COVER PAGE
COVER PAGE - shares | 4 Months Ended | |
Jan. 22, 2023 | Feb. 23, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 22, 2023 | |
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 | 20,600,388 | |
Entity Central Index Key | 0000807882 | |
Current Fiscal Year End Date | --10-01 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 22, 2023 | Oct. 02, 2022 |
Current assets: | ||
Cash | $ 153,846 | $ 108,890 |
Restricted cash | 27,772 | 27,150 |
Accounts and other receivables, net | 56,987 | 103,803 |
Inventories | 5,070 | 5,264 |
Prepaid expenses | 11,247 | 16,095 |
Current assets held for sale | 4,600 | 17,019 |
Other current assets | 4,828 | 4,772 |
Total current assets | 264,350 | 282,993 |
Property and equipment: | ||
Property and equipment, at cost | 1,251,566 | 1,228,916 |
Less accumulated depreciation and amortization | (826,928) | (810,752) |
Property and equipment, net | 424,638 | 418,164 |
Other assets: | ||
Operating lease right-of-use assets | 1,327,654 | 1,332,135 |
Intangible assets, net | 11,951 | 12,324 |
Trademarks | 283,500 | 283,500 |
Goodwill | 359,511 | 366,821 |
Other assets, net | 235,414 | 226,569 |
Total other assets | 2,218,030 | 2,221,349 |
Total assets | 2,907,018 | 2,922,506 |
Current liabilities: | ||
Current maturities of long-term debt | 30,110 | 30,169 |
Current operating lease liabilities | 168,946 | 171,311 |
Accounts payable | 37,519 | 66,271 |
Accrued liabilities | 224,740 | 253,932 |
Total current liabilities | 461,315 | 521,683 |
Long-term liabilities: | ||
Long-term debt, net of current maturities | 1,793,395 | 1,799,540 |
Long-term operating lease liabilities, net of current portion | 1,177,309 | 1,165,097 |
Deferred tax liabilities | 42,084 | 37,684 |
Other long-term liabilities | 135,983 | 134,694 |
Total long-term liabilities | 3,148,771 | 3,137,015 |
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, 82,617,362 and 82,580,599 issued, respectively | 826 | 826 |
Capital in excess of par value | 511,924 | 508,323 |
Retained earnings | 1,886,980 | 1,842,947 |
Accumulated other comprehensive loss | (53,493) | (53,982) |
Treasury stock, at cost, 62,019,871 and 61,799,221 shares, respectively | (3,049,305) | (3,034,306) |
Total stockholders’ deficit | (703,068) | (736,192) |
Total liabilities and stockholders' equity | $ 2,907,018 | $ 2,922,506 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jan. 22, 2023 | Oct. 02, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 175,000,000 | 175,000,000 |
Common stock, shares issued (in shares) | 82,617,362 | 82,580,599 |
Treasury stock (in shares) | 62,019,871 | 61,799,221 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands | 4 Months Ended | |
Jan. 22, 2023 | Jan. 23, 2022 | |
Revenues | $ 527,096 | $ 344,711 |
Operating costs and expenses, net: | ||
Food and packaging | 81,933 | 37,537 |
Payroll and employee benefits | 88,641 | 39,725 |
Occupancy and other | 51,371 | 20,877 |
Franchise occupancy expenses | 67,224 | 63,983 |
Franchise support and other costs | 1,877 | 3,911 |
Franchise advertising and other services expenses | 74,570 | 63,308 |
Selling, general and administrative expenses | 50,142 | 25,029 |
Depreciation and amortization | 19,402 | 12,496 |
Pre-opening costs | 331 | 310 |
Other operating (income) expenses, net | (5,501) | 3,843 |
Gains on the sale of company-operated restaurants | (3,825) | (48) |
Total operating costs and expenses | 426,165 | 270,971 |
Earnings from operations | 100,931 | 73,740 |
Other pension and post-retirement expenses, net | 2,144 | 93 |
Interest expense, net | 26,148 | 20,187 |
Earnings before income taxes | 72,639 | 53,460 |
Income taxes | 19,385 | 14,190 |
Net earnings | $ 53,254 | $ 39,270 |
Earnings per share: | ||
Basic (in USD per share) | $ 2.55 | $ 1.85 |
Diluted (in USD per share) | 2.54 | 1.85 |
Cash dividends declared per common share (in USD per share) | $ 0.44 | $ 0.44 |
Company restaurant sales | ||
Revenues | $ 270,191 | $ 120,056 |
Franchise rental revenues | ||
Revenues | 108,830 | 103,099 |
Franchise royalties and other | ||
Revenues | 76,390 | 60,755 |
Franchise contributions for advertising and other services | ||
Revenues | $ 71,685 | $ 60,801 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 4 Months Ended | |
Jan. 22, 2023 | Jan. 23, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 53,254 | $ 39,270 |
Other comprehensive income: | ||
Actuarial losses and prior service costs reclassified to earnings | 664 | 996 |
Unrecognized periodic benefit costs | 664 | 996 |
Tax effect | (175) | (258) |
Other comprehensive income, net of taxes | 489 | 738 |
Comprehensive income | $ 53,743 | $ 40,008 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 4 Months Ended | |
Jan. 22, 2023 | Jan. 23, 2022 | |
Cash flows from operating activities: | ||
Net earnings | $ 53,254 | $ 39,270 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 19,402 | 12,496 |
Amortization of franchise tenant improvement allowances and incentives | 1,215 | 1,234 |
Deferred finance cost amortization | 1,616 | 1,722 |
Tax deficiency from share-based compensation arrangements | 143 | 38 |
Deferred income taxes | 3,385 | 2,317 |
Share-based compensation expense | 3,534 | 1,018 |
Pension and post-retirement expense | 2,144 | 93 |
(Gains) losses on cash surrender value of company-owned life insurance | (6,631) | 579 |
Gains on the sale of company-operated restaurants | (3,825) | (48) |
Gains on the disposition of property and equipment, net | (10,009) | (617) |
Impairment charges and other | 483 | 919 |
Changes in assets and liabilities, excluding acquisitions: | ||
Accounts and other receivables | 37,813 | 19,910 |
Inventories | 194 | (351) |
Prepaid expenses and other current assets | 6,953 | 2,720 |
Operating lease right-of-use assets and lease liabilities | 11,281 | 10,218 |
Accounts payable | (31,285) | (5,218) |
Accrued liabilities | (24,677) | (47,849) |
Pension and post-retirement contributions | (1,688) | (2,075) |
Franchise tenant improvement allowance and incentive disbursements | (527) | (1,166) |
Other | (303) | (1,159) |
Cash flows provided by operating activities | 62,472 | 34,051 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (24,028) | (9,401) |
Proceeds from the sale of property and equipment | 22,103 | 2,245 |
Proceeds from the sale and leaseback of assets | 0 | 1,576 |
Proceeds from the sale of company-operated restaurants | 17,609 | 48 |
Other | 0 | (1,305) |
Cash flows provided by (used in) investing activities | 15,684 | (6,837) |
Cash flows from financing activities: | ||
Principal repayments on debt | (7,557) | (223) |
Payment of debt issuance costs | 0 | (2,090) |
Dividends paid on common stock | (9,154) | (9,257) |
Proceeds from issuance of common stock | 0 | 49 |
Repurchases of common stock | (14,999) | 0 |
Payroll tax payments for equity award issuances | (868) | (795) |
Cash flows used in financing activities | (32,578) | (12,316) |
Net increase in cash and restricted cash | 45,578 | 14,898 |
Cash and restricted cash at beginning of period | 136,040 | 73,568 |
Cash and restricted cash at end of period | $ 181,618 | $ 88,466 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 4 Months Ended |
Jan. 22, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Nature of operations — Jack in the Box Inc. (the “Company”), together with its consolidated subsidiaries, develops, operates, and franchises quick-service restaurants under the Jack in the Box ® and Del Taco ® restaurant brands. On March 8, 2022, the Company acquired Del Taco Restaurants, Inc. (“Del Taco”) for cash according to the terms and conditions of the Agreement and Plan of Merger, dated as of December 5, 2021. Del Taco is a nationwide operator and franchisor of restaurants featuring fresh and fast Mexican and American inspired cuisines. As of January 22, 2023, there were 140 company-operated and 2,046 franchise-operated Jack in the Box restaurants and 273 company-operated and 319 franchise-operated Del Taco restaurants. 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 October 2, 2022 (“2022 Form 10-K”). The accounting policies used in preparing these condensed consolidated financial statements are the same as those described in our 2022 Form 10-K. 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. Fiscal year — The Company’s fiscal year is 52 or 53 weeks ending the Sunday closest to September 30. Our Del Taco subsidiary operates on a fiscal year ending the Tuesday closest to September 30. Fiscal years 2023 and 2022 include 52 weeks. Our first quarter includes 16 weeks and all other quarters include 12 weeks. All comparisons between 2023 and 2022 refer to the 16 weeks (“quarter”) ended January 22, 2023 and January 23, 2022, 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. Advertising costs — We administer marketing funds at each of our restaurant brands that include contractual contributions. In 2023 and 2022, marketing fund contributions from Jack in the Box franchise and company-operated restaurants were approximately 5.0% of sales, and marketing fund contributions from Del Taco franchise and company-operated restaurants were approximately 4.0% of sales. Year-to-date incremental contributions made by the Company were less than $0.1 million in 2023. No incremental contributions were made in 2022. 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 totaled $12.2 million and $6.1 million in 2023 and 2022, respectively. Allowance for credit losses — 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 following table summarizes the activity in our allowance for doubtful accounts (in thousands) : Sixteen Weeks Ended January 22, January 23, Balance as of beginning of period $ (5,975) $ (6,292) Provision for expected credit losses 1,445 (1,036) Balance as of end of period $ (4,530) $ (7,328) Business combinations — We account for acquisitions using the acquisition method of accounting. Accordingly, assets acquired and liabilities assumed are recorded at their estimated fair values at the acquisition date. The excess of purchase price over fair value of net assets acquired, including the amount assigned to identifiable intangible assets, is recorded as goodwill. Recent accounting pronouncements — The Company reviewed all recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on our condensed consolidated financial statements. |
REVENUE
REVENUE | 4 Months Ended |
Jan. 22, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE Nature of products and services — We derive revenue from retail sales at Jack in the Box and Del Taco 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 per restaurant for a 20-year term, and generally require that franchisees pay royalty and marketing fees based upon a percentage of gross sales. The agreements also require franchisees to pay technology fees, as well as sourcing fees for Jack in the Box franchise agreements. Disaggregation of revenue — The following table disaggregates revenue by segment and primary source for the quarter ended January 22, 2023 (in thousands) : Sixteen Weeks Ended Jack in the Box Del Taco Total Company restaurant sales $ 126,142 $ 144,049 $ 270,191 Franchise rental revenues 106,096 2,734 108,830 Franchise royalties 67,569 6,934 74,503 Marketing fees 60,344 5,654 65,998 Technology and sourcing fees 4,969 718 5,687 Franchise fees and other services 1,797 90 1,887 Total revenue $ 366,917 $ 160,179 $ 527,096 The following table disaggregates revenue by segment and primary source for the quarter ended January 23, 2022 (in thousands) : Sixteen Weeks Ended Jack in the Box Del Taco Total Company restaurant sales $ 120,056 $ — $ 120,056 Franchise rental revenues 103,099 — 103,099 Franchise royalties 57,648 — 57,648 Marketing fees 55,801 — 55,801 Technology and sourcing fees 5,000 — 5,000 Franchise fees and other services 3,107 — 3,107 Total revenue $ 344,711 $ — $ 344,711 In October 2022, a franchise operator paid the Company $7.3 million in order to sell his restaurants to a new franchisee at the current standard royalty rate, which is lower than the royalty rate in the existing franchise agreements. The payment represented the difference between the existing royalty rate and the new royalty rate based on projected future sales for the remaining term of the existing agreements. The payment is non-refundable and not subject to any adjustments based on actual future sales. The Company determined the transaction represented the termination of the existing agreement rather than the transfer of an agreement between franchisees. As such, the $7.3 million was recognized in franchise royalty revenue during the first quarter of 2023. Contract liabilities — Our contract liabilities consist of deferred revenue resulting from initial franchise and development 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) : Sixteen Weeks Ended January 22, January 23, Deferred franchise and development fees at beginning of period $ 46,449 $ 40,435 Revenue recognized (1,639) (1,742) Additions 2,240 680 Deferred franchise and development fees at end of period $ 47,050 $ 39,373 As of January 22, 2023, approximately $6.1 million of development fees related to unopened stores are included in deferred revenue. Timing of revenue recognition is dependent upon the timing of store openings and are recognized over the franchise term at the date of opening. The following table reflects the estimated franchise fees to be recognized in the future related to performance obligations that are unsatisfied as of January 22, 2023 (in thousands) : Remainder of 2023 $ 3,508 2024 4,897 2025 4,661 2026 4,334 2027 3,976 Thereafter 19,583 $ 40,959 We have applied the optional exemption, as provided for under ASC 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. |
BUSINESS COMBINATION
BUSINESS COMBINATION | 4 Months Ended |
Jan. 22, 2023 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATION | BUSINESS COMBINATION On March 8, 2022, the Company acquired 100% of the outstanding equity interest of Del Taco for cash according to the terms and conditions of the Agreement and Plan of Merger, dated as of December 5, 2021. Jack in the Box acquired Del Taco as a part of the Company’s goal to gain greater scale and accelerate growth. Refer to our Annual Report on Form 10-K for the fiscal year ended October 2, 2022 for further discussion regarding the acquisition, including the purchase consideration, purchase price allocation, goodwill and identifiable intangible assets. Unaudited pro forma results — The following unaudited pro forma combined financial information presents the Company’s results as though Del Taco and the Company had been combined as of the beginning of fiscal year 2021 ( in thousands ): Sixteen Weeks Ended January 22, January 23, Total revenue $ 527,096 $ 503,036 Net earnings $ 53,254 $ 28,866 The unaudited pro forma financial information for all periods presented includes the business combination accounting effects resulting from the acquisition, mainly including adjustments to reflect additional amortization expense from acquired intangibles, incremental depreciation expense from the fair value property and equipment, elimination of historical interest expense associated with both Del Taco’s and the Company’s historical indebtedness, additional interest expense associated with the new Del Taco revolving credit facility and the Company’s new borrowings as part of the refinancing to fund the acquisition, adjusted rent expense reflecting the acquired right-of-use assets and liabilities to their estimated acquisition-date values based upon valuation of related lease intangibles and remaining payments, as well as the fair value adjustments made to leasehold improvements, certain material non-recurring adjustments and the tax-related effects as though Del Taco was combined as of the beginning of fiscal 2021. The unaudited pro forma financial information as presented above is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of fiscal 2021, nor is it necessarily an indication of trends in future results for a number of reasons, including, but not limited to, differences between the assumptions used to prepare the pro forma information, cost savings from operating efficiencies, potential synergies, and the impact of incremental costs incurred in integrating the businesses. For the sixteen weeks ended January 22, 2023, Del Taco had total revenues of $160.2 million and net earnings of $5.2 million. |
SUMMARY OF REFRANCHISINGS AND F
SUMMARY OF REFRANCHISINGS AND FRANCHISE ACQUISITIONS | 4 Months Ended |
Jan. 22, 2023 | |
Summary Of Refranchisings, Franchisee Development And Acquisitions [Abstract] | |
SUMMARY OF REFRANCHISINGS AND FRANCHISE ACQUISITIONS | SUMMARY OF REFRANCHISINGS AND FRANCHISE ACQUISITIONS Refranchisings — The following table summarizes the number of restaurants sold to franchisees and gains recognized (dollars in thousands): Sixteen Weeks Ended January 22, January 23, 2022 (2) Restaurants sold to Jack in the Box franchisees 5 — Restaurants sold to Del Taco franchisees 16 — Proceeds from the sale of company-operated restaurants $ 17,609 $ 48 Net assets sold (primarily property and equipment) (4,093) — Goodwill related to the sale of company-operated restaurants (7,310) — Franchise fees (577) — Sublease liabilities (1,197) — Lease termination (393) — Other (1) (214) — Gains on the sale of company-operated restaurants $ 3,825 $ 48 ________________________ (1) Amount in 2023 includes $0.2 million related to prior year refranchising transactions. (2) Amount in 2022 relates to additional proceeds received in connection with the extension of franchise and lease agreements from the sale of restaurants in prior years. Franchise acquisitions — In 2023, we did not acquire any franchise restaurants. In 2022, we acquired four Jack in the Box franchise restaurants. 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). These acquisitions were not material to our condensed consolidated financial statements. |
GOODWILL AND INTANGIBLE ASSETS,
GOODWILL AND INTANGIBLE ASSETS, NET | 4 Months Ended |
Jan. 22, 2023 | |
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 2023 and 2022 were as follows ( in thousands ): Jack in the Box Del Taco Total Balance at October 2, 2022 $ 136,099 $ 230,722 $ 366,821 Sale of Del Taco company-operated restaurants to franchisees — (7,238) (7,238) Sale of Jack in the Box company-operated restaurants to franchisees (72) — (72) Balance at January 22, 2023 $ 136,027 $ 223,484 $ 359,511 The net carrying amounts of intangible assets other than goodwill with definite lives are as follows ( in thousands ): January 22, October 2, Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Definite-lived intangible assets: Sublease assets $ 2,671 $ (214) $ 2,457 $ 2,671 $ (139) $ 2,532 Franchise contracts 9,700 (476) 9,224 9,700 (311) 9,389 Reacquired franchise rights 376 (106) 270 530 (127) 403 $ 12,747 $ (796) $ 11,951 $ 12,901 $ (577) $ 12,324 Indefinite-lived intangible assets: Del Taco trademark $ 283,500 $ — $ 283,500 $ 283,500 $ — $ 283,500 $ 283,500 $ — $ 283,500 $ 283,500 $ — $ 283,500 The following table summarizes, as of January 22, 2023, the estimated amortization expense for each of the next five fiscal years ( in thousands ): Remainder of 2023 $ 556 2024 $ 804 2025 $ 804 2026 $ 804 2027 $ 804 |
LEASES
LEASES | 4 Months Ended |
Jan. 22, 2023 | |
Leases [Abstract] | |
LEASES | LEASES Nature of leases — We own restaurant sites and we also lease restaurant sites from third parties. Some of these owned or leased sites are leased and/or subleased to franchisees. Initial terms of our real estate leases are generally 20 years, exclusive of options to renew, which are generally exercisable at our sole discretion for 1 to 20 years. In some instances, our leases have provisions for contingent rentals based upon a percentage of defined revenues. Many of our restaurants also have rent escalation clauses and require the payment of property taxes, insurance, and maintenance costs. Variable lease costs include contingent rent, cost-of-living index adjustments, and payments for additional rent such as real estate taxes, insurance, and common area maintenance, which are excluded from the measurement of the lease liability. As lessor, our leases and subleases primarily consist of restaurants that have been leased to franchisees in connection with 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 ): Sixteen Weeks Ended January 22, January 23, Operating lease income - franchise $ 73,520 $ 71,357 Variable lease income - franchise 35,235 31,742 Amortization of favorable and unfavorable sublease contracts, net 75 — Franchise rental revenues $ 108,830 $ 103,099 Operating lease income - closed restaurants and other (1) $ 2,240 $ 1,658 ____________________________ (1) Primarily relates to closed restaurant properties included in “Other operating (income) expenses, net” in our condensed consolidated statements of earnings. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 4 Months Ended |
Jan. 22, 2023 | |
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 January 22, 2023: Non-qualified deferred compensation plan (1) $ 15,992 $ 15,992 $ — $ — Total liabilities at fair value $ 15,992 $ 15,992 $ — $ — Fair value measurements as of October 2, 2022: Non-qualified deferred compensation plan (1) $ 13,820 $ 13,820 $ — $ — Total liabilities at fair value $ 13,820 $ 13,820 $ — $ — ____________________________ (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 January 22, 2023 and October 2, 2022 ( in thousands ): January 22, October 2, Carrying Amount Fair Value Carrying Amount Fair Value Series 2019 Class A-2 Notes $ 712,313 $ 652,923 $ 714,125 $ 641,851 Series 2022 Class A-2 Notes $ 1,083,500 $ 930,347 $ 1,089,000 $ 917,428 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. As of January 22, 2023, we had $50.0 million of outstanding borrowings under our Variable Funding Notes. The fair value of these loans approximates their carrying value due to the variable rate nature of these borrowings. 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 2023, no material fair value adjustments were required. |
OTHER OPERATING (INCOME) EXPENS
OTHER OPERATING (INCOME) EXPENSES, NET | 4 Months Ended |
Jan. 22, 2023 | |
Restructuring and Related Activities [Abstract] | |
OTHER OPERATING EXPENSE, NET | OTHER OPERATING (INCOME) EXPENSES, NET Other operating (income) expenses, net in the accompanying condensed consolidated statements of earnings is comprised of the following ( in thousands ): Sixteen Weeks Ended January 22, January 23, Acquisition, integration, and restructuring costs (1) $ 1,651 $ 3,013 Costs of closed restaurants and other (2) 2,589 1,072 Accelerated depreciation 268 375 Gains on disposition of property and equipment, net (3) (10,009) (617) $ (5,501) $ 3,843 ________________________ (1) Acquisition, integration, and restructuring costs are related to the acquisition and integration of Del Taco. (2) 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. (3) In 2023, gains on disposition of property and equipment relate to the sale of Jack in the Box restaurant properties to franchisees who were leasing the properties from us prior to the sale. |
SEGMENT REPORTING
SEGMENT REPORTING | 4 Months Ended |
Jan. 22, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING Our principal business consists of developing, operating and franchising our Jack in the Box and Del Taco restaurant brands, each of which we consider a reportable operating segment. This segment reporting structure reflects our current management structure, internal reporting method and financial information used in deciding how to allocate our resources. Based upon certain quantitative thresholds, each operating segment is considered a reportable segment. We measure and evaluate our segments based on segment revenues and segment profit. Our measure of segment profit excludes depreciation and amortization, share-based compensation, company-owned life insurance (“COLI”) gains/losses, net of changes in our non-qualified deferred compensation obligation supported by these policies, acquisition, integration, and restructuring costs, gains on the sale of company-operated restaurants, and amortization of favorable and unfavorable leases and subleases, net. The following table provides information related to our operating segments in each period ( in thousands ): Sixteen Weeks Ended January 22, January 23, Revenues by segment: Jack in the Box $ 366,917 $ 344,711 Del Taco 160,179 — Consolidated revenues $ 527,096 $ 344,711 Segment operating profit: Jack in the Box $ 104,426 $ 90,664 Del Taco 12,084 — Total segment operating profit $ 116,510 $ 90,664 Depreciation and amortization 19,402 12,496 Acquisition, integration, and restructuring costs 1,651 3,013 Share-based compensation 3,534 1,018 Net COLI (gains) losses (5,724) 445 Gains on the sale of company-operated restaurants (3,825) (48) Amortization of favorable and unfavorable leases and subleases, net 541 — Earnings from operations $ 100,931 $ 73,740 Total capital expenditures by segment: Jack in the Box $ 15,256 $ 9,401 Del Taco 8,772 — Total capital expenditures $ 24,028 $ 9,401 Total depreciation and amortization by segment: Jack in the Box $ 11,029 $ 12,496 Del Taco 8,373 — Total depreciation and amortization $ 19,402 $ 12,496 We do not evaluate, manage or measure performance of segments using asset, interest income and expense, or income tax information; accordingly, this information by segment is not prepared or disclosed. |
INCOME TAXES
INCOME TAXES | 4 Months Ended |
Jan. 22, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXESThe income tax provisions reflect year-to-date effective tax rate of 26.7%, compared with 26.5% in fiscal year 2022. The major components of the increase in tax rate were non-deductible goodwill decrements in the current year offset by non-taxable gains in the current year versus non-deductible losses in the prior year from the market performance of insurance products used to fund certain non-qualified retirement plans. |
RETIREMENT PLANS
RETIREMENT PLANS | 4 Months Ended |
Jan. 22, 2023 | |
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. 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 ): Sixteen Weeks Ended January 22, January 23, Defined benefit pension plans: Interest cost $ 5,913 $ 4,517 Expected return on plan assets (4,648) (5,570) Actuarial losses (1) 944 1,187 Amortization of unrecognized prior service costs (1) 6 6 Net periodic benefit cost $ 2,215 $ 140 Post-retirement healthcare plans: Interest cost $ 215 $ 150 Actuarial gains (1) (286) (197) Net periodic benefit cost $ (71) $ (47) ________________________ (1) Amounts were reclassified from accumulated other comprehensive income 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, 2022, the date of our last actuarial funding valuation, there was no minimum contribution funding requirement for the Qualified Plan. Details regarding 2023 contributions are as follows ( in thousands ): SERP Post-Retirement Net year-to-date contributions $ 1,311 $ 377 Remaining estimated net contributions during fiscal 2023 $ 3,902 $ 735 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 2023. |
STOCKHOLDERS_ DEFICIT
STOCKHOLDERS’ DEFICIT | 4 Months Ended |
Jan. 22, 2023 | |
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 ): Number Amount Capital in Retained Accumulated Treasury Total Balance at October 2, 2022 82,581 $ 826 $ 508,323 $ 1,842,947 $ (53,982) $ (3,034,306) $ (736,192) Shares issued under stock plans, including tax benefit 36 — — — — — — Share-based compensation — — 3,534 — — — 3,534 Dividends declared — — 67 (9,221) — — (9,154) Purchases of treasury stock — — — — — (14,999) (14,999) Net earnings — — — 53,254 — — 53,254 Other comprehensive income — — — — 489 — 489 Balance at January 22, 2023 82,617 $ 826 $ 511,924 $ 1,886,980 $ (53,493) $ (3,049,305) $ (703,068) Number Amount Capital in Retained Accumulated Treasury Total Balance at October 3, 2021 82,536 $ 825 $ 500,441 $ 1,764,412 $ (74,254) $ (3,009,306) $ (817,882) Shares issued under stock plans, including tax benefit 28 1 48 — — — 49 Share-based compensation — — 1,018 — — — 1,018 Dividends declared — — 63 (9,320) — — (9,257) Net earnings — — — 39,270 — — 39,270 Other comprehensive income — — — — 738 — 738 Balance at January 23, 2022 82,564 $ 826 $ 501,570 $ 1,794,362 $ (73,516) $ (3,009,306) $ (786,064) Repurchases of common stock — The Company repurchased 0.2 million shares of its common stock in the first quarter of fiscal 2023 for an aggregate cost of $15.0 million. As of January 22, 2023, there was $160.0 million remaining under share repurchase programs authorized by the Board of Directors which expire in November 2023. Dividends — During the first quarter of 2023, the Board of Directors declared a cash dividend of $0.44 per common share totaling $9.2 million. Future dividends are subject to approval by our Board of Directors. |
AVERAGE SHARES OUTSTANDING
AVERAGE SHARES OUTSTANDING | 4 Months Ended |
Jan. 22, 2023 | |
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 ): Sixteen Weeks Ended January 22, January 23, Weighted-average shares outstanding – basic 20,921 21,205 Effect of potentially dilutive securities: Nonvested stock awards and units 79 40 Stock options — 2 Performance share awards — — Weighted-average shares outstanding – diluted 21,000 21,247 Excluded from diluted weighted-average shares outstanding: Antidilutive 23 15 Performance conditions not satisfied at the end of the period 112 25 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 4 Months Ended |
Jan. 22, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS 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. Any estimate is not an indication of expected loss, if any, or of the Company’s maximum possible loss exposure and the ultimate amount of loss may differ materially from these estimates in the near term. Gessele v. Jack in the Box Inc. — In August 2010, five former Jack in the Box 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 Jack in the Box 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. The parties participated in a voluntary mediation on March 16, 2020, but the matter did not settle. On October 24, 2022, a jury awarded plaintiffs approximately $6.4 million in damages and penalties, in addition to interest and attorney fees to be determined by the court at a later date. The Company continues to dispute liability and the damage award and will defend against both through post-trial motions and all other available appellate remedies. As of January 22, 2023, the Company has accrued the settlement amount, and included it within “Accrued liabilities” on our condensed consolidated balance sheet. Torrez — In March 2014, a former Del Taco employee filed a purported Private Attorneys General Act claim and class action alleging various causes of action under California’s labor, wage, and hour laws. The plaintiff generally alleges Del Taco did not appropriately provide meal and rest breaks and failed to pay wages and reimburse business expenses to its California non-exempt employees. On November 12, 2021, the court granted, in part, the plaintiff's motion for class certification. The parties participated in a voluntary mediation on May 24, 2022 and June 3, 2022. On June 4, 2022, we entered into a Settlement Memorandum of Understanding (the “Agreement”) which obligates the Company to pay a gross settlement amount of $50.0 million, for which in exchange we will be released from all claims by the parties. The Agreement contains no admission of wrongdoing and is contingent upon various conditions, including, but not limited to, court approvals. There can be no assurance that the Agreement will be approved by the court nor upheld if challenged on appeal. As of January 22, 2023, the Company has accrued the settlement amount, and included it within “Accrued liabilities” on our condensed consolidated balance sheet. J&D Restaurant Group — On April 17, 2019, the trustee for a bankrupt former franchisee filed a complaint seeking to recover assets in the form of actual and exemplary damages for the bankruptcy trust and generally alleging the Company wrongfully terminated the franchise agreements and unreasonably denied two perspective purchasers that the former franchisee presented. The parties participated in a mediation in April 2021, and again in December 2022, but the matter did not settle. Trial in this matter commenced on January 9, 2023. On February 8, 2023, the jury returned a verdict finding that the Company had not breached any contracts in terminating the franchise agreements or denying the proposed buyers. While the jury also found that the Company had not violated the California Unfair Practices Act, it found for the plaintiff on the breach of implied covenant of good faith and fair dealing claim, and awarded $8.0 million in damages. The Company continues to dispute liability and the damage award and will defend against both through post-trial motions and all other available appellate remedies. As of January 22, 2023, the Company has accrued the verdict, and included it within “Accrued liabilities” on our consolidated balance sheet. Other legal matters — In addition to the matters 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. 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 January 22, 2023, the maximum potential liability of future undiscounted payments under these leases is approximately $23.0 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 | 4 Months Ended |
Jan. 22, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL CONSOLIDATED CASH FLOW INFORMATION | SUPPLEMENTAL CONSOLIDATED CASH FLOW INFORMATION (in thousands) Sixteen Weeks Ended January 22, January 23, Non-cash investing and financing transactions: Decrease in obligations for purchases of property and equipment $ 4,147 $ 952 Increase in accrued debt issuance costs $ — $ 3,955 Increase in dividends accrued or converted to common stock equivalents $ 68 $ 63 Right-of use assets obtained in exchange for operating lease obligations $ 54,246 $ 69,789 Right-of use assets obtained in exchange for finance lease obligations $ — $ 20 |
SUPPLEMENTAL CONSOLIDATED BALAN
SUPPLEMENTAL CONSOLIDATED BALANCE SHEET INFORMATION | 4 Months Ended |
Jan. 22, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
SUPPLEMENTAL CONSOLIDATED BALANCE SHEET INFORMATION | SUPPLEMENTAL CONSOLIDATED BALANCE SHEET INFORMATION (in thousands) January 22, October 2, Accounts and other receivables, net: Trade $ 51,178 $ 90,105 Notes receivable, current portion 1,702 8,643 Income tax receivable 871 878 Other 7,766 10,152 Allowance for doubtful accounts (4,530) (5,975) $ 56,987 $ 103,803 Property and equipment, net Land $ 92,860 $ 86,134 Buildings 971,935 960,984 Restaurant and other equipment 168,865 163,527 Construction in progress 17,906 18,271 1,251,566 1,228,916 Less accumulated depreciation and amortization (826,928) (810,752) $ 424,638 $ 418,164 Other assets, net: Company-owned life insurance policies $ 115,556 $ 108,924 Deferred rent receivable 43,114 43,891 Franchise tenant improvement allowance 35,456 32,429 Notes receivable, less current portion 11,099 11,624 Other 30,189 29,701 $ 235,414 $ 226,569 Accrued liabilities: Legal accruals $ 65,115 $ 59,165 Payroll and related taxes 35,032 43,837 Insurance 32,580 32,272 Sales and property taxes 18,676 30,947 Deferred rent income 4,722 18,525 Advertising 13,267 11,028 Deferred franchise and development fees 5,775 5,647 Other 49,573 52,511 $ 224,740 $ 253,932 Other long-term liabilities: Defined benefit pension plans $ 51,337 $ 51,679 Deferred franchise and development fees 41,275 40,802 Other 43,371 42,213 $ 135,983 $ 134,694 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 4 Months Ended |
Jan. 22, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Dividends — On February 24, 2023, the Board of Directors declared a cash dividend of $0.44 per common share, to be paid on March 28, 2023, to shareholders of record as of the close of business on March 15, 2023. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 4 Months Ended |
Jan. 22, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of operations | Nature of operations — Jack in the Box Inc. (the “Company”), together with its consolidated subsidiaries, develops, operates, and franchises quick-service restaurants under the Jack in the Box ® and Del Taco ® restaurant brands. |
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 October 2, 2022 (“2022 Form 10-K”). The accounting policies used in preparing these condensed consolidated financial statements are the same as those described in our 2022 Form 10-K. 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. |
Fiscal year | Fiscal year — The Company’s fiscal year is 52 or 53 weeks ending the Sunday closest to September 30. Our Del Taco subsidiary operates on a fiscal year ending the Tuesday closest to September 30. Fiscal years 2023 and 2022 include 52 weeks. Our first quarter includes 16 weeks and all other quarters include 12 weeks. All comparisons between 2023 and 2022 refer to the 16 weeks (“quarter”) ended January 22, 2023 and January 23, 2022, 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. |
Advertising costs | Advertising costs — We administer marketing funds at each of our restaurant brands that include contractual contributions. In 2023 and 2022, marketing fund contributions from Jack in the Box franchise and company-operated restaurants were approximately 5.0% of sales, and marketing fund contributions from Del Taco franchise and company-operated restaurants were approximately 4.0% of sales. Year-to-date incremental contributions made by the Company were less than $0.1 million in 2023. No incremental contributions were made in 2022. 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 totaled $12.2 million and $6.1 million in 2023 and 2022, respectively. |
Allowance for credit losses | Allowance for credit losses — 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. |
Business combinations | Business combinations — We account for acquisitions using the acquisition method of accounting. Accordingly, assets acquired and liabilities assumed are recorded at their estimated fair values at the acquisition date. The excess of purchase price over fair value of net assets acquired, including the amount assigned to identifiable intangible assets, is recorded as goodwill. |
Recent accounting pronouncements | Recent accounting pronouncements — The Company reviewed all recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on our condensed consolidated financial statements. |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 4 Months Ended |
Jan. 22, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Allowance for Doubtful Accounts | The following table summarizes the activity in our allowance for doubtful accounts (in thousands) : Sixteen Weeks Ended January 22, January 23, Balance as of beginning of period $ (5,975) $ (6,292) Provision for expected credit losses 1,445 (1,036) Balance as of end of period $ (4,530) $ (7,328) |
REVENUE (Tables)
REVENUE (Tables) | 4 Months Ended |
Jan. 22, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Disaggregation of revenue — The following table disaggregates revenue by segment and primary source for the quarter ended January 22, 2023 (in thousands) : Sixteen Weeks Ended Jack in the Box Del Taco Total Company restaurant sales $ 126,142 $ 144,049 $ 270,191 Franchise rental revenues 106,096 2,734 108,830 Franchise royalties 67,569 6,934 74,503 Marketing fees 60,344 5,654 65,998 Technology and sourcing fees 4,969 718 5,687 Franchise fees and other services 1,797 90 1,887 Total revenue $ 366,917 $ 160,179 $ 527,096 The following table disaggregates revenue by segment and primary source for the quarter ended January 23, 2022 (in thousands) : Sixteen Weeks Ended Jack in the Box Del Taco Total Company restaurant sales $ 120,056 $ — $ 120,056 Franchise rental revenues 103,099 — 103,099 Franchise royalties 57,648 — 57,648 Marketing fees 55,801 — 55,801 Technology and sourcing fees 5,000 — 5,000 Franchise fees and other services 3,107 — 3,107 Total revenue $ 344,711 $ — $ 344,711 |
Changes in Contract Liabilities | A summary of significant changes in our contract liabilities is presented below (in thousands) : Sixteen Weeks Ended January 22, January 23, Deferred franchise and development fees at beginning of period $ 46,449 $ 40,435 Revenue recognized (1,639) (1,742) Additions 2,240 680 Deferred franchise and development fees at end of period $ 47,050 $ 39,373 |
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 January 22, 2023 (in thousands) : Remainder of 2023 $ 3,508 2024 4,897 2025 4,661 2026 4,334 2027 3,976 Thereafter 19,583 $ 40,959 |
BUSINESS COMBINATION (Tables)
BUSINESS COMBINATION (Tables) | 4 Months Ended |
Jan. 22, 2023 | |
Business Combinations [Abstract] | |
Schedule of Pro Forma Information | Unaudited pro forma results — The following unaudited pro forma combined financial information presents the Company’s results as though Del Taco and the Company had been combined as of the beginning of fiscal year 2021 ( in thousands ): Sixteen Weeks Ended January 22, January 23, Total revenue $ 527,096 $ 503,036 Net earnings $ 53,254 $ 28,866 |
SUMMARY OF REFRANCHISINGS AND_2
SUMMARY OF REFRANCHISINGS AND FRANCHISE ACQUISITIONS (Tables) | 4 Months Ended |
Jan. 22, 2023 | |
Summary Of Refranchisings, Franchisee Development And Acquisitions [Abstract] | |
Schedule of Refranchisings and Franchise Acquisitions | Refranchisings — The following table summarizes the number of restaurants sold to franchisees and gains recognized (dollars in thousands): Sixteen Weeks Ended January 22, January 23, 2022 (2) Restaurants sold to Jack in the Box franchisees 5 — Restaurants sold to Del Taco franchisees 16 — Proceeds from the sale of company-operated restaurants $ 17,609 $ 48 Net assets sold (primarily property and equipment) (4,093) — Goodwill related to the sale of company-operated restaurants (7,310) — Franchise fees (577) — Sublease liabilities (1,197) — Lease termination (393) — Other (1) (214) — Gains on the sale of company-operated restaurants $ 3,825 $ 48 ________________________ (1) Amount in 2023 includes $0.2 million related to prior year refranchising transactions. (2) Amount in 2022 relates to additional proceeds received in connection with the extension of franchise and lease agreements from the sale of restaurants in prior years. |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS, NET (Tables) | 4 Months Ended |
Jan. 22, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill during fiscal 2023 and 2022 were as follows ( in thousands ): Jack in the Box Del Taco Total Balance at October 2, 2022 $ 136,099 $ 230,722 $ 366,821 Sale of Del Taco company-operated restaurants to franchisees — (7,238) (7,238) Sale of Jack in the Box company-operated restaurants to franchisees (72) — (72) Balance at January 22, 2023 $ 136,027 $ 223,484 $ 359,511 |
Schedule of Intangible Assets | The net carrying amounts of intangible assets other than goodwill with definite lives are as follows ( in thousands ): January 22, October 2, Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Definite-lived intangible assets: Sublease assets $ 2,671 $ (214) $ 2,457 $ 2,671 $ (139) $ 2,532 Franchise contracts 9,700 (476) 9,224 9,700 (311) 9,389 Reacquired franchise rights 376 (106) 270 530 (127) 403 $ 12,747 $ (796) $ 11,951 $ 12,901 $ (577) $ 12,324 Indefinite-lived intangible assets: Del Taco trademark $ 283,500 $ — $ 283,500 $ 283,500 $ — $ 283,500 $ 283,500 $ — $ 283,500 $ 283,500 $ — $ 283,500 |
Schedule of the Estimated Amortization Expense | The following table summarizes, as of January 22, 2023, the estimated amortization expense for each of the next five fiscal years ( in thousands ): Remainder of 2023 $ 556 2024 $ 804 2025 $ 804 2026 $ 804 2027 $ 804 |
LEASES (Tables)
LEASES (Tables) | 4 Months Ended |
Jan. 22, 2023 | |
Leases [Abstract] | |
Lease Income | The following table presents rental income ( in thousands ): Sixteen Weeks Ended January 22, January 23, Operating lease income - franchise $ 73,520 $ 71,357 Variable lease income - franchise 35,235 31,742 Amortization of favorable and unfavorable sublease contracts, net 75 — Franchise rental revenues $ 108,830 $ 103,099 Operating lease income - closed restaurants and other (1) $ 2,240 $ 1,658 ____________________________ (1) Primarily relates to closed restaurant properties included in “Other operating (income) expenses, net” in our condensed consolidated statements of earnings. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 4 Months Ended |
Jan. 22, 2023 | |
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 January 22, 2023: Non-qualified deferred compensation plan (1) $ 15,992 $ 15,992 $ — $ — Total liabilities at fair value $ 15,992 $ 15,992 $ — $ — Fair value measurements as of October 2, 2022: Non-qualified deferred compensation plan (1) $ 13,820 $ 13,820 $ — $ — Total liabilities at fair value $ 13,820 $ 13,820 $ — $ — ____________________________ (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 January 22, 2023 and October 2, 2022 ( in thousands ): January 22, October 2, Carrying Amount Fair Value Carrying Amount Fair Value Series 2019 Class A-2 Notes $ 712,313 $ 652,923 $ 714,125 $ 641,851 Series 2022 Class A-2 Notes $ 1,083,500 $ 930,347 $ 1,089,000 $ 917,428 |
OTHER OPERATING (INCOME) EXPE_2
OTHER OPERATING (INCOME) EXPENSES, NET (Tables) | 4 Months Ended |
Jan. 22, 2023 | |
Restructuring and Related Activities [Abstract] | |
Impairment, Disposition of Property and Equipment, Restaurant Closing Costs and Restructuring | Other operating (income) expenses, net in the accompanying condensed consolidated statements of earnings is comprised of the following ( in thousands ): Sixteen Weeks Ended January 22, January 23, Acquisition, integration, and restructuring costs (1) $ 1,651 $ 3,013 Costs of closed restaurants and other (2) 2,589 1,072 Accelerated depreciation 268 375 Gains on disposition of property and equipment, net (3) (10,009) (617) $ (5,501) $ 3,843 ________________________ (1) Acquisition, integration, and restructuring costs are related to the acquisition and integration of Del Taco. (2) 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. (3) In 2023, gains on disposition of property and equipment relate to the sale of Jack in the Box restaurant properties to franchisees who were leasing the properties from us prior to the sale. |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 4 Months Ended |
Jan. 22, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segments | The following table provides information related to our operating segments in each period ( in thousands ): Sixteen Weeks Ended January 22, January 23, Revenues by segment: Jack in the Box $ 366,917 $ 344,711 Del Taco 160,179 — Consolidated revenues $ 527,096 $ 344,711 Segment operating profit: Jack in the Box $ 104,426 $ 90,664 Del Taco 12,084 — Total segment operating profit $ 116,510 $ 90,664 Depreciation and amortization 19,402 12,496 Acquisition, integration, and restructuring costs 1,651 3,013 Share-based compensation 3,534 1,018 Net COLI (gains) losses (5,724) 445 Gains on the sale of company-operated restaurants (3,825) (48) Amortization of favorable and unfavorable leases and subleases, net 541 — Earnings from operations $ 100,931 $ 73,740 Total capital expenditures by segment: Jack in the Box $ 15,256 $ 9,401 Del Taco 8,772 — Total capital expenditures $ 24,028 $ 9,401 Total depreciation and amortization by segment: Jack in the Box $ 11,029 $ 12,496 Del Taco 8,373 — Total depreciation and amortization $ 19,402 $ 12,496 |
RETIREMENT PLANS (Tables)
RETIREMENT PLANS (Tables) | 4 Months Ended |
Jan. 22, 2023 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost in each period were as follows ( in thousands ): Sixteen Weeks Ended January 22, January 23, Defined benefit pension plans: Interest cost $ 5,913 $ 4,517 Expected return on plan assets (4,648) (5,570) Actuarial losses (1) 944 1,187 Amortization of unrecognized prior service costs (1) 6 6 Net periodic benefit cost $ 2,215 $ 140 Post-retirement healthcare plans: Interest cost $ 215 $ 150 Actuarial gains (1) (286) (197) Net periodic benefit cost $ (71) $ (47) ________________________ (1) Amounts were reclassified from accumulated other comprehensive income into net earnings as a component of “Other pension and post-retirement expenses, net.” |
Schedule of Defined Benefit Plan Contribution | Details regarding 2023 contributions are as follows ( in thousands ): SERP Post-Retirement Net year-to-date contributions $ 1,311 $ 377 Remaining estimated net contributions during fiscal 2023 $ 3,902 $ 735 |
STOCKHOLDERS_ DEFICIT (Tables)
STOCKHOLDERS’ DEFICIT (Tables) | 4 Months Ended |
Jan. 22, 2023 | |
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 ): Number Amount Capital in Retained Accumulated Treasury Total Balance at October 2, 2022 82,581 $ 826 $ 508,323 $ 1,842,947 $ (53,982) $ (3,034,306) $ (736,192) Shares issued under stock plans, including tax benefit 36 — — — — — — Share-based compensation — — 3,534 — — — 3,534 Dividends declared — — 67 (9,221) — — (9,154) Purchases of treasury stock — — — — — (14,999) (14,999) Net earnings — — — 53,254 — — 53,254 Other comprehensive income — — — — 489 — 489 Balance at January 22, 2023 82,617 $ 826 $ 511,924 $ 1,886,980 $ (53,493) $ (3,049,305) $ (703,068) Number Amount Capital in Retained Accumulated Treasury Total Balance at October 3, 2021 82,536 $ 825 $ 500,441 $ 1,764,412 $ (74,254) $ (3,009,306) $ (817,882) Shares issued under stock plans, including tax benefit 28 1 48 — — — 49 Share-based compensation — — 1,018 — — — 1,018 Dividends declared — — 63 (9,320) — — (9,257) Net earnings — — — 39,270 — — 39,270 Other comprehensive income — — — — 738 — 738 Balance at January 23, 2022 82,564 $ 826 $ 501,570 $ 1,794,362 $ (73,516) $ (3,009,306) $ (786,064) |
AVERAGE SHARES OUTSTANDING (Tab
AVERAGE SHARES OUTSTANDING (Tables) | 4 Months Ended |
Jan. 22, 2023 | |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |
Reconciliation Of Basic Weighted-Average Shares Outstanding To Diluted Weighted-Average Shares Outstanding | The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding ( in thousands ): Sixteen Weeks Ended January 22, January 23, Weighted-average shares outstanding – basic 20,921 21,205 Effect of potentially dilutive securities: Nonvested stock awards and units 79 40 Stock options — 2 Performance share awards — — Weighted-average shares outstanding – diluted 21,000 21,247 Excluded from diluted weighted-average shares outstanding: Antidilutive 23 15 Performance conditions not satisfied at the end of the period 112 25 |
SUPPLEMENTAL CONSOLIDATED CAS_2
SUPPLEMENTAL CONSOLIDATED CASH FLOW INFORMATION (Tables) | 4 Months Ended |
Jan. 22, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Additional Information Related To Cash Flows | Sixteen Weeks Ended January 22, January 23, Non-cash investing and financing transactions: Decrease in obligations for purchases of property and equipment $ 4,147 $ 952 Increase in accrued debt issuance costs $ — $ 3,955 Increase in dividends accrued or converted to common stock equivalents $ 68 $ 63 Right-of use assets obtained in exchange for operating lease obligations $ 54,246 $ 69,789 Right-of use assets obtained in exchange for finance lease obligations $ — $ 20 |
SUPPLEMENTAL CONSOLIDATED BAL_2
SUPPLEMENTAL CONSOLIDATED BALANCE SHEET INFORMATION (Tables) | 4 Months Ended |
Jan. 22, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Supplemental Balance Sheet Disclosures | January 22, October 2, Accounts and other receivables, net: Trade $ 51,178 $ 90,105 Notes receivable, current portion 1,702 8,643 Income tax receivable 871 878 Other 7,766 10,152 Allowance for doubtful accounts (4,530) (5,975) $ 56,987 $ 103,803 Property and equipment, net Land $ 92,860 $ 86,134 Buildings 971,935 960,984 Restaurant and other equipment 168,865 163,527 Construction in progress 17,906 18,271 1,251,566 1,228,916 Less accumulated depreciation and amortization (826,928) (810,752) $ 424,638 $ 418,164 Other assets, net: Company-owned life insurance policies $ 115,556 $ 108,924 Deferred rent receivable 43,114 43,891 Franchise tenant improvement allowance 35,456 32,429 Notes receivable, less current portion 11,099 11,624 Other 30,189 29,701 $ 235,414 $ 226,569 Accrued liabilities: Legal accruals $ 65,115 $ 59,165 Payroll and related taxes 35,032 43,837 Insurance 32,580 32,272 Sales and property taxes 18,676 30,947 Deferred rent income 4,722 18,525 Advertising 13,267 11,028 Deferred franchise and development fees 5,775 5,647 Other 49,573 52,511 $ 224,740 $ 253,932 Other long-term liabilities: Defined benefit pension plans $ 51,337 $ 51,679 Deferred franchise and development fees 41,275 40,802 Other 43,371 42,213 $ 135,983 $ 134,694 |
BASIS OF PRESENTATION - Narrati
BASIS OF PRESENTATION - Narrative (Details) $ in Millions | 4 Months Ended | 12 Months Ended | |
Jan. 22, 2023 USD ($) restaurant | Jan. 23, 2022 USD ($) | Oct. 02, 2022 USD ($) | |
Net Investment Income [Line Items] | |||
Contractual obligation | $ | $ 0.1 | $ 0 | |
Marketing and advertising expense | $ | $ 12.2 | $ 6.1 | |
Jack in the Box | |||
Net Investment Income [Line Items] | |||
Contractual obligation (percent) | 5% | 5% | |
Del Taco | |||
Net Investment Income [Line Items] | |||
Contractual obligation (percent) | 4% | ||
Company operated | Jack in the Box | |||
Net Investment Income [Line Items] | |||
Number of operating segments | 140 | ||
Company operated | Del Taco | |||
Net Investment Income [Line Items] | |||
Number of operating segments | 273 | ||
Franchise-operated | Jack in the Box | |||
Net Investment Income [Line Items] | |||
Number of operating segments | 2,046 | ||
Franchise-operated | Del Taco | |||
Net Investment Income [Line Items] | |||
Number of operating segments | 319 |
BASIS OF PRESENTATION - Effect
BASIS OF PRESENTATION - Effect of New Accounting Pronouncements (Details) - USD ($) $ in Thousands | 4 Months Ended | |
Jan. 22, 2023 | Jan. 23, 2022 | |
Allowance for Credit Loss [Roll Forward] | ||
Balance as of beginning of period | $ (5,975) | $ (6,292) |
Provision for expected credit losses | 1,445 | (1,036) |
Balance as of end of period | $ (4,530) | $ (7,328) |
REVENUE - Narrative (Details)
REVENUE - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 4 Months Ended | |
Oct. 31, 2022 | Jan. 22, 2023 | Jan. 23, 2022 | |
Disaggregation of Revenue [Line Items] | |||
Term of franchise | 20 years | ||
Revenues | $ 527,096 | $ 344,711 | |
Development fees | 6,100 | ||
Franchise royalties and other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 76,390 | $ 60,755 | |
Franchise Operator | |||
Disaggregation of Revenue [Line Items] | |||
Proceeds from sale of franchise | $ 7,300 | ||
Franchise Operator | Franchise royalties and other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 7,300 |
REVENUE - Disaggregation of Rev
REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 4 Months Ended | |
Jan. 22, 2023 | Jan. 23, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 527,096 | $ 344,711 |
Jack in the Box | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 366,917 | 344,711 |
Del Taco | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 160,179 | 0 |
Company restaurant sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 270,191 | 120,056 |
Company restaurant sales | Jack in the Box | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 126,142 | 120,056 |
Company restaurant sales | Del Taco | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 144,049 | 0 |
Franchise rental revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 108,830 | 103,099 |
Franchise rental revenues | Jack in the Box | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 106,096 | 103,099 |
Franchise rental revenues | Del Taco | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2,734 | 0 |
Franchise royalties | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 74,503 | 57,648 |
Franchise royalties | Jack in the Box | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 67,569 | 57,648 |
Franchise royalties | Del Taco | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 6,934 | 0 |
Marketing fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 65,998 | 55,801 |
Marketing fees | Jack in the Box | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 60,344 | 55,801 |
Marketing fees | Del Taco | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 5,654 | 0 |
Technology and sourcing fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 5,687 | 5,000 |
Technology and sourcing fees | Jack in the Box | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 4,969 | 5,000 |
Technology and sourcing fees | Del Taco | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 718 | 0 |
Franchise fees and other services | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,887 | 3,107 |
Franchise fees and other services | Jack in the Box | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,797 | 3,107 |
Franchise fees and other services | Del Taco | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 90 | $ 0 |
REVENUE - Changes in Contract L
REVENUE - Changes in Contract Liabilities (Details) - USD ($) $ in Thousands | 4 Months Ended | |
Jan. 22, 2023 | Jan. 23, 2022 | |
Movement in Deferred Revenue [Roll Forward] | ||
Deferred franchise and development fees at beginning of period | $ 46,449 | $ 40,435 |
Revenue recognized | (1,639) | (1,742) |
Additions | 2,240 | 680 |
Deferred franchise and development fees at end of period | $ 47,050 | $ 39,373 |
REVENUE - Estimated Future Fran
REVENUE - Estimated Future Franchise Fees (Details) $ in Thousands | Jan. 22, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 40,959 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-03 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | 3,508 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-02 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | 4,897 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | 4,661 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-09-30 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | 4,334 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-09-28 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | 3,976 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-09-27 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 19,583 |
REVENUE - Estimated Future Fr_2
REVENUE - Estimated Future Franchise Fees, Period (Details) | Jan. 22, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-03 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-02 | |
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]: 2024-10-01 | |
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]: 2025-09-30 | |
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]: 2026-09-28 | |
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]: 2027-09-27 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, period |
BUSINESS COMBINATION - Narrativ
BUSINESS COMBINATION - Narrative (Details) - USD ($) $ in Millions | 4 Months Ended | |
Jan. 22, 2023 | Mar. 08, 2022 | |
Del Taco | ||
Business Acquisition [Line Items] | ||
Total revenues | $ 160.2 | |
Del Taco | ||
Business Acquisition [Line Items] | ||
Net earnings | $ 5.2 | |
Del Taco | Del Taco | ||
Business Acquisition [Line Items] | ||
Ownership acquired (in percent) | 100% |
BUSINESS COMBINATION - Schedule
BUSINESS COMBINATION - Schedule of Pro Forma Information (Details) - USD ($) $ in Thousands | 4 Months Ended | |
Jan. 22, 2023 | Jan. 23, 2022 | |
Business Combinations [Abstract] | ||
Total revenue | $ 527,096 | $ 503,036 |
Net earnings | $ 53,254 | $ 28,866 |
SUMMARY OF REFRANCHISINGS AND_3
SUMMARY OF REFRANCHISINGS AND FRANCHISE ACQUISITIONS - Refranchisings (Details) $ in Thousands | 4 Months Ended | |
Jan. 22, 2023 USD ($) restaurant | Jan. 23, 2022 USD ($) restaurant | |
Franchisor Disclosure [Line Items] | ||
Gains on the sale of company-operated restaurants | $ 10,009 | $ 617 |
Company operated | ||
Franchisor Disclosure [Line Items] | ||
Proceeds from the sale of company-operated restaurants | 17,609 | 48 |
Net assets sold (primarily property and equipment) | (4,093) | 0 |
Goodwill related to the sale of company-operated restaurants | (7,310) | 0 |
Franchise fees | (577) | 0 |
Sublease liabilities | (1,197) | 0 |
Lease termination | (393) | 0 |
Other | (214) | 0 |
Gains on the sale of company-operated restaurants | $ 3,825 | $ 48 |
Company operated | Jack in the Box | ||
Franchisor Disclosure [Line Items] | ||
Restaurants sold to Jack in the Box franchisees | restaurant | 5 | 0 |
Company operated | Del Taco | ||
Franchisor Disclosure [Line Items] | ||
Restaurants sold to Jack in the Box franchisees | restaurant | 16 | 0 |
SUMMARY OF REFRANCHISINGS AND_4
SUMMARY OF REFRANCHISINGS AND FRANCHISE ACQUISITIONS - Narrative (Details) $ in Thousands | 4 Months Ended | ||
Jan. 22, 2023 USD ($) restaurant | Jan. 23, 2022 USD ($) restaurant | Oct. 02, 2022 USD ($) | |
Franchisor Disclosure [Line Items] | |||
Number of restaurants acquired from franchisees | 0 | ||
Current assets held for sale | $ | $ 4,600 | $ 17,000 | $ 17,019 |
Jack in the Box | |||
Franchisor Disclosure [Line Items] | |||
Number of restaurants acquired from franchisees | 4 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS, NET - Changes in Carrying Amount of Goodwill - (Details) $ in Thousands | 4 Months Ended |
Jan. 22, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 366,821 |
Goodwill, ending balance | 359,511 |
Jack in the Box | |
Goodwill [Roll Forward] | |
Goodwill related to the sale of company-operated restaurants | (72) |
Del Taco | |
Goodwill [Roll Forward] | |
Goodwill related to the sale of company-operated restaurants | (7,238) |
Jack in the Box | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 136,099 |
Goodwill, ending balance | 136,027 |
Jack in the Box | Jack in the Box | |
Goodwill [Roll Forward] | |
Goodwill related to the sale of company-operated restaurants | (72) |
Jack in the Box | Del Taco | |
Goodwill [Roll Forward] | |
Goodwill related to the sale of company-operated restaurants | 0 |
Del Taco | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 230,722 |
Goodwill, ending balance | 223,484 |
Del Taco | Jack in the Box | |
Goodwill [Roll Forward] | |
Goodwill related to the sale of company-operated restaurants | 0 |
Del Taco | Del Taco | |
Goodwill [Roll Forward] | |
Goodwill related to the sale of company-operated restaurants | $ (7,238) |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 22, 2023 | Oct. 02, 2022 |
Definite-lived intangible assets: | ||
Gross Amount | $ 12,747 | $ 12,901 |
Accumulated Amortization | (796) | (577) |
Net Amount | 11,951 | 12,324 |
Indefinite-lived intangible assets: | ||
Gross Amount | 283,500 | 283,500 |
Sublease assets | ||
Definite-lived intangible assets: | ||
Gross Amount | 2,671 | 2,671 |
Accumulated Amortization | (214) | (139) |
Net Amount | 2,457 | 2,532 |
Franchise contracts | ||
Definite-lived intangible assets: | ||
Gross Amount | 9,700 | 9,700 |
Accumulated Amortization | (476) | (311) |
Net Amount | 9,224 | 9,389 |
Reacquired franchise rights | ||
Definite-lived intangible assets: | ||
Gross Amount | 376 | 530 |
Accumulated Amortization | (106) | (127) |
Net Amount | $ 270 | $ 403 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS, NET - Amortization Expense (Details) $ in Thousands | Jan. 22, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2023 | $ 556 |
2024 | 804 |
2025 | 804 |
2026 | 804 |
2027 | $ 804 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) | Jan. 22, 2023 |
Lessee, Lease, Description [Line Items] | |
Initial term of operating lease | 20 years |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Renewal term of operating lease | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Renewal term of operating lease | 20 years |
LEASES - Operating Lease Income
LEASES - Operating Lease Income (Details) - USD ($) $ in Thousands | 4 Months Ended | |
Jan. 22, 2023 | Jan. 23, 2022 | |
Lessor, Lease, Description [Line Items] | ||
Amortization of favorable and unfavorable sublease contracts, net | $ (541) | $ 0 |
Operating lease income - closed restaurants and other | 2,240 | 1,658 |
Franchise contracts | ||
Lessor, Lease, Description [Line Items] | ||
Operating lease income - franchise | 73,520 | 71,357 |
Variable lease income - franchise | 35,235 | 31,742 |
Amortization of favorable and unfavorable sublease contracts, net | 75 | 0 |
Franchise rental revenues | $ 108,830 | $ 103,099 |
FAIR VALUE MEASUREMENTS - Finan
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Jan. 22, 2023 | Oct. 02, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | $ 15,992 | $ 13,820 |
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 | 15,992 | 13,820 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | 0 | 0 |
Significant Unobservable Inputs (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 | 15,992 | 13,820 |
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 | 15,992 | 13,820 |
Non Qualified Deferred Compensation Plan | Significant Other Observable Inputs (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 (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Carry
FAIR VALUE MEASUREMENTS - Carrying Value and Estimated Fair Value of Notes (Details) - Senior Notes - USD ($) $ in Thousands | Jan. 22, 2023 | Oct. 02, 2022 |
Carrying Amount | Series 2019 Class A-2 Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | $ 712,313 | $ 714,125 |
Carrying Amount | Series 2022 Class A-2 Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 1,083,500 | 1,089,000 |
Fair Value | Series 2019 Class A-2 Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 652,923 | 641,851 |
Fair Value | Series 2022 Class A-2 Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | $ 930,347 | $ 917,428 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions | Jan. 22, 2023 USD ($) |
Series 2022-1 Class A-2-I Variable Funding Notes | Senior Notes | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Amounts drawn under letter agreement | $ 50 |
OTHER OPERATING (INCOME) EXPE_3
OTHER OPERATING (INCOME) EXPENSES, NET - Summary of Impairment, Disposition of Property and Equipment, Restaurant Closing Costs and Restructuring (Details) - USD ($) $ in Thousands | 4 Months Ended | ||
Jan. 22, 2023 | Jan. 23, 2022 | ||
Restructuring and Related Activities [Abstract] | |||
Acquisition, integration, and restructuring costs | [1] | $ 1,651 | $ 3,013 |
Costs of closed restaurants and other | [2] | 2,589 | 1,072 |
Accelerated depreciation | 268 | 375 | |
Gains on disposition of property and equipment, net (3) | (10,009) | (617) | |
Impairment and other charges | $ (5,501) | $ 3,843 | |
[1]Acquisition, integration, and restructuring costs are related to the acquisition and integration of Del Taco.[2]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. (3) In 2023, gains on disposition of property and equipment relate to the sale of Jack in the Box restaurant properties to franchisees who were leasing the properties from us prior to the sale. |
SEGMENT REPORTING - Schedule of
SEGMENT REPORTING - Schedule of Operating Segments (Details) - USD ($) $ in Thousands | 4 Months Ended | ||
Jan. 22, 2023 | Jan. 23, 2022 | ||
Segment Reporting Information [Line Items] | |||
Revenues | $ 527,096 | $ 344,711 | |
Segment operating profit | 116,510 | 90,664 | |
Depreciation and amortization | 19,402 | 12,496 | |
Acquisition, integration, and restructuring costs | [1] | 1,651 | 3,013 |
Share-based compensation | 3,534 | 1,018 | |
Net COLI (gains) losses | (5,724) | 445 | |
Gains on the sale of company-operated restaurants | (3,825) | (48) | |
Amortization of favorable and unfavorable leases and subleases, net | 541 | 0 | |
Earnings from operations | 100,931 | 73,740 | |
Total capital expenditures | 24,028 | 9,401 | |
Jack in the Box | |||
Segment Reporting Information [Line Items] | |||
Revenues | 366,917 | 344,711 | |
Segment operating profit | 104,426 | 90,664 | |
Depreciation and amortization | 11,029 | 12,496 | |
Total capital expenditures | 15,256 | 9,401 | |
Del Taco | |||
Segment Reporting Information [Line Items] | |||
Revenues | 160,179 | 0 | |
Segment operating profit | 12,084 | 0 | |
Depreciation and amortization | 8,373 | 0 | |
Total capital expenditures | $ 8,772 | $ 0 | |
[1]Acquisition, integration, and restructuring costs are related to the acquisition and integration of Del Taco. |
INCOME TAXES- Narrative (Detail
INCOME TAXES- Narrative (Details) | 4 Months Ended | |
Jan. 22, 2023 | Jan. 23, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rates | 26.70% | 26.50% |
RETIREMENT PLANS - Narrative (D
RETIREMENT PLANS - Narrative (Details) | 4 Months Ended | |
Jan. 22, 2023 definedBenefitPensionPlan healthcarePlan | Jan. 01, 2022 USD ($) | |
Retirement Benefits [Abstract] | ||
Number of sponsored defined benefit pension plans | definedBenefitPensionPlan | 2 | |
Number of postretirement health care plans | healthcarePlan | 2 | |
Minimum required contribution for retirement plans | $ | $ 0 |
RETIREMENT PLANS - Components o
RETIREMENT PLANS - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 4 Months Ended | |
Jan. 22, 2023 | Jan. 23, 2022 | |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 5,913 | $ 4,517 |
Expected return on plan assets | (4,648) | (5,570) |
Actuarial losses (gains) | 944 | 1,187 |
Amortization of unrecognized prior service costs | 6 | 6 |
Net periodic benefit cost | 2,215 | 140 |
Post-Retirement Healthcare Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 215 | 150 |
Actuarial losses (gains) | (286) | (197) |
Net periodic benefit cost | $ (71) | $ (47) |
RETIREMENT PLANS - Schedule of
RETIREMENT PLANS - Schedule of Future Cash Flows (Details) $ in Thousands | 4 Months Ended |
Jan. 22, 2023 USD ($) | |
SERP | |
Defined Benefit Plan Disclosure [Line Items] | |
Net year-to-date contributions | $ 1,311 |
Remaining estimated net contributions during fiscal 2023 | 3,902 |
Post-Retirement Healthcare Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Net year-to-date contributions | 377 |
Remaining estimated net contributions during fiscal 2023 | $ 735 |
STOCKHOLDERS_ DEFICIT - Summary
STOCKHOLDERS’ DEFICIT - Summary of Changes in Equity (Details) - USD ($) shares in Thousands, $ in Thousands | 4 Months Ended | |
Jan. 22, 2023 | Jan. 23, 2022 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | $ (736,192) | $ (817,882) |
Shares issued under stock plans, including tax benefit | 0 | 49 |
Share-based compensation | 3,534 | 1,018 |
Dividends declared | (9,154) | (9,257) |
Purchases of treasury stock | (14,999) | |
Net earnings | 53,254 | 39,270 |
Other comprehensive income | 489 | 738 |
Ending balance | $ (703,068) | $ (786,064) |
Common Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance (in shares) | 82,581 | 82,536 |
Beginning balance | $ 826 | $ 825 |
Shares issued under stock plans, including tax benefit (in shares) | 36 | 28 |
Shares issued under stock plans, including tax benefit | $ 0 | $ 1 |
Ending balance (in shares) | 82,617 | 82,564 |
Ending balance | $ 826 | $ 826 |
Capital in Excess of Par Value | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 508,323 | 500,441 |
Shares issued under stock plans, including tax benefit | 0 | 48 |
Share-based compensation | 3,534 | 1,018 |
Dividends declared | 67 | 63 |
Ending balance | 511,924 | 501,570 |
Retained Earnings | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 1,842,947 | 1,764,412 |
Dividends declared | (9,221) | (9,320) |
Net earnings | 53,254 | 39,270 |
Ending balance | 1,886,980 | 1,794,362 |
Accumulated Other Comprehensive Loss | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (53,982) | (74,254) |
Other comprehensive income | 489 | 738 |
Ending balance | (53,493) | (73,516) |
Treasury Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (3,034,306) | (3,009,306) |
Purchases of treasury stock | (14,999) | |
Ending balance | $ (3,049,305) | $ (3,009,306) |
STOCKHOLDERS_ DEFICIT - Narrati
STOCKHOLDERS’ DEFICIT - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 4 Months Ended | |
Jan. 22, 2023 | Jan. 23, 2022 | |
Stockholders' Equity Note [Abstract] | ||
Shares repurchased (in shares) | 200,000 | |
Value of shares repurchased | $ 14,999 | |
Repurchase of common stock, remaining authorized amount | $ 160,000 | |
Cash dividend (in USD per share) | $ 0.44 | $ 0.44 |
Total cash dividends | $ 9,200 |
AVERAGE SHARES OUTSTANDING - Re
AVERAGE SHARES OUTSTANDING - Reconciliation of Basic Weighted-Average Shares Outstanding to Diluted Weighted-Average Shares Outstanding (Details) - shares shares in Thousands | 4 Months Ended | |
Jan. 22, 2023 | Jan. 23, 2022 | |
Average Shares Outstanding [Line Items] | ||
Weighted-average shares outstanding - basic (in shares) | 20,921 | 21,205 |
Weighted-average number of shares outstanding - diluted (in shares) | 21,000 | 21,247 |
Excluded from diluted weighted-average shares outstanding: | ||
Antidilutive (in shares) | 23 | 15 |
Performance conditions not satisfied at the end of the period (in shares) | 112 | 25 |
Nonvested stock awards and units | ||
Average Shares Outstanding [Line Items] | ||
Effect of potentially dilutive securities (in shares) | 79 | 40 |
Stock options | ||
Average Shares Outstanding [Line Items] | ||
Effect of potentially dilutive securities (in shares) | 0 | 2 |
Performance share awards | ||
Average Shares Outstanding [Line Items] | ||
Effect of potentially dilutive securities (in shares) | 0 | 0 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions | 1 Months Ended | |||||
Feb. 08, 2023 USD ($) | Oct. 24, 2022 USD ($) | Jun. 04, 2022 USD ($) | Apr. 17, 2019 purchaser | Aug. 31, 2010 formerEmployee | Jan. 22, 2023 USD ($) | |
Loss Contingencies [Line Items] | ||||||
Lease guarantee | $ 23 | |||||
Qdoba guaranteed leases, remaining term | 15 years | |||||
Jack in the Box | ||||||
Loss Contingencies [Line Items] | ||||||
Number of former employees | formerEmployee | 5 | |||||
Damages awarded | $ 6.4 | |||||
Torrez V. Jack In The Box | Settled Litigation | ||||||
Loss Contingencies [Line Items] | ||||||
Damages awarded | $ 50 | |||||
J&D Restaurant Group v. Jack in the Box Inc. | ||||||
Loss Contingencies [Line Items] | ||||||
Number of perspective purchasers | purchaser | 2 | |||||
J&D Restaurant Group v. Jack in the Box Inc. | Subsequent Event | ||||||
Loss Contingencies [Line Items] | ||||||
Damages awarded | $ 8 |
SUPPLEMENTAL CONSOLIDATED CAS_3
SUPPLEMENTAL CONSOLIDATED CASH FLOW INFORMATION - Additional Information Related to Cash Flows (Details) - USD ($) $ in Thousands | 4 Months Ended | |
Jan. 22, 2023 | Jan. 23, 2022 | |
Non-cash investing and financing transactions: | ||
Decrease in obligations for purchases of property and equipment | $ 4,147 | $ 952 |
Increase in accrued debt issuance costs | 0 | 3,955 |
Increase in dividends accrued or converted to common stock equivalents | 68 | 63 |
Right-of use assets obtained in exchange for operating lease obligations | 54,246 | 69,789 |
Right-of use assets obtained in exchange for finance lease obligations | $ 0 | $ 20 |
SUPPLEMENTAL CONSOLIDATED BAL_3
SUPPLEMENTAL CONSOLIDATED BALANCE SHEET INFORMATION (Details) - USD ($) $ in Thousands | Jan. 22, 2023 | Oct. 02, 2022 | Jan. 23, 2022 | Oct. 03, 2021 |
Accounts and other receivables, net: | ||||
Trade | $ 51,178 | $ 90,105 | ||
Notes receivable, current portion | 1,702 | 8,643 | ||
Income tax receivable | 871 | 878 | ||
Other | 7,766 | 10,152 | ||
Allowance for doubtful accounts | (4,530) | (5,975) | $ (7,328) | $ (6,292) |
Accounts and other receivables, net | 56,987 | 103,803 | ||
Property and equipment, net | ||||
Property and equipment, at cost | 1,251,566 | 1,228,916 | ||
Less accumulated depreciation and amortization | (826,928) | (810,752) | ||
Property and equipment, net | 424,638 | 418,164 | ||
Other assets, net: | ||||
Company-owned life insurance policies | 115,556 | 108,924 | ||
Deferred rent receivable | 43,114 | 43,891 | ||
Franchise tenant improvement allowance | 35,456 | 32,429 | ||
Notes receivable, less current portion | 11,099 | 11,624 | ||
Other | 30,189 | 29,701 | ||
Other assets, net | 235,414 | 226,569 | ||
Accrued liabilities: | ||||
Legal accruals | 65,115 | 59,165 | ||
Payroll and related taxes | 35,032 | 43,837 | ||
Insurance | 32,580 | 32,272 | ||
Sales and property taxes | 18,676 | 30,947 | ||
Deferred rent income | 4,722 | 18,525 | ||
Advertising | 13,267 | 11,028 | ||
Deferred franchise and development fees | 5,775 | 5,647 | ||
Other | 49,573 | 52,511 | ||
Accrued liabilities | 224,740 | 253,932 | ||
Other long-term liabilities: | ||||
Defined benefit pension plans | 51,337 | 51,679 | ||
Deferred franchise and development fees | 41,275 | 40,802 | ||
Other | 43,371 | 42,213 | ||
Other long-term liabilities | 135,983 | 134,694 | ||
Land | ||||
Property and equipment, net | ||||
Property and equipment, at cost | 92,860 | 86,134 | ||
Buildings | ||||
Property and equipment, net | ||||
Property and equipment, at cost | 971,935 | 960,984 | ||
Restaurant and other equipment | ||||
Property and equipment, net | ||||
Property and equipment, at cost | 168,865 | 163,527 | ||
Construction in progress | ||||
Property and equipment, net | ||||
Property and equipment, at cost | $ 17,906 | $ 18,271 |
SUBSEQUENT EVENTS - Narrative (
SUBSEQUENT EVENTS - Narrative (Details) - $ / shares | 4 Months Ended | ||
Feb. 24, 2023 | Jan. 22, 2023 | Jan. 23, 2022 | |
Subsequent Event [Line Items] | |||
Cash dividends declared per common share (in USD per share) | $ 0.44 | $ 0.44 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Cash dividends declared per common share (in USD per share) | $ 0.44 |