Cover Page
Cover Page - shares | 6 Months Ended | |
Apr. 11, 2021 | May 07, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 11, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-9390 | |
Entity Registrant Name | JACK IN THE BOX INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 95-2698708 | |
Entity Address, Address Line One | 9357 Spectrum Center Blvd. | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92123 | |
City Area Code | 858 | |
Local Phone Number | 571-2121 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | JACK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 22,228,146 | |
Entity Central Index Key | 0000807882 | |
Current Fiscal Year End Date | --10-03 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 11, 2021 | Sep. 27, 2020 |
Current assets: | ||
Cash | $ 90,637 | $ 199,662 |
Restricted cash | 18,137 | 37,258 |
Accounts and other receivables, net | 86,721 | 78,417 |
Inventories | 2,158 | 1,808 |
Prepaid expenses | 6,784 | 10,114 |
Current assets held for sale | 3,883 | 4,598 |
Other current assets | 3,703 | 3,724 |
Total current assets | 212,023 | 335,581 |
Property and equipment: | ||
Property and equipment, at cost | 1,144,503 | 1,132,430 |
Less accumulated depreciation and amortization | (812,489) | (796,448) |
Property and equipment, net | 332,014 | 335,982 |
Other assets: | ||
Operating lease right-of-use assets | 914,010 | 904,548 |
Intangible assets, net | 262 | 277 |
Goodwill | 47,161 | 47,161 |
Deferred tax assets | 71,167 | 72,322 |
Other assets, net | 214,138 | 210,623 |
Total other assets | 1,246,738 | 1,234,931 |
Total assets | 1,790,775 | 1,906,494 |
Current liabilities: | ||
Current maturities of long-term debt | 850 | 818 |
Current operating lease liabilities | 153,297 | 179,000 |
Accounts payable | 24,695 | 31,105 |
Accrued liabilities | 123,550 | 129,431 |
Total current liabilities | 302,392 | 340,354 |
Long-term liabilities: | ||
Long-term debt, net of current maturities | 1,271,412 | 1,376,913 |
Long-term operating lease liabilities, net of current portion | 792,183 | 776,094 |
Other long-term liabilities | 205,345 | 206,494 |
Total long-term liabilities | 2,268,940 | 2,359,501 |
Stockholders’ deficit: | ||
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, 82,510,007 and 82,369,714 issued, respectively | 825 | 824 |
Capital in excess of par value | 496,798 | 489,515 |
Retained earnings | 1,704,766 | 1,636,211 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (108,640) | (110,605) |
Treasury stock, at cost, 60,287,482 and 59,646,773 shares, respectively | (2,874,306) | (2,809,306) |
Total stockholders’ deficit | (780,557) | (793,361) |
Total liabilities and stockholders' equity | $ 1,790,775 | $ 1,906,494 |
Treasury stock at cost, shares | 60,287,482 | 59,646,773 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 11, 2021 | Sep. 27, 2020 |
Statement of Financial Position [Abstract] | ||
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 | 82,510,007 | 82,369,714 |
Treasury stock at cost, shares | 60,287,482 | 59,646,773 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Earnings - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 11, 2021 | Apr. 12, 2020 | Apr. 11, 2021 | Apr. 12, 2020 | |
Revenues | $ 257,217 | $ 216,157 | $ 595,758 | $ 523,830 |
Operating costs and expenses, net: | ||||
Food and packaging | 23,938 | 22,237 | 56,315 | 53,585 |
Payroll and employee benefits | 26,440 | 24,261 | 61,371 | 56,151 |
Occupancy and other | 13,349 | 12,570 | 31,184 | 28,528 |
Selling, general and administrative expenses | 18,861 | 24,203 | 39,360 | 52,451 |
Depreciation and amortization | 10,696 | 12,282 | 25,267 | 29,010 |
Impairment and other charges (gains), net | 1,228 | 716 | 776 | (8,575) |
Gains on the sale of company-operated restaurants | (1,532) | 0 | (2,815) | (1,575) |
Total operating costs and expenses | 192,329 | 183,315 | 441,944 | 421,038 |
Earnings from operations | 64,888 | 32,842 | 153,814 | 102,792 |
Other pension and post-retirement expenses, net | 203 | 512 | 474 | 39,490 |
Interest expense, net | 15,227 | 15,409 | 35,962 | 35,351 |
Earnings before income taxes | 49,458 | 16,921 | 117,378 | 27,951 |
Income taxes | 13,524 | 5,458 | 30,585 | 8,591 |
Net earnings | $ 35,934 | $ 11,463 | $ 86,793 | $ 19,360 |
Earnings per share: | ||||
Basic (in USD per share) | $ 1.58 | $ 0.50 | $ 3.80 | $ 0.83 |
Earnings Per Share, Diluted | 1.58 | 0.50 | 3.78 | 0.82 |
Cash dividends declared per common share (in USD per share) | $ 0.40 | $ 0.40 | $ 0.80 | $ 0.80 |
Company Restaurant Sales | ||||
Revenues | $ 85,962 | $ 74,380 | $ 200,240 | $ 179,744 |
Franchise | ||||
Revenues | 77,901 | 69,885 | 181,650 | 165,969 |
Operating costs and expenses, net: | ||||
Occupancy and other | 48,904 | 48,341 | 114,073 | 112,858 |
Franchise support and other costs | 3,341 | 2,971 | 6,614 | 7,647 |
Franchise advertising and other services expenses | 47,104 | 35,734 | 109,799 | 90,958 |
Royalty and Other | ||||
Revenues | 47,231 | 37,764 | 106,879 | 90,230 |
Franchise contributions for advertising and other services | ||||
Revenues | $ 46,123 | $ 34,128 | $ 106,989 | $ 87,887 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 11, 2021 | Apr. 12, 2020 | Apr. 11, 2021 | Apr. 12, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 35,934 | $ 11,463 | $ 86,793 | $ 19,360 |
Actuarial losses arising during the period | 0 | (61,090) | 0 | (32,507) |
Actuarial losses and prior service costs reclassified to earnings | 1,138 | 1,362 | 2,655 | 41,672 |
Unrecognized periodic benefit costs | 1,138 | (59,728) | 2,655 | 9,165 |
Tax effect | (296) | 15,503 | (690) | (2,379) |
Other comprehensive income (loss), net of taxes | 842 | (44,225) | 1,965 | 6,786 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | 842 | (44,225) | 1,965 | 6,786 |
Comprehensive income (loss) | $ 36,776 | $ (32,762) | $ 88,758 | $ 26,146 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 11, 2021 | Apr. 12, 2020 | |
Cash flows from operating activities: | ||
Net earnings | $ 86,793 | $ 19,360 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 25,267 | 29,010 |
Amortization of franchise tenant improvement allowances and other | 1,534 | 1,765 |
Deferred finance cost amortization | 3,013 | 3,046 |
Excess tax benefit from share-based compensation arrangements | (1,112) | (77) |
Deferred income taxes | (882) | 6,783 |
Share-based compensation expense | 2,836 | 5,865 |
Pension and post-retirement expense | 474 | 39,490 |
(Gains) losses on cash surrender value of company-owned life insurance | (9,352) | 3,150 |
Gains on the sale of company-operated restaurants | (2,815) | (1,575) |
Gains on the disposition of property and equipment, net | (1,931) | (10,170) |
Non-cash operating lease costs | (11,870) | (13,118) |
Impairment charges and other | 1,340 | 133 |
Changes in assets and liabilities, excluding acquisitions: | ||
Accounts and other receivables | (4,490) | (22,858) |
Inventories | (288) | 28 |
Prepaid expenses and other current assets | 3,461 | (10,350) |
Accounts payable | (14,614) | 20,660 |
Accrued liabilities | 6,499 | 1,400 |
Pension and post-retirement contributions | (3,577) | (3,582) |
Franchise tenant improvement allowance disbursements | (567) | (5,811) |
Other | (1,175) | (4,222) |
Cash flows provided by operating activities | 78,544 | 58,927 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (22,928) | (12,777) |
Proceeds from the sale of property and equipment | 3,629 | 22,394 |
Proceeds from the sale and leaseback of assets | 0 | 17,373 |
Proceeds from the sale of company-operated restaurants | 965 | 1,575 |
Other | 2,616 | 1,036 |
Cash flows (used in) provided by investing activities | (15,718) | 29,601 |
Cash flows from financing activities: | ||
Borrowings on revolving credit facilities | 0 | 111,376 |
Repayments of borrowings on revolving credit facilities | (107,875) | (3,500) |
Principal repayments on debt | (415) | (3,640) |
Debt issuance costs | 0 | (216) |
Dividends paid on common stock | (18,130) | (18,466) |
Proceeds from issuance of common stock | 4,340 | 3,559 |
Repurchases of common stock | (65,000) | (155,576) |
Payroll tax payments for equity award issuances | (3,892) | (4,442) |
Cash flows used in financing activities | (190,972) | (70,905) |
Cash flows provided by (used in) continuing operations | (128,146) | 17,623 |
Cash and restricted cash at beginning of period | 236,920 | 151,561 |
Cash and restricted cash at end of period | $ 108,774 | $ 169,184 |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Apr. 11, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | BASIS OF PRESENTATION Nature of operations — Founded in 1951, Jack in the Box Inc. (the “Company”) operates and franchises Jack in the Box ® quick-service restaurants. The following table summarizes the number of restaurants as of the end of each period: April 11, April 12, Company-operated 148 144 Franchise 2,080 2,102 Total system 2,228 2,246 References to the Company throughout these notes to condensed consolidated financial statements are made using the first person notations of “we,” “us” and “our.” Basis of presentation — The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). These financial statements should be read in conjunction with the consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the fiscal year ended September 27, 2020 (“2020 Form 10-K”). The accounting policies used in preparing these condensed consolidated financial statements are the same as those described in our 2020 Form 10-K with the exception of the accounting standards adopted in fiscal 2021, which are described below. In our opinion, all adjustments considered necessary for a fair presentation of financial condition and results of operations for these interim periods have been included. Operating results for one interim period are not necessarily indicative of the results for any other interim period or for the full year. Segment reporting — The Company is comprised of one operating segment. Fiscal year — Our fiscal year is 52 or 53 weeks ending the Sunday closest to September 30. Fiscal years 2021 and 2020 include 53 and 52 weeks, respectively. Our first quarter includes 16 weeks and all other quarters include 12 weeks, with the exception of the fourth quarter of fiscal 2021, which includes 13 weeks. All comparisons between 2021 and 2020 refer to the 12-weeks (“quarter”) and 28-weeks (“year-to-date”) ended April 11, 2021 and April 12, 2020, respectively, unless otherwise indicated. Use of estimates — In preparing the condensed 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. Risks and uncertainties — The COVID-19 pandemic has continued to have varying degrees of disruption on our business. Throughout the pandemic substantially all of our restaurants have remained open, with the majority of our dining rooms closed and locations operating in an off-premise model, leveraging our drive-thru, carryout and delivery capabilities. We continue to prioritize the health and safety of team members and guests through adhering to all safety procedures that were implemented last year. While we do not know the future impact COVID-19 will have on our business, or when our business will fully return to normal operations, we expect to see a continued impact from COVID-19 on our results in 2021. Advertising costs — We administer a marketing fund which includes contractual contributions. In 2021 and 2020, marketing fund contributions from franchise and company-operated restaurants were approximately 5.0% of gross revenues, with the exception of our March and April 2020 marketing fees. In response to the economic burden associated with the COVID-19 pandemic, the Company reduced March 2020 marketing fees to 4.0% and postponed the collection of these fees over the course of 24 months. April 2020 marketing fees ranged from 2% to 4% based on annualized sales volumes and these fees were collected over three months beginning October 2020. As of April 11, 2021, postponed marketing fees which remain uncollected were $5.5 million, of which $4.4 million is included within “Accounts and other receivable, net” and $1.1 million is included within “Other assets, net” in our condensed consolidated balance sheet. Total contributions made by the Company are included in “Selling, general, and administrative expenses” in the accompanying condensed consolidated statements of earnings and for the quarter and year-to-date totaled $4.3 million and $10.1 million, respectively, in 2021 and $3.5 million and $8.9 million, respectively, in 2020. Restricted cash — In accordance with the terms of our securitized financing facility, certain cash balances are required to be held in trust. Such restricted cash primarily represents cash collections and cash reserves held by the trustee to be used for payments of quarterly interest and commitment fees required for the Class A-1 and Class A-2 Notes. Starting in the second quarter of 2020, with uncertainty surrounding COVID-19 events, we voluntarily elected to fund cash held in trust for one additional quarterly interest and commitment fee payment. This voluntary election was discontinued in the second quarter of 2021. As of April 11, 2021 and September 27, 2020, restricted cash balances were $18.1 million and $37.3 million, respectively. Effect of new accounting pronouncements — In August 2018, the Financial Accounting Standards Board (“FASB”) issued guidance which aligns the requirements for capitalizing implementation costs in cloud computing arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The Company adopted the standard in the first quarter of 2021. The adoption of this standard did not have a material impact to our consolidated financial statements. In June 2016, the FASB issued guidance replacing the incurred loss impairment methodology with a new methodology that reflects current expected losses on financial assets, including trade accounts receivables. The new methodology requires entities to estimate and recognize credit losses each reporting period. The Company adopted the new guidance in the first quarter of 2021 using the modified retrospective method. The adoption did not have a material impact to our consolidated financial statements. The Company closely monitors the financial condition of our franchisees and estimates the allowance for credit losses based on the lifetime expected loss on receivables. These estimates are based on historical collection experience with our franchisees as well as other factors, including current market conditions and events. Credit quality is monitored through the timing of payments compared to predefined aging criteria and known facts regarding the financial condition of the franchisee or customer. Account balances are charged off against the allowance after recovery efforts have ceased. The Company’s allowance for receivables have not historically been material. The following table summarizes the activity in our allowance for doubtful accounts (in thousands) : Balance as of September 27, 2020 $ (5,541) Provision for expected credit losses (476) Write-offs charged against the allowance 19 Balance as of April 11, 2021 $ (5,998) |
Revenue
Revenue | 6 Months Ended |
Apr. 11, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Nature of products and services — We derive revenue from retail sales at Jack in the Box company-operated restaurants and rental revenue, royalties, advertising, and franchise and other fees from franchise-operated restaurants. Our franchise arrangements generally provide for an initial franchise fee of $50,000 per restaurant and generally require that franchisees pay royalty and marketing fees at 5% of gross sales. These arrangements also require franchisees to pay sourcing, technology, and other miscellaneous fees. Disaggregation of revenue — The following table disaggregates revenue by primary source (in thousands) : Quarter Year-to-date April 11, April 12, April 11, April 12, Sources of revenue: Company restaurant sales $ 85,962 $ 74,380 $ 200,240 $ 179,744 Franchise rental revenues 77,901 69,885 181,650 165,969 Franchise royalties 43,620 36,049 100,963 86,292 Marketing fees 42,317 30,550 98,093 79,385 Technology and sourcing fees 3,806 3,578 8,896 8,502 Franchise fees and other services 3,611 1,715 5,916 3,938 Total revenue $ 257,217 $ 216,157 $ 595,758 $ 523,830 Contract liabilities — Our contract liabilities consist of deferred revenue resulting from initial fees received from franchisees for new restaurant openings or new franchise terms, which are recognized over the franchise term. We classify these contract liabilities as “Accrued liabilities” and “Other long-term liabilities” in our condensed consolidated balance sheets. A summary of significant changes in our contract liabilities is presented below (in thousands) : Year-to-date April 11, April 12, Deferred franchise fees at beginning of period $ 43,541 $ 46,272 Revenue recognized (3,075) (3,061) Additions 1,118 1,488 Deferred franchise fees at end of period $ 41,584 $ 44,699 The following table reflects the estimated franchise fees to be recognized in the future related to performance obligations that are unsatisfied as of April 11, 2021 (in thousands) : Remainder of 2021 $ 2,397 2022 4,812 2023 4,661 2024 4,471 2025 4,241 Thereafter 21,002 $ 41,584 We have applied the optional exemption, as provided for under Accounting Standards Codification Topic 606, Revenue from Contracts with Customers , which allows us to not disclose the transaction price allocated to unsatisfied performance obligations when the transaction price is a sales-based royalty. |
Summary of Refranchisings and F
Summary of Refranchisings and Franchisee Development | 6 Months Ended |
Apr. 11, 2021 | |
Summary Of Refranchisings, Franchisee Development And Acquisitions [Abstract] | |
Summary of Refranchisings and Franchisee Development | SUMMARY OF REFRANCHISINGS AND FRANCHISE ACQUISITIONS Refranchisings — In 2021 and 2020, no company-operated restaurants were sold to franchisees. Amounts included in “Gains on the sale of company-operated restaurants” in both periods related to resolutions of certain contingencies from the sale of restaurants in prior years. Franchise acquisitions — In fiscal 2021, we acquired four franchise restaurants in connection with exercising our right of first refusal. 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 acquisition was not material to our condensed consolidated financial statements. |
Leases
Leases | 6 Months Ended |
Apr. 11, 2021 | |
Leases [Abstract] | |
Leases | LEASES As lessor, our leases and subleases primarily consist of restaurants that have been leased to franchisees subsequent to refranchising transactions. Revenues from leasing arrangements with our franchisees are presented in “Franchise rental revenues” in the accompanying condensed consolidated statements of earnings, and the related expenses are presented in “Franchise occupancy expenses.” The following table presents rental income ( in thousands ): Quarter Year-to-date April 11, April 12, April 11, April 12, Operating lease income - franchise $ 54,142 $ 54,695 $ 126,384 $ 127,359 Variable lease income - franchise 23,759 15,190 55,266 38,610 Franchise rental revenues $ 77,901 $ 69,885 $ 181,650 $ 165,969 Operating lease income - closed restaurants and other (1) $ 1,360 $ 1,470 $ 3,225 $ 3,527 ____________________________ (1) Primarily relates to closed restaurant properties included in “Impairment and other charges (gains), net” in our condensed consolidated statements of earnings. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Apr. 11, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Financial assets and liabilities — The following table presents our financial assets and liabilities measured at fair value on a recurring basis ( in thousands ): Total Quoted Prices Significant Significant Fair value measurements as of April 11, 2021: Non-qualified deferred compensation plan (1) $ 18,066 $ 18,066 $ — $ — Total liabilities at fair value $ 18,066 $ 18,066 $ — $ — Fair value measurements as of September 27, 2020: Non-qualified deferred compensation plan (1) $ 25,071 $ 25,071 $ — $ — Total liabilities at fair value $ 25,071 $ 25,071 $ — $ — ____________________________ (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 did not have any transfers in or out of Level 1, 2 or 3. The following table presents the carrying value and estimated fair value of our Class A-2 Notes as of April 11, 2021 and September 27, 2020 ( in thousands ): April 11, September 27, Carrying Amount Fair Value Carrying Amount Fair Value Class A-2 Notes $ 1,290,251 $ 1,355,044 $ 1,290,251 $ 1,354,241 The fair value of the Class A-2 Notes was estimated using Level 2 inputs based on quoted market prices in markets that are not considered active markets. Non-financial assets and liabilities — Our non-financial instruments, which primarily consist of property and equipment, operating lease right-of-use assets, goodwill and intangible assets, are reported at carrying value and are not required to be measured at fair value on a recurring basis. However, on an annual basis, or whenever events or changes in circumstances indicate that their carrying value may not be recoverable, non-financial instruments are assessed for impairment. If applicable, the carrying values are written down to fair value. In connection with our impairment reviews performed during 2021, no material fair value adjustments were required. |
Impairment and Other Charges, N
Impairment and Other Charges, Net | 6 Months Ended |
Apr. 11, 2021 | |
Restructuring and Related Activities [Abstract] | |
Impairment and Other Charges (Gains), Net | IMPAIRMENT AND OTHER CHARGES (GAINS), NET Impairment and other charges (gains), net in the accompanying condensed consolidated statements of earnings is comprised of the following ( in thousands ): Quarter Year-to-date April 11, April 12, April 11, April 12, Costs of closed restaurants and other (1) $ 441 $ 331 $ 1,464 $ 432 Restructuring costs (2) 118 4 1,163 Losses (gains) on disposition of property and equipment, net (2) 229 267 (1,931) (10,170) Accelerated depreciation 560 — 1,239 — $ 1,228 $ 716 $ 776 $ (8,575) ____________________________ (1) Costs of closed restaurants primarily include impairment charges as a result of our decision to close restaurants, ongoing costs associated with closed restaurants, and canceled project costs. (2) Year-to-date 2021, includes gains on the sale of two real estate properties. Year-to-date 2020, includes a $10.8 million gain related to the sale of one of our corporate office buildings. |
Income Taxes
Income Taxes | 6 Months Ended |
Apr. 11, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The income tax provisions reflect tax rates o f 27.3% in the second quarter and 26.1% year-to-date, compared with 32.3% and 30.7%, respectively, in fiscal year 2020. The major components of the year-over-year decrease in tax rates were a decrease in the impact of non-deductible compensation for certain officers, an increase in non-taxable gains from the market performance of insurance products used to fund certain non-qualified retirement plans, and a decrease in non-deductible costs resulting from a California Private Attorney General Act lawsuit settled in the prior year, partially offset by an adjustment related to state taxes recorded in the second quarter of fiscal year 2021. |
Retirement Plans
Retirement Plans | 6 Months Ended |
Apr. 11, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Plans | RETIREMENT PLANS Defined benefit pension plans — We sponsor two defined benefit pension plans, a frozen “Qualified Plan” covering substantially all full-time employees hired prior to January 1, 2011, and an unfunded supplemental executive retirement plan (“SERP”) which provides certain employees additional pension benefits and was closed to new participants effective January 1, 2007. Benefits under both plans are based on the employee’s years of service and compensation over defined periods of employment. In the fourth quarter of 2019, the Company amended its Qualified Plan to add a limited lump sum payment window whereby certain terminated participants with a vested pension benefit could elect to receive either an immediate lump sum or a monthly annuity payment of their accrued benefit. The offering period began September 16, 2019 and ended October 31, 2019. The participants that elected a lump sum benefit under the program were paid in December 2019, which triggered settlement accounting. As a result of the offering, the Company’s Qualified Plan paid $122.3 million from its plan assets to those who accepted the offer, thereby reducing the plan’s pension benefit obligation. The transaction had no cash impact to the Company but did result in a non-cash settlement charge of $38.6 million in the first quarter of fiscal 2020. Routine lump sum payments made in the second quarter of fiscal 2020 resulted in a non-settlement charge of $0.3 million. Post-retirement healthcare plans — We also sponsor two healthcare plans, closed to new participants, that provide post-retirement medical benefits to certain employees who have met minimum age and service requirements. The plans are contributory, with retiree contributions adjusted annually, and they contain other cost-sharing features such as deductibles and coinsurance. Net periodic benefit cost — The components of net periodic benefit cost in each period were as follows ( in thousands ): Quarter Year-to-date April 11, April 12, April 11, April 12, Defined benefit pension plans: Interest cost $ 3,398 $ 3,669 $ 7,930 $ 8,745 Expected return on plan assets (4,463) (4,706) (10,414) (11,362) Pension settlements (1) — 321 — 38,927 Actuarial losses (1) 1,213 1,019 2,829 2,691 Amortization of unrecognized prior service costs (1) 4 19 10 45 Net periodic benefit cost $ 152 $ 322 $ 355 $ 39,046 Post-retirement healthcare plans: Interest cost $ 130 $ 187 $ 303 $ 435 Actuarial (gains) losses (1) (79) 3 (184) 9 Net periodic benefit cost $ 51 $ 190 $ 119 $ 444 ___________________________ (1) Amounts were reclassified from accumulated other comprehensive loss into net earnings as a component of “Other pension and post-retirement expenses, net.” Future cash flows — Our policy is to fund our plans at or above the minimum required by law. As of January 1, 2020, the date of our last actuarial funding valuation, there was no minimum contribution funding requirement for the Qualified Plan. Details regarding 2021 contributions are as follows ( in thousands ): SERP Post-Retirement Net year-to-date contributions $ 3,060 $ 517 Remaining estimated net contributions during fiscal 2021 $ 2,163 $ 743 We 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 the economic environment. We do not anticipate making any contributions to our Qualified Plan in fiscal 2021. |
Stockholders' Deficit
Stockholders' Deficit | 6 Months Ended |
Apr. 11, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Deficit | STOCKHOLDERS’ DEFICIT Summary of changes in stockholders’ deficit — A reconciliation of the beginning and ending amounts of stockholders’ deficit is presented below ( in thousands ): Quarter Year-to-date April 11, April 12, April 11, April 12, Balance at beginning of period $ (749,123) $ (841,153) $ (793,361) $ (737,584) Shares issued under stock plans, including tax benefit 4,226 3,375 4,340 3,559 Share-based compensation expense 1,605 2,681 2,836 5,865 Dividends declared (9,041) (9,067) (18,130) (18,492) Purchases of treasury stock (65,000) — (65,000) (153,550) Net earnings 35,934 11,463 86,793 19,360 Other comprehensive income (loss), net of taxes 842 (44,225) 1,965 6,786 Cumulative-effect from a change in accounting principle — — — (2,870) Balance at end of period $ (780,557) $ (876,926) $ (780,557) $ (876,926) Repurchases of common stock — The Company repurchased 0.6 million shares of its common stock in the second quarter of fiscal 2021 at an average price of $101.45 per share for an aggregate cost of $65.0 million. There were no repurchases of common stock in the first quarter of fiscal 2021. As of April 11, 2021, this leaves $135.0 million remaining under share repurchase programs authorized by the Board of Directors, consisting of $35.0 million that expires in November 2021 and $100.0 million that expires in November 2022. Dividends — During 2021, the Board of Directors declared two cash dividends of $0.40 per common share totaling $18.2 million. Future dividends are subject to approval by our Board of Directors. |
Average Shares Outstanding
Average Shares Outstanding | 6 Months Ended |
Apr. 11, 2021 | |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |
Average Shares Outstanding | AVERAGE SHARES OUTSTANDING The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding ( in thousands ): Quarter Year-to-date April 11, April 12, April 11, April 12, Weighted-average shares outstanding – basic 22,723 22,803 22,863 23,339 Effect of potentially dilutive securities: Nonvested stock awards and units 50 85 72 144 Stock options 9 — 8 — Performance share awards 2 7 2 7 Weighted-average shares outstanding – diluted 22,784 22,895 22,945 23,490 Excluded from diluted weighted-average shares outstanding: Antidilutive 32 362 39 307 Performance conditions not satisfied at the end of the period 36 77 36 77 |
Contingencies and Contingencies
Contingencies and Contingencies | 6 Months Ended |
Apr. 11, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Contingencies | COMMITMENTS AND CONTINGENCIES 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. As of April 11, 2021 and September 27, 2020, the Company had recorded aggregate liabilities of $3.9 million and $3.8 million, respectively, within “Accrued liabilities” on our condensed consolidated balance sheets, for all matters including those described below, that were probable and reasonably estimable. While we believe that additional losses beyond these accruals are reasonably possible, we cannot estimate a possible loss contingency or range of reasonably possible loss contingencies beyond these accruals. 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 November 2019, the court issued a ruling on various dispositive motions, disallowing a portion of plaintiffs’ claimed damages. The parties participated in a voluntary mediation on March 16, 2020, but the matter did not settle. The plaintiffs recently filed a motion for reconsideration of the court’s prior denial of class certification regarding meal and rest break claims which was denied by the court. The plaintiffs requested permission to seek appellate review of that decision, but that request was rejected by the Ninth Circuit. The trial of this matter was recently reassigned to a new judge and is scheduled for December 2021. The Company continues to dispute liability and the plaintiffs’ damage calculations and will continue to vigorously defend against the lawsuit. 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. We record receivables from third party insurers when recovery has been determined to be probable. 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 — We remain contingently liable for certain leases relating to our former Qdoba business which we sold in fiscal 2018. Under the Qdoba Purchase Agreement, the buyer has indemnified the Company of all claims related to these guarantees. As of April 11, 2021, the maximum potential liability of future undiscounted payments under these leases is approximately $26.4 million. The lease terms extend for a maximum of approximately 15 more years and we would remain a guarantor of the leases in the event the leases are extended for any established renewal periods. In the event of default, 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. The Company has not recorded a liability for these guarantees as we believe the likelihood of making any future payments is remote. |
Supplemental Consolidated Cash
Supplemental Consolidated Cash Flow Information | 6 Months Ended |
Apr. 11, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Consolidated Cash Flow Information | SUPPLEMENTAL CONSOLIDATED CASH FLOW INFORMATION ( in thousands ) Year-to-date April 11, April 12, Non-cash investing and financing transactions: Decrease in obligations for treasury stock repurchases $ — $ (2,025) Increase (decrease) in obligations for purchases of property and equipment $ 338 $ (1,247) Increase in dividends accrued or converted to common stock equivalents $ 108 $ 65 Consideration for franchise acquisitions $ — $ 859 Right-of use assets obtained in exchange for operating lease obligations $ 92,723 $ 105,748 Right-of use assets obtained in exchange for finance lease obligations $ 65 $ 132 |
Supplemental Consolidated Balan
Supplemental Consolidated Balance Sheet Information | 6 Months Ended |
Apr. 11, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Consolidated Balance Sheet Information | SUPPLEMENTAL CONSOLIDATED BALANCE SHEET INFORMATION (in thousands) April 11, September 27, Accounts and other receivables, net: Trade $ 87,284 $ 77,082 Notes receivable 1,714 1,193 Income tax receivable 1,119 1,591 Other 2,602 4,092 Allowance for doubtful accounts (5,998) (5,541) $ 86,721 $ 78,417 Other assets, net: Company-owned life insurance policies $ 120,164 $ 113,767 Deferred rent receivable 47,419 48,604 Franchise tenant improvement allowance 28,888 29,437 Other 17,667 18,815 $ 214,138 $ 210,623 Accrued liabilities: Payroll and related taxes $ 26,427 $ 34,475 Insurance 23,383 25,310 Advertising 16,144 9,861 Sales and property taxes 8,760 22,038 Deferred franchise fees 4,999 4,934 Other 43,837 32,813 $ 123,550 $ 129,431 Other long-term liabilities: Defined benefit pension plans $ 115,268 $ 120,811 Deferred franchise fees 36,585 38,607 Other 53,492 47,076 $ 205,345 $ 206,494 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Apr. 11, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSOn May 7, 2021, the Board of Directors declared a cash dividend of $0.44 per common share, to be paid on June 11, 2021, to shareholders of record as of the close of business on May 26, 2021. |
Basis Of Presentation (Policy)
Basis Of Presentation (Policy) | 6 Months Ended |
Apr. 11, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of operations | Nature of operations — Founded in 1951, Jack in the Box Inc. (the “Company”) operates and franchises Jack in the Box ® |
Basis of presentation | Basis of presentation — The accompanying condensed 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”). These financial statements should be read in conjunction with the consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the fiscal year ended September 27, 2020 (“2020 Form 10-K”). The accounting policies used in preparing these condensed consolidated financial statements are the same as those described in our 2020 Form 10-K with the exception of the accounting standards adopted in fiscal 2021, which are described below. In our opinion, all adjustments considered necessary for a fair presentation of financial condition and results of operations for these interim periods have been included. Operating results for one interim period are not necessarily indicative of the results for any other interim period or for the full year. |
Segment reporting | Segment reporting — The Company is comprised of one operating segment. |
Fiscal year | Fiscal year — Our fiscal year is 52 or 53 weeks ending the Sunday closest to September 30. Fiscal years 2021 and 2020 include 53 and 52 weeks, respectively. Our first quarter includes 16 weeks and all other quarters include 12 weeks, with the exception of the fourth quarter of fiscal 2021, which includes 13 weeks. All comparisons between 2021 and 2020 refer to the 12-weeks (“quarter”) and 28-weeks (“year-to-date”) ended April 11, 2021 and April 12, 2020, respectively, unless otherwise indicated. |
Use of estimates | Use of estimates — In preparing the condensed 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. |
Risks and Uncertainties | Risks and uncertainties — The COVID-19 pandemic has continued to have varying degrees of disruption on our business. Throughout the pandemic substantially all of our restaurants have remained open, with the majority of our dining rooms closed and locations operating in an off-premise model, leveraging our drive-thru, carryout and delivery capabilities. We continue to prioritize the health and safety of team members and guests through adhering to all safety procedures that were implemented last year. While we do not know the future impact COVID-19 will have on our business, or when our business will fully return to normal operations, we expect to see a continued impact from COVID-19 on our results in 2021. |
Advertising costs | Advertising costs — We administer a marketing fund which includes contractual contributions. In 2021 and 2020, marketing fund contributions from franchise and company-operated restaurants were approximately 5.0% of gross revenues, with the exception of our March and April 2020 marketing fees. In response to the economic burden associated with the COVID-19 pandemic, the Company reduced March 2020 marketing fees to 4.0% and postponed the collection of these fees over the course of 24 months. April 2020 marketing fees ranged from 2% to 4% based on annualized sales volumes and these fees were collected over three months beginning October 2020. As of April 11, 2021, postponed marketing fees which remain uncollected were $5.5 million, of which $4.4 million is included within “Accounts and other receivable, net” and $1.1 million is included within “Other assets, net” in our condensed consolidated balance sheet. Total contributions made by the Company are included in “Selling, general, and administrative expenses” in the accompanying condensed consolidated statements of earnings and for the quarter and year-to-date totaled $4.3 million and $10.1 million, respectively, in 2021 and $3.5 million and $8.9 million, respectively, in 2020. |
Restricted cash | Restricted cash — In accordance with the terms of our securitized financing facility, certain cash balances are required to be held in trust. Such restricted cash primarily represents cash collections and cash reserves held by the trustee to be used for payments of quarterly interest and commitment fees required for the Class A-1 and Class A-2 Notes. Starting in the second quarter of 2020, with uncertainty surrounding COVID-19 events, we voluntarily elected to fund cash held in trust for one additional quarterly interest and commitment fee payment. This voluntary election was discontinued in the second quarter of 2021. As of April 11, 2021 and September 27, 2020, restricted cash balances were $18.1 million and $37.3 million, respectively. |
Effect of new accounting pronouncements adopted in fiscal 2020 | Effect of new accounting pronouncements — In August 2018, the Financial Accounting Standards Board (“FASB”) issued guidance which aligns the requirements for capitalizing implementation costs in cloud computing arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The Company adopted the standard in the first quarter of 2021. The adoption of this standard did not have a material impact to our consolidated financial statements. In June 2016, the FASB issued guidance replacing the incurred loss impairment methodology with a new methodology that reflects current expected losses on financial assets, including trade accounts receivables. The new methodology requires entities to estimate and recognize credit losses each reporting period. The Company adopted the new guidance in the first quarter of 2021 using the modified retrospective method. The adoption did not have a material impact to our consolidated financial statements. The Company closely monitors the financial condition of our franchisees and estimates the allowance for credit losses based on the lifetime expected loss on receivables. These estimates are based on historical collection experience with our franchisees as well as other factors, including current market conditions and events. Credit quality is monitored through the timing of payments compared to predefined aging criteria and known facts regarding the financial condition of the franchisee or customer. Account balances are charged off against the allowance after recovery efforts have ceased. The Company’s allowance for receivables have not historically been material. The following table summarizes the activity in our allowance for doubtful accounts (in thousands) : Balance as of September 27, 2020 $ (5,541) Provision for expected credit losses (476) Write-offs charged against the allowance 19 Balance as of April 11, 2021 $ (5,998) |
Basis Of Presentation (Tables)
Basis Of Presentation (Tables) | 6 Months Ended |
Apr. 11, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Number of Restaurants | The following table summarizes the number of restaurants as of the end of each period: April 11, April 12, Company-operated 148 144 Franchise 2,080 2,102 Total system 2,228 2,246 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Apr. 11, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Disaggregation of revenue — The following table disaggregates revenue by primary source (in thousands) : Quarter Year-to-date April 11, April 12, April 11, April 12, Sources of revenue: Company restaurant sales $ 85,962 $ 74,380 $ 200,240 $ 179,744 Franchise rental revenues 77,901 69,885 181,650 165,969 Franchise royalties 43,620 36,049 100,963 86,292 Marketing fees 42,317 30,550 98,093 79,385 Technology and sourcing fees 3,806 3,578 8,896 8,502 Franchise fees and other services 3,611 1,715 5,916 3,938 Total revenue $ 257,217 $ 216,157 $ 595,758 $ 523,830 |
Changes in Contract Liabilities | A summary of significant changes in our contract liabilities is presented below (in thousands) : Year-to-date April 11, April 12, Deferred franchise fees at beginning of period $ 43,541 $ 46,272 Revenue recognized (3,075) (3,061) Additions 1,118 1,488 Deferred franchise fees at end of period $ 41,584 $ 44,699 |
Remaining Performance Obligation, Expected Timing of Satisfaction | The following table reflects the estimated franchise fees to be recognized in the future related to performance obligations that are unsatisfied as of April 11, 2021 (in thousands) : Remainder of 2021 $ 2,397 2022 4,812 2023 4,661 2024 4,471 2025 4,241 Thereafter 21,002 $ 41,584 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Apr. 11, 2021 | |
Leases [Abstract] | |
Lease Income | The following table presents rental income ( in thousands ): Quarter Year-to-date April 11, April 12, April 11, April 12, Operating lease income - franchise $ 54,142 $ 54,695 $ 126,384 $ 127,359 Variable lease income - franchise 23,759 15,190 55,266 38,610 Franchise rental revenues $ 77,901 $ 69,885 $ 181,650 $ 165,969 Operating lease income - closed restaurants and other (1) $ 1,360 $ 1,470 $ 3,225 $ 3,527 ____________________________ (1) Primarily relates to closed restaurant properties included in “Impairment and other charges (gains), net” in our condensed consolidated statements of earnings. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Apr. 11, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents our financial assets and liabilities measured at fair value on a recurring basis ( in thousands ): Total Quoted Prices Significant Significant Fair value measurements as of April 11, 2021: Non-qualified deferred compensation plan (1) $ 18,066 $ 18,066 $ — $ — Total liabilities at fair value $ 18,066 $ 18,066 $ — $ — Fair value measurements as of September 27, 2020: Non-qualified deferred compensation plan (1) $ 25,071 $ 25,071 $ — $ — Total liabilities at fair value $ 25,071 $ 25,071 $ — $ — ____________________________ (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 did not have any transfers in or out of Level 1, 2 or 3. |
Carrying Value and Estimated Fair Value of Notes | The following table presents the carrying value and estimated fair value of our Class A-2 Notes as of April 11, 2021 and September 27, 2020 ( in thousands ): April 11, September 27, Carrying Amount Fair Value Carrying Amount Fair Value Class A-2 Notes $ 1,290,251 $ 1,355,044 $ 1,290,251 $ 1,354,241 |
Impairment and Other Charges (G
Impairment and Other Charges (Gains), Net (Tables) | 6 Months Ended |
Apr. 11, 2021 | |
Restructuring and Related Activities [Abstract] | |
Impairment, Disposition of Property and Equipment, Restaurant Closing Costs and Restructuring | Impairment and other charges (gains), net in the accompanying condensed consolidated statements of earnings is comprised of the following ( in thousands ): Quarter Year-to-date April 11, April 12, April 11, April 12, Costs of closed restaurants and other (1) $ 441 $ 331 $ 1,464 $ 432 Restructuring costs (2) 118 4 1,163 Losses (gains) on disposition of property and equipment, net (2) 229 267 (1,931) (10,170) Accelerated depreciation 560 — 1,239 — $ 1,228 $ 716 $ 776 $ (8,575) ____________________________ (1) Costs of closed restaurants primarily include impairment charges as a result of our decision to close restaurants, ongoing costs associated with closed restaurants, and canceled project costs. (2) Year-to-date 2021, includes gains on the sale of two real estate properties. Year-to-date 2020, includes a $10.8 million gain related to the sale of one of our corporate office buildings. |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Apr. 11, 2021 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost in each period were as follows ( in thousands ): Quarter Year-to-date April 11, April 12, April 11, April 12, Defined benefit pension plans: Interest cost $ 3,398 $ 3,669 $ 7,930 $ 8,745 Expected return on plan assets (4,463) (4,706) (10,414) (11,362) Pension settlements (1) — 321 — 38,927 Actuarial losses (1) 1,213 1,019 2,829 2,691 Amortization of unrecognized prior service costs (1) 4 19 10 45 Net periodic benefit cost $ 152 $ 322 $ 355 $ 39,046 Post-retirement healthcare plans: Interest cost $ 130 $ 187 $ 303 $ 435 Actuarial (gains) losses (1) (79) 3 (184) 9 Net periodic benefit cost $ 51 $ 190 $ 119 $ 444 ___________________________ |
Schedule of Defined Benefit Plan Contribution | Details regarding 2021 contributions are as follows ( in thousands ): SERP Post-Retirement Net year-to-date contributions $ 3,060 $ 517 Remaining estimated net contributions during fiscal 2021 $ 2,163 $ 743 |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 6 Months Ended |
Apr. 11, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders' Deficit | Summary of changes in stockholders’ deficit — A reconciliation of the beginning and ending amounts of stockholders’ deficit is presented below ( in thousands ): Quarter Year-to-date April 11, April 12, April 11, April 12, Balance at beginning of period $ (749,123) $ (841,153) $ (793,361) $ (737,584) Shares issued under stock plans, including tax benefit 4,226 3,375 4,340 3,559 Share-based compensation expense 1,605 2,681 2,836 5,865 Dividends declared (9,041) (9,067) (18,130) (18,492) Purchases of treasury stock (65,000) — (65,000) (153,550) Net earnings 35,934 11,463 86,793 19,360 Other comprehensive income (loss), net of taxes 842 (44,225) 1,965 6,786 Cumulative-effect from a change in accounting principle — — — (2,870) Balance at end of period $ (780,557) $ (876,926) $ (780,557) $ (876,926) |
Average Shares Outstanding (Tab
Average Shares Outstanding (Tables) | 6 Months Ended |
Apr. 11, 2021 | |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |
Reconciliation Of Basic Weighted-Average Shares Outstanding To Diluted Weighted-Average Shares Outstanding | The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding ( in thousands ): Quarter Year-to-date April 11, April 12, April 11, April 12, Weighted-average shares outstanding – basic 22,723 22,803 22,863 23,339 Effect of potentially dilutive securities: Nonvested stock awards and units 50 85 72 144 Stock options 9 — 8 — Performance share awards 2 7 2 7 Weighted-average shares outstanding – diluted 22,784 22,895 22,945 23,490 Excluded from diluted weighted-average shares outstanding: Antidilutive 32 362 39 307 Performance conditions not satisfied at the end of the period 36 77 36 77 |
Supplemental Consolidated Cas_2
Supplemental Consolidated Cash Flow Information (Tables) | 6 Months Ended |
Apr. 11, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Additional Information Related To Cash Flows | Year-to-date April 11, April 12, Non-cash investing and financing transactions: Decrease in obligations for treasury stock repurchases $ — $ (2,025) Increase (decrease) in obligations for purchases of property and equipment $ 338 $ (1,247) Increase in dividends accrued or converted to common stock equivalents $ 108 $ 65 Consideration for franchise acquisitions $ — $ 859 Right-of use assets obtained in exchange for operating lease obligations $ 92,723 $ 105,748 Right-of use assets obtained in exchange for finance lease obligations $ 65 $ 132 |
Supplemental Consolidated Bal_2
Supplemental Consolidated Balance Sheet Information (Tables) | 6 Months Ended |
Apr. 11, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Supplemental Balance Sheet Disclosures | April 11, September 27, Accounts and other receivables, net: Trade $ 87,284 $ 77,082 Notes receivable 1,714 1,193 Income tax receivable 1,119 1,591 Other 2,602 4,092 Allowance for doubtful accounts (5,998) (5,541) $ 86,721 $ 78,417 Other assets, net: Company-owned life insurance policies $ 120,164 $ 113,767 Deferred rent receivable 47,419 48,604 Franchise tenant improvement allowance 28,888 29,437 Other 17,667 18,815 $ 214,138 $ 210,623 Accrued liabilities: Payroll and related taxes $ 26,427 $ 34,475 Insurance 23,383 25,310 Advertising 16,144 9,861 Sales and property taxes 8,760 22,038 Deferred franchise fees 4,999 4,934 Other 43,837 32,813 $ 123,550 $ 129,431 Other long-term liabilities: Defined benefit pension plans $ 115,268 $ 120,811 Deferred franchise fees 36,585 38,607 Other 53,492 47,076 $ 205,345 $ 206,494 |
Basis Of Presentation (Details)
Basis Of Presentation (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 11, 2021USD ($)restaurant | Apr. 12, 2020USD ($)restaurant | Apr. 11, 2021USD ($)restaurantsegment | Apr. 12, 2020USD ($)restaurant | Sep. 27, 2020USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of restaurants | restaurant | 2,228 | 2,246 | 2,228 | 2,246 | |
Number of operating segments | segment | 1 | ||||
Contractual obligation (percent) | 5.00% | ||||
Marketing and advertising expense | $ 4,300 | $ 3,500 | $ 10,100 | $ 8,900 | |
Restricted cash | 18,100 | 18,100 | $ 37,300 | ||
Uncollected Postponed Marketing Fees | 5,500 | 5,500 | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Accounts Receivable, Allowance for Credit Loss, Current | (5,541) | ||||
Provision for Other Credit Losses | (476) | ||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 19 | ||||
Accounts Receivable, Allowance for Credit Loss, Current | (5,998) | (5,998) | |||
Uncollected Postponed Marketing Fees | 5,500 | 5,500 | |||
Accounts Receivable [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Uncollected Postponed Marketing Fees | 4,400 | 4,400 | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Uncollected Postponed Marketing Fees | 4,400 | 4,400 | |||
Other Noncurrent Assets [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Uncollected Postponed Marketing Fees | 1,100 | 1,100 | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Uncollected Postponed Marketing Fees | $ 1,100 | $ 1,100 | |||
Entity Operated Units | |||||
Segment Reporting Information [Line Items] | |||||
Number of restaurants | restaurant | 148 | 144 | 148 | 144 | |
Franchised Units | |||||
Segment Reporting Information [Line Items] | |||||
Number of restaurants | restaurant | 2,080 | 2,102 | 2,080 | 2,102 |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 11, 2021 | Apr. 12, 2020 | Apr. 11, 2021 | Apr. 12, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Initial franchise fee | $ 50,000 | |||
Royalty and marketing fee, percent of gross sales | 5.00% | |||
Revenues | $ 257,217,000 | $ 216,157,000 | $ 595,758,000 | $ 523,830,000 |
Company Restaurant Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 85,962,000 | 74,380,000 | 200,240,000 | 179,744,000 |
Franchise Rental Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 77,901,000 | 69,885,000 | 181,650,000 | 165,969,000 |
Franchise Royalties | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 43,620,000 | 36,049,000 | 100,963,000 | 86,292,000 |
Marketing Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 42,317,000 | 30,550,000 | 98,093,000 | 79,385,000 |
Technology and Sourcing Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3,806,000 | 3,578,000 | 8,896,000 | 8,502,000 |
Franchise Fees and Other Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 3,611,000 | $ 1,715,000 | $ 5,916,000 | $ 3,938,000 |
Revenue Changes in Contract Lia
Revenue Changes in Contract Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 11, 2021 | Apr. 12, 2020 | |
Movement in Deferred Revenue [Roll Forward] | ||
Deferred franchise fees at beginning of period | $ 43,541 | $ 46,272 |
Revenue recognized | (3,075) | (3,061) |
Additions | 1,118 | 1,488 |
Deferred franchise fees at end of period | $ 41,584 | $ 44,699 |
Revenue Estimated Future Franch
Revenue Estimated Future Franchise Fees (Details) $ in Thousands | Apr. 11, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 41,584 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-12 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 2,397 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-04 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 4,812 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-09-29 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 4,661 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-09-29 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 4,471 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-09-29 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 4,241 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-09-28 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 21,002 |
Revenue Estimated Future Fran_2
Revenue Estimated Future Franchise Fees, Period (Details) | Apr. 11, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-12 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-04 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-09-29 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-09-29 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-09-29 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-09-28 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, period |
Summary Of Refranchisings and_2
Summary Of Refranchisings and Franchisee Development (Number Of Restaurants Sold And Developed By Franchisees And Related Gains And Fees Recognized) (Details) - restaurant | 6 Months Ended | |
Apr. 11, 2021 | Apr. 12, 2020 | |
Summary Of Refranchisings, Franchisee Development And Acquisitions [Abstract] | ||
Number of Company-operated restaurants sold to franchisees | 0 | 0 |
Summary of Refranchisings and_3
Summary of Refranchisings and Franchise Development (Franchises Acquired) (Details) | 6 Months Ended |
Apr. 11, 2021restaurant | |
Summary Of Refranchisings, Franchisee Development And Acquisitions [Abstract] | |
Number of restaurants acquired from franchisees | 4 |
Leases, Operating Lease Income
Leases, Operating Lease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 11, 2021 | Apr. 12, 2020 | Apr. 11, 2021 | Apr. 12, 2020 | |
Lessor, Lease, Description [Line Items] | ||||
Operating lease income - closed restaurants and other | $ 1,360 | $ 1,470 | $ 3,225 | $ 3,527 |
Franchise | ||||
Lessor, Lease, Description [Line Items] | ||||
Operating lease income - franchise | 54,142 | 54,695 | 126,384 | 127,359 |
Variable lease income - franchise | 23,759 | 15,190 | 55,266 | 38,610 |
Franchise rental revenues | $ 77,901 | $ 69,885 | $ 181,650 | $ 165,969 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Apr. 11, 2021 | Sep. 27, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities at fair value | $ 18,066 | $ 25,071 | |
Quoted Prices In Active Markets For Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities at fair value | [1] | 18,066 | 25,071 |
Significant Other Observable Inputs (2) (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities at fair value | [1] | 0 | 0 |
Significant Unobservable Inputs (2) (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities at fair value | 0 | 0 | |
Non Qualified Deferred Compensation Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities at fair value | [2] | 18,066 | 25,071 |
Non Qualified Deferred Compensation Plan | Quoted Prices In Active Markets For Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities at fair value | [1],[2] | 18,066 | 25,071 |
Non Qualified Deferred Compensation Plan | Significant Other Observable Inputs (2) (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities at fair value | 0 | 0 | |
Non Qualified Deferred Compensation Plan | Significant Unobservable Inputs (2) (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities at fair value | $ 0 | $ 0 | |
[1] | We did not have any transfers in or out of Level 1, 2 or 3. | ||
[2] | 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. |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value and Estimated Fair Value of Notes (Details) - Senior Notes - Class A-2 Notes - USD ($) $ in Thousands | Apr. 11, 2021 | Sep. 27, 2020 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | $ 1,290,251 | $ 1,290,251 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | $ 1,355,044 | $ 1,354,241 |
Impairment and Other Charges _2
Impairment and Other Charges (Gains), Net - Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 11, 2021 | Apr. 12, 2020 | Apr. 11, 2021 | Apr. 12, 2020 | |
Impairment, Disposition of Property and Equipment, and Restaurant Closing Costs [Line Items] | ||||
Costs of closed restaurants and other (1) | $ 441 | $ 331 | $ 1,464 | $ 432 |
Restructuring costs | (2) | 118 | 4 | 1,163 |
Losses (gains) on disposition of property and equipment, net | (1,931) | (10,170) | ||
Accelerated depreciation | 560 | 0 | 1,239 | 0 |
Impairment and other charges | 1,228 | 716 | 776 | (8,575) |
Continuing Operations | ||||
Impairment, Disposition of Property and Equipment, and Restaurant Closing Costs [Line Items] | ||||
Losses (gains) on disposition of property and equipment, net | $ 229 | $ 267 | $ (1,931) | (10,170) |
Gain related to sale of property | $ 10,800 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 6 Months Ended | ||
Apr. 11, 2021 | Apr. 12, 2020 | Apr. 11, 2021 | Apr. 12, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rates | 27.30% | 32.30% | 26.10% | 30.70% |
Retirement Plans - Narrative (D
Retirement Plans - Narrative (Details) | 3 Months Ended | 4 Months Ended | 6 Months Ended | |
Apr. 12, 2020USD ($) | Jan. 19, 2020USD ($) | Apr. 11, 2021healthcare_plandefined_benefit_plan | Jan. 01, 2019USD ($) | |
Retirement Benefits [Abstract] | ||||
Number of sponsored defined benefit pension plans | defined_benefit_plan | 2 | |||
Lump sum payments from Qualified Plan | $ 122,300,000 | |||
Pension settlement | $ (300,000) | $ (38,600,000) | ||
Number of postretirement health care plans | healthcare_plan | 2 | |||
Minimum required contribution for retirement plans | $ 0 |
Retirement Plans - Components o
Retirement Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | |||
Apr. 11, 2021 | Apr. 12, 2020 | Jan. 19, 2020 | Apr. 11, 2021 | Apr. 12, 2020 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Pension settlements | $ 300 | $ 38,600 | ||||
Pension Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Interest cost | $ 3,398 | 3,669 | $ 7,930 | $ 8,745 | ||
Expected return on plan assets | (4,463) | (4,706) | (10,414) | (11,362) | ||
Pension settlements | 0 | 321 | 0 | 38,927 | ||
Actuarial loss (gain) | [1] | 1,213 | 1,019 | 2,829 | 2,691 | |
Amortization of unrecognized prior service cost | [1] | 4 | 19 | 10 | 45 | |
Net periodic benefit cost | 152 | 322 | 355 | 39,046 | ||
Postretirement Healthcare Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Interest cost | 130 | 187 | 303 | 435 | ||
Actuarial loss (gain) | [1] | (79) | 3 | (184) | 9 | |
Net periodic benefit cost | $ 51 | $ 190 | $ 119 | $ 444 | ||
[1] | Amounts were reclassified from accumulated other comprehensive loss into net earnings as a component of “Other pension and post-retirement expenses, net |
Retirement Plans - Schedule of
Retirement Plans - Schedule of Future Cash Flows (Details) $ in Thousands | 6 Months Ended |
Apr. 11, 2021USD ($) | |
SERP | |
Defined Benefit Plan Disclosure [Line Items] | |
Net year-to-date contributions | $ 3,060 |
Remaining estimated net contributions during fiscal 2021 | 2,163 |
Postretirement Healthcare Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Net year-to-date contributions | 517 |
Remaining estimated net contributions during fiscal 2021 | $ 743 |
Stockholders' Deficit - Summary
Stockholders' Deficit - Summary of Changes in Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 11, 2021 | Apr. 12, 2020 | Apr. 11, 2021 | Apr. 12, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance at beginning of period | $ (749,123) | $ (841,153) | $ (793,361) | $ (737,584) |
Shares issued under stock plans, including tax benefit | 4,226 | 3,375 | 4,340 | 3,559 |
Share-based compensation expense | 1,605 | 2,681 | 2,836 | 5,865 |
Dividends declared | (9,041) | (9,067) | (18,130) | (18,492) |
Purchases of treasury stock | (65,000) | 0 | (65,000) | (153,550) |
Net earnings | 35,934 | 11,463 | 86,793 | 19,360 |
Other comprehensive income (loss), net of taxes | 842 | (44,225) | 1,965 | 6,786 |
Balance at end of period | (780,557) | (876,926) | (780,557) | (876,926) |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance at beginning of period | $ 0 | $ 0 | $ 0 | $ (2,870) |
Stockholders' Deficit - Narrati
Stockholders' Deficit - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 11, 2021 | Apr. 12, 2020 | Apr. 11, 2021 | Apr. 12, 2020 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Shares repurchased | 0.6 | |||
Shares repurchased, average price per share (in USD per share) | $ 101.45 | |||
Repurchase of common stock, remaining authorized amount | $ 135 | $ 135 | ||
Cash dividend (in USD per share) | $ 0.40 | $ 0.40 | $ 0.80 | $ 0.80 |
Total cash dividends | $ 18.2 | |||
Amount Expiring in November 2021 | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Repurchase of common stock, remaining authorized amount | $ 35 | 35 | ||
Amount Expiring in November 2022 | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Repurchase of common stock, remaining authorized amount | $ 100 | $ 100 |
Average Shares Outstanding (Det
Average Shares Outstanding (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 11, 2021 | Apr. 12, 2020 | Apr. 11, 2021 | Apr. 12, 2020 | |
Average Shares Outstanding [Line Items] | ||||
Weighted-average shares outstanding – basic | 22,723 | 22,803 | 22,863 | 23,339 |
Weighted-average shares outstanding – diluted | 22,784 | 22,895 | 22,945 | 23,490 |
Excluded from diluted weighted-average shares outstanding, Antidilutive | 32 | 362 | 39 | 307 |
Excluded from diluted weighted-average shares outstanding, Performance conditions not satisfied at the end of the period | 36 | 77 | 36 | 77 |
Nonvested stock awards and units | ||||
Average Shares Outstanding [Line Items] | ||||
Effect of potentially dilutive securities | 50 | 85 | 72 | 144 |
Stock options | ||||
Average Shares Outstanding [Line Items] | ||||
Effect of potentially dilutive securities | 9 | 0 | 8 | 0 |
Performance share awards | ||||
Average Shares Outstanding [Line Items] | ||||
Effect of potentially dilutive securities | 2 | 7 | 2 | 7 |
Contingencies and Legal Matters
Contingencies and Legal Matters (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Aug. 31, 2010former_employee | Apr. 11, 2021USD ($) | Sep. 27, 2020USD ($) | |
Loss Contingencies [Line Items] | |||
Accrual of loss contingency | $ 3,900 | $ 3,800 | |
Lease guarantee | $ 26,400 | ||
Qdoba guaranteed leases, remaining term | 15 years | ||
Gessele v. Jack in the Box Inc. | |||
Loss Contingencies [Line Items] | |||
Number of former employees | former_employee | 5 |
Supplemental Consolidated Cas_3
Supplemental Consolidated Cash Flow Information (Additional Information Related To Cash Flows) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 11, 2021 | Apr. 12, 2020 | |
Supplemental Cash Flow Information [Abstract] | ||
Decrease in obligations for treasury stock repurchases | $ 0 | $ (2,025) |
Increase (decrease) in obligations for purchases of property and equipment | 338 | (1,247) |
Increase in dividends accrued or converted to common stock equivalents | 108 | 65 |
Consideration for franchise acquisitions | 0 | 859 |
Right-of use assets obtained in exchange for operating lease obligations | 92,723 | 105,748 |
Right-of use assets obtained in exchange for finance lease obligations | $ 65 | $ 132 |
Supplemental Consolidated Bal_3
Supplemental Consolidated Balance Sheet Information (Details) - USD ($) $ in Thousands | Apr. 11, 2021 | Sep. 27, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Trade | $ 87,284 | $ 77,082 |
Notes receivable | 1,714 | 1,193 |
Income tax receivable | 1,119 | 1,591 |
Other | 2,602 | 4,092 |
Allowance for doubtful accounts | (5,998) | (5,541) |
Accounts and other receivables, net | 86,721 | 78,417 |
Company-owned life insurance policies | 120,164 | 113,767 |
Deferred rent receivable | 47,419 | 48,604 |
Franchise tenant improvement allowance | 28,888 | 29,437 |
Other | 17,667 | 18,815 |
Other assets, net | 214,138 | 210,623 |
Payroll and related taxes | 26,427 | 34,475 |
Insurance | 23,383 | 25,310 |
Accrued Advertising, Current | 16,144 | 9,861 |
Sales and property taxes | 8,760 | 22,038 |
Deferred franchise fees | 4,999 | 4,934 |
Other | 43,837 | 32,813 |
Accrued liabilities | 123,550 | 129,431 |
Defined benefit pension plans | 115,268 | 120,811 |
Deferred franchise fees, Noncurrent | 36,585 | 38,607 |
Other | 53,492 | 47,076 |
Other long-term liabilities | $ 205,345 | $ 206,494 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | May 07, 2021 | Apr. 11, 2021 | Apr. 12, 2020 | Apr. 11, 2021 | Apr. 12, 2020 |
Subsequent Event [Line Items] | |||||
Cash dividend (in USD per share) | $ 0.40 | $ 0.40 | $ 0.80 | $ 0.80 | |
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Cash dividend (in USD per share) | $ 0.44 |