss is recognized equal to the excess. Lease acquisition costs primarily represent the fair values of acquired lease contracts having contractual rents lower than fair market rents and are amortized on a straight-line basis over the remaining initial lease term. Reacquired franchise rights are recorded in connection with our acquisition of franchised restaurants and are amortized over the remaining contractual period of the franchise contract in which the right was granted. Refer to Note 4, Goodwill and Intangible Assets, Net , for additional information. Company-owned life insurance — We have purchased company-owned life insurance (“COLI”) policies to support our non-qualified benefit plans. The cash surrender values of these policies were $109.9 million and $110.1 million as of September 30, 2018 and October 1, 2017 , respectively, and are included in other assets, net, in the accompanying consolidated balance sheets. Changes in cash surrender values are included in selling, general and administrative expenses in the accompanying consolidated statements of earnings. These policies reside in an umbrella trust for use only to pay plan benefits to participants or to pay creditors if the Company becomes insolvent. Leases — We review all leases for capital or operating classification at their inception under the FASB authoritative guidance for leases. Our operations are primarily conducted under operating leases. Within the provisions of certain leases, there are rent holidays and escalations in payments over the base lease term, as well as renewal periods. The effects of the holidays and escalations have been reflected in rent expense on a straight-line basis over the expected lease term. Differences between amounts paid and amounts expensed are recorded as deferred rent. The lease term commences on the date when we have the right to control the use of the leased property. Certain leases also include contingent rent provisions based on sales levels, which are accrued at the point in time we determine that it is probable such sales levels will be achieved. Refer to Note 8, Leases , for additional information. Revenue recognition — Revenue from company restaurant sales is recognized when the food and beverage products are sold and are presented net of sales taxes. Our franchise arrangements generally provide for franchise fees and continuing fees based upon a percentage of sales (“royalties”). In order to renew a franchise agreement upon expiration, a franchisee must obtain the Company’s approval and pay then current fees. Franchise development and license fees are recorded as deferred revenue until we have substantially performed all of our contractual obligations and the restaurant has opened for business. Franchise royalties are recorded in revenues on an accrual basis. Among other things, a franchisee may be provided the use of land and building, generally for a period of 20 years, and is required to pay negotiated rent, property taxes, insurance, and maintenance. Franchise rents based on fixed rental payments are recognized as revenue over the term of the lease. Certain franchise rents, which are contingent upon sales levels, are recognized in the period in which the contingency is met. Gift cards — We sell gift cards to our customers in our restaurants and through selected third parties. The gift cards sold to our customers have no stated expiration dates and are subject to actual or potential escheatment rights in several of the jurisdictions in which we operate. We recognize income from gift cards when redeemed by the customer. While we will continue to honor all gift cards presented for payment, we may determine the likelihood of redemption to be remote for certain card balances due to, among other things, long periods of inactivity. In these circumstances, to the extent we determine there is no requirement for remitting balances to government agencies under unclaimed property laws, card balances may be recognized as a reduction to selling, general and administrative expenses in the accompanying consolidated statements of earnings. Amounts recognized on unredeemed gift card balances was $0.6 million , $0.5 million , and $0.4 million in fiscal 2018 , 2017 , and 2016 , respectively. Pre-opening costs associated with the opening of a new restaurant consist primarily of property rent and employee training costs. Pre-opening costs associated with the opening of a restaurant that was closed upon acquisition consist primarily of labor costs, maintenance and repair costs, and property rent. Pre-opening costs are expensed as incurred in selling, general and administrative expenses in the accompanying consolidated statements of earnings. Restaurant closure costs — All costs associated with exit or disposal activities are recognized when they are incurred. Restaurant closure costs, which are included in impairment and other charges, net, and gains on the sale of company-operated restaurants in the accompanying consolidated statements of earnings, primarily consist of future lease commitments, net, of anticipated sublease rentals, and expected ancillary costs. Self-insurance — We are self-insured for a portion of our workers’ compensation, general liability, employee medical and dental, and automotive claims. We utilize a paid-loss plan for our workers’ compensation, general liability, and automotive programs, which have predetermined loss limits per occurrence and in the aggregate. We establish our insurance liability (undiscounted) and reserves using independent actuarial estimates of expected losses for determining reported claims and as the basis for estimating claims incurred, but not reported. As of September 30, 2018 and October 1, 2017 , our estimated liability for general liability and workers’ compensation claims exceeded our self-insurance retention limits by $3.7 million and $3.9 million , respectively, which we expect our insurance providers to pay on our behalf in accordance with the contractual terms of our insurance policies. Advertising costs — We administer a marketing fund that includes contractual contributions. In fiscal 2018 , 2017 , and 2016 the marketing funds at franchise and company-operated restaurants were approximately 5.0% of gross revenues, and the Company made incremental contributions to the marketing fund of $6.2 million , $0.5 million , and $1.1 million , respectively. To the extent contributions exceed marketing fund expenditures, the excess contributions are recorded as a liability in accrued liabilities on our consolidated balance sheet. To the extent expenditures temporarily exceed contributions, the difference is recorded as a receivable of the fund in accounts and other receivable, net, on our consolidated balance sheet. The contributions to the marketing fund are designated for sales driving and marketing-related initiatives and advertising, and we act as an agent for the franchisees with regard to these contributions. Therefore, we do not reflect franchisee contributions to the funds in our consolidated statements of earnings. Production costs of commercials, programming, and other marketing activities are charged to the marketing funds when the advertising is first used for its intended purpose, and the costs of advertising are charged to operations as incurred. Total contributions and other marketing expenses are included in selling, general, and administrative expenses in the accompanying consolidated statements of earnings. In fiscal 2018 , 2017 , and 2016 advertising costs were $28.8 million , $36.5 million , and $41.2 million , respectively. Share-based compensation — We account for our share-based compensation under the FASB authoritative guidance on stock compensation , which generally requires, among other things, that all employee share-based compensation be measured using a fair value method and that the resulting compensation cost be recognized in the financial statements. Compensation expense for our share-based compensation awards is generally recognized on a straight-line basis over the shorter of the vesting period or the period from the date of grant to the date the employee becomes eligible to retire. Refer to Note 12, Share-based Employee Compensation , for additional information. Income taxes — Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as tax loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize interest and, when applicable, penalties related to unrecognized tax benefits as a component of our income tax provision. Authoritative guidance issued by the FASB prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Refer to Note 10, Income Taxes , for additional information. Derivative instruments — From time to time, we use interest rate swap agreements to manage interest rate exposure. We do not speculate using derivative instruments. We purchase derivative instruments only for the purpose of risk management. All derivatives are recognized on the consolidated balance sheets at fair value based upon quoted market prices. Changes in the fair values of derivatives are recorded in earnings or other comprehensive income (“OCI”), based on whether or not the instrument is designated as a hedge transaction. Gains or losses on derivative instruments that qualify for hedge designation are reported in OCI and are reclassified to earnings in the period the hedged item affects earnings. If the underlying hedge transaction ceases to exist, any associated amounts reported in OCI are reclassified to earnings at that time. Any ineffectiveness is recognized in earnings in the current period. Refer to Note 5, Fair Value Measurements , and Note 6, Derivative Instruments, for additional information regarding our derivative instruments. Contingencies — We recognize liabilities for contingencies when we have an exposure that indicates it is probable that an asset has been impaired or that a liability has been incurred and the amount of impairment or loss can be reasonably estimated. Our ultimate legal and financial liability with respect to such matters cannot be estimated with certainty and requires the use of estimates. When the reasonable estimate is a range, the recorded loss will be the best estimate within the range. We record legal settlement costs when those costs are probable and reasonably estimable. Refer to Note 15, Commitments, Contingencies and Legal Matters , for additional information. Effect of new accounting pronouncements adopted in fiscal 2018 — In March 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This standard is intended to simplify various aspects of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures.We adopted this standard in the first quarter of fiscal 2018. Due to the adoption of the standard, in fiscal 2018 we prospectively reclassified excess tax benefits from share-based compensation arrangements of $2.0 million , as a discrete item within income tax expense on the consolidated statements of earnings. This also impacted the related classification on our consolidated statements of cash flows, as excess tax benefits from share-based compensation arrangements is only reported in cash flows from operating activities on a prospective basis, rather than as previously reported in cash flows from operating activities and cash flows used in financing activities. Upon adoption of the standard, we also began reporting cash paid to a taxing authority on an employee’s behalf when we directly withhold equivalent shares for taxes as cash flows used in financing activities, with the related tax withholding classified as a change in accounts and other receivables in cash flows from operating activities on our consolidated statements of cash flows. We retrospectively applied this new reporting of tax payments for equity award issuances on our consolidated statements of cash flows. The standard also impacted our earnings per share calculation on a prospective basis as the estimate of dilutive common share equivalents under the treasury stock method no longer assumes that the estimated tax benefits realized when an award is settled are used to repurchase shares. Lastly, the Company elected to account for forfeitures as they occur, and a cumulative-effect adjustment was made in the amount of $0.2 million and recorded in retained earnings as of October 2, 2017 on the consolidated balance sheet. Effect of new accounting pronouncements to be adopted in future periods — In May 2014, the FASB issued ASU 2014-09, Revenue Recognition - Revenue from Contracts with Customers (Topic 606) , which provides a comprehensive new revenue recognition model that requires an entity to recognize revenue in an amount that reflects the consideration the entity 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. We will adopt these standards in the first quarter of fiscal 2019 applying the modified retrospective method upon adoption. The new revenue recognition standard will not impact our recognition of restaurant sales, rental revenues, or royalty fees from franchisees. The new pronouncement will change the way initial fees from franchisees for new restaurant openings or new franchise terms are recognized. Our current accounting policy is to recognize initial franchise fees when a new restaurant opens or at the start of a new franchise term. In accordance with the new guidance, the initial franchise services are not distinct from the continuing rights and services offered during the term of the franchise agreement, and will therefore be treated as a single performance obligation together with the continuing rights and services. As such, initial fees received will be recognized over the franchise term and any unamortized portion will be recorded as deferred revenue in the consolidated balance sheet. If the new guidance had been in effect for 2018 and 2017, the impact on our franchise fee revenues would have been as follows ( in thousands ): 2018 2017 Franchise fees recognized under the current accounting standard $ 6,416 $ 8,042 Franchise fee amortization that would have been recognized under the new standard 4,867 4,291 Net impact on revenue from franchise fees $ (1,549 ) $ (3,751 ) Upon adoption of the new guidance, we expect to record approximately $50.0 million as deferred revenue on our October 1, 2018 consolidated balance sheet for previously recognized franchise fees with an offsetting adjustment to opening retained earnings. The standard will also have an impact on transactions currently presented net and not included in our revenues and expenses such as franchisee contributions to and expenditures from our advertising fund, and sourcing and technology fee contributions from franchisees and the related expenses. We have determined that we are the principal in these arrangements, and as such we will record contributions to and expenditures from the advertising fund, and sourcing and technology fees and expenditures on a gross basis within our consolidated statements of earnings. While this change will materially impact our gross amount of reported revenues and expenses, the impact will be largely offsetting and we do not expect there to be a material impact on our reported net earnings. If the new guidance had been in effect for 2018 and 2017, our consolidated revenues and expenses would have increased by approximately $160 million and $150 million , respectively. We are continuing to evaluate the impact that this pronouncement will have on our related disclosures. We are also implementing internal controls related to the recognition and presentation of revenues under the new guidance. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which requires a lessee to recognize assets and liabilities on the balance sheet for those leases classified as operating leases under previous guidance. In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 , which affects the guidance in ASU 2016-02. The standard permits the election of an optional transition practical expedient to not evaluate land easements that exist or expired before the adoption of Topic 842 and that were not previously accounted for as leases under Topic 840. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 (Leases) , and ASU 2018-11, Leases (Topic 842), Targeted Improvements , which provide (i) narrow amendments to clarify how to apply certain aspects of the new lease standard, (ii) entities with an additional transition method to adopt the new standard, and (ii) lessors with a practical expedient for separating components of a contract. Based on a preliminary assessment, we expect that most of our operating lease commitments will be subject to the new guidance and recognized as operating lease liabilities and right-of-use assets upon adoption, resulting in a significant increase in the assets and liabilities on our consolidated balance sheets. We will be required to adopt these standards in the first quarter of fiscal 2020 and are required to adopt using a modified retrospective transition approach. We are continuing our evaluation, which may identify additional impacts this standard and its amendments will have on our consolidated financial statements and related disclosures. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . This standard requires the presentation of the service cost component of net benefit cost to be in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. All other components of net benefit cost should be presented separately from the service cost component and outside of a subtotal of earnings from operations, or separately disclosed. We will be adopting this standard in the first quarter of fiscal 2019. Upon adoption of this standard, we will separately present the components of net periodic benefit cost, excluding the service cost component, outside of earnings from operations. In 2018, net periodic benefit cost, excluding the service cost component, was approximately $0.1 million . |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Sep. 30, 2018 | |
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 fiscal 2013, we completed the transition of our distribution centers. The operations and cash flows of the business have been eliminated and the results are reported as discontinued operations for all periods presented. In 2018 , 2017 , and 2016 the results of discontinued operations related to our distribution business were immaterial to our consolidated results of operations. Qdoba — On December 19, 2017, we entered into a stock purchase agreement (the “Qdoba Purchase Agreement”) with the Buyer to sell all issued and outstanding shares of Qdoba (the “Shares”). The Buyer completed the acquisition of Qdoba on March 21, 2018 (the “Qdoba Sale”) for an aggregate purchase price of approximately $298.5 million . We also entered into a Transition Services Agreement with the Buyer pursuant to which the Buyer is receiving certain services (the “Services”) to enable it to operate the Qdoba business after the closing of the Qdoba Sale. The Services include information technology, finance and accounting, human resources, supply chain, and other corporate support services. Under the Transition Services Agreement, the Services are being provided at cost for a period of up to 12 months, with two 3-month extensions available for certain services. In fiscal 2018 we recorded $7.9 million related to the Services in 2018 as a reduction of selling, general, and administrative expenses in the consolidated statements of earnings. Further, we entered into an Employee Agreement with the Buyer pursuant to which we will continue to employ all Qdoba employees who work for the Buyer (the “Qdoba Employees”) from the date of closing of the Qdoba Sale through the earlier of: (a) following 30 days written notice from the Buyer of termination of the Employee Agreement, or (b) nine months following the closing of the Qdoba Sale. Upon termination of the Employee Agreement, the Qdoba Employees will become employees of the Buyer. During the term of the Employee Agreement, we will pay all wages and benefits of the Qdoba Employees and will receive reimbursement of these costs from the Buyer. During fiscal 2018, we paid $86.7 million of Qdoba wages and benefits pursuant to the Employee Agreement. As the Qdoba Sale represents a strategic shift that will have a major effect on our operations and financial results, the Qdoba results are classified as discontinued operations in our consolidated statements of earnings and our consolidated statements of cash flows for all periods presented. Prior year results have been recast to conform with the current year presentation. The following table summarizes the Qdoba results for each period ( in thousands, except per share data ): 2018 2017 2016 Company restaurant sales $ 192,620 $ 436,558 $ 415,495 Franchise revenues 9,337 20,065 21,578 Company restaurant costs (excluding depreciation and amortization) (166,122 ) (357,370 ) (321,997 ) Franchise costs (excluding depreciation and amortization) (2,338 ) (4,993 ) (4,478 ) Selling, general and administrative expenses (19,286 ) (36,706 ) (43,063 ) Depreciation and amortization (5,012 ) (21,500 ) (19,965 ) Impairment and other charges, net (2,305 ) (15,061 ) (11,648 ) Interest expense, net (4,787 ) (9,025 ) (7,448 ) Operating earnings from discontinued operations before income taxes 2,107 11,968 28,474 Gain on Qdoba Sale 30,717 — — Earnings from discontinued operations before income taxes 32,824 11,968 28,474 Income taxes (15,726 ) (4,518 ) (10,605 ) Earnings from discontinued operations, net of income taxes $ 17,098 $ 7,450 $ 17,869 Net earnings per share from discontinued operations: Basic $ 0.60 $ 0.24 $ 0.53 Diluted $ 0.59 $ 0.24 $ 0.52 Selling, general and administrative expenses presented in the table above include corporate costs directly in support of Qdoba operations. All other corporate costs were classified in results of continuing operations. Our credit facility required us to make a mandatory prepayment (“Qdoba Prepayment”) on our term loan upon the closing of the Qdoba Sale, which was $260.0 million . Interest expense associated with our credit facility was allocated to discontinued operations based on our estimate of the mandatory prepayment that was made upon closing of the Qdoba Sale. See Note 7, Indebtedness , of the notes to consolidated financial statements for additional information regarding the mandatory prepayment. Assets sold and liabilities assumed by the Buyer in the Qdoba Sale included substantially all assets and liabilities associated with Qdoba, and were classified as held for sale on our consolidated balance sheets as of October 1, 2017. Prior year balances in our consolidated financial statements have been recast to conform with the current presentation. Upon classification of the Qdoba assets as held for sale, in accordance with the FASB authoritative guidance on financial statement presentation, the assets were no longer depreciated. The following table summarizes the major categories of assets and liabilities classified as held for sale in our consolidated balance sheet as of October 1, 2017 and acquired in the Qdoba Sale ( in thousands ): October 1, 2017 Cash $ 3,175 Accounts receivable, net 9,086 Inventories 3,202 Prepaid expenses and other current assets 8,802 Property and equipment, net 148,715 Intangible assets, net 12,660 Goodwill 117,636 Other assets, net 1,785 Total assets classified as held for sale (1) $ 305,061 Accounts payable $ 8,936 Accrued liabilities 25,251 Current maturities of long-term debt 158 Straight-line rent accrual 13,347 Deferred income tax liability (2) 6,421 Other long-term liabilities 12,310 Total liabilities classified as held for sale $ 66,423 ____________________________ (1) Current assets held for sale as of October 1, 2017 include Jack in the Box assets held for sale of $18.5 million . (2) Prior to held for sale presentation, Qdoba’s deferred income tax liability as of January 22, 2017 was netted against the Jack in the Box deferred income tax assets in other assets, net, on our condensed consolidated balance sheet. The following is a reconciliation of the gain recorded for the Qdoba Sale ( in thousands ): Net proceeds received from the Qdoba Sale (1) $ 298,474 Qdoba assets: Cash 3,113 Accounts receivable, net 9,461 Inventories 3,112 Prepaid expenses and other current assets 5,007 Property and equipment, net 164,075 Intangible assets, net 12,518 Goodwill 117,636 Other assets, net 2,604 Total Qdoba assets 317,526 Qdoba liabilities: Accounts payable 7,847 Accrued liabilities 19,891 Current maturities of long-term debt 180 Straight-line rent accrual 14,595 Deferred income tax liability 8,676 Other long-term liabilities 11,144 Total Qdoba liabilities 62,333 Other costs incurred as part of the Qdoba Sale (2) 12,564 Gain on Qdoba Sale before income taxes $ 30,717 ____________________________ (1) The proceeds received from the Qdoba Sale are net of the finalized working capital adjustment outlined in the Qdoba Purchase Agreement totaling $6.9 million , and the derecognition of foreign currency translation adjustments recorded in accumulated other comprehensive income of $0.1 million . (2) Costs directly incurred as a result of the Qdoba Sale, including investment bank fees, legal fees, professional fees, employee transaction awards, transfer taxes, and other costs. Proceeds from the Qdoba Sale have been presented in the consolidated statement of cash flows within cash provided by discontinued operations in investing activities. Lease guarantees — While all operating leases held in the name of Qdoba were part of the Qdoba Sale, some of the leases remain guaranteed by the Company pursuant to one or more written guarantees (the “Guarantees”). In the event Qdoba fails to meet its payment and performance obligations under such guaranteed leases, we may be required to make rent and other payments to the landlord under the requirements of the Guarantees. Should we, as guarantor of the lease obligations, be required to make any lease payments due for the remaining term of the subject lease(s) subsequent to March 21, 2018, the maximum amount we may be required to pay is approximately $38.7 million as of September 30, 2018 . The lease terms extend for a maximum of approximately 17 more years as of September 30, 2018 , and we would remain a guarantor of the leases in the event the leases are extended for any established renewal periods. In the event that we are obligated to make payments under the Guarantees, we believe the exposure is limited due to contractual protections and recourse available in the lease agreements, as well as the Qdoba Purchase Agreement, including a requirement of the landlord to mitigate damages by re-letting the properties in default, and indemnity from the Buyer. Qdoba continues to meet its obligations under these leases and there have not been any events that would indicate that Qdoba will not continue to meet the obligations of the leases. As such, we have not recorded a liability for the Guarantees as of September 30, 2018 as the likelihood of Qdoba defaulting on the assigned agreements was deemed to be less than probable. |
Summary Of Refranchisings, Fran
Summary Of Refranchisings, Franchisee Development And Acquisitions | 12 Months Ended |
Oct. 01, 2017 | |
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 table summarizes the number of restaurants sold to franchisees, the number of restaurants developed by franchisees, and the related fees and gains recognized in each fiscal year ( dollars in thousands ): 2018 2017 2016 Restaurants sold to franchisees 135 178 1 New restaurants opened by franchisees 11 18 12 Initial franchise fees $ 5,890 $ 7,752 $ 553 Proceeds from the sale of company-operated restaurants: Cash (1) $ 26,486 $ 99,591 $ 1,439 Notes receivable (2) 70,461 — — $ 96,947 $ 99,591 $ 1,439 Net assets sold (primarily property and equipment) $ (21,329 ) $ (30,597 ) $ (195 ) Lease commitment charges (3) — (11,737 ) — Goodwill related to the sale of company-operated restaurants (4,663 ) (10,062 ) (15 ) Other (4) (24,791 ) (9,161 ) 1 Gains on the sale of company-operated restaurants $ 46,164 $ 38,034 $ 1,230 ____________________________ (1) Amounts in 2018 , 2017, and 2016 include additional proceeds of $1.4 million , $0.2 million , and $1.4 million related to the extension of the underlying franchise and lease agreements from the sale of restaurants in prior years. (2) During 2018, we collected payments of $53.7 million related to notes due from franchisees in connection with refranchising transactions. (3) Charges are for operating restaurant leases with lease commitments in excess of our sublease rental income. (4) Amounts in 2018 primarily represent $9.2 million of costs related to franchise remodel incentives, $8.7 million reduction of gains related to the modification of certain 2017 refranchising transactions, $2.3 million of maintenance and repair expenses and $3.7 million of other miscellaneous non-capital charges. Amounts in 2017 represent impairment of $4.6 million and equipment write-offs of $1.4 million related to restaurants closed in connection with the sale of the related markets, maintenance and repair charges, and other miscellaneous non-capital charges. Franchise acquisitions — In 2018 we did not acquire any franchise restaurants. In fiscal 2017 we acquired 50 franchise restaurants. Of the 50 restaurants acquired, we took over 31 restaurants as a result of an agreement with an underperforming franchisee who was in violation of franchise and lease agreements with the Company. Under this agreement, the franchisee voluntarily agreed to turn over the restaurants. The acquisition of the additional 19 restaurants in 2017 was the result of a legal action filed in September 2013 against a franchisee, from which legal action we obtained a judgment in January 2017 granting us possession of the restaurants. Of the 50 restaurants acquired in 2017, we closed eight and sold 42 to franchisees. Refer to Note 9, Impairment and Other Charges, Net , for additional information regarding impairment charges related to the restaurants closed subsequent to acquisition. In 2016 we acquired one franchise restaurant. The acquisition had an immaterial impact on our consolidated financial statements. We account for the acquisition of franchised restaurants using the acquisition method of accounting for business combinations. The purchase price allocations were based on fair value estimates determined using significant unobservable inputs (Level 3). The goodwill recorded primarily relates to the sales growth potential of the markets acquired and is expected to be deductible for income tax purposes. The following table provides detail of the combined acquisitions in 2017 ( dollars in thousands ): Restaurants acquired from franchisees 50 Goodwill $ 13,059 Property and equipment 2,470 Intangible assets 1,260 Inventory 189 Liabilities assumed (1,116 ) Total consideration $ 15,862 Of the total consideration, $13.8 million was non-cash consideration and is comprised of $9.9 million of receivables that were eliminated in acquisition accounting and $3.9 million of accounts payable that was recorded in acquisition accounting. The accounts payable recorded was primarily due to third parties to waive their liens and security interests on certain assets acquired. |
Goodwill And Intangible Assets,
Goodwill And Intangible Assets, Net | 12 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets, Net | GOODWILL AND INTANGIBLE ASSETS, NET The changes in the carrying amount of goodwill during fiscal 2018 and 2017 were as follows ( in thousands ): Balance at October 2, 2016 $ 48,415 Acquisition of franchise-operated restaurants 13,059 Sale of company-operated restaurants to franchisees (10,062 ) Balance at October 1, 2017 51,412 Sale of company-operated restaurants to franchisees (4,663 ) Balance at September 30, 2018 $ 46,749 Intangible assets, net, consist of the following as of the end of each fiscal year ( in thousands ): 2018 2017 Gross carrying amount $ 6,751 $ 7,463 Less accumulated amortization (6,151 ) (6,050 ) Net carrying amount $ 600 $ 1,413 Amortized intangible assets include lease acquisition costs and reacquired franchise rights. Total amortization expense related to intangible assets was $0.2 million in fiscal 2018 , 2017 , and 2016 . The following table summarizes, as of September 30, 2018 , the estimated amortization expense for each of the next five fiscal years ( in thousands ): 2019 $ 113 2020 $ 103 2021 $ 91 2022 $ 33 2023 $ 16 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Notes) | 12 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 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 in Active Markets for Identical Assets (3) (Level 1) Significant Other Observable Inputs (3) (Level 2) Significant Unobservable Inputs (3) (Level 3) Fair value measurements as of September 30, 2018: Non-qualified deferred compensation plan (1) $ 37,447 $ 37,447 $ — $ — Interest rate swaps (Note 6) (2) 703 — 703 — Total assets and liabilities at fair value $ 38,150 $ 37,447 $ 703 $ — Fair value measurements as of October 1, 2017: Non-qualified deferred compensation plan (1) $ 37,219 $ 37,219 $ — $ — Interest rate swaps (Note 6) (2) 22,927 — 22,927 — Total liabilities at fair value $ 60,146 $ 37,219 $ 22,927 $ — ____________________________ (1) We maintain an unfunded defined contribution plan for key executives and other members of management. The fair value of this obligation is based on the closing market prices of the participants’ elected investments. The obligation is included in accrued liabilities and other long-term liabilities on our condensed consolidated balance sheets. (2) We entered into interest rate swaps to reduce our exposure to rising interest rates on our variable rate debt. The fair values of our interest rate swaps are based upon Level 2 inputs, which include valuation models as reported by our counterparties. These valuation models use a discounted cash flow analysis on the cash flows of each derivative. The key inputs for the valuation models are quoted market prices, discount rates, and forward yield curves. The Company also considers its own nonperformance risk and the respective counter-party’s nonperformance risk in the fair value measurements. (3) We did not have any transfers in or out of Level 1, 2, or 3. The fair values of our debt instruments are based on the amount of future c ash flows associated with each instrument discounted using our borrowing rate. At September 30, 2018 , 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 September 30, 2018 . 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, whenever events or changes in circumstances indicate that their carrying value may not be recoverable, non-financial instruments are assessed for impairment. If the carrying values are not fully recoverable, they are written down to fair value. In connection with our impairment reviews performed during 2018, we recorded $0.8 million of impairment charges resulting from the closure of ten franchise restaurants and one company-operated restaurant, $0.4 million resulting from changes in the market value of closed restaurant properties held for sale, and $0.2 million related to our landlord’s sale of a restaurant property to a franchisee. Refer to Note 9, Impairment and Other Charges, Net, for additional information regarding impairment charges. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Sep. 30, 2018 | |
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. In April 2014 , to reduce our exposure to rising interest rates, we entered into nine forward-starting interest rate swap agreements that effectively converted $300.0 million of our variable rate borrowings to a fixed-rate basis from October 2014 through October 2018 . Additionally, in June 2015, we entered into eleven forward-starting interest rate swap agreements that effectively convert an additional $200.0 million of our variable rate borrowings to a fixed rate from October 2015 through October 2018, and $500.0 million from October 2018 through October 2022. 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 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 variable rate debt. Financial position — The following derivative instruments were outstanding as of the end of each fiscal year ( in thousands ): Balance Sheet Location Fair Value 2018 2017 Derivatives designated as hedging instruments: Interest rate swaps Accrued liabilities $ (26 ) $ (4,777 ) Interest rate swaps Other long-term liabilities (1,266 ) (18,150 ) Interest rate swaps Other assets, net 589 — Total derivatives (Note 5) $ (703 ) $ (22,927 ) Financial performance — The following table summarizes the accumulated OCI activity related to our interest rate swap derivative instruments in each fiscal year ( in thousands ): Location in Income 2018 2017 2016 Gain (loss) recognized in OCI N/A $ 18,769 $ 19,768 $ (25,439 ) Loss reclassified from accumulated OCI into net earnings Interest expense, net $ 3,455 $ 5,070 $ 4,048 Amounts reclassified from accumulated OCI into interest expense represent payments made to the counterparty for the effective portions of the interest rate swaps. During the fiscal years presented, our interest rate swaps had no hedge ineffectiveness. |
Indebtedness
Indebtedness | 12 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Indebtedness | INDEBTEDNESS The detail of our long-term debt at the end of each fiscal year is as follows ( in thousands ): 2018 2017 Revolver, variable interest rate based on an applicable margin plus LIBOR, 4.50% at September 30, 2018 $ 730,422 $ 497,022 Term loan, variable interest rate based on an applicable margin plus LIBOR, 4.35% at September 30, 2018 336,360 639,385 Capital lease obligations, 3.60% weighted-average interest rate at September 30, 2018 4,403 9,940 1,071,185 1,146,347 Less current maturities of long-term debt, net of $1,008 and $1,502 of term loan debt issuance costs, respectively (31,828 ) (64,225 ) Less term loan debt issuance costs (1,430 ) (2,140 ) $ 1,037,927 $ 1,079,982 Amended credit facility — On March 21, 2018, we amended our credit facility. The amendment extends the maturity date of both our term loan and revolving credit facility from March 19, 2019 to March 19, 2020. The interest rate range on our credit facility did not change as a result of the amendment and continues to be based on our leverage ratio. This interest rate can range from the London Interbank Offered Rate (“LIBOR”) plus 1.25% to 2.25% with a 0% floor on the LIBOR. As a result of the amendment, the initial interest rate was reset to LIBOR plus 2.00% . As of September 30, 2018 the interest rate increased to 2.25% . As part of the credit facility we can request the issuance of up to $75.0 million in letters of credit, the outstanding amount of which reduces our net borrowing capacity under the agreement. As of September 30, 2018, we had outstanding letters of credit of $31.4 million and an unused borrowing capacity of $138.2 million . Collateral — Under the amendment, we and certain of our subsidiaries reaffirmed our guarantees and the security interests in substantially all of our tangible and intangible property, with certain exceptions (including deposit accounts), to secure our obligations under the credit facility. Covenants — We are subject to a number of customary covenants under our credit facility, including limitations on additional borrowings, acquisitions, loans to franchisees, lease commitments, stock repurchases, and dividend payments, and requirements to maintain certain financial ratios defined in the credit agreement. The amendment raised the maximum leverage ratio from 4.0 times to 4.5 times, and permits unlimited cash dividends and share repurchases if pro forma leverage is less than 4.0 times, subject also to pro forma fixed charge covenant compliance. Future cash payments — Our credit facility requires us to make certain mandatory prepayments under certain circumstances and we have the option to make certain prepayments without premium or penalty. The credit facility includes events of default (and related remedies, including acceleration and increased interest rates following an event of default) that are customary for facilities and transactions of this type. Pursuant to the credit facility and amendment, we repaid $260.0 million on the term loan facility upon closing of the Qdoba Sale. Refer to Note 2, Discontinued Operations , for additional information regarding the Qdoba Sale and related prepayment. The payment schedule for the term loan facility was amended to reflect this payment and the extended maturity. The amended term loan facility requires amortization in the form of quarterly installments of $10.7 million from June 2018 through December 2019 with the remainder due at the expiration of the term loan agreement in March 2020. Scheduled principal payments on our long-term debt outstanding at September 30, 2018 for each of the next five fiscal years and thereafter are as follows ( in thousands ): 2019 $ 32,837 2020 1,035,548 2021 793 2022 819 2023 846 Thereafter 342 $ 1,071,185 |
Leases
Leases | 12 Months Ended |
Sep. 30, 2018 | |
Leases [Abstract] | |
Leases Of Lessee And Lessor Disclosure [Text Block] | 8. LEASES As lessee — We lease restaurants and other facilities, which generally have renewal clauses of 1 to 20 years exercisable at our option. In some instances, these leases have provisions for contingent rentals based upon a percentage of defined revenues. Many of our restaurant and other facility leases also have rent escalation clauses and require the payment of property taxes, insurance, and maintenance costs. We also lease certain restaurant and office equipment. Minimum rental obligations are accounted for on a straight-line basis over the term of the initial lease, plus lease option terms for certain locations. The components of rent expense were as follows in each fiscal year ( in thousands ): 2018 2017 2016 Minimum rentals $ 184,106 $ 185,696 $ 188,486 Contingent rentals 2,221 2,419 2,199 Total rent expense 186,327 188,115 190,685 Less rental expense on subleased properties (162,640 ) (145,728 ) (145,119 ) Net rent expense $ 23,687 $ 42,387 $ 45,566 The following table presents as of September 30, 2018 , future minimum lease payments under capital and operating leases, including leases recorded as lease obligations relating to continuing and discontinued operations ( in thousands ): Fiscal Year Capital Operating 2019 $ 955 $ 193,439 2020 876 173,953 2021 876 163,038 2022 876 124,357 2023 863 96,047 Thereafter 437 388,150 Total minimum lease payments 4,883 $ 1,138,984 Less amount representing interest, 3.60% weighted-average interest rate (480 ) Present value of obligations under capital leases 4,403 Less current portion (834 ) Long-term capital lease obligations $ 3,569 Total future minimum lease payments of approximately $1.5 billion included in the table above are expected to be recovered under our non-cancelable operating subleases. Assets recorded under capital leases are included in property and equipment, and consisted of the following at each fiscal year-end ( in thousands ): 2018 2017 Buildings $ 3,217 $ 7,301 Equipment 5,519 10,617 Less accumulated amortization (4,621 ) (8,753 ) $ 4,115 $ 9,165 Amortization of assets under capital leases is included in depreciation and amortization expense in the consolidated statements of earnings. As lessor — We lease or sublease restaurants to certain franchisees and others under agreements that generally provide for the payment of percentage rentals in excess of stipulated minimum rentals, usually for a period up to 20 years. Most of our leases have rent escalation clauses and renewal clauses of 5 to 20 years. The following table summarizes rents received under these agreements in each fiscal year ( in thousands ): 2018 2017 2016 Total rental income (1) $ 264,432 $ 237,004 $ 238,228 Contingent rentals $ 35,148 $ 33,168 $ 31,632 ________________________________________________ (1) Includes contingent rentals. The minimum rents receivable expected to be received under these non-cancelable operating leases and subleases, including leases recorded as lease obligations relating to continuing and discontinuing operations, and excluding contingent rentals, as of September 30, 2018 are as follows ( in thousands ): Fiscal Year 2019 $ 239,015 2020 236,136 2021 251,835 2022 228,089 2023 221,261 Thereafter 1,359,302 Total minimum future rent receivable $ 2,535,638 Assets held for lease and included in property and equipment consisted of the following at each fiscal year-end ( in thousands ): 2018 2017 Land $ 89,256 $ 88,647 Buildings 824,964 759,003 Equipment 611 342 914,831 847,992 Less accumulated depreciation (607,900 ) (540,851 ) $ 306,931 $ 307,141 |
Impairment, Disposition Of Prop
Impairment, Disposition Of Property And Equipment, Restaurant Closing Costs And Restructuring | 12 Months Ended |
Sep. 30, 2018 | |
Impairment, Disposition Of Property And Equipment, Restaurant Closing And Restructuring Costs [Abstract] | |
Impairment Disposition Of Property And Equipment, Restaurant Closing Costs and Restructuring | IMPAIRMENT AND OTHER CHARGES, NET Impairment and other charges, net, in the accompanying consolidated statements of earnings is comprised of the following in each fiscal year ( in thousands ): 2018 2017 2016 Restructuring costs $ 10,647 $ 3,631 $ 3,531 Costs of closed restaurants and other 4,803 5,736 2,457 Losses on disposition of property and equipment, net 1,627 2,891 2,398 Accelerated depreciation 1,130 911 1,543 Operating restaurant impairment charges (1) 211 — — $ 18,418 $ 13,169 $ 9,929 ___________________________________________ (1) In 2018, impairment charges relate to our landlord’s sale of a restaurant property to a franchisee. Restructuring costs — Restructuring costs include charges resulting from a plan that management initiated in fiscal 2016 to reduce our general and administrative costs. This plan includes cost saving initiatives from workforce reductions and refranchising initiatives. Restructuring charges in 2018 also include costs related to the evaluation of potential alternatives with respect to the Qdoba brand (the “Qdoba Evaluation”), which resulted in the Qdoba Sale. Refer to Note 2, Discounted Operations , for information regarding the Qdoba Sale. The following is a summary of the costs incurred in connection with these activities during each fiscal year ( in thousands ): 2018 2017 2016 Employee severance and related costs $ 7,845 $ 724 $ 3,513 Qdoba Evaluation (1) 2,211 2,592 18 Other 591 315 — $ 10,647 $ 3,631 $ 3,531 ___________________________________________ (1) Qdoba Evaluation consulting costs are primarily related to third party advisory services and retention compensation. We currently expect to recognize severance and related costs of approximately $4.5 million in fiscal 2019 related to positions that have been identified for elimination. At this time, we are unable to estimate any additional charges to be incurred related to additional positions that may be identified for elimination or our other restructuring activities. Total accrued severance costs related to our restructuring activities are included in accrued liabilities and changed as follows during fiscal 2018 (in thousands) : Balance as of October 1, 2017 $ 648 Additions/adjustments 7,845 Cash payments (3,184 ) Balance as of September 30, 2018 $ 5,309 Costs of closed restaurants and other — Costs of closed restaurants in all years include future lease commitment charges and expected ancillary costs, net of anticipated sublease rentals. Costs in 2018 also include $0.8 million of impairment charges resulting from the closure of ten franchise and one company restaurant, and $0.4 million of charges resulting from changes in the market value of closed properties held for sale. Costs in 2017 also include $0.5 million in property and equipment impairment charges and $0.5 million in future lease commitment charges related to the closure of four underperforming restaurants. Accrued restaurant closing costs included in accrued liabilities and other long-term liabilities changed as follows during fiscal 2018 ( in thousands ): Balance as of October 1, 2017 $ 6,175 Interest expense 135 Adjustments (1) 675 Additions 1,639 Cash payments (5,090 ) Balance as of September 30, 2018 (2) (3) $ 3,534 ___________________________________________ (1) Adjustments relate primarily to revisions of certain sublease and cost assumptions. Our estimates related to our future lease obligations, primarily the sublease income we anticipate, 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. (2) The weighted-average remaining lease term related to these commitments is approximately four years. (3) This balance excludes $2.3 million of restaurant closing costs that are included in accrued liabilities and other long-term liabilities, which were initially recorded as losses on the sale of company-operated restaurants to franchisees in prior years. 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. In fiscal 2018, accelerated depreciation was primarily related to the replacement of computer hardware, restaurant remodels, and exterior enhancements at our company-operated restaurants. In fiscal 2017, accelerated depreciation primarily related to restaurant remodels and the anticipated closure of three company-owned restaurants. In fiscal 2016, accelerated depreciation primarily relates to expenses at our company-operated restaurants for exterior facility enhancements and the replacement of technology equipment. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income taxes consist of the following in each fiscal year ( in thousands ): 2018 2017 2016 Current: Federal $ 51,454 $ 79,038 $ 23,768 State 4,922 12,368 3,679 56,376 91,406 27,447 Deferred: Federal 23,462 (13,176 ) 28,455 State 1,890 (2,898 ) 4,838 25,352 (16,074 ) 33,293 Income tax expense from continuing operations $ 81,728 $ 75,332 $ 60,740 Income tax expense (benefit) from discontinued operations $ 15,700 $ (4,119 ) $ 10,453 A reconciliation of the federal statutory income tax rate to our effective tax rate for continuing operations is as follows: 2018 2017 2016 Computed at federal statutory rate 24.5 % 35.0 % 35.0 % Non-cash impact of the Tax Act 17.5 % — % — % State income taxes, net of federal tax benefit 4.7 % 3.8 % 3.7 % Stock compensation excess tax benefit (1.1 )% — % — % Benefit of jobs tax credits, net of valuation allowance (0.4 )% (0.4 )% (1.0 )% Benefit related to COLIs (0.4 )% (1.1 )% (1.5 )% Other, net (0.9 )% (0.4 )% 0.1 % 43.9 % 36.9 % 36.3 % The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities at each fiscal year-end are presented below ( in thousands ): 2018 2017 Deferred tax assets: Accrued defined benefit pension and postretirement benefits $ 34,776 $ 67,334 Impairment 11,388 18,697 Accrued insurance 8,994 14,701 Tax loss and tax credit carryforwards 7,458 11,841 Share-based compensation 4,936 9,715 Lease commitments related to closed or refranchised locations 4,696 9,382 Accrued incentive compensation 2,055 628 Accrued vacation pay expense 2,034 1,560 Deferred income 1,535 2,289 Other reserves and allowances 851 1,386 Interest rate swaps 181 8,855 Other, net 2,206 2,960 Total gross deferred tax assets 81,110 149,348 Valuation allowance (3,554 ) (8,507 ) Total net deferred tax assets 77,556 140,841 Deferred tax liabilities: Intangible assets (10,492 ) (15,995 ) Leasing transactions (2,790 ) (758 ) Property and equipment, principally due to differences in depreciation (1,855 ) (18,406 ) Other (279 ) (564 ) Total gross deferred tax liabilities (15,416 ) (35,723 ) Net deferred tax assets $ 62,140 $ 105,118 The Tax Act was enacted into law on December 22, 2017. The Tax Act included a reduction in the U.S. federal statutory corporate income tax rate (the “Tax Rate”) from 35% to 21% and introduced new limitations on certain business deductions. As a result, we recognized a non-cash tax provision expense impact of $32.5 million , primarily related to the re-measurement of our deferred tax assets and liabilities due to the reduced tax rate. Deferred tax assets as of September 30, 2018 include state net operating loss carry-forwards of approximately $43.5 million expiring at various times between 2019 and 2037 . At September 30, 2018 , we recorded a valuation allowance of $3.6 million which decreased from the $8.5 million at October 1, 2017 primarily due to the release of the valuation allowance on state tax credits and net operating losses. We believe that it is more likely than not that the remaining net operating loss and credit carry-forwards will not be realized and that all other deferred tax assets will be realized through future taxable income or alternative tax strategies. The major jurisdictions in which the Company files income tax returns include the United States and states in which we operate that impose an income tax. The federal statutes of limitations have not expired for fiscal years 2015 and forward. The statutes of limitations for California and Texas, which constitute the Company’s major state tax jurisdictions, have not expired for fiscal years 2014 and forward and 2013 and forward, respectively. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Plans | RETIREMENT PLANS We sponsor programs that provide retirement benefits to our employees. These programs include defined contribution plans, defined benefit pension plans, and postretirement healthcare plans. Defined contribution plans — We maintain a qualified savings plan pursuant to Section 401(k) of the Internal Revenue Code (“IRC”). Effective January 1, 2016, the plan was amended and restated to incorporate Safe Harbor Plan design features that include changes to participant eligibility and company contribution amounts and vesting. The plan allows all employees who have satisfied the service requirements and reached age 21 to defer a percentage of their pay on a pre-tax basis. Beginning January 1, 2016, we match 100% of the first 4% of compensation deferred by the participant. Prior to January 1, 2016, we matched 50% of the first 4% of compensation deferred by the participant. A participant’s right to Company contributions vest immediately. Our contributions under this plan were $2.2 million in fiscal 2018 , and $1.9 million and $3.2 million in fiscal 2017 and 2016 , respectively. We also maintain an unfunded, non-qualified deferred compensation plan for key executives and other members of management whose compensation deferrals or company matching contributions to the qualified savings plan are limited due to IRC rules. Effective January 1, 2016, this non-qualified plan was amended to replace the company matching contribution with an annual restoration match that is intended to “restore” up to the full 4% match for participants whose elective deferrals (and related company matching contributions) to the qualified savings plan were limited due to IRC rules. A participant’s right to the Company restoration match vests immediately. Prior to January 1, 2016, we matched 100% of the first 3% contributed by the participant. This plan allows participants to defer up to 50% of their salary and 85% of their bonus, on a pre-tax basis. In addition, to compensate executives who were hired or promoted into an eligible position prior to May 7, 2015 and who may no longer participate in our supplemental defined benefit pension plan, we also contribute a supplemental amount equal to 4% of an eligible employee’s salary and bonus for a period of 10 years in such eligible position. Our contributions under the non-qualified deferred compensation plan were $0.2 million in fiscal 2018 , and $0.5 million , and $0.3 million in fiscal 2017 and 2016 , respectively. Prior to January 1, 2016, a participant’s right to Company contributions vested at a rate of 25% per year of service. Defined benefit pension plans — We sponsor two defined benefit pension plans, a “Qualified Plan” covering substantially all full-time employees hired prior to January 1, 2011, and an unfunded supplemental executive retirement plan (“SERP”) that 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 . This change was accounted for as a plan “curtailment” in accordance with FASB authoritative guidance. 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. Obligations and funded status — The following table provides a reconciliation of the changes in benefit obligations, plan assets, and funded status of our retirement plans for each fiscal year ( in thousands ): Qualified Plan SERP Postretirement Health Plans 2018 2017 2018 2017 2018 2017 Change in benefit obligation: Obligation at beginning of year $ 493,767 $ 522,459 $ 78,401 $ 81,450 $ 25,660 $ 28,214 Service cost 1,743 1,331 490 855 — — Interest cost 19,463 19,889 2,894 2,850 955 1,003 Participant contributions — — — — 115 118 Actuarial gain (37,872 ) (20,081 ) (4,686 ) (2,296 ) (1,720 ) (2,652 ) Benefits paid (10,949 ) (10,425 ) (4,032 ) (4,458 ) (1,563 ) (1,168 ) Settlements (9,043 ) (19,406 ) — — — — Other — — — — 14 145 Obligation at end of year $ 457,109 $ 493,767 $ 73,067 $ 78,401 $ 23,461 $ 25,660 Change in plan assets: Fair value at beginning of year $ 460,709 $ 438,402 $ — $ — $ — $ — Actual return on plan assets 15,410 52,138 — — — — Participant contributions — — — — 115 118 Employer contributions — — 4,032 4,458 1,435 905 Benefits paid (10,949 ) (10,425 ) (4,032 ) (4,458 ) (1,563 ) (1,168 ) Settlements (9,043 ) (19,406 ) — — — — Other — — — — 13 145 Fair value at end of year $ 456,127 $ 460,709 $ — $ — $ — $ — Funded status at end of year $ (982 ) $ (33,058 ) $ (73,067 ) $ (78,401 ) $ (23,461 ) $ (25,660 ) Amounts recognized on the balance sheet: Current liabilities $ — $ — $ (5,037 ) $ (4,448 ) $ (1,352 ) $ (1,308 ) Noncurrent liabilities (982 ) (33,058 ) (68,030 ) (73,953 ) (22,108 ) (24,352 ) Total liability recognized $ (982 ) $ (33,058 ) $ (73,067 ) $ (78,401 ) $ (23,460 ) $ (25,660 ) Amounts in AOCI not yet reflected in net periodic benefit cost: Unamortized actuarial loss (gain), net $ 139,195 $ 167,598 $ 27,239 $ 33,462 $ (2,267 ) $ (574 ) Unamortized prior service cost — — 271 418 — — Total $ 139,195 $ 167,598 $ 27,510 $ 33,880 $ (2,267 ) $ (574 ) Other changes in plan assets and benefit obligations recognized in OCI: Net actuarial gain $ (25,072 ) $ (44,077 ) $ (4,686 ) $ (2,296 ) $ (1,720 ) $ (2,652 ) Amortization of actuarial loss (gain) (3,331 ) (4,455 ) (1,538 ) (1,659 ) 27 (162 ) Amortization of prior service cost — — (146 ) (153 ) — — Total recognized in OCI (28,403 ) (48,532 ) (6,370 ) (4,108 ) (1,693 ) (2,814 ) Net periodic benefit (credit) cost and other losses (3,673 ) (2,467 ) 5,068 5,517 928 1,165 Total recognized in comprehensive income $ (32,076 ) $ (50,999 ) $ (1,302 ) $ 1,409 $ (765 ) $ (1,649 ) Amounts in AOCI expected to be amortized in fiscal 2019 net periodic benefit cost: Net actuarial loss (gain) $ 2,754 $ 1,207 $ (159 ) Prior service cost — 115 — Total $ 2,754 $ 1,322 $ (159 ) Additional year-end pension plan information — The projected benefit obligation (“PBO”) is the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated future pay increases. The accumulated benefit obligation (“ABO”) also reflects the actuarial present value of benefits attributable to employee service rendered to date but does not include the effects of estimated future pay increases. Therefore, the ABO as compared to plan assets is an indication of the assets currently available to fund vested and nonvested benefits accrued through the end of the fiscal year. The funded status is measured as the difference between the fair value of a plan’s assets and its PBO. As of September 30, 2018 and October 1, 2017 , the Qualified Plan’s ABO exceeded the fair value of its plan assets. The SERP is an unfunded plan and, as such, had no plan assets as of September 30, 2018 and October 1, 2017 . The following sets forth the PBO, ABO, and fair value of plan assets of our pension plans as of the measurement date in each fiscal year ( in thousands ): 2018 2017 Qualified Plan: Projected benefit obligation $ 457,109 $ 493,767 Accumulated benefit obligation $ 457,109 $ 493,767 Fair value of plan assets $ 456,127 $ 460,709 SERP: Projected benefit obligation $ 73,067 $ 78,401 Accumulated benefit obligation $ 73,067 $ 78,401 Fair value of plan assets $ — $ — Net periodic benefit cost — The components of the fiscal year net periodic benefit cost were as follows ( in thousands ): 2018 2017 2016 Qualified Plan: Service cost $ 1,743 $ 1,331 $ 4,479 Interest cost 19,463 19,889 20,926 Expected return on plan assets (28,210 ) (28,142 ) (21,756 ) Actuarial loss 3,331 4,455 2,828 Net periodic benefit (credit) cost $ (3,673 ) $ (2,467 ) $ 6,477 SERP: Service cost $ 490 $ 855 $ 773 Interest cost 2,894 2,850 3,253 Actuarial loss 1,538 1,659 1,259 Amortization of unrecognized prior service cost 146 153 240 Net periodic benefit cost $ 5,068 $ 5,517 $ 5,525 Postretirement health plans: Interest cost $ 955 $ 1,003 $ 1,263 Actuarial loss (27 ) 162 219 Net periodic benefit cost $ 928 $ 1,165 $ 1,482 Prior service costs are amortized on a straight-line basis from date of participation to full eligibility. Unrecognized gains or losses are amortized using the “corridor approach” under which the net gain or loss in excess of 10% of the greater of the PBO or the market-related value of the assets, if applicable, is amortized. For our Qualified Plan, actuarial losses are amortized over the average future expected lifetime of all participants expected to receive benefits. For our SERP, actuarial losses are amortized over the expected remaining future lifetime for inactive participants, and for our postretirement health plans, actuarial losses are amortized over the expected remaining future lifetime of inactive participants expected to receive benefits. Assumptions — We determine our actuarial assumptions on an annual basis. In determining the present values of our benefit obligations and net periodic benefit costs as of and for the fiscal years ended September 30, 2018 , October 1, 2017 , and October 2, 2016 , we used the following weighted-average assumptions: 2018 2017 2016 Assumptions used to determine benefit obligations (1): Qualified Plan: Discount rate 4.40% 3.99% 3.85% Rate of future pay increases —% —% —% SERP: Discount rate 4.37% 3.80% 3.60% Rate of future pay increases 3.50% 3.50% 3.50% Postretirement health plans: Discount rate 4.38% 3.82% 3.64% Assumptions used to determine net periodic benefit cost (2): Qualified Plan: Discount rate 3.99% 3.85% 4.79% Long-term rate of return on assets 6.20% 6.50% 6.50% Rate of future pay increases —% —% 3.50% SERP: Discount rate 3.80% 3.60% 4.45% Rate of future pay increases 3.50% 3.50% 3.50% Postretirement health plans: Discount rate 3.82% 3.64% 4.47% ____________________________ (1) Determined as of end of year. (2) Determined as of beginning of year. The assumed discount rates were determined by considering the average of pension yield curves constructed of a population of high-quality bonds with a Moody’s or Standard and Poor’s rating of “AA” or better whose cash flow from coupons and maturities match the year-by-year projected benefit payments from the plans. As benefit payments typically extend beyond the date of the longest maturing bond, cash flows beyond 30 years were discounted back to the 30th year and then matched like any other payment. The assumed expected long-term rate of return on assets is the weighted-average rate of earnings expected on the funds invested or to be invested to provide for the pension obligations. The long-term rate of return on assets was determined taking into consideration our projected asset allocation and economic forecasts prepared with the assistance of our actuarial consultants. The assumed discount rate and expected long-term rate of return on assets have a significant effect on amounts reported for our pension and postretirement plans. A quarter percentage point decrease in the discount rate and long-term rate of return used would have decreased fiscal 2018 earnings before income taxes by $0.5 million and $1.1 million , respectively. The assumed average rate of compensation increase is the average annual compensation increase expected over the remaining employment periods for the participating employees. For our Qualified Plan, no future pay increases were included in our benefit obligation assumptions as, effective December 31, 2015, our plan participants no longer accrue benefits. For measurement purposes, the weighted-average assumed health care cost trend rates for our postretirement health plans were as follows for each fiscal year: 2018 2017 2016 Healthcare cost trend rate for next year: Participants under age 65 7.25% 7.50% 7.75% Participants age 65 or older 6.75% 7.00% 7.25% Rate to which the cost trend rate is assumed to decline: Participants under age 65 4.50% 4.50% 4.50% Participants age 65 or older 4.50% 4.50% 4.50% Year the rate reaches the ultimate trend rate: Participants under age 65 2030 2030 2030 Participants age 65 or older 2028 2028 2028 The assumed healthcare cost trend rate represents our estimate of the annual rates of change in the costs of the healthcare benefits currently provided by our postretirement plans. The healthcare cost trend rate implicitly considers estimates of healthcare inflation, changes in healthcare utilization and delivery patterns, technological advances and changes in the health status of the plan participants. The healthcare cost trend rate assumption has a significant effect on the amounts reported. For example, a 1.0% change in the assumed healthcare cost trend rate would have the following effect on the fiscal 2018 net periodic benefit cost and end of year PBO ( in thousands ): 1% Point Increase 1% Point Decrease Total interest and service cost $ 111 $ (95 ) Postretirement benefit obligation $ 2,422 $ (2,098 ) Plan assets — Our investment philosophy is to (1) protect the corpus of the fund; (2) establish investment objectives that will allow the market value to exceed the present value of the vested and unvested liabilities over time; while (3) obtaining adequate investment returns to protect benefits promised to the participants and their beneficiaries. Our asset allocation strategy utilizes multiple investment managers in order to maximize the plan’s return while minimizing risk. We regularly monitor our asset allocation, and senior financial management and the Finance Committee of the Board of Directors review performance results quarterly. We continually review our target asset allocation for our Qualified Plan and when changes are made, we reallocate our plan assets over a period of time, as deemed appropriate by senior financial management, to achieve our target asset allocation. Our plan asset allocation at the end of fiscal 2018 and target allocations were as follows: 2018 Target Minimum Maximum Cash & cash equivalents 1% —% — —% Domestic Equities 23% 23% 12% 32% International equity 22% 22% 12% 32% Core fixed funds 35% 32% 27% 37% High yield 3% 4% —% 8% Alternative investments 8% 8% —% 8% Real estate 8% 7% 2% 12% Real return bonds —% 4% —% 8% 100% 100% The Company measures its defined benefit plan assets and obligations as of the month-end date closest to its fiscal year end, which is a practical expedient under FASB authoritative guidance. The fair values of the Qualified Plan’s assets by asset category are as follows ( in thousands ): Total Quoted Prices in Active Markets for Identical (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Items Measured at Fair Value at September 30, 2018: Asset Category: Cash and cash equivalents (1) $ 2,901 $ — $ 2,901 $ — Equity: U.S (2) 104,424 104,424 — — International (3), (4) 100,340 49,857 — — Fixed income: Investment grade (5) 160,106 — 160,106 — High yield (6) 14,384 14,384 — — Alternatives (4),(7) 35,964 — — — Real estate (4),(8) 38,008 — — — $ 456,127 $ 168,665 $ 163,007 $ — Items Measured at Fair Value at September 30, 2017: Asset Category: Cash and cash equivalents (1) $ 3,245 $ — $ 3,245 $ — Equity: U.S (2) 108,241 108,241 — — International (3), (4) 121,130 52,013 — — Fixed income: Investment grade (5) 133,737 — 133,737 — High yield (6) 19,889 19,889 — — Alternatives (7) 38,933 — — — Real estate (4),(8) 35,534 — — — $ 460,709 $ 180,143 $ 136,982 $ — _________________________ (1) Cash and cash equivalents are comprised of commercial paper, short-term bills and notes, and short-term investment funds, which are valued at quoted prices in active markets for similar securities. (2) U.S. equity securities are comprised of investments in common stock of U.S. companies for total return purposes. These investments are valued by the trustee at closing prices from national exchanges on the valuation date. (3) International equity securities are comprised of investments in common stock of companies located outside of the U.S for total return purposes. These investments are valued by the trustee at closing prices from national exchanges on the valuation date, or the values are adjusted as a result of market movements following the close of local trading using inputs to models that are observable either directly or indirectly. The portion of these investments that are measured at fair value using the net asset value per share practical expedient (see note 4 below) can be redeemed on a monthly basis. (4) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. (5) Investment grade fixed income consists of debt obligations either issued by the US government or have a rating of BBB- / Baa or higher assigned by a major credit rating agency. These investments are valued based on unadjusted quoted market prices (Level 1), or based on quoted prices in inactive markets, or whose values are based on models, but the inputs to those models are observable either directly or indirectly (Level 2). (6) High yield fixed income consists primarily of debt obligations that have a rating of below BBB- / Baa or lower assigned by a major credit rating agency. These investments are valued based on unadjusted quoted market prices. (7) Alternative investments consists primarily of an investment in asset classes other than stocks, bonds, and cash. Alternative investments can include commodities, hedge funds, private equity, managed futures, and derivatives. These investments are valued based on unadjusted quoted market prices and can be redeemed on a bi-monthly basis. (8) Real estate is investments in a real estate collective trust for purposes of total return. These investments are valued based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These investments can be redeemed on a quarterly basis. 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 requirement. We do not anticipate making any contributions to our Qualified Plan in fiscal 2019 . Contributions expected to be paid in the next fiscal year, the projected benefit payments for each of the next five fiscal years, and the total aggregate amount for the subsequent five fiscal years are as follows ( in thousands ): Defined Benefit Pension Plans Postretirement Health Plans Estimated net contributions during fiscal 2019 $ 5,038 $ 1,382 Estimated future year benefit payments during fiscal years: 2019 $ 17,077 $ 1,382 2020 $ 17,721 $ 1,430 2021 $ 18,376 $ 1,526 2022 $ 19,206 $ 1,569 2023 $ 20,438 $ 1,581 2024-2028 $ 121,677 $ 8,169 We will continue to evaluate contributions to our Qualified Plan based on changes in pension assets as a result of asset performance in the current market and economic environment. Expected benefit payments are based on the same assumptions used to measure our benefit obligations at September 30, 2018 and include estimated future employee service, if applicable. |
Share-Based Employee Compensati
Share-Based Employee Compensation | 12 Months Ended |
Sep. 30, 2018 | |
Share-based Compensation [Abstract] | |
Share-Based Employee Compensation | SHARE-BASED EMPLOYEE COMPENSATION Stock incentive plans — 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. Our stock incentive plans are administered by the Compensation Committee of the Board of Directors and have been approved by the stockholders of the Company. The terms and conditions of our share-based awards are determined by the Compensation Committee for each award date and may include provisions for the exercise price, expirations, vesting, restriction on sales, and forfeitures, as applicable. We issue new shares to satisfy stock issuances under our stock incentive plans. Our Amended and Restated 2004 Stock Incentive Plan authorizes the issuance of up to 11,600,000 common shares in connection with the granting of stock options, stock appreciation rights, restricted stock purchase rights, restricted stock bonuses, restricted stock units, or performance units to key employees, directors, and other designated employees. There were 1,880,708 shares of common stock were available for future issuance under this plan as of September 30, 2018 . We also maintain a deferred compensation plan for non-management directors under which those who are eligible to receive fees or retainers may choose to defer receipt of their compensation. The deferred amounts are converted to stock equivalents. The plan requires settlement in shares of our common stock based on the number of stock equivalents and dividend equivalents at the time of a participant’s separation from the Board of Directors. This plan provides for the issuance of up to 350,000 shares of common stock in connection with the crediting of stock equivalents. There were 143,122 shares of common stock were available for future issuance under this plan as of September 30, 2018 . Compensation expense — The components of share-based compensation expense recognized in each fiscal year for continuing operations are as follows ( in thousands ): 2018 2017 2016 Nonvested stock units $ 5,737 $ 5,873 $ 5,168 Stock options 1,790 1,826 2,450 Performance share awards 1,236 2,580 3,351 Nonvested restricted stock awards 33 88 88 Non-management directors’ deferred compensation 350 270 270 Total share-based compensation expense $ 9,146 $ 10,637 $ 11,327 Nonvested restricted stock units — Nonvested restricted stock units (“RSUs”) are generally issued to executives, non-management directors and certain other members of management and employees. Prior to fiscal 2011 , RSUs were granted to certain Executive and Senior Vice Presidents pursuant to our share ownership guidelines. These awards vest upon retirement or termination based on years of service. There were 60,272 of such RSUs outstanding as of September 30, 2018 . Beginning fiscal 2011 , we replaced the ownership share grants with time-vested RSUs for certain Vice Presidents and Officers that vest ratably over four to five years and have a 50% or 100% holding requirement on settled shares, which must be held until termination. There were 121,541 of such RSUs outstanding as of September 30, 2018 . RSUs issued to non-management directors vest 12 months from the date of grant, or upon termination of board service if the director elects to defer receipt, and totaled 59,386 units outstanding as of September 30, 2018 . RSUs issued to certain other employees either cliff vest or vest ratably over three years and totaled 46,899 units outstanding as of September 30, 2018 . These awards are amortized to compensation expense over the estimated vesting period based upon the fair value of our common stock on the award date discounted by the present value of the expected dividend stream over the vesting period. The following is a summary of RSU activity for fiscal 2018 : Shares Weighted- Average Grant Date Fair Value RSUs outstanding at October 1, 2017 304,232 $ 62.14 Granted 61,551 $ 94.93 Released (58,978 ) $ 75.21 Forfeited (18,707 ) $ 91.34 RSUs outstanding at September 30, 2018 288,098 $ 64.57 As of September 30, 2018 , there was approximately $6.8 million of total unrecognized compensation cost related to RSUs, which is expected to be recognized over a weighted-average period of 2.4 years . The weighted-average grant date fair value of awards granted was $94.93 , $102.42 , and $72.06 in fiscal years 2018 , 2017 , and 2016 , respectively. In fiscal years 2018 , 2017 , and 2016 , the total fair value of RSUs that vested and were released was $4.4 million , $4.4 million , and $4.5 million , respectively. Stock options — Option grants have contractual terms of seven years and employee options vest over a three -year period. Options may vest sooner for employees meeting certain age and years of service thresholds. All option grants provide for an option exercise price equal to the closing market value of the common stock on the date of grant. The following is a summary of stock option activity for fiscal 2018 : Shares Weighted- Weighted- Aggregate Intrinsic Value (in thousands) Options outstanding at October 1, 2017 312,359 $ 80.15 Granted 113,447 $ 90.06 Exercised (116,388 ) $ 68.37 Forfeited (18,894 ) $ 94.93 Expired (2,906 ) $ 104.95 Options outstanding at September 30, 2018 287,618 $ 87.61 4.98 $ 1,205 Options exercisable at September 30, 2018 111,178 $ 81.01 3.85 $ 1,007 Options exercisable and expected to vest at September 30, 2018 287,618 $ 87.61 4.98 $ 1,205 The aggregate intrinsic value in the table above is the amount by which the current market price of our stock on September 30, 2018 exceeds the weighted-average exercise price. We use a valuation model to determine the fair value of options granted that requires the input of highly subjective assumptions, including the expected volatility of the stock price. The following table presents the weighted-average assumptions used for stock option grants in each fiscal year, along with the related weighted-average grant date fair value: 2018 2017 2016 Risk-free interest rate 2.4% 1.4% 1.7% Expected dividends yield 1.8% 1.5% 1.6% Expected stock price volatility 28.8% 29.0% 26.7% Expected life of options (in years) 3.40 3.50 4.90 Weighted-average grant date fair value $18.49 $20.92 $16.21 The risk-free interest rate was determined by a yield curve of risk-free rates based on published U.S. Treasury spot rates in effect at the time of grant and has a term equal to the expected life of the related options. The dividend yield assumption is based on the Company’s history and expectations of dividend payouts at the grant date. The expected stock price volatility in all years represents the Company’s historical volatility. The expected life of the options represents the period of time the options are expected to be outstanding and is based on historical trends. As of September 30, 2018 , there was approximately $1.6 million of total unrecognized compensation cost related to stock options grants that is expected to be recognized over a weighted-average period of 1.6 years . The total intrinsic value of stock options exercised was $2.3 million , $6.9 million , and $18.6 million in fiscal years 2018 , 2017 , and 2016 , respectively. Performance share awards — Performance share awards, granted in the form of stock units, represent a right to receive a certain number of shares of common stock based on the achievement of corporate performance goals and continued employment during the vesting period. Performance share awards issued to executives vest at the end of a three -year period and vested amounts may range from 0% to a maximum of 150% of targeted amounts depending on the achievement of performance measures at the end of a three -year period. The expected cost of the shares is based on the fair value of our stock on the date of grant and is reflected over the vesting period with a reduction for estimated forfeitures. These awards may be settled in cash or shares of common stock at the election of the Company on the date of grant. It is our intent to settle these awards with shares of common stock. The following is a summary of performance share award activity for fiscal 2018 : Shares Weighted- Average Grant Date Fair Value Performance share awards outstanding at October 1, 2017 92,135 $ 78.67 Granted 19,989 $ 97.02 Issued (41,916 ) $ 77.47 Forfeited (10,097 ) $ 83.27 Performance adjustments (7,632 ) $ 83.56 Performance share awards outstanding at September 30, 2018 52,479 $ 83.21 As of September 30, 2018 , there was approximately $0.8 million of total unrecognized compensation cost related to performance share awards, which is expected to be recognized over a weighted-average period of 1.3 years. The weighted-average grant date fair value of awards granted was $97.02 , $95.33 , and $75.25 in fiscal years 2018 , 2017 , and 2016 , respectively. The total fair value of awards that became fully vested during fiscal years 2018 , 2017 , and 2016 was $1.6 million , $3.2 million , and $3.5 million , respectively. Nonvested stock awards — We previously issued nonvested stock awards (“RSAs”) to certain executives under our share ownership guidelines. Effective fiscal 2009 , we no longer issue RSA awards and have replaced them with grants of RSUs. The RSAs vest, subject to the discretion of our Board of Directors in certain circumstances, upon retirement or termination based upon years of service. These awards are amortized to compensation expense over the estimated vesting period based upon the fair value of our common stock on the award date. As of September 30, 2018 , RSAs outstanding totaled 33,243 shares with a weighted-average grant date fair value of $26.47 per share. In fiscal 2018 , we released 62,572 shares with a weighted-average grant date fair value of $17.42 per share. As of September 30, 2018 , compensation cost related to RSAs was fully recognized. Non-management directors’ deferred compensation — All awards outstanding under our directors’ deferred compensation plan are accounted for as equity-based awards and deferred amounts are converted into stock equivalents based on a per share price equal to the average of the closing price of our common stock for the 10 trading days immediately preceding the date the deferred compensation is credited to the director’s account. During fiscal years 2018 , 2017 , and 2016 no common stock was issued in connection with director retirements. The following is a summary of the stock equivalent activity for fiscal 2018 : Stock Equivalents Weighted- Average Grant Date Fair Value Stock equivalents outstanding at October 1, 2017 88,515 $ 32.85 Deferred directors’ compensation 3,953 $ 88.53 Dividend equivalents 1,922 $ 90.01 Stock equivalents outstanding at September 30, 2018 94,390 $ 36.35 |
Stockholders' Equity Stockholde
Stockholders' Equity Stockholders' Equity (Notes) | 12 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS’ EQUITY Repurchases of common stock — As of September 30, 2018 , there was approximately $41.0 million remaining under a Board-authorized stock buyback program, which expires in November 2019 . During fiscal 2018 , we repurchased 3.9 million shares at an aggregate cost of $340.0 million . Repurchases of common stock included in our consolidated statement of cash flows for fiscal 2018 and 2016 exclude $14.4 million and $7.2 million , respectively, related to repurchase transactions traded in the fiscal year that settled in the applicable fiscal year. Repurchases of common stock for fiscal 2017 includes $7.2 million related to repurchase transactions traded in the prior fiscal year that settled in fiscal year 2017. Dividends — In fiscal 2018 , the Board of Directors declared four cash dividends of $0.40 per share totaling $45.7 million . Future dividends are subject to approval by our Board of Directors. |
Average Shares Outstanding
Average Shares Outstanding | 12 Months Ended |
Sep. 30, 2018 | |
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 nonvested stock awards and units, stock options, and non-management director stock equivalents. 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 each fiscal year ( in thousands ): 2018 2017 2016 Weighted-average shares outstanding — basic 28,499 30,630 33,735 Effect of potentially dilutive securities: Nonvested stock awards and units 240 182 188 Stock options 40 59 150 Performance share awards 28 43 73 Weighted-average shares outstanding — diluted 28,807 30,914 34,146 Excluded from diluted weighted-average shares outstanding: Antidilutive 150 76 147 Performance conditions not satisfied at the end of the period 44 53 38 |
Commitments, Contingencies And
Commitments, Contingencies And Legal Matters | 12 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies And Legal Matters | COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS Commitments — As of September 30, 2018 , we had unconditional purchase obligations during the next five fiscal years as follows ( in thousands ): 2019 $ 756,800 2020 527,100 2021 353,700 2022 168,300 2023 156,300 Total $ 1,962,200 These obligations primarily represent amounts payable under purchase contracts for goods related to system-wide restaurant operations. Legal matters — We assess contingencies, including litigation contingencies, to determine the degree of probability and range of possible loss for potential accrual in our 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 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, and later added additional claims relating to timing of final pay and related wage and hour claims involving employees of a franchisee. In 2016, the court dismissed the federal claims and those relating to franchise employees. In June 2017, the court granted class certification with respect to state law claims of improper deductions and late payment of final wages. 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. In October 11, 2018, Plaintiff’s counsel alleged that the total potential damages were approximately $62 million, without providing a specific basis for that amount. We continue to believe that no additional losses are probable beyond this accrual and we cannot estimate a possible loss contingency or range of reasonably possible loss contingencies beyond the accrual. 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 or current employees, customers, franchisees, vendors, landlords, shareholders or others. We intend to defend ourselves in any such matters. Some of these matters may be covered, at least in part, by insurance or other third party indemnity obligation. 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. We believe that the ultimate determination of liability in connection with legal claims pending against us, if any, in excess of amounts already provided for such 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; however, it is possible that our business, results of operations, liquidity, or financial condition could be materially affected in a particular future reporting period by the unfavorable resolution of one or more matters or contingencies during such period. Lease guarantees — While all operating leases held in the name of Qdoba were part of the Qdoba Sale, some of the leases remain guaranteed by the Company pursuant to one or more written guarantees. In the event Qdoba fails to meet its payment and performance obligations under such guaranteed leases, we may be required to make rent and other payments to the landlord under the requirements of the Guarantees. Qdoba continues to meet its obligations under these leases and there have not been any events that would indicate that Qdoba will not continue to meet the obligations of the leases. As such, we have not recorded a liability for the Guarantees as of September 30, 2018 as the likelihood of Qdoba defaulting on the assigned agreements was deemed to be less than probable. Refer to Note 2, Discontinued Operations , for additional information regarding the Guarantees. |
Supplemental Consolidated Cash
Supplemental Consolidated Cash Flow Information | 12 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Consolidated Cash Flow Information | SUPPLEMENTAL CONSOLIDATED CASH FLOW INFORMATION ( in thousands ) 2018 2017 2016 Cash paid during the year for: Income tax payments $ 56,183 $ 92,678 $ 33,406 Interest, net of amounts capitalized $ 43,692 $ 33,857 $ 21,107 Increase (decrease) in obligations for treasury stock repurchases $ 14,362 $ (7,208 ) $ 7,208 Increase (decrease) in obligations for purchases of property and equipment $ 822 $ 766 $ (1,412 ) Non cash transactions: Increase in notes receivable from the sale of company operated restaurants $ 70,461 $ — $ — Increase in accrued franchise tenant improvement allowances $ 5,551 $ 1,659 $ 216 Increase in dividends accrued or converted to common stock equivalents $ 276 $ 308 $ 176 Decrease in equipment capital lease obligations from the sale of company-operated restaurants, closure of stores, and termination of equipment leases $ 3,617 $ 5,631 $ — Decrease in capital lease obligations from the termination of building leases $ 271 $ 237 $ — Equipment capital lease obligations incurred $ 98 $ 924 $ 273 Consideration for franchise acquisitions $ — $ 13,809 $ — |
Supplemental Consolidated Finan
Supplemental Consolidated Financial Statement Information | 12 Months Ended |
Sep. 30, 2018 | |
Supplemental Consolidated Financial Statement Information [Abstract] | |
Supplemental Consolidated Financial Statement Information | SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION ( in thousands ) September 30, October 1, Accounts and other receivables, net: Trade $ 35,877 $ 55,108 Notes receivable 11,480 988 Income tax receivable 5,637 3,273 Other 6,123 2,399 Allowance for doubtful accounts (1,695 ) (2,159 ) $ 57,422 $ 59,609 Prepaid expenses: Prepaid income taxes $ 4,837 $ 16,928 Prepaid advertising 4,318 5,407 Other 5,288 5,197 $ 14,443 $ 27,532 Other assets, net: Company-owned life insurance policies $ 109,908 $ 110,057 Deferred tax assets 62,140 105,118 Deferred rent receivable 48,372 46,962 Other 40,986 15,433 $ 261,406 $ 277,570 Accrued liabilities: Insurance $ 35,405 $ 39,011 Payroll and related taxes 29,498 23,361 Sales and property taxes 4,555 7,275 Gift card liability 2,081 2,237 Deferred rent income 1,387 18,961 Advertising 952 18,493 Deferred franchise fees 375 450 Other 32,669 25,266 $ 106,922 $ 135,054 Other long-term liabilities: Defined benefit pension plans $ 69,012 $ 107,011 Straight-line rent accrual 31,762 33,749 Other 92,675 108,065 $ 193,449 $ 248,825 |
Unaudited Quarterly Results Of
Unaudited Quarterly Results Of Operations | 12 Months Ended |
Sep. 30, 2018 | |
Selected Quarterly Financial Information [Abstract] | |
Unaudited Quarterly Results Of Operations | UNAUDITED QUARTERLY RESULTS OF OPERATIONS ( in thousands, except per share data ) 16 Weeks Ended 12 Weeks Ended Fiscal Year 2018 January 21, April 15, July 8, September 30, Revenues $ 294,463 $ 209,772 $ 187,983 $ 177,472 Earnings from operations $ 72,807 $ 46,820 $ 76,340 $ 35,647 Net earnings $ 12,190 $ 47,605 $ 45,307 $ 16,269 Net earnings per share: Basic $ 0.41 $ 1.64 $ 1.62 $ 0.61 Diluted $ 0.41 $ 1.62 $ 1.60 $ 0.60 16 Weeks 12 Weeks Ended Fiscal Year 2017 January 22, April 16, July 9, October 1, Revenues $ 353,181 $ 265,884 $ 246,101 $ 232,125 Earnings from operations $ 66,789 $ 59,760 $ 55,438 $ 60,066 Net earnings $ 35,929 $ 33,094 $ 36,351 $ 29,958 Net earnings per share: Basic $ 1.12 $ 1.07 $ 1.23 $ 1.02 Diluted $ 1.11 $ 1.06 $ 1.22 $ 1.01 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS On November 15, 2018 , the Board of Directors declared a cash dividend of $0.40 per share, to be paid on December 18, 2018 to shareholders of record as of the close of business on December 5, 2018 . Future dividends will be subject to approval by our Board of Directors. On November 15, 2018, the Board of Directors approved an additional $60.0 million stock-buyback program that expires in November 2019 . |
Nature Of Operations And Summ_2
Nature Of Operations And Summary Of Significant Accounting Policies (Policy) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Contract with Customer, Asset and Liability [Table Text Block] | Gift cards — We sell gift cards to our customers in our restaurants and through selected third parties. The gift cards sold to our customers have no stated expiration dates and are subject to actual or potential escheatment rights in several of the jurisdictions in which we operate. We recognize income from gift cards when redeemed by the customer. While we will continue to honor all gift cards presented for payment, we may determine the likelihood of redemption to be remote for certain card balances due to, among other things, long periods of inactivity. In these circumstances, to the extent we determine there is no requirement for remitting balances to government agencies under unclaimed property laws, card balances may be recognized as a reduction to selling, general and administrative expenses in the accompanying consolidated statements of earnings. Amounts recognized on unredeemed gift card balances was $0.6 million , $0.5 million , and $0.4 million in fiscal 2018 , 2017 , and 2016 , respectively. | ||
Basis of presentation | Basis of presentation — The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). On December 19, 2017, we entered into a definitive agreement to sell Qdoba Restaurant Corporation (“Qdoba”), a wholly owned subsidiary of the Company that operates and franchises more than 700 Qdoba Mexican Eats ® fast-casual restaurants, to certain funds managed by affiliates of Apollo Global Management, LLC (together with its consolidated subsidiaries, the “Buyer”). The sale was completed on March 21, 2018. For all periods presented in our consolidated statements of earnings, all sales, costs, expenses, and income taxes attributable to Qdoba, except as related to the impact of the decrease in the federal statutory tax rate (see Note 10, Income Taxes ), have been aggregated under the caption “earnings from discontinued operations, net of income taxes.” Cash flows used in or provided by Qdoba operations have been aggregated in the consolidated statements of cash flows as part of discontinued operations. Prior year results have been recast to conform with the current presentation. Refer to Note 2, Discontinued Operations , for additional information. Unless otherwise noted, amounts and disclosures throughout these notes to consolidated financial statements relate to our continuing operations. | ||
Reclassifications [Text Block] | Reclassifications and adjustments — Certain prior year amounts in the consolidated financial statements have been reclassified due to the sale of Qdoba. See Note 2, Discontinued Operations , for further information regarding this sale and the resulting prior year reclassifications. We recorded certain adjustments in 2018 upon the adoption of a new accounting pronouncement; see details regarding the effects of the adoption on our consolidated financial statements below under the heading “ Effect of new accounting pronouncements adopted in fiscal 2018 .” Further, in 2018, we began presenting depreciation and amortization as a separate line item on our consolidated statements of earnings to better align with similar presentation made by many of our peers and to provide additional disclosure that is meaningful for our investors. The prior years consolidated statements of earnings were adjusted to conform with this new presentation. Depreciation and amortization were previously presented within company restaurant costs, franchise occupancy expenses, selling, general, and administrative expenses, and impairment and other charges, net, on our consolidated statements of earnings. | ||
Fiscal year | Fiscal year — Our fiscal year is 52 or 53 weeks ending the Sunday closest to September 30 . Comparisons throughout these notes to the consolidated financial statements refer to the 52 -week periods ended September 30, 2018 and October 1, 2017 for fiscal years 2018 and 2017, respectively, and 53-week period ended October 2, 2016 for fiscal year 2016 . | ||
Principles of consolidation | Principles of consolidation — The 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. The Financial Accounting Standards Board (“FASB”) authoritative guidance on consolidation requires the primary beneficiary of a VIE to consolidate that entity. The primary beneficiary of a VIE is an enterprise that has a controlling financial interest in the VIE. Controlling financial interest exists when an enterprise has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The primary entities in which we possess a variable interest are franchise entities, which operate our franchise restaurants. We do not possess any ownership interests in franchise entities. We have reviewed these franchise entities and determined that we are not the primary beneficiary of the entities and therefore, these entities have not been consolidated. We hold and consolidate a variable interest in a subsidiary formed for the purpose of operating a franchisee lending program. The financial results and position of our VIE are immaterial to our consolidated financial statements. | ||
Use of estimates | Use of estimates — In preparing the consolidated financial statements in conformity with U.S. GAAP, 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. | ||
Accounts and other receivables, net | Accounts and other receivables, net, is primarily comprised of receivables from franchisees, tenants, and credit card processors. Franchisee receivables primarily include rents, royalties, and marketing fees associated with lease and franchise agreements and notes issued in connection with refranchising transactions. Tenant receivables relate to subleased properties where we are on the master lease agreement. We accrue interest on notes receivable based on the contractual terms. The allowance for doubtful accounts is based on historical experience and a review of existing receivables. Changes in accounts and other receivables are classified as an operating activity in the consolidated statements of cash flows, except for changes in notes related to refranchising transactions, which are classified as an investing activity. | ||
Inventories | Inventories consist principally of food, packaging, and supplies, and are valued at the lower of cost or market on a first-in, first-out basis. Changes in inventories are classified as an operating activity in the consolidated statements of cash flows. | ||
Assets held for sale | Assets held for sale typically represent the costs for new sites and existing sites that we plan to sell and lease back within the next year. Gains or losses realized on sale-leaseback transactions are deferred and amortized over the lease terms. Assets held for sale also periodically includes the net book value of property and equipment we plan to sell within the next year. If the determination is made that we no longer expect to sell an asset within the next year, the asset is reclassified out of assets held for sale. | ||
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | Assets held for sale consisted of the following at each fiscal year-end ( in thousands ): 2018 2017 Assets held for sale and leaseback $ 2,591 $ 10,152 Other property and equipment held for sale 11,356 8,315 Qdoba current assets held for sale — 24,265 Assets held for sale $ 13,947 $ 42,732 The following table summarizes the major categories of assets and liabilities classified as held for sale in our consolidated balance sheet as of October 1, 2017 and acquired in the Qdoba Sale ( in thousands ): October 1, 2017 Cash $ 3,175 Accounts receivable, net 9,086 Inventories 3,202 Prepaid expenses and other current assets 8,802 Property and equipment, net 148,715 Intangible assets, net 12,660 Goodwill 117,636 Other assets, net 1,785 Total assets classified as held for sale (1) $ 305,061 Accounts payable $ 8,936 Accrued liabilities 25,251 Current maturities of long-term debt 158 Straight-line rent accrual 13,347 Deferred income tax liability (2) 6,421 Other long-term liabilities 12,310 Total liabilities classified as held for sale $ 66,423 ____________________________ (1) Current assets held for sale as of October 1, 2017 include Jack in the Box assets held for sale of $18.5 million . (2) Prior to held for sale presentation, Qdoba’s deferred income tax liability as of January 22, 2017 was netted against the Jack in the Box deferred income tax assets in other assets, net, on our condensed consolidated balance sheet. The following is a reconciliation of the gain recorded for the Qdoba Sale ( in thousands ): Net proceeds received from the Qdoba Sale (1) $ 298,474 Qdoba assets: Cash 3,113 Accounts receivable, net 9,461 Inventories 3,112 Prepaid expenses and other current assets 5,007 Property and equipment, net 164,075 Intangible assets, net 12,518 Goodwill 117,636 Other assets, net 2,604 Total Qdoba assets 317,526 Qdoba liabilities: Accounts payable 7,847 Accrued liabilities 19,891 Current maturities of long-term debt 180 Straight-line rent accrual 14,595 Deferred income tax liability 8,676 Other long-term liabilities 11,144 Total Qdoba liabilities 62,333 Other costs incurred as part of the Qdoba Sale (2) 12,564 Gain on Qdoba Sale before income taxes $ 30,717 ____________________________ (1) The proceeds received from the Qdoba Sale are net of the finalized working capital adjustment outlined in the Qdoba Purchase Agreement totaling $6.9 million , and the derecognition of foreign currency translation adjustments recorded in accumulated other comprehensive income of $0.1 million . (2) Costs directly incurred as a result of the Qdoba Sale, including investment bank fees, legal fees, professional fees, employee transaction awards, transfer taxes, and other costs. | ||
Property and equipment, at cost | Property and equipment, net — Expenditures for new facilities and equipment, and those that substantially increase the useful lives of the property, are capitalized. Facilities leased under capital leases are stated at the present value of minimum lease payments at the beginning of the lease term, not to exceed fair value. Maintenance and repairs are expensed as incurred. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts, and gains or losses on the dispositions are reflected in results of operations. Buildings, equipment and leasehold improvements are generally depreciated using the straight-line method based on the estimated useful lives of the assets, over the initial lease term for certain assets acquired in conjunction with the lease commencement for leased properties, or the remaining lease term for certain assets acquired after the commencement of the lease for leased properties. In certain situations, one or more option periods may be used in determining the depreciable life of assets related to leased properties if we deem that an economic penalty would be incurred otherwise. In either circumstance, our policy requires lease term consistency when calculating the depreciation period, in classifying the lease and in computing straight-line rent expense. Building, leasehold improvement assets and equipment are assigned lives that range from 1 to 35 years. Depreciation expense related to property and equipment was $59.4 million , $67.4 million , and $72.8 million in fiscal year 2018 , 2017 , and 2016 , respectively. | ||
Depreciation, Depletion, and Amortization [Policy Text Block] | Buildings, equipment and leasehold improvements are generally depreciated using the straight-line method based on the estimated useful lives of the assets, over the initial lease term for certain assets acquired in conjunction with the lease commencement for leased properties, or the remaining lease term for certain assets acquired after the commencement of the lease for leased properties. In certain situations, one or more option periods may be used in determining the depreciable life of assets related to leased properties if we deem that an economic penalty would be incurred otherwise. In either circumstance, our policy requires lease term consistency when calculating the depreciation period, in classifying the lease and in computing straight-line rent expense. Building, leasehold improvement assets and equipment are assigned lives that range from 1 to 35 years. Depreciation expense related to property and equipment was $59.4 million , $67.4 million , and $72.8 million in fiscal year 2018 , 2017 , and 2016 , respectively. | ||
Impairment of long-lived assets | Impairment of long-lived assets — We evaluate our long-lived assets, such as property and equipment, for impairment on an annual basis or whenever events or changes in circumstances indicate that their carrying value may not be recoverable. This review generally includes a restaurant-level analysis, except when we are actively selling a group of restaurants in which case we perform our impairment evaluations at the group level. Impairment evaluations for individual restaurants may take into consideration a restaurant’s operating cash flows, the period of time since a restaurant has been opened or remodeled, refranchising expectations, if any, and the maturity of the related market, which are all significant unobservable inputs (“Level 3 Inputs”). Impairment evaluations for a group of restaurants take into consideration the group’s expected future cash flows and sales proceeds from bids received, if any, or fair market value based on, among other considerations, the specific sales and cash flows of those restaurants. If the assets of a restaurant or group of restaurants subject to our impairment evaluation are not recoverable based upon the forecasted, undiscounted cash flows, we recognize an impairment loss by the amount that the carrying value of the assets exceeds fair value. Refer to Note 9, Impairment and Other Charges, Net , for additional information. Long-lived assets that meet the held for sale criteria, which excludes assets intended to be sold and leased back, are held for sale and reported at the lower of their carrying value or fair value, less estimated costs to sell. | ||
Goodwill and intangible assets | Goodwill and intangible assets — Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired, if any. We generally record goodwill in connection with the acquisition of restaurants from franchisees. Likewise, upon the sale of restaurants to franchisees, goodwill is decremented. The amount of goodwill written-off is determined as the fair value of the business disposed of as a percentage of the fair value of the reporting unit retained. If the business disposed of was never fully integrated into the reporting unit after its acquisition, and thus the benefits of the acquired goodwill were never realized, the current carrying amount of the acquired goodwill is written off. Goodwill and our other indefinite-lived intangible assets are evaluated for impairment annually, or more frequently if indicators of impairment are present. We first assess qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit or indefinite-lived asset is less than its carrying amount. If the qualitative factors indicate that it is more likely than not that the fair value is less than the carrying amount, we perform a single-step impairment test. To perform our impairment analysis, we estimate the fair value of the reporting unit or indefinite-lived asset using Level 3 Inputs and compare it to the carrying value. If the carrying value exceeds the fair value, an impairment loss is recognized equal to the excess. Lease acquisition costs primarily represent the fair values of acquired lease contracts having contractual rents lower than fair market rents and are amortized on a straight-line basis over the remaining initial lease term. Reacquired franchise rights are recorded in connection with our acquisition of franchised restaurants and are amortized over the remaining contractual period of the franchise contract in which the right was granted. Refer to Note 4, Goodwill and Intangible Assets, Net , for additional information. | ||
Company-owned life insurance | Company-owned life insurance — We have purchased company-owned life insurance (“COLI”) policies to support our non-qualified benefit plans. The cash surrender values of these policies were $109.9 million and $110.1 million as of September 30, 2018 and October 1, 2017 , respectively, and are included in other assets, net, in the accompanying consolidated balance sheets. Changes in cash surrender values are included in selling, general and administrative expenses in the accompanying consolidated statements of earnings. These policies reside in an umbrella trust for use only to pay plan benefits to participants or to pay creditors if the Company becomes insolvent. | ||
Leases | Leases — We review all leases for capital or operating classification at their inception under the FASB authoritative guidance for leases. Our operations are primarily conducted under operating leases. Within the provisions of certain leases, there are rent holidays and escalations in payments over the base lease term, as well as renewal periods. The effects of the holidays and escalations have been reflected in rent expense on a straight-line basis over the expected lease term. Differences between amounts paid and amounts expensed are recorded as deferred rent. The lease term commences on the date when we have the right to control the use of the leased property. Certain leases also include contingent rent provisions based on sales levels, which are accrued at the point in time we determine that it is probable such sales levels will be achieved. Refer to Note 8, Leases , for additional information. | ||
Revenue recognition | Revenue recognition — Revenue from company restaurant sales is recognized when the food and beverage products are sold and are presented net of sales taxes. Our franchise arrangements generally provide for franchise fees and continuing fees based upon a percentage of sales (“royalties”). In order to renew a franchise agreement upon expiration, a franchisee must obtain the Company’s approval and pay then current fees. Franchise development and license fees are recorded as deferred revenue until we have substantially performed all of our contractual obligations and the restaurant has opened for business. Franchise royalties are recorded in revenues on an accrual basis. Among other things, a franchisee may be provided the use of land and building, generally for a period of 20 years, and is required to pay negotiated rent, property taxes, insurance, and maintenance. Franchise rents based on fixed rental payments are recognized as revenue over the term of the lease. Certain franchise rents, which are contingent upon sales levels, are recognized in the period in which the contingency is met. | ||
Gift cards | $ 0.6 | $ 0.5 | $ 0.4 |
Pre-opening costs | Pre-opening costs associated with the opening of a new restaurant consist primarily of property rent and employee training costs. Pre-opening costs associated with the opening of a restaurant that was closed upon acquisition consist primarily of labor costs, maintenance and repair costs, and property rent. Pre-opening costs are expensed as incurred in selling, general and administrative expenses in the accompanying consolidated statements of earnings. | ||
Restaurant closure costs | Restaurant closure costs — All costs associated with exit or disposal activities are recognized when they are incurred. Restaurant closure costs, which are included in impairment and other charges, net, and gains on the sale of company-operated restaurants in the accompanying consolidated statements of earnings, primarily consist of future lease commitments, net, of anticipated sublease rentals, and expected ancillary costs. | ||
Self-insurance | Self-insurance — We are self-insured for a portion of our workers’ compensation, general liability, employee medical and dental, and automotive claims. We utilize a paid-loss plan for our workers’ compensation, general liability, and automotive programs, which have predetermined loss limits per occurrence and in the aggregate. We establish our insurance liability (undiscounted) and reserves using independent actuarial estimates of expected losses for determining reported claims and as the basis for estimating claims incurred, but not reported. As of September 30, 2018 and October 1, 2017 , our estimated liability for general liability and workers’ compensation claims exceeded our self-insurance retention limits by $3.7 million and $3.9 million , respectively, which we expect our insurance providers to pay on our behalf in accordance with the contractual terms of our insurance policies. | ||
Advertising costs | Advertising costs — We administer a marketing fund that includes contractual contributions. In fiscal 2018 , 2017 , and 2016 the marketing funds at franchise and company-operated restaurants were approximately 5.0% of gross revenues, and the Company made incremental contributions to the marketing fund of $6.2 million , $0.5 million , and $1.1 million , respectively. To the extent contributions exceed marketing fund expenditures, the excess contributions are recorded as a liability in accrued liabilities on our consolidated balance sheet. To the extent expenditures temporarily exceed contributions, the difference is recorded as a receivable of the fund in accounts and other receivable, net, on our consolidated balance sheet. The contributions to the marketing fund are designated for sales driving and marketing-related initiatives and advertising, and we act as an agent for the franchisees with regard to these contributions. Therefore, we do not reflect franchisee contributions to the funds in our consolidated statements of earnings. Production costs of commercials, programming, and other marketing activities are charged to the marketing funds when the advertising is first used for its intended purpose, and the costs of advertising are charged to operations as incurred. Total contributions and other marketing expenses are included in selling, general, and administrative expenses in the accompanying consolidated statements of earnings. | ||
Share-based compensation | Share-based compensation — We account for our share-based compensation under the FASB authoritative guidance on stock compensation , which generally requires, among other things, that all employee share-based compensation be measured using a fair value method and that the resulting compensation cost be recognized in the financial statements. Compensation expense for our share-based compensation awards is generally recognized on a straight-line basis over the shorter of the vesting period or the period from the date of grant to the date the employee becomes eligible to retire. | ||
Income taxes | Income taxes — Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as tax loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize interest and, when applicable, penalties related to unrecognized tax benefits as a component of our income tax provision. Authoritative guidance issued by the FASB prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Refer to Note 10, Income Taxes , for additional information. | ||
Derivative instruments | Derivative instruments — From time to time, we use interest rate swap agreements to manage interest rate exposure. We do not speculate using derivative instruments. We purchase derivative instruments only for the purpose of risk management. All derivatives are recognized on the consolidated balance sheets at fair value based upon quoted market prices. Changes in the fair values of derivatives are recorded in earnings or other comprehensive income (“OCI”), based on whether or not the instrument is designated as a hedge transaction. Gains or losses on derivative instruments that qualify for hedge designation are reported in OCI and are reclassified to earnings in the period the hedged item affects earnings. If the underlying hedge transaction ceases to exist, any associated amounts reported in OCI are reclassified to earnings at that time. Any ineffectiveness is recognized in earnings in the current period. Refer to Note 5, Fair Value Measurements , and Note 6, Derivative Instruments, for additional information regarding our derivative instruments. | ||
Contingencies | Contingencies — We recognize liabilities for contingencies when we have an exposure that indicates it is probable that an asset has been impaired or that a liability has been incurred and the amount of impairment or loss can be reasonably estimated. Our ultimate legal and financial liability with respect to such matters cannot be estimated with certainty and requires the use of estimates. When the reasonable estimate is a range, the recorded loss will be the best estimate within the range. We record legal settlement costs when those costs are probable and reasonably estimable. Refer to Note 15, Commitments, Contingencies and Legal Matters , for additional information. | ||
Description of New Accounting Pronouncements, Policy [Text Block] | Effect of new accounting pronouncements adopted in fiscal 2018 — In March 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This standard is intended to simplify various aspects of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures.We adopted this standard in the first quarter of fiscal 2018. Due to the adoption of the standard, in fiscal 2018 we prospectively reclassified excess tax benefits from share-based compensation arrangements of $2.0 million , as a discrete item within income tax expense on the consolidated statements of earnings. This also impacted the related classification on our consolidated statements of cash flows, as excess tax benefits from share-based compensation arrangements is only reported in cash flows from operating activities on a prospective basis, rather than as previously reported in cash flows from operating activities and cash flows used in financing activities. Upon adoption of the standard, we also began reporting cash paid to a taxing authority on an employee’s behalf when we directly withhold equivalent shares for taxes as cash flows used in financing activities, with the related tax withholding classified as a change in accounts and other receivables in cash flows from operating activities on our consolidated statements of cash flows. We retrospectively applied this new reporting of tax payments for equity award issuances on our consolidated statements of cash flows. The standard also impacted our earnings per share calculation on a prospective basis as the estimate of dilutive common share equivalents under the treasury stock method no longer assumes that the estimated tax benefits realized when an award is settled are used to repurchase shares. Lastly, the Company elected to account for forfeitures as they occur, and a cumulative-effect adjustment was made in the amount of $0.2 million and recorded in retained earnings as of October 2, 2017 on the consolidated balance sheet. Effect of new accounting pronouncements to be adopted in future periods — In May 2014, the FASB issued ASU 2014-09, Revenue Recognition - Revenue from Contracts with Customers (Topic 606) , which provides a comprehensive new revenue recognition model that requires an entity to recognize revenue in an amount that reflects the consideration the entity 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. We will adopt these standards in the first quarter of fiscal 2019 applying the modified retrospective method upon adoption. The new revenue recognition standard will not impact our recognition of restaurant sales, rental revenues, or royalty fees from franchisees. The new pronouncement will change the way initial fees from franchisees for new restaurant openings or new franchise terms are recognized. Our current accounting policy is to recognize initial franchise fees when a new restaurant opens or at the start of a new franchise term. In accordance with the new guidance, the initial franchise services are not distinct from the continuing rights and services offered during the term of the franchise agreement, and will therefore be treated as a single performance obligation together with the continuing rights and services. As such, initial fees received will be recognized over the franchise term and any unamortized portion will be recorded as deferred revenue in the consolidated balance sheet. If the new guidance had been in effect for 2018 and 2017, the impact on our franchise fee revenues would have been as follows ( in thousands ): 2018 2017 Franchise fees recognized under the current accounting standard $ 6,416 $ 8,042 Franchise fee amortization that would have been recognized under the new standard 4,867 4,291 Net impact on revenue from franchise fees $ (1,549 ) $ (3,751 ) Upon adoption of the new guidance, we expect to record approximately $50.0 million as deferred revenue on our October 1, 2018 consolidated balance sheet for previously recognized franchise fees with an offsetting adjustment to opening retained earnings. The standard will also have an impact on transactions currently presented net and not included in our revenues and expenses such as franchisee contributions to and expenditures from our advertising fund, and sourcing and technology fee contributions from franchisees and the related expenses. We have determined that we are the principal in these arrangements, and as such we will record contributions to and expenditures from the advertising fund, and sourcing and technology fees and expenditures on a gross basis within our consolidated statements of earnings. While this change will materially impact our gross amount of reported revenues and expenses, the impact will be largely offsetting and we do not expect there to be a material impact on our reported net earnings. If the new guidance had been in effect for 2018 and 2017, our consolidated revenues and expenses would have increased by approximately $160 million and $150 million , respectively. We are continuing to evaluate the impact that this pronouncement will have on our related disclosures. We are also implementing internal controls related to the recognition and presentation of revenues under the new guidance. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which requires a lessee to recognize assets and liabilities on the balance sheet for those leases classified as operating leases under previous guidance. In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 , which affects the guidance in ASU 2016-02. The standard permits the election of an optional transition practical expedient to not evaluate land easements that exist or expired before the adoption of Topic 842 and that were not previously accounted for as leases under Topic 840. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 (Leases) , and ASU 2018-11, Leases (Topic 842), Targeted Improvements , which provide (i) narrow amendments to clarify how to apply certain aspects of the new lease standard, (ii) entities with an additional transition method to adopt the new standard, and (ii) lessors with a practical expedient for separating components of a contract. Based on a preliminary assessment, we expect that most of our operating lease commitments will be subject to the new guidance and recognized as operating lease liabilities and right-of-use assets upon adoption, resulting in a significant increase in the assets and liabilities on our consolidated balance sheets. We will be required to adopt these standards in the first quarter of fiscal 2020 and are required to adopt using a modified retrospective transition approach. We are continuing our evaluation, which may identify additional impacts this standard and its amendments will have on our consolidated financial statements and related disclosures. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . This standard requires the presentation of the service cost component of net benefit cost to be in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. All other components of net benefit cost should be presented separately from the service cost component and outside of a subtotal of earnings from operations, or separately disclosed. We will be adopting this standard in the first quarter of fiscal 2019. Upon adoption of this standard, we will separately present the components of net periodic benefit cost, excluding the service cost component, outside of earnings from operations. In 2018, net periodic benefit cost, excluding the service cost component, was approximately $0.1 million . |
Nature Of Operations And Summ_3
Nature Of Operations And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block] | If the new guidance had been in effect for 2018 and 2017, the impact on our franchise fee revenues would have been as follows ( in thousands ): 2018 2017 Franchise fees recognized under the current accounting standard $ 6,416 $ 8,042 Franchise fee amortization that would have been recognized under the new standard 4,867 4,291 Net impact on revenue from franchise fees $ (1,549 ) $ (3,751 ) |
Summary Of Number Of Restaurants | The following table summarizes the number of restaurants as of the end of each fiscal year: 2018 2017 2016 Company-operated 137 276 417 Franchise 2,100 1,975 1,838 Total system 2,237 2,251 2,255 The following table summarizes the number of restaurants sold to franchisees, the number of restaurants developed by franchisees, and the related fees and gains recognized in each fiscal year ( dollars in thousands ): 2018 2017 2016 Restaurants sold to franchisees 135 178 1 New restaurants opened by franchisees 11 18 12 Initial franchise fees $ 5,890 $ 7,752 $ 553 Proceeds from the sale of company-operated restaurants: Cash (1) $ 26,486 $ 99,591 $ 1,439 Notes receivable (2) 70,461 — — $ 96,947 $ 99,591 $ 1,439 Net assets sold (primarily property and equipment) $ (21,329 ) $ (30,597 ) $ (195 ) Lease commitment charges (3) — (11,737 ) — Goodwill related to the sale of company-operated restaurants (4,663 ) (10,062 ) (15 ) Other (4) (24,791 ) (9,161 ) 1 Gains on the sale of company-operated restaurants $ 46,164 $ 38,034 $ 1,230 ____________________________ (1) Amounts in 2018 , 2017, and 2016 include additional proceeds of $1.4 million , $0.2 million , and $1.4 million related to the extension of the underlying franchise and lease agreements from the sale of restaurants in prior years. (2) During 2018, we collected payments of $53.7 million related to notes due from franchisees in connection with refranchising transactions. (3) Charges are for operating restaurant leases with lease commitments in excess of our sublease rental income. (4) Amounts in 2018 primarily represent $9.2 million of costs related to franchise remodel incentives, $8.7 million reduction of gains related to the modification of certain 2017 refranchising transactions, $2.3 million of maintenance and repair expenses and $3.7 million of other miscellaneous non-capital charges. Amounts in 2017 represent impairment of $4.6 million and equipment write-offs of $1.4 million related to restaurants closed in connection with the sale of the related markets, maintenance and repair charges, and other miscellaneous non-capital charges. |
Summary Of Advertising Costs | advertising costs were $28.8 million , $36.5 million , and $41.2 million , respectively. |
Discontinued Operations Discont
Discontinued Operations Discontinued Operations (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | Assets held for sale consisted of the following at each fiscal year-end ( in thousands ): 2018 2017 Assets held for sale and leaseback $ 2,591 $ 10,152 Other property and equipment held for sale 11,356 8,315 Qdoba current assets held for sale — 24,265 Assets held for sale $ 13,947 $ 42,732 The following table summarizes the major categories of assets and liabilities classified as held for sale in our consolidated balance sheet as of October 1, 2017 and acquired in the Qdoba Sale ( in thousands ): October 1, 2017 Cash $ 3,175 Accounts receivable, net 9,086 Inventories 3,202 Prepaid expenses and other current assets 8,802 Property and equipment, net 148,715 Intangible assets, net 12,660 Goodwill 117,636 Other assets, net 1,785 Total assets classified as held for sale (1) $ 305,061 Accounts payable $ 8,936 Accrued liabilities 25,251 Current maturities of long-term debt 158 Straight-line rent accrual 13,347 Deferred income tax liability (2) 6,421 Other long-term liabilities 12,310 Total liabilities classified as held for sale $ 66,423 ____________________________ (1) Current assets held for sale as of October 1, 2017 include Jack in the Box assets held for sale of $18.5 million . (2) Prior to held for sale presentation, Qdoba’s deferred income tax liability as of January 22, 2017 was netted against the Jack in the Box deferred income tax assets in other assets, net, on our condensed consolidated balance sheet. The following is a reconciliation of the gain recorded for the Qdoba Sale ( in thousands ): Net proceeds received from the Qdoba Sale (1) $ 298,474 Qdoba assets: Cash 3,113 Accounts receivable, net 9,461 Inventories 3,112 Prepaid expenses and other current assets 5,007 Property and equipment, net 164,075 Intangible assets, net 12,518 Goodwill 117,636 Other assets, net 2,604 Total Qdoba assets 317,526 Qdoba liabilities: Accounts payable 7,847 Accrued liabilities 19,891 Current maturities of long-term debt 180 Straight-line rent accrual 14,595 Deferred income tax liability 8,676 Other long-term liabilities 11,144 Total Qdoba liabilities 62,333 Other costs incurred as part of the Qdoba Sale (2) 12,564 Gain on Qdoba Sale before income taxes $ 30,717 ____________________________ (1) The proceeds received from the Qdoba Sale are net of the finalized working capital adjustment outlined in the Qdoba Purchase Agreement totaling $6.9 million , and the derecognition of foreign currency translation adjustments recorded in accumulated other comprehensive income of $0.1 million . (2) Costs directly incurred as a result of the Qdoba Sale, including investment bank fees, legal fees, professional fees, employee transaction awards, transfer taxes, and other costs. |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table summarizes the Qdoba results for each period ( in thousands, except per share data ): 2018 2017 2016 Company restaurant sales $ 192,620 $ 436,558 $ 415,495 Franchise revenues 9,337 20,065 21,578 Company restaurant costs (excluding depreciation and amortization) (166,122 ) (357,370 ) (321,997 ) Franchise costs (excluding depreciation and amortization) (2,338 ) (4,993 ) (4,478 ) Selling, general and administrative expenses (19,286 ) (36,706 ) (43,063 ) Depreciation and amortization (5,012 ) (21,500 ) (19,965 ) Impairment and other charges, net (2,305 ) (15,061 ) (11,648 ) Interest expense, net (4,787 ) (9,025 ) (7,448 ) Operating earnings from discontinued operations before income taxes 2,107 11,968 28,474 Gain on Qdoba Sale 30,717 — — Earnings from discontinued operations before income taxes 32,824 11,968 28,474 Income taxes (15,726 ) (4,518 ) (10,605 ) Earnings from discontinued operations, net of income taxes $ 17,098 $ 7,450 $ 17,869 Net earnings per share from discontinued operations: Basic $ 0.60 $ 0.24 $ 0.53 Diluted $ 0.59 $ 0.24 $ 0.52 |
Summary Of Refranchisings, Fr_2
Summary Of Refranchisings, Franchisee Development And Acquisitions (Tables) | 12 Months Ended | |
Sep. 30, 2018 | Oct. 01, 2017 | |
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 fiscal year: 2018 2017 2016 Company-operated 137 276 417 Franchise 2,100 1,975 1,838 Total system 2,237 2,251 2,255 The following table summarizes the number of restaurants sold to franchisees, the number of restaurants developed by franchisees, and the related fees and gains recognized in each fiscal year ( dollars in thousands ): 2018 2017 2016 Restaurants sold to franchisees 135 178 1 New restaurants opened by franchisees 11 18 12 Initial franchise fees $ 5,890 $ 7,752 $ 553 Proceeds from the sale of company-operated restaurants: Cash (1) $ 26,486 $ 99,591 $ 1,439 Notes receivable (2) 70,461 — — $ 96,947 $ 99,591 $ 1,439 Net assets sold (primarily property and equipment) $ (21,329 ) $ (30,597 ) $ (195 ) Lease commitment charges (3) — (11,737 ) — Goodwill related to the sale of company-operated restaurants (4,663 ) (10,062 ) (15 ) Other (4) (24,791 ) (9,161 ) 1 Gains on the sale of company-operated restaurants $ 46,164 $ 38,034 $ 1,230 ____________________________ (1) Amounts in 2018 , 2017, and 2016 include additional proceeds of $1.4 million , $0.2 million , and $1.4 million related to the extension of the underlying franchise and lease agreements from the sale of restaurants in prior years. (2) During 2018, we collected payments of $53.7 million related to notes due from franchisees in connection with refranchising transactions. (3) Charges are for operating restaurant leases with lease commitments in excess of our sublease rental income. (4) Amounts in 2018 primarily represent $9.2 million of costs related to franchise remodel incentives, $8.7 million reduction of gains related to the modification of certain 2017 refranchising transactions, $2.3 million of maintenance and repair expenses and $3.7 million of other miscellaneous non-capital charges. Amounts in 2017 represent impairment of $4.6 million and equipment write-offs of $1.4 million related to restaurants closed in connection with the sale of the related markets, maintenance and repair charges, and other miscellaneous non-capital charges. | |
Business Combination Disclosure [Text Block] | The following table provides detail of the combined acquisitions in 2017 ( dollars in thousands ): Restaurants acquired from franchisees 50 Goodwill $ 13,059 Property and equipment 2,470 Intangible assets 1,260 Inventory 189 Liabilities assumed (1,116 ) Total consideration $ 15,862 Of the total consideration, $13.8 million was non-cash consideration and is comprised of $9.9 million of receivables that were eliminated in acquisition accounting and $3.9 million of accounts payable that was recorded in acquisition accounting. The accounts payable recorded was primarily due to third parties to waive their liens and security interests on certain assets acquired. |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets, Net (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes In Carrying Amount Of Goodwill | The changes in the carrying amount of goodwill during fiscal 2018 and 2017 were as follows ( in thousands ): Balance at October 2, 2016 $ 48,415 Acquisition of franchise-operated restaurants 13,059 Sale of company-operated restaurants to franchisees (10,062 ) Balance at October 1, 2017 51,412 Sale of company-operated restaurants to franchisees (4,663 ) Balance at September 30, 2018 $ 46,749 |
Schedule Of Intangible Assets | Intangible assets, net, consist of the following as of the end of each fiscal year ( in thousands ): 2018 2017 Gross carrying amount $ 6,751 $ 7,463 Less accumulated amortization (6,151 ) (6,050 ) Net carrying amount $ 600 $ 1,413 |
Estimated Amortization Expense | The following table summarizes, as of September 30, 2018 , the estimated amortization expense for each of the next five fiscal years ( in thousands ): 2019 $ 113 2020 $ 103 2021 $ 91 2022 $ 33 2023 $ 16 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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 in Active Markets for Identical Assets (3) (Level 1) Significant Other Observable Inputs (3) (Level 2) Significant Unobservable Inputs (3) (Level 3) Fair value measurements as of September 30, 2018: Non-qualified deferred compensation plan (1) $ 37,447 $ 37,447 $ — $ — Interest rate swaps (Note 6) (2) 703 — 703 — Total assets and liabilities at fair value $ 38,150 $ 37,447 $ 703 $ — Fair value measurements as of October 1, 2017: Non-qualified deferred compensation plan (1) $ 37,219 $ 37,219 $ — $ — Interest rate swaps (Note 6) (2) 22,927 — 22,927 — Total liabilities at fair value $ 60,146 $ 37,219 $ 22,927 $ — ____________________________ (1) We maintain an unfunded defined contribution plan for key executives and other members of management. The fair value of this obligation is based on the closing market prices of the participants’ elected investments. The obligation is included in accrued liabilities and other long-term liabilities on our condensed consolidated balance sheets. (2) We entered into interest rate swaps to reduce our exposure to rising interest rates on our variable rate debt. The fair values of our interest rate swaps are based upon Level 2 inputs, which include valuation models as reported by our counterparties. These valuation models use a discounted cash flow analysis on the cash flows of each derivative. The key inputs for the valuation models are quoted market prices, discount rates, and forward yield curves. The Company also considers its own nonperformance risk and the respective counter-party’s nonperformance risk in the fair value measurements. (3) We did not have any transfers in or out of Level 1, 2, or 3. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Derivative Instruments Outstanding | The following derivative instruments were outstanding as of the end of each fiscal year ( in thousands ): Balance Sheet Location Fair Value 2018 2017 Derivatives designated as hedging instruments: Interest rate swaps Accrued liabilities $ (26 ) $ (4,777 ) Interest rate swaps Other long-term liabilities (1,266 ) (18,150 ) Interest rate swaps Other assets, net 589 — Total derivatives (Note 5) $ (703 ) $ (22,927 ) |
Gains Or Losses Recognized On Interest Rate Swap Derivative Instrument | The following table summarizes the accumulated OCI activity related to our interest rate swap derivative instruments in each fiscal year ( in thousands ): Location in Income 2018 2017 2016 Gain (loss) recognized in OCI N/A $ 18,769 $ 19,768 $ (25,439 ) Loss reclassified from accumulated OCI into net earnings Interest expense, net $ 3,455 $ 5,070 $ 4,048 |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | The detail of our long-term debt at the end of each fiscal year is as follows ( in thousands ): 2018 2017 Revolver, variable interest rate based on an applicable margin plus LIBOR, 4.50% at September 30, 2018 $ 730,422 $ 497,022 Term loan, variable interest rate based on an applicable margin plus LIBOR, 4.35% at September 30, 2018 336,360 639,385 Capital lease obligations, 3.60% weighted-average interest rate at September 30, 2018 4,403 9,940 1,071,185 1,146,347 Less current maturities of long-term debt, net of $1,008 and $1,502 of term loan debt issuance costs, respectively (31,828 ) (64,225 ) Less term loan debt issuance costs (1,430 ) (2,140 ) $ 1,037,927 $ 1,079,982 |
Scheduled Principal Payments On Long-Term Debt | Future cash payments — Our credit facility requires us to make certain mandatory prepayments under certain circumstances and we have the option to make certain prepayments without premium or penalty. The credit facility includes events of default (and related remedies, including acceleration and increased interest rates following an event of default) that are customary for facilities and transactions of this type. Pursuant to the credit facility and amendment, we repaid $260.0 million on the term loan facility upon closing of the Qdoba Sale. Refer to Note 2, Discontinued Operations , for additional information regarding the Qdoba Sale and related prepayment. The payment schedule for the term loan facility was amended to reflect this payment and the extended maturity. The amended term loan facility requires amortization in the form of quarterly installments of $10.7 million from June 2018 through December 2019 with the remainder due at the expiration of the term loan agreement in March 2020. Scheduled principal payments on our long-term debt outstanding at September 30, 2018 for each of the next five fiscal years and thereafter are as follows ( in thousands ): 2019 $ 32,837 2020 1,035,548 2021 793 2022 819 2023 846 Thereafter 342 $ 1,071,185 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Leases [Abstract] | |
Components Of Rent Expense | The components of rent expense were as follows in each fiscal year ( in thousands ): 2018 2017 2016 Minimum rentals $ 184,106 $ 185,696 $ 188,486 Contingent rentals 2,221 2,419 2,199 Total rent expense 186,327 188,115 190,685 Less rental expense on subleased properties (162,640 ) (145,728 ) (145,119 ) Net rent expense $ 23,687 $ 42,387 $ 45,566 |
Future Minimum Lease Payments For Capital And Operating Leases | The following table presents as of September 30, 2018 , future minimum lease payments under capital and operating leases, including leases recorded as lease obligations relating to continuing and discontinued operations ( in thousands ): Fiscal Year Capital Operating 2019 $ 955 $ 193,439 2020 876 173,953 2021 876 163,038 2022 876 124,357 2023 863 96,047 Thereafter 437 388,150 Total minimum lease payments 4,883 $ 1,138,984 Less amount representing interest, 3.60% weighted-average interest rate (480 ) Present value of obligations under capital leases 4,403 Less current portion (834 ) Long-term capital lease obligations $ 3,569 |
Assets Recorded Under Capital Leases | Assets recorded under capital leases are included in property and equipment, and consisted of the following at each fiscal year-end ( in thousands ): 2018 2017 Buildings $ 3,217 $ 7,301 Equipment 5,519 10,617 Less accumulated amortization (4,621 ) (8,753 ) $ 4,115 $ 9,165 |
Schedule of Rental Income | The following table summarizes rents received under these agreements in each fiscal year ( in thousands ): 2018 2017 2016 Total rental income (1) $ 264,432 $ 237,004 $ 238,228 Contingent rentals $ 35,148 $ 33,168 $ 31,632 |
Minimum Rents Receivable Expected To Be Received Under These Non-Cancelable Operating Leases | The minimum rents receivable expected to be received under these non-cancelable operating leases and subleases, including leases recorded as lease obligations relating to continuing and discontinuing operations, and excluding contingent rentals, as of September 30, 2018 are as follows ( in thousands ): Fiscal Year 2019 $ 239,015 2020 236,136 2021 251,835 2022 228,089 2023 221,261 Thereafter 1,359,302 Total minimum future rent receivable $ 2,535,638 |
Assets Held For Lease | Assets held for lease and included in property and equipment consisted of the following at each fiscal year-end ( in thousands ): 2018 2017 Land $ 89,256 $ 88,647 Buildings 824,964 759,003 Equipment 611 342 914,831 847,992 Less accumulated depreciation (607,900 ) (540,851 ) $ 306,931 $ 307,141 |
Impairment, Disposition Of Pr_2
Impairment, Disposition Of Property And Equipment, And Restaurant Closing Costs (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Impairment, Disposition Of Property And Equipment, And Restaurant Closing Costs s [Abstract] | |
Impairment And Disposal Costs Included In Impairment And Other Charges | Impairment and other charges, net, in the accompanying consolidated statements of earnings is comprised of the following in each fiscal year ( in thousands ): 2018 2017 2016 Restructuring costs $ 10,647 $ 3,631 $ 3,531 Costs of closed restaurants and other 4,803 5,736 2,457 Losses on disposition of property and equipment, net 1,627 2,891 2,398 Accelerated depreciation 1,130 911 1,543 Operating restaurant impairment charges (1) 211 — — $ 18,418 $ 13,169 $ 9,929 |
Restructuring and Related Costs [Table Text Block] | The following is a summary of the costs incurred in connection with these activities during each fiscal year ( in thousands ): 2018 2017 2016 Employee severance and related costs $ 7,845 $ 724 $ 3,513 Qdoba Evaluation (1) 2,211 2,592 18 Other 591 315 — $ 10,647 $ 3,631 $ 3,531 ___________________________________________ (1) Qdoba Evaluation consulting costs are primarily related to third party advisory services and retention compensation. |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Total accrued severance costs related to our restructuring activities are included in accrued liabilities and changed as follows during fiscal 2018 (in thousands) : Balance as of October 1, 2017 $ 648 Additions/adjustments 7,845 Cash payments (3,184 ) Balance as of September 30, 2018 $ 5,309 |
Contract Termination [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Accrued restaurant closing costs included in accrued liabilities and other long-term liabilities changed as follows during fiscal 2018 ( in thousands ): Balance as of October 1, 2017 $ 6,175 Interest expense 135 Adjustments (1) 675 Additions 1,639 Cash payments (5,090 ) Balance as of September 30, 2018 (2) (3) $ 3,534 ___________________________________________ (1) Adjustments relate primarily to revisions of certain sublease and cost assumptions. Our estimates related to our future lease obligations, primarily the sublease income we anticipate, 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. (2) The weighted-average remaining lease term related to these commitments is approximately four years. (3) This balance excludes $2.3 million of restaurant closing costs that are included in accrued liabilities and other long-term liabilities, which were initially recorded as losses on the sale of company-operated restaurants to franchisees in prior years. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Components Of Income Taxes | Income taxes consist of the following in each fiscal year ( in thousands ): 2018 2017 2016 Current: Federal $ 51,454 $ 79,038 $ 23,768 State 4,922 12,368 3,679 56,376 91,406 27,447 Deferred: Federal 23,462 (13,176 ) 28,455 State 1,890 (2,898 ) 4,838 25,352 (16,074 ) 33,293 Income tax expense from continuing operations $ 81,728 $ 75,332 $ 60,740 Income tax expense (benefit) from discontinued operations $ 15,700 $ (4,119 ) $ 10,453 |
Reconciliation Of The Federal Statutory Income Tax Rate To Effective Tax Rate | A reconciliation of the federal statutory income tax rate to our effective tax rate for continuing operations is as follows: 2018 2017 2016 Computed at federal statutory rate 24.5 % 35.0 % 35.0 % Non-cash impact of the Tax Act 17.5 % — % — % State income taxes, net of federal tax benefit 4.7 % 3.8 % 3.7 % Stock compensation excess tax benefit (1.1 )% — % — % Benefit of jobs tax credits, net of valuation allowance (0.4 )% (0.4 )% (1.0 )% Benefit related to COLIs (0.4 )% (1.1 )% (1.5 )% Other, net (0.9 )% (0.4 )% 0.1 % 43.9 % 36.9 % 36.3 % |
Deferred Tax Assets And Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities at each fiscal year-end are presented below ( in thousands ): 2018 2017 Deferred tax assets: Accrued defined benefit pension and postretirement benefits $ 34,776 $ 67,334 Impairment 11,388 18,697 Accrued insurance 8,994 14,701 Tax loss and tax credit carryforwards 7,458 11,841 Share-based compensation 4,936 9,715 Lease commitments related to closed or refranchised locations 4,696 9,382 Accrued incentive compensation 2,055 628 Accrued vacation pay expense 2,034 1,560 Deferred income 1,535 2,289 Other reserves and allowances 851 1,386 Interest rate swaps 181 8,855 Other, net 2,206 2,960 Total gross deferred tax assets 81,110 149,348 Valuation allowance (3,554 ) (8,507 ) Total net deferred tax assets 77,556 140,841 Deferred tax liabilities: Intangible assets (10,492 ) (15,995 ) Leasing transactions (2,790 ) (758 ) Property and equipment, principally due to differences in depreciation (1,855 ) (18,406 ) Other (279 ) (564 ) Total gross deferred tax liabilities (15,416 ) (35,723 ) Net deferred tax assets $ 62,140 $ 105,118 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Reconciliation Of The Changes In Benefit Obligations, Plan Assets And Funded Status Of Retirement Plans | The following table provides a reconciliation of the changes in benefit obligations, plan assets, and funded status of our retirement plans for each fiscal year ( in thousands ): Qualified Plan SERP Postretirement Health Plans 2018 2017 2018 2017 2018 2017 Change in benefit obligation: Obligation at beginning of year $ 493,767 $ 522,459 $ 78,401 $ 81,450 $ 25,660 $ 28,214 Service cost 1,743 1,331 490 855 — — Interest cost 19,463 19,889 2,894 2,850 955 1,003 Participant contributions — — — — 115 118 Actuarial gain (37,872 ) (20,081 ) (4,686 ) (2,296 ) (1,720 ) (2,652 ) Benefits paid (10,949 ) (10,425 ) (4,032 ) (4,458 ) (1,563 ) (1,168 ) Settlements (9,043 ) (19,406 ) — — — — Other — — — — 14 145 Obligation at end of year $ 457,109 $ 493,767 $ 73,067 $ 78,401 $ 23,461 $ 25,660 Change in plan assets: Fair value at beginning of year $ 460,709 $ 438,402 $ — $ — $ — $ — Actual return on plan assets 15,410 52,138 — — — — Participant contributions — — — — 115 118 Employer contributions — — 4,032 4,458 1,435 905 Benefits paid (10,949 ) (10,425 ) (4,032 ) (4,458 ) (1,563 ) (1,168 ) Settlements (9,043 ) (19,406 ) — — — — Other — — — — 13 145 Fair value at end of year $ 456,127 $ 460,709 $ — $ — $ — $ — Funded status at end of year $ (982 ) $ (33,058 ) $ (73,067 ) $ (78,401 ) $ (23,461 ) $ (25,660 ) Amounts recognized on the balance sheet: Current liabilities $ — $ — $ (5,037 ) $ (4,448 ) $ (1,352 ) $ (1,308 ) Noncurrent liabilities (982 ) (33,058 ) (68,030 ) (73,953 ) (22,108 ) (24,352 ) Total liability recognized $ (982 ) $ (33,058 ) $ (73,067 ) $ (78,401 ) $ (23,460 ) $ (25,660 ) Amounts in AOCI not yet reflected in net periodic benefit cost: Unamortized actuarial loss (gain), net $ 139,195 $ 167,598 $ 27,239 $ 33,462 $ (2,267 ) $ (574 ) Unamortized prior service cost — — 271 418 — — Total $ 139,195 $ 167,598 $ 27,510 $ 33,880 $ (2,267 ) $ (574 ) Other changes in plan assets and benefit obligations recognized in OCI: Net actuarial gain $ (25,072 ) $ (44,077 ) $ (4,686 ) $ (2,296 ) $ (1,720 ) $ (2,652 ) Amortization of actuarial loss (gain) (3,331 ) (4,455 ) (1,538 ) (1,659 ) 27 (162 ) Amortization of prior service cost — — (146 ) (153 ) — — Total recognized in OCI (28,403 ) (48,532 ) (6,370 ) (4,108 ) (1,693 ) (2,814 ) Net periodic benefit (credit) cost and other losses (3,673 ) (2,467 ) 5,068 5,517 928 1,165 Total recognized in comprehensive income $ (32,076 ) $ (50,999 ) $ (1,302 ) $ 1,409 $ (765 ) $ (1,649 ) Amounts in AOCI expected to be amortized in fiscal 2019 net periodic benefit cost: Net actuarial loss (gain) $ 2,754 $ 1,207 $ (159 ) Prior service cost — 115 — Total $ 2,754 $ 1,322 $ (159 ) The fair values of the Qualified Plan’s assets by asset category are as follows ( in thousands ): Total Quoted Prices in Active Markets for Identical (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Items Measured at Fair Value at September 30, 2018: Asset Category: Cash and cash equivalents (1) $ 2,901 $ — $ 2,901 $ — Equity: U.S (2) 104,424 104,424 — — International (3), (4) 100,340 49,857 — — Fixed income: Investment grade (5) 160,106 — 160,106 — High yield (6) 14,384 14,384 — — Alternatives (4),(7) 35,964 — — — Real estate (4),(8) 38,008 — — — $ 456,127 $ 168,665 $ 163,007 $ — Items Measured at Fair Value at September 30, 2017: Asset Category: Cash and cash equivalents (1) $ 3,245 $ — $ 3,245 $ — Equity: U.S (2) 108,241 108,241 — — International (3), (4) 121,130 52,013 — — Fixed income: Investment grade (5) 133,737 — 133,737 — High yield (6) 19,889 19,889 — — Alternatives (7) 38,933 — — — Real estate (4),(8) 35,534 — — — $ 460,709 $ 180,143 $ 136,982 $ — _________________________ (1) Cash and cash equivalents are comprised of commercial paper, short-term bills and notes, and short-term investment funds, which are valued at quoted prices in active markets for similar securities. (2) U.S. equity securities are comprised of investments in common stock of U.S. companies for total return purposes. These investments are valued by the trustee at closing prices from national exchanges on the valuation date. (3) International equity securities are comprised of investments in common stock of companies located outside of the U.S for total return purposes. These investments are valued by the trustee at closing prices from national exchanges on the valuation date, or the values are adjusted as a result of market movements following the close of local trading using inputs to models that are observable either directly or indirectly. The portion of these investments that are measured at fair value using the net asset value per share practical expedient (see note 4 below) can be redeemed on a monthly basis. (4) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. (5) Investment grade fixed income consists of debt obligations either issued by the US government or have a rating of BBB- / Baa or higher assigned by a major credit rating agency. These investments are valued based on unadjusted quoted market prices (Level 1), or based on quoted prices in inactive markets, or whose values are based on models, but the inputs to those models are observable either directly or indirectly (Level 2). (6) High yield fixed income consists primarily of debt obligations that have a rating of below BBB- / Baa or lower assigned by a major credit rating agency. These investments are valued based on unadjusted quoted market prices. (7) Alternative investments consists primarily of an investment in asset classes other than stocks, bonds, and cash. Alternative investments can include commodities, hedge funds, private equity, managed futures, and derivatives. These investments are valued based on unadjusted quoted market prices and can be redeemed on a bi-monthly basis. (8) Real estate is investments in a real estate collective trust for purposes of total return. These investments are valued based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These investments can be redeemed on a quarterly basis. |
Fair Value Of Plan Assets Of Pension Plans | The following sets forth the PBO, ABO, and fair value of plan assets of our pension plans as of the measurement date in each fiscal year ( in thousands ): 2018 2017 Qualified Plan: Projected benefit obligation $ 457,109 $ 493,767 Accumulated benefit obligation $ 457,109 $ 493,767 Fair value of plan assets $ 456,127 $ 460,709 SERP: Projected benefit obligation $ 73,067 $ 78,401 Accumulated benefit obligation $ 73,067 $ 78,401 Fair value of plan assets $ — $ — |
Components Of Net Periodic Benefit Cost | The components of the fiscal year net periodic benefit cost were as follows ( in thousands ): 2018 2017 2016 Qualified Plan: Service cost $ 1,743 $ 1,331 $ 4,479 Interest cost 19,463 19,889 20,926 Expected return on plan assets (28,210 ) (28,142 ) (21,756 ) Actuarial loss 3,331 4,455 2,828 Net periodic benefit (credit) cost $ (3,673 ) $ (2,467 ) $ 6,477 SERP: Service cost $ 490 $ 855 $ 773 Interest cost 2,894 2,850 3,253 Actuarial loss 1,538 1,659 1,259 Amortization of unrecognized prior service cost 146 153 240 Net periodic benefit cost $ 5,068 $ 5,517 $ 5,525 Postretirement health plans: Interest cost $ 955 $ 1,003 $ 1,263 Actuarial loss (27 ) 162 219 Net periodic benefit cost $ 928 $ 1,165 $ 1,482 |
Determining The Present Values Of Benefit Obligations And Net Periodic Benefit Costs | In determining the present values of our benefit obligations and net periodic benefit costs as of and for the fiscal years ended September 30, 2018 , October 1, 2017 , and October 2, 2016 , we used the following weighted-average assumptions: 2018 2017 2016 Assumptions used to determine benefit obligations (1): Qualified Plan: Discount rate 4.40% 3.99% 3.85% Rate of future pay increases —% —% —% SERP: Discount rate 4.37% 3.80% 3.60% Rate of future pay increases 3.50% 3.50% 3.50% Postretirement health plans: Discount rate 4.38% 3.82% 3.64% Assumptions used to determine net periodic benefit cost (2): Qualified Plan: Discount rate 3.99% 3.85% 4.79% Long-term rate of return on assets 6.20% 6.50% 6.50% Rate of future pay increases —% —% 3.50% SERP: Discount rate 3.80% 3.60% 4.45% Rate of future pay increases 3.50% 3.50% 3.50% Postretirement health plans: Discount rate 3.82% 3.64% 4.47% ____________________________ (1) Determined as of end of year. (2) Determined as of beginning of year. |
Health Care Cost Trend Rates For Postretirement Health Plans | For measurement purposes, the weighted-average assumed health care cost trend rates for our postretirement health plans were as follows for each fiscal year: 2018 2017 2016 Healthcare cost trend rate for next year: Participants under age 65 7.25% 7.50% 7.75% Participants age 65 or older 6.75% 7.00% 7.25% Rate to which the cost trend rate is assumed to decline: Participants under age 65 4.50% 4.50% 4.50% Participants age 65 or older 4.50% 4.50% 4.50% Year the rate reaches the ultimate trend rate: Participants under age 65 2030 2030 2030 Participants age 65 or older 2028 2028 2028 |
Effect Of Change In The Assumed Health Care Cost Trend Rate | For example, a 1.0% change in the assumed healthcare cost trend rate would have the following effect on the fiscal 2018 net periodic benefit cost and end of year PBO ( in thousands ): 1% Point Increase 1% Point Decrease Total interest and service cost $ 111 $ (95 ) Postretirement benefit obligation $ 2,422 $ (2,098 ) |
Fair Values Of The Qualified Plan's Assets | Our plan asset allocation at the end of fiscal 2018 and target allocations were as follows: 2018 Target Minimum Maximum Cash & cash equivalents 1% —% — —% Domestic Equities 23% 23% 12% 32% International equity 22% 22% 12% 32% Core fixed funds 35% 32% 27% 37% High yield 3% 4% —% 8% Alternative investments 8% 8% —% 8% Real estate 8% 7% 2% 12% Real return bonds —% 4% —% 8% 100% 100% |
Contributions Expected To Be Paid In The Next Fiscal Year And The Projected Benefit Payments | Contributions expected to be paid in the next fiscal year, the projected benefit payments for each of the next five fiscal years, and the total aggregate amount for the subsequent five fiscal years are as follows ( in thousands ): Defined Benefit Pension Plans Postretirement Health Plans Estimated net contributions during fiscal 2019 $ 5,038 $ 1,382 Estimated future year benefit payments during fiscal years: 2019 $ 17,077 $ 1,382 2020 $ 17,721 $ 1,430 2021 $ 18,376 $ 1,526 2022 $ 19,206 $ 1,569 2023 $ 20,438 $ 1,581 2024-2028 $ 121,677 $ 8,169 |
Share-Based Employee Compensa_2
Share-Based Employee Compensation (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Share-based Compensation [Abstract] | |
Components Of Share-Based Compensation Expense | The components of share-based compensation expense recognized in each fiscal year for continuing operations are as follows ( in thousands ): 2018 2017 2016 Nonvested stock units $ 5,737 $ 5,873 $ 5,168 Stock options 1,790 1,826 2,450 Performance share awards 1,236 2,580 3,351 Nonvested restricted stock awards 33 88 88 Non-management directors’ deferred compensation 350 270 270 Total share-based compensation expense $ 9,146 $ 10,637 $ 11,327 |
Summary Of RSU Activity | The following is a summary of RSU activity for fiscal 2018 : Shares Weighted- Average Grant Date Fair Value RSUs outstanding at October 1, 2017 304,232 $ 62.14 Granted 61,551 $ 94.93 Released (58,978 ) $ 75.21 Forfeited (18,707 ) $ 91.34 RSUs outstanding at September 30, 2018 288,098 $ 64.57 |
Summary Of PSU Activity | The following is a summary of performance share award activity for fiscal 2018 : Shares Weighted- Average Grant Date Fair Value Performance share awards outstanding at October 1, 2017 92,135 $ 78.67 Granted 19,989 $ 97.02 Issued (41,916 ) $ 77.47 Forfeited (10,097 ) $ 83.27 Performance adjustments (7,632 ) $ 83.56 Performance share awards outstanding at September 30, 2018 52,479 $ 83.21 |
Summary Of Stock Option Activity | The following is a summary of stock option activity for fiscal 2018 : Shares Weighted- Weighted- Aggregate Intrinsic Value (in thousands) Options outstanding at October 1, 2017 312,359 $ 80.15 Granted 113,447 $ 90.06 Exercised (116,388 ) $ 68.37 Forfeited (18,894 ) $ 94.93 Expired (2,906 ) $ 104.95 Options outstanding at September 30, 2018 287,618 $ 87.61 4.98 $ 1,205 Options exercisable at September 30, 2018 111,178 $ 81.01 3.85 $ 1,007 Options exercisable and expected to vest at September 30, 2018 287,618 $ 87.61 4.98 $ 1,205 |
Schedule Of Weighted-Average Assumptions | The following table presents the weighted-average assumptions used for stock option grants in each fiscal year, along with the related weighted-average grant date fair value: 2018 2017 2016 Risk-free interest rate 2.4% 1.4% 1.7% Expected dividends yield 1.8% 1.5% 1.6% Expected stock price volatility 28.8% 29.0% 26.7% Expected life of options (in years) 3.40 3.50 4.90 Weighted-average grant date fair value $18.49 $20.92 $16.21 |
Summary Of Stock Equivalent Activity | The following is a summary of the stock equivalent activity for fiscal 2018 : Stock Equivalents Weighted- Average Grant Date Fair Value Stock equivalents outstanding at October 1, 2017 88,515 $ 32.85 Deferred directors’ compensation 3,953 $ 88.53 Dividend equivalents 1,922 $ 90.01 Stock equivalents outstanding at September 30, 2018 94,390 $ 36.35 |
Average Shares Outstanding (Tab
Average Shares Outstanding (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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 each fiscal year ( in thousands ): 2018 2017 2016 Weighted-average shares outstanding — basic 28,499 30,630 33,735 Effect of potentially dilutive securities: Nonvested stock awards and units 240 182 188 Stock options 40 59 150 Performance share awards 28 43 73 Weighted-average shares outstanding — diluted 28,807 30,914 34,146 Excluded from diluted weighted-average shares outstanding: Antidilutive 150 76 147 Performance conditions not satisfied at the end of the period 44 53 38 |
Commitments, Contingencies An_2
Commitments, Contingencies And Legal Matters (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded Unconditional Purchase Obligations Disclosure | As of September 30, 2018 , we had unconditional purchase obligations during the next five fiscal years as follows ( in thousands ): 2019 $ 756,800 2020 527,100 2021 353,700 2022 168,300 2023 156,300 Total $ 1,962,200 |
Supplemental Consolidated Cas_2
Supplemental Consolidated Cash Flow Information (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Additional Information Related To Cash Flows | 2018 2017 2016 Cash paid during the year for: Income tax payments $ 56,183 $ 92,678 $ 33,406 Interest, net of amounts capitalized $ 43,692 $ 33,857 $ 21,107 Increase (decrease) in obligations for treasury stock repurchases $ 14,362 $ (7,208 ) $ 7,208 Increase (decrease) in obligations for purchases of property and equipment $ 822 $ 766 $ (1,412 ) Non cash transactions: Increase in notes receivable from the sale of company operated restaurants $ 70,461 $ — $ — Increase in accrued franchise tenant improvement allowances $ 5,551 $ 1,659 $ 216 Increase in dividends accrued or converted to common stock equivalents $ 276 $ 308 $ 176 Decrease in equipment capital lease obligations from the sale of company-operated restaurants, closure of stores, and termination of equipment leases $ 3,617 $ 5,631 $ — Decrease in capital lease obligations from the termination of building leases $ 271 $ 237 $ — Equipment capital lease obligations incurred $ 98 $ 924 $ 273 Consideration for franchise acquisitions $ — $ 13,809 $ — |
Supplemental Consolidated Fin_2
Supplemental Consolidated Financial Statement Information (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Supplemental Consolidated Financial Statement Information [Abstract] | |
Schedule Of Supplemental Consolidated Balance Sheet Information | September 30, October 1, Accounts and other receivables, net: Trade $ 35,877 $ 55,108 Notes receivable 11,480 988 Income tax receivable 5,637 3,273 Other 6,123 2,399 Allowance for doubtful accounts (1,695 ) (2,159 ) $ 57,422 $ 59,609 Prepaid expenses: Prepaid income taxes $ 4,837 $ 16,928 Prepaid advertising 4,318 5,407 Other 5,288 5,197 $ 14,443 $ 27,532 Other assets, net: Company-owned life insurance policies $ 109,908 $ 110,057 Deferred tax assets 62,140 105,118 Deferred rent receivable 48,372 46,962 Other 40,986 15,433 $ 261,406 $ 277,570 Accrued liabilities: Insurance $ 35,405 $ 39,011 Payroll and related taxes 29,498 23,361 Sales and property taxes 4,555 7,275 Gift card liability 2,081 2,237 Deferred rent income 1,387 18,961 Advertising 952 18,493 Deferred franchise fees 375 450 Other 32,669 25,266 $ 106,922 $ 135,054 Other long-term liabilities: Defined benefit pension plans $ 69,012 $ 107,011 Straight-line rent accrual 31,762 33,749 Other 92,675 108,065 $ 193,449 $ 248,825 |
Unaudited Quarterly Results O_2
Unaudited Quarterly Results Of Operations (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Selected Quarterly Financial Information [Abstract] | |
Quarterly Results Of Operations | 16 Weeks Ended 12 Weeks Ended Fiscal Year 2018 January 21, April 15, July 8, September 30, Revenues $ 294,463 $ 209,772 $ 187,983 $ 177,472 Earnings from operations $ 72,807 $ 46,820 $ 76,340 $ 35,647 Net earnings $ 12,190 $ 47,605 $ 45,307 $ 16,269 Net earnings per share: Basic $ 0.41 $ 1.64 $ 1.62 $ 0.61 Diluted $ 0.41 $ 1.62 $ 1.60 $ 0.60 16 Weeks 12 Weeks Ended Fiscal Year 2017 January 22, April 16, July 9, October 1, Revenues $ 353,181 $ 265,884 $ 246,101 $ 232,125 Earnings from operations $ 66,789 $ 59,760 $ 55,438 $ 60,066 Net earnings $ 35,929 $ 33,094 $ 36,351 $ 29,958 Net earnings per share: Basic $ 1.12 $ 1.07 $ 1.23 $ 1.02 Diluted $ 1.11 $ 1.06 $ 1.22 $ 1.01 |
Nature Of Operations And Summ_4
Nature Of Operations And Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2018USD ($)restaurant | Jul. 08, 2018USD ($) | Apr. 15, 2018USD ($) | Oct. 01, 2017USD ($) | Jul. 09, 2017USD ($) | Apr. 16, 2017USD ($) | Jan. 21, 2018USD ($) | Jan. 22, 2017USD ($) | Sep. 30, 2018USD ($)restaurant | Oct. 01, 2017USD ($) | Oct. 02, 2016USD ($) | Sep. 27, 2015 | Oct. 01, 2018USD ($) | |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Revenues | $ 177,472 | $ 187,983 | $ 209,772 | $ 232,125 | $ 246,101 | $ 265,884 | $ 294,463 | $ 353,181 | $ 869,690 | $ 1,097,291 | $ 1,162,258 | ||
Excess Tax Benefit from Share-based Compensation, Operating Activities | 2,031 | 4,232 | 7,461 | ||||||||||
Net Assets, Adjusted Balance | $ 200 | 200 | |||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost Excluding Service Cost | $ 100 | ||||||||||||
Document Fiscal Year Focus | 2,018 | ||||||||||||
Number of Restaurants | restaurant | 10 | 10 | |||||||||||
Assets held for sale and leaseback | $ 2,591 | 10,152 | $ 2,591 | 10,152 | |||||||||
Assets Held-for-sale, Not Part of Disposal Group, Other | 11,356 | 8,315 | 11,356 | 8,315 | |||||||||
Assets Held-for-sale, Not Part of Disposal Group, Current | 13,947 | 42,732 | 13,947 | 42,732 | |||||||||
Depreciation | 59,400 | 67,400 | 72,800 | ||||||||||
Increase (Decrease) in Gift Card Liability | 600 | 500 | $ 400 | ||||||||||
General liability and workers' comp estimated claims to be paid by insurance providers | 3,700 | 3,900 | $ 3,700 | $ 3,900 | |||||||||
Marketing funds including contractual contributions | 5.00% | ||||||||||||
Fiscal Year | 52 | 52 | 53 | 52 | |||||||||
Franchise rental agreement period | P20Y | ||||||||||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ 0 | $ 4,232 | $ 7,461 | ||||||||||
Other Assets [Member] | |||||||||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Cash Surrender Value of Life Insurance | 109,900 | 110,100 | 109,900 | 110,100 | |||||||||
Current Maturities of Long-Term Debt [Member] | |||||||||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Unamortized Debt Issuance Expense | 1,008 | 1,502 | $ 1,008 | 1,502 | |||||||||
Minimum [Member] | |||||||||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Property, plant and equipment assigned lives | 1 year | ||||||||||||
Maximum [Member] | |||||||||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Property, plant and equipment assigned lives | 35 years | ||||||||||||
Qdoba [Member] | |||||||||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Assets held for sale and leaseback | $ 0 | $ 24,265 | $ 0 | 24,265 | |||||||||
Accounting Standards Update 2014-09 | |||||||||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 160,000 | $ 150,000 | |||||||||||
Subsequent Event [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 | |||||||||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Contract with Customer, Liability | $ 50,000 |
Nature Of Operations And Summ_5
Nature Of Operations And Summary Of Significant Accounting Policies (Summary Of Number Of Restaurants) (Details) - restaurant | 12 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Document Fiscal Year Focus | 2,018 | ||
Number of Restaurants | 10 | ||
Jack in the box brand restaurant operations [Member] | |||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Number of Restaurants | 2,237 | 2,251 | 2,255 |
Entity Operated Units [Member] | |||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Number of Restaurants | 137 | 276 | |
Entity Operated Units [Member] | Jack in the box brand restaurant operations [Member] | |||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Number of Restaurants | 417 | ||
Franchised Units [Member] | |||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Number of Restaurants | 2,100 | 1,975 | |
Franchised Units [Member] | Jack in the box brand restaurant operations [Member] | |||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Number of Restaurants | 1,838 |
Nature Of Operations And Summ_6
Nature Of Operations And Summary Of Significant Accounting Policies (Summary Of Advertising Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Marketing and Advertising Expense | $ 28.8 | $ 36.5 | $ 41.2 |
Current Fiscal Year End Date | --09-30 | ||
Document Fiscal Year Focus | 2,018 | ||
ContractualContributionsTowardsAdvertisingCostsPercentageOfSales | 5.00% | ||
Marketing Expense | $ 6.2 | $ 0.5 | $ 1.1 |
Jack in the box brand restaurant operations [Member] | |||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||
ContractualContributionsTowardsAdvertisingCostsPercentageOfSales | 5.00% | ||
Qdoba brand restaurant operations [Member] | |||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||
ContractualContributionsTowardsAdvertisingCostsPercentageOfSales | 2.00% |
Nature Of Operations And Summ_7
Nature Of Operations And Summary Of Significant Accounting Policies (Summary of New Accounting Standard Impact) (Details) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jul. 08, 2018 | Apr. 15, 2018 | Oct. 01, 2017 | Jul. 09, 2017 | Apr. 16, 2017 | Jan. 21, 2018 | Jan. 22, 2017 | Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | Oct. 01, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | $ 177,472 | $ 187,983 | $ 209,772 | $ 232,125 | $ 246,101 | $ 265,884 | $ 294,463 | $ 353,181 | $ 869,690 | $ 1,097,291 | $ 1,162,258 | |
Franchise Fees | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 4,867 | 4,291 | ||||||||||
Accounting Standards Update 2014-09 | Franchise fees recognized under the current accounting standard | Franchise Fees | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 6,416 | 8,042 | ||||||||||
Accounting Standards Update 2014-09 | Net impact on revenue from franchise fees | Franchise Fees | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | $ (1,549) | $ (3,751) | ||||||||||
Subsequent Event [Member] | Accounting Standards Update 2014-09 | Net impact on revenue from franchise fees | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Contract with Customer, Liability | $ 50,000 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | Dec. 19, 2017 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
DisposalGroupIncludingDiscontinuedOperationsWorkingCapitalAdjustment | $ 6,900 | |||||
Derecognition of foreign currency translation adjustments due to sale | 100 | |||||
Contractual Obligation | 38,700 | |||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | [1] | $ 298,474 | ||||
Current Fiscal Year End Date | --09-30 | |||||
Document Fiscal Year Focus | 2,018 | |||||
Gain on Qdoba Sale | $ 30,717 | |||||
Discontinued Operation, Tax Effect of Discontinued Operation | $ 15,700 | $ (4,119) | $ 10,453 | |||
Earnings from discontinued operations | $ 0.60 | $ 0.22 | $ 0.52 | |||
Earnings from discontinued operations | $ 0.59 | $ 0.22 | $ 0.52 | |||
Disposal Group, Including Discontinued Operation, Other Expense | [2] | $ 12,564 | ||||
Current assets held for sale | 13,947 | $ 42,732 | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 298,500 | |||||
Other Nonrecurring Income | 7,900 | |||||
Other Nonrecurring Expense | 86,700 | |||||
Qdoba [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Selling, general and administrative expenses | 19,286 | 36,706 | $ 43,063 | |||
Depreciation and amortization | 5,012 | 21,500 | 19,965 | |||
Impairment and other charges, net | 2,305 | 15,061 | 11,648 | |||
Interest expense, net | 4,787 | 9,025 | 7,448 | |||
Operating earnings from discontinued operations before income taxes | 2,107 | 11,968 | 28,474 | |||
Earnings from discontinued operations before income taxes | 32,824 | 11,968 | 28,474 | |||
Gain on Qdoba Sale | 30,717 | 0 | 0 | |||
Discontinued Operation, Tax Effect of Discontinued Operation | (15,726) | (4,518) | (10,605) | |||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | $ 17,098 | $ 7,450 | $ 17,869 | |||
Earnings from discontinued operations | $ 0 | $ 0 | $ 0 | |||
Earnings from discontinued operations | $ 0 | $ 0 | $ 0 | |||
Cash | $ 3,113 | $ 3,175 | ||||
Accounts receivable, net | 9,461 | 9,086 | ||||
Inventories | 3,112 | 3,202 | ||||
Prepaid expenses and other current assets | 5,007 | 8,802 | ||||
Property and equipment, net | 164,075 | 148,715 | ||||
Intangible assets, net | 12,518 | 12,660 | ||||
Goodwill | 117,636 | 117,636 | ||||
Other assets, net | 2,604 | 1,785 | ||||
Total assets classified as held for sale (1) | 317,526 | 305,061 | [3] | |||
Accounts payable | 7,847 | 8,936 | ||||
Accrued liabilities | 19,891 | 25,251 | ||||
Current maturities of long-term debt | 180 | 158 | ||||
Deferred income tax liability (2) | 8,676 | 6,421 | [4] | |||
Other long-term liabilities | 11,144 | 12,310 | ||||
Total liabilities classified as held for sale | 62,333 | 66,423 | ||||
Jack [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Current assets held for sale | 18,500 | |||||
Company restaurant sales | Qdoba [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 166,122 | 357,370 | $ 321,997 | |||
Disposal Group, Including Discontinued Operation, Revenue | 192,620 | 436,558 | 415,495 | |||
Franchise rental revenues | Qdoba [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 2,338 | 4,993 | 4,478 | |||
Disposal Group, Including Discontinued Operation, Revenue | 9,337 | $ 20,065 | $ 21,578 | |||
Term Loan [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Repayments of Debt | 260,000 | |||||
Term Loan [Member] | Qdoba [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Repayments of Debt | $ 260,000 | |||||
[1] | (1)The proceeds received from the Qdoba Sale are net of the finalized working capital adjustment outlined in the Qdoba Purchase Agreement totaling $6.9 million, and the derecognition of foreign currency translation adjustments recorded in accumulated other comprehensive income of $0.1 million. | |||||
[2] | (2)Costs directly incurred as a result of the Qdoba Sale, including investment bank fees, legal fees, professional fees, employee transaction awards, transfer taxes, and other costs. | |||||
[3] | (1)Current assets held for sale as of October 1, 2017 include Jack in the Box assets held for sale of $18.5 million. | |||||
[4] | (2)Prior to held for sale presentation, Qdoba’s deferred income tax liability as of January 22, 2017 was netted against the Jack in the Box deferred income tax assets in other assets, net, on our condensed consolidated balance sheet. |
Discontinued Operations Reconci
Discontinued Operations Reconciliation of Gain on Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net proceeds received from the Qdoba Sale (1) | [1] | $ 298,474 | |||
Disposal Group, Including Discontinued Operation, Other Expense | [2] | 12,564 | |||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 30,717 | ||||
Qdoba [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash | 3,113 | $ 3,175 | |||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 9,461 | 9,086 | |||
Disposal Group, Including Discontinued Operation, Inventory | 3,112 | 3,202 | |||
Disposal Group, Including Discontinued Operation, Prepaid and Other Assets, Current | 5,007 | 8,802 | |||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 164,075 | 148,715 | |||
Disposal Group, Including Discontinued Operation, Intangible Assets | 12,518 | 12,660 | |||
Disposal Group, Including Discontinued Operation, Goodwill | 117,636 | 117,636 | |||
Disposal Group, Including Discontinued Operation, Other Assets | 2,604 | 1,785 | |||
Disposal Group, Including Discontinued Operation, Assets | 317,526 | 305,061 | [3] | ||
Disposal Group, Including Discontinued Operation, Accounts Payable | 7,847 | 8,936 | |||
Disposal Group, Including Discontinued Operation, Accrued Liabilities | 19,891 | 25,251 | |||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 180 | 158 | |||
Disposal Group Including Discontinued Operation, Straight-line Rent Accrual | 14,595 | 13,347 | |||
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities | 8,676 | 6,421 | [4] | ||
Disposal Group, Including Discontinued Operation, Other Liabilities | 11,144 | 12,310 | |||
Disposal Group, Including Discontinued Operation, Liabilities | 62,333 | 66,423 | |||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 30,717 | $ 0 | $ 0 | ||
[1] | (1)The proceeds received from the Qdoba Sale are net of the finalized working capital adjustment outlined in the Qdoba Purchase Agreement totaling $6.9 million, and the derecognition of foreign currency translation adjustments recorded in accumulated other comprehensive income of $0.1 million. | ||||
[2] | (2)Costs directly incurred as a result of the Qdoba Sale, including investment bank fees, legal fees, professional fees, employee transaction awards, transfer taxes, and other costs. | ||||
[3] | (1)Current assets held for sale as of October 1, 2017 include Jack in the Box assets held for sale of $18.5 million. | ||||
[4] | (2)Prior to held for sale presentation, Qdoba’s deferred income tax liability as of January 22, 2017 was netted against the Jack in the Box deferred income tax assets in other assets, net, on our condensed consolidated balance sheet. |
Discontinued Operations Lease G
Discontinued Operations Lease Guarantee Details (Details) $ in Millions | Sep. 30, 2018USD ($) |
Lease Guarantee [Abstract] | |
Contractual Obligation | $ 38.7 |
Summary Of Refranchisings, Fr_3
Summary Of Refranchisings, Franchisee Development And Acquisitions (Number Of Restaurants Sold And Developed By Franchisees And Related Gains And Fees Recognized) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Jul. 09, 2017USD ($) | Sep. 30, 2018USD ($)restaurant | Oct. 01, 2017USD ($)restaurant | Oct. 02, 2016USD ($)restaurant | ||
Summary Of Refranchisings, Franchisee Development And Acquisitions [Line Items] | |||||
Document Fiscal Year Focus | 2,018 | ||||
Additional proceeds from the sale of a company-operated restaurant | $ 200 | $ 1,400 | |||
Significant Changes, Franchises Sold | restaurant | 135 | 178 | 1 | ||
New restaurants opened by franchisees (restaurants) | restaurant | 11 | 18 | 12 | ||
Initial franchise fees | $ 5,890 | $ 7,752 | $ 553 | ||
Proceeds from the sale of company-operated restaurants: | 96,947 | 99,591 | 1,439 | ||
Proceeds from the sale of company-operated restaurants | [1] | 26,486 | 99,591 | 1,439 | |
Non-cash proceeds from divestiture of business | [2] | 70,461 | 0 | 0 | |
Net assets sold (primarily property and equipment) | (21,329) | (30,597) | (195) | ||
Operating Leases, Rent Expense, Sublease Rentals | 162,640 | 145,728 | 145,119 | ||
Goodwill related to the sale of company-operated restaurants | (4,663) | (10,062) | |||
Other | [3] | 24,791 | 9,161 | (1) | |
Disposal Group, Including Discontinued Operation, Operating Expense | 2,300 | ||||
Disposal Group, Including Discontinued Operation, Other Expense | 3,700 | ||||
Gains on the sale of company-operated restaurants | 46,164 | $ 38,034 | 1,230 | ||
Proceeds from extension of franchise and lease agreements | $ 1,400 | ||||
Proceeds from Sale and Collection of Notes Receivable | 53,700 | ||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 200 | ||||
Number of Restaurants | restaurant | 10 | ||||
Significant Changes, Franchises Purchased During Period | 50 | 1 | |||
Subtotal of gains (losses) on sale of company-operated restaurants [Member] | |||||
Summary Of Refranchisings, Franchisee Development And Acquisitions [Line Items] | |||||
Gains on the sale of company-operated restaurants | $ 46,164 | $ 38,034 | $ 1,230 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||
Summary Of Refranchisings, Franchisee Development And Acquisitions [Line Items] | |||||
Operating Leases, Rent Expense, Sublease Rentals | [4] | 0 | 11,737 | 0 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Sale of related markets [Member] | |||||
Summary Of Refranchisings, Franchisee Development And Acquisitions [Line Items] | |||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | (4,600) | ||||
Impairment of Long-Lived Assets to be Disposed of | 1,400 | ||||
2017 reacquired franchise restaurants [Member] | |||||
Summary Of Refranchisings, Franchisee Development And Acquisitions [Line Items] | |||||
Disposal Group Not Discontinued Operation Other Gain Loss On Disposal related to PY | $ 8,700 | ||||
Jack in the box brand restaurant operations [Member] | |||||
Summary Of Refranchisings, Franchisee Development And Acquisitions [Line Items] | |||||
Goodwill related to the sale of company-operated restaurants | $ (10,062) | $ (15) | |||
Number of Restaurants | restaurant | 2,237 | 2,251 | 2,255 | ||
Franchise Remodel Incentive [Member] | |||||
Summary Of Refranchisings, Franchisee Development And Acquisitions [Line Items] | |||||
Other | $ 9,200 | ||||
[1] | (1)Amounts in 2018, 2017, and 2016 include additional proceeds of $1.4 million, $0.2 million, and $1.4 million related to the extension of the underlying franchise and lease agreements from the sale of restaurants in prior years. | ||||
[2] | (2)During 2018, we collected payments of $53.7 million related to notes due from franchisees in connection with refranchising transactions. | ||||
[3] | (4)Amounts in 2018 primarily represent $9.2 million of costs related to franchise remodel incentives, $8.7 million reduction of gains related to the modification of certain 2017 refranchising transactions, $2.3 million of maintenance and repair expenses and $3.7 million of other miscellaneous non-capital charges. Amounts in 2017 represent impairment of $4.6 million and equipment write-offs of $1.4 million related to restaurants closed in connection with the sale of the related markets, maintenance and repair charges, and other miscellaneous non-capital charges. | ||||
[4] | (3)Charges are for operating restaurant leases with lease commitments in excess of our sublease rental income. |
Summary Of Refranchisings, Fr_4
Summary Of Refranchisings, Franchisee Development And Acquisitions (Purchase Price Allocations On Franchise Acquisitions) (Details) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018restaurant | Oct. 01, 2017USD ($)restaurant | Oct. 02, 2016restaurant | |
Summary Of Refranchisings, Franchisee Development And Acquisitions [Line Items] | |||
Number of Restaurants | restaurant | 135 | 178 | 1 |
Restaurants acquired from franchisees (restaurants) | 50 | 1 | |
Goodwill, Acquired During Period | $ 13,059 | ||
Property and equipment | (2,470) | ||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | 1,260 | ||
Noncash or Part Noncash Acquisition, Inventory Acquired | 189 | ||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | (1,116) | ||
Business Combination, Consideration Transferred | 15,862 | ||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 13,800 | ||
Noncash or Part Noncash Acquisition, Payables Assumed | 3,900 | ||
Accounts Receivable [Member] | |||
Summary Of Refranchisings, Franchisee Development And Acquisitions [Line Items] | |||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 9,900 | ||
Jack in the box brand restaurant operations [Member] | |||
Summary Of Refranchisings, Franchisee Development And Acquisitions [Line Items] | |||
Goodwill, Acquired During Period | $ 13,059 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2018 | Oct. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Total amortization expense | $ 0.2 | $ 0.2 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets, Net (Changes In Carrying Amount Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | $ 51,412 | ||
Acquisition of franchised restaurants | $ 13,059 | ||
Sale of company-operated restaurants to franchisees | (4,663) | (10,062) | |
Goodwill, ending balance | 46,749 | 51,412 | |
Jack in the box brand restaurant operations [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 51,412 | 48,415 | |
Acquisition of franchised restaurants | 13,059 | ||
Sale of company-operated restaurants to franchisees | (10,062) | $ (15) | |
Goodwill, ending balance | $ 46,749 | $ 51,412 | $ 48,415 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets, Net (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Oct. 02, 2016 | Oct. 01, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Gross carrying amount | $ 6,751 | $ 7,463 | |
Less accumulated amortization | (6,151) | (6,050) | |
Amortized intangible assets: Net carrying amount | 600 | $ 1,413 | |
Amortization of Intangible Assets | $ 200 | $ 200 |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets, Net (Estimated Amortization Expense) (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,018 | $ 113 |
2,019 | 103 |
2,020 | 91 |
2,021 | 33 |
2,022 | $ 16 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Apr. 15, 2018USD ($) | Sep. 30, 2018USD ($)restaurant | Oct. 01, 2017USD ($)restaurant | Oct. 02, 2016USD ($)restaurant | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Current Fiscal Year End Date | --09-30 | |||||
Obligations, Fair Value Disclosure | $ 38,150 | $ 60,146 | ||||
Number of Restaurants | restaurant | 10 | |||||
Asset Impairment Charges | [1] | $ 211 | $ 0 | $ 0 | ||
Impairment of Long-Lived Assets Held-for-use | $ 800 | |||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ (200) | |||||
Jack in the box brand restaurant operations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Number of Restaurants | restaurant | 2,237 | 2,251 | 2,255 | |||
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Obligations, Fair Value Disclosure | [2] | $ 37,447 | $ 37,219 | |||
Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Obligations, Fair Value Disclosure | [2] | 703 | 22,927 | |||
Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Obligations, Fair Value Disclosure | [2] | 0 | 0 | |||
Interest Rate Swaps [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Obligations, Fair Value Disclosure | [3] | 703 | 22,927 | |||
Interest Rate Swaps [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Obligations, Fair Value Disclosure | 0 | [2] | 0 | |||
Interest Rate Swaps [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Obligations, Fair Value Disclosure | [2],[3] | 703 | 22,927 | |||
Interest Rate Swaps [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Obligations, Fair Value Disclosure | 0 | [2] | 0 | |||
Non Qualified Deferred Compensation Plan [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Obligations, Fair Value Disclosure | [4] | 37,447 | 37,219 | |||
Non Qualified Deferred Compensation Plan [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Obligations, Fair Value Disclosure | [2],[4] | 37,447 | 37,219 | |||
Non Qualified Deferred Compensation Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Obligations, Fair Value Disclosure | 0 | 0 | ||||
Non Qualified Deferred Compensation Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Obligations, Fair Value Disclosure | 0 | $ 0 | ||||
change in market value [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ (400) | |||||
[1] | (1)In 2018, impairment charges relate to our landlord’s sale of a restaurant property to a franchisee. | |||||
[2] | We did not have any transfers in or out of Level 1, 2, or 3 | |||||
[3] | We entered into interest rate swaps to reduce our exposure to rising interest rates on our variable rate debt. The fair values of our interest rate swaps are based upon Level 2 inputs, which include valuation models as reported by our counterparties. These valuation models use a discounted cash flow analysis on the cash flows of each derivative. The key inputs for the valuation models are quoted market prices, discount rates, and forward yield curves. The Company also considers its own nonperformance risk and the respective counter-party’s nonperformance risk in the fair value measurements. | |||||
[4] | (1)We maintain an unfunded defined contribution plan for key executives and other members of management. The fair value of this obligation is based on the closing market prices of the participants’ elected investments. The obligation is included in accrued liabilities and other long-term liabilities on our condensed consolidated balance sheets. |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) | 12 Months Ended | |||
Sep. 30, 2018USD ($) | Oct. 02, 2016USD ($) | Jun. 15, 2015USD ($)agreements | Apr. 14, 2014USD ($)agreements | |
Derivative [Line Items] | ||||
Interest rate derivatives held (swap agreements) | agreements | 11 | 9 | ||
Interest Rate Swaps [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 200,000,000 | $ 300,000,000 | ||
Interest rate swaps hedge ineffectiveness | $ 0 | $ 0 | ||
Interest Rate Swap 1 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 500,000,000 |
Derivative Instruments (Derivat
Derivative Instruments (Derivative Instruments Outstanding) (Details) - Interest Rate Swaps [Member] - Derivatives Designated As Hedging Instrument [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Oct. 01, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | $ (703) | $ (22,927) |
Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | (26) | (4,777) |
Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | (1,266) | (18,150) |
Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Noncurrent | $ 589 | $ 0 |
Derivative Instruments (Gains O
Derivative Instruments (Gains Or Losses Recognized On Interest Rate Swap Derivative Instrument) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 18,769 | $ 19,768 | $ (25,439) |
Net loss reclassified to earnings | 3,455 | 5,070 | 4,048 |
Interest Rate Swaps [Member] | Derivatives Designated As Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 18,769 | 19,768 | (25,439) |
Interest Rate Swaps [Member] | Interest Expense, Net [Member] | Derivatives Designated As Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net loss reclassified to earnings | $ 3,455 | $ 5,070 | $ 4,048 |
Indebtedness (Schedule Of Long-
Indebtedness (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Oct. 01, 2017 |
Debt Instrument [Line Items] | ||
Long-term Line of Credit | $ 730,422 | $ 497,022 |
Loans Payable to Bank | 336,360 | 639,385 |
Capital lease obligations | 4,403 | 9,940 |
Long-term Debt | 1,071,185 | 1,146,347 |
Current maturities of long-term debt | (31,828) | (64,225) |
Debt Issuance Costs, Gross | (1,430) | (2,140) |
Long-term debt and capital lease obligations noncurrent | $ 1,037,927 | $ 1,079,982 |
Revolving Credit Member | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 4.50% | |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 4.35% | |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 3.60% |
Indebtedness (Narrative) (Detai
Indebtedness (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Sep. 30, 2018USD ($) | Mar. 21, 2018 | Mar. 20, 2018 | |
Debt Instrument [Line Items] | |||
Current Fiscal Year End Date | --09-30 | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.25% | 2.00% | |
Letters of Credit Maximum Issuance Available | $ 75 | ||
Letters of Credit Outstanding, Amount | 31.4 | ||
Debt Instrument, Unused Borrowing Capacity, Amount | 138.2 | ||
Debt Instrument, Periodic Payment, Principal | $ 10.7 | ||
Maximum Leverage Ratio | 4.5 | 4 | |
Pro Forma Leverage | 4 | ||
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Debt | $ 260 | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% |
Indebtedness (Scheduled Princip
Indebtedness (Scheduled Principal Payments On Long-Term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Oct. 01, 2017 |
Debt Instrument [Line Items] | ||
Less current portion | $ 32,837 | |
2,019 | 1,035,548 | |
2,020 | 793 | |
2,021 | 819 | |
2,022 | 846 | |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | 342 | |
Total amount of long-term debt and capital lease obligation maturing in future as of balance sheet date | $ 1,071,185 | $ 1,146,347 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Billions | Sep. 30, 2018USD ($) |
Property Subject to or Available for Operating Lease [Line Items] | |
Minimum sublease rents | $ 1.5 |
Lease term (in years) | 20 years |
Minimum [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Lease renewal option as lessee, minimum (in years) | 1 year |
Lease renewal option as lessor, minimum (in years) | 5 years |
Maximum [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Lease renewal option as lessee, minimum (in years) | 20 years |
Lease renewal option as lessor, minimum (in years) | 20 years |
Leases (Components Of Rent Expe
Leases (Components Of Rent Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |
Leases [Abstract] | |||
Minimum rentals | $ 184,106 | $ 185,696 | $ 188,486 |
Contingent rentals | 2,221 | 2,419 | 2,199 |
Total rent expense | 186,327 | 188,115 | 190,685 |
Operating Leases, Rent Expense, Sublease Rentals | (162,640) | (145,728) | (145,119) |
Net rent expense | $ 23,687 | $ 42,387 | $ 45,566 |
Leases (Future Minimum Lease Pa
Leases (Future Minimum Lease Payments For Capital And Operating Leases) (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Capital Leased Assets [Line Items] | |
Capital Leases, 2018 | $ 955 |
Capital Leases, 2019 | 876 |
Capital Leases, 2020 | 876 |
Capital Leases, 2021 | 876 |
Capital Leases, 2022 | 863 |
Capital Leases, Thereafter | 437 |
Capital Leases, Total minimum lease payments | 4,883 |
Less amount representing interest, 3.60% weighted-average interest rate | (480) |
Present value of obligations under capital leases | 4,403 |
Less current portion | (834) |
Long-term capital lease obligations | 3,569 |
Operating Leases, 2018 | 193,439 |
Operating Leases, 2019 | 173,953 |
Operating Leases, 2020 | 163,038 |
Operating Leases, 2021 | 124,357 |
Operating Leases, 2022 | 96,047 |
Operating Leases, Thereafter | 388,150 |
Operating Leases, Total minimum lease payments | $ 1,138,984 |
Capital Lease Obligations [Member] | |
Capital Leased Assets [Line Items] | |
Weighted average interest rate | 3.60% |
Leases (Assets Recorded Under C
Leases (Assets Recorded Under Capital Leases) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Oct. 01, 2017 |
Capital Leased Assets [Line Items] | ||
Less accumulated amortization | $ (4,621) | $ (8,753) |
Asset under capital leases, net | $ 4,115 | 9,165 |
Minimum [Member] | ||
Capital Leased Assets [Line Items] | ||
Lessor, Operating Lease, Renewal Term | 5 years | |
Buildings [Member] | ||
Capital Leased Assets [Line Items] | ||
Asset under capital leases, gross | $ 3,217 | 7,301 |
Equipment [Member] | ||
Capital Leased Assets [Line Items] | ||
Asset under capital leases, gross | $ 5,519 | $ 10,617 |
Leases (As Lessor) (Details)
Leases (As Lessor) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | ||
Leases [Abstract] | ||||
Total rent income | [1] | $ 264,432 | $ 237,004 | $ 238,228 |
Contingent rentals | $ 35,148 | $ 33,168 | $ 31,632 | |
[1] | (1)Includes contingent rentals |
Leases (Minimum Rents Receivabl
Leases (Minimum Rents Receivable Expected To Be Received Under These Non-Cancelable Operating Leases) (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Leases [Abstract] | |
2,018 | $ 239,015 |
2,019 | 236,136 |
2,020 | 251,835 |
2,021 | 228,089 |
2,022 | 221,261 |
Thereafter | 1,359,302 |
Total minimum future rentals | $ 2,535,638 |
Leases (Assets Held For Lease)
Leases (Assets Held For Lease) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Oct. 01, 2017 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Assets held for lease, gross | $ 914,831 | $ 847,992 |
Less accumulated depreciation | (607,900) | (540,851) |
Assets held for lease, net | 306,931 | 307,141 |
Land [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Assets held for lease, gross | 89,256 | 88,647 |
Buildings [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Assets held for lease, gross | 824,964 | 759,003 |
Equipment [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Assets held for lease, gross | $ 611 | $ 342 |
Impairment, Disposition Of Pr_3
Impairment, Disposition Of Property And Equipment, And Restaurant Closing Costs (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |
Impairment, Disposition of Property and Equipment, and Restaurant Closing Costs [Line Items] | |||
Business Exit Costs | $ 4,803 | $ 5,736 | $ 2,457 |
Accelerated depreciation | $ 1,130 | $ 911 | $ 1,543 |
Impairment, Disposition Of Pr_4
Impairment, Disposition Of Property And Equipment, And Restaurant Closing Costs (Impairment And Disposal Costs Included In Impairment And Other Charges) (Details) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2018USD ($)restaurant | Oct. 01, 2017USD ($)restaurant | Oct. 02, 2016USD ($)restaurant | ||
Impairment, Disposition of Property and Equipment, and Restaurant Closing Costs [Line Items] | ||||
Document Fiscal Year Focus | 2,018 | |||
Business Exit Costs | $ 4,803 | $ 5,736 | $ 2,457 | |
Impairment of Long-Lived Assets Held-for-use | [1] | $ 211 | 0 | 0 |
Number of Restaurants | restaurant | 10 | |||
Restructuring Costs | $ 10,647 | 3,631 | 3,531 | |
Accelerated depreciation | 1,130 | 911 | 1,543 | |
Gain (Loss) on Disposition of Property Plant Equipment | (1,627) | (2,891) | (2,280) | |
Impairment And Other Costs Net | 18,418 | 13,169 | 9,929 | |
Continuing Operations [Member] | ||||
Impairment, Disposition of Property and Equipment, and Restaurant Closing Costs [Line Items] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 1,627 | $ 2,891 | $ 2,398 | |
Jack in the box brand restaurant operations [Member] | ||||
Impairment, Disposition of Property and Equipment, and Restaurant Closing Costs [Line Items] | ||||
Number of Restaurants | restaurant | 2,237 | 2,251 | 2,255 | |
[1] | (1)In 2018, impairment charges relate to our landlord’s sale of a restaurant property to a franchisee. |
Impairment, Disposition Of Pr_5
Impairment, Disposition Of Property And Equipment, And Restaurant Closing Costs (Restaurant Closing Costs) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Apr. 15, 2018USD ($) | Sep. 30, 2018USD ($)restaurant | Oct. 01, 2017USD ($) | Oct. 02, 2016USD ($) | |||
Restructuring Cost and Reserve [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | $ 800 | |||||
Restructuring Reserve [Roll Forward] | ||||||
Asset Impairment Charges | [1] | $ 211 | $ 0 | $ 0 | ||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 200 | |||||
Facility Closing [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Balance at beginning of year | $ 6,175 | 6,175 | ||||
Restructuring Reserve, Accrual Adjustment | [2] | 675 | ||||
Additions and adjustments | 1,639 | |||||
Cash payments | (5,090) | |||||
Balance at end of year | 3,534 | [3],[4] | $ 6,175 | |||
Restaurant Closing Costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Other Accrued Liabilities | $ 2,300 | |||||
Weighted Average [Member] | Facility Closing [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
RemainingLeaseCommitmentTerm | 4 | |||||
Interest Expense [Member] | Facility Closing [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Reserve, Accrual Adjustment | $ 135 | |||||
Property, Plant and Equipment [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Costs and Asset Impairment Charges | 500 | |||||
Commitments [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Costs and Asset Impairment Charges | $ 500 | |||||
Franchised Units [Member] | Impairment, Disposition, Closing Costs, and Restructuring [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of Restaurants Closed | restaurant | 10 | |||||
Entity Operated Units [Member] | Impairment, Disposition, Closing Costs, and Restructuring [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of Restaurants Closed | restaurant | 1 | |||||
[1] | (1)In 2018, impairment charges relate to our landlord’s sale of a restaurant property to a franchisee. | |||||
[2] | (1)Adjustments relate primarily to revisions of certain sublease and cost assumptions. Our estimates related to our future lease obligations, primarily the sublease income we anticipate, 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. | |||||
[3] | (3)This balance excludes $2.3 million of restaurant closing costs that are included in accrued liabilities and other long-term liabilities, which were initially recorded as losses on the sale of company-operated restaurants to franchisees in prior years. | |||||
[4] | The weighted-average remaining lease term related to these commitments is approximately four years |
Impairment, Disposition Of Pr_6
Impairment, Disposition Of Property And Equipment, Restaurant Closing Costs And Restructuring Restructuring Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost Remaining | $ 4,500 | ||||
Document Fiscal Year Focus | 2,018 | ||||
Restructuring Costs | $ 10,647 | $ 3,631 | $ 3,531 | ||
Qdoba evaluation cost [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Costs | [1] | 2,211 | 2,592 | 18 | |
Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Costs | 7,845 | 724 | 3,513 | ||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of year | 648 | ||||
Balance at end of year | 5,309 | 648 | |||
Payments for Restructuring | (3,184) | ||||
Facility Closing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 1,639 | ||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of year | 6,175 | ||||
Balance at end of year | 3,534 | [2],[3] | 6,175 | ||
Payments for Restructuring | (5,090) | ||||
Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Costs | $ 591 | $ 315 | $ 0 | ||
[1] | (1)Qdoba Evaluation consulting costs are primarily related to third party advisory services and retention compensation. | ||||
[2] | (3)This balance excludes $2.3 million of restaurant closing costs that are included in accrued liabilities and other long-term liabilities, which were initially recorded as losses on the sale of company-operated restaurants to franchisees in prior years. | ||||
[3] | The weighted-average remaining lease term related to these commitments is approximately four years |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2018 | Oct. 01, 2017 | |
Operating Loss Carryforwards [Line Items] | ||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 32,500 | |
Current Fiscal Year End Date | --09-30 | |
State net operating loss carryforwards | $ 43,500 | |
Valuation allowance | $ 3,554 | $ 8,507 |
Maximum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2037 |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |
Income Tax Disclosure [Abstract] | |||
Current, Federal | $ 51,454 | $ 79,038 | $ 23,768 |
Current, State | 4,922 | 12,368 | 3,679 |
Total Current | 56,376 | 91,406 | 27,447 |
Deferred, Federal | 23,462 | (13,176) | 28,455 |
Deferred, State | 1,890 | (2,898) | 4,838 |
Total Deferred | 25,352 | (16,074) | 33,293 |
Income tax expense from continuing operations | 81,728 | 75,332 | 60,740 |
Income tax benefit from discontinued operations | $ 15,700 | $ (4,119) | $ 10,453 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Federal Statutory Income Tax Rate To Effective Tax Rate) (Details) | 12 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |
Income Tax Disclosure [Abstract] | |||
Computed at federal statutory rate | 24.50% | 35.00% | 35.00% |
Non-cash impact of the Tax Act | 17.50% | 0.00% | 0.00% |
State income taxes, net of federal tax benefit | 4.70% | 3.80% | 3.70% |
Stock compensation excess tax benefit | (1.10%) | 0.00% | 0.00% |
Benefit of jobs tax credits, net of valuation allowance | (0.40%) | (0.40%) | (1.00%) |
Benefit related to COLIs | (0.40%) | (1.10%) | (1.50%) |
Other, net | (0.90%) | (0.40%) | 0.10% |
Effective tax rate | 43.90% | 36.90% | 36.30% |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets And Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Oct. 01, 2017 |
Income Tax Disclosure [Abstract] | ||
Accrued defined benefit pension and postretirement benefits | $ 34,776 | $ 67,334 |
Impairment | 11,388 | 18,697 |
Accrued insurance | 8,994 | 14,701 |
Tax loss and tax credit carryforwards | 7,458 | 11,841 |
Share-based compensation | 4,936 | 9,715 |
Lease commitments related to closed or refranchised locations | 4,696 | 9,382 |
Accrued incentive compensation | 2,055 | 628 |
Accrued vacation pay expense | 2,034 | 1,560 |
Deferred income | 1,535 | 2,289 |
Other reserves and allowances | 851 | 1,386 |
Interest rate swaps | 181 | 8,855 |
Other, net | 2,206 | 2,960 |
Total gross deferred tax assets | 81,110 | 149,348 |
Valuation allowance | (3,554) | (8,507) |
Total net deferred tax assets | 77,556 | 140,841 |
Intangible assets | (10,492) | (15,995) |
Deferred Tax Liabilities, Leasing Arrangements | (2,790) | (758) |
Property and equipment, principally due to differences in depreciation | (1,855) | (18,406) |
Deferred Tax Liabilities, Other | (279) | (564) |
Total gross deferred tax liabilities | (15,416) | (35,723) |
Net deferred tax assets | $ 62,140 | $ 105,118 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Oct. 02, 2016 | Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | Jan. 01, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Minimum Required Contribution For Retirement Plans | $ 0 | |||||
Decrease in earnings before income taxes due to quarter percentage point decrease in discount rate | $ 500,000 | |||||
Decrease in earnings before income taxes due to quarter percentage point decrease in long-term rate of return | $ 1,100,000 | |||||
Qualified Defined Contribution Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plans, General Information | P21Y | |||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | 4.00% | ||||
Defined Contribution Plan, Cost | $ 2,200,000 | $ 1,900,000 | $ 3,200,000 | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | 100.00% | ||||
Non-Qualified Deferred Compensation Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Period of years in executive position | 10 years | |||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | 4.00% | ||||
Defined Contribution Plan, Cost | $ 200,000 | $ 500,000 | $ 300,000 | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | |||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% | |||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent of Bonus | 85.00% | |||||
Vesting percentage of participant's right to company contribution | 25.00% | |||||
Maximum [Member] | Non-Qualified Deferred Compensation Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% |
Retirement Plans (Reconciliatio
Retirement Plans (Reconciliation Of The Changes In Benefit Obligations, Plan Assets And Funded Status Of Retirement Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value at beginning of year | $ 460,709 | ||
Fair value at end of year | 456,127 | $ 460,709 | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Actuarial gains (losses) arising during the period | (31,478) | (49,025) | $ (71,971) |
Total recognized in OCI | (36,466) | (55,454) | 67,425 |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Obligation at beginning of year | 78,401 | 81,450 | |
Service cost | 490 | 855 | 773 |
Interest cost | 2,894 | 2,850 | 3,253 |
Actuarial gain | (4,686) | (2,296) | |
Benefits paid | (4,032) | (4,458) | |
Settlements | 0 | 0 | |
Other | 0 | 0 | |
Obligation at end of year | 73,067 | 78,401 | 81,450 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (73,067) | (78,401) | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 4,032 | 4,458 | |
Benefits paid | (4,032) | (4,458) | |
Settlements | 0 | 0 | |
Defined Benefit Plan, Other | 0 | 0 | |
Fair value at end of year | 0 | 0 | 0 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Current liabilities | (5,037) | (4,448) | |
Noncurrent liabilities | (68,030) | (73,953) | |
Total liability recognized | (73,067) | (78,401) | |
Unamortized actuarial loss, net | 27,239 | 33,462 | |
Unamortized prior service cost | (271) | (418) | |
Total | 27,510 | 33,880 | |
Actuarial gains (losses) arising during the period | 4,686 | 2,296 | |
Amortization of actuarial loss (gain) | (1,538) | (1,659) | |
Amortization of prior service cost | (146) | (153) | |
Total recognized in OCI | (6,370) | (4,108) | |
Net periodic benefit cost and other losses | 5,068 | 5,517 | 5,525 |
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | (1,302) | 1,409 | |
Net actuarial loss | (1,207) | ||
Prior service cost | 115 | ||
Total | 1,322 | ||
Postretirement Health Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 115 | 118 | |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 115 | 118 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Obligation at beginning of year | 25,660 | 28,214 | |
Service cost | 0 | 0 | |
Interest cost | 955 | 1,003 | 1,263 |
Actuarial gain | (1,720) | (2,652) | |
Benefits paid | (1,563) | (1,168) | |
Settlements | 0 | 0 | |
Other | 14 | 145 | |
Obligation at end of year | 23,461 | 25,660 | 28,214 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (23,461) | (25,660) | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 1,435 | 905 | |
Benefits paid | (1,563) | (1,168) | |
Settlements | 0 | 0 | |
Defined Benefit Plan, Other | 13 | 145 | |
Fair value at end of year | 0 | 0 | 0 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Current liabilities | (1,352) | (1,308) | |
Noncurrent liabilities | (22,108) | (24,352) | |
Total liability recognized | (23,460) | (25,660) | |
Unamortized actuarial loss, net | (2,267) | (574) | |
Unamortized prior service cost | 0 | 0 | |
Total | (2,267) | (574) | |
Actuarial gains (losses) arising during the period | 1,720 | 2,652 | |
Amortization of actuarial loss (gain) | 27 | (162) | |
Amortization of prior service cost | 0 | 0 | |
Total recognized in OCI | (1,693) | (2,814) | |
Net periodic benefit cost and other losses | 928 | 1,165 | 1,482 |
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | (765) | (1,649) | |
Net actuarial loss | 159 | ||
Prior service cost | 0 | ||
Total | (159) | ||
Qualified Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Obligation at beginning of year | 493,767 | 522,459 | |
Service cost | 1,743 | 1,331 | 4,479 |
Interest cost | 19,463 | 19,889 | 20,926 |
Actuarial gain | (37,872) | (20,081) | |
Benefits paid | (10,949) | (10,425) | |
Settlements | (9,043) | (19,406) | |
Other | 0 | 0 | |
Obligation at end of year | 457,109 | 493,767 | 522,459 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (982) | (33,058) | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value at beginning of year | 460,709 | 438,402 | |
Actual return on plan assets | 15,410 | 52,138 | |
Employer contributions | 0 | 0 | |
Benefits paid | (10,949) | (10,425) | |
Settlements | (9,043) | (19,406) | |
Defined Benefit Plan, Other | 0 | 0 | |
Fair value at end of year | 456,127 | 460,709 | 438,402 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Current liabilities | 0 | 0 | |
Noncurrent liabilities | (982) | (33,058) | |
Total liability recognized | (982) | (33,058) | |
Unamortized actuarial loss, net | 139,195 | 167,598 | |
Unamortized prior service cost | 0 | 0 | |
Total | 139,195 | 167,598 | |
Actuarial gains (losses) arising during the period | 25,072 | 44,077 | |
Amortization of actuarial loss (gain) | (3,331) | (4,455) | |
Amortization of prior service cost | 0 | 0 | |
Total recognized in OCI | (28,403) | (48,532) | |
Net periodic benefit cost and other losses | (3,673) | (2,467) | $ 6,477 |
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | (32,076) | $ (50,999) | |
Net actuarial loss | (2,754) | ||
Prior service cost | 0 | ||
Total | $ 2,754 |
Retirement Plans (Fair Value Of
Retirement Plans (Fair Value Of Plan Assets Of Pension Plans) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 456,127 | $ 460,709 | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 73,067 | 78,401 | $ 81,450 |
Accumulated benefit obligation | 73,067 | 78,401 | |
Fair value of plan assets | 0 | 0 | 0 |
Qualified Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 457,109 | 493,767 | 522,459 |
Accumulated benefit obligation | 457,109 | 493,767 | |
Fair value of plan assets | $ 456,127 | $ 460,709 | $ 438,402 |
Retirement Plans (Components Of
Retirement Plans (Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 490 | $ 855 | $ 773 |
Interest cost | 2,894 | 2,850 | 3,253 |
Actuarial loss | 1,538 | 1,659 | 1,259 |
Amortization of unrecognized prior service cost | 146 | 153 | 240 |
Net periodic benefit cost | 5,068 | 5,517 | 5,525 |
Postretirement Health Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | |
Interest cost | 955 | 1,003 | 1,263 |
Actuarial loss | (27) | 162 | 219 |
Net periodic benefit cost | 928 | 1,165 | 1,482 |
Qualified Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,743 | 1,331 | 4,479 |
Interest cost | 19,463 | 19,889 | 20,926 |
Expected return on plan assets | (28,210) | (28,142) | (21,756) |
Actuarial loss | 3,331 | 4,455 | 2,828 |
Net periodic benefit cost | $ (3,673) | $ (2,467) | $ 6,477 |
Retirement Plans (Determining T
Retirement Plans (Determining The Present Values Of Benefit Obligations And Net Periodic Benefit Costs) (Details) | 12 Months Ended | |||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Cash flow period extension | P30Y | |||
Supplemental Employee Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Assumptions used to determine benefit obligations, Discount rate | [1] | 4.37% | 3.80% | 3.60% |
Assumptions used to determine benefit obligations, Rate of future pay increases | [1] | 3.50% | 3.50% | 3.50% |
Assumptions used to determine net periodic benefit cost, Discount rate | [2] | 3.80% | 3.60% | 4.45% |
Assumptions used to determine net periodic benefit cost, Rate of future pay increases | [2] | 3.50% | 3.50% | 3.50% |
Postretirement Health Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Assumptions used to determine benefit obligations, Discount rate | [1] | 4.38% | 3.82% | 3.64% |
Assumptions used to determine net periodic benefit cost, Discount rate | [2] | 3.82% | 3.64% | 4.47% |
Qualified Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Assumptions used to determine benefit obligations, Discount rate | [1] | 4.40% | 3.99% | 3.85% |
Assumptions used to determine benefit obligations, Rate of future pay increases | [1] | 0.00% | 0.00% | 0.00% |
Assumptions used to determine net periodic benefit cost, Discount rate | [2] | 3.99% | 3.85% | 4.79% |
Assumptions used to determine net periodic benefit cost, Long-term rate of return on assets | [2] | 6.20% | 6.50% | 6.50% |
Assumptions used to determine net periodic benefit cost, Rate of future pay increases | [2] | 0.00% | 0.00% | 3.50% |
[1] | Determined as of end of year | |||
[2] | Determined as of beginning of year |
Retirement Plans (Health Care C
Retirement Plans (Health Care Cost Trend Rates For Postretirement Health Plans) (Details) | 12 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |
Participants Under Age Sixty Five Member | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate for next year | 7.25% | 7.50% | 7.75% |
Rate to which the cost trend rate is assumed to decline | 4.50% | 4.50% | 4.50% |
Year the rate reaches the ultimate trend rate | 2,030 | 2,030 | 2,030 |
Participants Age Sixty Five Or Older Member | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate for next year | 6.75% | 7.00% | 7.25% |
Rate to which the cost trend rate is assumed to decline | 4.50% | 4.50% | 4.50% |
Year the rate reaches the ultimate trend rate | 2,028 | 2,028 | 2,028 |
Retirement Plans (Effect Of Cha
Retirement Plans (Effect Of Change In The Assumed Health Care Cost Trend Rate) (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2018USD ($) | |
Retirement Benefits [Abstract] | |
Total interest and service cost, 1% Point Increase | $ 111 |
Total interest and service cost, 1% Point Decrease | (95) |
Postretirement benefit obligation, 1% Point Increase | 2,422 |
Postretirement benefit obligation, 1% Point Decrease | $ (2,098) |
Retirement Plans (Schedule Of P
Retirement Plans (Schedule Of Plan Asset Allocation) (Details) | 12 Months Ended |
Sep. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |
Percentage of Plan Assets, Equity securities | 100.00% |
Asset Allocation, Target, Equity securities | 100.00% |
Cash and Cash Equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Percentage of Plan Assets, Equity securities | 1.00% |
Asset Allocation, Target, Equity securities | 0.00% |
Core Fixed Funds Member | |
Defined Benefit Plan Disclosure [Line Items] | |
Percentage of Plan Assets, Equity securities | 35.00% |
Asset Allocation, Target, Equity securities | 32.00% |
High yield | |
Defined Benefit Plan Disclosure [Line Items] | |
Percentage of Plan Assets, Equity securities | 3.00% |
Asset Allocation, Target, Equity securities | 4.00% |
Alternatives | |
Defined Benefit Plan Disclosure [Line Items] | |
Percentage of Plan Assets, Equity securities | 8.00% |
Asset Allocation, Target, Equity securities | 8.00% |
Real Estate [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Percentage of Plan Assets, Equity securities | 8.00% |
Asset Allocation, Target, Equity securities | 7.00% |
Real Return Bonds Member | |
Defined Benefit Plan Disclosure [Line Items] | |
Percentage of Plan Assets, Equity securities | 0.00% |
Asset Allocation, Target, Equity securities | 4.00% |
UNITED STATES | Equity Funds & Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Percentage of Plan Assets, Equity securities | 23.00% |
Asset Allocation, Target, Equity securities | 23.00% |
Non-US [Member] | Equity Funds & Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Percentage of Plan Assets, Equity securities | 22.00% |
Asset Allocation, Target, Equity securities | 22.00% |
Minimum [Member] | Cash and Cash Equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0 |
Minimum [Member] | Core Fixed Funds Member | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.27 |
Minimum [Member] | High yield | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0 |
Minimum [Member] | Alternatives | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0 |
Minimum [Member] | Real Estate [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.02 |
Minimum [Member] | Real Return Bonds Member | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0 |
Minimum [Member] | UNITED STATES | Equity Funds & Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.12 |
Minimum [Member] | Non-US [Member] | Equity Funds & Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.12 |
Maximum [Member] | Cash and Cash Equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0 |
Maximum [Member] | Core Fixed Funds Member | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.37 |
Maximum [Member] | High yield | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.08 |
Maximum [Member] | Alternatives | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.08 |
Maximum [Member] | Real Estate [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.12 |
Maximum [Member] | Real Return Bonds Member | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.08 |
Maximum [Member] | UNITED STATES | Equity Funds & Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.32 |
Maximum [Member] | Non-US [Member] | Equity Funds & Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.32 |
Retirement Plans (Fair Values O
Retirement Plans (Fair Values Of The Qualified Plan's Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Oct. 01, 2017 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 456,127 | $ 460,709 | ||
Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2,901 | 3,245 | ||
Corporate Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 160,106 | 133,737 | ||
High yield | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 14,384 | 19,889 | ||
Alternatives | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 35,964 | 38,933 | ||
Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 38,008 | 35,534 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 168,665 | 180,143 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | 0 | 0 | |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Corporate Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [2] | 0 | 0 | |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | High yield | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [3] | 14,384 | 19,889 | |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Alternatives | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [4] | 0 | [5] | 0 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [5],[6] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 163,007 | 136,982 | ||
Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | 2,901 | 3,245 | |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [2] | 160,106 | 133,737 | |
Significant Other Observable Inputs (Level 2) [Member] | High yield | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [3] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Alternatives | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [4] | 0 | [5] | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [5],[6] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | High yield | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [3] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Alternatives | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [4] | 0 | [5] | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [5],[6] | 0 | 0 | |
UNITED STATES | Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 104,424 | 108,241 | ||
UNITED STATES | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [7] | 104,424 | 108,241 | |
UNITED STATES | Significant Other Observable Inputs (Level 2) [Member] | Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [7] | 0 | 0 | |
UNITED STATES | Significant Unobservable Inputs (Level 3) [Member] | Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [7] | 0 | 0 | |
Non-US [Member] | Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 100,340 | 121,130 | ||
Non-US [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [5],[8] | 49,857 | 52,013 | |
Non-US [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [5],[8] | 0 | 0 | |
Non-US [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [5],[8] | $ 0 | $ 0 | |
[1] | Cash and cash equivalents are comprised of commercial paper, short-term bills and notes, and short-term investment funds, which are valued at quoted prices in active markets for similar securities. | |||
[2] | Investment grade fixed income consists of debt obligations either issued by the US government or have a rating of BBB- / Baa or higher assigned by a major credit rating agency. These investments are valued based on unadjusted quoted market prices (Level 1), or based on quoted prices in inactive markets, or whose values are based on models, but the inputs to those models are observable either directly or indirectly (Level 2). | |||
[3] | High yield fixed income consists primarily of debt obligations that have a rating of below BBB- / Baa or lower assigned by a major credit rating agency. These investments are valued based on unadjusted quoted market prices. | |||
[4] | Alternative investments consists primarily of an investment in asset classes other than stocks, bonds, and cash. Alternative investments can include commodities, hedge funds, private equity, managed futures, and derivatives. These investments are valued based on unadjusted quoted market prices and can be redeemed on a bi-monthly basis. | |||
[5] | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. | |||
[6] | Real estate is investments in a real estate collective trust for purposes of total return. These investments are valued based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These investments can be redeemed on a quarterly basis. | |||
[7] | U.S. equity securities are comprised of investments in common stock of U.S. companies for total return purposes. These investments are valued by the trustee at closing prices from national exchanges on the valuation date. | |||
[8] | International equity securities are comprised of investments in common stock of companies located outside of the U.S for total return purposes. These investments are valued by the trustee at closing prices from national exchanges on the valuation date, or the values are adjusted as a result of market movements following the close of local trading using inputs to models that are observable either directly or indirectly. The portion of these investments that are measured at fair value using the net asset value per share practical expedient (see note 4 below) can be redeemed on a monthly basis. |
Retirement Plans (Changes In Le
Retirement Plans (Changes In Level 3 Investments For The Qualified Plan) (Details) $ in Thousands | Sep. 30, 2018USD ($) | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value at beginning of year | $ 460,709 | |
Fair value at end of year | 456,127 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value at beginning of year | 0 | |
Fair value at end of year | 0 | |
Real Estate [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value at beginning of year | 35,534 | |
Fair value at end of year | 38,008 | |
Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value at beginning of year | 0 | [1],[2] |
Fair value at end of year | $ 0 | [1],[2] |
[1] | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. | |
[2] | Real estate is investments in a real estate collective trust for purposes of total return. These investments are valued based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These investments can be redeemed on a quarterly basis. |
Retirement Plans (Contributions
Retirement Plans (Contributions Expected To Be Paid In The Next Fiscal Year And The Projected Benefit Payments) (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Supplemental Employee Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated net contributions during fiscal 2018 | $ 5,038 |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 17,077 |
2,019 | 17,721 |
2,020 | 18,376 |
2,021 | 19,206 |
2,022 | 20,438 |
2023-2027 | 121,677 |
Postretirement Health Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated net contributions during fiscal 2018 | 1,382 |
2,018 | 1,382 |
2,019 | 1,430 |
2,020 | 1,526 |
2,021 | 1,569 |
2,022 | 1,581 |
2023-2027 | $ 8,169 |
Share-Based Employee Compensa_3
Share-Based Employee Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost related to stock options granted | $ 6.8 | ||
Weighted-average period for unrecognized compensation cost, (in years) | 2 years 4 months 24 days | ||
Weighted-average grant-date fair value of RSUs granted (usd per share) | $ 94.93 | $ 102.42 | $ 72.06 |
Total fair value of awards vested | $ 4.4 | $ 4.4 | $ 4.5 |
Awards outstanding | 288,098 | 304,232 | |
Performance share awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Total unrecognized compensation cost related to stock options granted | $ 0.8 | ||
Weighted-average period for unrecognized compensation cost, (in years) | 1 year 3 months | ||
Weighted-average grant-date fair value of options granted (usd per share) | $ 95.33 | $ 75.25 | |
Weighted-average grant-date fair value of RSUs granted (usd per share) | $ 97.02 | ||
Total fair value of awards vested | $ 1.6 | $ 3.2 | $ 3.5 |
Awards outstanding | 52,479 | 92,135 | |
Nonvested stock awards and units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Total unrecognized compensation cost related to stock options granted | $ 1.6 | ||
Weighted-average period for unrecognized compensation cost, (in years) | 1 year 7 months 6 days | ||
Weighted-average grant-date fair value of options granted (usd per share) | $ 18.49 | $ 20.92 | $ 16.21 |
Total intrinsic value of stock options exercised | $ 2.3 | $ 6.9 | $ 18.6 |
Nonvested Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards outstanding | 33,243 | ||
Deferred Compensation for Non Management Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards outstanding | 94,390 | 88,515 | |
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Restricted stock units vested, percentage | 50.00% | ||
Minimum [Member] | Performance share awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | ||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
Restricted stock units vested, percentage | 100.00% | ||
Maximum [Member] | Performance share awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 150.00% | ||
Management [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Awards outstanding | 46,899 | ||
Non-Management Directors [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 12 months | ||
Awards outstanding | 59,386 | ||
Two Thousand Four Stock Incentive Plan Member | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized | 11,600,000 | ||
Shares of common stock available for future issuance | 1,880,708 | ||
Deferred Compensation Plan for Non-Management Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized | 350,000 | ||
Shares of common stock available for future issuance | 143,122 | ||
Prior to fiscal 2011 [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards outstanding | 60,272 | ||
Since fiscal 2011 [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards outstanding | 121,541 |
Share-Based Employee Compensa_4
Share-Based Employee Compensation (Components Of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Document Fiscal Year Focus | 2,018 | ||
Total share-based compensation expense | $ 9,146 | $ 10,637 | $ 11,327 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 4,232 | 7,461 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 5,737 | 5,873 | 5,168 |
Performance share awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 1,236 | 2,580 | 3,351 |
Nonvested stock awards and units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 1,790 | 1,826 | 2,450 |
Nonvested Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 33 | 88 | 88 |
Deferred Compensation for Non Management Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 350 | $ 270 | $ 270 |
Share-Based Employee Compensa_5
Share-Based Employee Compensation (Summary Of Stock Option Activity) (Details) - Nonvested stock awards and units $ / shares in Units, $ in Thousands | 12 Months Ended |
Sep. 30, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | P7Y |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options outstanding, shares, beginning balance | shares | 312,359 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 113,447 |
Shares, Exercised | shares | (116,388) |
Shares, Forfeited | shares | (18,894) |
Shares, Expired | shares | (2,906) |
Options outstanding, shares, ending balance | shares | 287,618 |
Options exercisable, Shares | shares | 111,178 |
Options exercisable and expected to vest, Shares | shares | 287,618 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Options outstanding, Weighted Average Exercise Price, Beginning balance (usd per share) | $ / shares | $ 80.15 |
Options outstanding, Weighted Average Exercise Price, Granted (usd per share) | $ / shares | 90.06 |
Options outstanding, Weighted Average Exercise Price, Exercised (usd per share) | $ / shares | 68.37 |
Options outstanding, Weighted Average Exercise Price, Forfeited (usd per share) | $ / shares | 94.93 |
Options outstanding, Weighted Average Exercise Price, Expired (usd per share) | $ / shares | 104.95 |
Options outstanding, Weighted Average Exercise Price, Ending balance (usd per share) | $ / shares | 87.61 |
Options exercisable, Weighted Average Exercise Price (usd per share) | $ / shares | 81.01 |
Options exercisable and expected to vest, Weighted Average Exercise Price (usd per share) | $ / shares | $ 87.61 |
Options outstanding, Weighted Average Remaining Contractual Term, years | 4 years 11 months 23 days |
Options exercisable, Weighted Average Remaining Contractual Term, years | 3 years 10 months 6 days |
Options exercisable and expected to vest, Weighted Average Remaining Contractual Term, years | 4 years 11 months 23 days |
Options outstanding, Aggregate Intrinsic Value | $ | $ 1,205 |
Options exercisable, Aggregate Intrinsic Value | $ | 1,007 |
Options exercisable and expected to vest, Aggregate Intrinsic Value | $ | $ 1,205 |
Share-Based Employee Compensa_6
Share-Based Employee Compensation (Schedule Of Weighted-Average Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Document Fiscal Year Focus | 2,018 | ||
Nonvested stock awards and units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.40% | 1.40% | 1.70% |
Expected dividends yield | 1.80% | 1.50% | 1.60% |
Expected stock price volatility | 28.80% | 29.00% | 26.70% |
Expected life of options (in years) | 3 years 4 months 24 days | 3 years 6 months | 4 years 10 months 26 days |
Weighted-average grant date fair value (usd per share) | $ 18.49 | $ 20.92 | $ 16.21 |
Share-Based Employee Compensa_7
Share-Based Employee Compensation (Summary Of PSU Activity) (Details) - Performance share awards | 12 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 3 months |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |
Stock awards outstanding, Beginning balance, Shares | shares | 92,135 |
Granted, Shares | shares | 19,989 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | (41,916) |
Forfeited, Shares | shares | (10,097) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | shares | (7,632) |
Stock awards outstanding, Ending balance, Shares | shares | 52,479 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Stock awards outstanding, Weighted-Average Grant Date Fair Value, Beginning balance (usd per share) | $ / shares | $ 78.67 |
Granted, Weighted-Average Grant Date Fair Value (usd per share) | $ / shares | 97.02 |
Issued, Weighted-Average Grant Date Fair Value (usd per share) | $ / shares | 77.47 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares | 83.27 |
Stock awards outstanding, Weighted-Average Grant Date Fair Value, Ending balance (usd per share) | $ / shares | 83.21 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Adjustment, Weighted Average per share | $ / shares | $ 83.56 |
Share-Based Employee Compensa_8
Share-Based Employee Compensation (Summary Of RSA Activity) (Details) | 12 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Current Fiscal Year End Date | --09-30 |
Document Fiscal Year Focus | 2,018 |
Nonvested Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 |
Nonvested stock awards outstanding, Shares | 33,243 |
Non vested stock awards outstanding, Weighted-Average Grant Date Fair Value, (usd per share) | $ / shares | $ 26.47 |
Nonvested stock awards and units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 62,572 |
Issued, Weighted-Average Grant Date Fair Value (usd per share) | $ / shares | $ 17.42 |
Share-Based Employee Compensa_9
Share-Based Employee Compensation (Summary Of RSU Activity) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 4 months 24 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Stock awards outstanding, Beginning balance, Shares | 304,232 | ||
Granted, Shares | 61,551 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (58,978) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (18,707) | ||
Stock awards outstanding, Ending balance, Shares | 288,098 | 304,232 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Stock awards outstanding, Weighted-Average Grant Date Fair Value, Beginning balance (usd per share) | $ 62.14 | ||
Granted, Weighted-Average Grant Date Fair Value (usd per share) | 94.93 | $ 102.42 | $ 72.06 |
Released, Weighted-Average Grant Date Fair Value (usd per share) | 75.21 | ||
Cancelled, Weighted-Average Grant Date Fair Value | 91.34 | ||
Stock awards outstanding, Weighted-Average Grant Date Fair Value, Ending balance (usd per share) | $ 64.57 | $ 62.14 | |
Non-Management Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 12 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Stock awards outstanding, Ending balance, Shares | 59,386 |
Share-Based Employee Compens_10
Share-Based Employee Compensation (Summary Of Stock Equivalent Activity) (Details) | 12 Months Ended | ||
Sep. 30, 2018$ / sharesshares | Oct. 02, 2016shares | Sep. 27, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance | 0 | 0 | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 0 | ||
Deferred Compensation for Non Management Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Stock awards outstanding, Beginning balance, Shares | 88,515 | ||
Deferred Directors' Compensation in Current Period, Shares | 3,953 | ||
Stock awards outstanding, Ending balance, Shares | 94,390 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Stock awards outstanding, Weighted-Average Grant Date Fair Value, Beginning balance (usd per share) | $ / shares | $ 32.85 | ||
Deferred directors' compensation, Weighted-Average Grant Date Fair Value | $ / shares | 88.53 | ||
Stock awards outstanding, Weighted-Average Grant Date Fair Value, Ending balance (usd per share) | $ / shares | $ 36.35 | ||
Deferred Compensation For Non Management Directors Member | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Shares issued under stock plans including tax benefit | 1,922 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Stock distribution weighted average grant date fair value | $ / shares | 90.01 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018 | Jul. 08, 2018 | Apr. 15, 2018 | Jan. 21, 2018 | Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |
Equity, Class of Treasury Stock [Line Items] | |||||||
Document Fiscal Year Focus | 2,018 | ||||||
Current Fiscal Year End Date | --09-30 | ||||||
Treasury Stock, Shares, Acquired | 3.9 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 340,000 | $ 327,153 | $ 291,853 | ||||
Increase (Decrease) in Payables under Repurchase Agreements | $ (14,362) | $ 7,208 | $ (7,208) | ||||
Common Stock, Dividends, Per Share, Declared | $ 0 | $ 0.40 | $ 0.40 | $ 0.40 | $ 1.60 | $ 1.60 | $ 1.20 |
Dividends, Common Stock | $ 45,700 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 41,000 | 41,000 | |||||
Treasury Stock [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 340,000 | $ 327,153 | $ 291,853 |
Average Shares Outstanding (Rec
Average Shares Outstanding (Reconciliation Of Basic Weighted-Average Shares Outstanding To Diluted Weighted-Average Shares Outstanding) (Details) - shares shares in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | |
Average Shares Outstanding [Line Items] | |||
Weighted-average shares outstanding - basic | 28,499 | 30,630 | 33,735 |
Weighted-average shares outstanding - diluted | 28,807 | 30,914 | 34,146 |
Antidilutive | 150 | 76 | 147 |
Performance conditions not satisfied at the end of the period | 44 | 53 | 38 |
Nonvested stock awards and units | |||
Average Shares Outstanding [Line Items] | |||
Effect of potentially dilutive securities | 240 | 182 | 188 |
Nonvested stock awards and units | |||
Average Shares Outstanding [Line Items] | |||
Effect of potentially dilutive securities | 40 | 59 | 150 |
Performance share awards | |||
Average Shares Outstanding [Line Items] | |||
Effect of potentially dilutive securities | 28 | 43 | 73 |
Commitments, Contingencies An_3
Commitments, Contingencies And Legal Matters (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Unconditional purchase obligations, 2018 | $ 756,800 |
Unconditional purchase obligations, 2019 | 527,100 |
Unconditional purchase obligations, 2020 | 353,700 |
Unconditional purchase obligations, 2021 | 168,300 |
Unconditional purchase obligations, 2022 | 156,300 |
Unconditional purchase obligations, Total | $ 1,962,200 |
Supplemental Consolidated Cas_3
Supplemental Consolidated Cash Flow Information (Additional Information Related To Cash Flows) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Jul. 09, 2017 | Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | ||
Supplemental Cash Flow Information [Abstract] | |||||
Income tax payments | $ 56,183 | $ 92,678 | $ 33,406 | ||
Interest, net of amounts capitalized | 43,692 | 33,857 | 21,107 | ||
Increase (decrease) in obligations for purchases of property and equipment | 822 | 766 | (1,412) | ||
Increase in notes receivable from the sale of company operated restaurants | $ 200 | 1,400 | |||
Non-cash proceeds from divestiture of business | [1] | 70,461 | 0 | 0 | |
Franchise Tenant Improvement Allowances | 5,551 | 1,659 | 216 | ||
Increase (decrease) in obligations for treasury stock repurchases | 14,362 | (7,208) | 7,208 | ||
Increase in dividends accrued or converted to common stock equivalents | 0 | 13,809 | 0 | ||
Decrease in equipment capital lease obligations from the sale of company-operated restaurants, closure of stores, and termination of equipment leases | (3,617) | (5,631) | 0 | ||
Increase DecreaseIn Capital Lease Obligations, equipment | 271 | 237 | 0 | ||
Equipment capital lease obligations incurred | 98 | 924 | 273 | ||
Increase in dividends accrued or converted to common stock equivalents | $ 276 | $ 308 | $ 176 | ||
[1] | (2)During 2018, we collected payments of $53.7 million related to notes due from franchisees in connection with refranchising transactions. |
Supplemental Consolidated Fin_3
Supplemental Consolidated Financial Statement Information (Schedule Of Supplemental Consolidated Balance Sheet Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2018 | Oct. 01, 2017 | |
Supplemental Consolidated Financial Statement Information [Abstract] | ||
Current Fiscal Year End Date | --09-30 | |
Trade | $ 35,877 | $ 55,108 |
Notes receivable | 11,480 | 988 |
Income Taxes Receivable | 5,637 | 3,273 |
Other | 6,123 | 2,399 |
Allowances for doubtful accounts | (1,695) | (2,159) |
Accounts and other receivables, net | 57,422 | 59,609 |
Prepaid Advertising | 4,318 | 5,407 |
Prepaid income taxes | 4,837 | 16,928 |
Other Prepaid Expense, Current | 5,288 | 5,197 |
Prepaid Expense, Current | 14,443 | 27,532 |
Company-owned life insurance policies | 109,908 | 110,057 |
Deferred Tax Asset | 62,140 | 105,118 |
Deferred rent receivable | 48,372 | 46,962 |
Other | 40,986 | 15,433 |
Other assets, net | 261,406 | 277,570 |
Payroll and related taxes | 29,498 | 23,361 |
Insurance | 35,405 | 39,011 |
Advertising | 952 | 18,493 |
Deferred rent income | 1,387 | 18,961 |
Sales and property taxes | 4,555 | 7,275 |
Gift card liability | 2,081 | 2,237 |
Deferred franchise fees | 375 | 450 |
Other | 32,669 | 25,266 |
Accrued liabilities | 106,922 | 135,054 |
Defined benefit pension plans | 69,012 | 107,011 |
Straight-line rent accrual | 31,762 | 33,749 |
Other | 193,449 | 248,825 |
Other long-term liabilities | $ 92,675 | $ 108,065 |
Unaudited Quarterly Results O_3
Unaudited Quarterly Results Of Operations (Quarterly Results Of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2018 | Jul. 08, 2018 | Apr. 15, 2018 | Oct. 01, 2017 | Jul. 09, 2017 | Apr. 16, 2017 | Jan. 21, 2018 | Jan. 22, 2017 | Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 | ||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||
Revenues | $ 177,472 | $ 187,983 | $ 209,772 | $ 232,125 | $ 246,101 | $ 265,884 | $ 294,463 | $ 353,181 | $ 869,690 | $ 1,097,291 | $ 1,162,258 | |||
Earnings from operations | 35,647 | 76,340 | 46,820 | 60,066 | 55,438 | 59,760 | 72,807 | 66,789 | 231,614 | 242,053 | 191,493 | |||
Net Income (Loss) Attributable to Parent | $ 16,269 | $ 45,307 | $ 47,605 | $ 29,958 | $ 36,351 | $ 33,094 | $ 12,190 | $ 35,929 | $ 121,371 | $ 135,332 | $ 124,073 | |||
Net earnings per share, Basic (usd per share) | $ 0.61 | $ 1.62 | $ 1.64 | $ 1.02 | $ 1.23 | $ 1.07 | $ 0.41 | $ 1.12 | $ 4.26 | [1] | $ 4.42 | [1] | $ 3.68 | [1] |
Net earnings per share, Diluted (usd per share) | $ 0.60 | $ 1.60 | $ 1.62 | $ 1.01 | $ 1.22 | $ 1.06 | $ 0.41 | $ 1.11 | $ 4.21 | [1] | $ 4.38 | [1] | $ 3.63 | [1] |
[1] | ________________________(1) Earnings per share may not add due to rounding. |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 30, 2019 | Dec. 18, 2018 | Dec. 05, 2018 | Nov. 15, 2018 | Sep. 30, 2018 | Jul. 08, 2018 | Apr. 15, 2018 | Jan. 21, 2018 | Sep. 30, 2018 | Oct. 01, 2017 | Oct. 02, 2016 |
Subsequent Event [Line Items] | |||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0 | $ 0.40 | $ 0.40 | $ 0.40 | $ 1.60 | $ 1.60 | $ 1.20 | ||||
Subsequent Event [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Dividends Payable, Date Declared | Nov. 15, 2018 | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.40 | ||||||||||
Dividends Payable, Date to be Paid | Dec. 18, 2018 | ||||||||||
Dividends Payable, Date of Record | Dec. 5, 2018 | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 60 | ||||||||||
Stock Repurchase Program Expiration Date | Nov. 30, 2019 |