Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 25, 2013 | Mar. 05, 2014 | Jun. 26, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'DENNYS CORP | ' | ' |
Entity Central Index Key | '0000852772 | ' | ' |
Current Fiscal Year End Date | '--12-25 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $440.30 |
Entity Common Stock, Shares Outstanding | ' | 88,479,069 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 25-Dec-13 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 25, 2013 | Dec. 26, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $2,943 | $13,565 |
Receivables | 17,321 | 19,947 |
Inventories | 2,881 | 2,890 |
Current deferred tax asset | 23,264 | 19,807 |
Prepaid and other current assets | 7,417 | 8,401 |
Total current assets | 53,826 | 64,610 |
Property | 105,620 | 107,004 |
Goodwill | 31,451 | 31,430 |
Intangible assets, net | 47,925 | 48,920 |
Deferred financing costs, net | 2,097 | 2,041 |
Noncurrent deferred tax asset | 28,290 | 45,776 |
Other noncurrent assets | 26,568 | 25,104 |
Total assets | 295,777 | 324,885 |
Current liabilities: | ' | ' |
Current maturities of long-term debt | 3,000 | 8,500 |
Current maturities of capital lease obligations | 4,150 | 4,181 |
Accounts payable | 14,237 | 24,461 |
Other current liabilities | 52,698 | 54,682 |
Total current liabilities | 74,085 | 91,824 |
Long-term liabilities: | ' | ' |
Long-term debt, less current maturities | 150,000 | 161,500 |
Capital lease obligations, less current maturities | 15,923 | 15,953 |
Liability for insurance claims, less current portion | 18,249 | 18,045 |
Other noncurrent liabilities and deferred credits | 29,089 | 42,023 |
Total long-term liabilities | 213,261 | 237,521 |
Total liabilities | 287,346 | 329,345 |
Commitments and contingencies | ' | ' |
Shareholders' deficit | ' | ' |
Common stock $0.01 par value; shares authorized - 135,000; December 25, 2013: 105,014 shares issued and 89,232 shares outstanding; December 26, 2012: 103,764 shares issued and 92,229 shares outstanding | 1,050 | 1,038 |
Paid-in capital | 567,505 | 562,657 |
Deficit | -470,946 | -495,518 |
Accumulated other comprehensive loss, net of tax | -16,842 | -24,999 |
Shareholders' equity before treasury stock | 80,767 | 43,178 |
Treasury stock, at cost, 15,782 and 11,535 shares, respectively | -72,336 | -47,638 |
Total shareholders' equity (deficit) | 8,431 | -4,460 |
Total liabilities and shareholders' equity | $295,777 | $324,885 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 25, 2013 | Dec. 26, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, authorized (in shares) | 135,000 | 135,000 |
Common stock, issued (in shares) | 105,014 | 103,764 |
Common stock, outstanding (in shares) | 89,232 | 92,229 |
Treasury stock, at cost (in shares) | 15,782 | 11,535 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 |
Revenue: | ' | ' | ' |
Company restaurant sales | $328,334 | $353,710 | $411,595 |
Franchise and license revenue | 134,259 | 134,653 | 126,939 |
Total operating revenue | 462,593 | 488,363 | 538,534 |
Costs of company restaurant sales: | ' | ' | ' |
Product costs | 85,540 | 88,473 | 101,796 |
Payroll and benefits | 131,305 | 141,303 | 167,574 |
Occupancy | 21,519 | 23,405 | 27,372 |
Other operating expenses | 45,192 | 49,025 | 61,017 |
Total costs of company restaurant sales | 283,556 | 302,206 | 357,759 |
Costs of franchise and license revenue | 46,109 | 46,675 | 44,368 |
General and administrative expenses | 56,835 | 60,307 | 55,352 |
Depreciation and amortization | 21,501 | 22,304 | 27,979 |
Operating (gains), losses and other charges, net | 7,071 | 482 | 2,102 |
Total operating costs and expenses, net | 415,072 | 431,974 | 487,560 |
Operating income | 47,521 | 56,389 | 50,974 |
Interest expense, net | 10,282 | 13,369 | 20,040 |
Other nonoperating expense, net | 1,139 | 7,926 | 2,607 |
Net income before income taxes | 36,100 | 35,094 | 28,327 |
Provision for (benefit from) income taxes | 11,528 | 12,785 | -83,960 |
Net income | $24,572 | $22,309 | $112,287 |
Basic net income per share | $0.27 | $0.23 | $1.15 |
Diluted net income per share | $0.26 | $0.23 | $1.13 |
Basic weighted average shares outstanding | 90,829 | 94,949 | 97,646 |
Diluted weighted average shares outstanding | 92,903 | 96,754 | 99,588 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $24,572 | $22,309 | $112,287 |
Other comprehensive income, net of tax: | ' | ' | ' |
Minimum pension liability adjustment, net of tax expense (benefit) of $4,164, $(191) and $(3,615) | 6,309 | -186 | -5,614 |
Recognition of unrealized gain on hedged transactions, net of tax expense of $1,184 | 1,848 | 0 | 0 |
Other comprehensive income (loss) | 8,157 | -186 | -5,614 |
Total comprehensive income | $32,729 | $22,123 | $106,673 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Minimum pension liability adjustment, tax expense (benefit) | $4,164 | ($191) | ($3,615) |
Unrealized gain on hedged transactions, tax expense | $1,184 | $0 | $0 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Deficit (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. 29, 2010 | ($103,712) | $1,001 | ($3,890) | $548,490 | ($630,114) | ($19,199) |
Balance, treasury stock, at cost, shares at Dec. 29, 2010 | ' | ' | -1,037 | ' | ' | ' |
Balance, common stock, share issued at Dec. 29, 2010 | ' | 100,073 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 112,287 | ' | ' | ' | 112,287 | ' |
Other comprehensive income (loss) | -5,614 | ' | ' | ' | ' | -5,614 |
Share-based compensation on equity classified awards | 3,412 | ' | ' | 3,412 | ' | ' |
Purchase of treasury stock | -21,569 | ' | -21,569 | ' | ' | ' |
Purchase of treasury stock (in shares) | -5,700 | ' | -5,659 | ' | ' | ' |
Issuance of common stock for share-based compensation | 0 | 5 | ' | -5 | ' | ' |
Issuance of common stock for share-based compensation (in shares) | ' | 452 | ' | ' | ' | ' |
Exercise of common stock options | 4,850 | 21 | ' | 4,829 | ' | ' |
Exercise of common stock options (shares) | ' | 2,143 | ' | ' | ' | ' |
Tax benefit (expense) from share based compensation | 670 | ' | ' | 670 | ' | ' |
Balance at Dec. 28, 2011 | -9,676 | 1,027 | -25,459 | 557,396 | -517,827 | -24,813 |
Balance, treasury stock, at cost, shares at Dec. 28, 2011 | ' | ' | -6,696 | ' | ' | ' |
Balance, common stock, share issued at Dec. 28, 2011 | ' | 102,668 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 22,309 | ' | ' | ' | 22,309 | ' |
Other comprehensive income (loss) | -186 | ' | ' | ' | ' | -186 |
Share-based compensation on equity classified awards | 2,082 | ' | ' | 2,082 | ' | ' |
Purchase of treasury stock | -22,179 | ' | -22,179 | ' | ' | ' |
Purchase of treasury stock (in shares) | -4,800 | ' | -4,839 | ' | ' | ' |
Issuance of common stock for share-based compensation | 0 | 3 | ' | -3 | ' | ' |
Issuance of common stock for share-based compensation (in shares) | ' | 253 | ' | ' | ' | ' |
Exercise of common stock options | 2,180 | 8 | ' | 2,172 | ' | ' |
Exercise of common stock options (shares) | ' | 843 | ' | ' | ' | ' |
Tax benefit (expense) from share based compensation | 1,010 | ' | ' | 1,010 | ' | ' |
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, share issued at Dec. 26, 2012 | 103,764 | 103,764 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 24,572 | ' | ' | ' | 24,572 | ' |
Other comprehensive income (loss) | 8,157 | ' | ' | ' | ' | 8,157 |
Share-based compensation on equity classified awards | 2,292 | ' | ' | 2,292 | ' | ' |
Purchase of treasury stock | -24,698 | ' | -24,698 | ' | ' | ' |
Purchase of treasury stock (in shares) | -4,200 | ' | -4,247 | ' | ' | ' |
Issuance of common stock for share-based compensation | 0 | 3 | ' | -3 | ' | ' |
Issuance of common stock for share-based compensation (in shares) | ' | 351 | ' | ' | ' | ' |
Exercise of common stock options | 2,955 | 9 | ' | 2,946 | ' | ' |
Exercise of common stock options (shares) | 899 | 899 | ' | ' | ' | ' |
Tax benefit (expense) from share based compensation | -387 | ' | ' | -387 | ' | ' |
Balance at Dec. 25, 2013 | $8,431 | $1,050 | ($72,336) | $567,505 | ($470,946) | ($16,842) |
Balance, treasury stock, at cost, shares at Dec. 25, 2013 | -15,782 | ' | -15,782 | ' | ' | ' |
Balance, common stock, share issued at Dec. 25, 2013 | 105,014 | 105,014 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $24,572 | $22,309 | $112,287 |
Adjustments to reconcile net income to cash flows provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 21,501 | 22,304 | 27,979 |
Operating (gains), losses and other charges, net | 7,071 | 482 | 2,102 |
Amortization of deferred financing costs | 497 | 775 | 1,374 |
Amortization of debt discount | 0 | 137 | 547 |
Loss on early extinguishment of debt | 2,226 | 8,290 | 2,589 |
Loss on change in the fair value of interest rate cap | 42 | 61 | 0 |
Deferred income tax expense | 9,100 | 11,423 | 3,223 |
Reversal of tax valuation allowance | -420 | -661 | -89,102 |
Share-based compensation | 4,852 | 3,496 | 4,219 |
Decrease (increase) in assets: | ' | ' | ' |
Receivables | 116 | -1,740 | 2,232 |
Inventories | 9 | 548 | 598 |
Other current assets | 984 | 2,820 | -1,112 |
Other assets | -2,110 | -3,172 | 405 |
Increase (decrease) in liabilities: | ' | ' | ' |
Accounts payable | -5,520 | -1,217 | 2,042 |
Accrued salaries and vacations | -2,545 | 2,279 | 934 |
Accrued taxes | 101 | -747 | -620 |
Other accrued liabilities | -746 | -4,420 | -4,687 |
Other noncurrent liabilities and deferred credits | -2,688 | -3,763 | -5,501 |
Net cash flows provided by operating activities | 57,042 | 59,204 | 59,509 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -16,818 | -14,164 | -16,089 |
Acquisition of restaurants and real estate | -3,980 | -1,422 | 0 |
Proceeds from disposition of property | 1,582 | 15,555 | 8,598 |
Collections on notes receivable | 4,779 | 1,970 | 1,347 |
Issuance of notes receivable | -2,033 | -5,440 | 0 |
Purchase of trademarks | 0 | 0 | -1,553 |
Net cash flows used in investing activities | -16,470 | -3,501 | -7,697 |
Cash flows from financing activities: | ' | ' | ' |
Net revolver borrowings under new credit agreement | 95,250 | 0 | 0 |
Term loan borrowings under new credit agreement | 60,000 | 190,000 | 0 |
Long-term debt payments | -176,729 | -222,741 | -46,253 |
Debt transaction costs | -366 | -1,097 | -839 |
Deferred financing costs | -1,374 | -1,809 | -3,421 |
Purchase of treasury stock | -25,039 | -21,618 | -21,569 |
Proceeds from exercise of stock options | 2,955 | 2,180 | 4,850 |
Tax withholding on share-based payments | -796 | -327 | -377 |
Tax (expense) benefit for share-based compensation | -387 | 1,010 | 670 |
Net bank overdrafts | -4,708 | -1,476 | -207 |
Net cash flows used in financing activities | -51,194 | -55,878 | -67,146 |
Increase (decrease) in cash and cash equivalents | -10,622 | -175 | -15,334 |
Cash and cash equivalents at beginning of period | 13,565 | 13,740 | 29,074 |
Cash and cash equivalents at end of period | $2,943 | $13,565 | $13,740 |
Introduction_and_Basis_of_Repo
Introduction and Basis of Reporting | 12 Months Ended | |||||
Dec. 25, 2013 | ||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||
Introduction and Basis of Reporting | ' | |||||
Introduction and Basis of Reporting | ||||||
Denny’s Corporation, or Denny’s, is one of America’s largest franchised full-service restaurant chains. Denny’s restaurants are operated in all 50 states, the District of Columbia, two U.S. territories and nine foreign countries with principal concentrations in California (24% of total restaurants), Texas (11%) and Florida (9%). | ||||||
The following table shows the unit activity for the years ended December 25, 2013 and December 26, 2012: | ||||||
Fiscal Year Ended | ||||||
December 25, 2013 | December 26, 2012 | |||||
Company restaurants, beginning of period | 164 | 206 | ||||
Units opened | — | 1 | ||||
Units acquired from franchisees | 2 | 1 | ||||
Units sold to franchisees | (2 | ) | (36 | ) | ||
Units closed | (1 | ) | (8 | ) | ||
End of period | 163 | 164 | ||||
Franchised and licensed restaurants, beginning of period | 1,524 | 1,479 | ||||
Units opened | 46 | 39 | ||||
Units purchased from Company | 2 | 36 | ||||
Units acquired by Company | (2 | ) | (1 | ) | ||
Units closed | (33 | ) | (29 | ) | ||
End of period | 1,537 | 1,524 | ||||
Total restaurants, end of period | 1,700 | 1,688 | ||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 25, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Policies | ' | ||
Summary of Significant Accounting Policies | |||
The following accounting policies significantly affect the preparation of our Consolidated Financial Statements: | |||
Use of Estimates. In preparing our Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles, management is required to make certain assumptions and estimates that affect reported amounts of assets, liabilities, revenues, expenses and the disclosure of contingencies. In making these assumptions and estimates, management may from time to time seek advice and consider information provided by actuaries and other experts in a particular area. Actual amounts could differ materially from these estimates. | |||
Consolidation Policy. Our Consolidated Financial Statements include the financial statements of Denny’s Corporation and its wholly-owned subsidiaries: Denny’s, Inc., DFO, LLC and Denny's Realty, LLC. All significant intercompany balances and transactions have been eliminated in consolidation. | |||
Fiscal Year. Our fiscal year ends on the last Wednesday in December. As a result, a fifty-third week is added to a fiscal year every five or six years. Fiscal 2013, 2012 and 2011 each included 52 weeks of operations. Fiscal 2014 will be a 53 week year. | |||
Cash Equivalents and Short-term Investments. Our policy is to invest cash in excess of operating requirements in short-term highly liquid investments with an original maturity of three months or less, which we consider to be cash equivalents. Cash and cash equivalents include short-term investments of $5.3 million and $11.8 million at December 25, 2013 and December 26, 2012, respectively. | |||
Receivables. Receivables, which are recorded at net realizable value, primarily consist of trade accounts receivables and financing receivables from franchisees (together “franchisee receivables”), vendor receivables and credit card receivables. Trade accounts receivables from franchisees consist of royalties, advertising and rent. Financing receivables from franchisees primarily consist of notes from franchisees related to the roll-out of new POS equipment. We accrue interest on notes receivable based on the contractual terms. The allowance for doubtful accounts is based on pre-defined criteria and management’s judgment of existing receivables. Receivables that are ultimately deemed to be uncollectible, and for which collection efforts have been exhausted, are written off against the allowance for doubtful accounts. | |||
Inventories. Inventories consist of food and beverages and are valued primarily at the lower of average cost (first-in, first-out) or market. | |||
Assets Held for Sale. Assets held for sale consist of real estate properties and/or restaurant operations that we expect to sell within the next year. The assets are reported at the lower of carrying amount or fair value less costs to sell. We cease recording depreciation on assets that are classified as held for sale. If the determination is made that we no longer expect to sell an asset within the next year, the asset is reclassified out of held for sale. | |||
Property and Depreciation. Owned property is stated at cost. Property under capital leases is stated at the lesser of its fair value or the net present value of the related minimum lease payments at the lease inception. Maintenance and repairs are expensed as incurred. We depreciate owned property over its estimated useful life using the straight-line method. We amortize property held under capital leases (at capitalized value) over the lesser of its estimated useful life or the initial lease term. In certain situations, one or more option periods may be used in determining the depreciable life of certain leasehold improvements under operating lease agreements, if we deem that an economic penalty will be incurred and exercise of such option periods is reasonably assured. In either circumstance, our policy requires lease term consistency when calculating the depreciation period, in classifying the lease and in computing rent expense. Building assets are assigned estimated useful lives that range from five to 30 years. Equipment assets are assigned lives that range from two to ten years. Leasehold improvements are generally assigned lives between five and 15 years limited by the expected lease term. | |||
Goodwill. Amounts recorded as goodwill primarily represent excess reorganization value recognized as a result of our 1998 bankruptcy. We record goodwill in connection with the acquisition of restaurants from franchisees. Likewise, upon the sale of restaurant operations to franchisees, goodwill is decremented. We test goodwill for impairment at each fiscal year end, and more frequently if circumstances indicate impairment may exist. Such indicators include, but are not limited to, a significant decline in our expected future cash flows; a significant adverse decline in our stock price; significantly adverse legal developments; and a significant change in the business climate. | |||
Other Intangible Assets. Other intangible assets consist primarily of trade names, franchise and license agreements, and reacquired franchise rights. Trade names are considered indefinite-lived intangible assets and are not amortized. Franchise and license agreements and reacquired franchise rights are amortized using the straight-line basis over the term of the related agreement. We test trade name assets for impairment at each fiscal year end, and more frequently if circumstances indicate impairment may exist. We assess impairment of franchise and license agreements and reacquired franchise rights whenever changes or events indicate that the carrying value may not be recoverable. Costs incurred to renew or extend the term of recognized intangible assets are recorded in general and administrative expenses in our Consolidated Statements of Income. | |||
Long-term Investments. Long-term investments include nonqualified deferred compensation plan assets held in a rabbi trust. Each plan participant's account is comprised of their contribution, our matching contribution and each participant's share of earnings or losses in the plan. The investments of the rabbi trust include debt and equity mutual funds. They are considered trading securities and are reported at fair value in other noncurrent assets with an offsetting liability included in other noncurrent liabilities and deferred credits in our Consolidated Balance Sheets. The realized and unrealized holding gains and losses related to the investments are recorded in other income (expense) with an offsetting amount recorded in general and administrative expenses related to the liability in our Consolidated Statements of Income. During 2013, 2012 and 2011, we incurred a net gain of $1.1 million, a net gain of $0.7 million and a net loss of less than $0.1 million, respectively. The fair value of the deferred compensation plan investments were $8.2 million and $6.4 million at December 25, 2013 and December 26, 2012, respectively. | |||
Deferred Financing Costs. Costs related to the issuance of debt are deferred and amortized as a component of interest expense using the effective interest method over the terms of the respective debt issuances. | |||
Cash Overdrafts. Accounts payable in our Consolidated Balance Sheets include cash overdrafts of $1.6 million and $6.3 million at December 25, 2013 and December 26, 2012, respectively. Changes in such amounts are reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows. | |||
Self-insurance liabilities. We record liabilities for insurance claims during periods in which we have been insured under large deductible programs or have been self-insured for our medical claims and workers’ compensation, general/product and automobile insurance liabilities. Maximum self-insured retention levels, including defense costs per occurrence, range from $0.5 million to $1.0 million per individual claim for workers’ compensation and for general/product and automobile liability. The liabilities for prior and current estimated incurred losses are discounted to their present value based on expected loss payment patterns determined by independent actuaries using our actual historical payments. | |||
Total discounted workers’ compensation, general/product and automobile insurance liabilities at December 25, 2013 and December 26, 2012 were $23.8 million and $23.2 million, respectively, with each reflecting a 1.0% discount rate. The related undiscounted amounts at such dates were $24.4 million and $23.8 million, respectively. | |||
Income Taxes. We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. We record a valuation allowance to reduce our net deferred tax assets to the amount that is more likely than not to be realized. | |||
Leases and Subleases. Our policy requires the use of a consistent lease term for (i) calculating the maximum depreciation period for related buildings and leasehold improvements; (ii) classifying the lease; and (iii) computing periodic rent expense increases where the lease terms include escalations in rent over the lease term. The lease term commences on the date we gain access to and control over the leased property. We account for rent escalations in leases on a straight-line basis over the expected lease term. Any rent holidays after lease commencement are recognized on a straight-line basis over the expected lease term, which includes the rent holiday period. Leasehold improvements that have been funded by lessors have historically been insignificant. Any leasehold improvements we make that are funded by lessor incentives or allowances under operating leases are recorded as leasehold improvement assets and amortized over the expected lease term. Such incentives are also recorded as deferred rent and amortized as reductions to lease expense over the expected lease term. We record contingent rent expense based on estimated sales for respective restaurants over the contingency period. Contingent rental income is recognized when earned. | |||
Fair Value Measurements. The carrying amounts of cash and cash equivalents, investments, accounts receivables, accounts payable and accrued expenses are deemed to approximate fair value due to the immediate or short-term maturity of these instruments. The fair value of notes receivable approximates the carrying value after consideration of recorded allowances. The liabilities under our credit facility are carried at historical cost. The estimated fair value (Level 2) of our senior secured term loan approximates 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. | |||
Derivative Instruments. We use derivative financial instruments to manage our exposure to interest rate risk. We do not enter into derivative instruments for trading or speculative purposes. All derivatives are recognized on our Consolidated Balance Sheets at fair value based upon quoted market prices. Changes in the fair values of derivatives are recorded in earnings or other comprehensive income, based on whether the instrument is designated as a hedge transaction. Gains or losses on derivative instruments reported in other comprehensive income are classified to earnings in the period the hedged item affects earnings. If the underlying hedge transaction ceases to exist, any associated amounts reported in other comprehensive income are reclassified to earnings at that time. Any ineffectiveness is recognized in earnings in the current period. By entering into derivative instruments, we are exposed to counterparty credit risk. When the fair value of a derivative instrument is in an asset position, the counterparty has a liability to us, which creates credit risk for us. We manage our exposure to this risk by selecting counterparties with investment grade credit ratings and regularly monitoring our market position with each counterparty. | |||
Contingencies and Litigation. We are subject to legal proceedings involving ordinary and routine claims incidental to our business, as well as legal proceedings that are nonroutine and include compensatory or punitive damage claims. Our ultimate legal and financial liability with respect to such matters cannot be estimated with certainty and requires the use of estimates in recording liabilities for potential litigation settlements. When the reasonable estimate is a range, the recorded loss will be the best estimate within the range. We record legal settlement costs as other operating expenses in our Consolidated Statements of Income as those costs are incurred. | |||
Comprehensive Income. Comprehensive income includes net income and other comprehensive income items that are excluded from net income under U.S. generally accepted accounting principles. Other comprehensive income items include additional minimum pension liability adjustments and the effective unrealized portion of changes in the fair value of cash flow hedges. | |||
Segment. Denny’s operates in only one segment. All significant revenues and pre-tax earnings relate to retail sales of food and beverages to the general public through either company or franchised restaurants. | |||
Company Restaurant Sales. Company restaurant sales are recognized when food and beverage products are sold at company restaurants. We present company restaurant sales net of sales taxes. | |||
Gift cards. We sell gift cards which have no stated expiration dates. We recognize revenue from gift cards when the gift card is redeemed by the customer or when we determine the likelihood of redemption is remote (gift card breakage). Breakage is based on our company-specific historical redemption patterns. We recognized $0.3 million in breakage on gift cards for both the years ended December 25, 2013 and December 26, 2012, respectively. We believe that the amounts recognized for breakage have been and will continue to be insignificant. | |||
Franchise and License Fees. We recognize initial franchise and license fees when all of the material obligations have been performed and conditions have been satisfied, typically when operations of a new franchised restaurant have commenced. During 2013, 2012 and 2011, we recorded initial fees of $1.6 million, $3.0 million and $3.1 million, respectively, as a component of franchise and license revenue in our Consolidated Statements of Income. At December 25, 2013 and December 26, 2012, deferred fees were $1.1 million and $1.2 million, respectively, and are included in other accrued liabilities in the accompanying Consolidated Balance Sheets. Continuing fees, such as royalties and rents, are recorded as income on a monthly basis. Our ten largest franchisees accounted for 32%, 32% and 34% of our franchise revenues for 2013, 2012 and 2011, respectively. | |||
Advertising Costs. We expense production costs for radio and television advertising in the year in which the commercials are initially aired. Advertising expense for 2013, 2012 and 2011 was $11.7 million, $13.4 million and $16.1 million, respectively, net of contributions from franchisees of $66.6 million, $65.1 million and $60.5 million, respectively. Advertising costs are recorded as a component of other operating expenses in our Consolidated Statements of Income. | |||
Restructuring and exit costs. Restructuring and exit costs consist primarily of the costs of future obligations related to closed restaurants, severance and other restructuring charges for terminated employees, and are included as a component of operating (gains), losses and other charges, net in our Consolidated Statements of Income. | |||
Discounted liabilities for future lease costs and the fair value of related subleases of closed restaurants are recorded when the restaurants are closed. All other costs related to closed restaurants are expensed as incurred. In assessing the discounted liabilities for future costs of obligations related to closed restaurants, we make assumptions regarding amounts of future assumed subleases. If these assumptions or their related estimates change in the future, we may be required to record additional exit costs or reduce exit costs previously recorded. Exit costs recorded for each of the periods presented include the effect of such changes in estimates. | |||
We evaluate restaurant closures for potential disclosure as discontinued operations based on an assessment of several quantitative and qualitative factors, including the nature of the closure, revenue migration to other company and franchised restaurants and planned market development in the vicinity of the disposed restaurant. | |||
Impairment of Long-lived Assets. We evaluate our long-lived assets for impairment at the restaurant level on a quarterly basis, when assets are identified as held for sale or whenever changes or events indicate that the carrying value may not be recoverable. For assets identified as held for sale, we use the market approach and consider proceeds from similar asset sales. We assess impairment of restaurant-level assets based on the operating cash flows of the restaurant, expected proceeds from the sale of assets and our plans for restaurant closings. Generally, all restaurants with negative cash flows from operations for the most recent twelve months at each quarter end are included in our assessment. For underperforming assets, we use the income approach to determine both the recoverability and estimated fair value of the assets. To estimate future cash flows we make certain assumptions about expected future operating performance, such as revenue growth, operating margins, risk-adjusted discount rates, and future economic and market conditions. If the long-lived assets of a restaurant are not recoverable based upon estimated future, undiscounted cash flows, we write the assets down to their fair value. If these estimates or their related assumptions change in the future, we may be required to record additional impairment charges. These charges are included as a component of operating (gains), losses and other charges, net in our Consolidated Statements of Income. | |||
Gains on Sales of Restaurants Operations to Franchisees, Real Estate and Other Assets. Generally, gains on sales of restaurant operations to franchisees (which may include real estate), real estate properties and other assets are recognized when the sales are consummated and certain other gain recognition criteria are met. Total gains are included as a component of operating (gains), losses and other charges, net in our Consolidated Statements of Income. | |||
Share-Based Compensation. Share-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the requisite service period. We estimate potential forfeitures of share-based awards and adjust the forfeiture rate over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Share-based compensation expense is included as a component of general and administrative expenses in our Consolidated Statements of Income. Any tax expense or benefit in excess of recognized compensation cost is reported as a financing activity on our Consolidated Statements of Cash Flows. | |||
There were no stock options granted during 2013 or 2012. The fair value of the stock options granted during 2011 was estimated at the date of grant using the Black-Scholes option pricing model. We used the following weighted average assumptions for the grant: | |||
Fiscal Year Ended | |||
December 28, 2011 | |||
Dividend yield | 0 | % | |
Expected volatility | 60.3 | % | |
Risk-free interest rate | 2 | % | |
Weighted average expected term | 4.7 years | ||
The dividend yield assumption was based on our dividend payment history and expectations of future dividend payments. The expected volatility was based on the historical volatility of our stock for a period approximating the expected life of the options granted. The risk-free interest rate was based on published U.S. Treasury spot rates in effect at the time of grant with terms approximating the expected life of the option. The weighted average expected term of the options represents the period of time the options are expected to be outstanding based on historical trends. | |||
Compensation expense for options is recognized on a straight-line basis over the requisite service period for the entire award. Generally, compensation expense related to restricted stock units, performance shares, performance units and board deferred stock units is based on the number of shares and units expected to vest, the period over which they are expected to vest and the fair market value of the common stock on the date of the grant. For restricted stock units and performance shares that contain a market condition, compensation expense is based on the Monte Carlo valuation method, which utilizes multiple input variables to determine the probability of the Company achieving the market condition and the fair value of the award. The amount of certain cash-settled awards is determined based on the date of payment. Therefore, compensation expense related to these cash-settled awards is adjusted to fair value at each balance sheet date. | |||
Subsequent to the vesting period, earned stock-settled restricted stock units and performance shares (both of which are equity classified) are paid to the holder in shares of common stock, and the cash-settled restricted stock units and performance units (both of which are liability classified) are paid to the holder in cash, provided the holder is then still employed with Denny’s or an affiliate. | |||
Earnings Per Share. Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares and potential common shares outstanding during the period. | |||
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 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 | 12 Months Ended | |||||||
Dec. 25, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Receivables | ' | |||||||
Receivables, net were comprised of the following: | ||||||||
December 25, 2013 | December 26, 2012 | |||||||
(In thousands) | ||||||||
Current assets: | ||||||||
Receivables: | ||||||||
Trade accounts receivable from franchisees | $ | 10,072 | $ | 10,212 | ||||
Notes receivable from franchisees and third parties | 1,800 | 4,310 | ||||||
Vendor receivables | 2,516 | 2,529 | ||||||
Credit card receivables | 2,162 | 1,384 | ||||||
Other | 1,002 | 1,524 | ||||||
Allowance for doubtful accounts | (231 | ) | (12 | ) | ||||
Total current receivables, net | $ | 17,321 | $ | 19,947 | ||||
Noncurrent assets (included as a component of other noncurrent assets): | ||||||||
Notes receivable from franchisees | $ | 766 | $ | 1,002 | ||||
We recorded provisions for credit losses of $0.1 million and less than $0.1 million for the years ended December 25, 2013 and December 26, 2012, respectively. | ||||||||
We recognized interest income on notes receivable from franchisees of $0.1 million, $0.1 million and $0.2 million for the years ended December 25, 2013, December 26, 2012 and December 28, 2011, respectively, which is included as a component of interest expense, net on our Consolidated Statements of Income. |
Property_Net
Property, Net | 12 Months Ended | |||||||
Dec. 25, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Net | ' | |||||||
Property, Net | ||||||||
Property, net consisted of the following: | ||||||||
December 25, 2013 | December 26, 2012 | |||||||
(In thousands) | ||||||||
Land | $ | 27,198 | $ | 26,622 | ||||
Buildings and leasehold improvements | 229,918 | 228,132 | ||||||
Other property and equipment | 75,740 | 73,851 | ||||||
Total property owned | 332,856 | 328,605 | ||||||
Less accumulated depreciation | 241,257 | 234,046 | ||||||
Property owned, net | 91,599 | 94,559 | ||||||
Buildings, vehicles and other equipment held under capital leases | 28,730 | 28,572 | ||||||
Less accumulated amortization | 14,709 | 16,127 | ||||||
Property held under capital leases, net | 14,021 | 12,445 | ||||||
Total property, net | $ | 105,620 | $ | 107,004 | ||||
The following table reflects the property assets, included in the table above, which were leased to franchisees: | ||||||||
December 25, 2013 | December 26, 2012 | |||||||
(In thousands) | ||||||||
Land | $ | 14,977 | $ | 14,377 | ||||
Buildings and leasehold improvements | 64,458 | 66,207 | ||||||
Total property owned, leased to franchisees | 79,435 | 80,584 | ||||||
Less accumulated depreciation | 54,473 | 55,647 | ||||||
Property owned, leased to franchisees, net | 24,962 | 24,937 | ||||||
Buildings held under capital leases, leased to franchisees | 10,206 | 13,834 | ||||||
Less accumulated amortization | 7,345 | 9,627 | ||||||
Property held under capital leases, leased to franchisees, net | 2,861 | 4,207 | ||||||
Total property leased to franchisees, net | $ | 27,823 | $ | 29,144 | ||||
Depreciation expense, including amortization of property under capital leases, for 2013, 2012 and 2011 was $18.6 million, $19.1 million and $23.7 million, respectively. Substantially all owned property is pledged as collateral for our Credit Facility. See Note 10. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||
Dec. 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: | ||||||||||||||||
December 25, 2013 | December 26, 2012 | |||||||||||||||
(In thousands) | ||||||||||||||||
Balance, beginning of year | $ | 31,430 | $ | 30,764 | ||||||||||||
Additions related to acquisitions | 28 | 1,022 | ||||||||||||||
Write-offs and reclassifications associated with sale of restaurants | (7 | ) | (356 | ) | ||||||||||||
Balance, end of year | $ | 31,451 | $ | 31,430 | ||||||||||||
Other intangible assets were comprised of the following: | ||||||||||||||||
December 25, 2013 | December 26, 2012 | |||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
(In thousands) | ||||||||||||||||
Intangible assets with indefinite lives: | ||||||||||||||||
Trade names | $ | 44,055 | $ | — | $ | 44,050 | $ | — | ||||||||
Liquor licenses | 126 | — | 156 | — | ||||||||||||
Intangible assets with definite lives: | ||||||||||||||||
Franchise and license agreements | 31,248 | 29,007 | 37,187 | 32,935 | ||||||||||||
Reacquired franchise rights | 1,857 | 354 | 578 | 116 | ||||||||||||
Intangible assets | $ | 77,286 | $ | 29,361 | $ | 81,971 | $ | 33,051 | ||||||||
The $5.9 million decrease in franchise and license agreements primarily resulted from the removal of fully amortized agreements. The amortization expense for definite-lived intangibles and other assets for 2013, 2012 and 2011 was $2.9 million, $3.2 million and $4.2 million, respectively. | ||||||||||||||||
Estimated amortization expense for intangible assets with definite lives in the next five years is as follows: | ||||||||||||||||
(In thousands) | ||||||||||||||||
2014 | $ | 1,637 | ||||||||||||||
2015 | 1,082 | |||||||||||||||
2016 | 410 | |||||||||||||||
2017 | 119 | |||||||||||||||
2018 | 52 | |||||||||||||||
We performed an annual impairment test as of December 25, 2013 and determined that none of the recorded goodwill or other intangible assets with indefinite lives were impaired. |
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | |||||||
Dec. 25, 2013 | ||||||||
Other Liabilities, Current [Abstract] | ' | |||||||
Other Current Liabilities | ' | |||||||
Other Current Liabilities | ||||||||
Other current liabilities consisted of the following: | ||||||||
December 25, 2013 | December 26, 2012 | |||||||
(In thousands) | ||||||||
Accrued salaries and vacation | $ | 18,810 | $ | 20,642 | ||||
Accrued insurance, primarily current portion of liability for insurance claims | 7,519 | 7,122 | ||||||
Accrued taxes | 6,258 | 6,157 | ||||||
Accrued interest | 218 | 388 | ||||||
Restructuring charges and exit costs | 1,388 | 1,829 | ||||||
Accrued advertising | 6,791 | 5,728 | ||||||
Gift cards | 4,057 | 4,440 | ||||||
Other | 7,657 | 8,376 | ||||||
Other current liabilities | 52,698 | 54,682 | ||||||
Operating_Gains_Losses_and_Oth
Operating (Gains), Losses and Other Charges, Net | 12 Months Ended | |||||||||||
Dec. 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 were comprised of the following: | ||||||||||||
Fiscal Year Ended | ||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | ||||||||||
(In thousands) | ||||||||||||
Gains on sales of assets and other, net | $ | (66 | ) | $ | (7,090 | ) | $ | (3,187 | ) | |||
Restructuring charges and exit costs | 1,389 | 3,912 | 1,234 | |||||||||
Impairment charges | 5,748 | 3,660 | 4,055 | |||||||||
Operating (gains), losses and other charges, net | $ | 7,071 | $ | 482 | $ | 2,102 | ||||||
Restructuring Charges and Exit Costs | ||||||||||||
Restructuring charges and exit costs were comprised of the following: | ||||||||||||
Fiscal Year Ended | ||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | ||||||||||
(In thousands) | ||||||||||||
Exit costs | $ | 630 | $ | 1,926 | $ | 848 | ||||||
Severance and other restructuring charges | 759 | 1,986 | 386 | |||||||||
Total restructuring charges and exit costs | $ | 1,389 | $ | 3,912 | $ | 1,234 | ||||||
Severance and other restructuring charges of $2.0 million for 2012 includes charges related to the departure of the Company's former Chief Operating Officer. | ||||||||||||
The components of the change in accrued exit cost liabilities were as follows: | ||||||||||||
December 25, 2013 | December 26, 2012 | |||||||||||
(In thousands) | ||||||||||||
Balance, beginning of year | $ | 4,061 | $ | 3,863 | ||||||||
Exit costs (1) | 630 | 1,926 | ||||||||||
Payments, net of sublease receipts | (1,726 | ) | (2,227 | ) | ||||||||
Reclassification of certain lease liabilities, net | (69 | ) | 171 | |||||||||
Interest accretion | 253 | 328 | ||||||||||
Balance, end of year | 3,149 | 4,061 | ||||||||||
Less current portion included in other current liabilities | 1,260 | 1,361 | ||||||||||
Long-term portion included in other noncurrent liabilities | $ | 1,889 | $ | 2,700 | ||||||||
-1 | Included as a component of operating (gains), losses and other charges, net. | |||||||||||
Estimated cash payments related to exit cost liabilities in the next five years are as follows: | ||||||||||||
(In thousands) | ||||||||||||
2014 | $ | 1,395 | ||||||||||
2015 | 542 | |||||||||||
2016 | 308 | |||||||||||
2017 | 296 | |||||||||||
2018 | 299 | |||||||||||
Thereafter | 1,015 | |||||||||||
Total | 3,855 | |||||||||||
Less imputed interest | 706 | |||||||||||
Present value of exit cost liabilities | $ | 3,149 | ||||||||||
The present value of exit cost liabilities is net of $2.4 million of existing sublease arrangements and $1.4 million related to properties for which we assume we will enter into sublease agreements in the future. See Note 8 for a schedule of future minimum lease commitments and amounts to be received as lessor or sub-lessor for both open and closed restaurants. | ||||||||||||
As of December 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 December 25, 2013 is expected to be paid during 2014. | ||||||||||||
Impairment charges of $5.7 million for the year ended December 25, 2013 resulted primarily from the $4.8 million impairment of an underperforming restaurant and the $0.8 million impairment of restaurants and a piece of real estate identified as assets held for sale. Impairment charges of $3.7 million for the year ended December 26, 2012 resulted primarily from the impairment of seven restaurants identified as held for sale and the impairment of an underperforming restaurant. Impairment charges of $4.1 million for the year ended December 28, 2011 resulted primarily from the impairment of assets of three underperforming restaurants and two restaurants identified as assets held for sale. |
Leases
Leases | 12 Months Ended | |||||||||||
Dec. 25, 2013 | ||||||||||||
Leases [Abstract] | ' | |||||||||||
Leases | ' | |||||||||||
Leases | ||||||||||||
Our operations utilize property, facilities and equipment leased from others. Buildings and facilities are primarily used for restaurants and support facilities. Many of our restaurants are operated under lease arrangements which generally provide for a fixed basic rent, and, in many instances, contingent rent based on a percentage of gross revenues. Initial terms of land and restaurant building leases generally range from 10 to 15 years, exclusive of options to renew, which are typically for five year periods. Leases of other equipment consist primarily of restaurant equipment, computer systems and vehicles. | ||||||||||||
Minimum future lease commitments and amounts to be received as lessor or sublessor under non-cancelable leases, including leases for both open and closed restaurants, at December 25, 2013 were as follows: | ||||||||||||
Commitments | Lease Receipts | |||||||||||
Capital | Operating | Operating | ||||||||||
(In thousands) | ||||||||||||
2014 | $ | 7,379 | $ | 33,961 | $ | 33,275 | ||||||
2015 | 5,996 | 29,571 | 30,053 | |||||||||
2016 | 4,983 | 26,827 | 28,018 | |||||||||
2017 | 4,204 | 23,698 | 26,000 | |||||||||
2018 | 3,047 | 19,514 | 22,963 | |||||||||
Thereafter | 10,236 | 69,396 | 115,747 | |||||||||
Total | 35,845 | $ | 202,967 | $ | 256,056 | |||||||
Less imputed interest | 15,772 | |||||||||||
Present value of capital lease obligations | $ | 20,073 | ||||||||||
Rent expense is a component of both occupancy expense and costs of franchise and license revenue in our Consolidated Statements of Income. Lease and sublease rental income is a component of franchise and license revenue in our Consolidated Statements of Income. Rental expense and income were comprised of the following: | ||||||||||||
Fiscal Year Ended | ||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | ||||||||||
(In thousands) | ||||||||||||
Rental expense: | ||||||||||||
Base rents | $ | 35,667 | $ | 38,326 | $ | 40,278 | ||||||
Contingent rents | 5,412 | 5,762 | 5,575 | |||||||||
Total rental expense | $ | 41,079 | $ | 44,088 | $ | 45,853 | ||||||
Rental income: | ||||||||||||
Base rents | $ | 36,183 | $ | 37,363 | $ | 35,337 | ||||||
Contingent rents | 4,389 | 3,871 | 2,812 | |||||||||
Total rental income | $ | 40,572 | $ | 41,234 | $ | 38,149 | ||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||||||
Dec. 25, 2013 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||
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 December 25, 2013: | ||||||||||||||||||
Deferred compensation plan investments (1) | $ | 8,168 | $ | 8,168 | $ | — | $ | — | market approach | |||||||||
Interest rate swaps (2) | $ | 3,032 | — | 3,032 | — | income approach | ||||||||||||
Interest rate caps (2) | $ | 11 | $ | — | $ | 11 | $ | — | income approach | |||||||||
Total | $ | 11,211 | $ | 8,168 | $ | 3,043 | $ | — | ||||||||||
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. See Note 10 for details on the interest rate swaps and interest rate caps. | |||||||||||||||||
See Note 11 for the disclosures related to the fair value of our pension plan assets. | ||||||||||||||||||
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 25, 2013: | ||||||||||||||||||
Assets held and used (1) | $ | 1,198 | $ | — | $ | — | $ | 1,198 | income approach | |||||||||
Total | $ | 1,198 | $ | — | $ | — | $ | 1,198 | ||||||||||
Fair value measurements as of December 26, 2012: | ||||||||||||||||||
Assets held and used (1) | $ | 228 | $ | — | $ | — | $ | 228 | income approach | |||||||||
Total | $ | 228 | $ | — | $ | — | $ | 228 | ||||||||||
-1 | As of December 25, 2013 and December 26, 2012, impaired assets related to underperforming restaurants were written down to their fair value. Impairment charges of $4.8 million and $0.7 million were recognized as a component of operating (gains), losses and other charges, net in our Consolidated Statements of Income for the years ended December 25, 2013 and December 26, 2012, respectively. 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 | 12 Months Ended | |||||||
Dec. 25, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
Long-term debt consisted of the following: | ||||||||
December 25, 2013 | December 26, 2012 | |||||||
(In thousands) | ||||||||
Revolving loans due April 24, 2018 | $ | 95,250 | $ | — | ||||
Term loans due April 24, 2018 | 57,750 | — | ||||||
Term loans due April 12, 2017 | — | 170,000 | ||||||
Capital lease obligations | 20,073 | 20,134 | ||||||
Total long-term debt | 173,073 | 190,134 | ||||||
Less current maturities and mandatory prepayments | 7,150 | 12,681 | ||||||
Noncurrent portion of long-term debt | $ | 165,923 | $ | 177,453 | ||||
Aggregate annual maturities of long-term debt, excluding capital lease obligations (see Note 8), at December 25, 2013 are as follows: | ||||||||
(In thousands) | ||||||||
2014 | $ | 3,000 | ||||||
2015 | 4,125 | |||||||
2016 | 4,500 | |||||||
2017 | 5,625 | |||||||
2018 | 135,750 | |||||||
Thereafter | — | |||||||
Total long-term debt, excluding capital lease obligations | $ | 153,000 | ||||||
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 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 Consolidated Statements of Income. | ||||||||
As of December 25, 2013, we had outstanding term loan borrowings under the New Credit Facility of $57.8 million and outstanding letters of credit under the senior secured revolver of $24.7 million. There were $95.3 million of revolving loans outstanding at December 25, 2013. These balances resulted in availability of $70.1 million under the revolving facility. The weighted average interest rate under the term loan was 2.17% and 2.97%, as of December 25, 2013 and December 26, 2012, respectively. The weighted average interest rate on outstanding revolver loans was 2.17% as of December 25, 2013. | ||||||||
During the year ended December 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 $2.3 million on the term loan under the New Credit Facility. | ||||||||
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. As of December 25, 2013, the fair value of the interest rate swaps was $3.0 million, which is recorded as a component of other noncurrent assets on our Consolidated Balance Sheets. See Note 15 for the amounts recorded in accumulated other comprehensive loss related to the interest rate swaps. | ||||||||
We believe that our estimated cash flows from operations for 2014, 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. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||
Dec. 25, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||
Employee Benefit Plans | ||||||||||||||||
We maintain several defined benefit plans which cover a substantial number of employees. Benefits are based upon each employee’s years of service and average salary. Our funding policy is based on the minimum amount required under the Employee Retirement Income Security Act of 1974. Our pension plan was closed to new participants as of December 31, 1999. Benefits ceased to accrue for pension plan participants as of December 31, 2004. We also maintain defined contribution plans. | ||||||||||||||||
Defined Benefit Plans | ||||||||||||||||
The obligations and funded status for our pension plan and other defined benefit plans were as follows: | ||||||||||||||||
Pension Plan | Other Defined Benefit Plans | |||||||||||||||
December 25, 2013 | December 26, 2012 | December 25, 2013 | December 26, 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Change in Benefit Obligation: | ||||||||||||||||
Benefit obligation at beginning of year | $ | 73,926 | $ | 70,468 | $ | 2,837 | $ | 2,689 | ||||||||
Service cost | 400 | 380 | — | — | ||||||||||||
Interest cost | 2,977 | 3,200 | 111 | 116 | ||||||||||||
Actuarial (gains) losses | (7,836 | ) | 4,575 | (37 | ) | 227 | ||||||||||
Benefits paid | (5,076 | ) | (4,697 | ) | (195 | ) | (195 | ) | ||||||||
Benefit obligation at end of year | $ | 64,391 | $ | 73,926 | $ | 2,716 | $ | 2,837 | ||||||||
Accumulated benefit obligation | $ | 64,391 | $ | 73,926 | $ | 2,716 | $ | 2,837 | ||||||||
Change in Plan Assets: | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 58,006 | $ | 53,270 | $ | — | $ | — | ||||||||
Actual return on plan assets | 5,364 | 6,666 | — | — | ||||||||||||
Employer contributions | 2,800 | 2,767 | 195 | 195 | ||||||||||||
Benefits paid | (5,076 | ) | (4,697 | ) | (195 | ) | (195 | ) | ||||||||
Fair value of plan assets at end of year | $ | 61,094 | $ | 58,006 | $ | — | $ | — | ||||||||
Funded status | $ | (3,297 | ) | $ | (15,920 | ) | $ | (2,716 | ) | $ | (2,837 | ) | ||||
The amounts recognized in the Consolidated Balance Sheets were as follows: | ||||||||||||||||
Pension Plan | Other Defined Benefit Plans | |||||||||||||||
December 25, 2013 | December 26, 2012 | December 25, 2013 | December 26, 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Other current liabilities | $ | — | $ | — | $ | (451 | ) | $ | (341 | ) | ||||||
Other noncurrent liabilities and deferred credits | (3,297 | ) | (15,920 | ) | (2,265 | ) | (2,496 | ) | ||||||||
Net amount recognized | $ | (3,297 | ) | $ | (15,920 | ) | $ | (2,716 | ) | $ | (2,837 | ) | ||||
The amounts recognized in accumulated other comprehensive income, that have not yet been recognized as a component of net periodic benefit cost, were as follows: | ||||||||||||||||
Pension Plan | Other Defined Benefit Plans | |||||||||||||||
December 25, 2013 | December 26, 2012 | December 25, 2013 | December 26, 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Unamortized actuarial losses, net | $ | (17,433 | ) | (27,798 | ) | (899 | ) | (1,007 | ) | |||||||
During fiscal 2014, $0.9 million and less than $0.1 million of accumulated other comprehensive income will be recognized related to the pension plan and other defined benefit plans, respectively. | ||||||||||||||||
The components of the change in unamortized actuarial losses, net, included in accumulated other comprehensive loss were as follows: | ||||||||||||||||
Fiscal Year Ended | ||||||||||||||||
December 25, 2013 | December 26, 2012 | |||||||||||||||
(In thousands) | ||||||||||||||||
Pension Plan: | ||||||||||||||||
Balance, beginning of year | $ | (27,798 | ) | $ | (27,596 | ) | ||||||||||
Benefit obligation actuarial gain (loss) | 7,836 | (4,575 | ) | |||||||||||||
Net gain | 876 | 2,610 | ||||||||||||||
Amortization of net loss | 1,653 | 1,763 | ||||||||||||||
Balance, end of year | $ | (17,433 | ) | $ | (27,798 | ) | ||||||||||
Other Defined Benefit Plans: | ||||||||||||||||
Balance, beginning of year | $ | (1,007 | ) | $ | (832 | ) | ||||||||||
Benefit obligation actuarial gain (loss) | 37 | (227 | ) | |||||||||||||
Amortization of net loss | 71 | 52 | ||||||||||||||
Balance, end of year | $ | (899 | ) | $ | (1,007 | ) | ||||||||||
Minimum pension liability adjustments, net of tax for 2013, 2012 and 2011 were a reduction of $6.3 million and additions of $0.2 million and $5.6 million, respectively. | ||||||||||||||||
Total minimum pension liability adjustments of $18.7 million (including tax expense of $0.4 million) and $25.0 million (net of tax benefit of $3.8 million) are included as a component of accumulated other comprehensive loss, net in our Consolidated Statements of Shareholders' Equity for the years ended December 25, 2013 and December 26, 2012, respectively. | ||||||||||||||||
The components of net periodic benefit cost were as follows: | ||||||||||||||||
Fiscal Year Ended | ||||||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | ||||||||||||||
(In thousands) | ||||||||||||||||
Pension Plan: | ||||||||||||||||
Service cost | $ | 400 | $ | 380 | $ | 335 | ||||||||||
Interest cost | 2,977 | 3,200 | 3,364 | |||||||||||||
Expected return on plan assets | (4,488 | ) | (4,057 | ) | (4,182 | ) | ||||||||||
Amortization of net loss | 1,653 | 1,763 | 1,004 | |||||||||||||
Net periodic benefit cost | $ | 542 | $ | 1,286 | $ | 521 | ||||||||||
Other comprehensive (income) loss | $ | (10,364 | ) | $ | 202 | $ | 8,997 | |||||||||
Other Defined Benefit Plans: | ||||||||||||||||
Interest cost | $ | 111 | $ | 116 | $ | 127 | ||||||||||
Amortization of net loss | 71 | 52 | 32 | |||||||||||||
Net periodic benefit cost | $ | 182 | $ | 168 | $ | 159 | ||||||||||
Other comprehensive (income) loss | $ | (109 | ) | $ | 175 | $ | 232 | |||||||||
Net pension and other defined benefit plan costs (including premiums paid to the Pension Benefit Guaranty Corporation) for 2013, 2012 and 2011 were $0.7 million, $1.5 million and $0.7 million, respectively. | ||||||||||||||||
Assumptions | ||||||||||||||||
Because our pension plan was closed to new participants as of December 31, 1999 and benefits ceased to accrue for Pension Plan participants as of December 31, 2004, an assumed rate of increase in compensation levels was not applicable for 2013, 2012 or 2011. Weighted average assumptions used to determine benefit obligations were as follows: | ||||||||||||||||
December 25, 2013 | December 26, 2012 | |||||||||||||||
Discount rate | 4.98 | % | 4.18 | % | ||||||||||||
Measurement date | 12/25/13 | 12/26/12 | ||||||||||||||
Weighted average assumptions used to determine net periodic pension cost were as follows: | ||||||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | ||||||||||||||
Discount rate | 4.18 | % | 4.59 | % | 5.42 | % | ||||||||||
Rate of increase in compensation levels | N/A | N/A | N/A | |||||||||||||
Expected long-term rate of return on assets | 7.75 | % | 7.75 | % | 8 | % | ||||||||||
Measurement date | 12/25/13 | 12/26/12 | 12/28/11 | |||||||||||||
In determining the expected long-term rate of return on assets, we evaluated our asset class return expectations, as well as long-term historical asset class returns. Projected returns are based on broad equity and bond indices. Additionally, we considered our historical compounded returns, which have been in excess of our forward-looking return expectations. In determining the discount rate, we have considered long-term bond indices of bonds having similar timing and amounts of cash flows as our estimated defined benefit payments. We use a yield curve based on high quality, long-term corporate bonds to calculate the single equivalent discount rate that results in the same present value as the sum of each of the plan's estimated benefit payments discounted at their respective spot rates. | ||||||||||||||||
Plan Assets | ||||||||||||||||
The investment policy of our pension plan is based on an evaluation of our ability and willingness to assume investment risk in light of the financial and benefit-related goals objectives deemed to be prudent by the fiduciaries of our pension plan assets. These objectives include, but are not limited to, earning a rate of return over time to satisfy the benefit obligation, managing funded status volatility and maintaining sufficient liquidity. As of December 25, 2013, the strategic target asset allocation is 65% fixed income securities (diversified between corporate and government holdings and generally long duration) and 35% equity securities (diversified between domestic and international holdings). | ||||||||||||||||
We review the strategic asset allocation periodically to determine the appropriate balance between cost and risk, taking into account the regulatory funding requirements and the nature of our pension plan's liabilities. We monitor the competitive performance versus market benchmarks and rebalance to target allocations if necessary on a quarterly basis. | ||||||||||||||||
The fair values of our pension plan assets were as follows: | ||||||||||||||||
Fair Value Measurements as of December 25, 2013 | ||||||||||||||||
Asset Category | Total | Quoted Prices in Active Markets for Identical Assets/Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(In thousands) | ||||||||||||||||
Cash equivalents | $ | 1,785 | $ | 1,785 | $ | — | $ | — | ||||||||
Equity securities: | ||||||||||||||||
U.S. large-cap (a) | 9,880 | 9,880 | — | — | ||||||||||||
U.S. mid-cap (b) | 2,467 | 2,467 | — | — | ||||||||||||
U.S. small-cap (c) | 615 | 615 | — | — | ||||||||||||
International large-cap | 6,200 | 6,200 | — | — | ||||||||||||
Fixed income securities: | ||||||||||||||||
U.S. Treasuries | 4,245 | 4,245 | — | — | ||||||||||||
Corporate bonds (d) | 33,310 | 33,310 | — | — | ||||||||||||
Other types of investments: | ||||||||||||||||
Commingled funds (e) | 2,592 | — | 2,592 | — | ||||||||||||
Total | $ | 61,094 | $ | 58,502 | $ | 2,592 | $ | — | ||||||||
(a) | The majority of this category represents a fund with the objective of approximating the return of the S&P 500 Index. The remaining securities include both a large-value fund and a large-growth fund investing in diverse industries. | |||||||||||||||
(b) | This category includes both a mid-growth fund with the objective of outperforming the Russell Mid Cap Growth Index and a mid-value fund investing in diverse industries. | |||||||||||||||
(c) | This category includes both a small-value fund and a small-growth fund investing in diverse industries. | |||||||||||||||
(d) | This category includes intermediate and long-term investment grade bonds from diverse industries. | |||||||||||||||
(e) | This category represents a fund of well diversified mutual funds with the objective of providing a low-volatility means to access equity-like returns. | |||||||||||||||
Fair Value Measurements as of December 26, 2012 | ||||||||||||||||
Asset Category | Total | Quoted Prices in Active Markets for Identical Assets/Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(In thousands) | ||||||||||||||||
Cash equivalents | $ | 873 | $ | 873 | $ | — | $ | — | ||||||||
Equity securities: | ||||||||||||||||
U.S. large-cap (a) | 15,569 | 15,569 | — | — | ||||||||||||
U.S. mid-cap (b) | 4,702 | 4,702 | — | — | ||||||||||||
U.S. small-cap (c) | 1,157 | 1,157 | — | — | ||||||||||||
International large-cap | 9,292 | 9,292 | — | — | ||||||||||||
Fixed income securities: | ||||||||||||||||
U.S. Treasuries | 2,582 | 2,582 | — | — | ||||||||||||
Corporate bonds (d) | 20,179 | 20,179 | — | — | ||||||||||||
Other types of investments: | ||||||||||||||||
Commingled funds (e) | 3,652 | — | 3,652 | — | ||||||||||||
Total | $ | 58,006 | $ | 54,354 | $ | 3,652 | $ | — | ||||||||
(a) | The majority of this category represents a fund with the objective of approximating the return of the S&P 500 Index. The remaining securities include both a large-value fund and a large-growth fund investing in diverse industries. | |||||||||||||||
(b) | This category includes both a mid-growth fund with the objective of outperforming the Russell Mid Cap Growth Index and a mid-value fund investing in diverse industries. | |||||||||||||||
(c) | This category includes both a small-value fund and a small-growth fund investing in diverse industries. | |||||||||||||||
(d) | This category includes intermediate and long-term investment grade bonds from diverse industries. | |||||||||||||||
(e) | This category represents a fund of well diversified mutual funds with the objective of providing a low-volatility means to access equity-like returns. | |||||||||||||||
Following is a description of the valuation methodologies used for assets measured at fair value. | ||||||||||||||||
• | Equity Securities and Fixed Income Securities: Valued at the net asset value (“NAV”) of shares held by the pension plan at year-end. The NAV is a quoted price in an active market. | |||||||||||||||
• | Cash Equivalents and Commingled Funds: Valuation determined by the trustee of the money market funds and commingled funds based on the fair value of the underlying securities within the fund, which represent the NAV, a practical expedient to fair value, of the units held by the pension plan at year-end. | |||||||||||||||
Contributions and Expected Future Benefit Payments | ||||||||||||||||
We made contributions of $2.8 million to our qualified pension plan during both the years ended December 25, 2013 and December 26, 2012, respectively. We made contributions of $0.2 million to our other defined benefit plans during both the years ended December 25, 2013 and December 26, 2012. We expect to contribute $2.5 million and $0.5 million to our qualified pension plan and other defined benefit plans, respectively, during 2014. Benefits expected to be paid for each of the next five years and in the aggregate for the five fiscal years from 2019 through 2023 are as follows: | ||||||||||||||||
Pension Plan | Other Defined | |||||||||||||||
Benefit Plans | ||||||||||||||||
(In thousands) | ||||||||||||||||
2014 | $ | 3,609 | $ | 451 | ||||||||||||
2015 | 3,550 | 233 | ||||||||||||||
2016 | 3,487 | 203 | ||||||||||||||
2017 | 3,466 | 256 | ||||||||||||||
2018 | 3,518 | 214 | ||||||||||||||
2019 through 2023 | 19,682 | 1,186 | ||||||||||||||
Defined Contribution Plans | ||||||||||||||||
Eligible employees can elect to contribute up to 25% of their compensation to our 401(k) plan. As a result of certain IRS limitations, participation in a non-qualified deferred compensation plan is offered to certain employees. Under this deferred compensation plan, participants are allowed to defer up to 50% of their annual salary and up to 100% of their incentive compensation. Under both plans, we make matching contributions of up to 3% of compensation. Participants in the deferred compensation plan are eligible to participate in the 401(k) plan; however, due to the above referenced IRS limitations, they are not eligible to receive the matching contributions under the 401(k) plan. Under these plans, we made contributions of $1.4 million, $1.3 million and $1.3 million for 2013, 2012 and 2011, respectively. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 25, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||||||
Share-Based Compensation | |||||||||||||||||||||
Share-Based Compensation Plans | |||||||||||||||||||||
We maintain three share-based compensation plans under which stock options and other awards granted to our employees and directors are outstanding. Currently, the Denny's Corporation 2012 Omnibus Incentive Plan (the "2012 Omnibus Plan") is used to grant share-based compensation to selected employees, officers and directors of Denny’s and its affiliates. However, we reserve the right to pay discretionary bonuses, or other types of compensation, outside of this plan. At December 25, 2013 there were 3.6 million shares available for grant under the 2012 Omnibus Plan. In addition, we have 0.8 million shares available to be issued outside of the 2012 Omnibus Plan pursuant to the grant or exercise of employment inducement awards of stock options and restricted stock units in accordance with NASDAQ Listing Rule 5635(c)(4). | |||||||||||||||||||||
Share-Based Compensation Expense | |||||||||||||||||||||
Total share-based compensation expense included as a component of net income was as follows: | |||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Stock options | $ | 558 | $ | 909 | $ | 1,069 | |||||||||||||||
Restricted stock units | 3,488 | 2,050 | 2,369 | ||||||||||||||||||
Board deferred stock units | 806 | 537 | 781 | ||||||||||||||||||
Total share-based compensation | $ | 4,852 | $ | 3,496 | $ | 4,219 | |||||||||||||||
Stock Options | |||||||||||||||||||||
Options granted to date generally vest evenly over 3 years, have a 10-year contractual life and are issued at the market value at the date of grant. | |||||||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at December 25, 2013: | |||||||||||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Aggregate | ||||||||||||||||||
Intrinsic | |||||||||||||||||||||
Value | |||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||
Outstanding, beginning of year | 3,099 | $ | 3.28 | ||||||||||||||||||
Exercised | (899 | ) | 3.29 | ||||||||||||||||||
Forfeited | (5 | ) | 3.89 | ||||||||||||||||||
Expired | (4 | ) | 0.54 | ||||||||||||||||||
Outstanding, end of year | 2,191 | 3.28 | 5.05 | $ | 9,032 | ||||||||||||||||
Exercisable, end of year | 1,944 | 3.2 | 4.8 | $ | 8,163 | ||||||||||||||||
The aggregate intrinsic value represents the difference between the market price of our stock on December 25, 2013 and the exercise price, multiplied by the number of options that have an exercise price that is less than the market price of our stock. The aggregate intrinsic value of the options exercised was $2.6 million, $1.7 million and $3.6 million during the years ended December 25, 2013, December 26, 2012 and December 28, 2011, respectively. | |||||||||||||||||||||
There were no options granted during the years ended December 25, 2013 and December 26, 2012. The weighted average fair value per option of options granted during the year ended December 28, 2011 was $1.98. As of December 25, 2013, we had approximately $0.1 million of unrecognized compensation cost related to unvested stock option awards outstanding, which is expected to be recognized over a weighted average of 0.1 years. | |||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||
We primarily grant restricted stock units containing performance conditions. These conditions are generally based on either the Total Shareholder Return of our stock compared with the returns of a group of peer companies or our stock's achievement of certain stock price thresholds. The following table summarizes information about restricted stock units activity: | |||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | |||||||||||||||||||
Units | Weighted Average Grant Date | Units | Weighted Average Grant Date | Units | Weighted Average Grant Date | ||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||
Outstanding, beginning of year | 933 | $ | 4.3 | 1,276 | $ | 3.19 | 1,450 | $ | 2.92 | ||||||||||||
Granted | 331 | 8.05 | 397 | 6.05 | 416 | 3.99 | |||||||||||||||
Vested | (430 | ) | 2.83 | (445 | ) | 3.28 | (535 | ) | 3.07 | ||||||||||||
Forfeited | (2 | ) | 4.63 | (295 | ) | 3.37 | (55 | ) | 3.42 | ||||||||||||
Outstanding, end of year | 832 | 6.55 | 933 | 4.3 | 1,276 | 3.19 | |||||||||||||||
Of the amounts outstanding as of December 25, 2013 and December 26, 2012, 0.7 million and 0.8 million, respectively, were nonvested. The fair value of shares that vested during the years ended December 25, 2013, December 26, 2012 and December 28, 2011, were $3.1 million, $1.9 million and $2.0 million, respectively. | |||||||||||||||||||||
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 with the Total Shareholder Returns of a group of peer companies. As of December 25, 2013, approximately 0.3 million performance shares and performance-based target cash awards of $2.1 million were outstanding under this award. | |||||||||||||||||||||
During the years ended December 25, 2013, December 26, 2012 and December 28, 2011, we made payments of $1.2 million, $1.0 million and $0.8 million in cash and issued shares of 0.3 million, 0.2 million and 0.3 million, respectively. | |||||||||||||||||||||
The amount of accrued compensation included as a component of other current liabilities and other noncurrent liabilities in our Consolidated Balance Sheets was $0.7 million and $1.9 million, respectively, at December 25, 2013 and $0.4 million and $0.9 million, respectively, at December 26, 2012 (based on the fair value of the related shares for the liability classified units as of the respective balance sheet dates). As of December 25, 2013, we had $4.3 million of unrecognized compensation cost related to unvested restricted stock unit awards granted, which is expected to be recognized over a weighted average of 1.2 years. | |||||||||||||||||||||
Board Deferred Stock Units | |||||||||||||||||||||
During the year ended December 25, 2013, we granted 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 year ended December 25, 2013, less than 0.1 million deferred stock units were converted into shares of common stock. Approximately 0.8 million and 0.7 million of these units were outstanding as of December 25, 2013 and December 26, 2012, respectively. As of December 25, 2013, we had approximately $0.2 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 0.3 years. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 25, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The provisions for income taxes were as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | ||||||||||
(In thousands) | ||||||||||||
Current: | ||||||||||||
Federal | $ | 428 | $ | 875 | $ | — | ||||||
State, foreign and other | 2,420 | 1,148 | 1,919 | |||||||||
Deferred: | ||||||||||||
Federal | 9,285 | 9,683 | 2,879 | |||||||||
State, foreign and other | (185 | ) | 1,740 | 344 | ||||||||
Provision for income taxes before release of valuation allowance | 11,948 | 13,446 | 5,142 | |||||||||
Release of valuation allowance | (420 | ) | (661 | ) | (89,102 | ) | ||||||
Total provision for (benefit from) income taxes | $ | 11,528 | $ | 12,785 | $ | (83,960 | ) | |||||
Based upon our operating results for the years prior to 2012, as well as an assessment of our expected future results of operations, during the year ended December 28, 2011, we determined that it is more likely than not that certain of our deferred tax assets will be utilized. As a result, we released the majority of our valuation allowance, recognizing a tax benefit of $89.1 million. The release of our valuation allowance was determined in accordance with the provisions of ASC 740, which requires an assessment of both positive and negative evidence when determining whether it is more likely than not that deferred tax assets are recoverable. Of the valuation allowance remaining, approximately $2.0 million, if released, will be credited directly to paid-in capital. | ||||||||||||
It is more likely than not that we will be able to utilize most of our federal net operating loss and credit carryforwards prior to expiration. In addition, it is more likely than not we will be able to utilize all of our existing temporary differences and a portion of our state tax net operating losses and state tax credit carryforwards prior to their expiration. | ||||||||||||
The reconciliation of income taxes at the U.S. federal statutory tax rate to our effective tax rate was as follows: | ||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | ||||||||||
Statutory provision rate | 35 | % | 35 | % | 35 | % | ||||||
State, foreign and other taxes, net of federal income tax benefit | 6 | 5 | 6 | |||||||||
Wage addback (deductions) on income tax credits earned (expired), net | 3 | 2 | (4 | ) | ||||||||
General business credits generated | (10 | ) | (7 | ) | (14 | ) | ||||||
Other | (1 | ) | 3 | (4 | ) | |||||||
33 | % | 38 | % | 19 | % | |||||||
Release of valuation allowance | (1 | ) | (2 | ) | (315 | ) | ||||||
Effective tax rate | 32 | % | 36 | % | (296 | )% | ||||||
During the years ended December 25, 2013, December 26, 2012 and December 28, 2011, the statutory provision rate included reductions of 1%, 2% and 315%, respectively, principally related to the reversal or change of valuation allowances associated with the utilization of net operating losses, temporary differences and alternative minimum tax credits. Specifically, during 2013, we recorded a benefit of $0.4 million. 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 job tax credits of $0.8 million were claimed during the 2013 period resulting from the prior year's hiring activity. A valuation allowance of $0.2 million was recorded against certain state jobs tax credits during the 2013 period related to changes in California law enacted during the period. | ||||||||||||
During 2012, we recorded a benefit of $0.7 million related to changes in the valuation allowance. Also during 2012, we recorded a $1.7 million out-of-period discrete tax adjustment related to the reversal of a portion of the income tax benefit recorded in fourth quarter of 2011. This out-of-period adjustment was not material to any prior or current year financial statements or on earnings trends. In addition, a $1.6 million tax benefit was recorded in 2012 relating to additional state credits generated during 2012 from prior years' activity. During 2011, we recorded a benefit of $89.1 million related to the release of the majority of the valuation allowance. | ||||||||||||
The following table represents the approximate tax effect of each significant type of temporary difference that resulted in deferred income tax assets or liabilities. | ||||||||||||
December 25, 2013 | December 26, 2012 | |||||||||||
(In thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Self-insurance accruals | $ | 9,457 | $ | 9,314 | ||||||||
Capitalized leases | 2,365 | 3,023 | ||||||||||
Accrued exit cost | 1,485 | 2,158 | ||||||||||
Fixed assets | 10,430 | 10,707 | ||||||||||
Pension, other retirement and compensation plans | 11,237 | 14,778 | ||||||||||
Other accruals | 885 | 1,050 | ||||||||||
Alternative minimum tax credit carryforwards | 10,344 | 12,948 | ||||||||||
General business credit carryforwards - state and federal | 29,490 | 35,105 | ||||||||||
Net operating loss carryforwards - state | 12,976 | 13,398 | ||||||||||
Total deferred tax assets before valuation allowance | 88,669 | 102,481 | ||||||||||
Less: valuation allowance | (12,751 | ) | (12,860 | ) | ||||||||
Total deferred tax assets | 75,918 | 89,621 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Intangible assets | (22,950 | ) | (23,818 | ) | ||||||||
Deferred finance costs | (230 | ) | (220 | ) | ||||||||
Interest rate swap | (1,184 | ) | — | |||||||||
Total deferred tax liabilities | (24,364 | ) | (24,038 | ) | ||||||||
Net deferred tax asset | $ | 51,554 | $ | 65,583 | ||||||||
Net deferred tax assets are classified as follows: | ||||||||||||
Current | $ | 23,264 | $ | 19,807 | ||||||||
Noncurrent | 28,290 | 45,776 | ||||||||||
Total | $ | 51,554 | $ | 65,583 | ||||||||
At December 25, 2013, we had available, on a consolidated basis, federal general business credit carryforwards of approximately $32.2 million, most of which expire between 2019 and 2033, and alternative minimum tax ("AMT") credit carryforwards of approximately $10.3 million, which never expire. We also had available AMT NOL carryforwards of approximately $63.2 million, which expire in 2030. Approximately $5.3 million of general business credit carryforwards are unrecognized in the schedule above and on our Consolidated Balance Sheets as a result of the application of ASC Paragraph 718-740-25-10, which delays their recognition until they reduce taxes payable. | ||||||||||||
The South Carolina net operating loss carryforwards represent 75% of the total state net operating loss carryforwards. | ||||||||||||
Prior to 2005, Denny’s had ownership changes within the meaning of Section 382 of the Internal Revenue Code. Because of these changes, the amount of our NOL carryforwards along with any other tax carryforward attribute, for periods prior to the dates of change, are limited to an annual amount which may be increased by the amount of our net unrealized built-in gains at the time of any ownership change recognized in that taxable year. Prior to 2011, a valuation allowance was established for a significant portion of these deferred tax assets since it was our position that it was more likely than not the tax benefit would not be realized from these assets. In conjunction with our ongoing review of our actual results and anticipated future earnings, we reassessed the possibility of releasing a portion or all of the valuation allowance currently in place for our deferred tax assets. Based upon this assessment, a release of the valuation allowance was appropriate as of December 28, 2011. It is our position that any pre-2005 credits or net operating loss carryforwards can be utilized due to the total amount of unrealized built-in gains recognized and annual limitation accumulated as of December 25, 2013. The occurrence of an additional ownership change could limit our ability to utilize our current net operating losses and income tax credits generated after 2004. | ||||||||||||
There were no unrecognized tax benefits as of December 25, 2013 and December 26, 2012. We do not expect the unrecognized tax benefits to increase over the next twelve months. As of and for the years ended December 25, 2013 and December 26, 2012, there were no interest and penalties recognized in our Consolidated Balance Sheets and Consolidated Statements of Income. | ||||||||||||
We file income tax returns in the U.S. federal jurisdictions and various state jurisdictions. With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2009. We remain subject to examination for U.S. federal taxes for 2010, 2011, 2012 and 2013 and in the following major state jurisdictions: California (2009-2013), Florida (2011-2013) and Texas (2012-2013). |
Net_Income_Per_Share
Net Income Per Share | 12 Months Ended | |||||||||||
Dec. 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: | ||||||||||||
Fiscal Year Ended | ||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | ||||||||||
(In thousands, except per share amounts) | ||||||||||||
Net income | $ | 24,572 | $ | 22,309 | $ | 112,287 | ||||||
Weighted average shares outstanding - basic | 90,829 | 94,949 | 97,646 | |||||||||
Effect of dilutive share-based compensation awards | 2,074 | 1,805 | 1,942 | |||||||||
Weighted average shares outstanding - diluted | 92,903 | 96,754 | 99,588 | |||||||||
Basic net income per share | $ | 0.27 | $ | 0.23 | $ | 1.15 | ||||||
Diluted net income per share | $ | 0.26 | $ | 0.23 | $ | 1.13 | ||||||
Anti-dilutive share-based compensation awards | 331 | 748 | 2,885 | |||||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||||||||
Dec. 25, 2013 | ||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ' | |||||||||||
Shareholders' Equity | ' | |||||||||||
Share Repurchases | ||||||||||||
Our Old Credit Facility permitted and our New Credit Facility permits the payment of cash dividends and the purchase of Denny’s Corporation Common Stock subject to certain limitations. Over the past several years, our Board of Directors has approved share repurchase programs authorizing us to repurchase up to a set amount of shares of our Common Stock. Under the programs, we could, from time to time, purchase shares in the open market (including pre-arranged stock trading plans in accordance with guidelines specified in Rule 10b5-1 under the Securities Exchange Act of 1934) or in privately negotiated transactions, subject to market and business conditions. | ||||||||||||
During 2013, 2012 and 2011, the Board approved share repurchase programs for 10.0 million, 6.0 million and 6.0 million shares, respectively. During 2013, 2012 and 2011, we repurchased 4.2 million, 4.8 million and 5.7 million shares for a total of $24.7 million, $22.2 million and $21.6 million, respectively, thus completing the 2010, 2011 and 2012 repurchase programs. As of December 25, 2013, there are 9.2 million shares remaining to be repurchased under the 2013 repurchase program. | ||||||||||||
Repurchased shares are included as treasury stock in the Consolidated Balance Sheets and the Consolidated Statements of Shareholders' Equity. | ||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
The components of the change in accumulated other comprehensive loss were as follows: | ||||||||||||
Pensions | Derivatives | Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | ||||||||||||
Balance as of December 29, 2010 | $ | (19,199 | ) | $ | — | $ | (19,199 | ) | ||||
Benefit obligation actuarial loss | (7,424 | ) | — | (7,424 | ) | |||||||
Net loss | (2,841 | ) | — | (2,841 | ) | |||||||
Amortization of net loss | 1,036 | — | 1,036 | |||||||||
Income tax benefit related to items of other comprehensive loss | 3,615 | — | 3,615 | |||||||||
Balance as of December 28, 2011 | $ | (24,813 | ) | $ | — | $ | (24,813 | ) | ||||
Benefit obligation actuarial loss | (4,802 | ) | — | (4,802 | ) | |||||||
Net gain | 2,610 | — | 2,610 | |||||||||
Amortization of net loss | 1,815 | — | 1,815 | |||||||||
Income tax benefit related to items of other comprehensive loss | 191 | — | 191 | |||||||||
Balance as of December 26, 2012 | $ | (24,999 | ) | $ | — | $ | (24,999 | ) | ||||
Benefit obligation actuarial gain | 7,873 | — | 7,873 | |||||||||
Net gain | 876 | — | 876 | |||||||||
Amortization of net loss | 1,724 | — | 1,724 | |||||||||
Net change in fair value of derivatives | — | 3,032 | 3,032 | |||||||||
Income tax expense related to items of other comprehensive income | (4,164 | ) | (1,184 | ) | (5,348 | ) | ||||||
Balance as of December 25, 2013 | $ | (18,690 | ) | $ | 1,848 | $ | (16,842 | ) | ||||
During the years ended December 25, 2013, December 26, 2012 and December 28, 2011, before-tax amortization of net losses of $1.7 million, $1.8 million and $1.0 million, respectively, were reclassified from accumulated other comprehensive loss and included as a component of pension expense within general and administrative expenses in our Consolidated Statements of Income. The tax effect of the reclassifications was expense of $0.7 million, $0.7 million and $0.4 million, respectively. See Note 11 for additional details. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 25, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Through 2011, we converted a total of 123 former Flying J restaurant sites to Denny's. We are not party to the individual leases or debt agreements related to the restaurants operated by franchisees. However, we have guaranteed up to $2.0 million of lease payments to Pilot Flying J during the first five years of the related leases. Additionally, we have guaranteed a limited amount of debt payments to lenders under certain loan pools through the term of the related loans, which is generally five years. There were $4.6 million and $7.2 million of loans outstanding under the loan pools as of December 25, 2013 and December 26, 2012, respectively. Payments under these guarantees would result from the inability of a franchisee to fund required payments when due. Through December 25, 2013, no events had occurred that caused us to make payments under the guarantees. As of December 25, 2013, the maximum amounts payable under the lease guarantee and loan guarantees were $2.0 million and $0.7 million, respectively. As a result of these guarantees, we have recorded liabilities of approximately $0.1 million, as of December 25, 2013 and December 26, 2012, which are included as a component of other noncurrent liabilities and deferred credits in our Consolidated Balance Sheets and other nonoperating expense in our Consolidated Statements of Income. | ||||
To support domestic franchised growth, we have arranged a program that provides up to $100 million in loans to new and existing franchisees that open new restaurants in under-penetrated markets. We guarantee up to the lesser of $12 million or 12% of the total outstanding loans under the program. There were $1.5 million of loans outstanding under this program as of December 25, 2013. There were no loans outstanding as of December 26, 2012. Payments under this guarantee would result from the inability of a franchisee to fund required payments when due. Through December 25, 2013, no events had occurred that caused us to make payments under the guarantee. As a result of this guarantee, we have recorded a liability of less than $0.1 million as of December 25, 2013, which is included as a component of other noncurrent liabilities and deferred credits in our Consolidated Balance Sheets and other nonoperating expense in our Consolidated Statements of Income. | ||||
During 2013, we arranged a program that provides up to $247.5 million in loans to franchisees related to our current remodel program. We guarantee up to 5% of the total outstanding loans under the program. Payments under this guarantee would result from the inability of a franchisee to fund required payments when due. There were no loans outstanding as of December 25, 2013. | ||||
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 have amounts payable under purchase contracts for food and non-food products. Many of these agreements do not obligate us to purchase any specific volumes and include provisions that would allow us to cancel such agreements with appropriate notice. Our future commitments for both company and franchised restaurants at December 25, 2013 under these contracts consist of the following: | ||||
Purchase Obligations | ||||
(In thousands) | ||||
Payments due by period: | ||||
Less than 1 year | $ | 185,008 | ||
1-2 years | 26,231 | |||
3-4 years | — | |||
5 years and thereafter | — | |||
Total | $ | 211,239 | ||
For agreements with cancellation provisions, amounts included in the table above represent our estimate of purchase obligations during the periods presented if we were to cancel these contracts with appropriate notice. We would likely take delivery of goods under such circumstances. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 25, 2013 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||||
Supplemental Cash Flow Information | ' | |||||||||||
Supplemental Cash Flow Information | ||||||||||||
Fiscal Year Ended | ||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | ||||||||||
(In thousands) | ||||||||||||
Income taxes paid, net | $ | 2,777 | $ | 2,034 | $ | 1,124 | ||||||
Interest paid | $ | 9,336 | $ | 12,918 | $ | 21,350 | ||||||
Noncash investing and financing activities: | ||||||||||||
Notes received in connection with disposition | $ | — | $ | 290 | $ | 500 | ||||||
of property | ||||||||||||
Accrued purchase of property | $ | 1,575 | $ | 1,570 | $ | 351 | ||||||
Issuance of common stock, pursuant to share-based compensation plans | $ | 1,937 | $ | 1,151 | $ | 1,685 | ||||||
Execution of capital leases | $ | 5,663 | $ | 2,643 | $ | 4,037 | ||||||
Treasury stock payable | $ | 220 | $ | 560 | $ | — | ||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 25, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
In prior years, we sold company restaurants to franchisees that are former employees, including former officers. There were no such sales during 2013. We received cash proceeds of $0.5 million and $0.3 million from these related party sales during 2012 and 2011, respectively. We recognized a loss of $0.2 million and a gain of $0.2 million from these related party sales during 2012 and 2011, respectively. In relation to these sales, we may enter into leases or subleases with the franchisees at normal market rates. |
Quarterly_Data_Unaudited
Quarterly Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 25, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Data (Unaudited) | ' | |||||||||||||||
Quarterly Data (Unaudited) | ||||||||||||||||
The results for each quarter include all adjustments which, in our opinion, are necessary for a fair presentation of the results for interim periods. All adjustments are of a normal and recurring nature. | ||||||||||||||||
Selected consolidated financial data for each quarter of fiscal 2013 and 2012 are set forth below: | ||||||||||||||||
Fiscal Year Ended December 25, 2013 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Company restaurant sales | $ | 81,030 | $ | 82,841 | $ | 83,371 | $ | 81,092 | ||||||||
Franchise and licensing revenue | 33,460 | 33,730 | 33,904 | 33,165 | ||||||||||||
Total operating revenue | 114,490 | 116,571 | 117,275 | 114,257 | ||||||||||||
Total operating costs and expenses | 101,039 | 103,957 | 103,750 | 106,326 | ||||||||||||
Operating income | $ | 13,451 | $ | 12,614 | $ | 13,525 | $ | 7,931 | ||||||||
Net income | $ | 7,081 | $ | 6,198 | $ | 7,031 | $ | 4,262 | ||||||||
Basic net income per share (a) | $ | 0.08 | $ | 0.07 | $ | 0.08 | $ | 0.05 | ||||||||
Diluted net income per share (a) | $ | 0.07 | $ | 0.07 | $ | 0.08 | $ | 0.05 | ||||||||
(a) | Per share amounts do not necessarily sum to the total year amounts due to changes in shares outstanding and rounding. | |||||||||||||||
Fiscal Year Ended December 26, 2012 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Company restaurant sales | $ | 94,163 | $ | 91,239 | $ | 86,575 | $ | 81,733 | ||||||||
Franchise and licensing revenue | 32,575 | 33,492 | 34,370 | 34,216 | ||||||||||||
Total operating revenue | 126,738 | 124,731 | 120,945 | 115,949 | ||||||||||||
Total operating costs and expenses | 112,825 | 105,732 | 109,255 | 104,162 | ||||||||||||
Operating income | $ | 13,913 | $ | 18,999 | $ | 11,690 | $ | 11,787 | ||||||||
Net income | $ | 5,865 | $ | 4,601 | $ | 5,363 | $ | 6,480 | ||||||||
Basic net income per share (a) | $ | 0.06 | $ | 0.05 | $ | 0.06 | $ | 0.07 | ||||||||
Diluted net income per share (a) | $ | 0.06 | $ | 0.05 | $ | 0.06 | $ | 0.07 | ||||||||
(a) | Per share amounts do not necessarily sum to the total year amounts due to changes in shares outstanding and rounding. | |||||||||||||||
The fluctuation in net income during the fourth quarter of 2013 relates primarily to the impairment of an underperforming restaurant. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 25, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
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) | 12 Months Ended | ||
Dec. 25, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Use of Estimates | ' | ||
Use of Estimates. In preparing our Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles, management is required to make certain assumptions and estimates that affect reported amounts of assets, liabilities, revenues, expenses and the disclosure of contingencies. In making these assumptions and estimates, management may from time to time seek advice and consider information provided by actuaries and other experts in a particular area. Actual amounts could differ materially from these estimates. | |||
Consolidation Policy | ' | ||
Consolidation Policy. Our Consolidated Financial Statements include the financial statements of Denny’s Corporation and its wholly-owned subsidiaries: Denny’s, Inc., DFO, LLC and Denny's Realty, LLC. All significant intercompany balances and transactions have been eliminated in consolidation. | |||
Fiscal Year | ' | ||
Fiscal Year. Our fiscal year ends on the last Wednesday in December. As a result, a fifty-third week is added to a fiscal year every five or six years. Fiscal 2013, 2012 and 2011 each included 52 weeks of operations. Fiscal 2014 will be a 53 week year. | |||
Cash Equivalents, Short-term Investments and Cash Overdrafts | ' | ||
Cash Equivalents and Short-term Investments. Our policy is to invest cash in excess of operating requirements in short-term highly liquid investments with an original maturity of three months or less, which we consider to be cash equivalents. Cash and cash equivalents include short-term investments of $5.3 million and $11.8 million at December 25, 2013 and December 26, 2012, respectively. | |||
Cash Overdrafts. Accounts payable in our Consolidated Balance Sheets include cash overdrafts of $1.6 million and $6.3 million at December 25, 2013 and December 26, 2012, respectively. Changes in such amounts are reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows. | |||
Receivables | ' | ||
Receivables. Receivables, which are recorded at net realizable value, primarily consist of trade accounts receivables and financing receivables from franchisees (together “franchisee receivables”), vendor receivables and credit card receivables. Trade accounts receivables from franchisees consist of royalties, advertising and rent. Financing receivables from franchisees primarily consist of notes from franchisees related to the roll-out of new POS equipment. We accrue interest on notes receivable based on the contractual terms. The allowance for doubtful accounts is based on pre-defined criteria and management’s judgment of existing receivables. Receivables that are ultimately deemed to be uncollectible, and for which collection efforts have been exhausted, are written off against the allowance for doubtful accounts. | |||
Inventories | ' | ||
Inventories. Inventories consist of food and beverages and are valued primarily at the lower of average cost (first-in, first-out) or market. | |||
Assets Held for Sale | ' | ||
Assets Held for Sale. Assets held for sale consist of real estate properties and/or restaurant operations that we expect to sell within the next year. The assets are reported at the lower of carrying amount or fair value less costs to sell. We cease recording depreciation on assets that are classified as held for sale. If the determination is made that we no longer expect to sell an asset within the next year, the asset is reclassified out of held for sale. | |||
Property and Depreciation | ' | ||
Property and Depreciation. Owned property is stated at cost. Property under capital leases is stated at the lesser of its fair value or the net present value of the related minimum lease payments at the lease inception. Maintenance and repairs are expensed as incurred. We depreciate owned property over its estimated useful life using the straight-line method. We amortize property held under capital leases (at capitalized value) over the lesser of its estimated useful life or the initial lease term. In certain situations, one or more option periods may be used in determining the depreciable life of certain leasehold improvements under operating lease agreements, if we deem that an economic penalty will be incurred and exercise of such option periods is reasonably assured. In either circumstance, our policy requires lease term consistency when calculating the depreciation period, in classifying the lease and in computing rent expense. Building assets are assigned estimated useful lives that range from five to 30 years. Equipment assets are assigned lives that range from two to ten years. Leasehold improvements are generally assigned lives between five and 15 years limited by the expected lease term. | |||
Goodwill | ' | ||
Goodwill. Amounts recorded as goodwill primarily represent excess reorganization value recognized as a result of our 1998 bankruptcy. We record goodwill in connection with the acquisition of restaurants from franchisees. Likewise, upon the sale of restaurant operations to franchisees, goodwill is decremented. We test goodwill for impairment at each fiscal year end, and more frequently if circumstances indicate impairment may exist. Such indicators include, but are not limited to, a significant decline in our expected future cash flows; a significant adverse decline in our stock price; significantly adverse legal developments; and a significant change in the business climate. | |||
Other Intangible Assets | ' | ||
Other Intangible Assets. Other intangible assets consist primarily of trade names, franchise and license agreements, and reacquired franchise rights. Trade names are considered indefinite-lived intangible assets and are not amortized. Franchise and license agreements and reacquired franchise rights are amortized using the straight-line basis over the term of the related agreement. We test trade name assets for impairment at each fiscal year end, and more frequently if circumstances indicate impairment may exist. We assess impairment of franchise and license agreements and reacquired franchise rights whenever changes or events indicate that the carrying value may not be recoverable. Costs incurred to renew or extend the term of recognized intangible assets are recorded in general and administrative expenses in our Consolidated Statements of Income. | |||
Long-term Investments | ' | ||
Long-term Investments. Long-term investments include nonqualified deferred compensation plan assets held in a rabbi trust. Each plan participant's account is comprised of their contribution, our matching contribution and each participant's share of earnings or losses in the plan. The investments of the rabbi trust include debt and equity mutual funds. They are considered trading securities and are reported at fair value in other noncurrent assets with an offsetting liability included in other noncurrent liabilities and deferred credits in our Consolidated Balance Sheets. The realized and unrealized holding gains and losses related to the investments are recorded in other income (expense) with an offsetting amount recorded in general and administrative expenses related to the liability in our Consolidated Statements of Income. | |||
Deferred Financing Costs | ' | ||
Deferred Financing Costs. Costs related to the issuance of debt are deferred and amortized as a component of interest expense using the effective interest method over the terms of the respective debt issuances. | |||
Self-Insurance Liabilities | ' | ||
Self-insurance liabilities. We record liabilities for insurance claims during periods in which we have been insured under large deductible programs or have been self-insured for our medical claims and workers’ compensation, general/product and automobile insurance liabilities. Maximum self-insured retention levels, including defense costs per occurrence, range from $0.5 million to $1.0 million per individual claim for workers’ compensation and for general/product and automobile liability. The liabilities for prior and current estimated incurred losses are discounted to their present value based on expected loss payment patterns determined by independent actuaries using our actual historical payments. | |||
Income Taxes | ' | ||
Income Taxes. We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. We record a valuation allowance to reduce our net deferred tax assets to the amount that is more likely than not to be realized. | |||
Leases and Subleases | ' | ||
Leases and Subleases. Our policy requires the use of a consistent lease term for (i) calculating the maximum depreciation period for related buildings and leasehold improvements; (ii) classifying the lease; and (iii) computing periodic rent expense increases where the lease terms include escalations in rent over the lease term. The lease term commences on the date we gain access to and control over the leased property. We account for rent escalations in leases on a straight-line basis over the expected lease term. Any rent holidays after lease commencement are recognized on a straight-line basis over the expected lease term, which includes the rent holiday period. Leasehold improvements that have been funded by lessors have historically been insignificant. Any leasehold improvements we make that are funded by lessor incentives or allowances under operating leases are recorded as leasehold improvement assets and amortized over the expected lease term. Such incentives are also recorded as deferred rent and amortized as reductions to lease expense over the expected lease term. We record contingent rent expense based on estimated sales for respective restaurants over the contingency period. Contingent rental income is recognized when earned. | |||
Fair Value Measurements | ' | ||
Fair Value Measurements. The carrying amounts of cash and cash equivalents, investments, accounts receivables, accounts payable and accrued expenses are deemed to approximate fair value due to the immediate or short-term maturity of these instruments. The fair value of notes receivable approximates the carrying value after consideration of recorded allowances. The liabilities under our credit facility are carried at historical cost. The estimated fair value (Level 2) of our senior secured term loan approximates 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. | |||
Derivative Instruments | ' | ||
Derivative Instruments. We use derivative financial instruments to manage our exposure to interest rate risk. We do not enter into derivative instruments for trading or speculative purposes. All derivatives are recognized on our Consolidated Balance Sheets at fair value based upon quoted market prices. Changes in the fair values of derivatives are recorded in earnings or other comprehensive income, based on whether the instrument is designated as a hedge transaction. Gains or losses on derivative instruments reported in other comprehensive income are classified to earnings in the period the hedged item affects earnings. If the underlying hedge transaction ceases to exist, any associated amounts reported in other comprehensive income are reclassified to earnings at that time. Any ineffectiveness is recognized in earnings in the current period. | |||
Contingencies and Litigation | ' | ||
Contingencies and Litigation. We are subject to legal proceedings involving ordinary and routine claims incidental to our business, as well as legal proceedings that are nonroutine and include compensatory or punitive damage claims. Our ultimate legal and financial liability with respect to such matters cannot be estimated with certainty and requires the use of estimates in recording liabilities for potential litigation settlements. When the reasonable estimate is a range, the recorded loss will be the best estimate within the range. We record legal settlement costs as other operating expenses in our Consolidated Statements of Income as those costs are incurred. | |||
Comprehensive Income | ' | ||
Comprehensive Income. Comprehensive income includes net income and other comprehensive income items that are excluded from net income under U.S. generally accepted accounting principles. Other comprehensive income items include additional minimum pension liability adjustments and the effective unrealized portion of changes in the fair value of cash flow hedges. | |||
Segment | ' | ||
Segment. Denny’s operates in only one segment. All significant revenues and pre-tax earnings relate to retail sales of food and beverages to the general public through either company or franchised restaurants. | |||
Company Restaurant Sales | ' | ||
Company Restaurant Sales. Company restaurant sales are recognized when food and beverage products are sold at company restaurants. We present company restaurant sales net of sales taxes. | |||
Gift Cards | ' | ||
Gift cards. We sell gift cards which have no stated expiration dates. We recognize revenue from gift cards when the gift card is redeemed by the customer or when we determine the likelihood of redemption is remote (gift card breakage). Breakage is based on our company-specific historical redemption patterns. | |||
Franchise and License Fees | ' | ||
Franchise and License Fees. We recognize initial franchise and license fees when all of the material obligations have been performed and conditions have been satisfied, typically when operations of a new franchised restaurant have commenced. | |||
Advertising Costs | ' | ||
Advertising Costs. We expense production costs for radio and television advertising in the year in which the commercials are initially aired. Advertising expense for 2013, 2012 and 2011 was $11.7 million, $13.4 million and $16.1 million, respectively, net of contributions from franchisees of $66.6 million, $65.1 million and $60.5 million, respectively. Advertising costs are recorded as a component of other operating expenses in our Consolidated Statements of Income. | |||
Restructuring and exit costs | ' | ||
Restructuring and exit costs. Restructuring and exit costs consist primarily of the costs of future obligations related to closed restaurants, severance and other restructuring charges for terminated employees, and are included as a component of operating (gains), losses and other charges, net in our Consolidated Statements of Income. | |||
Discounted liabilities for future lease costs and the fair value of related subleases of closed restaurants are recorded when the restaurants are closed. All other costs related to closed restaurants are expensed as incurred. In assessing the discounted liabilities for future costs of obligations related to closed restaurants, we make assumptions regarding amounts of future assumed subleases. If these assumptions or their related estimates change in the future, we may be required to record additional exit costs or reduce exit costs previously recorded. Exit costs recorded for each of the periods presented include the effect of such changes in estimates. | |||
We evaluate restaurant closures for potential disclosure as discontinued operations based on an assessment of several quantitative and qualitative factors, including the nature of the closure, revenue migration to other company and franchised restaurants and planned market development in the vicinity of the disposed restaurant. | |||
Impairment of Long-lived Assets | ' | ||
Impairment of Long-lived Assets. We evaluate our long-lived assets for impairment at the restaurant level on a quarterly basis, when assets are identified as held for sale or whenever changes or events indicate that the carrying value may not be recoverable. For assets identified as held for sale, we use the market approach and consider proceeds from similar asset sales. We assess impairment of restaurant-level assets based on the operating cash flows of the restaurant, expected proceeds from the sale of assets and our plans for restaurant closings. Generally, all restaurants with negative cash flows from operations for the most recent twelve months at each quarter end are included in our assessment. For underperforming assets, we use the income approach to determine both the recoverability and estimated fair value of the assets. To estimate future cash flows we make certain assumptions about expected future operating performance, such as revenue growth, operating margins, risk-adjusted discount rates, and future economic and market conditions. If the long-lived assets of a restaurant are not recoverable based upon estimated future, undiscounted cash flows, we write the assets down to their fair value. If these estimates or their related assumptions change in the future, we may be required to record additional impairment charges. These charges are included as a component of operating (gains), losses and other charges, net in our Consolidated Statements of Income. | |||
Gains on Sales of Restaurants Operations to Franchisees, Real Estate and Other Assets | ' | ||
Gains on Sales of Restaurants Operations to Franchisees, Real Estate and Other Assets. Generally, gains on sales of restaurant operations to franchisees (which may include real estate), real estate properties and other assets are recognized when the sales are consummated and certain other gain recognition criteria are met. Total gains are included as a component of operating (gains), losses and other charges, net in our Consolidated Statements of Income. | |||
Share-based Compensation | ' | ||
Share-Based Compensation. Share-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the requisite service period. We estimate potential forfeitures of share-based awards and adjust the forfeiture rate over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Share-based compensation expense is included as a component of general and administrative expenses in our Consolidated Statements of Income. Any tax expense or benefit in excess of recognized compensation cost is reported as a financing activity on our Consolidated Statements of Cash Flows. | |||
There were no stock options granted during 2013 or 2012. The fair value of the stock options granted during 2011 was estimated at the date of grant using the Black-Scholes option pricing model. We used the following weighted average assumptions for the grant: | |||
Fiscal Year Ended | |||
December 28, 2011 | |||
Dividend yield | 0 | % | |
Expected volatility | 60.3 | % | |
Risk-free interest rate | 2 | % | |
Weighted average expected term | 4.7 years | ||
The dividend yield assumption was based on our dividend payment history and expectations of future dividend payments. The expected volatility was based on the historical volatility of our stock for a period approximating the expected life of the options granted. The risk-free interest rate was based on published U.S. Treasury spot rates in effect at the time of grant with terms approximating the expected life of the option. The weighted average expected term of the options represents the period of time the options are expected to be outstanding based on historical trends. | |||
Compensation expense for options is recognized on a straight-line basis over the requisite service period for the entire award. Generally, compensation expense related to restricted stock units, performance shares, performance units and board deferred stock units is based on the number of shares and units expected to vest, the period over which they are expected to vest and the fair market value of the common stock on the date of the grant. For restricted stock units and performance shares that contain a market condition, compensation expense is based on the Monte Carlo valuation method, which utilizes multiple input variables to determine the probability of the Company achieving the market condition and the fair value of the award. The amount of certain cash-settled awards is determined based on the date of payment. Therefore, compensation expense related to these cash-settled awards is adjusted to fair value at each balance sheet date. | |||
Subsequent to the vesting period, earned stock-settled restricted stock units and performance shares (both of which are equity classified) are paid to the holder in shares of common stock, and the cash-settled restricted stock units and performance units (both of which are liability classified) are paid to the holder in cash, provided the holder is then still employed with Denny’s or an affiliate. | |||
Earnings Per Share | ' | ||
Earnings Per Share. Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares and potential common shares outstanding during the period. | |||
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 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_Repo1
Introduction and Basis of Reporting (Tables) | 12 Months Ended | |||||
Dec. 25, 2013 | ||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||
Entity and franchise unit activity | ' | |||||
The following table shows the unit activity for the years ended December 25, 2013 and December 26, 2012: | ||||||
Fiscal Year Ended | ||||||
December 25, 2013 | December 26, 2012 | |||||
Company restaurants, beginning of period | 164 | 206 | ||||
Units opened | — | 1 | ||||
Units acquired from franchisees | 2 | 1 | ||||
Units sold to franchisees | (2 | ) | (36 | ) | ||
Units closed | (1 | ) | (8 | ) | ||
End of period | 163 | 164 | ||||
Franchised and licensed restaurants, beginning of period | 1,524 | 1,479 | ||||
Units opened | 46 | 39 | ||||
Units purchased from Company | 2 | 36 | ||||
Units acquired by Company | (2 | ) | (1 | ) | ||
Units closed | (33 | ) | (29 | ) | ||
End of period | 1,537 | 1,524 | ||||
Total restaurants, end of period | 1,700 | 1,688 | ||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 25, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Weighted-average assumptions for the grants | ' | ||
We used the following weighted average assumptions for the grant: | |||
Fiscal Year Ended | |||
December 28, 2011 | |||
Dividend yield | 0 | % | |
Expected volatility | 60.3 | % | |
Risk-free interest rate | 2 | % | |
Weighted average expected term | 4.7 years | ||
Receivables_Tables
Receivables (Tables) | 12 Months Ended | |||||||
Dec. 25, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Receivables, net | ' | |||||||
Receivables, net were comprised of the following: | ||||||||
December 25, 2013 | December 26, 2012 | |||||||
(In thousands) | ||||||||
Current assets: | ||||||||
Receivables: | ||||||||
Trade accounts receivable from franchisees | $ | 10,072 | $ | 10,212 | ||||
Notes receivable from franchisees and third parties | 1,800 | 4,310 | ||||||
Vendor receivables | 2,516 | 2,529 | ||||||
Credit card receivables | 2,162 | 1,384 | ||||||
Other | 1,002 | 1,524 | ||||||
Allowance for doubtful accounts | (231 | ) | (12 | ) | ||||
Total current receivables, net | $ | 17,321 | $ | 19,947 | ||||
Noncurrent assets (included as a component of other noncurrent assets): | ||||||||
Notes receivable from franchisees | $ | 766 | $ | 1,002 | ||||
Property_Net_Tables
Property, Net (Tables) | 12 Months Ended | |||||||
Dec. 25, 2013 | ||||||||
Property, Plant and Equipment [Line Items] | ' | |||||||
Schedule of Property, Net | ' | |||||||
Property, net consisted of the following: | ||||||||
December 25, 2013 | December 26, 2012 | |||||||
(In thousands) | ||||||||
Land | $ | 27,198 | $ | 26,622 | ||||
Buildings and leasehold improvements | 229,918 | 228,132 | ||||||
Other property and equipment | 75,740 | 73,851 | ||||||
Total property owned | 332,856 | 328,605 | ||||||
Less accumulated depreciation | 241,257 | 234,046 | ||||||
Property owned, net | 91,599 | 94,559 | ||||||
Buildings, vehicles and other equipment held under capital leases | 28,730 | 28,572 | ||||||
Less accumulated amortization | 14,709 | 16,127 | ||||||
Property held under capital leases, net | 14,021 | 12,445 | ||||||
Total property, net | $ | 105,620 | $ | 107,004 | ||||
Franchised Units [Member] | ' | |||||||
Property, Plant and Equipment [Line Items] | ' | |||||||
Schedule of Property, Net | ' | |||||||
The following table reflects the property assets, included in the table above, which were leased to franchisees: | ||||||||
December 25, 2013 | December 26, 2012 | |||||||
(In thousands) | ||||||||
Land | $ | 14,977 | $ | 14,377 | ||||
Buildings and leasehold improvements | 64,458 | 66,207 | ||||||
Total property owned, leased to franchisees | 79,435 | 80,584 | ||||||
Less accumulated depreciation | 54,473 | 55,647 | ||||||
Property owned, leased to franchisees, net | 24,962 | 24,937 | ||||||
Buildings held under capital leases, leased to franchisees | 10,206 | 13,834 | ||||||
Less accumulated amortization | 7,345 | 9,627 | ||||||
Property held under capital leases, leased to franchisees, net | 2,861 | 4,207 | ||||||
Total property leased to franchisees, net | $ | 27,823 | $ | 29,144 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Dec. 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: | ||||||||||||||||
December 25, 2013 | December 26, 2012 | |||||||||||||||
(In thousands) | ||||||||||||||||
Balance, beginning of year | $ | 31,430 | $ | 30,764 | ||||||||||||
Additions related to acquisitions | 28 | 1,022 | ||||||||||||||
Write-offs and reclassifications associated with sale of restaurants | (7 | ) | (356 | ) | ||||||||||||
Balance, end of year | $ | 31,451 | $ | 31,430 | ||||||||||||
Other intangible assets | ' | |||||||||||||||
Other intangible assets were comprised of the following: | ||||||||||||||||
December 25, 2013 | December 26, 2012 | |||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
(In thousands) | ||||||||||||||||
Intangible assets with indefinite lives: | ||||||||||||||||
Trade names | $ | 44,055 | $ | — | $ | 44,050 | $ | — | ||||||||
Liquor licenses | 126 | — | 156 | — | ||||||||||||
Intangible assets with definite lives: | ||||||||||||||||
Franchise and license agreements | 31,248 | 29,007 | 37,187 | 32,935 | ||||||||||||
Reacquired franchise rights | 1,857 | 354 | 578 | 116 | ||||||||||||
Intangible assets | $ | 77,286 | $ | 29,361 | $ | 81,971 | $ | 33,051 | ||||||||
Estimated amortization expense for intangible assets with definite lives | ' | |||||||||||||||
Estimated amortization expense for intangible assets with definite lives in the next five years is as follows: | ||||||||||||||||
(In thousands) | ||||||||||||||||
2014 | $ | 1,637 | ||||||||||||||
2015 | 1,082 | |||||||||||||||
2016 | 410 | |||||||||||||||
2017 | 119 | |||||||||||||||
2018 | 52 | |||||||||||||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 25, 2013 | ||||||||
Other Liabilities, Current [Abstract] | ' | |||||||
Schedule of Other Current Liabilities | ' | |||||||
Other current liabilities consisted of the following: | ||||||||
December 25, 2013 | December 26, 2012 | |||||||
(In thousands) | ||||||||
Accrued salaries and vacation | $ | 18,810 | $ | 20,642 | ||||
Accrued insurance, primarily current portion of liability for insurance claims | 7,519 | 7,122 | ||||||
Accrued taxes | 6,258 | 6,157 | ||||||
Accrued interest | 218 | 388 | ||||||
Restructuring charges and exit costs | 1,388 | 1,829 | ||||||
Accrued advertising | 6,791 | 5,728 | ||||||
Gift cards | 4,057 | 4,440 | ||||||
Other | 7,657 | 8,376 | ||||||
Other current liabilities | 52,698 | 54,682 | ||||||
Operating_Gains_Losses_and_Oth1
Operating (Gains), Losses and Other Charges, Net (Tables) | 12 Months Ended | |||||||||||
Dec. 25, 2013 | ||||||||||||
Operating (Gains), Losses And Other Charges, Net [Abstract] | ' | |||||||||||
Operating (gains) losses and other charges net | ' | |||||||||||
Operating (gains), losses and other charges, net were comprised of the following: | ||||||||||||
Fiscal Year Ended | ||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | ||||||||||
(In thousands) | ||||||||||||
Gains on sales of assets and other, net | $ | (66 | ) | $ | (7,090 | ) | $ | (3,187 | ) | |||
Restructuring charges and exit costs | 1,389 | 3,912 | 1,234 | |||||||||
Impairment charges | 5,748 | 3,660 | 4,055 | |||||||||
Operating (gains), losses and other charges, net | $ | 7,071 | $ | 482 | $ | 2,102 | ||||||
Schedule of restructuring charges and exit costs | ' | |||||||||||
Restructuring charges and exit costs were comprised of the following: | ||||||||||||
Fiscal Year Ended | ||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | ||||||||||
(In thousands) | ||||||||||||
Exit costs | $ | 630 | $ | 1,926 | $ | 848 | ||||||
Severance and other restructuring charges | 759 | 1,986 | 386 | |||||||||
Total restructuring charges and exit costs | $ | 1,389 | $ | 3,912 | $ | 1,234 | ||||||
Components of change in accrued exit cost liabilities | ' | |||||||||||
The components of the change in accrued exit cost liabilities were as follows: | ||||||||||||
December 25, 2013 | December 26, 2012 | |||||||||||
(In thousands) | ||||||||||||
Balance, beginning of year | $ | 4,061 | $ | 3,863 | ||||||||
Exit costs (1) | 630 | 1,926 | ||||||||||
Payments, net of sublease receipts | (1,726 | ) | (2,227 | ) | ||||||||
Reclassification of certain lease liabilities, net | (69 | ) | 171 | |||||||||
Interest accretion | 253 | 328 | ||||||||||
Balance, end of year | 3,149 | 4,061 | ||||||||||
Less current portion included in other current liabilities | 1,260 | 1,361 | ||||||||||
Long-term portion included in other noncurrent liabilities | $ | 1,889 | $ | 2,700 | ||||||||
-1 | Included as a component of operating (gains), losses and other charges, net. | |||||||||||
Estimated net cash payments related to exit cost liabilities | ' | |||||||||||
Estimated cash payments related to exit cost liabilities in the next five years are as follows: | ||||||||||||
(In thousands) | ||||||||||||
2014 | $ | 1,395 | ||||||||||
2015 | 542 | |||||||||||
2016 | 308 | |||||||||||
2017 | 296 | |||||||||||
2018 | 299 | |||||||||||
Thereafter | 1,015 | |||||||||||
Total | 3,855 | |||||||||||
Less imputed interest | 706 | |||||||||||
Present value of exit cost liabilities | $ | 3,149 | ||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||||||||||
Dec. 25, 2013 | ||||||||||||
Leases [Abstract] | ' | |||||||||||
Schedule of minimum future lease commitments and amounts to be received as lessor or sublessor | ' | |||||||||||
Minimum future lease commitments and amounts to be received as lessor or sublessor under non-cancelable leases, including leases for both open and closed restaurants, at December 25, 2013 were as follows: | ||||||||||||
Commitments | Lease Receipts | |||||||||||
Capital | Operating | Operating | ||||||||||
(In thousands) | ||||||||||||
2014 | $ | 7,379 | $ | 33,961 | $ | 33,275 | ||||||
2015 | 5,996 | 29,571 | 30,053 | |||||||||
2016 | 4,983 | 26,827 | 28,018 | |||||||||
2017 | 4,204 | 23,698 | 26,000 | |||||||||
2018 | 3,047 | 19,514 | 22,963 | |||||||||
Thereafter | 10,236 | 69,396 | 115,747 | |||||||||
Total | 35,845 | $ | 202,967 | $ | 256,056 | |||||||
Less imputed interest | 15,772 | |||||||||||
Present value of capital lease obligations | $ | 20,073 | ||||||||||
Schedule of rental expense (income) | ' | |||||||||||
Rental expense and income were comprised of the following: | ||||||||||||
Fiscal Year Ended | ||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | ||||||||||
(In thousands) | ||||||||||||
Rental expense: | ||||||||||||
Base rents | $ | 35,667 | $ | 38,326 | $ | 40,278 | ||||||
Contingent rents | 5,412 | 5,762 | 5,575 | |||||||||
Total rental expense | $ | 41,079 | $ | 44,088 | $ | 45,853 | ||||||
Rental income: | ||||||||||||
Base rents | $ | 36,183 | $ | 37,363 | $ | 35,337 | ||||||
Contingent rents | 4,389 | 3,871 | 2,812 | |||||||||
Total rental income | $ | 40,572 | $ | 41,234 | $ | 38,149 | ||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 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 December 25, 2013: | ||||||||||||||||||
Deferred compensation plan investments (1) | $ | 8,168 | $ | 8,168 | $ | — | $ | — | market approach | |||||||||
Interest rate swaps (2) | $ | 3,032 | — | 3,032 | — | income approach | ||||||||||||
Interest rate caps (2) | $ | 11 | $ | — | $ | 11 | $ | — | income approach | |||||||||
Total | $ | 11,211 | $ | 8,168 | $ | 3,043 | $ | — | ||||||||||
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. See Note 10 for details on the interest rate swaps and interest rate caps. | |||||||||||||||||
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 25, 2013: | ||||||||||||||||||
Assets held and used (1) | $ | 1,198 | $ | — | $ | — | $ | 1,198 | income approach | |||||||||
Total | $ | 1,198 | $ | — | $ | — | $ | 1,198 | ||||||||||
Fair value measurements as of December 26, 2012: | ||||||||||||||||||
Assets held and used (1) | $ | 228 | $ | — | $ | — | $ | 228 | income approach | |||||||||
Total | $ | 228 | $ | — | $ | — | $ | 228 | ||||||||||
-1 | As of December 25, 2013 and December 26, 2012, impaired assets related to underperforming restaurants were written down to their fair value. Impairment charges of $4.8 million and $0.7 million were recognized as a component of operating (gains), losses and other charges, net in our Consolidated Statements of Income for the years ended December 25, 2013 and December 26, 2012, respectively. 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_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 25, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of long-term debt | ' | |||||||
Long-term debt consisted of the following: | ||||||||
December 25, 2013 | December 26, 2012 | |||||||
(In thousands) | ||||||||
Revolving loans due April 24, 2018 | $ | 95,250 | $ | — | ||||
Term loans due April 24, 2018 | 57,750 | — | ||||||
Term loans due April 12, 2017 | — | 170,000 | ||||||
Capital lease obligations | 20,073 | 20,134 | ||||||
Total long-term debt | 173,073 | 190,134 | ||||||
Less current maturities and mandatory prepayments | 7,150 | 12,681 | ||||||
Noncurrent portion of long-term debt | $ | 165,923 | $ | 177,453 | ||||
Aggregate annual maturities of long-term debt, excluding capital lease obligations | ' | |||||||
Aggregate annual maturities of long-term debt, excluding capital lease obligations (see Note 8), at December 25, 2013 are as follows: | ||||||||
(In thousands) | ||||||||
2014 | $ | 3,000 | ||||||
2015 | 4,125 | |||||||
2016 | 4,500 | |||||||
2017 | 5,625 | |||||||
2018 | 135,750 | |||||||
Thereafter | — | |||||||
Total long-term debt, excluding capital lease obligations | $ | 153,000 | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||
Dec. 25, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Schedule of pension and other defined benefit plan obligations and funded status | ' | |||||||||||||||
The obligations and funded status for our pension plan and other defined benefit plans were as follows: | ||||||||||||||||
Pension Plan | Other Defined Benefit Plans | |||||||||||||||
December 25, 2013 | December 26, 2012 | December 25, 2013 | December 26, 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Change in Benefit Obligation: | ||||||||||||||||
Benefit obligation at beginning of year | $ | 73,926 | $ | 70,468 | $ | 2,837 | $ | 2,689 | ||||||||
Service cost | 400 | 380 | — | — | ||||||||||||
Interest cost | 2,977 | 3,200 | 111 | 116 | ||||||||||||
Actuarial (gains) losses | (7,836 | ) | 4,575 | (37 | ) | 227 | ||||||||||
Benefits paid | (5,076 | ) | (4,697 | ) | (195 | ) | (195 | ) | ||||||||
Benefit obligation at end of year | $ | 64,391 | $ | 73,926 | $ | 2,716 | $ | 2,837 | ||||||||
Accumulated benefit obligation | $ | 64,391 | $ | 73,926 | $ | 2,716 | $ | 2,837 | ||||||||
Change in Plan Assets: | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 58,006 | $ | 53,270 | $ | — | $ | — | ||||||||
Actual return on plan assets | 5,364 | 6,666 | — | — | ||||||||||||
Employer contributions | 2,800 | 2,767 | 195 | 195 | ||||||||||||
Benefits paid | (5,076 | ) | (4,697 | ) | (195 | ) | (195 | ) | ||||||||
Fair value of plan assets at end of year | $ | 61,094 | $ | 58,006 | $ | — | $ | — | ||||||||
Funded status | $ | (3,297 | ) | $ | (15,920 | ) | $ | (2,716 | ) | $ | (2,837 | ) | ||||
Schedule of amounts recognized in the Consolidated Balance Sheets | ' | |||||||||||||||
The amounts recognized in the Consolidated Balance Sheets were as follows: | ||||||||||||||||
Pension Plan | Other Defined Benefit Plans | |||||||||||||||
December 25, 2013 | December 26, 2012 | December 25, 2013 | December 26, 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Other current liabilities | $ | — | $ | — | $ | (451 | ) | $ | (341 | ) | ||||||
Other noncurrent liabilities and deferred credits | (3,297 | ) | (15,920 | ) | (2,265 | ) | (2,496 | ) | ||||||||
Net amount recognized | $ | (3,297 | ) | $ | (15,920 | ) | $ | (2,716 | ) | $ | (2,837 | ) | ||||
Schedule of net periodic benefit cost not yet recognized | ' | |||||||||||||||
The amounts recognized in accumulated other comprehensive income, that have not yet been recognized as a component of net periodic benefit cost, were as follows: | ||||||||||||||||
Pension Plan | Other Defined Benefit Plans | |||||||||||||||
December 25, 2013 | December 26, 2012 | December 25, 2013 | December 26, 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Unamortized actuarial losses, net | $ | (17,433 | ) | (27,798 | ) | (899 | ) | (1,007 | ) | |||||||
Components of the change in accumulated other comprehensive loss | ' | |||||||||||||||
The components of the change in unamortized actuarial losses, net, included in accumulated other comprehensive loss were as follows: | ||||||||||||||||
Fiscal Year Ended | ||||||||||||||||
December 25, 2013 | December 26, 2012 | |||||||||||||||
(In thousands) | ||||||||||||||||
Pension Plan: | ||||||||||||||||
Balance, beginning of year | $ | (27,798 | ) | $ | (27,596 | ) | ||||||||||
Benefit obligation actuarial gain (loss) | 7,836 | (4,575 | ) | |||||||||||||
Net gain | 876 | 2,610 | ||||||||||||||
Amortization of net loss | 1,653 | 1,763 | ||||||||||||||
Balance, end of year | $ | (17,433 | ) | $ | (27,798 | ) | ||||||||||
Other Defined Benefit Plans: | ||||||||||||||||
Balance, beginning of year | $ | (1,007 | ) | $ | (832 | ) | ||||||||||
Benefit obligation actuarial gain (loss) | 37 | (227 | ) | |||||||||||||
Amortization of net loss | 71 | 52 | ||||||||||||||
Balance, end of year | $ | (899 | ) | $ | (1,007 | ) | ||||||||||
Components of net periodic benefit cost | ' | |||||||||||||||
The components of net periodic benefit cost were as follows: | ||||||||||||||||
Fiscal Year Ended | ||||||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | ||||||||||||||
(In thousands) | ||||||||||||||||
Pension Plan: | ||||||||||||||||
Service cost | $ | 400 | $ | 380 | $ | 335 | ||||||||||
Interest cost | 2,977 | 3,200 | 3,364 | |||||||||||||
Expected return on plan assets | (4,488 | ) | (4,057 | ) | (4,182 | ) | ||||||||||
Amortization of net loss | 1,653 | 1,763 | 1,004 | |||||||||||||
Net periodic benefit cost | $ | 542 | $ | 1,286 | $ | 521 | ||||||||||
Other comprehensive (income) loss | $ | (10,364 | ) | $ | 202 | $ | 8,997 | |||||||||
Other Defined Benefit Plans: | ||||||||||||||||
Interest cost | $ | 111 | $ | 116 | $ | 127 | ||||||||||
Amortization of net loss | 71 | 52 | 32 | |||||||||||||
Net periodic benefit cost | $ | 182 | $ | 168 | $ | 159 | ||||||||||
Other comprehensive (income) loss | $ | (109 | ) | $ | 175 | $ | 232 | |||||||||
Schedule of weighted-average assumptions used to determine benefit obligations | ' | |||||||||||||||
Weighted average assumptions used to determine benefit obligations were as follows: | ||||||||||||||||
December 25, 2013 | December 26, 2012 | |||||||||||||||
Discount rate | 4.98 | % | 4.18 | % | ||||||||||||
Measurement date | 12/25/13 | 12/26/12 | ||||||||||||||
Weighted average assumptions used to determine net periodic pension cost were as follows: | ||||||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | ||||||||||||||
Discount rate | 4.18 | % | 4.59 | % | 5.42 | % | ||||||||||
Rate of increase in compensation levels | N/A | N/A | N/A | |||||||||||||
Expected long-term rate of return on assets | 7.75 | % | 7.75 | % | 8 | % | ||||||||||
Measurement date | 12/25/13 | 12/26/12 | 12/28/11 | |||||||||||||
Schedule of fair values of pension plan assets | ' | |||||||||||||||
The fair values of our pension plan assets were as follows: | ||||||||||||||||
Fair Value Measurements as of December 25, 2013 | ||||||||||||||||
Asset Category | Total | Quoted Prices in Active Markets for Identical Assets/Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(In thousands) | ||||||||||||||||
Cash equivalents | $ | 1,785 | $ | 1,785 | $ | — | $ | — | ||||||||
Equity securities: | ||||||||||||||||
U.S. large-cap (a) | 9,880 | 9,880 | — | — | ||||||||||||
U.S. mid-cap (b) | 2,467 | 2,467 | — | — | ||||||||||||
U.S. small-cap (c) | 615 | 615 | — | — | ||||||||||||
International large-cap | 6,200 | 6,200 | — | — | ||||||||||||
Fixed income securities: | ||||||||||||||||
U.S. Treasuries | 4,245 | 4,245 | — | — | ||||||||||||
Corporate bonds (d) | 33,310 | 33,310 | — | — | ||||||||||||
Other types of investments: | ||||||||||||||||
Commingled funds (e) | 2,592 | — | 2,592 | — | ||||||||||||
Total | $ | 61,094 | $ | 58,502 | $ | 2,592 | $ | — | ||||||||
(a) | The majority of this category represents a fund with the objective of approximating the return of the S&P 500 Index. The remaining securities include both a large-value fund and a large-growth fund investing in diverse industries. | |||||||||||||||
(b) | This category includes both a mid-growth fund with the objective of outperforming the Russell Mid Cap Growth Index and a mid-value fund investing in diverse industries. | |||||||||||||||
(c) | This category includes both a small-value fund and a small-growth fund investing in diverse industries. | |||||||||||||||
(d) | This category includes intermediate and long-term investment grade bonds from diverse industries. | |||||||||||||||
(e) | This category represents a fund of well diversified mutual funds with the objective of providing a low-volatility means to access equity-like returns. | |||||||||||||||
Fair Value Measurements as of December 26, 2012 | ||||||||||||||||
Asset Category | Total | Quoted Prices in Active Markets for Identical Assets/Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(In thousands) | ||||||||||||||||
Cash equivalents | $ | 873 | $ | 873 | $ | — | $ | — | ||||||||
Equity securities: | ||||||||||||||||
U.S. large-cap (a) | 15,569 | 15,569 | — | — | ||||||||||||
U.S. mid-cap (b) | 4,702 | 4,702 | — | — | ||||||||||||
U.S. small-cap (c) | 1,157 | 1,157 | — | — | ||||||||||||
International large-cap | 9,292 | 9,292 | — | — | ||||||||||||
Fixed income securities: | ||||||||||||||||
U.S. Treasuries | 2,582 | 2,582 | — | — | ||||||||||||
Corporate bonds (d) | 20,179 | 20,179 | — | — | ||||||||||||
Other types of investments: | ||||||||||||||||
Commingled funds (e) | 3,652 | — | 3,652 | — | ||||||||||||
Total | $ | 58,006 | $ | 54,354 | $ | 3,652 | $ | — | ||||||||
(a) | The majority of this category represents a fund with the objective of approximating the return of the S&P 500 Index. The remaining securities include both a large-value fund and a large-growth fund investing in diverse industries. | |||||||||||||||
(b) | This category includes both a mid-growth fund with the objective of outperforming the Russell Mid Cap Growth Index and a mid-value fund investing in diverse industries. | |||||||||||||||
(c) | This category includes both a small-value fund and a small-growth fund investing in diverse industries. | |||||||||||||||
(d) | This category includes intermediate and long-term investment grade bonds from diverse industries. | |||||||||||||||
(e) | This category represents a fund of well diversified mutual funds with the objective of providing a low-volatility means to access equity-like returns. | |||||||||||||||
Schedule of expected benefit payments | ' | |||||||||||||||
Benefits expected to be paid for each of the next five years and in the aggregate for the five fiscal years from 2019 through 2023 are as follows: | ||||||||||||||||
Pension Plan | Other Defined | |||||||||||||||
Benefit Plans | ||||||||||||||||
(In thousands) | ||||||||||||||||
2014 | $ | 3,609 | $ | 451 | ||||||||||||
2015 | 3,550 | 233 | ||||||||||||||
2016 | 3,487 | 203 | ||||||||||||||
2017 | 3,466 | 256 | ||||||||||||||
2018 | 3,518 | 214 | ||||||||||||||
2019 through 2023 | 19,682 | 1,186 | ||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 25, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Total share-based compensation | ' | ||||||||||||||||||||
Total share-based compensation expense included as a component of net income was as follows: | |||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Stock options | $ | 558 | $ | 909 | $ | 1,069 | |||||||||||||||
Restricted stock units | 3,488 | 2,050 | 2,369 | ||||||||||||||||||
Board deferred stock units | 806 | 537 | 781 | ||||||||||||||||||
Total share-based compensation | $ | 4,852 | $ | 3,496 | $ | 4,219 | |||||||||||||||
Stock options activity | ' | ||||||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at December 25, 2013: | |||||||||||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Aggregate | ||||||||||||||||||
Intrinsic | |||||||||||||||||||||
Value | |||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||
Outstanding, beginning of year | 3,099 | $ | 3.28 | ||||||||||||||||||
Exercised | (899 | ) | 3.29 | ||||||||||||||||||
Forfeited | (5 | ) | 3.89 | ||||||||||||||||||
Expired | (4 | ) | 0.54 | ||||||||||||||||||
Outstanding, end of year | 2,191 | 3.28 | 5.05 | $ | 9,032 | ||||||||||||||||
Exercisable, end of year | 1,944 | 3.2 | 4.8 | $ | 8,163 | ||||||||||||||||
Restricted stock units activity | ' | ||||||||||||||||||||
The following table summarizes information about restricted stock units activity: | |||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | |||||||||||||||||||
Units | Weighted Average Grant Date | Units | Weighted Average Grant Date | Units | Weighted Average Grant Date | ||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||
Outstanding, beginning of year | 933 | $ | 4.3 | 1,276 | $ | 3.19 | 1,450 | $ | 2.92 | ||||||||||||
Granted | 331 | 8.05 | 397 | 6.05 | 416 | 3.99 | |||||||||||||||
Vested | (430 | ) | 2.83 | (445 | ) | 3.28 | (535 | ) | 3.07 | ||||||||||||
Forfeited | (2 | ) | 4.63 | (295 | ) | 3.37 | (55 | ) | 3.42 | ||||||||||||
Outstanding, end of year | 832 | 6.55 | 933 | 4.3 | 1,276 | 3.19 | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 25, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
The provisions for income taxes were as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | ||||||||||
(In thousands) | ||||||||||||
Current: | ||||||||||||
Federal | $ | 428 | $ | 875 | $ | — | ||||||
State, foreign and other | 2,420 | 1,148 | 1,919 | |||||||||
Deferred: | ||||||||||||
Federal | 9,285 | 9,683 | 2,879 | |||||||||
State, foreign and other | (185 | ) | 1,740 | 344 | ||||||||
Provision for income taxes before release of valuation allowance | 11,948 | 13,446 | 5,142 | |||||||||
Release of valuation allowance | (420 | ) | (661 | ) | (89,102 | ) | ||||||
Total provision for (benefit from) income taxes | $ | 11,528 | $ | 12,785 | $ | (83,960 | ) | |||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
The reconciliation of income taxes at the U.S. federal statutory tax rate to our effective tax rate was as follows: | ||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | ||||||||||
Statutory provision rate | 35 | % | 35 | % | 35 | % | ||||||
State, foreign and other taxes, net of federal income tax benefit | 6 | 5 | 6 | |||||||||
Wage addback (deductions) on income tax credits earned (expired), net | 3 | 2 | (4 | ) | ||||||||
General business credits generated | (10 | ) | (7 | ) | (14 | ) | ||||||
Other | (1 | ) | 3 | (4 | ) | |||||||
33 | % | 38 | % | 19 | % | |||||||
Release of valuation allowance | (1 | ) | (2 | ) | (315 | ) | ||||||
Effective tax rate | 32 | % | 36 | % | (296 | )% | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
The following table represents the approximate tax effect of each significant type of temporary difference that resulted in deferred income tax assets or liabilities. | ||||||||||||
December 25, 2013 | December 26, 2012 | |||||||||||
(In thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Self-insurance accruals | $ | 9,457 | $ | 9,314 | ||||||||
Capitalized leases | 2,365 | 3,023 | ||||||||||
Accrued exit cost | 1,485 | 2,158 | ||||||||||
Fixed assets | 10,430 | 10,707 | ||||||||||
Pension, other retirement and compensation plans | 11,237 | 14,778 | ||||||||||
Other accruals | 885 | 1,050 | ||||||||||
Alternative minimum tax credit carryforwards | 10,344 | 12,948 | ||||||||||
General business credit carryforwards - state and federal | 29,490 | 35,105 | ||||||||||
Net operating loss carryforwards - state | 12,976 | 13,398 | ||||||||||
Total deferred tax assets before valuation allowance | 88,669 | 102,481 | ||||||||||
Less: valuation allowance | (12,751 | ) | (12,860 | ) | ||||||||
Total deferred tax assets | 75,918 | 89,621 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Intangible assets | (22,950 | ) | (23,818 | ) | ||||||||
Deferred finance costs | (230 | ) | (220 | ) | ||||||||
Interest rate swap | (1,184 | ) | — | |||||||||
Total deferred tax liabilities | (24,364 | ) | (24,038 | ) | ||||||||
Net deferred tax asset | $ | 51,554 | $ | 65,583 | ||||||||
Net deferred tax assets are classified as follows: | ||||||||||||
Current | $ | 23,264 | $ | 19,807 | ||||||||
Noncurrent | 28,290 | 45,776 | ||||||||||
Total | $ | 51,554 | $ | 65,583 | ||||||||
Net_Income_Per_Share_Net_Incom
Net Income Per Share Net Income Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 25, 2013 | ||||||||||||
Net Income Per Share [Abstract] | ' | |||||||||||
Net Income Per Share | ' | |||||||||||
Fiscal Year Ended | ||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | ||||||||||
(In thousands, except per share amounts) | ||||||||||||
Net income | $ | 24,572 | $ | 22,309 | $ | 112,287 | ||||||
Weighted average shares outstanding - basic | 90,829 | 94,949 | 97,646 | |||||||||
Effect of dilutive share-based compensation awards | 2,074 | 1,805 | 1,942 | |||||||||
Weighted average shares outstanding - diluted | 92,903 | 96,754 | 99,588 | |||||||||
Basic net income per share | $ | 0.27 | $ | 0.23 | $ | 1.15 | ||||||
Diluted net income per share | $ | 0.26 | $ | 0.23 | $ | 1.13 | ||||||
Anti-dilutive share-based compensation awards | 331 | 748 | 2,885 | |||||||||
Shareholders_Equity_Accumulate
Shareholders' Equity Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||||||
Dec. 25, 2013 | ||||||||||||
Accumulated other comprehensive loss [Abstract] | ' | |||||||||||
Components of accumulated other comprehensive loss | ' | |||||||||||
Pensions | Derivatives | Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | ||||||||||||
Balance as of December 29, 2010 | $ | (19,199 | ) | $ | — | $ | (19,199 | ) | ||||
Benefit obligation actuarial loss | (7,424 | ) | — | (7,424 | ) | |||||||
Net loss | (2,841 | ) | — | (2,841 | ) | |||||||
Amortization of net loss | 1,036 | — | 1,036 | |||||||||
Income tax benefit related to items of other comprehensive loss | 3,615 | — | 3,615 | |||||||||
Balance as of December 28, 2011 | $ | (24,813 | ) | $ | — | $ | (24,813 | ) | ||||
Benefit obligation actuarial loss | (4,802 | ) | — | (4,802 | ) | |||||||
Net gain | 2,610 | — | 2,610 | |||||||||
Amortization of net loss | 1,815 | — | 1,815 | |||||||||
Income tax benefit related to items of other comprehensive loss | 191 | — | 191 | |||||||||
Balance as of December 26, 2012 | $ | (24,999 | ) | $ | — | $ | (24,999 | ) | ||||
Benefit obligation actuarial gain | 7,873 | — | 7,873 | |||||||||
Net gain | 876 | — | 876 | |||||||||
Amortization of net loss | 1,724 | — | 1,724 | |||||||||
Net change in fair value of derivatives | — | 3,032 | 3,032 | |||||||||
Income tax expense related to items of other comprehensive income | (4,164 | ) | (1,184 | ) | (5,348 | ) | ||||||
Balance as of December 25, 2013 | $ | (18,690 | ) | $ | 1,848 | $ | (16,842 | ) | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 25, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Future commitments under contracts for food and non-food products | ' | |||
Our future commitments for both company and franchised restaurants at December 25, 2013 under these contracts consist of the following: | ||||
Purchase Obligations | ||||
(In thousands) | ||||
Payments due by period: | ||||
Less than 1 year | $ | 185,008 | ||
1-2 years | 26,231 | |||
3-4 years | — | |||
5 years and thereafter | — | |||
Total | $ | 211,239 | ||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 25, 2013 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||||
Supplemental Cash Flow Information | ' | |||||||||||
Fiscal Year Ended | ||||||||||||
December 25, 2013 | December 26, 2012 | December 28, 2011 | ||||||||||
(In thousands) | ||||||||||||
Income taxes paid, net | $ | 2,777 | $ | 2,034 | $ | 1,124 | ||||||
Interest paid | $ | 9,336 | $ | 12,918 | $ | 21,350 | ||||||
Noncash investing and financing activities: | ||||||||||||
Notes received in connection with disposition | $ | — | $ | 290 | $ | 500 | ||||||
of property | ||||||||||||
Accrued purchase of property | $ | 1,575 | $ | 1,570 | $ | 351 | ||||||
Issuance of common stock, pursuant to share-based compensation plans | $ | 1,937 | $ | 1,151 | $ | 1,685 | ||||||
Execution of capital leases | $ | 5,663 | $ | 2,643 | $ | 4,037 | ||||||
Treasury stock payable | $ | 220 | $ | 560 | $ | — | ||||||
Quarterly_Data_Unaudited_Table
Quarterly Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 25, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
Selected consolidated financial data for each quarter of fiscal 2013 and 2012 are set forth below: | ||||||||||||||||
Fiscal Year Ended December 25, 2013 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Company restaurant sales | $ | 81,030 | $ | 82,841 | $ | 83,371 | $ | 81,092 | ||||||||
Franchise and licensing revenue | 33,460 | 33,730 | 33,904 | 33,165 | ||||||||||||
Total operating revenue | 114,490 | 116,571 | 117,275 | 114,257 | ||||||||||||
Total operating costs and expenses | 101,039 | 103,957 | 103,750 | 106,326 | ||||||||||||
Operating income | $ | 13,451 | $ | 12,614 | $ | 13,525 | $ | 7,931 | ||||||||
Net income | $ | 7,081 | $ | 6,198 | $ | 7,031 | $ | 4,262 | ||||||||
Basic net income per share (a) | $ | 0.08 | $ | 0.07 | $ | 0.08 | $ | 0.05 | ||||||||
Diluted net income per share (a) | $ | 0.07 | $ | 0.07 | $ | 0.08 | $ | 0.05 | ||||||||
(a) | Per share amounts do not necessarily sum to the total year amounts due to changes in shares outstanding and rounding. | |||||||||||||||
Fiscal Year Ended December 26, 2012 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Company restaurant sales | $ | 94,163 | $ | 91,239 | $ | 86,575 | $ | 81,733 | ||||||||
Franchise and licensing revenue | 32,575 | 33,492 | 34,370 | 34,216 | ||||||||||||
Total operating revenue | 126,738 | 124,731 | 120,945 | 115,949 | ||||||||||||
Total operating costs and expenses | 112,825 | 105,732 | 109,255 | 104,162 | ||||||||||||
Operating income | $ | 13,913 | $ | 18,999 | $ | 11,690 | $ | 11,787 | ||||||||
Net income | $ | 5,865 | $ | 4,601 | $ | 5,363 | $ | 6,480 | ||||||||
Basic net income per share (a) | $ | 0.06 | $ | 0.05 | $ | 0.06 | $ | 0.07 | ||||||||
Diluted net income per share (a) | $ | 0.06 | $ | 0.05 | $ | 0.06 | $ | 0.07 | ||||||||
(a) | Per share amounts do not necessarily sum to the total year amounts due to changes in shares outstanding and rounding. |
Introduction_and_Basis_of_Repo2
Introduction and Basis of Reporting (Details) | 12 Months Ended | |
Dec. 25, 2013 | Dec. 26, 2012 | |
restaurant | restaurant | |
Franchisor Disclosure [Line Items] | ' | ' |
Number of states in which entity operates | 50 | ' |
Number of territories in which entity operates | 2 | ' |
Number of foreign countries in which entity operates | 9 | ' |
Entity and franchisee unit activity [Abstract] | ' | ' |
Restaurant units, end of period | 1,700 | 1,688 |
Company-owned restaurants [Member] | ' | ' |
Entity and franchisee unit activity [Abstract] | ' | ' |
Restaurant units, beginning of period | 164 | 206 |
Units opened | 0 | 1 |
Units acquired from franchisees | 2 | 1 |
Units sold to franchisees | -2 | -36 |
Units closed (including units relocated) | -1 | -8 |
Restaurant units, end of period | 163 | 164 |
Franchised and licensed restaurants [Member] | ' | ' |
Entity and franchisee unit activity [Abstract] | ' | ' |
Restaurant units, beginning of period | 1,524 | 1,479 |
Units opened | 46 | 39 |
Units purchased from Company | 2 | 36 |
Units acquired by Company | -2 | -1 |
Units closed (including units relocated) | -33 | -29 |
Restaurant units, end of period | 1,537 | 1,524 |
California | ' | ' |
Franchisor Disclosure [Line Items] | ' | ' |
Percentage of restaurants operated (percent) | 24.00% | ' |
Texas | ' | ' |
Franchisor Disclosure [Line Items] | ' | ' |
Percentage of restaurants operated (percent) | 11.00% | ' |
Florida | ' | ' |
Franchisor Disclosure [Line Items] | ' | ' |
Percentage of restaurants operated (percent) | 9.00% | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 |
Concentration Risk [Line Items] | ' | ' | ' |
Short-term investments | $5.30 | $11.80 | ' |
Net gain/(loss) on investments (less than $0.1 million in 2011) | 1.1 | 0.7 | -0.1 |
Deferred compensation plan investments | 8.2 | 6.4 | ' |
Cash overdrafts | 1.6 | 6.3 | ' |
Maximum self-insurance retention levels, minimum per individual claim | 0.5 | ' | ' |
Maximum self-insurance retention levels, maximum per individual claim | 1 | ' | ' |
Discounted insurance liabilities | 23.8 | 23.2 | ' |
Self insurance liabilities, discount rate | 1.00% | 1.00% | ' |
Undiscounted insurance liabilities | 24.4 | 23.8 | ' |
Revenue recognized in breakage on gift cards | 0.3 | 0.3 | ' |
Initial franchise fees | 1.6 | 3 | 3.1 |
Deferred fees | 1.1 | 1.2 | ' |
Advertising expense | 11.7 | 13.4 | 16.1 |
Advertising contributions from franchisees | $66.60 | $65.10 | $60.50 |
Revenue from franchises and licenses risk [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Franchise revenue, percentage | 32.00% | 32.00% | 34.00% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Property and Depreciation) (Details) | 12 Months Ended |
Dec. 25, 2013 | |
Building Assets [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '5 years |
Building Assets [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '30 years |
Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '2 years |
Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '10 years |
Leasehold Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '5 years |
Leasehold Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '15 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Share-Based Compensation) (Details) (Stock Options [Member]) | 12 Months Ended |
Dec. 28, 2011 | |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Dividend yield | 0.00% |
Expected volatility | 60.30% |
Risk-free interest rate | 2.00% |
Weighted-average expected term | '4 years 8 months 15 days |
Receivables_Details
Receivables (Details) (USD $) | 12 Months Ended | ||
Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 | |
Receivables [Abstract] | ' | ' | ' |
Trade accounts receivable from franchisees | $10,072,000 | $10,212,000 | ' |
Notes receivable from franchisees and third parties | 1,800,000 | 4,310,000 | ' |
Allowance for doubtful accounts | -231,000 | -12,000 | ' |
Receivables | 17,321,000 | 19,947,000 | ' |
Noncurrent assets (included as a component of other noncurrent assets): | ' | ' | ' |
Notes receivable from franchisees | 766,000 | 1,002,000 | ' |
Maximum provision for credit losses | 100,000 | 100,000 | ' |
Interest income on notes receivables | 100,000 | 100,000 | 200,000 |
Vendor receivables [Member] | ' | ' | ' |
Receivables [Abstract] | ' | ' | ' |
Other receivable, gross, current | 2,516,000 | 2,529,000 | ' |
Credit card receivables [Member] | ' | ' | ' |
Receivables [Abstract] | ' | ' | ' |
Other receivable, gross, current | 2,162,000 | 1,384,000 | ' |
Other [Member] | ' | ' | ' |
Receivables [Abstract] | ' | ' | ' |
Other receivable, gross, current | $1,002,000 | $1,524,000 | ' |
Property_Net_Details
Property, Net (Details) (USD $) | 12 Months Ended | ||
Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 | |
Property Owned [Abstract] | ' | ' | ' |
Total property owned | $332,856,000 | $328,605,000 | ' |
Less accumulated depreciation | 241,257,000 | 234,046,000 | ' |
Property owned, net | 91,599,000 | 94,559,000 | ' |
Property Held Under Capital Leases [Abstract] | ' | ' | ' |
Buildings, vehicles, and other equipment held under capital leases | 28,730,000 | 28,572,000 | ' |
Less accumulated amortization | 14,709,000 | 16,127,000 | ' |
Property held under capital leases, net | 14,021,000 | 12,445,000 | ' |
Total property, net | 105,620,000 | 107,004,000 | ' |
Depreciation expense, including amortization of property under capital leases | 18,600,000 | 19,100,000 | 23,700,000 |
Franchised Units [Member] | ' | ' | ' |
Property Owned [Abstract] | ' | ' | ' |
Total property owned | 79,435,000 | 80,584,000 | ' |
Less accumulated depreciation | 54,473,000 | 55,647,000 | ' |
Property owned, net | 24,962,000 | 24,937,000 | ' |
Property Held Under Capital Leases [Abstract] | ' | ' | ' |
Buildings, vehicles, and other equipment held under capital leases | 10,206,000 | 13,834,000 | ' |
Less accumulated amortization | 7,345,000 | 9,627,000 | ' |
Property held under capital leases, net | 2,861,000 | 4,207,000 | ' |
Total property, net | 27,823,000 | 29,144,000 | ' |
Land [Member] | ' | ' | ' |
Property Owned [Abstract] | ' | ' | ' |
Total property owned | 27,198,000 | 26,622,000 | ' |
Land [Member] | Franchised Units [Member] | ' | ' | ' |
Property Owned [Abstract] | ' | ' | ' |
Total property owned | 14,977,000 | 14,377,000 | ' |
Building and leasehold improvements [Member] | ' | ' | ' |
Property Owned [Abstract] | ' | ' | ' |
Total property owned | 229,918,000 | 228,132,000 | ' |
Building and leasehold improvements [Member] | Franchised Units [Member] | ' | ' | ' |
Property Owned [Abstract] | ' | ' | ' |
Total property owned | 64,458,000 | 66,207,000 | ' |
Other property and equipment [Member] | ' | ' | ' |
Property Owned [Abstract] | ' | ' | ' |
Total property owned | $75,740,000 | $73,851,000 | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 | |
Goodwill [Roll Forward] | ' | ' | ' |
Balance, beginning of year | $31,430,000 | $30,764,000 | ' |
Additions related to acquisitions | 28,000 | 1,022,000 | ' |
Write-offs and reclassification associated with sale of restaurants | -7,000 | -356,000 | ' |
Balance, end of period | 31,451,000 | 31,430,000 | 30,764,000 |
Other Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets | 77,286,000 | 81,971,000 | ' |
Intangible assets with indefinite lives [Abstract] | ' | ' | ' |
Gross carrying amount - Trade names | 44,055,000 | 44,050,000 | ' |
Gross carrying amount - Liquor licenses | 126,000 | 156,000 | ' |
Intangible assets with definite lives [Abstract] | ' | ' | ' |
Accumulated amortization | 29,361,000 | 33,051,000 | ' |
Amortization expense of definite-lived intangible assets and other assets | 2,900,000 | 3,200,000 | 4,200,000 |
Franchise and license agreements [Member] | ' | ' | ' |
Intangible assets with definite lives [Abstract] | ' | ' | ' |
Gross carrying amount | 31,248,000 | 37,187,000 | ' |
Accumulated amortization | 29,007,000 | 32,935,000 | ' |
Decrease in franchise and license agreements | 5,900,000 | ' | ' |
Reacquired franchise rights [Member] | ' | ' | ' |
Intangible assets with definite lives [Abstract] | ' | ' | ' |
Gross carrying amount | 1,857,000 | 578,000 | ' |
Accumulated amortization | $354,000 | $116,000 | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Estimated Amortization Expense) (Details) (USD $) | Dec. 25, 2013 |
In Thousands, unless otherwise specified | |
Estimated amortization expense for intangible assets with definite lives in the next five years: | ' |
2014 | $1,637 |
2015 | 1,082 |
2016 | 410 |
2017 | 119 |
2018 | $52 |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Dec. 25, 2013 | Dec. 26, 2012 |
In Thousands, unless otherwise specified | ||
Other Liabilities, Current [Abstract] | ' | ' |
Accrued salaries and vacation | $18,810 | $20,642 |
Accrued insurance, primarily current portion of liability for insurance claims | 7,519 | 7,122 |
Accrued taxes | 6,258 | 6,157 |
Accrued interest | 218 | 388 |
Restructuring charges and exit costs | 1,388 | 1,829 |
Accrued advertising | 6,791 | 5,728 |
Gift cards | 4,057 | 4,440 |
Other | 7,657 | 8,376 |
Other current liabilities | $52,698 | $54,682 |
Operating_Gains_Losses_and_Oth2
Operating (Gains), Losses and Other Charges, Net (Details) (USD $) | 12 Months Ended | ||||
Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 | |||
Operating (gains), losses and other charges, net [Abstract] | ' | ' | ' | ||
Gains on sales of assets and other, net | ($66,000) | ($7,090,000) | ($3,187,000) | ||
Restructuring charges and exit costs | 1,389,000 | 3,912,000 | 1,234,000 | ||
Impairment charges | 5,748,000 | 3,660,000 | 4,055,000 | ||
Operating (gains), losses and other charges, net | 7,071,000 | 482,000 | 2,102,000 | ||
Restructuring charges and exit costs [Abstract] | ' | ' | ' | ||
Exit costs | 630,000 | [1] | 1,926,000 | [1] | 848,000 |
Severance and other restructuring charges | 759,000 | 1,986,000 | 386,000 | ||
Total restructuring charges and exit costs | 1,389,000 | 3,912,000 | 1,234,000 | ||
Components of change in accrued exit cost liabilities [Roll Forward] | ' | ' | ' | ||
Balance, beginning of year | 4,061,000 | 3,863,000 | ' | ||
Exit costs | 630,000 | [1] | 1,926,000 | [1] | 848,000 |
Payments, net of sublease receipts | -1,726,000 | -2,227,000 | ' | ||
Reclassification of certain lease liabilities, net | -69,000 | 171,000 | ' | ||
Interest accretion | 253,000 | 328,000 | ' | ||
Balance, end of year | 3,149,000 | 4,061,000 | 3,863,000 | ||
Less current portion included in other current liabilities | 1,260,000 | 1,361,000 | ' | ||
Long-term portion included in other noncurrent liabilities | 1,889,000 | 2,700,000 | ' | ||
Estimated net cash payments related to exit cost liabilities [Abstract] | ' | ' | ' | ||
2014 | 1,395,000 | ' | ' | ||
2015 | 542,000 | ' | ' | ||
2016 | 308,000 | ' | ' | ||
2017 | 296,000 | ' | ' | ||
2018 | 299,000 | ' | ' | ||
Thereafter | 1,015,000 | ' | ' | ||
Total | 3,855,000 | ' | ' | ||
Less imputed interest | 706,000 | ' | ' | ||
Present value of exit cost liabilities | 3,149,000 | ' | ' | ||
Existing sublease arrangements | 2,400,000 | ' | ' | ||
Properties expected to enter into sublease arrangements in the future | 1,400,000 | ' | ' | ||
Accrued severance and other restructuring charges | 100,000 | 500,000 | ' | ||
Impairment charges | $5,748,000 | $3,660,000 | $4,055,000 | ||
[1] | Included as a component of operating (gains), losses and other charges, net. |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 25, 2013 |
Operating Leased Assets [Line Items] | ' |
Term of typical renewal options on land and building leases | '5 years |
Capital Commitments: | ' |
2014 | $7,379 |
2015 | 5,996 |
2016 | 4,983 |
2017 | 4,204 |
2018 | 3,047 |
Thereafter | 10,236 |
Total | 35,845 |
Less imputed interest | 15,772 |
Present value of capital lease obligations | 20,073 |
Operating Commitments: | ' |
2014 | 33,961 |
2015 | 29,571 |
2016 | 26,827 |
2017 | 23,698 |
2018 | 19,514 |
Thereafter | 69,396 |
Total | 202,967 |
Operating Lease Receipts: | ' |
2014 | 33,275 |
2015 | 30,053 |
2016 | 28,018 |
2017 | 26,000 |
2018 | 22,963 |
Thereafter | 115,747 |
Total | $256,056 |
Minimum [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Initial terms of land and building leases | '10 years |
Maximum [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Initial terms of land and building leases | '15 years |
Leases_Net_Rental_Expense_Deta
Leases (Net Rental Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 |
Rental Expense: | ' | ' | ' |
Base rents | $35,667 | $38,326 | $40,278 |
Contingent rents | 5,412 | 5,762 | 5,575 |
Total rent expense | 41,079 | 44,088 | 45,853 |
Rental income: | ' | ' | ' |
Base rents | 36,183 | 37,363 | 35,337 |
Contingent rents | 4,389 | 3,871 | 2,812 |
Total rental income | $40,572 | $41,234 | $38,149 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | 12 Months Ended | |||
Dec. 25, 2013 | Dec. 26, 2012 | |||
Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total | $11,211,000 | $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 | 8,168,000 | 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 | 3,043,000 | 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 | 8,168,000 | [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 | 8,168,000 | [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 caps | 3,032,000 | [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 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 caps | 3,032,000 | [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 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 caps | 11,000 | [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 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 caps | 11,000 | [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 caps | 0 | [2] | 0 | [2] |
Nonrecurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total | 1,198,000 | 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 | 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 | 0 | ||
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total | 1,198,000 | 228,000 | ||
Nonrecurring [Member] | Impaired assets related to underperforming units [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets held and used | 1,198,000 | [3] | 228,000 | [3] |
Valuation technique | 'income approach | 'income approach | ||
Impairment of assets held and used | 4,800,000 | 700,000 | ||
Nonrecurring [Member] | Impaired assets related to underperforming units [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] | 0 | [3] |
Nonrecurring [Member] | Impaired assets related to underperforming units [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] | 0 | [3] |
Nonrecurring [Member] | Impaired assets related to underperforming units [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets held and used | $1,198,000 | [3] | $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. See Note 10 for details on the interest rate swaps and interest rate caps. | |||
[3] | As of DecemberB 25, 2013 and DecemberB 26, 2012, impaired assets related to underperforming restaurants were written down to their fair value. Impairment charges of $4.8 million and $0.7 million were recognized as a component of operating (gains), losses and other charges, net in our Consolidated Statements of Income for the years ended DecemberB 25, 2013 and DecemberB 26, 2012, respectively. 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_Schedule_of_Long
Long-term Debt (Schedule of Long-term Debt) (Details) (USD $) | Dec. 25, 2013 | Dec. 26, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Capital lease obligations | $20,073 | $20,134 |
Total long-term debt | 173,073 | 190,134 |
Less current maturities and mandatory prepayments | 7,150 | 12,681 |
Noncurrent portion of long-term debt | 165,923 | 177,453 |
Revolving loans due April 24, 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 95,250 | 0 |
Term loans due April 24, 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 57,750 | 0 |
Term loans due April 12 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $0 | $170,000 |
LongTerm_Debt_LongTerm_Debt_Ag
Long-Term Debt Long-Term Debt (Aggregate Annual Maturities of Long-Term Debt, Excluding Capital Lease Obligations) (Details) (USD $) | Dec. 25, 2013 |
In Thousands, unless otherwise specified | |
Aggregate annual maturities of long-term debt, excluding capital lease obligations [Abstract] | ' |
2014 | $3,000 |
2015 | 4,125 |
2016 | 4,500 |
2017 | 5,625 |
2018 | 135,750 |
Thereafter | 0 |
Total long-term debt, excluding capital lease obligations | $153,000 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 8 Months Ended | 8 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||
Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 | Dec. 25, 2013 | Apr. 13, 2012 | Dec. 25, 2013 | Apr. 13, 2012 | Dec. 25, 2013 | Apr. 30, 2013 | Dec. 25, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | Dec. 25, 2013 | Apr. 24, 2013 | Dec. 25, 2013 | Dec. 25, 2013 | Apr. 24, 2013 | Dec. 25, 2013 | Apr. 24, 2013 | Dec. 25, 2013 | Apr. 24, 2013 | Dec. 25, 2013 | Mar. 27, 2013 | Dec. 26, 2012 | |
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] | Interest Rate Swap [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 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] | Secured debt [Member] | Secured debt [Member] | Secured debt [Member] | Senior secured revolver [Member] | Senior secured revolver [Member] | Letter of credit [Member] | Letter of credit [Member] | Secured debt [Member] | Secured debt [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 (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Losses on early extinguishment of debt | 2,226,000 | 8,290,000 | 2,589,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' |
Debt instrument transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' |
Write-off of deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' |
Outstanding amount under credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,800,000 | 57,800,000 | ' | 95,300,000 | ' | ' | ' | ' | ' | ' |
Outstanding amount under letter of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,700,000 | ' | ' | ' | ' |
Availability under the revolving facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,100,000 | ' | ' | ' | ' | ' | ' |
Weighted-average interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.17% | 2.17% | ' | 2.17% | ' | ' | ' | ' | ' | 2.97% |
Repayments of term loan under the credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | 4,000,000 | ' |
Interest rate cap, description of variable rate basis | ' | ' | ' | 'LIBOR | ' | 'LIBOR | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate cap, basis spread on variable rate (percent) | ' | ' | ' | ' | 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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_Change_
Employee Benefit Plans (Change in Benefit Obligation and Plan Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 |
Pension Plan [Member] | ' | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | $73,926 | $70,468 | ' |
Service cost | 400 | 380 | 335 |
Interest cost | 2,977 | 3,200 | 3,364 |
Actuarial (gains) losses | -7,836 | 4,575 | ' |
Benefits paid | -5,076 | -4,697 | ' |
Benefit obligation at end of year | 64,391 | 73,926 | 70,468 |
Accumulated benefit obligation | 64,391 | 73,926 | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at beginning of year | 58,006 | 53,270 | ' |
Actual return on plan assets | 5,364 | 6,666 | ' |
Employer contributions | 2,800 | 2,767 | ' |
Benefits paid | -5,076 | -4,697 | ' |
Fair value of plan assets at end of year | 61,094 | 58,006 | 53,270 |
Funded status | -3,297 | -15,920 | ' |
Other Defined Benefit Plans [Member] | ' | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | 2,837 | 2,689 | ' |
Service cost | 0 | 0 | ' |
Interest cost | 111 | 116 | 127 |
Actuarial (gains) losses | -37 | 227 | ' |
Benefits paid | -195 | -195 | ' |
Benefit obligation at end of year | 2,716 | 2,837 | 2,689 |
Accumulated benefit obligation | 2,716 | 2,837 | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Employer contributions | 195 | 195 | ' |
Benefits paid | -195 | -195 | ' |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status | ($2,716) | ($2,837) | ' |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans (Amounts Recognized in the Consolidated Balance Sheets) (Details) (USD $) | Dec. 25, 2013 | Dec. 26, 2012 |
In Thousands, unless otherwise specified | ||
Pension Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Other current liabilities | $0 | $0 |
Other noncurrent liabilities and deferred credits | -3,297 | -15,920 |
Net amount recognized | -3,297 | -15,920 |
Other Defined Benefit Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Other current liabilities | -451 | -341 |
Other noncurrent liabilities and deferred credits | -2,265 | -2,496 |
Net amount recognized | ($2,716) | ($2,837) |
Employee_Benefit_Plans_Amounts1
Employee Benefit Plans (Amounts Recognized in Accumulated Other Comprehensive Income, Not Yet Recognized as a Component of Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | |
Dec. 25, 2013 | Dec. 26, 2012 | |
Pension Plan [Member] | ' | ' |
Defined Benefit Plan, Amounts Reocgnized in Accumulated Other Comprehensive Income, Not Yet Reocgnized as Net Periodic Benefit Cost [Abstract] | ' | ' |
Unamortized actuarial losses, net | ($17,433,000) | ($27,798,000) |
Accumulated other comprehensive income to be recognized in 2014 | -900,000 | ' |
Other Defined Benefit Plans [Member] | ' | ' |
Defined Benefit Plan, Amounts Reocgnized in Accumulated Other Comprehensive Income, Not Yet Reocgnized as Net Periodic Benefit Cost [Abstract] | ' | ' |
Unamortized actuarial losses, net | -899,000 | -1,007,000 |
Other Defined Benefit Plans [Member] | Maximum [Member] | ' | ' |
Defined Benefit Plan, Amounts Reocgnized in Accumulated Other Comprehensive Income, Not Yet Reocgnized as Net Periodic Benefit Cost [Abstract] | ' | ' |
Accumulated other comprehensive income to be recognized in 2014 | ($100,000) | ' |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components Of The Change In Unamortized Actuarial Losses, Net, Included In Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 | |
Components of the Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Net gain | $876,000 | $2,610,000 | ($2,841,000) |
Minimum pension liability adjustment | -6,309,000 | 186,000 | 5,614,000 |
Accumulated other comprehensive income (losses) related to minimum pension liability adjustments, net of tax | 18,700,000 | 25,000,000 | ' |
Accumulated other comprehensive income (losses) related to minimum pension liability adjustments, tax amount | -400,000 | 3,800,000 | ' |
Pension Plan [Member] | ' | ' | ' |
Components of the Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance, beginning of year | -27,798,000 | -27,596,000 | ' |
Benefit obligation actuarial gain (loss) | 7,836,000 | -4,575,000 | ' |
Net gain | 876,000 | 2,610,000 | ' |
Amortization of net loss | 1,653,000 | 1,763,000 | 1,004,000 |
Balance, end of year | -17,433,000 | -27,798,000 | -27,596,000 |
Other Defined Benefit Plans [Member] | ' | ' | ' |
Components of the Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance, beginning of year | -1,007,000 | -832,000 | ' |
Benefit obligation actuarial gain (loss) | 37,000 | -227,000 | ' |
Amortization of net loss | 71,000 | 52,000 | 32,000 |
Balance, end of year | ($899,000) | ($1,007,000) | ($832,000) |
Employee_Benefit_Plans_Compone1
Employee Benefit Plans (Components of Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 |
Components of net periodic benefit cost [Abstract] | ' | ' | ' |
Net periodic benefit cost | $700 | $1,500 | $700 |
Pension Plan [Member] | ' | ' | ' |
Components of net periodic benefit cost [Abstract] | ' | ' | ' |
Service cost | 400 | 380 | 335 |
Interest cost | 2,977 | 3,200 | 3,364 |
Expected return on plan assets | -4,488 | -4,057 | -4,182 |
Amortization of net loss | 1,653 | 1,763 | 1,004 |
Net periodic benefit cost | 542 | 1,286 | 521 |
Other comprehensive (income) loss | -10,364 | 202 | 8,997 |
Other Defined Benefit Plans [Member] | ' | ' | ' |
Components of net periodic benefit cost [Abstract] | ' | ' | ' |
Service cost | 0 | 0 | ' |
Interest cost | 111 | 116 | 127 |
Amortization of net loss | 71 | 52 | 32 |
Net periodic benefit cost | 182 | 168 | 159 |
Other comprehensive (income) loss | ($109) | $175 | $232 |
Employee_Benefit_Plans_Assumpt
Employee Benefit Plans (Assumptions) (Details) | 12 Months Ended | ||
Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 | |
Weighted-average assumptions used to determine benefit obligations | ' | ' | ' |
Discount rate | 4.98% | 4.18% | ' |
Measurement date | 25-Dec-13 | 26-Dec-12 | ' |
Weighted-average assumptions used to determine net perioidic pension cost | ' | ' | ' |
Discount rate | 4.18% | 4.59% | 5.42% |
Expected long-term rate of return on assets | 7.75% | 7.75% | 8.00% |
Measurement date | 25-Dec-13 | 26-Dec-12 | 28-Dec-11 |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans (Fair Values of Pension Plan Assets) (Details) (USD $) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 25, 2013 | Dec. 25, 2013 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | ||||||||||||||||||||||||||||||||||||||||
Equity Securities [Member] | Fixed Income Securities [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | |||||||||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Cash Equivalents [Member] | Cash Equivalents [Member] | Cash Equivalents [Member] | Cash Equivalents [Member] | Cash Equivalents [Member] | Cash Equivalents [Member] | Cash Equivalents [Member] | Cash Equivalents [Member] | U.S. Large-Cap [Member] | U.S. Large-Cap [Member] | U.S. Large-Cap [Member] | U.S. Large-Cap [Member] | U.S. Large-Cap [Member] | U.S. Large-Cap [Member] | U.S. Large-Cap [Member] | U.S. Large-Cap [Member] | U.S. Mid-Cap [Member] | U.S. Mid-Cap [Member] | U.S. Mid-Cap [Member] | U.S. Mid-Cap [Member] | U.S. Mid-Cap [Member] | U.S. Mid-Cap [Member] | U.S. Mid-Cap [Member] | U.S. Mid-Cap [Member] | U.S. Small-Cap [Member] | U.S. Small-Cap [Member] | U.S. Small-Cap [Member] | U.S. Small-Cap [Member] | U.S. Small-Cap [Member] | U.S. Small-Cap [Member] | U.S. Small-Cap [Member] | U.S. Small-Cap [Member] | International Large-Cap [Member] | International Large-Cap [Member] | International Large-Cap [Member] | International Large-Cap [Member] | International Large-Cap [Member] | International Large-Cap [Member] | International Large-Cap [Member] | International Large-Cap [Member] | U.S. Treasuries [Member] | U.S. Treasuries [Member] | U.S. Treasuries [Member] | U.S. Treasuries [Member] | U.S. Treasuries [Member] | U.S. Treasuries [Member] | U.S. Treasuries [Member] | U.S. Treasuries [Member] | Corporate Bonds [Member] | Corporate Bonds [Member] | Corporate Bonds [Member] | Corporate Bonds [Member] | Corporate Bonds [Member] | Corporate Bonds [Member] | Corporate Bonds [Member] | Corporate Bonds [Member] | Commingled Funds [Member] | Commingled Funds [Member] | Commingled Funds [Member] | Commingled Funds [Member] | Commingled Funds [Member] | Commingled Funds [Member] | Commingled Funds [Member] | Commingled Funds [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Strategic target asset allocation | 35.00% | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets | ' | ' | $61,094 | $58,006 | $53,270 | $58,502 | $54,354 | $2,592 | $3,652 | $0 | $0 | $1,785 | $873 | $1,785 | $873 | $0 | $0 | $0 | $0 | $9,880 | [1] | $15,569 | [1] | $9,880 | [1] | $15,569 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $2,467 | [2] | $4,702 | [2] | $2,467 | [2] | $4,702 | [2] | $0 | [2] | $0 | [2] | $0 | [2] | $0 | [2] | $615 | [3] | $1,157 | [3] | $615 | [3] | $1,157 | [3] | $0 | [3] | $0 | [3] | $0 | [3] | $0 | [3] | $6,200 | $9,292 | $6,200 | $9,292 | $0 | $0 | $0 | $0 | $4,245 | $2,582 | $4,245 | $2,582 | $0 | $0 | $0 | $0 | $33,310 | [4] | $20,179 | [4] | $33,310 | [4] | $20,179 | [4] | $0 | [4] | $0 | [4] | $0 | [4] | $0 | [4] | $2,592 | [5] | $3,652 | [5] | $0 | [5] | $0 | [5] | $2,592 | [5] | $3,652 | [5] | $0 | [5] | $0 | [5] |
[1] | The majority of this category represents a fundB withB the objective of approximating the return of the S&P 500 Index. The remaining securities include both a large-value fund and a large-growth fund investing inB diverse industries. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | This category includes both a mid-growth fund with the objective of outperforming the Russell Mid Cap Growth Index and a mid-value fund investing in diverse industries. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | This category includes both a small-value fund and a small-growth fund investing in diverse industries. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | This category includes intermediate and long-term investment grade bonds from diverse industries. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | This category represents a fund of well diversified mutual funds with the objective of providing a low-volatility means to access equity-like returns. |
Employee_Benefit_Plans_Benefit
Employee Benefit Plans (Benefits Expected to be Paid in Future Years) (Details) (USD $) | 12 Months Ended | |
Dec. 25, 2013 | Dec. 26, 2012 | |
Pension Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Employer contributions | $2,800,000 | $2,767,000 |
Estimated employer contributions during 2014 | 2,500,000 | ' |
Benefits expected to be paid: | ' | ' |
2014 | 3,609,000 | ' |
2015 | 3,550,000 | ' |
2016 | 3,487,000 | ' |
2017 | 3,466,000 | ' |
2018 | 3,518,000 | ' |
2019 through 2023 | 19,682,000 | ' |
Other Defined Benefit Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Employer contributions | 195,000 | 195,000 |
Estimated employer contributions during 2014 | 500,000 | ' |
Benefits expected to be paid: | ' | ' |
2014 | 451,000 | ' |
2015 | 233,000 | ' |
2016 | 203,000 | ' |
2017 | 256,000 | ' |
2018 | 214,000 | ' |
2019 through 2023 | $1,186,000 | ' |
Employee_Benefit_Plans_Defined
Employee Benefit Plans (Defined Contribution Plans) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Maximum annual contribution per employee | 25.00% | ' | ' |
Maximum annual salary participants are allowed to defer | 50.00% | ' | ' |
Maximum incentive compensation participants are allowed to defer | 100.00% | ' | ' |
Employer matching contribution | 3.00% | ' | ' |
Employer contributions | $1.40 | $1.30 | $1.30 |
ShareBased_Compensation_Compon
Share-Based Compensation (Component of Net Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation | $4,852 | $3,496 | $4,219 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation | 558 | 909 | 1,069 |
Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation | 3,488 | 2,050 | 2,369 |
Restricted stock units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation | $806 | $537 | $781 |
ShareBased_Compensation_Stock_
Share-Based Compensation (Stock Options) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 25, 2013 |
Options [Roll Forward]: | ' |
Outstanding, beginning of year (shares) | 3,099 |
Exercised (shares) | -899 |
Forfeited (shares) | -5 |
Expired (shares) | -4 |
Outstanding, end of year (shares) | 2,191 |
Exercisable, end of year (shares) | 1,944 |
Weighted-Average Exercise Price [Roll Forward]: | ' |
Outstanding, beginning of year (US$ per share) | $3.28 |
Exercised (US$ per share) | $3.29 |
Forfeited (US$ per share) | $3.89 |
Expired (US$ per share) | $0.54 |
Outstanding, end of year (US$ per share) | $3.28 |
Exercisable, end of year (US$ per share) | $3.20 |
Weighted-Average Remaining Contractual Life and Aggregate Intrinsic Value: | ' |
Outstanding, end of year, weighted-average remaining contractual life | '5 years 0 months 18 days |
Exercisable, end of year, weighted-average remaining contractual life | '4 years 9 months 18 days |
Outstanding, end of year, aggregate intrinsic value | $9,032 |
Exercisable, end of year, aggregate intrinsic value | $8,163 |
ShareBased_Compensation_Restri
Share-Based Compensation (Restricted Stock) (Details) (Performance Shares [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 |
Performance Shares [Member] | ' | ' | ' |
Units [Roll Forward]: | ' | ' | ' |
Outstanding, beginning of year (shares) | 933 | 1,276 | 1,450 |
Granted (shares) | 331 | 397 | 416 |
Vested (shares) | -430 | -445 | -535 |
Forfeited (shares) | -2 | -295 | -55 |
Outstanding, end of year (shares) | 832 | 933 | 1,276 |
Weighted-Average Grant Date Fair Value [Roll Forward]: | ' | ' | ' |
Outstanding, beginning of year (US$ per share) | $4.30 | $3.19 | $2.92 |
Granted (US$ per share) | $8.05 | $6.05 | $3.99 |
Vested (US$ per share) | $2.83 | $3.28 | $3.07 |
Forfeited (US$ per share) | $4.63 | $3.37 | $3.42 |
Outstanding, end of year (US$ per share) | $6.55 | $4.30 | $3.19 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 | Dec. 29, 2010 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of share-based compensation plans | 3 | ' | ' | ' |
Shares available for grant | 800,000 | ' | ' | ' |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | '3 years | ' | ' | ' |
Contractual life | '10 years | ' | ' | ' |
Aggregate intrinsic value of the options exercised | $2.60 | $1.70 | $3.60 | ' |
Weighted-average fair value per option of options granted | ' | ' | $1.98 | ' |
Unrecognized compensation cost related to unvested stock option awards outstanding | 0.1 | ' | ' | ' |
Unrecognized compensation cost, expected weighted average period | '0 years 1 month 10 days | ' | ' | ' |
Performance Shares [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Unrecognized compensation cost, expected weighted average period | '1 year 1 month 28 days | ' | ' | ' |
Nonvested performance shares outstanding (shares) | 700,000 | 800,000 | ' | ' |
Fair value of shares that vested | 3.1 | 1.9 | 2 | ' |
Equity awards granted (shares) | 331,000 | 397,000 | 416,000 | ' |
Equity awards, grant date fair value (US$ per share) | $8.05 | $6.05 | $3.99 | ' |
Cash payments | 1.2 | 1 | 0.8 | ' |
Common stock shares issued (shares) | 300,000 | 200,000 | 300,000 | ' |
Accrued compensation included as a component of other current liabilities | 0.7 | 0.4 | ' | ' |
Accrued compensation included as a component of other noncurrent liabilities | 1.9 | 0.9 | ' | ' |
Unrecognized compensation cost related to unvested performance share awards outstanding | 4.3 | ' | ' | ' |
Equity awards outstanding, vested and nonvested (shares) | 832,000 | 933,000 | 1,276,000 | 1,450,000 |
Restricted stock units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Equity awards granted (shares) | 100,000 | ' | ' | ' |
Equity awards, grant date fair value (US$ per share) | $5.95 | ' | ' | ' |
Common stock shares issued (shares) | 100,000 | ' | ' | ' |
Equity awards outstanding, vested and nonvested (shares) | 800,000 | 700,000 | ' | ' |
Unrecognized compensation cost related to unvested board deferred stock units outstanding | 0.2 | ' | ' | ' |
Unrecognized compensation cost related to unvested board deferred stock units, expected weighted average period | '0 years 4 months 0 days | ' | ' | ' |
2012 Omnibus Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares available for grant | 3,600,000 | ' | ' | ' |
Performance award granted January 2013 [Member] | Performance Shares [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Nonvested performance shares outstanding (shares) | 300,000 | ' | ' | ' |
Equity awards granted (shares) | 331,000 | ' | ' | ' |
Employee performance-based target cash awards | 2.1 | ' | ' | ' |
Equity awards, grant date fair value (US$ per share) | $8.05 | ' | ' | ' |
Performance period | '3 years | ' | ' | ' |
Minimum percentage of target awards to be earned (in hundredths) | 0.00% | ' | ' | ' |
Maximum percentage of target awards to be earned (in hundredths) | 200.00% | ' | ' | ' |
Performance-based target cash awards outstanding | $2.10 | ' | ' | ' |
Income_Taxes_Provisions_Detail
Income Taxes (Provisions) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 |
Current: | ' | ' | ' |
Federal | $428 | $875 | $0 |
State, foreign, and other | 2,420 | 1,148 | 1,919 |
Deferred: | ' | ' | ' |
Federal | 9,285 | 9,683 | 2,879 |
State, foreign, and other | -185 | 1,740 | 344 |
Provision for income taxes before release of valuation allowance | 11,948 | 13,446 | 5,142 |
Release of valuation allowance | -420 | -661 | -89,102 |
Total provisions for (benefit from) income taxes | $11,528 | $12,785 | ($83,960) |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Income Taxes) (Details) | 12 Months Ended | ||
Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 | |
Reconciliation of income taxes at the U.S. federal statutory tax rate to effective tax rate: | ' | ' | ' |
Statutory provision rate | 35.00% | 35.00% | 35.00% |
State, foreign, and other taxes, net of federal income tax benefit | 6.00% | 5.00% | 6.00% |
Wage addback (deductions) on income tax credits earned (expired), net | 3.00% | 2.00% | -4.00% |
General business credits generated | -10.00% | -7.00% | -14.00% |
Other | -1.00% | 3.00% | -4.00% |
Effective tax rate before release of valuation allowance | 33.00% | 38.00% | 19.00% |
Release of valuation allowance | -1.00% | -2.00% | -315.00% |
Effective tax rate | 32.00% | 36.00% | -296.00% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 25, 2013 | Dec. 26, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Self-insurance accruals | $9,457 | $9,314 |
Capitalized leases | 2,365 | 3,023 |
Accrued exit cost | 1,485 | 2,158 |
Fixed assets | 10,430 | 10,707 |
Pension, other retirement and compensation plans | 11,237 | 14,778 |
Other accruals | 885 | 1,050 |
Alternative minimum tax credit carryforwards | 10,344 | 12,948 |
General business credit carryforwards - state and federal | 29,490 | 35,105 |
Net operating loss carryforwards - state | 12,976 | 13,398 |
Total deferred tax assets before valuation allowance | 88,669 | 102,481 |
Less: valuation allowance | -12,751 | -12,860 |
Total deferred tax assets | 75,918 | 89,621 |
Deferred tax liabilities: | ' | ' |
Intangible assets | -22,950 | -23,818 |
Deferred finance costs | -230 | -220 |
Interest rate swap | -1,184 | 0 |
Total deferred tax liabilities | -24,364 | -24,038 |
Net deferred tax asset | 51,554 | 65,583 |
Net deferred tax assets are classified as follows: | ' | ' |
Current | 23,264 | 19,807 |
Noncurrent | 28,290 | 45,776 |
Net deferred tax asset | $51,554 | $65,583 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 | |
Valuation Allowance [Line Items] | ' | ' | ' |
Tax benefit recognized | ($420,000) | ($661,000) | ($89,102,000) |
Valuation allowance, amount credited to paid-in capital | 2,000,000 | ' | ' |
Effective income tax reconciliation change in and release of valuation allowance | -1.00% | -2.00% | -315.00% |
Deferred tax benefit | 9,100,000 | 11,423,000 | 3,223,000 |
Out-of-period discrete tax adjustment | ' | 1,700,000 | ' |
Tax credit carryforward | 29,490,000 | 35,105,000 | ' |
Alternative minimum tax credit carryforwards | 10,344,000 | 12,948,000 | ' |
South Carolina net operating loss carryforwards | 75.00% | ' | ' |
Unrecognized tax benefits | 0 | 0 | ' |
General Business Tax Credit Carryforward [Member] | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Deferred tax benefit | 300,000 | ' | ' |
Tax credit carryforward | 32,200,000 | ' | ' |
Tax credit carryforwards unrecognized | 5,300,000 | ' | ' |
Alternative Minimum Tax Credit Carryforward [Member] | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Alternative minimum tax credit carryforwards | 10,300,000 | ' | ' |
AMT NOL Carryforwards [Member] | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
NOL carryforwards | 63,200,000 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Tax benefit recognized | -200,000 | ' | ' |
State job tax credits | 800,000 | ' | ' |
Out-of-period discrete tax adjustment | ' | $1,600,000 | ' |
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 25, 2013 | Sep. 25, 2013 | Jun. 26, 2013 | Mar. 27, 2013 | Dec. 26, 2012 | Sep. 26, 2012 | Jun. 27, 2012 | Mar. 28, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 | ||||||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income | $4,262 | $7,031 | $6,198 | $7,081 | $6,480 | $5,363 | $4,601 | $5,865 | $24,572 | $22,309 | $112,287 | ||||||||
Weighted average shares outstanding - basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 90,829 | 94,949 | 97,646 | ||||||||
Effect of dilutive share-based compensation awards | ' | ' | ' | ' | ' | ' | ' | ' | 2,074 | 1,805 | 1,942 | ||||||||
Weighted average shares outstanding - diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 92,903 | 96,754 | 99,588 | ||||||||
Basic net income per share | $0.05 | [1] | $0.08 | [1] | $0.07 | [1] | $0.08 | [1] | $0.07 | [2] | $0.06 | [2] | $0.05 | [2] | $0.06 | [2] | $0.27 | $0.23 | $1.15 |
Diluted net income per share | $0.05 | [1] | $0.08 | [1] | $0.07 | [1] | $0.07 | [1] | $0.07 | [2] | $0.06 | [2] | $0.05 | [2] | $0.06 | [2] | $0.26 | $0.23 | $1.13 |
Anti-dilutive share-based compensation awards | ' | ' | ' | ' | ' | ' | ' | ' | 331 | 748 | 2,885 | ||||||||
[1] | Per share amounts do not necessarily sum to the total year amounts due to changes in shares outstanding and rounding | ||||||||||||||||||
[2] | Per share amounts do not necessarily sum to the total year amounts due to changes in shares outstanding and rounding. |
Share_Repurchases_Details
Share Repurchases (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Common stock shares repurchased during the period (shares) | 4,200,000 | 4,800,000 | 5,700,000 |
Common stock shares repurchased during the period (value in US$) | $24,698 | $22,179 | $21,569 |
Share Repurchase Program 2013 [Member] | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Number of shares approved under stock repurchase program (shares) | 10,000,000 | ' | ' |
Remaining number of shares to be repurchased (shares) | 9,200,000 | ' | ' |
Share Repurchase Program 2012 [Member] | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Number of shares approved under stock repurchase program (shares) | ' | 6,000,000 | ' |
Share Repurchase Program 2011 [Member] | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Number of shares approved under stock repurchase program (shares) | ' | ' | 6,000,000 |
Shareholders_Equity_Components
Shareholders' Equity Components of accumulated other comprehensive loss (Details) (USD $) | 12 Months Ended | ||||||||
Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 | Dec. 25, 2013 | Dec. 28, 2011 | Dec. 29, 2010 | |
Pensions [Member] | Pensions [Member] | Pensions [Member] | Derivatives [Member] | Derivatives [Member] | Derivatives [Member] | ||||
Components of the Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss, net of tax, beginning balance | ($24,999,000) | ($24,813,000) | ($19,199,000) | ($24,999,000) | ($24,813,000) | ($19,199,000) | $0 | $0 | $0 |
Benefit obligation actuarial gain (loss), before tax | 7,873,000 | -4,802,000 | -7,424,000 | 7,873,000 | -4,802,000 | -7,424,000 | ' | ' | ' |
Net gain (loss), before tax | 876,000 | 2,610,000 | -2,841,000 | 876,000 | 2,610,000 | -2,841,000 | ' | ' | ' |
Amortization of net loss, before tax | 1,724,000 | 1,815,000 | 1,036,000 | 1,724,000 | 1,815,000 | 1,036,000 | ' | ' | ' |
Net change in fair value of derivatives, before tax | 3,032,000 | ' | ' | ' | ' | ' | 3,032,000 | ' | ' |
Minimum pension liability adjustment, tax (expense) benefit | -4,164,000 | 191,000 | 3,615,000 | -4,164,000 | 191,000 | 3,615,000 | ' | ' | ' |
Unrealized gain on hedged transactions, tax (expense) benefit | -1,184,000 | 0 | 0 | ' | ' | ' | -1,184,000 | ' | ' |
Other comprehensive loss, tax (expense) benefit | -5,348,000 | 191,000 | 3,615,000 | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss, net of tax, ending balance | -16,842,000 | -24,999,000 | -24,813,000 | -18,690,000 | -24,999,000 | -24,813,000 | 1,848,000 | 0 | 0 |
Reclassification from accumulated other comprehensive loss | 1,724,000 | 1,815,000 | 1,036,000 | 1,724,000 | 1,815,000 | 1,036,000 | ' | ' | ' |
Reclassification from accumulated other comprehensive loss, tax expense | ' | ' | ' | $700,000 | $700,000 | $400,000 | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |
Dec. 25, 2013 | Dec. 26, 2012 | |
Guarantor Obligations [Line Items] | ' | ' |
Number of restaurants | 1,700 | 1,688 |
Restaurant Conversion [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Number of restaurants | ' | 123 |
Liabilities included as a component of other noncurrent liabilities and deferred credits | $100,000 | $100,000 |
Restaurant Conversion [Member] | Property Lease Guarantee [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum payments guaranteed | 2,000,000 | ' |
Term of guarantee | 'first five years of the related leases | ' |
Restaurant Conversion [Member] | Financial Guarantee [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Maximum payments guaranteed | 700,000 | ' |
Loan amounts outstanding under the loan pools | 4,600,000 | 7,200,000 |
Term of guarantee | 'generally five years | ' |
Domestic Franchised Growth Loan Program [Member] | Financial Guarantee [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Loans provided by banks to franchisees | 100,000,000 | ' |
Maximum payments guaranteed | 12,000,000 | ' |
Maximum payments guaranteed (percent) | 12.00% | ' |
Loan amounts outstanding under the loan pools | 1,500,000 | 0 |
Liabilities included as a component of other noncurrent liabilities and deferred credits | 100,000 | ' |
Remodel Loan Program [Member] | Financial Guarantee [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Loans provided by banks to franchisees | 247,500,000 | ' |
Maximum payments guaranteed (percent) | 5.00% | ' |
Loan amounts outstanding under the loan pools | $0 | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Future Commitments) (Details) (USD $) | Dec. 25, 2013 |
In Thousands, unless otherwise specified | |
Payments due by period: | ' |
Less than 1 year | $185,008 |
1-2 years | 26,231 |
3-4 years | 0 |
5 years and thereafter | 0 |
Total | $211,239 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' |
Income taxes paid, net | $2,777 | $2,034 | $1,124 |
Interest paid | 9,336 | 12,918 | 21,350 |
Noncash investing and financing activities: | ' | ' | ' |
Notes received in connection with disposition of property | 0 | 290 | 500 |
Accrued purchase of property | 1,575 | 1,570 | 351 |
Issuance of common stock, pursuant to share-based compensation plans | 1,937 | 1,151 | 1,685 |
Execution of capital leases | 5,663 | 2,643 | 4,037 |
Treasury stock payable | $220 | $560 | $0 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 26, 2012 | Dec. 28, 2011 |
Related Party Transactions [Abstract] | ' | ' |
Cash proceeds from related party sales | $0.50 | $0.30 |
(Loss) gain recognized from related party sales | ($0.20) | $0.20 |
Quarterly_Data_Unaudited_Detai
Quarterly Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 25, 2013 | Sep. 25, 2013 | Jun. 26, 2013 | Mar. 27, 2013 | Dec. 26, 2012 | Sep. 26, 2012 | Jun. 27, 2012 | Mar. 28, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Company restaurant sales | $81,092 | $83,371 | $82,841 | $81,030 | $81,733 | $86,575 | $91,239 | $94,163 | $328,334 | $353,710 | $411,595 | ||||||||
Franchise and licensing revenue | 33,165 | 33,904 | 33,730 | 33,460 | 34,216 | 34,370 | 33,492 | 32,575 | 134,259 | 134,653 | 126,939 | ||||||||
Total operating revenue | 114,257 | 117,275 | 116,571 | 114,490 | 115,949 | 120,945 | 124,731 | 126,738 | 462,593 | 488,363 | 538,534 | ||||||||
Total operating costs and expenses | 106,326 | 103,750 | 103,957 | 101,039 | 104,162 | 109,255 | 105,732 | 112,825 | 415,072 | 431,974 | 487,560 | ||||||||
Operating income | 7,931 | 13,525 | 12,614 | 13,451 | 11,787 | 11,690 | 18,999 | 13,913 | 47,521 | 56,389 | 50,974 | ||||||||
Net income | $4,262 | $7,031 | $6,198 | $7,081 | $6,480 | $5,363 | $4,601 | $5,865 | $24,572 | $22,309 | $112,287 | ||||||||
Basic net income per share | $0.05 | [1] | $0.08 | [1] | $0.07 | [1] | $0.08 | [1] | $0.07 | [2] | $0.06 | [2] | $0.05 | [2] | $0.06 | [2] | $0.27 | $0.23 | $1.15 |
Diluted net income per share | $0.05 | [1] | $0.08 | [1] | $0.07 | [1] | $0.07 | [1] | $0.07 | [2] | $0.06 | [2] | $0.05 | [2] | $0.06 | [2] | $0.26 | $0.23 | $1.13 |
[1] | Per share amounts do not necessarily sum to the total year amounts due to changes in shares outstanding and rounding | ||||||||||||||||||
[2] | Per share amounts do not necessarily sum to the total year amounts due to changes in shares outstanding and rounding. |