Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 25, 2013 | Oct. 24, 2013 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | DENNYS CORP | |
Entity Central Index Key | 852772 | |
Current Fiscal Year End Date | -13 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 89,237,478 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 25-Sep-13 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 25, 2013 | Dec. 26, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $6,330 | $13,565 |
Receivables | 14,167 | 19,947 |
Inventories | 2,890 | 2,890 |
Current deferred tax asset | 20,962 | 19,807 |
Prepaid and other current assets | 6,111 | 8,401 |
Total current assets | 50,460 | 64,610 |
Property, net of accumulated depreciation of $251,617 and $250,173, respectively | 105,174 | 107,004 |
Goodwill | 31,451 | 31,430 |
Intangible assets, net | 48,479 | 48,920 |
Deferred financing costs, net | 2,216 | 2,041 |
Noncurrent deferred tax asset | 34,829 | 45,776 |
Other noncurrent assets | 27,300 | 25,104 |
Total assets | 299,909 | 324,885 |
Current liabilities: | ||
Current maturities of long-term debt | 3,000 | 8,500 |
Current maturities of capital lease obligations | 4,170 | 4,181 |
Accounts payable | 17,009 | 24,461 |
Other current liabilities | 50,228 | 54,682 |
Total current liabilities | 74,407 | 91,824 |
Long-term liabilities: | ||
Long-term debt, less current maturities | 152,500 | 161,500 |
Capital lease obligations, less current maturities | 15,666 | 15,953 |
Liability for insurance claims, less current portion | 18,104 | 18,045 |
Other noncurrent liabilities and deferred credits | 38,847 | 42,023 |
Total long-term liabilities | 225,117 | 237,521 |
Total liabilities | 299,524 | 329,345 |
Commitments and Contingencies | ||
Shareholders' equity | ||
Common stock $0.01 par value; authorized - 135,000; September 25, 2013: 104,695 shares issued and 89,372 shares outstanding; December 26, 2012: 103,764 shares issued and 92,229 shares outstanding | 1,047 | 1,038 |
Paid-in capital | 566,369 | 562,657 |
Deficit | -475,208 | -495,518 |
Accumulated other comprehensive loss, net of tax | -22,607 | -24,999 |
Shareholders' equity before treasury stock | 69,601 | 43,178 |
Treasury stock, at cost, 15,323 and 11,535 shares, respectively | -69,216 | -47,638 |
Total shareholders' equity (deficit) | 385 | -4,460 |
Total liabilities and shareholders' equity | $299,909 | $324,885 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 25, 2013 | Dec. 26, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Assets [Abstract] | ||
Accumulated depreciation | $251,617 | $250,173 |
Shareholders' equity | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 135,000 | 135,000 |
Common stock, shares issued | 104,695 | 103,764 |
Common stock, shares outstanding | 89,372 | 92,229 |
Treasury stock, at cost, shares | 15,323 | 11,535 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 25, 2013 | Sep. 26, 2012 | Sep. 25, 2013 | Sep. 26, 2012 |
Revenue: | ||||
Company restaurant sales | $83,371 | $86,575 | $247,242 | $271,977 |
Franchise and license revenue | 33,904 | 34,370 | 101,094 | 100,437 |
Total operating revenue | 117,275 | 120,945 | 348,336 | 372,414 |
Costs of company restaurant sales: | ||||
Product costs | 21,722 | 21,449 | 64,270 | 67,684 |
Payroll and benefits | 33,746 | 34,409 | 98,512 | 108,779 |
Occupancy | 5,598 | 5,780 | 16,339 | 17,776 |
Other operating expenses | 12,022 | 12,170 | 34,538 | 37,267 |
Total costs of company restaurant sales | 73,088 | 73,808 | 213,659 | 231,506 |
Costs of franchise and license revenue | 11,599 | 12,078 | 34,586 | 34,776 |
General and administrative expenses | 13,704 | 14,702 | 42,948 | 45,150 |
Depreciation and amortization | 5,198 | 5,287 | 15,774 | 17,174 |
Operating (gains), losses and other charges, net | 161 | 3,380 | 1,779 | -794 |
Total operating costs and expenses, net | 103,750 | 109,255 | 308,746 | 327,812 |
Operating income | 13,525 | 11,690 | 39,590 | 44,602 |
Interest expense, net | 2,452 | 3,088 | 7,800 | 10,537 |
Other nonoperating (income) expense, net | -276 | 38 | 1,056 | 7,941 |
Net income before income taxes | 11,349 | 8,564 | 30,734 | 26,124 |
Provision for income taxes | 4,318 | 3,201 | 10,424 | 10,295 |
Net income | 7,031 | 5,363 | 20,310 | 15,829 |
Basic net income per share | $0.08 | $0.06 | $0.22 | $0.17 |
Diluted net income per share | $0.08 | $0.06 | $0.22 | $0.16 |
Basic weighted average shares outstanding | 90,035 | 94,705 | 91,348 | 95,472 |
Diluted weighted average shares outstanding | 91,967 | 96,745 | 93,377 | 97,196 |
Comprehensive income | $6,574 | $5,631 | $22,702 | $16,633 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Paid-in Capital [Member] | (Deficit) [Member] | Accumulated Other Comprehensive Loss, Net [Member] |
In Thousands, unless otherwise specified | ||||||
Balance at Dec. 26, 2012 | ($4,460) | $1,038 | ($47,638) | $562,657 | ($495,518) | ($24,999) |
Balance, treasury stock, at cost, shares at Dec. 26, 2012 | -11,535 | -11,535 | ||||
Balance, common stock, shares issued at Dec. 26, 2012 | 103,764 | 103,764 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 20,310 | 20,310 | ||||
Recognition of unrealized gain on hedged transactions, net of tax expense of $1,063 | 1,640 | 1,640 | ||||
Minimum pension liability adjustment, net of tax expense of $487 | 752 | 752 | ||||
Share-based compensation on equity classified awards | 1,848 | 1,848 | ||||
Purchase of treasury stock | -21,578 | -21,578 | ||||
Purchase of treasury stock (in shares) | -3,800 | -3,788 | ||||
Issuance of common stock for share-based compensation | 0 | 3 | -3 | |||
Issuance of common stock for share-based compensation (in shares) | 300 | |||||
Exercise of common stock options | 2,077 | 6 | 2,071 | |||
Exercise of common stock options (in shares) | 631 | |||||
Tax expense from stock options exercised | -204 | -204 | ||||
Balance at Sep. 25, 2013 | $385 | $1,047 | ($69,216) | $566,369 | ($475,208) | ($22,607) |
Balance, treasury stock, at cost, shares at Sep. 25, 2013 | -15,323 | -15,323 | ||||
Balance, common stock, shares issued at Sep. 25, 2013 | 104,695 | 104,695 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 25, 2013 |
Statement of Stockholders' Equity [Abstract] | |
Minimum pension liability adjustment, tax expense | $487 |
Unrealized gain on hedged transactions, tax expense | $1,063 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 25, 2013 | Sep. 26, 2012 |
Cash flows from operating activities: | ||
Net income | $20,310 | $15,829 |
Adjustments to reconcile net income to cash flows provided by operating activities: | ||
Depreciation and amortization | 15,774 | 17,174 |
Operating (gains), losses and other charges, net | 1,779 | -794 |
Amortization of deferred financing costs | 376 | 639 |
Amortization of debt discount | 0 | 137 |
Loss on early extinguishment of debt | 1,798 | 8,180 |
Loss on change in the fair value of interest rate caps | 28 | 62 |
Deferred income tax expense | 8,241 | 8,988 |
Share-based compensation | 3,434 | 2,794 |
Decrease (increase) in assets: | ||
Receivables | 3,519 | 1,034 |
Inventories | 0 | 592 |
Other current assets | 2,291 | 3,885 |
Other assets | -1,399 | -2,549 |
Increase (decrease) in liabilities: | ||
Accounts payable | -3,461 | -4,548 |
Accrued salaries and vacations | -3,089 | 1,246 |
Accrued taxes | 1,823 | 1,140 |
Other accrued liabilities | -4,015 | -5,725 |
Other noncurrent liabilities and deferred credits | -2,693 | -4,061 |
Net cash flows provided by operating activities | 44,716 | 44,023 |
Cash flows from investing activities: | ||
Capital expenditures | -11,819 | -7,846 |
Acquisition of restaurant | -1,622 | 0 |
Proceeds from disposition of property | 1,591 | 14,168 |
Collections on notes receivable | 3,653 | 1,642 |
Issuance of notes receivable | -1,232 | -1,652 |
Net cash flows (used in) provided by investing activities | -9,429 | 6,312 |
Cash flows from financing activities: | ||
Net revolver borrowings under new credit agreement | 97,000 | 0 |
Term loan borrowings under new credit agreement | 60,000 | 190,000 |
Long-term debt payments | -174,820 | -215,590 |
Proceeds from exercise of stock options | 2,077 | 2,123 |
Tax withholding on share-based payments | -464 | -327 |
Tax (expense) benefit of stock options exercised | -204 | 648 |
Debt transaction costs | -366 | -1,098 |
Deferred financing costs | -1,372 | -1,809 |
Purchase of treasury stock | -21,952 | -10,442 |
Net bank overdrafts | -2,421 | -3,432 |
Net cash flows used in financing activities | -42,522 | -39,927 |
(Decrease) increase in cash and cash equivalents | -7,235 | 10,408 |
Cash and cash equivalents at beginning of period | 13,565 | 13,740 |
Cash and cash equivalents at end of period | $6,330 | $24,148 |
Introduction_and_Basis_of_Pres
Introduction and Basis of Presentation | 9 Months Ended | |||||||||||
Sep. 25, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
Introduction and Basis of Presentation | Introduction and Basis of Presentation | |||||||||||
Denny’s Corporation, or Denny’s, is one of America’s largest full-service restaurant chains based on number of restaurants. The following table shows the unit activity for the quarter and three quarters ended September 25, 2013 and September 26, 2012, respectively: | ||||||||||||
Quarter Ended | Three Quarters Ended | |||||||||||
September 25, 2013 | September 26, 2012 | September 25, 2013 | September 26, 2012 | |||||||||
Company restaurants, beginning of period | 165 | 177 | 164 | 206 | ||||||||
Units opened | — | — | — | — | ||||||||
Units acquired from franchisees | 1 | — | 2 | — | ||||||||
Units sold to franchisees | (2 | ) | (5 | ) | (2 | ) | (28 | ) | ||||
Units closed | — | (1 | ) | — | (7 | ) | ||||||
End of period | 164 | 171 | 164 | 171 | ||||||||
Franchised and licensed restaurants, beginning of period | 1,525 | 1,507 | 1,524 | 1,479 | ||||||||
Units opened | 9 | 12 | 27 | 27 | ||||||||
Units purchased from Company | 2 | 5 | 2 | 28 | ||||||||
Units acquired by Company | (1 | ) | — | (2 | ) | — | ||||||
Units closed | (13 | ) | (8 | ) | (29 | ) | (18 | ) | ||||
End of period | 1,522 | 1,516 | 1,522 | 1,516 | ||||||||
Total restaurants, end of period | 1,686 | 1,687 | 1,686 | 1,687 | ||||||||
Our unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Therefore, certain information and notes normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. In our opinion, all adjustments considered necessary for a fair presentation of the interim periods presented have been included. Such adjustments are of a normal and recurring nature. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions; however, we believe that our estimates, including those for the above-described items, are reasonable. | ||||||||||||
These interim condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 26, 2012 and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations, both of which are contained in our Annual Report on Form 10-K for the fiscal year ended December 26, 2012. The results of operations for the interim periods presented are not necessarily indicative of the results for the entire fiscal year ending December 25, 2013. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 25, 2013 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
Newly Adopted Accounting Standards | |
Intangibles | |
ASU No. 2012-02, "Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment” | |
Effective December 27, 2012, we adopted ASU 2012-02, which modifies the impairment test for indefinite-lived intangible assets. Under the new guidance, an entity is permitted to make a qualitative assessment of whether it is more likely than not that the indefinite-lived intangible asset is impaired. If it is determined through the qualitative assessment that the indefinite-lived intangible asset's fair value is more likely than not greater than its carrying value, the quantitative impairment calculations would not be required. The qualitative assessment is optional, allowing companies to go directly to the quantitative assessment. The adoption did not have any impact on our Condensed Consolidated Financial Statements. | |
Comprehensive Income | |
ASU 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" | |
Effective December 27, 2012, we adopted ASU 2013-02, which requires companies to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, companies are required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. ASU 2013-02 is to be applied prospectively. The adoption concerns presentation and disclosure only and did not have an impact on our financial position or results of operations. | |
Accounting Standards to be Adopted | |
We reviewed all newly issued accounting pronouncements and concluded that they are either not applicable to our business or are not expected to have a material effect on the financial statements as a result of future adoption. |
Receivables
Receivables | 9 Months Ended | |||||||
Sep. 25, 2013 | ||||||||
Receivables [Abstract] | ||||||||
Receivables | Receivables | |||||||
Receivables were comprised of the following: | ||||||||
September 25, 2013 | December 26, 2012 | |||||||
(In thousands) | ||||||||
Current assets: | ||||||||
Receivables: | ||||||||
Trade accounts receivable from franchisees | $ | 9,228 | $ | 10,212 | ||||
Notes receivable from franchisees | 2,049 | 4,310 | ||||||
Vendor receivables | 1,130 | 2,529 | ||||||
Credit card receivables | 792 | 1,384 | ||||||
Other | 1,193 | 1,524 | ||||||
Allowance for doubtful accounts | (225 | ) | (12 | ) | ||||
Total current receivables, net | $ | 14,167 | $ | 19,947 | ||||
Noncurrent assets (included as a component of other noncurrent assets): | ||||||||
Notes receivable from franchisees | $ | 842 | $ | 1,002 | ||||
For the quarter and three quarters ended September 25, 2013, we recorded provisions for credit losses of $0.1 million. For the quarter and three quarters ended September 26, 2012, we recorded provisions for credit losses of less than $0.1 million. These amounts are included as a component of costs of franchise and license revenue on our Condensed Consolidated Statements of Comprehensive Income. | ||||||||
For the quarters and three quarters ended September 25, 2013 and September 26, 2012, we recognized interest income on notes receivable from franchisees of less than $0.1 million. These amounts are included as a component of interest expense, net on our Condensed Consolidated Statements of Comprehensive Income. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | |||||||||||||||
Sep. 25, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||||||
The following table reflects the changes in carrying amounts of goodwill: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Balance, December 26, 2012 | $ | 31,430 | ||||||||||||||
Additions related to acquisitions | 28 | |||||||||||||||
Write-offs and reclassifications associated with sale of restaurants | (7 | ) | ||||||||||||||
Balance, September 25, 2013 | $ | 31,451 | ||||||||||||||
Other intangible assets were comprised of the following: | ||||||||||||||||
September 25, 2013 | December 26, 2012 | |||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
(In thousands) | ||||||||||||||||
Intangible assets with indefinite lives: | ||||||||||||||||
Trade names | $ | 44,050 | $ | — | $ | 44,050 | $ | — | ||||||||
Liquor licenses | 126 | — | 156 | — | ||||||||||||
Intangible assets with definite lives: | ||||||||||||||||
Franchise and license agreements | 32,993 | 28,733 | 37,524 | 32,863 | ||||||||||||
Foreign license agreements | 241 | 198 | 241 | 188 | ||||||||||||
Intangible assets | $ | 77,410 | $ | 28,931 | $ | 81,971 | $ | 33,051 | ||||||||
Operating_Gains_Losses_and_Oth
Operating (Gains), Losses and Other Charges, Net | 9 Months Ended | |||||||||||||||
Sep. 25, 2013 | ||||||||||||||||
Operating (Gains), Losses And Other Charges, Net [Abstract] | ||||||||||||||||
Operating (Gains), Losses and Other Charges, Net | Operating (Gains), Losses and Other Charges, Net | |||||||||||||||
Operating (gains), losses and other charges, net are comprised of the following: | ||||||||||||||||
Quarter Ended | Three Quarters Ended | |||||||||||||||
September 25, 2013 | September 26, 2012 | September 25, 2013 | September 26, 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
(Gains) losses on sales of assets and other, net | $ | (68 | ) | $ | 91 | $ | (83 | ) | $ | (6,772 | ) | |||||
Restructuring charges and exit costs | 229 | 821 | 1,005 | 2,970 | ||||||||||||
Impairment charges | — | 2,468 | 857 | 3,008 | ||||||||||||
Operating (gains), losses and other charges, net | $ | 161 | $ | 3,380 | $ | 1,779 | $ | (794 | ) | |||||||
Restructuring Charges and Exit Costs | ||||||||||||||||
Restructuring charges and exit costs were comprised of the following: | ||||||||||||||||
Quarter Ended | Three Quarters Ended | |||||||||||||||
September 25, 2013 | September 26, 2012 | September 25, 2013 | September 26, 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Exit costs | $ | 198 | $ | 233 | $ | 435 | $ | 1,139 | ||||||||
Severance and other restructuring charges | 31 | 588 | 570 | 1,831 | ||||||||||||
Total restructuring and exit costs | $ | 229 | $ | 821 | $ | 1,005 | $ | 2,970 | ||||||||
The components of the change in accrued exit cost liabilities are as follows: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Balance, December 26, 2012 | $ | 4,061 | ||||||||||||||
Exit costs (1) | 435 | |||||||||||||||
Payments, net of sublease receipts | (1,248 | ) | ||||||||||||||
Interest accretion | 195 | |||||||||||||||
Balance, September 25, 2013 | 3,443 | |||||||||||||||
Less current portion included in other current liabilities | 1,228 | |||||||||||||||
Long-term portion included in other noncurrent liabilities | $ | 2,215 | ||||||||||||||
-1 | Included as a component of operating (gains), losses and other charges, net. | |||||||||||||||
Estimated net cash payments related to exit cost liabilities are as follows: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Remainder of 2013 | $ | 270 | ||||||||||||||
2014 | 1,319 | |||||||||||||||
2015 | 545 | |||||||||||||||
2016 | 320 | |||||||||||||||
2017 | 322 | |||||||||||||||
Thereafter | 1,338 | |||||||||||||||
Total | 4,114 | |||||||||||||||
Less imputed interest | 671 | |||||||||||||||
Present value of exit cost liabilities | $ | 3,443 | ||||||||||||||
As of September 25, 2013 and December 26, 2012, we had accrued severance and other restructuring charges of $0.1 million and $0.5 million, respectively. The balance as of September 25, 2013 is expected to be paid during the next 12 months. | ||||||||||||||||
Impairment charges of $0.9 million for the three quarters ended September 25, 2013 resulted primarily from the impairment of two units identified as assets held for sale. Impairment charges of $2.5 million for the quarter ended September 26, 2012 resulted primarily from the impairment of six units identified as held for sale. Impairment charges of $3.0 million for the three quarters ended September 26, 2012 resulted primarily from the impairment of seven units identified as assets held for sale and the impairment of an underperforming unit. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | |||||||||||||||||
Sep. 25, 2013 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||
Fair Value Disclosures | Fair Value of Financial Instruments | |||||||||||||||||
Fair Value of Assets and Liabilities Measured on a Recurring and Nonrecurring Basis | ||||||||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis are summarized below: | ||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets/Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | Valuation Technique | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
(In thousands) | ||||||||||||||||||
Fair value measurements as of September 25, 2013: | ||||||||||||||||||
Deferred compensation plan investments (1) | $ | 7,730 | $ | 7,730 | $ | — | $ | — | market approach | |||||||||
Interest rate swaps (2) | $ | 2,704 | — | 2,704 | — | income approach | ||||||||||||
Interest rate caps (2) | $ | 25 | $ | — | $ | 25 | $ | — | income approach | |||||||||
Total | $ | 10,459 | $ | 7,730 | $ | 2,729 | $ | — | ||||||||||
Fair value measurements as of December 26, 2012: | ||||||||||||||||||
Deferred compensation plan investments (1) | $ | 6,371 | $ | 6,371 | $ | — | $ | — | market approach | |||||||||
Interest rate caps (2) | $ | 8 | $ | — | $ | 8 | $ | — | income approach | |||||||||
Total | $ | 6,379 | $ | 6,371 | $ | 8 | $ | — | ||||||||||
-1 | The fair values of our deferred compensation plan investments are based on the closing market prices of the participants’ elected investments. | |||||||||||||||||
-2 | The fair values of our interest rate swaps and interest rate caps are based upon Level 2 inputs which include valuation models as reported by our counterparties. The key inputs for the valuation models are quoted market prices, interest rates and forward yield curves. | |||||||||||||||||
Those assets and liabilities measured at fair value on a nonrecurring basis are summarized below: | ||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets/Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | Valuation Technique | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
(In thousands) | ||||||||||||||||||
Fair value measurements as of December 26, 2012: | ||||||||||||||||||
Assets held and used (1) | $ | 228 | $ | — | $ | — | $ | 228 | income approach | |||||||||
Total | $ | 228 | $ | — | $ | — | $ | 228 | ||||||||||
-1 | As of December 26, 2012, impaired assets related to an underperforming restaurant were written down to their fair value. Impairment charges of $0.7 million were recognized as a component of operating (gains), losses and other charges, net in our Condensed Consolidated Statements of Comprehensive Income. To determine fair value, we used the income approach, which assumes that the future cash flows reflect current market expectations. These fair value measurements require significant judgment using Level 3 inputs, such as discounted cash flows from operations, which are not observable from the market, directly or indirectly. | |||||||||||||||||
Disclosures of Fair Value of Other Assets and Liabilities | ||||||||||||||||||
The liabilities under our credit facility are carried at historical cost in our Condensed Consolidated Balance Sheets. As of September 25, 2013 and December 26, 2012, the estimated fair value (Level 2) of our senior secured term loan approximated its carrying value. The fair value of our long-term debt is determined based on market prices or, if market prices are not available, the present value of the underlying cash flows discounted at market rates. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||
Sep. 25, 2013 | ||||
Debt Disclosure [Abstract] | ||||
Long-Term Debt | Long-Term Debt | |||
Refinancing of Credit Facility | ||||
On April 24, 2013, Denny's Corporation and certain of its subsidiaries refinanced our credit facility (the "Old Credit Facility") and entered into a new senior secured credit agreement in an aggregate principal amount of $250 million (the “New Credit Facility”). The New Credit Facility is comprised of a $60 million senior secured term loan and a $190 million senior secured revolver (with a $30 million letter of credit sublimit). A commitment fee of 0.35% is paid on the unused portion of the revolving credit facility. Borrowings under the New Credit Facility bear a tiered interest rate based on the Company's consolidated leverage ratio and is initially set at LIBOR plus 200 basis points. The New Credit Facility includes an accordion feature that would allow us to increase the size of the facility to $300 million. The maturity date for the New Credit Facility is April 24, 2018. | ||||
The New Credit Facility was used to refinance the Old Credit Facility and will be available for working capital, capital expenditures and other general corporate purposes. The New Credit Facility is guaranteed by the Company and its material subsidiaries and is secured by substantially all of the assets of the Company and its subsidiaries, including the stock of the Company's subsidiaries. It includes negative covenants that are usual for facilities and transactions of this type. The New Credit Facility also includes certain financial covenants with respect to a maximum consolidated leverage ratio, a minimum consolidated fixed charge coverage ratio and maximum capital expenditures. | ||||
The term loan under the New Credit Facility requires amortization of the original term loan balance of 5% per year in the first two years, 7.5% in the subsequent two years and 10% in the fifth year with the balance due at maturity. We will be required to make certain mandatory prepayments under certain circumstances and will have the option to make certain prepayments under the New Credit Facility. The New Credit Facility includes events of default (and related remedies, including acceleration and increased interest rates following an event of default) that are usual for facilities and transactions of this type. | ||||
As a result of the debt refinancing, we recorded $1.2 million of losses on early extinguishment of debt, consisting primarily of $0.4 million of transaction costs and $0.8 million from the write-off of deferred financing costs related to the Old Credit Facility. These losses are included as a component of other nonoperating expense in the condensed Consolidated Statements of Comprehensive Income. | ||||
As of September 25, 2013, we had outstanding term loan borrowings under the New Credit Facility of $58.5 million and outstanding letters of credit under the senior secured revolver of $26.0 million. There were $97.0 million of revolving loans outstanding at September 25, 2013. These balances resulted in availability of $67.0 million under the revolving facility. The weighted-average interest rate under the term loan was 2.18% and 2.97% as of September 25, 2013 and December 26, 2012, respectively. The weighted-average interest rate on outstanding revolver loans was 2.18% as of September 25, 2013. | ||||
During the three quarters ended September 25, 2013, we paid $4.0 million on the term loan under the Old Credit Facility, prior to the April 24, 2013 refinancing. Subsequent to the April 24, 2013 refinancing, we paid $1.5 million on the term loan under the New Credit Facility. | ||||
Aggregate annual maturities of long-term debt, excluding capital lease obligations, at September 25, 2013 are as follows: | ||||
(In thousands) | ||||
Remainder of 2013 | $ | 750 | ||
2014 | 3,000 | |||
2015 | 4,125 | |||
2016 | 4,500 | |||
2017 and thereafter | 143,125 | |||
Total long-term debt, excluding capital lease obligations | $ | 155,500 | ||
Interest Rate Hedges | ||||
On April 13, 2012, we entered into interest rate hedges that cap the LIBOR rate on borrowings under our credit facility for a two year period. The 200 basis point LIBOR cap applied to $150 million of borrowings from April 13, 2012 through April 13, 2013 and $125 million of borrowings from April 14, 2013 through April 13, 2014. | ||||
Our existing interest rate hedges remain in effect under the New Credit Facility until April 13, 2014. On April 30, 2013, we entered into additional interest rate hedges that cap the LIBOR rate on borrowings under the New Credit Facility. The 200 basis point LIBOR cap applies to $150 million of borrowings from April 14, 2014 through March 31, 2015. | ||||
On April 30, 2013, we also entered into interest rate swaps to hedge a portion of the cash flows of our floating rate debt from March 31, 2015 through March 29, 2018. We designated the interest rate swaps as cash flow hedges of our exposure to variability in future cash flows attributable to payments of LIBOR due on a related $150 million notional debt obligation from March 31, 2015 through March 31, 2017 and a related $140 million notional debt obligation from April 1, 2017 through March 29, 2018. Under the terms of the swaps, we will pay an average fixed rate of 3.12% on the notional amounts and receive payments from a counterparty based on the 30-day LIBOR rate. | ||||
We believe that our estimated cash flows from operations for 2013, combined with our capacity for additional borrowings under our credit facility, will enable us to meet our anticipated cash requirements and fund capital expenditures over the next twelve months. |
Defined_Benefit_Plans
Defined Benefit Plans | 9 Months Ended | |||||||||||||||
Sep. 25, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Defined Benefit Plans | Defined Benefit Plans | |||||||||||||||
The components of net periodic benefit cost were as follows: | ||||||||||||||||
Quarter Ended | Three Quarters Ended | |||||||||||||||
September 25, 2013 | September 26, 2012 | September 25, 2013 | September 26, 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Pension plan: | ||||||||||||||||
Service cost | $ | 100 | $ | 95 | $ | 300 | $ | 285 | ||||||||
Interest cost | 745 | 800 | 2,233 | 2,400 | ||||||||||||
Expected return on plan assets | (1,122 | ) | (1,024 | ) | (3,366 | ) | (3,042 | ) | ||||||||
Amortization of net loss | 413 | 441 | 1,240 | 1,322 | ||||||||||||
Net periodic benefit cost | $ | 136 | $ | 312 | $ | 407 | $ | 965 | ||||||||
Other defined benefit plans: | ||||||||||||||||
Interest cost | $ | 28 | $ | 29 | $ | 84 | $ | 87 | ||||||||
Amortization of net loss | 17 | 13 | 53 | 39 | ||||||||||||
Net periodic benefit cost | $ | 45 | $ | 42 | $ | 137 | $ | 126 | ||||||||
We made contributions of $2.8 million to our qualified pension plan during both the three quarters ended September 25, 2013 and September 26, 2012. We made contributions of $0.1 million to our other defined benefit plans during both the three quarters ended September 25, 2013 and September 26, 2012. We expect to contribute less than $0.1 million to our other defined benefit plans over the remainder of fiscal 2013. | ||||||||||||||||
During the three quarters ended September 25, 2013, we amortized $0.8 million of actuarial losses, net of tax, out of accumulated other comprehensive loss into net periodic benefit cost, which is reported as a component of general and administrative expenses in the Condensed Consolidated Statement of Comprehensive Income. Additional minimum pension liability of $24.2 million and $25.0 million is reported as a component of accumulated other comprehensive loss in the Condensed Consolidated Statement of Shareholders’ Equity as of September 25, 2013 and December 26, 2012, respectively. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | |||||||||||||||
Sep. 25, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Share-Based Compensation | Share-Based Compensation | |||||||||||||||
Total share-based compensation cost included as a component of net income was as follows: | ||||||||||||||||
Quarter Ended | Three Quarters Ended | |||||||||||||||
September 25, 2013 | September 26, 2012 | September 25, 2013 | September 26, 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Stock options | $ | 136 | $ | 200 | $ | 433 | $ | 692 | ||||||||
Restricted stock units | 735 | 778 | 2,377 | 1,752 | ||||||||||||
Board deferred stock units | 182 | 150 | 624 | 350 | ||||||||||||
Total share-based compensation | $ | 1,053 | $ | 1,128 | $ | 3,434 | $ | 2,794 | ||||||||
Stock Options | ||||||||||||||||
As of September 25, 2013, we had approximately $0.2 million of unrecognized compensation cost related to unvested stock option awards outstanding, which is expected to be recognized over a weighted average of 0.3 years. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
In January 2013, we granted approximately 0.3 million performance shares and related performance-based target cash awards of $2.1 million to certain employees. As these awards contain a market condition, a Monte Carlo valuation was used to determine the performance shares' grant date fair value of $8.05 per share and the payout probability of the target cash awards. The awards granted to our named executive officers also contain a performance condition based on certain operating measures for the fiscal year ended December 25, 2013. The performance period is the three year fiscal period beginning December 27, 2012 and ending December 30, 2015. The performance shares and cash awards will vest and be earned (from 0% to 200% of the target award for each such increment) at the end of the performance period based on the total shareholder return of our stock compared to the total shareholder returns of a group of peer companies. | ||||||||||||||||
During the three quarters ended September 25, 2013, we made payments of $0.9 million in cash and issued 0.3 million shares of common stock related to restricted stock unit awards. | ||||||||||||||||
As of September 25, 2013, we had approximately $5.0 million of unrecognized compensation cost related to all unvested restricted stock unit awards outstanding, which is expected to be recognized over a weighted average of 1.4 years. | ||||||||||||||||
Board Deferred Stock Units | ||||||||||||||||
During the three quarters ended September 25, 2013, we granted approximately 0.1 million deferred stock units (which are equity classified) with a weighted average grant date fair value of $5.95 per unit to non-employee members of our Board of Directors. A director may elect to convert these awards into shares of common stock either on a specific date in the future (while still serving as a member of the Board of Directors) or upon termination as a member of the Board of Directors. During the three quarters ended September 25, 2013, less than 0.1 million deferred stock units were converted into shares of common stock. As of September 25, 2013, we had approximately $0.4 million of unrecognized compensation cost related to all unvested deferred stock unit awards outstanding, which is expected to be recognized over a weighted average of 0.6 years. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 25, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The provision for income taxes was $10.4 million and $10.3 million for the three quarters ended September 25, 2013 and September 26, 2012, respectively. For the 2013 period, the difference in the overall effective rate from the U.S. Statutory rate was due to state and foreign taxes, employment tax credits, and discrete tax items. The passage of the American Tax Payer Relief Act of 2012 resulted in deferred tax benefits of $0.3 million related to work opportunity credits generated in 2012, which were allowed retroactively. In addition, state jobs tax credits of $0.8 million were claimed during the 2013 period resulting from the prior year's hiring activity. A valuation allowance of $0.5 million was recorded against certain state jobs tax credits during the 2013 period related to changes in California law enacted during the period. The provision for income taxes for the 2012 period was determined using our effective rate estimated for the entire fiscal year. |
Net_Income_Per_Share
Net Income Per Share | 9 Months Ended | |||||||||||||||
Sep. 25, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Net Income Per Share | Net Income Per Share | |||||||||||||||
The amounts used for the basic and diluted net income per share calculation are summarized below: | ||||||||||||||||
Quarter Ended | Three Quarters Ended | |||||||||||||||
September 25, 2013 | September 26, 2012 | September 25, 2013 | September 26, 2012 | |||||||||||||
(In thousands, except for per share amounts) | ||||||||||||||||
Net income | $ | 7,031 | $ | 5,363 | $ | 20,310 | $ | 15,829 | ||||||||
Weighted average shares outstanding - basic | 90,035 | 94,705 | 91,348 | 95,472 | ||||||||||||
Effect of dilutive share-based compensation awards | 1,932 | 2,040 | 2,029 | 1,724 | ||||||||||||
Weighted average shares outstanding - diluted | 91,967 | 96,745 | 93,377 | 97,196 | ||||||||||||
Basic net income per share | $ | 0.08 | $ | 0.06 | $ | 0.22 | $ | 0.17 | ||||||||
Diluted net income per share | $ | 0.08 | $ | 0.06 | $ | 0.22 | $ | 0.16 | ||||||||
Anti-dilutive share-based compensation awards | 331 | 116 | 331 | 1,902 | ||||||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | |||||||
Sep. 25, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information | |||||||
Three Quarters Ended | ||||||||
September 25, 2013 | September 26, 2012 | |||||||
(In thousands) | ||||||||
Income taxes paid, net | $ | 1,831 | $ | 1,865 | ||||
Interest paid | $ | 7,121 | $ | 10,371 | ||||
Noncash investing and financing activities: | ||||||||
Issuance of common stock, pursuant to share-based compensation plans | $ | 1,590 | $ | 856 | ||||
Execution of capital leases | $ | 4,038 | $ | 1,581 | ||||
Treasury stock payable | $ | 186 | $ | 231 | ||||
Share_Repurchase
Share Repurchase | 9 Months Ended |
Sep. 25, 2013 | |
Share Repurchase [Abstract] | |
Share Repurchase | Share Repurchase |
Our Old Credit Facility (as defined in Note 7) permitted and our New Credit Facility (as defined in Note 7) permits the payment of cash dividends and the purchase of Denny’s stock subject to certain limitations. In May 2012, we announced that our Board of Directors approved a share repurchase program authorizing us to repurchase up to an additional 6.0 million shares of our Common Stock (in addition to prior authorizations). Under this program, we may, from time to time, purchase shares in the open market (including pre-arranged stock trading plans in accordance with the guidelines specified in Rule 10b5-1 under the Securities Exchange Act of 1934) or in privately negotiated transactions, subject to market and business conditions. As of September 25, 2013, we had repurchased 6.0 million shares of Common Stock for approximately $31.9 million under this share repurchase program, thus completing the program. | |
On April 25, 2013, we announced that our Board of Directors approved a new share repurchase program authorizing us to repurchase up to an additional 10.0 million shares of our Common Stock. Under this program, we may, from time to time, purchase shares in the open market (including pre-arranged stock trading plans in accordance with the guidelines specified in Rule 10b5-1 under the Securities Exchange Act of 1934) or in privately negotiated transactions, subject to market and business conditions. As of September 25, 2013, we had repurchased 0.3 million shares of Common Stock for approximately $1.9 million and there were 9.7 million shares remaining to be repurchased under this share repurchase program. | |
For the three quarters ended September 25, 2013 we repurchased a total of 3.8 million shares of Common Stock for approximately $21.6 million under our share repurchase programs. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 25, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
There are various claims and pending legal actions against or indirectly involving us, incidental to and arising out of the ordinary course of the business. In the opinion of management, based upon information currently available, the ultimate liability with respect to these proceedings and claims will not materially affect the Company's consolidated results of operations or financial position. We record legal settlement costs as other operating expenses in our Condensed Consolidated Statements of Comprehensive Income as those costs are incurred. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 9 Months Ended |
Sep. 25, 2013 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events |
We performed an evaluation of subsequent events and determined that no events required disclosure. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 25, 2013 | |
Accounting Policies [Abstract] | |
Newly Adopted Accounting Standards | Newly Adopted Accounting Standards |
Intangibles | |
ASU No. 2012-02, "Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment” | |
Effective December 27, 2012, we adopted ASU 2012-02, which modifies the impairment test for indefinite-lived intangible assets. Under the new guidance, an entity is permitted to make a qualitative assessment of whether it is more likely than not that the indefinite-lived intangible asset is impaired. If it is determined through the qualitative assessment that the indefinite-lived intangible asset's fair value is more likely than not greater than its carrying value, the quantitative impairment calculations would not be required. The qualitative assessment is optional, allowing companies to go directly to the quantitative assessment. The adoption did not have any impact on our Condensed Consolidated Financial Statements. | |
Comprehensive Income | |
ASU 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" | |
Effective December 27, 2012, we adopted ASU 2013-02, which requires companies to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, companies are required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. ASU 2013-02 is to be applied prospectively. The adoption concerns presentation and disclosure only and did not have an impact on our financial position or results of operations. | |
Accounting Standards to be Adopted | Accounting Standards to be Adopted |
We reviewed all newly issued accounting pronouncements and concluded that they are either not applicable to our business or are not expected to have a material effect on the financial statements as a result of future adoption. |
Introduction_and_Basis_of_Pres1
Introduction and Basis of Presentation (Tables) | 9 Months Ended | |||||||||||
Sep. 25, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
Company and franchise unit activity | The following table shows the unit activity for the quarter and three quarters ended September 25, 2013 and September 26, 2012, respectively: | |||||||||||
Quarter Ended | Three Quarters Ended | |||||||||||
September 25, 2013 | September 26, 2012 | September 25, 2013 | September 26, 2012 | |||||||||
Company restaurants, beginning of period | 165 | 177 | 164 | 206 | ||||||||
Units opened | — | — | — | — | ||||||||
Units acquired from franchisees | 1 | — | 2 | — | ||||||||
Units sold to franchisees | (2 | ) | (5 | ) | (2 | ) | (28 | ) | ||||
Units closed | — | (1 | ) | — | (7 | ) | ||||||
End of period | 164 | 171 | 164 | 171 | ||||||||
Franchised and licensed restaurants, beginning of period | 1,525 | 1,507 | 1,524 | 1,479 | ||||||||
Units opened | 9 | 12 | 27 | 27 | ||||||||
Units purchased from Company | 2 | 5 | 2 | 28 | ||||||||
Units acquired by Company | (1 | ) | — | (2 | ) | — | ||||||
Units closed | (13 | ) | (8 | ) | (29 | ) | (18 | ) | ||||
End of period | 1,522 | 1,516 | 1,522 | 1,516 | ||||||||
Total restaurants, end of period | 1,686 | 1,687 | 1,686 | 1,687 | ||||||||
Receivables_Tables
Receivables (Tables) | 9 Months Ended | |||||||
Sep. 25, 2013 | ||||||||
Receivables [Abstract] | ||||||||
Receivables, net | Receivables were comprised of the following: | |||||||
September 25, 2013 | December 26, 2012 | |||||||
(In thousands) | ||||||||
Current assets: | ||||||||
Receivables: | ||||||||
Trade accounts receivable from franchisees | $ | 9,228 | $ | 10,212 | ||||
Notes receivable from franchisees | 2,049 | 4,310 | ||||||
Vendor receivables | 1,130 | 2,529 | ||||||
Credit card receivables | 792 | 1,384 | ||||||
Other | 1,193 | 1,524 | ||||||
Allowance for doubtful accounts | (225 | ) | (12 | ) | ||||
Total current receivables, net | $ | 14,167 | $ | 19,947 | ||||
Noncurrent assets (included as a component of other noncurrent assets): | ||||||||
Notes receivable from franchisees | $ | 842 | $ | 1,002 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||
Sep. 25, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Changes in carrying amounts of goodwill | The following table reflects the changes in carrying amounts of goodwill: | |||||||||||||||
(In thousands) | ||||||||||||||||
Balance, December 26, 2012 | $ | 31,430 | ||||||||||||||
Additions related to acquisitions | 28 | |||||||||||||||
Write-offs and reclassifications associated with sale of restaurants | (7 | ) | ||||||||||||||
Balance, September 25, 2013 | $ | 31,451 | ||||||||||||||
Intangible assets | ntangible assets were comprised of the following: | |||||||||||||||
September 25, 2013 | December 26, 2012 | |||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
(In thousands) | ||||||||||||||||
Intangible assets with indefinite lives: | ||||||||||||||||
Trade names | $ | 44,050 | $ | — | $ | 44,050 | $ | — | ||||||||
Liquor licenses | 126 | — | 156 | — | ||||||||||||
Intangible assets with definite lives: | ||||||||||||||||
Franchise and license agreements | 32,993 | 28,733 | 37,524 | 32,863 | ||||||||||||
Foreign license agreements | 241 | 198 | 241 | 188 | ||||||||||||
Intangible assets | $ | 77,410 | $ | 28,931 | $ | 81,971 | $ | 33,051 | ||||||||
Operating_Gains_Losses_and_Oth1
Operating (Gains), Losses and Other Charges, Net (Tables) | 9 Months Ended | |||||||||||||||
Sep. 25, 2013 | ||||||||||||||||
Operating (Gains), Losses And Other Charges, Net [Abstract] | ||||||||||||||||
Operating gains losses and other charges net | Operating (gains), losses and other charges, net are comprised of the following: | |||||||||||||||
Quarter Ended | Three Quarters Ended | |||||||||||||||
September 25, 2013 | September 26, 2012 | September 25, 2013 | September 26, 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
(Gains) losses on sales of assets and other, net | $ | (68 | ) | $ | 91 | $ | (83 | ) | $ | (6,772 | ) | |||||
Restructuring charges and exit costs | 229 | 821 | 1,005 | 2,970 | ||||||||||||
Impairment charges | — | 2,468 | 857 | 3,008 | ||||||||||||
Operating (gains), losses and other charges, net | $ | 161 | $ | 3,380 | $ | 1,779 | $ | (794 | ) | |||||||
Schedule of restructuring charges and exit costs | Restructuring charges and exit costs were comprised of the following: | |||||||||||||||
Quarter Ended | Three Quarters Ended | |||||||||||||||
September 25, 2013 | September 26, 2012 | September 25, 2013 | September 26, 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Exit costs | $ | 198 | $ | 233 | $ | 435 | $ | 1,139 | ||||||||
Severance and other restructuring charges | 31 | 588 | 570 | 1,831 | ||||||||||||
Total restructuring and exit costs | $ | 229 | $ | 821 | $ | 1,005 | $ | 2,970 | ||||||||
Components of change in accrued exit cost liabilities | The components of the change in accrued exit cost liabilities are as follows: | |||||||||||||||
(In thousands) | ||||||||||||||||
Balance, December 26, 2012 | $ | 4,061 | ||||||||||||||
Exit costs (1) | 435 | |||||||||||||||
Payments, net of sublease receipts | (1,248 | ) | ||||||||||||||
Interest accretion | 195 | |||||||||||||||
Balance, September 25, 2013 | 3,443 | |||||||||||||||
Less current portion included in other current liabilities | 1,228 | |||||||||||||||
Long-term portion included in other noncurrent liabilities | $ | 2,215 | ||||||||||||||
-1 | Included as a component of operating (gains), losses and other charges, net. | |||||||||||||||
Estimated net cash payments related to exit cost liabilities | Estimated net cash payments related to exit cost liabilities are as follows: | |||||||||||||||
(In thousands) | ||||||||||||||||
Remainder of 2013 | $ | 270 | ||||||||||||||
2014 | 1,319 | |||||||||||||||
2015 | 545 | |||||||||||||||
2016 | 320 | |||||||||||||||
2017 | 322 | |||||||||||||||
Thereafter | 1,338 | |||||||||||||||
Total | 4,114 | |||||||||||||||
Less imputed interest | 671 | |||||||||||||||
Present value of exit cost liabilities | $ | 3,443 | ||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 25, 2013 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis | Financial assets and liabilities measured at fair value on a recurring basis are summarized below: | |||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets/Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | Valuation Technique | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
(In thousands) | ||||||||||||||||||
Fair value measurements as of September 25, 2013: | ||||||||||||||||||
Deferred compensation plan investments (1) | $ | 7,730 | $ | 7,730 | $ | — | $ | — | market approach | |||||||||
Interest rate swaps (2) | $ | 2,704 | — | 2,704 | — | income approach | ||||||||||||
Interest rate caps (2) | $ | 25 | $ | — | $ | 25 | $ | — | income approach | |||||||||
Total | $ | 10,459 | $ | 7,730 | $ | 2,729 | $ | — | ||||||||||
Fair value measurements as of December 26, 2012: | ||||||||||||||||||
Deferred compensation plan investments (1) | $ | 6,371 | $ | 6,371 | $ | — | $ | — | market approach | |||||||||
Interest rate caps (2) | $ | 8 | $ | — | $ | 8 | $ | — | income approach | |||||||||
Total | $ | 6,379 | $ | 6,371 | $ | 8 | $ | — | ||||||||||
-1 | The fair values of our deferred compensation plan investments are based on the closing market prices of the participants’ elected investments. | |||||||||||||||||
-2 | The fair values of our interest rate swaps and interest rate caps are based upon Level 2 inputs which include valuation models as reported by our counterparties. The key inputs for the valuation models are quoted market prices, interest rates and forward yield curves. | |||||||||||||||||
Assets and liabilities measured at fair value on a nonrecurring basis | Those assets and liabilities measured at fair value on a nonrecurring basis are summarized below: | |||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets/Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | Valuation Technique | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
(In thousands) | ||||||||||||||||||
Fair value measurements as of December 26, 2012: | ||||||||||||||||||
Assets held and used (1) | $ | 228 | $ | — | $ | — | $ | 228 | income approach | |||||||||
Total | $ | 228 | $ | — | $ | — | $ | 228 | ||||||||||
-1 | As of December 26, 2012, impaired assets related to an underperforming restaurant were written down to their fair value. Impairment charges of $0.7 million were recognized as a component of operating (gains), losses and other charges, net in our Condensed Consolidated Statements of Comprehensive Income. To determine fair value, we used the income approach, which assumes that the future cash flows reflect current market expectations. These fair value measurements require significant judgment using Level 3 inputs, such as discounted cash flows from operations, which are not observable from the market, directly or indirectly. |
LongTerm_Debt_Long_Term_Debt_T
Long-Term Debt Long Term Debt (Tables) | 9 Months Ended | |||
Sep. 25, 2013 | ||||
Debt Disclosure [Abstract] | ||||
Aggregate annual maturities of long-term debt, excluding capital lease obligations | Aggregate annual maturities of long-term debt, excluding capital lease obligations, at September 25, 2013 are as follows: | |||
(In thousands) | ||||
Remainder of 2013 | $ | 750 | ||
2014 | 3,000 | |||
2015 | 4,125 | |||
2016 | 4,500 | |||
2017 and thereafter | 143,125 | |||
Total long-term debt, excluding capital lease obligations | $ | 155,500 | ||
Defined_Benefit_Plans_Tables
Defined Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 25, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Components of net periodic benefit cost | The components of net periodic benefit cost were as follows: | |||||||||||||||
Quarter Ended | Three Quarters Ended | |||||||||||||||
September 25, 2013 | September 26, 2012 | September 25, 2013 | September 26, 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Pension plan: | ||||||||||||||||
Service cost | $ | 100 | $ | 95 | $ | 300 | $ | 285 | ||||||||
Interest cost | 745 | 800 | 2,233 | 2,400 | ||||||||||||
Expected return on plan assets | (1,122 | ) | (1,024 | ) | (3,366 | ) | (3,042 | ) | ||||||||
Amortization of net loss | 413 | 441 | 1,240 | 1,322 | ||||||||||||
Net periodic benefit cost | $ | 136 | $ | 312 | $ | 407 | $ | 965 | ||||||||
Other defined benefit plans: | ||||||||||||||||
Interest cost | $ | 28 | $ | 29 | $ | 84 | $ | 87 | ||||||||
Amortization of net loss | 17 | 13 | 53 | 39 | ||||||||||||
Net periodic benefit cost | $ | 45 | $ | 42 | $ | 137 | $ | 126 | ||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 25, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Total share-based compensation | Total share-based compensation cost included as a component of net income was as follows: | |||||||||||||||
Quarter Ended | Three Quarters Ended | |||||||||||||||
September 25, 2013 | September 26, 2012 | September 25, 2013 | September 26, 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Stock options | $ | 136 | $ | 200 | $ | 433 | $ | 692 | ||||||||
Restricted stock units | 735 | 778 | 2,377 | 1,752 | ||||||||||||
Board deferred stock units | 182 | 150 | 624 | 350 | ||||||||||||
Total share-based compensation | $ | 1,053 | $ | 1,128 | $ | 3,434 | $ | 2,794 | ||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | |||||||
Sep. 25, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Cash Flow Information | ||||||||
Three Quarters Ended | ||||||||
September 25, 2013 | September 26, 2012 | |||||||
(In thousands) | ||||||||
Income taxes paid, net | $ | 1,831 | $ | 1,865 | ||||
Interest paid | $ | 7,121 | $ | 10,371 | ||||
Noncash investing and financing activities: | ||||||||
Issuance of common stock, pursuant to share-based compensation plans | $ | 1,590 | $ | 856 | ||||
Execution of capital leases | $ | 4,038 | $ | 1,581 | ||||
Treasury stock payable | $ | 186 | $ | 231 | ||||
Introduction_and_Basis_of_Pres2
Introduction and Basis of Presentation (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2013 | Sep. 26, 2012 | Sep. 25, 2013 | Sep. 26, 2012 | |
restaurant | restaurant | restaurant | restaurant | |
Entity and franchisee unit activity [Roll Forward] | ||||
Units, end of period | 1,686 | 1,687 | 1,686 | 1,687 |
Company restaurants [Member] | ||||
Entity and franchisee unit activity [Roll Forward] | ||||
Units, beginning of period | 165 | 177 | 164 | 206 |
Units opened | 0 | 0 | 0 | 0 |
Units acquired from franchisees | 1 | 0 | 2 | 0 |
Units sold to franchisees | -2 | -5 | -2 | -28 |
Units closed | 0 | -1 | 0 | -7 |
Units, end of period | 164 | 171 | 164 | 171 |
Franchised and licensed restaurants [Member] | ||||
Entity and franchisee unit activity [Roll Forward] | ||||
Units, beginning of period | 1,525 | 1,507 | 1,524 | 1,479 |
Units opened | 9 | 12 | 27 | 27 |
Units purchased from Company | 2 | 5 | 2 | 28 |
Units acquired by Company | -1 | 0 | -2 | 0 |
Units closed | -13 | -8 | -29 | -18 |
Units, end of period | 1,522 | 1,516 | 1,522 | 1,516 |
Receivables_Details
Receivables (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 25, 2013 | Sep. 26, 2012 | Sep. 25, 2013 | Sep. 26, 2012 | Dec. 26, 2012 |
Receivables [Abstract] | |||||
Trade accounts receivable from franchisees, gross, current | $9,228 | $9,228 | $10,212 | ||
Notes receivable from franchisees, gross, current | 2,049 | 2,049 | 4,310 | ||
Allowance for doubtful accounts | -225 | -225 | -12 | ||
Total current receivables, net | 14,167 | 14,167 | 19,947 | ||
Noncurrent assets (included as a component of other noncurrent assets): | |||||
Notes receivable from franchisees, noncurrent | 842 | 842 | 1,002 | ||
Maximum provision for credit losses | 100 | 100 | 100 | 100 | |
Maximum interest income on notes receivable | 100 | 100 | 100 | 100 | |
Vendor receivables [Member] | |||||
Receivables [Abstract] | |||||
Other receivable, gross, current | 1,130 | 1,130 | 2,529 | ||
Credit card receivables [Member] | |||||
Receivables [Abstract] | |||||
Other receivable, gross, current | 792 | 792 | 1,384 | ||
Other [Member] | |||||
Receivables [Abstract] | |||||
Other receivable, gross, current | $1,193 | $1,193 | $1,524 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 25, 2013 | Dec. 26, 2012 |
Goodwill [Roll Forward] | ||
Balance, December 26, 2012 | $31,430 | |
Additions related to acquisitions | 28 | |
Write-offs and reclassification associated with sale of restaurants | -7 | |
Balance, September 25, 2013 | 31,451 | |
Goodwill and Intangible Assets [Line Items] | ||
Goodwill | 31,451 | |
Intangible assets | 77,410 | 81,971 |
Intangible assets with indefinite lives [Abstract] | ||
Gross carrying amount - Trade names | 44,050 | 44,050 |
Gross carrying amount - Liquor licenses | 126 | 156 |
Intangible assets with definite lives [Abstract] | ||
Accumulated amortization | 28,931 | 33,051 |
Franchise and license agreements [Member] | ||
Intangible assets with definite lives [Abstract] | ||
Gross carrying amount | 32,993 | 37,524 |
Accumulated amortization | 28,733 | 32,863 |
Foreign license agreements [Member] | ||
Intangible assets with definite lives [Abstract] | ||
Gross carrying amount | 241 | 241 |
Accumulated amortization | $198 | $188 |
Operating_Gains_Losses_and_Oth2
Operating (Gains), Losses and Other Charges, Net (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 25, 2013 | Sep. 26, 2012 | Sep. 25, 2013 | Sep. 26, 2012 | Dec. 26, 2012 | ||
Operating (gains), losses and other charges, net [Abstract] | ||||||
(Gains) losses on sales of assets and other, net | ($68,000) | $91,000 | ($83,000) | ($6,772,000) | ||
Restructuring charges and exit costs | 229,000 | 821,000 | 1,005,000 | 2,970,000 | ||
Impairment charges | 0 | 2,468,000 | 857,000 | 3,008,000 | ||
Operating (gains), losses and other charges, net | 161,000 | 3,380,000 | 1,779,000 | -794,000 | ||
Restructuring charges and exit costs [Abstract] | ||||||
Exit costs | 198,000 | 233,000 | 435,000 | [1] | 1,139,000 | |
Severance and other restructuring charges | 31,000 | 588,000 | 570,000 | 1,831,000 | ||
Total restructuring charges and exit costs | 229,000 | 821,000 | 1,005,000 | 2,970,000 | ||
Components of change in accrued exit cost liabilities [Roll Forward] | ||||||
Balance at December 26, 2012 | 4,061,000 | |||||
Exit costs | 198,000 | 233,000 | 435,000 | [1] | 1,139,000 | |
Payments, net of sublease receipts | -1,248,000 | |||||
Interest accretion | 195,000 | |||||
Balance, September 25, 2013 | 3,443,000 | 3,443,000 | ||||
Less current portion included in other current liabilities | 1,228,000 | 1,228,000 | ||||
Long-term portion included in other noncurrent liabilities | 2,215,000 | 2,215,000 | ||||
Estimated net cash payments related to exit cost liabilities [Abstract] | ||||||
Remainder of 2013 | 270,000 | 270,000 | ||||
2014 | 1,319,000 | 1,319,000 | ||||
2015 | 545,000 | 545,000 | ||||
2016 | 320,000 | 320,000 | ||||
2017 | 322,000 | 322,000 | ||||
Thereafter | 1,338,000 | 1,338,000 | ||||
Total | 4,114,000 | 4,114,000 | ||||
Less imputed interest | 671,000 | 671,000 | ||||
Present value of exit cost liabilities | 3,443,000 | 3,443,000 | ||||
Accrued severance and other restructuring charges | 100,000 | 100,000 | 500,000 | |||
Period of accrued severance and other restructuring charges, maximum | 12 months | |||||
Impairment charges | $0 | $2,468,000 | $857,000 | $3,008,000 | ||
[1] | (1)Included as a component of operating (gains), losses and other charges, net. |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
Sep. 25, 2013 | Dec. 26, 2012 | |||
Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | $10,459,000 | $6,379,000 | ||
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 7,730,000 | 6,371,000 | ||
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 2,729,000 | 8,000 | ||
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 0 | 0 | ||
Recurring [Member] | Deferred compensation plan investments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Deferred compensation plan investments | 7,730,000 | [1] | 6,371,000 | [1] |
Valuation technique | market approach | market approach | ||
Recurring [Member] | Deferred compensation plan investments [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Deferred compensation plan investments | 7,730,000 | [1] | 6,371,000 | [1] |
Recurring [Member] | Deferred compensation plan investments [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Deferred compensation plan investments | 0 | [1] | 0 | [1] |
Recurring [Member] | Deferred compensation plan investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Deferred compensation plan investments | 0 | [1] | 0 | [1] |
Recurring [Member] | Interest rate swaps [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swaps and interest rate caps | 2,704,000 | [2] | ||
Valuation technique | income approach | |||
Recurring [Member] | Interest rate swaps [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swaps and interest rate caps | 0 | [2] | ||
Recurring [Member] | Interest rate swaps [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swaps and interest rate caps | 2,704,000 | [2] | ||
Recurring [Member] | Interest rate swaps [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swaps and interest rate caps | 0 | [2] | ||
Recurring [Member] | Interest rate caps [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swaps and interest rate caps | 25,000 | [2] | 8,000 | [2] |
Valuation technique | income approach | income approach | ||
Recurring [Member] | Interest rate caps [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swaps and interest rate caps | 0 | [2] | 0 | [2] |
Recurring [Member] | Interest rate caps [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swaps and interest rate caps | 25,000 | [2] | 8,000 | [2] |
Recurring [Member] | Interest rate caps [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swaps and interest rate caps | 0 | [2] | 0 | [2] |
Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 228,000 | |||
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 0 | |||
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 0 | |||
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 228,000 | |||
Nonrecurring [Member] | Assets held and used [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets held and used | 228,000 | [3] | ||
Valuation technique | income approach | |||
Impairment of Long-Lived Assets Held-for-use | 700,000 | |||
Nonrecurring [Member] | Assets held and used [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets held and used | 0 | [3] | ||
Nonrecurring [Member] | Assets held and used [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets held and used | 0 | [3] | ||
Nonrecurring [Member] | Assets held and used [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets held and used | $228,000 | [3] | ||
[1] | The fair values of our deferred compensation plan investments are based on the closing market prices of the participantsb elected investments. | |||
[2] | The fair values of our interest rate swaps and interest rate caps are based upon Level 2 inputs which include valuation models as reported by our counterparties. The key inputs for the valuation models are quoted market prices, interest rates and forward yield curves. | |||
[3] | As of December 26, 2012, impaired assets related to an underperforming restaurant were written down to their fair value. Impairment charges of $0.7 million were recognized as a component of operating (gains), losses and other charges, net in our Condensed Consolidated Statements of Comprehensive Income. To determine fair value, we used the income approach, which assumes that the future cash flows reflect current market expectations. These fair value measurements require significant judgment using Level 3 inputs, such as discounted cash flows from operations, which are not observable from the market, directly or indirectly. |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 9 Months Ended | 8 Months Ended | 8 Months Ended | 9 Months Ended | 8 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||
Sep. 25, 2013 | Sep. 26, 2012 | Dec. 25, 2013 | Apr. 24, 2013 | Dec. 25, 2013 | Sep. 25, 2013 | Apr. 24, 2013 | Dec. 25, 2013 | Sep. 25, 2013 | Apr. 24, 2013 | Sep. 25, 2013 | Apr. 24, 2013 | Sep. 25, 2013 | Mar. 27, 2013 | Dec. 26, 2012 | Sep. 25, 2013 | Apr. 13, 2012 | Sep. 25, 2013 | Apr. 13, 2012 | Sep. 25, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | |
Credit Facility Due April 2018 [Member] | Credit Facility Due April 2018 [Member] | Credit Facility Due April 2018 [Member] | Credit Facility Due April 2018 [Member] | Credit Facility Due April 2018 [Member] | Credit Facility Due April 2018 [Member] | Credit Facility Due April 2018 [Member] | Credit Facility Due April 2018 [Member] | Credit Facility Due April 2018 [Member] | Credit Facility Due April 2018 [Member] | Credit Facility Due April 2017 [Member] | Credit Facility Due April 2017 [Member] | Credit Facility Due April 2017 [Member] | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||
Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Senior secured revolver [Member] | Senior secured revolver [Member] | Senior secured revolver [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Secured Debt [Member] | Secured Debt [Member] | Interest Rate Cap 2012-2013 [Member] | Interest Rate Cap 2012-2013 [Member] | Interest Rate Cap 2013-2014 [Member] | Interest Rate Cap 2013-2014 [Member] | Interest Rate Cap 2014-2015 [Member] | Interest Rate Cap 2014-2015 [Member] | Interest Rate Swaps 2015-2017 [Member] | Interest Rate Swaps 2017-2018 [Member] | ||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Aggregate principal amount as per new credit facility | $250,000,000 | ||||||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 60,000,000 | 190,000,000 | 30,000,000 | ||||||||||||||||||||
Commitment fee for unused portion of revolving credit facility (in hundredths) | 0.35% | ||||||||||||||||||||||
Basis spread on variable rate debt | 2.00% | ||||||||||||||||||||||
Accordion feature that allows increase in size of facility | 300,000,000 | ||||||||||||||||||||||
Maturity date | 24-Apr-18 | ||||||||||||||||||||||
Debt Instrument, Periodic Amortization, Principal, Years One and Two | 5.00% | ||||||||||||||||||||||
Debt Instrument, Periodic Amortization, Principal, Years Three and Four | 7.50% | ||||||||||||||||||||||
Debt Instrument, Periodic Amortization, Principal, Year Five | 10.00% | ||||||||||||||||||||||
Loss on early extinguishment of debt | 1,798,000 | 8,180,000 | 1,200,000 | ||||||||||||||||||||
Debt transaction costs | 400,000 | ||||||||||||||||||||||
Write off of deferred financing costs | 800,000 | ||||||||||||||||||||||
Outstanding amount under credit facility | 58,500,000 | 97,000,000 | |||||||||||||||||||||
Outstanding amount of letters of credit | 26,000,000 | ||||||||||||||||||||||
Availability under the revolving facility | 67,000,000 | ||||||||||||||||||||||
Weighted-average interest rate under the term loan (in hundredths) | 2.18% | 2.18% | 2.97% | ||||||||||||||||||||
Repayments of term loan under the credit facility | 1,500,000 | 4,000,000 | |||||||||||||||||||||
Interest rate cap, description of variable rate basis | LIBOR | LIBOR | LIBOR | ||||||||||||||||||||
Interest rate cap, basis spread on variable rate | 2.00% | 2.00% | 2.00% | ||||||||||||||||||||
Derivative, notional amount | $150,000,000 | $125,000,000 | $150,000,000 | $150,000,000 | $140,000,000 | ||||||||||||||||||
Average fixed interest rate on interest rate swaps | 3.12% | 3.12% |
LongTerm_Debt_LongTerm_Debt_Ag
Long-Term Debt Long-Term Debt (Aggregate Maturities of Long-Term Debt, Excluding Capital Lease Obligations) (Details) (USD $) | Sep. 25, 2013 |
In Thousands, unless otherwise specified | |
Aggregate annual maturities of long-term debt, excluding capital lease obligations [Abstract] | |
Remainder of 2013 | $750 |
2014 | 3,000 |
2015 | 4,125 |
2016 | 4,500 |
2017 and thereafter | 143,125 |
Total long-term debt, excluding capital lease oblgiations | $155,500 |
Defined_Benefit_Plans_Details
Defined Benefit Plans (Details) (USD $) | Sep. 25, 2013 | Dec. 26, 2012 | Sep. 25, 2013 | Sep. 26, 2012 | Sep. 25, 2013 | Sep. 26, 2012 | Sep. 25, 2013 | Sep. 26, 2012 | Sep. 25, 2013 | Sep. 26, 2012 |
Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Other Defined Benefit Plans [Member] | Other Defined Benefit Plans [Member] | Other Defined Benefit Plans [Member] | Other Defined Benefit Plans [Member] | |||
Components of net periodic benefit cost [Abstract] | ||||||||||
Service cost | $100,000 | $95,000 | $300,000 | $285,000 | ||||||
Interest cost | 745,000 | 800,000 | 2,233,000 | 2,400,000 | 28,000 | 29,000 | 84,000 | 87,000 | ||
Expected return on plan assets | -1,122,000 | -1,024,000 | -3,366,000 | -3,042,000 | ||||||
Amortization of net loss | 413,000 | 441,000 | 1,240,000 | 1,322,000 | 17,000 | 13,000 | 53,000 | 39,000 | ||
Net periodic benefit cost | 136,000 | 312,000 | 407,000 | 965,000 | 45,000 | 42,000 | 137,000 | 126,000 | ||
Contributions made to qualified pension plan and other defined benefit plans | 2,800,000 | 2,800,000 | 100,000 | 100,000 | ||||||
Maximum expected additional contributions to be made to qualified pension plan and other defined benefit plans | 100,000 | |||||||||
Reclassification from accumulated other comprehensive income current period, net of tax | 800,000 | |||||||||
Additional minimum pension liability | $24,200,000 | $25,000,000 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Share data in Millions, except Per Share data, unless otherwise specified | Jan. 31, 2013 | Sep. 25, 2013 | Sep. 26, 2012 | Sep. 25, 2013 | Sep. 26, 2012 |
Total share-based compensation [Abstract] | |||||
Total share-based compensation | $1,053,000 | $1,128,000 | $3,434,000 | $2,794,000 | |
Performance shares [Member] | |||||
Total share-based compensation [Abstract] | |||||
Total share-based compensation | 735,000 | 778,000 | 2,377,000 | 1,752,000 | |
Restricted Stock Units [Abstract] | |||||
Equity awards granted (in shares) | 0.3 | ||||
Employee performance based target cash awards | 2,100,000 | ||||
Equity awards, grant date fair value (in dollars per share) | $8.05 | ||||
Performance period | 3 years | ||||
Cash payments | 900,000 | ||||
Maximum common stock shares issued (in shares) | 0.3 | ||||
Unrecognized compensation cost [Abstract] | |||||
Unrecognized compensation cost related to all unvested restricted stock unit awards outstanding | 5,000,000 | 5,000,000 | |||
Unrecognized compensation cost, expected weighted average period | 1 year 4 months 28 days | ||||
Stock options [Member] | |||||
Total share-based compensation [Abstract] | |||||
Total share-based compensation | 136,000 | 200,000 | 433,000 | 692,000 | |
Unrecognized compensation cost [Abstract] | |||||
Unrecognized compensation cost related to unvested stock option awards outstanding | 200,000 | 200,000 | |||
Unrecognized compensation cost, expected weighted average period | 0 years 3 months 22 days | ||||
Restricted stock units [Member] | |||||
Total share-based compensation [Abstract] | |||||
Total share-based compensation | 182,000 | 150,000 | 624,000 | 350,000 | |
Restricted Stock Units [Abstract] | |||||
Equity awards granted (in shares) | 0.1 | ||||
Equity awards, grant date fair value (in dollars per share) | $5.95 | ||||
Maximum common stock shares issued (in shares) | 0.1 | ||||
Unrecognized compensation cost [Abstract] | |||||
Unrecognized compensation cost related to all unvested restricted stock unit awards outstanding | $400,000 | $400,000 | |||
Unrecognized compensation cost, expected weighted average period | 0 years 7 months 0 days | ||||
Minimum [Member] | Performance shares [Member] | |||||
Restricted Stock Units [Abstract] | |||||
Minimum percentage of target awards to be earned (in hundredths) | 0.00% | ||||
Maximum [Member] | Performance shares [Member] | |||||
Restricted Stock Units [Abstract] | |||||
Maximum percentage of target awards to be earned (in hundredths) | 200.00% |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2013 | Sep. 26, 2012 | Sep. 25, 2013 | Sep. 26, 2012 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $4,318,000 | $3,201,000 | $10,424,000 | $10,295,000 |
Deferred tax benefit | 300,000 | |||
State jobs tax credits | 800,000 | |||
Valuation allowance recorded against certain state jobs tax credits | $500,000 |
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 25, 2013 | Sep. 26, 2012 | Sep. 25, 2013 | Sep. 26, 2012 |
Earnings Per Share [Abstract] | ||||
Net income | $7,031 | $5,363 | $20,310 | $15,829 |
Weighted average shares outstanding - basic (in shares) | 90,035 | 94,705 | 91,348 | 95,472 |
Effect of dilutive share-based compensation awards | 1,932 | 2,040 | 2,029 | 1,724 |
Weighted average shares outstanding - diluted (in shares) | 91,967 | 96,745 | 93,377 | 97,196 |
Basic net income per share | $0.08 | $0.06 | $0.22 | $0.17 |
Diluted net income per share | $0.08 | $0.06 | $0.22 | $0.16 |
Antidilutive securities excluded from diluted weighted-average shares outstanding (in shares) | 331 | 116 | 331 | 1,902 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 25, 2013 | Sep. 26, 2012 |
Supplemental Cash Flow Information [Abstract] | ||
Income taxes paid, net | $1,831 | $1,865 |
Interest paid | 7,121 | 10,371 |
Noncash investing and financing activities: | ||
Issuance of common stock, pursuant to share-based compensation plans | 1,590 | 856 |
Execution of capital leases | 4,038 | 1,581 |
Treasury stock payable | $186 | $231 |
Share_Repurchase_Details
Share Repurchase (Details) (USD $) | 9 Months Ended |
Sep. 25, 2013 | |
Equity, Class of Treasury Stock [Line Items] | |
Purchase of treasury stock (in shares) | 3,800,000 |
Purchase of treasury stock | $21,578,000 |
Share Repurchase Program 2012 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Additional number of shares approved under stock repurchase program (in shares) | 6,000,000 |
Number of accumulated shares repurchased (in shares) | 6,000,000 |
Value of shares repurchased | 31,900,000 |
Share Repurchase Program 2013 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Additional number of shares approved under stock repurchase program (in shares) | 10,000,000 |
Number of accumulated shares repurchased (in shares) | 300,000 |
Value of shares repurchased | $1,900,000 |
Remaining number of shares approved under stock repurchase program (in shares) | 9,700,000 |