Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Apr. 01, 2015 | Apr. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | DENNYS CORP | |
Entity Central Index Key | 852772 | |
Current Fiscal Year End Date | -18 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 84,363,692 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 1-Apr-15 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Apr. 01, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $1,718 | $3,074 |
Receivables | 14,140 | 18,059 |
Inventories | 2,680 | 2,952 |
Current deferred tax asset | 24,108 | 24,310 |
Prepaid and other current assets | 6,855 | 7,676 |
Total current assets | 49,501 | 56,071 |
Property, net of accumulated depreciation of $254,753 and $255,089, respectively | 108,412 | 109,777 |
Goodwill | 31,451 | 31,451 |
Intangible assets, net | 45,992 | 46,278 |
Deferred financing costs, net | 2,451 | 1,614 |
Noncurrent deferred tax asset | 17,620 | 19,252 |
Other noncurrent assets | 25,637 | 25,415 |
Total assets | 281,064 | 289,858 |
Current liabilities: | ||
Current maturities of long-term debt | 0 | 4,125 |
Current maturities of capital lease obligations | 3,271 | 3,609 |
Accounts payable | 16,307 | 13,250 |
Other current liabilities | 49,564 | 59,432 |
Total current liabilities | 69,142 | 80,416 |
Long-term liabilities: | ||
Long-term debt, less current maturities | 135,500 | 135,875 |
Capital lease obligations, less current maturities | 14,689 | 15,204 |
Liability for insurance claims, less current portion | 17,793 | 18,005 |
Other noncurrent liabilities and deferred credits | 40,037 | 38,775 |
Total long-term liabilities | 208,019 | 207,859 |
Total liabilities | 277,161 | 288,275 |
Commitments and contingencies | ||
Shareholders' equity | ||
Common stock $0.01 par value; shares authorized - 135,000; April 1, 2015: 106,274 shares issued and 84,714 shares outstanding; December 31, 2014: 105,818 shares issued and 84,707 shares outstanding | 1,063 | 1,058 |
Paid-in capital | 572,109 | 571,674 |
Deficit | -429,688 | -438,221 |
Accumulated other comprehensive loss, net of tax | -26,152 | -24,602 |
Shareholders’ equity before treasury stock | 117,332 | 109,909 |
Treasury stock, at cost, 21,561 and 21,111 shares, respectively | -113,429 | -108,326 |
Total shareholders' equity | 3,903 | 1,583 |
Total liabilities and shareholders' equity | $281,064 | $289,858 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Apr. 01, 2015 | Dec. 31, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Assets [Abstract] | ||
Accumulated depreciation | $254,753 | $255,089 |
Shareholders' equity | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 135,000 | 135,000 |
Common stock, shares issued | 106,274 | 105,818 |
Common stock, shares outstanding | 84,714 | 84,707 |
Treasury stock, at cost, shares | 21,561 | 21,111 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 01, 2015 | Mar. 26, 2014 |
Revenue: | ||
Company restaurant sales | $85,982 | $79,304 |
Franchise and license revenue | 34,189 | 32,616 |
Total operating revenue | 120,171 | 111,920 |
Costs of company restaurant sales: | ||
Product costs | 21,444 | 20,583 |
Payroll and benefits | 33,204 | 33,099 |
Occupancy | 4,895 | 5,128 |
Other operating expenses | 11,765 | 11,365 |
Total costs of company restaurant sales | 71,308 | 70,175 |
Costs of franchise and license revenue | 10,978 | 10,697 |
General and administrative expenses | 16,936 | 14,116 |
Depreciation and amortization | 5,024 | 5,238 |
Operating (gains), losses and other charges, net | 608 | 422 |
Total operating costs and expenses, net | 104,854 | 100,648 |
Operating income | 15,317 | 11,272 |
Interest expense, net | 2,087 | 2,322 |
Other nonoperating expense (income), net | 29 | -100 |
Net income before income taxes | 13,201 | 9,050 |
Provision for income taxes | 4,668 | 2,619 |
Net income | $8,533 | $6,431 |
Basic net income per share | $0.10 | $0.07 |
Diluted net income per share | $0.10 | $0.07 |
Basic weighted average shares outstanding | 84,875 | 88,803 |
Diluted weighted average shares outstanding | 87,465 | 90,816 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income Statement (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 01, 2015 | Mar. 26, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $8,533 | $6,431 |
Other comprehensive loss, net of tax: | ||
Minimum pension liability adjustment, net of tax expense of $169 and $90 | 264 | 141 |
Recognition of unrealized loss on hedge transaction, net of tax benefit of $1,161 and $224 | -1,814 | -349 |
Other comprehensive loss | -1,550 | -208 |
Total comprehensive income | $6,983 | $6,223 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 01, 2015 | Mar. 26, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Minimum pension liability adjustment, tax expense | $169 | $90 |
Unrealized loss on hedged transactions, tax benefit | ($1,161) | ($224) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Paid-in Capital [Member] | (Deficit) [Member] | Accumulated Other Comprehensive Loss, Net [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2014 | $1,583 | $1,058 | ($108,326) | $571,674 | ($438,221) | ($24,602) |
Balance, treasury stock, at cost, shares at Dec. 31, 2014 | -21,111,000 | -21,111,000 | ||||
Balance, common stock, shares issued at Dec. 31, 2014 | 105,818,000 | 105,818,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 8,533 | 8,533 | ||||
Other comprehensive loss | -1,550 | -1,550 | ||||
Share-based compensation on equity classified awards | -43 | -43 | ||||
Purchase of treasury stock | -5,103 | -5,103 | ||||
Purchase of treasury stock (in shares) | -450,000 | |||||
Issuance of common stock for share-based compensation | 0 | 4 | -4 | |||
Issuance of common stock for share-based compensation (in shares) | 368,000 | |||||
Exercise of common stock options | 368 | 1 | 367 | |||
Exercise of common stock options (in shares) | 88,000 | |||||
Tax benefit from share-based compensation | 115 | 115 | ||||
Balance at Apr. 01, 2015 | $3,903 | $1,063 | ($113,429) | $572,109 | ($429,688) | ($26,152) |
Balance, treasury stock, at cost, shares at Apr. 01, 2015 | -21,561,000 | -21,561,000 | ||||
Balance, common stock, shares issued at Apr. 01, 2015 | 106,274,000 | 106,274,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 01, 2015 | Mar. 26, 2014 |
Cash flows from operating activities: | ||
Net income | $8,533 | $6,431 |
Adjustments to reconcile net income to cash flows provided by operating activities: | ||
Depreciation and amortization | 5,024 | 5,238 |
Operating (gains), losses and other charges, net | 608 | 422 |
Amortization of deferred financing costs | 120 | 121 |
Loss (gain) on early extinguishments of debt | 278 | -1 |
Loss on change in the fair value of interest rate caps | 0 | 10 |
Deferred income tax expense | 2,826 | 2,159 |
Share-based compensation | 1,705 | 1,164 |
Decrease (increase) in assets: | ||
Receivables | 3,774 | 2,836 |
Inventories | 272 | -36 |
Other current assets | 822 | 1,478 |
Other assets | -843 | -586 |
Increase (decrease) in liabilities: | ||
Accounts payable | -275 | 3,306 |
Accrued salaries and vacations | -9,333 | -3,967 |
Accrued taxes | -38 | -320 |
Other accrued liabilities | -2,762 | -3,961 |
Other noncurrent liabilities and deferred credits | -88 | -963 |
Net cash flows provided by operating activities | 10,623 | 13,331 |
Cash flows from investing activities: | ||
Capital expenditures | -3,446 | -6,857 |
Proceeds from disposition of property | 0 | 4 |
Collections on notes receivable | 495 | 727 |
Issuance of notes receivable | -449 | -305 |
Net cash flows used in investing activities | -3,400 | -6,431 |
Cash flows from financing activities: | ||
Revolver borrowings | 140,500 | 3,000 |
Revolver payments | -90,250 | 0 |
Long-term debt payments | -55,839 | -1,746 |
Proceeds from exercise of stock options | 368 | 44 |
Tax withholding on share-based payments | -982 | -419 |
Tax benefit (expense) for share-based compensation | 115 | -275 |
Deferred financing costs | -1,171 | 0 |
Purchase of treasury stock | -4,912 | -8,596 |
Net bank overdrafts | 3,592 | -437 |
Net cash flows used in financing activities | -8,579 | -8,429 |
Decrease in cash and cash equivalents | -1,356 | -1,529 |
Cash and cash equivalents at beginning of period | 3,074 | 2,943 |
Cash and cash equivalents at end of period | $1,718 | $1,414 |
Introduction_and_Basis_of_Pres
Introduction and Basis of Presentation | 3 Months Ended |
Apr. 01, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Introduction and Basis of Presentation | Introduction and Basis of Presentation |
Denny’s Corporation, or Denny’s, is one of America’s largest full-service restaurant chains based on number of restaurants. At April 1, 2015, the Denny's brand consisted of 1,694 restaurants, 1,534 of which were franchised/licensed restaurants and 160 of which were company operated. | |
Our unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Therefore, certain information and notes normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. In our opinion, all adjustments considered necessary for a fair presentation of the interim periods presented have been included. Such adjustments are of a normal and recurring nature. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions; however, we believe that our estimates, including those for the above-described items, are reasonable. | |
These interim condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2014 and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations, both of which are contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014. The results of operations for the interim periods presented are not necessarily indicative of the results for the entire fiscal year ending December 30, 2015. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 01, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
Newly Adopted Accounting Standards | |
Discontinued Operations | |
ASU 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" | |
Effective January 1, 2015, we adopted ASU 2014-08, which raises the threshold for a disposal to qualify as a discontinued operation and modifies the related disclosure requirements. Under the new guidance, only disposals resulting in a strategic shift that will have a major effect on an entity's operations and financial results will be reported as discontinued operations. ASU 2014-08 also removes the requirement that an entity not have any significant continuing involvement in the operations of the component after disposal to qualify for reporting of the disposal as a discontinued operation. This guidance requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. The adoption of this guidance did not have a material impact on our consolidated financial statements. | |
Accounting Standards to be Adopted | |
Revenue Recognition | |
ASU 2014-09, "Revenue from Contracts with Customers" | |
In May 2014, the FASB issued ASU 2014-09, which clarifies the principles used to recognize revenue for all entities. The new guidance requires companies to recognize revenue when it transfers goods or service to a customer in an amount that reflects the consideration to which a company expects to be entitled. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016 (our fiscal 2017), however on April 29, 2015 the FASB issued a proposed ASU that would defer the effective date one year (our fiscal 2018). The guidance allows for either a "full retrospective" adoption or a "modified retrospective" adoption, however early adoption is not permitted (under the proposed ASU earlier application would be permitted as of the original effective date). We are currently evaluating the adoption methods and the impact the adoption of this guidance will have on our consolidated financial statements. | |
Consolidation | |
ASU 2015-02,"Consolidation (Topic 810): Amendments to the Consolidation Analysis" | |
In February 2015, the FASB issued ASU 2015-02, which improves targeted areas of the consolidation guidance and reduces the number of consolidation models. ASU 2015-02 is effective for annual and interim periods beginning after December 15, 2015 (our fiscal 2016) with early adoption permitted. We do not believe the adoption of this guidance will have a material impact on our consolidated financial statements. | |
Debt Issuance | |
ASU 2015-03,"Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" | |
In April 2015, the FASB issued ASU 2015-03, which simplifies the guidance on the presentation of debt issuance costs. ASU 2015-03 is effective for annual and interim periods beginning after December 15, 2015 (our fiscal 2016) with early adoption permitted. The new guidance is to be applied retrospectively to all prior periods. The adoption of this guidance will result in a reclassification between other noncurrent assets and long-term debt, less current maturities on the Consolidated Balance Sheets. | |
Defined Benefit Plans | |
ASU 2015-04,"Compensation—Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets" | |
In April 2015, the FASB issued ASU 2015-04, which provides a practical expedient for entities with a fiscal year-end that does not coincide with a month-end. The practical expedient permits an entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end. ASU 2015-04 is effective for annual and interim periods beginning after December 15, 2015 (our fiscal 2016) with early adoption permitted. We do not believe the adoption of this guidance will have a material impact on our consolidated financial statements. | |
We reviewed all other 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 | 3 Months Ended | |||||||
Apr. 01, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Receivables | Receivables | |||||||
Receivables were comprised of the following: | ||||||||
April 1, 2015 | December 31, 2014 | |||||||
(In thousands) | ||||||||
Current assets: | ||||||||
Receivables: | ||||||||
Trade accounts receivable from franchisees | $ | 9,855 | $ | 10,929 | ||||
Notes receivable from franchisees | 1,275 | 1,419 | ||||||
Vendor receivables | 973 | 2,534 | ||||||
Credit card receivables | 1,385 | 1,661 | ||||||
Other | 926 | 1,816 | ||||||
Allowance for doubtful accounts | (274 | ) | (300 | ) | ||||
Total current receivables, net | $ | 14,140 | $ | 18,059 | ||||
Noncurrent assets (included as a component of other noncurrent assets): | ||||||||
Notes receivable from franchisees | $ | 523 | $ | 425 | ||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | |||||||||||||||
Apr. 01, 2015 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||||||
Goodwill had a carrying value of $31.5 million as of April 1, 2015 and December 31, 2014. | ||||||||||||||||
Other intangible assets were comprised of the following: | ||||||||||||||||
April 1, 2015 | December 31, 2014 | |||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
(In thousands) | ||||||||||||||||
Intangible assets with indefinite lives: | ||||||||||||||||
Trade names | $ | 44,065 | $ | — | $ | 44,065 | $ | — | ||||||||
Liquor licenses | 126 | — | 126 | — | ||||||||||||
Intangible assets with definite lives: | ||||||||||||||||
Franchise and license agreements | 12,824 | 12,081 | 22,366 | 21,426 | ||||||||||||
Reacquired franchise rights | 1,857 | 799 | 1,857 | 710 | ||||||||||||
Intangible assets | $ | 58,872 | $ | 12,880 | $ | 68,414 | $ | 22,136 | ||||||||
The $9.5 million decrease in franchise and license agreements primarily resulted from the removal of fully amortized agreements. |
Other_Current_Liabilities_Othe
Other Current Liabilities Other Current Liabilities | 3 Months Ended | |||||||
Apr. 01, 2015 | ||||||||
Other Liabilities, Current [Abstract] | ||||||||
Other Liabilities Disclosure [Text Block] | Other Current Liabilities | |||||||
Other current liabilities consisted of the following: | ||||||||
April 1, 2015 | December 31, 2014 | |||||||
(In thousands) | ||||||||
Accrued salaries and vacation | $ | 16,520 | $ | 23,928 | ||||
Accrued insurance, primarily current portion of liability for insurance claims | 7,312 | 6,340 | ||||||
Accrued taxes | 7,091 | 7,129 | ||||||
Accrued advertising | 6,832 | 8,027 | ||||||
Gift cards | 3,158 | 4,017 | ||||||
Other | 8,651 | 9,991 | ||||||
Other current liabilities | 49,564 | 59,432 | ||||||
Operating_Gains_Losses_and_Oth
Operating (Gains), Losses and Other Charges, Net | 3 Months Ended | |||||||
Apr. 01, 2015 | ||||||||
Other Income and Expenses [Abstract] | ||||||||
Operating (Gains), Losses and Other Charges, Net | Operating (Gains), Losses and Other Charges, Net | |||||||
Operating (gains), losses and other charges, net are comprised of the following: | ||||||||
Quarter Ended | ||||||||
April 1, 2015 | March 26, 2014 | |||||||
(In thousands) | ||||||||
Gains on sales of assets and other, net | $ | (22 | ) | $ | (8 | ) | ||
Restructuring charges and exit costs | 581 | 430 | ||||||
Impairment charges | 49 | — | ||||||
Operating (gains), losses and other charges, net | $ | 608 | $ | 422 | ||||
Restructuring charges and exit costs were comprised of the following: | ||||||||
Quarter Ended | ||||||||
April 1, 2015 | March 26, 2014 | |||||||
(In thousands) | ||||||||
Exit costs | $ | 453 | $ | 54 | ||||
Severance and other restructuring charges | 128 | 376 | ||||||
Total restructuring charges and exit costs | $ | 581 | $ | 430 | ||||
The components of the change in accrued exit cost liabilities are as follows: | ||||||||
(In thousands) | ||||||||
Balance, December 31, 2014 | $ | 2,142 | ||||||
Exit costs (1) | 453 | |||||||
Payments, net of sublease receipts | (283 | ) | ||||||
Interest accretion | 34 | |||||||
Balance, April 1, 2015 | 2,346 | |||||||
Less current portion included in other current liabilities | 708 | |||||||
Long-term portion included in other noncurrent liabilities | $ | 1,638 | ||||||
-1 | Included as a component of operating (gains), losses and other charges, net. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | |||||||||||||||||
Apr. 01, 2015 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||
Fair Value Disclosures | Fair Value of Financial Instruments | |||||||||||||||||
Fair Value of Assets and Liabilities Measured on a Recurring and Nonrecurring Basis | ||||||||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis are summarized below: | ||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets/Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | Valuation Technique | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
(In thousands) | ||||||||||||||||||
Fair value measurements as of April 1, 2015: | ||||||||||||||||||
Deferred compensation plan investments (1) | $ | 10,151 | $ | 10,151 | $ | — | $ | — | market approach | |||||||||
Interest rate swaps (2) | (2,332 | ) | — | (2,332 | ) | — | income approach | |||||||||||
Total | $ | 7,819 | $ | 10,151 | $ | (2,332 | ) | $ | — | |||||||||
Fair value measurements as of December 31, 2014: | ||||||||||||||||||
Deferred compensation plan investments (1) | $ | 9,295 | $ | 9,295 | $ | — | $ | — | market approach | |||||||||
Interest rate swap (2) | 642 | — | 642 | — | income approach | |||||||||||||
Interest rate cap (2) | 0 | — | 0 | — | income approach | |||||||||||||
Total | $ | 9,937 | $ | 9,295 | $ | 642 | $ | — | ||||||||||
-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 cap 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 8 for details on the interest rate swaps and interest rate cap. | |||||||||||||||||
Those assets and liabilities measured at fair value on a nonrecurring basis are summarized below: | ||||||||||||||||||
Significant Unobservable Inputs | Impairment Charges | Valuation Technique | ||||||||||||||||
(Level 3) | ||||||||||||||||||
Fair value measurements as of December 31, 2014: | ||||||||||||||||||
Assets held and used (1) | $ | — | $ | 320 | income approach | |||||||||||||
-1 | As of December 31, 2014, impaired assets related to an underperforming restaurant were written down to their fair value. 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 | 3 Months Ended | ||||
Apr. 01, 2015 | |||||
Debt Disclosure [Abstract] | |||||
Long-Term Debt | Long-Term Debt | ||||
Refinancing of Credit Facility | |||||
On March 30, 2015, Denny's Corporation and certain of its subsidiaries refinanced our credit facility (the "Old Credit Facility") and entered into a new five-year $250 million senior secured revolver (with a $30 million letter of credit sublimit) (the “New Credit Facility”). The New Credit Facility includes an accordion feature that would allow us to increase the size of the revolver to $325 million. A commitment fee of 0.20% is paid on the unused portion of the revolving credit facility. Borrowings under the credit facility bear a tiered interest rate, which is based on the Company’s consolidated leverage ratio and was initially set at LIBOR plus 150 basis points. The maturity date for the credit facility is March 30, 2020. | |||||
The New Credit Facility was used to refinance the Old Credit Facility and will also 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 assets of the Company and its subsidiaries, including the stock of the Company's subsidiaries. It includes negative covenants that are usual for facilities and transactions of this type. The New Credit Facility also includes certain financial covenants with respect to a maximum consolidated leverage ratio and a minimum consolidated fixed charge coverage ratio. | |||||
As a result of the debt refinancing, we recorded $0.3 million of losses on early extinguishment of debt from the write-off of deferred financing costs related to the Old Credit Facility. These losses are included as a component of other nonoperating expense in the Condensed Consolidated Statements of Comprehensive Income. | |||||
As of April 1, 2015, we had outstanding revolver loans of $135.5 million and outstanding letters of credit under the senior secured revolver of $25.7 million. These balances resulted in availability of $88.8 million under the revolving facility. Prior to considering the impact of our interest rate swap, described below, the weighted-average interest rate on outstanding revolver loans was 1.69% and 2.17% as of April 1, 2015 and December 31, 2014, respectively. Taking into consideration our interest rate swap, which became effective on March 31, 2015, the weighted-average interest rate of outstanding revolver loans was 2.53% as of April 1, 2015. | |||||
Aggregate annual maturities of long-term debt, excluding capital lease obligations, at April 1, 2015 are as follows: | |||||
In thousands | |||||
Remainder of 2015 | $ | — | |||
2016 | — | ||||
2017 | — | ||||
2018 | — | ||||
2019 | — | ||||
Thereafter | 135,500 | ||||
Total long-term debt, excluding capital lease obligations | $ | 135,500 | |||
Interest Rate Hedges | |||||
We previously entered into interest rate hedges that capped the LIBOR rate on borrowings under our credit facility. The 200 basis point LIBOR cap applied to $125 million of borrowings from April 14, 2013 through April 13, 2014 and to $150 million of borrowings from April 14, 2014 through March 31, 2015. | |||||
We also previously entered into an interest rate swap to hedge a portion of the cash flows of our floating rate debt from March 31, 2015 to March 29, 2018. During the quarter ended April 1, 2015, we entered into an additional interest rate swap to hedge a portion of the cash flows of our floating rate debt from March 29, 2018 through March 31, 2025. 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 $120 million notional debt obligation. Based on the interest rate as determined by our consolidated leverage ratio in effect as of April 1, 2015, under the terms of the swap, we will pay an average fixed rate of 2.63% on the notional amounts from March 31, 2015 to March 29, 2018, pay an average fixed rate of 3.936% from March 29, 2018 through March 31, 2025 and receive payments during these periods from a counterparty based on the 30-day LIBOR rate. As of April 1, 2015, the fair value of the interest rate swaps was a liability of $2.3 million, which is recorded as a component of other noncurrent liabilities and deferred credits on our Condensed Consolidated Balance Sheets. See Note 14 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 2015, combined with our capacity for additional borrowings under our credit facility, will enable us to meet our anticipated cash requirements and fund capital expenditures over the next twelve months. |
Defined_Benefit_Plans
Defined Benefit Plans | 3 Months Ended | |||||||
Apr. 01, 2015 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||
Defined Benefit Plans | Defined Benefit Plans | |||||||
The components of net periodic benefit cost were as follows: | ||||||||
Quarter Ended | ||||||||
April 1, 2015 | March 26, 2014 | |||||||
(In thousands) | ||||||||
Pension Plan: | ||||||||
Service cost | $ | 95 | $ | 95 | ||||
Interest cost | 746 | 779 | ||||||
Expected return on plan assets | (877 | ) | (989 | ) | ||||
Amortization of net loss | 433 | 231 | ||||||
Net periodic benefit cost | $ | 397 | $ | 116 | ||||
Other Defined Benefit Plans: | ||||||||
Interest cost | $ | 27 | $ | 31 | ||||
Amortization of net loss | 20 | 15 | ||||||
Net periodic benefit cost | $ | 47 | $ | 46 | ||||
We made no contributions to our qualified pension plan during the quarter ended April 1, 2015. We made contributions of $1.3 million to our qualified pension plan during the quarter ended March 26, 2014. We made contributions of $0.1 million to our other defined benefit plans during both the quarters ended April 1, 2015 and March 26, 2014. We expect to contribute $0.1 million to our other defined benefit plans over the remainder of fiscal 2015. | ||||||||
During 2014, our Board of Directors approved the termination of the Advantica Pension Plan as of December 31, 2014. We currently expect that the termination of the plan will be completed by the end of fiscal 2015 or early 2016. Settlement gain or loss, if any, resulting from the termination will be recognized at that time. We will be required to make contributions to the qualified pension plan as a result of the termination, dependent upon market conditions and participant elections. We currently expect that these contributions will be between $6 million and $8 million. | ||||||||
Additional minimum pension liability of $24.7 million and $25.0 million is reported as a component of accumulated other comprehensive loss in the Condensed Consolidated Statement of Shareholders’ Equity as of April 1, 2015 and December 31, 2014, respectively. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | |||||||
Apr. 01, 2015 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Share-Based Compensation | Share-Based Compensation | |||||||
Total share-based compensation cost included as a component of net income was as follows: | ||||||||
Quarter Ended | ||||||||
April 1, 2015 | March 26, 2014 | |||||||
(In thousands) | ||||||||
Stock options | $ | — | $ | 52 | ||||
Performance share awards | 1,523 | 928 | ||||||
Restricted stock units for board members | 182 | 184 | ||||||
Total share-based compensation | $ | 1,705 | $ | 1,164 | ||||
Performance Share Awards | ||||||||
In February 2015, we granted certain employees approximately 0.2 million performance shares that vest based on the total shareholder return ("TSR") of our stock compared to the TSRs of a group of peer companies and 0.3 million performance shares that vest based on our Adjusted EBITDA growth rate, as defined under the terms of the award. As the TSR based performance shares contain a market condition, a Monte Carlo valuation was used to determine the grant date fair value of $11.86 per share. The performance shares based on the Adjusted EBITDA growth rate have a grant date fair value of $11.03 per share, the market value of our stock on the date of grant. The awards granted to our named executive officers also contain a performance condition based on certain operating measures for the fiscal year ended December 30, 2015. The TSR and Adjusted EBITDA growth rate performance period is the three year fiscal period beginning January 1, 2015 and ending December 27, 2017. The performance shares will vest and be earned (from 0% to 150% of the target award for each such increment) at the end of the performance period. | ||||||||
During the quarter ended April 1, 2015, we made payments of $3.4 million in cash and issued 0.4 million shares of common stock related to performance share awards. | ||||||||
As of April 1, 2015, we had approximately $8.3 million of unrecognized compensation cost related to all unvested performance share awards outstanding, which is expected to be recognized over a weighted average of 2.1 years. | ||||||||
Restricted Stock Units for Board Members | ||||||||
As of April 1, 2015, we had approximately $0.1 million of unrecognized compensation cost related to all unvested restricted stock unit awards outstanding, which is expected to be recognized over a weighted average of 0.1 years. |
Income_Taxes
Income Taxes | 3 Months Ended |
Apr. 01, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The effective tax rate for the quarter ended April 1, 2015 was 35.4%, compared to 28.9% for the quarter ended March 26, 2014. The increase in the effective rate is primarily related to discrete tax items. The 2015 and 2014 rates benefited from state jobs tax credits claimed for the prior year's hiring activity of 2.3% and 3.7%, respectively. In addition, the 2014 rate benefited 5.0% from out-of-period share-based compensation adjustments. We do not believe the out-of-period adjustment was material to any prior year financial statements or on earnings trends. |
Net_Income_Per_Share
Net Income Per Share | 3 Months Ended | |||||||
Apr. 01, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Net Income Per Share | Net Income Per Share | |||||||
The amounts used for the basic and diluted net income per share calculations are summarized below: | ||||||||
Quarter Ended | ||||||||
April 1, 2015 | March 26, 2014 | |||||||
(In thousands, except for per share amounts) | ||||||||
Net income | $ | 8,533 | $ | 6,431 | ||||
Weighted average shares outstanding - basic | 84,875 | 88,803 | ||||||
Effect of dilutive share-based compensation awards | 2,590 | 2,013 | ||||||
Weighted average shares outstanding - diluted | 87,465 | 90,816 | ||||||
Basic net income per share | $ | 0.1 | $ | 0.07 | ||||
Diluted net income per share | $ | 0.1 | $ | 0.07 | ||||
Anti-dilutive share-based compensation awards | — | 573 | ||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | |||||||
Apr. 01, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information | |||||||
Quarter Ended | ||||||||
April 1, 2015 | March 26, 2014 | |||||||
(In thousands) | ||||||||
Income taxes paid, net | $ | 298 | $ | 820 | ||||
Interest paid | $ | 2,100 | $ | 2,069 | ||||
Noncash investing and financing activities: | ||||||||
Issuance of common stock, pursuant to share-based compensation plans | $ | 3,963 | $ | 1,030 | ||||
Execution of capital leases | $ | 282 | $ | 423 | ||||
Treasury stock payable | $ | 344 | $ | 721 | ||||
Accrued deferred financing costs | $ | 80 | $ | — | ||||
Shareholders_Equity
Shareholders' Equity | 3 Months Ended | |||||||||||
Apr. 01, 2015 | ||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||||
Shareholders' equity | Shareholders' Equity | |||||||||||
Share Repurchase | ||||||||||||
Our Old Credit Facility (as defined in Note 8) permitted and our New Credit Facility (as defined in Note 8) permits the payment of cash dividends and the purchase of Denny’s stock subject to certain limitations. In April 2013, we announced that our Board of Directors approved a share repurchase program authorizing us to repurchase up to an additional 10.0 million shares of our common stock (in addition to prior authorizations). Under this program, we may, from time to time, purchase shares in the open market (including pre-arranged stock trading plans in accordance with the guidelines specified in Rule 10b5-1 under the Securities Exchange Act of 1934) or in privately negotiated transactions, subject to market and business conditions. During the quarter ended April 1, 2015, we repurchased 450,000 shares of our common stock for approximately $5.1 million. This brings the total amount repurchased under this program to 6.6 million shares of our common stock for approximately $46.1 million, leaving 3.4 million shares that can be repurchased as of April 1, 2015. | ||||||||||||
On March 31, 2015, our Board of Directors approved a new share repurchase program authorizing us to repurchase an additional $100 million of our common stock, in addition to repurchases previously authorized. Such repurchases are to be made in a manner similar to, and will be in addition to, authorizations under the April 2013 repurchase program. | ||||||||||||
Repurchased shares are included as treasury stock in the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statement 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 31, 2014 | $ | (24,994 | ) | $ | 392 | $ | (24,602 | ) | ||||
Amortization of net loss (1) | 433 | — | 433 | |||||||||
Net change in fair value of derivatives | — | (2,975 | ) | (2,975 | ) | |||||||
Income tax (expense) benefit related to items of other comprehensive loss | (169 | ) | 1,161 | 992 | ||||||||
Balance as of April 1, 2015 | $ | (24,730 | ) | $ | (1,422 | ) | $ | (26,152 | ) | |||
-1 | Before-tax amount that was reclassified from accumulated other comprehensive loss and included as a component of pension expense within general and administrative expenses in our Condensed Consolidated Statements of Income during the quarter ended April 1, 2015. See Note 9 for additional details. | |||||||||||
We expect to reclassify approximately $1.1 million from accumulated other comprehensive loss related to our interest rate swaps during the next twelve months. This amount will be included as a component of interest expense in our Condensed Consolidated Statements of Income. See Note 8 for additional details. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 01, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
We have guarantees related to certain franchisee leases and loans. Payments under these guarantees would result from the inability of a franchisee to fund required payments when due. Through April 1, 2015, no events had occurred that caused us to make payments under the guarantees. There were $9.8 million of loans outstanding under these programs as of both April 1, 2015 and December 31, 2014. As of April 1, 2015, the maximum amounts payable under the lease guarantee and loan guarantees were $2.0 million and $1.7 million, respectively. As a result of these guarantees, we have recorded liabilities of approximately $0.1 million as of both April 1, 2015 and December 31, 2014, which are included as a component of other noncurrent liabilities and deferred credits in our Condensed Consolidated Balance Sheets and other nonoperating expense in our Condensed Consolidated Statements of Income. | |
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. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 3 Months Ended |
Apr. 01, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events |
We performed an evaluation of subsequent events and determined that no events required disclosure. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 01, 2015 | |
Accounting Policies [Abstract] | |
Newly adopted accounting standards | Newly Adopted Accounting Standards |
Discontinued Operations | |
ASU 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" | |
Effective January 1, 2015, we adopted ASU 2014-08, which raises the threshold for a disposal to qualify as a discontinued operation and modifies the related disclosure requirements. Under the new guidance, only disposals resulting in a strategic shift that will have a major effect on an entity's operations and financial results will be reported as discontinued operations. ASU 2014-08 also removes the requirement that an entity not have any significant continuing involvement in the operations of the component after disposal to qualify for reporting of the disposal as a discontinued operation. This guidance requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. The adoption of this guidance did not have a material impact on our consolidated financial statements. | |
Accounting standards to be adopted | Accounting Standards to be Adopted |
Revenue Recognition | |
ASU 2014-09, "Revenue from Contracts with Customers" | |
In May 2014, the FASB issued ASU 2014-09, which clarifies the principles used to recognize revenue for all entities. The new guidance requires companies to recognize revenue when it transfers goods or service to a customer in an amount that reflects the consideration to which a company expects to be entitled. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016 (our fiscal 2017), however on April 29, 2015 the FASB issued a proposed ASU that would defer the effective date one year (our fiscal 2018). The guidance allows for either a "full retrospective" adoption or a "modified retrospective" adoption, however early adoption is not permitted (under the proposed ASU earlier application would be permitted as of the original effective date). We are currently evaluating the adoption methods and the impact the adoption of this guidance will have on our consolidated financial statements. | |
Consolidation | |
ASU 2015-02,"Consolidation (Topic 810): Amendments to the Consolidation Analysis" | |
In February 2015, the FASB issued ASU 2015-02, which improves targeted areas of the consolidation guidance and reduces the number of consolidation models. ASU 2015-02 is effective for annual and interim periods beginning after December 15, 2015 (our fiscal 2016) with early adoption permitted. We do not believe the adoption of this guidance will have a material impact on our consolidated financial statements. | |
Debt Issuance | |
ASU 2015-03,"Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" | |
In April 2015, the FASB issued ASU 2015-03, which simplifies the guidance on the presentation of debt issuance costs. ASU 2015-03 is effective for annual and interim periods beginning after December 15, 2015 (our fiscal 2016) with early adoption permitted. The new guidance is to be applied retrospectively to all prior periods. The adoption of this guidance will result in a reclassification between other noncurrent assets and long-term debt, less current maturities on the Consolidated Balance Sheets. | |
Defined Benefit Plans | |
ASU 2015-04,"Compensation—Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets" | |
In April 2015, the FASB issued ASU 2015-04, which provides a practical expedient for entities with a fiscal year-end that does not coincide with a month-end. The practical expedient permits an entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end. ASU 2015-04 is effective for annual and interim periods beginning after December 15, 2015 (our fiscal 2016) with early adoption permitted. We do not believe the adoption of this guidance will have a material impact on our consolidated financial statements. | |
We reviewed all other 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_Tables
Receivables (Tables) | 3 Months Ended | |||||||
Apr. 01, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Receivables, net | Receivables were comprised of the following: | |||||||
April 1, 2015 | December 31, 2014 | |||||||
(In thousands) | ||||||||
Current assets: | ||||||||
Receivables: | ||||||||
Trade accounts receivable from franchisees | $ | 9,855 | $ | 10,929 | ||||
Notes receivable from franchisees | 1,275 | 1,419 | ||||||
Vendor receivables | 973 | 2,534 | ||||||
Credit card receivables | 1,385 | 1,661 | ||||||
Other | 926 | 1,816 | ||||||
Allowance for doubtful accounts | (274 | ) | (300 | ) | ||||
Total current receivables, net | $ | 14,140 | $ | 18,059 | ||||
Noncurrent assets (included as a component of other noncurrent assets): | ||||||||
Notes receivable from franchisees | $ | 523 | $ | 425 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||
Apr. 01, 2015 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Intangible Assets | Other intangible assets were comprised of the following: | |||||||||||||||
April 1, 2015 | December 31, 2014 | |||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
(In thousands) | ||||||||||||||||
Intangible assets with indefinite lives: | ||||||||||||||||
Trade names | $ | 44,065 | $ | — | $ | 44,065 | $ | — | ||||||||
Liquor licenses | 126 | — | 126 | — | ||||||||||||
Intangible assets with definite lives: | ||||||||||||||||
Franchise and license agreements | 12,824 | 12,081 | 22,366 | 21,426 | ||||||||||||
Reacquired franchise rights | 1,857 | 799 | 1,857 | 710 | ||||||||||||
Intangible assets | $ | 58,872 | $ | 12,880 | $ | 68,414 | $ | 22,136 | ||||||||
Other_Current_Liabilities_Othe1
Other Current Liabilities Other Current Liabilities (Tables) | 3 Months Ended | |||||||
Apr. 01, 2015 | ||||||||
Other Liabilities, Current [Abstract] | ||||||||
Schedule of Other Current Liabilities | Other current liabilities consisted of the following: | |||||||
April 1, 2015 | December 31, 2014 | |||||||
(In thousands) | ||||||||
Accrued salaries and vacation | $ | 16,520 | $ | 23,928 | ||||
Accrued insurance, primarily current portion of liability for insurance claims | 7,312 | 6,340 | ||||||
Accrued taxes | 7,091 | 7,129 | ||||||
Accrued advertising | 6,832 | 8,027 | ||||||
Gift cards | 3,158 | 4,017 | ||||||
Other | 8,651 | 9,991 | ||||||
Other current liabilities | 49,564 | 59,432 | ||||||
Operating_Gains_Losses_and_Oth1
Operating (Gains), Losses and Other Charges, Net (Tables) | 3 Months Ended | |||||||
Apr. 01, 2015 | ||||||||
Other Income and Expenses [Abstract] | ||||||||
Operating gains losses and other charges net | Operating (gains), losses and other charges, net are comprised of the following: | |||||||
Quarter Ended | ||||||||
April 1, 2015 | March 26, 2014 | |||||||
(In thousands) | ||||||||
Gains on sales of assets and other, net | $ | (22 | ) | $ | (8 | ) | ||
Restructuring charges and exit costs | 581 | 430 | ||||||
Impairment charges | 49 | — | ||||||
Operating (gains), losses and other charges, net | $ | 608 | $ | 422 | ||||
Schedule of restructuring charges and exit costs | Restructuring charges and exit costs were comprised of the following: | |||||||
Quarter Ended | ||||||||
April 1, 2015 | March 26, 2014 | |||||||
(In thousands) | ||||||||
Exit costs | $ | 453 | $ | 54 | ||||
Severance and other restructuring charges | 128 | 376 | ||||||
Total restructuring charges and exit costs | $ | 581 | $ | 430 | ||||
Components of change in accrued exit cost liabilities | The components of the change in accrued exit cost liabilities are as follows: | |||||||
(In thousands) | ||||||||
Balance, December 31, 2014 | $ | 2,142 | ||||||
Exit costs (1) | 453 | |||||||
Payments, net of sublease receipts | (283 | ) | ||||||
Interest accretion | 34 | |||||||
Balance, April 1, 2015 | 2,346 | |||||||
Less current portion included in other current liabilities | 708 | |||||||
Long-term portion included in other noncurrent liabilities | $ | 1,638 | ||||||
-1 | Included as a component of operating (gains), losses and other charges, net. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||
Apr. 01, 2015 | ||||||||||||||||||
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 April 1, 2015: | ||||||||||||||||||
Deferred compensation plan investments (1) | $ | 10,151 | $ | 10,151 | $ | — | $ | — | market approach | |||||||||
Interest rate swaps (2) | (2,332 | ) | — | (2,332 | ) | — | income approach | |||||||||||
Total | $ | 7,819 | $ | 10,151 | $ | (2,332 | ) | $ | — | |||||||||
Fair value measurements as of December 31, 2014: | ||||||||||||||||||
Deferred compensation plan investments (1) | $ | 9,295 | $ | 9,295 | $ | — | $ | — | market approach | |||||||||
Interest rate swap (2) | 642 | — | 642 | — | income approach | |||||||||||||
Interest rate cap (2) | 0 | — | 0 | — | income approach | |||||||||||||
Total | $ | 9,937 | $ | 9,295 | $ | 642 | $ | — | ||||||||||
-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 cap 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 8 for details on the interest rate swaps and interest rate cap. | |||||||||||||||||
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: | |||||||||||||||||
Significant Unobservable Inputs | Impairment Charges | Valuation Technique | ||||||||||||||||
(Level 3) | ||||||||||||||||||
Fair value measurements as of December 31, 2014: | ||||||||||||||||||
Assets held and used (1) | $ | — | $ | 320 | income approach | |||||||||||||
-1 | As of December 31, 2014, impaired assets related to an underperforming restaurant were written down to their fair value. To determine fair value, we used the income approach, which assumes that the future cash flows reflect current market expectations. These fair value measurements require significant judgment using Level 3 inputs, such as discounted cash flows from operations, which are not observable from the market, directly or indirectly. |
LongTerm_Debt_Long_Term_Debt_T
Long-Term Debt Long Term Debt (Tables) | 3 Months Ended | ||||
Apr. 01, 2015 | |||||
Debt Disclosure [Abstract] | |||||
Aggregate annual maturities of long-term debt, excluding capital lease obligations | Aggregate annual maturities of long-term debt, excluding capital lease obligations, at April 1, 2015 are as follows: | ||||
In thousands | |||||
Remainder of 2015 | $ | — | |||
2016 | — | ||||
2017 | — | ||||
2018 | — | ||||
2019 | — | ||||
Thereafter | 135,500 | ||||
Total long-term debt, excluding capital lease obligations | $ | 135,500 | |||
Defined_Benefit_Plans_Tables
Defined Benefit Plans (Tables) | 3 Months Ended | |||||||
Apr. 01, 2015 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||
Components of net periodic benefit cost | The components of net periodic benefit cost were as follows: | |||||||
Quarter Ended | ||||||||
April 1, 2015 | March 26, 2014 | |||||||
(In thousands) | ||||||||
Pension Plan: | ||||||||
Service cost | $ | 95 | $ | 95 | ||||
Interest cost | 746 | 779 | ||||||
Expected return on plan assets | (877 | ) | (989 | ) | ||||
Amortization of net loss | 433 | 231 | ||||||
Net periodic benefit cost | $ | 397 | $ | 116 | ||||
Other Defined Benefit Plans: | ||||||||
Interest cost | $ | 27 | $ | 31 | ||||
Amortization of net loss | 20 | 15 | ||||||
Net periodic benefit cost | $ | 47 | $ | 46 | ||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | |||||||
Apr. 01, 2015 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Total share-based compensation | Total share-based compensation cost included as a component of net income was as follows: | |||||||
Quarter Ended | ||||||||
April 1, 2015 | March 26, 2014 | |||||||
(In thousands) | ||||||||
Stock options | $ | — | $ | 52 | ||||
Performance share awards | 1,523 | 928 | ||||||
Restricted stock units for board members | 182 | 184 | ||||||
Total share-based compensation | $ | 1,705 | $ | 1,164 | ||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 3 Months Ended | |||||||
Apr. 01, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Net Income Per Share | The amounts used for the basic and diluted net income per share calculations are summarized below: | |||||||
Quarter Ended | ||||||||
April 1, 2015 | March 26, 2014 | |||||||
(In thousands, except for per share amounts) | ||||||||
Net income | $ | 8,533 | $ | 6,431 | ||||
Weighted average shares outstanding - basic | 84,875 | 88,803 | ||||||
Effect of dilutive share-based compensation awards | 2,590 | 2,013 | ||||||
Weighted average shares outstanding - diluted | 87,465 | 90,816 | ||||||
Basic net income per share | $ | 0.1 | $ | 0.07 | ||||
Diluted net income per share | $ | 0.1 | $ | 0.07 | ||||
Anti-dilutive share-based compensation awards | — | 573 | ||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | |||||||
Apr. 01, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Cash Flow Information | ||||||||
Quarter Ended | ||||||||
April 1, 2015 | March 26, 2014 | |||||||
(In thousands) | ||||||||
Income taxes paid, net | $ | 298 | $ | 820 | ||||
Interest paid | $ | 2,100 | $ | 2,069 | ||||
Noncash investing and financing activities: | ||||||||
Issuance of common stock, pursuant to share-based compensation plans | $ | 3,963 | $ | 1,030 | ||||
Execution of capital leases | $ | 282 | $ | 423 | ||||
Treasury stock payable | $ | 344 | $ | 721 | ||||
Accrued deferred financing costs | $ | 80 | $ | — | ||||
Accumulated_other_comprehensiv
Accumulated other comprehensive loss (Tables) | 3 Months Ended | |||||||||||
Apr. 01, 2015 | ||||||||||||
Statement of Comprehensive Income [Abstract] | ||||||||||||
Components of 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 31, 2014 | $ | (24,994 | ) | $ | 392 | $ | (24,602 | ) | ||||
Amortization of net loss (1) | 433 | — | 433 | |||||||||
Net change in fair value of derivatives | — | (2,975 | ) | (2,975 | ) | |||||||
Income tax (expense) benefit related to items of other comprehensive loss | (169 | ) | 1,161 | 992 | ||||||||
Balance as of April 1, 2015 | $ | (24,730 | ) | $ | (1,422 | ) | $ | (26,152 | ) | |||
-1 | Before-tax amount that was reclassified from accumulated other comprehensive loss and included as a component of pension expense within general and administrative expenses in our Condensed Consolidated Statements of Income during the quarter ended April 1, 2015. See Note 9 for additional details. |
Introduction_and_Basis_of_Pres1
Introduction and Basis of Presentation (Details) | Apr. 01, 2015 |
restaurant | |
Franchisor Disclosure [Line Items] | |
Number of restaurants | 1,694 |
Franchised/licensed restaurants [Member] | |
Franchisor Disclosure [Line Items] | |
Number of restaurants | 1,534 |
Company restaurants [Member] | |
Franchisor Disclosure [Line Items] | |
Number of restaurants | 160 |
Receivables_Details
Receivables (Details) (USD $) | Apr. 01, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Trade accounts receivable from franchisees, gross, current | $9,855 | $10,929 |
Notes receivable from franchisees, gross, current | 1,275 | 1,419 |
Allowance for doubtful accounts | -274 | -300 |
Total current receivables, net | 14,140 | 18,059 |
Noncurrent assets (included as a component of other noncurrent assets): | ||
Notes receivable from franchisees, noncurrent | 523 | 425 |
Vendor receivables [Member] | ||
Receivables [Abstract] | ||
Other receivables, gross, current | 973 | 2,534 |
Credit card receivables [Member] | ||
Receivables [Abstract] | ||
Other receivables, gross, current | 1,385 | 1,661 |
Other [Member] | ||
Receivables [Abstract] | ||
Other receivables, gross, current | $926 | $1,816 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 3 Months Ended | |
Apr. 01, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets [Line Items] | ||
Goodwill | $31,451,000 | $31,451,000 |
Intangible assets | 58,872,000 | 68,414,000 |
Intangible assets with indefinite lives [Abstract] | ||
Gross carrying amount - Trade names | 44,065,000 | 44,065,000 |
Gross carrying amount - Liquor licenses | 126,000 | 126,000 |
Intangible assets with definite lives [Abstract] | ||
Accumulated amortization | 12,880,000 | 22,136,000 |
Franchise and license agreements [Member] | ||
Intangible assets with definite lives [Abstract] | ||
Gross carrying amount | 12,824,000 | 22,366,000 |
Accumulated amortization | 12,081,000 | 21,426,000 |
Decrease in franchise and license agreements | 9,500,000 | |
Reacquired franchise rights [Member] | ||
Intangible assets with definite lives [Abstract] | ||
Gross carrying amount | 1,857,000 | 1,857,000 |
Accumulated amortization | $799,000 | $710,000 |
Other_Current_Liabilities_Othe2
Other Current Liabilities Other Current Liabilities (Details) (USD $) | Apr. 01, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Liabilities, Current [Abstract] | ||
Accrued salaries and vacation | $16,520 | $23,928 |
Accrued insurance, primarily current portion of liability for insurance claims | 7,312 | 6,340 |
Accrued taxes | 7,091 | 7,129 |
Accrued advertising | 6,832 | 8,027 |
Gift cards | 3,158 | 4,017 |
Other | 8,651 | 9,991 |
Other current liabilities | $49,564 | $59,432 |
Operating_Gains_Losses_and_Oth2
Operating (Gains), Losses and Other Charges, Net (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 01, 2015 | Mar. 26, 2014 | |
Other Income and Expenses [Abstract] | |||
(Gains) losses on sales of assets and other, net | ($22) | ($8) | |
Restructuring charges and exit costs | 581 | 430 | |
Impairment charges | 49 | 0 | |
Operating (gains), losses and other charges, net | 608 | 422 | |
Restructuring Charges [Abstract] | |||
Exit costs | 453 | [1] | 54 |
Severance and other restructuring charges | 128 | 376 | |
Total restructuring charges and exit costs | 581 | 430 | |
Restructuring Reserve [Roll Forward] | |||
Balance, December 31, 2014 | 2,142 | ||
Exit costs (1) | 453 | [1] | 54 |
Payments, net of sublease receipts | -283 | ||
Interest accretion | 34 | ||
Balance, April 1, 2015 | 2,346 | ||
Less current portion included in other current liabilities | 708 | ||
Long-term portion included in other noncurrent liabilities | $1,638 | ||
[1] | Included as a component of operating (gains), losses and other charges, net. |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 01, 2015 | Dec. 31, 2014 | ||
Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total, assets | $7,819 | $9,937 | ||
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, assets | 10,151 | 9,295 | ||
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total, assets | 642 | |||
Total, liabilities | -2,332 | |||
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total, assets | 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 | 10,151 | [1] | 9,295 | [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 | 10,151 | [1] | 9,295 | [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 liability | -2,332 | [2] | ||
Interest rate swaps and interest rate caps asset | 642 | [2] | ||
Valuation technique | income approach | 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 liability | 0 | [2] | ||
Interest rate swaps and interest rate caps asset | 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 liability | -2,332 | [2] | ||
Interest rate swaps and interest rate caps asset | 642 | [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 liability | 0 | [2] | ||
Interest rate swaps and interest rate caps asset | 0 | [2] | ||
Recurring [Member] | Interest rate caps [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swaps and interest rate caps asset | 0 | [2] | ||
Valuation technique | income approach | |||
Recurring [Member] | Interest rate caps [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swaps and interest rate caps asset | 0 | [2] | ||
Recurring [Member] | Interest rate caps [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swaps and interest rate caps asset | 0 | [2] | ||
Recurring [Member] | Interest rate caps [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swaps and interest rate caps asset | 0 | [2] | ||
Nonrecurring [Member] | Assets held and used [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment of long-lived assets held-for-use | 320 | |||
Valuation technique | income approach | |||
Nonrecurring [Member] | Assets held and used [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets held and used | $0 | [3] | ||
[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 cap 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 8 for details on the interest rate swaps and interest rate cap. | |||
[3] | As of December 31, 2014, impaired assets related to an underperforming restaurant were written down to their fair value. To determine fair value, we used the income approach, which assumes that the future cash flows reflect current market expectations. These fair value measurements require significant judgment using Level 3 inputs, such as discounted cash flows from operations, which are not observable from the market, directly or indirectly |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 3 Months Ended | ||
Apr. 01, 2015 | Mar. 26, 2014 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | |||
Maturity date | 30-Mar-20 | ||
Losses on early extinguishment of debt | $278,000 | ($1,000) | |
Secured Debt [Member] | |||
Line of Credit Facility [Line Items] | |||
Losses on early extinguishment of debt | 300,000 | ||
Senior secured revolver [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, current borrowing capacity | 250,000,000 | ||
Accordion feature that allows increase in size of facility | 325,000,000 | ||
Commitment fee for unused portion of revolving credit facility (in hundredths) | 0.20% | ||
Outstanding amount under credit facility | 135,500,000 | ||
Availability under the revolving facility | 88,800,000 | ||
Weighted-average interest rate (in hundredths) | 1.69% | 2.17% | |
Basis spread on variable rate debt | 1.50% | ||
Letter of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, current borrowing capacity | 30,000,000 | ||
Outstanding amount of letters of credit | 25,700,000 | ||
Interest Rate Cap [Member] | Interest Rate Cap 2013-2014 [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate cap, basis spread on variable rate (percent) | 2.00% | ||
Derivative, notional amount | 125,000,000 | ||
Interest Rate Cap [Member] | Interest Rate Cap 2014-2015 [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate cap, basis spread on variable rate (percent) | 2.00% | ||
Derivative, notional amount | 150,000,000 | ||
Interest Rate Swap [Member] | |||
Line of Credit Facility [Line Items] | |||
Fair value of interest rate swaps | -2,300,000 | ||
Interest Rate Swap [Member] | Senior secured revolver [Member] | |||
Line of Credit Facility [Line Items] | |||
Weighted-average interest rate (in hundredths) | 2.53% | ||
Interest Rate Swap [Member] | Interest Rate Swaps 2015-2018 [Member] | |||
Line of Credit Facility [Line Items] | |||
Derivative, notional amount | 120,000,000 | ||
Average fixed interest rate on interest rate swaps | 2.63% | ||
Interest Rate Swap [Member] | Interest Rate Swaps 2018-2025 [Member] | |||
Line of Credit Facility [Line Items] | |||
Derivative, notional amount | $120,000,000 | ||
Average fixed interest rate on interest rate swaps | 3.94% |
LongTerm_Debt_LongTerm_Debt_Ag
Long-Term Debt Long-Term Debt (Aggregate Annual Maturities of Long-Term Debt, Excluding Capital Lease Obligations) (Details) (USD $) | Apr. 01, 2015 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
Remainder of 2015 | $0 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
2019 | 0 |
Thereafter | 135,500 |
Total long-term debt, excluding capital leases | $135,500 |
Defined_Benefit_Plans_Details
Defined Benefit Plans (Details) (USD $) | 3 Months Ended | ||
Apr. 01, 2015 | Mar. 26, 2014 | Dec. 31, 2014 | |
Components of net periodic benefit cost [Abstract] | |||
Additional minimum pension liability | $24,700,000 | $25,000,000 | |
Pension Plan [Member] | |||
Components of net periodic benefit cost [Abstract] | |||
Service cost | 95,000 | 95,000 | |
Interest cost | 746,000 | 779,000 | |
Expected return on plan assets | -877,000 | -989,000 | |
Amortization of net loss | 433,000 | 231,000 | |
Net periodic benefit cost | 397,000 | 116,000 | |
Employer contributions | 0 | 1,300,000 | |
Other Defined Benefit Plans [Member] | |||
Components of net periodic benefit cost [Abstract] | |||
Interest cost | 27,000 | 31,000 | |
Amortization of net loss | 20,000 | 15,000 | |
Net periodic benefit cost | 47,000 | 46,000 | |
Employer contributions | 100,000 | 100,000 | |
Estimated employer contributions remainder of current fiscal year | 100,000 | ||
Minimum [Member] | Pension Plan [Member] | |||
Components of net periodic benefit cost [Abstract] | |||
Estimated employer contributions remainder of current fiscal year | 6,000,000 | ||
Maximum [Member] | Pension Plan [Member] | |||
Components of net periodic benefit cost [Abstract] | |||
Estimated employer contributions remainder of current fiscal year | $8,000,000 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | |
Share data in Millions, except Per Share data, unless otherwise specified | Apr. 01, 2015 | Mar. 26, 2014 |
Total share-based compensation [Abstract] | ||
Total share-based compensation | $1,705,000 | $1,164,000 |
Stock options [Member] | ||
Total share-based compensation [Abstract] | ||
Total share-based compensation | 0 | 52,000 |
Performance shares [Member] | ||
Total share-based compensation [Abstract] | ||
Total share-based compensation | 1,523,000 | 928,000 |
Restricted Stock Units [Abstract] | ||
Performance period | 3 years | |
Cash payments | 3,400,000 | |
Maximum common stock shares issued (in shares) | 0.4 | |
Unrecognized compensation cost [Abstract] | ||
Unrecognized compensation cost related to unvested performance share awards outstanding | 8,300,000 | |
Unrecognized compensation cost, expected weighted average period | 2 years 1 month 7 days | |
Restricted stock units for board members [Member] | ||
Total share-based compensation [Abstract] | ||
Total share-based compensation | 182,000 | 184,000 |
Unrecognized compensation cost [Abstract] | ||
Unrecognized compensation cost related to unvested performance share awards outstanding | $100,000 | |
Unrecognized compensation cost, expected weighted average period | 0 years 1 month 0 days | |
Minimum [Member] | Performance shares [Member] | ||
Restricted Stock Units [Abstract] | ||
Percentage of target awards to be earned (in hundredths) | 0.00% | |
Maximum [Member] | Performance shares [Member] | ||
Restricted Stock Units [Abstract] | ||
Percentage of target awards to be earned (in hundredths) | 150.00% | |
Performance shares that vest based on TSR [Member] | Performance shares [Member] | ||
Restricted Stock Units [Abstract] | ||
Equity awards granted (in shares) | 0.2 | |
Equity awards, grant date fair value (in dollars per share) | $11.86 | |
Performance shares that vest based on EBITDA growth [Member] | Performance shares [Member] | ||
Restricted Stock Units [Abstract] | ||
Equity awards granted (in shares) | 0.3 | |
Equity awards, grant date fair value (in dollars per share) | $11.03 |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | |
Apr. 01, 2015 | Mar. 26, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate, percent | 35.40% | 28.90% |
State jobs tax credits, percent | 2.30% | 3.70% |
Tax adjustment benefit, percent | 5.00% |
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 01, 2015 | Mar. 26, 2014 |
Earnings Per Share [Abstract] | ||
Net income | $8,533 | $6,431 |
Weighted average shares outstanding - basic (in shares) | 84,875 | 88,803 |
Effect of dilutive share-based compensation awards | 2,590 | 2,013 |
Weighted average shares outstanding - diluted (in shares) | 87,465 | 90,816 |
Basic net income per share | $0.10 | $0.07 |
Diluted net income per share | $0.10 | $0.07 |
Antidilutive share-based compensation awards (in shares) | 0 | 573 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 01, 2015 | Mar. 26, 2014 |
Supplemental Cash Flow Information [Abstract] | ||
Income taxes paid, net | $298 | $820 |
Interest paid | 2,100 | 2,069 |
Noncash investing and financing activities: | ||
Issuance of common stock, pursuant to share-based compensation plans | 3,963 | 1,030 |
Execution of capital leases | 282 | 423 |
Treasury stock payable | 344 | 721 |
Accrued deferred financing costs | $80 | $0 |
Share_Repurchase_Details
Share Repurchase (Details) (USD $) | 3 Months Ended |
Apr. 01, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |
Purchase of treasury stock | $5,103,000 |
Share Repurchase Program 2013 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Additional number of shares approved under stock repurchase program (in shares) | 10,000,000 |
Purchase of treasury stock (in shares) | 450,000 |
Purchase of treasury stock | 5,100,000 |
Number of accumulated shares repurchased (in shares) | 6,600,000 |
Value of shares repurchased | 46,100,000 |
Remaining number of shares approved under stock repurchase program (in shares) | 3,400,000 |
Share Repurchase Program 2015 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Additional number of shares approved under stock repurchase program (in dollars) | $100,000,000 |
Components_of_accumulated_othe
Components of accumulated other comprehensive loss (Details) (USD $) | 3 Months Ended | |
Apr. 01, 2015 | ||
Components of Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance as of December 31, 2014 | ($24,602,000) | |
Amortization of net loss, before tax | 433,000 | [1] |
Net change in fair value of derivatives, before tax | -2,975,000 | |
Income tax (expense) benefit related to items of other comprehensive loss | 992,000 | |
Balance as of April 1, 2015 | -26,152,000 | |
Estimated reclassification from accumulated other comprehensive income to interest expense related to the intest rate swaps over the next 12 months | 1,100,000 | |
Pensions [Member] | ||
Components of Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance as of December 31, 2014 | -24,994,000 | |
Amortization of net loss, before tax | 433,000 | [1] |
Income tax (expense) benefit related to items of other comprehensive loss | -169,000 | |
Balance as of April 1, 2015 | -24,730,000 | |
Derivatives [Member] | ||
Components of Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance as of December 31, 2014 | 392,000 | |
Net change in fair value of derivatives, before tax | -2,975,000 | |
Income tax (expense) benefit related to items of other comprehensive loss | 1,161,000 | |
Balance as of April 1, 2015 | ($1,422,000) | |
[1] | Before-tax amount that was reclassified from accumulated other comprehensive loss and included as a component of pension expense within general and administrative expenses in our Condensed Consolidated Statements of Income during the quarter ended April 1, 2015. See Note 9 for additional details. |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Details) (USD $) | Apr. 01, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Guarantor Obligations [Line Items] | ||
Guarantee liabilities included as a component of other noncurrent liabilities and deferred credits | $0.10 | $0.10 |
Financial Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Loan amounts outstanding under the loan pools | 9.8 | 9.8 |
Maximum payments guaranteed | 1.7 | |
Property Lease Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum payments guaranteed | $2 |