The Cheesecake Factory Incorporated (CAKE) 10-Q 8 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 29, 2015
Document and Entity Information
Entity Registrant Name	CHEESECAKE FACTORY INC
Entity Central Index Key	887596
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-17
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		48,763,285
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 30, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$39,478	$58,018
Accounts receivable	12,643	15,170
Income tax receivable	12,783	17,383
Other receivables	29,692	62,327
Inventories	32,525	33,255
Prepaid expenses	46,579	38,233
Deferred income taxes	15,076	15,076
Total current assets	188,776	239,462
Property and equipment, net	828,966	828,305
Other assets:
Intangible assets, net	21,215	20,781
Prepaid rent	47,067	46,212
Other	42,702	41,692
Total other assets	110,984	108,685
Total assets	1,128,726	1,176,452
Current liabilities:
Accounts payable	54,152	57,325
Other accrued expenses	243,623	264,686
Total current liabilities	297,775	322,011
Deferred income taxes	97,724	96,509
Deferred rent	73,451	73,857
Deemed landlord financing liability	76,552	77,165
Long term debt	25,000
Other noncurrent liabilities	51,720	50,400
Commitments and contingencies (Note 4)
Stockholders' equity:
Preferred stock, $.01 par value, 5,000,000 shares authorized; none issued
Common stock, $.01 par value, 250,000,000 shares authorized; 92,128,129 and 91,790,499 issued at March 31, 2015 and December 30, 2014, respectively	921	918
Additional paid-in capital	664,236	654,033
Retained earnings	1,080,388	1,060,211
Treasury stock, 43,577,235 and 41,919,312 shares at cost at March 31, 2015 and December 30, 2014, respectively	-1,239,041	-1,158,652
Total stockholders' equity	506,504	556,510
Total liabilities and stockholders' equity	$1,128,726	$1,176,452

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 30, 2014
CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	92,128,129	91,790,499
Common stock, shares outstanding	91,001,904	91,790,499
Treasury stock, shares	43,577,235	41,919,312

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Apr. 01, 2014
CONSOLIDATED STATEMENTS OF INCOME
Revenues	$517,973	$481,431
Costs and expenses:
Cost of sales	126,612	119,362
Labor expenses	171,169	159,450
Other operating costs and expenses	123,435	115,633
General and administrative expenses	33,075	31,242
Depreciation and amortization expenses	21,177	20,251
Impairment of assets and lease terminations		186
Preopening costs	1,451	2,234
Total costs and expenses	476,919	448,358
Income from operations	41,054	33,073
Interest and other expense, net	-1,895	-1,391
Income before income taxes	39,159	31,682
Income tax provision	10,736	9,164
Net income	$28,423	$22,518
Net income per share:
Basic (in dollars per share)	$0.58	$0.44
Diluted (in dollars per share)	$0.56	$0.43
Weighted average shares outstanding:
Basic (in shares)	49,225	50,745
Diluted (in shares)	51,102	52,844
Cash dividends declared per common share (in dollars per share)	$0.17	$0.14

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Total
In Thousands, unless otherwise specified
Balance at Dec. 30, 2014	$918	$654,033	$1,060,211	($1,158,652)	$556,510
Balance (in shares) at Dec. 30, 2014	91,790
Increase (Decrease) in Stockholders' Equity
Net income			28,423		28,423
Cash dividends declared			-8,246		-8,246
Tax impact of stock options exercised, net of cancellations		4,340			4,340
Stock-based compensation		4,798			4,798
Common stock issued under stock-based compensation plans	3	5,666			5,669
Common stock issued under stock-based compensation plans(in shares)	338
Treasury stock purchases				-80,389	-80,389
Payment for future treasury stock purchases under accelerated stock repurchase agreement		-4,601			-4,601
Balance at Mar. 31, 2015	$921	$664,236	$1,080,388	($1,239,041)	$506,504
Balance (in shares) at Mar. 31, 2015	92,128

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Apr. 01, 2014
Cash flows from operating activities:
Net income	$28,423	$22,518
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization expenses	21,177	20,251
Deferred income taxes	1,215	811
Impairment of assets and lease terminations		186
Stock-based compensation	4,731	3,839
Tax impact of stock options exercised, net of cancellations	4,340	3,942
Excess tax benefit related to stock options exercised	-4,317	-3,851
Other	814	400
Changes in assets and liabilities:
Accounts receivable	2,527	-1,591
Other receivables	32,635	26,733
Inventories	730	823
Prepaid expenses	-8,346	-299
Other assets	-1,847	-824
Accounts payable	-1,334	13,764
Income taxes receivable/payable	4,600	3,436
Other accrued expenses	-20,000	-13,022
Cash provided by operating activities	65,348	77,116
Cash flows from investing activities:
Additions to property and equipment	-24,151	-30,100
Additions to intangible assets	-547	-339
Cash used in investing activities	-24,698	-30,439
Cash flows from financing activities:
Deemed landlord financing payments	-743	-614
Borrowings on credit facility	25,000	25,000
Proceeds from exercise of stock options	5,669	5,899
Excess tax benefit related to stock options exercised	4,317	3,851
Cash dividends paid	-8,443	-7,214
Treasury stock purchases	-80,389	-98,981
Payment for future treasury stock purchases under accelerated stock repurchase agreement	-4,601	-4,904
Cash used in financing activities	-59,190	-76,963
Net change in cash and cash equivalents	-18,540	-30,286
Cash and cash equivalents at beginning of period	58,018	61,751
Cash and cash equivalents at end of period	39,478	31,465
Supplemental disclosures:
Interest paid	1,455	1,234
Income taxes paid	543	688
Construction payable	$8,285	$1,096

Basis_of_Presentation_and_Sign

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Basis of Presentation and Significant Accounting Policies
Basis of Presentation and Significant Accounting Policies	1.  Basis of Presentation and Significant Accounting Policies
	The accompanying consolidated financial statements include the accounts of The Cheesecake Factory Incorporated and its wholly owned subsidiaries (referred to herein collectively as the “Company,” “we,” “us” and “our”) prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  The unaudited financial statements presented herein include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for the fair statement of the financial condition, results of operations and cash flows for the period.  However, these results are not necessarily indicative of results for any other interim period or for the full fiscal year.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules of the Securities and Exchange Commission (“SEC”).  The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 30, 2014 filed with the SEC on February 27, 2015.
	The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions for the reporting periods covered by the financial statements.  These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent liabilities.  Actual results could differ from these estimates.
	We utilize a 52/53-week fiscal year ending on the Tuesday closest to December 31 for financial reporting purposes.  Fiscal year 2015 consists of 52 weeks and will end on December 29, 2015.  Fiscal 2014, which ended on December 30, 2014, was also a 52-week year.
	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued accounting guidance that provides a comprehensive new revenue recognition model. This will supersede most of the existing revenue recognition requirements and will require entities to recognize revenue at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. This guidance is effective for us beginning in the first quarter of fiscal 2017 and is not expected to have a material impact on our financial statements.  Early adoption is not permitted. In April 2015, the FASB proposed a deferral of the effective date of the new revenue standard by one year, subject to the Board’s due process requirement.
	In April 2015, the FASB issued updated guidance intended to simplify, and provide consistency to, the presentation of debt issuance costs. The new standard requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted.  The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements.
	In February 2015, the FASB issued updated guidance which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities.  The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted.  The Company expects the adoption of this guidance to have no impact on its condensed consolidated financial statements.
	In June 2014, the FASB issued updated guidance intended to eliminate the diversity in practice regarding share-based payment awards that include terms which provide for a performance target that affects vesting being achieved after the requisite service period. The new standard requires that a performance target which affects vesting and could be achieved after the requisite service period be treated as a performance condition that affects vesting and should not be reflected in estimating the grant-date fair value.  The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted.  The Company expects the adoption of this guidance to have no impact on its condensed consolidated financial statements.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2015
Inventories
Inventories	2.  Inventories
	Inventories consisted of (in thousands):
		March 31, 2015		December 30, 2014
	Restaurant food and supplies	$	14,213	$	14,936
	Bakery finished goods and work in progress	12,803		13,236
	Bakery raw materials and supplies	5,509		5,083
	Total	$	32,525	$	33,255

LongTerm_Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2015
Long-Term Debt
Long-Term Debt	3.  Long-Term Debt
	On October 16, 2013, we entered into a new loan agreement (“Facility”) which amended and restated in its entirety our prior loan agreement dated December 3, 2010.  This Facility, which matures on October 16, 2018, provides us with revolving loan commitments totaling $200 million, of which $50 million may be used for issuances of letters of credit.  Availability under the Facility is reduced by outstanding letters of credit, which are used to support our self-insurance programs.  The Facility contains a commitment increase feature that could provide for an additional $100 million in available credit upon our request and subject to the lenders electing to increase their commitments or by means of the addition of new lenders.  Our obligations under the Facility are unsecured.  Certain of our material subsidiaries have guaranteed our obligations under the Facility.  At March 31, 2015, we had net availability for borrowings of $153.8 million, based on an outstanding debt balance of $25.0 million and $21.2 million in standby letters of credit.
	In the first quarter of fiscal 2015, we borrowed $25 million under this Facility to fund a portion of the accelerated stock repurchase (“ASR”) program we entered into on February 27, 2015.  We expect to repay this balance during fiscal 2015.   We also borrowed $25 million under this Facility in the first quarter of fiscal 2014, which we repaid in the fourth quarter of fiscal 2014, to fund a portion of the ASR program we entered into in February 2014.  See Note 5 for further discussion of our accelerated stock repurchase programs.
	We are subject to certain financial covenants under the Facility requiring us to maintain (i) a maximum “Net Adjusted Leverage Ratio” of 4.0, calculated as debt plus eight times rent minus unrestricted cash and cash equivalents in excess of $25 million divided by “EBITDAR” (trailing 12-month earnings before interest, taxes, depreciation, amortization, noncash stock option expense, rent and permitted acquisition costs) and (ii) a trailing 12-month minimum EBITDAR to interest and rental expense ratio (“EBITDAR Ratio”) of 1.9.  Our Net Adjusted Leverage and EBITDAR Ratios were 2.7 and 2.9, respectively, at March 31, 2015, and we were in compliance with the financial covenants in effect at that date.  The Facility also limits cash distributions with respect to our equity interests, such as cash dividends and share repurchases, based on the Net Adjusted Leverage Ratio.
	Borrowings under the Facility bear interest, at our option, at a rate equal to either (i) the Adjusted LIBO Rate plus a margin ranging from 1.00% to 1.75% based on our Net Adjusted Leverage Ratio or (ii) the highest of (a) the rate of interest publicly announced by JPMorgan Chase Bank as its prime rate in effect, (b) the Federal Funds Effective Rate from time to time plus 0.5% or (c) the one-month Adjusted LIBO Rate plus 1.0%, plus a margin ranging from 0.00% to 0.75% based on our Net Adjusted Leverage Ratio.  Under the Facility, we paid certain customary loan origination fees and will pay a fee on the unused portion of the Facility ranging from 0.15% to 0.30% also based on our Net Adjusted Leverage Ratio.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies
Commitments and Contingencies	4. Commitments and Contingencies
	On April 11, 2013, a restaurant hourly employee filed a class action lawsuit in the California Superior Court, Placer County, alleging that the Company violated the California Labor Code and California Business and Professions Code, by requiring employees to purchase uniforms for work (Sikora v. The Cheesecake Factory Restaurants, Inc., et al; Case No SCV0032820).  A similar lawsuit covering a different time period was also filed in Placer County (Reed v. The Cheesecake Factory Restaurants, Inc. et al; Case No. SCV27073).  By stipulation the parties agreed to transfer the Reed and Sikora cases to Los Angeles County.  Both cases (Case Nos. SCV0032820 and SCV27073) were subsequently coordinated together in Los Angeles County by order of the Judicial Council.  On November 15, 2013, the Company filed a motion in Case No. SCV0032820 to enforce a prior judgment precluding certain claims and to preclude the prosecution of certain claims under the California Private Attorney General Act and California Business and Professions Code Section 17200.  On March 11, 2015, the Court granted the Company’s motion. The parties are scheduled to participate in voluntary mediation in June 2015.  We intend to vigorously defend this action.  Based on the current status of this matter, we have not reserved for any potential future payments.
	On November 26, 2014, a former restaurant hourly employee filed a class action lawsuit in the San Diego County Superior Court alleging that the Company violated the California Labor Code and California Business and Professions Code, by failing to pay overtime, to permit required rest breaks and to provide accurate wage statements, among other claims. (Masters v. The Cheesecake Factory Restaurants, Inc., et al; Case No 37-2014-00040278).  By stipulation, the parties agreed to transfer Case No. 37-2014-00040278 to the Orange County Superior Court.  On March 2, 2015, Case No. 37-2014-00040278 was officially transferred and assigned a new Case No. 30-2015-00775529 in the Orange County Superior Court.  The lawsuit seeks unspecified amounts of fees, penalties and other monetary payments on behalf of the plaintiff and other purported class members. We intend to vigorously defend this action.  Based on the current status of this matter, we have not reserved for any potential future payments.
	On January 14, 2015, a former restaurant hourly employee filed a class action lawsuit in the San Diego County Superior Court alleging that the Company violated the California Labor Code and California Business and Professions Code, by failing to permit required meal and rest breaks, and to provide accurate wage statements, among other claims. (Garcia v. The Cheesecake Factory Incorporated, et al; Case No 37-2015-00001408).  On February 19, 2015, the Company filed an ex parte application to stay the litigation pending a hearing on the Company’s motion to compel arbitration.  The Court granted the Company’s application, stayed the litigation, and set a hearing on the motion to compel arbitration in July 2015.  The lawsuit seeks unspecified amounts of fees, penalties and other monetary payments on behalf of the plaintiff and other purported class members.  We intend to vigorously defend this action.  Based on the current status of this matter, we have not reserved for any potential future payments.
	Within the ordinary course of our business, we are subject to private lawsuits, government audits, administrative proceedings and other claims.  These matters typically involve claims from customers, staff members and others related to operational and employment issues common to the foodservice industry.  A number of these claims may exist at any given time, and some of the claims may be pled as class actions.  From time to time, we are also involved in lawsuits with respect to infringements of, or challenges to, our registered trademarks and other intellectual property, both domestically and abroad.  We could be affected by adverse publicity and litigation costs resulting from such allegations, regardless of whether they are valid or whether we are legally determined to be liable.  At this time, we believe that the final disposition of any pending lawsuits, audits, proceedings and claims will not have a material adverse effect individually or in the aggregate on our financial position, results of operations or liquidity.  It is possible, however, that our future results of operations for a particular quarter or fiscal year could be impacted by changes in circumstances relating to lawsuits, audits, proceedings or claims.

Stockholders_Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity
Stockholders' Equity	5. Stockholders’ Equity
	On February 9, 2015, our Board of Directors approved a cash dividend of $0.165 per share which was paid on March 10, 2015 to the stockholders of record on February 25, 2015.  Future decisions to pay, increase or decrease dividends are at the discretion of the Board and will be dependent on our operating performance, financial condition, capital expenditure requirements and other such factors that the Board considers relevant.
	In July 2013, our Board increased the authorization to repurchase our common stock by 7.5 million shares to 48.5 million shares.  Under this and all previous authorizations, we have cumulatively repurchased 43.6 million shares at a total cost of $1,239.1 million through March 31, 2015, including 1.7 million shares of our common stock at a cost of $80.4 million during the first quarter of fiscal 2015.  The shares repurchased in the first quarter of fiscal 2015 include 1.5 million shares acquired through our ASR program.  Repurchased common stock is reflected as a reduction of stockholders’ equity.
	Our share repurchase authorization does not have an expiration date, does not require us to purchase a specific number of shares and may be modified, suspended or terminated at any time.  Shares may be repurchased in the open market or through privately negotiated transactions at times and prices considered appropriate by us.  Purchases in the open market are made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Act”).  We make the determination to repurchase shares based on several factors, including an evaluation of current and future capital needs associated with new restaurant development, current and forecasted cash flows, including dividend payments, a review of our capital structure and cost of capital, our share price and current market conditions.  The timing and number of shares repurchased are also subject to legal constraints and financial covenants under our Facility that limit share repurchases based on a defined ratio.  See Note 3 for further discussion of our long-term debt.  Our objectives with regards to share repurchases are to offset the dilution to our shares outstanding that results from equity compensation grants and to supplement our earnings per share growth.
	In October 2013, our Board approved the adoption of a prearranged share repurchase plan under Rule 10b5-1 (“10b5-1 Plan”) of the Act, effective from January 2, 2014 through July 1, 2014.  On July 21, 2014, our Board approved the adoption of a new 10b5-1 Plan, effective from September 5, 2014 through December 31, 2014.  These 10b5-1 Plans terminated on July 1, 2014 and December 31, 2014, respectively, in accordance with their terms.  On October 20, 2014, our Board approved the adoption of another 10b5-1 Plan, which is effective from January 2, 2015 through June 30, 2015.
	On February 27, 2014, we entered into a collared ASR agreement with a financial institution to repurchase $75 million of our common stock.  The minimum number of shares to be repurchased, 1.4 million, was delivered in March 2014.  Upon settlement of the ASR program, we received an additional 0.2 million shares on July 21, 2014.
	On February 27, 2015, we entered into an ASR program with a financial institution to repurchase $75 million of our common stock.  The number of common shares to be repurchased under the ASR program generally will be based on the volume weighted average share price of our common stock.  The program is subject to collar provisions that establish minimum and maximum number of shares based on the volume weighted average share price over an initial hedge period.  The minimum number of shares to be repurchased, 1.5 million, was delivered during March 2015.  The maximum number of shares that can be received under the program is 1.7 million and will be determined based on the market price of our common stock from March 10, 2015 through the term of the program.  We will receive additional shares, if any, no later than July 30, 2015.

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2015
Stock-Based Compensation
Stock-Based Compensation
	6.  Stock-Based Compensation
	The following table presents information related to stock-based compensation (in thousands
			Thirteen			Thirteen
			Weeks Ended			Weeks Ended
			March 31, 2015			April 1, 2014
	Labor expenses		$	1,546		$	1,340
	Other operating costs and expenses		73			47
	General and administrative expenses		3,112			2,452
	Total stock-based compensation		4,731			3,839
	Income tax benefit		1,810			1,469
	Total stock-based compensation, net of taxes		$	2,921		$	2,370
	Capitalized stock-based compensation (1)		$	67		$	48
		-1		It is our policy to capitalize the portion of stock-based compensation costs for our internal development and construction, legal, and facilities departments that relates to capitalizable activities such as the design and construction of new restaurants, remodeling existing locations, lease, intellectual property and liquor license acquisition activities and equipment installation.  Capitalized stock-based compensation is included in property and equipment, net and other assets on the consolidated balance sheets.
	Stock Options
	The weighted average fair value at the grant date for options issued during the first quarter of fiscal 2015 and 2014 was $14.17 and $15.48 per option, respectively.  The fair value of options was estimated utilizing the Black-Scholes valuation model with the following weighted average assumptions for the first quarter of fiscal 2015 and 2014, respectively: (a) an expected option term of 6.6 and 6.5 years, (b) expected stock price volatility of 31.3% and 32.9%, (c) a risk-free interest rate of 1.9% and 2.2%, and (d) a dividend yield on our stock of 1.4% and 1.2%.
	Stock option activity during the thirteen weeks ended March 31, 2015 was as follows:
			Shares		Weighted			Weighted	Aggregate
					Average			Average	Intrinsic Value(1)
					Exercise Price			Remaining
								Contractual
								Term
			(In thousands)		(Per share)			(In years)	(In thousands)
	Outstanding at December 30, 2014		4,023		$	26.34		3.7	$	97,406
	Granted		312		48.01
	Exercised		(280	)	20.25
	Forfeited or cancelled		(12	)	24.87
	Outstanding at March 31, 2015		4,043		$	28.43		3.9	$	84,484
	Exercisable at March 31, 2015		2,434		$	24.64		2.9	$	60,095
		-1		Aggregate intrinsic value is calculated as the difference between our closing stock price at fiscal period end and the exercise price, multiplied by the number of in-the-money options and represents the pretax amount that would have been received by the option holders, had they all exercised their options on the fiscal period end date.
	The total intrinsic value of options exercised during the thirteen weeks ended March 31, 2015 and April 1, 2014 was $8.5 million and $8.9 million, respectively.  As of March 31, 2015, the total unrecognized stock-based compensation expense related to unvested stock options was $14.2 million, which we expect to recognize over a weighted average period of approximately 2.5 years.
	Restricted Shares and Restricted Share Units
	Restricted share and restricted share unit activity during the thirteen weeks ended March 31, 2015 was as follows:
			Shares		Weighted
					Average
					Fair Value
			(In thousands)		(Per share)
	Outstanding at December 30, 2014		1,820		$	37.12
	Granted		297		48.48
	Vested		(213	)	26.89
	Forfeited		(39	)	35.4
	Outstanding at March 31, 2015		1,865		$	40.14
	Fair value of our restricted shares and restricted share units is based on our closing stock price on the date of grant.  The weighted average fair value at the grant date for restricted shares and restricted share units issued during the first quarters of fiscal 2015 and fiscal 2014 was $48.48 and $48.11, respectively.  The fair value of shares that vested during the thirteen weeks ended March 31, 2015 and April 1, 2014 was $5.7 million and $3.7 million, respectively.  As of March 31, 2015, total unrecognized stock-based compensation expense related to unvested restricted shares and restricted share units was $46.3 million, which we expect to recognize over a weighted average period of approximately 3.3 years.

Net_Income_Per_Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2015
Net Income Per Share
Net Income Per Share	7.  Net Income Per Share
	At March 31, 2015 and April 1, 2014, 1.9 million and 1.8 million shares, respectively, of restricted stock issued to employees were unvested and, therefore, excluded from the calculation of basic earnings per share for the fiscal quarters ended on those dates.  Diluted net income per share includes the dilutive effect of outstanding equity awards, calculated using the treasury stock method.  Assumed proceeds from the in-the-money options include the windfall tax benefits, net of shortfalls, calculated under the “as-if” method as prescribed by FASB Accounting Standards Codification (“ASC”) 718, “Compensation — Stock Option Compensation.”
		Thirteen		Thirteen
		Weeks Ended		Weeks Ended
		March 31, 2015		April 1, 2014
		(In thousands, except per share data)
	Net income	$	28,423	$	22,518
	Basic weighted average shares outstanding	49,225		50,745
	Dilutive effect of equity awards	1,877		2,099
	Diluted weighted average shares outstanding	51,102		52,844
	Basic net income per share	$	0.58	$	0.44
	Diluted net income per share	$	0.56	$	0.43
	Shares of common stock equivalents of 1.1 million and 0.7 million for the thirteen weeks ended March 31, 2015 and April 1, 2014, respectively, were excluded from the diluted calculation due to their anti-dilutive effect.
	Certain of our restricted stock awards are considered participating securities as these awards include non-forfeitable rights to dividends with respect to unvested shares.  As such, they must be included in the computation of earnings per share pursuant to the two-class method.  Under the two-class method, a portion of net income is allocated to participating securities and, therefore, is excluded from the calculation of earnings per share allocated to common shares.  The calculation of basic and diluted earnings per share pursuant to the two-class method results in an immaterial difference from the amounts displayed in the consolidated statements of comprehensive income.

Segment_Information

Segment Information	3 Months Ended
	Mar. 31, 2015
Segment Information
Segment Information	8.  Segment Information
	For decision-making purposes, our management reviews discrete financial information for The Cheesecake Factory, Grand Lux Cafe and RockSugar Pan Asian Kitchen restaurants, our bakery division and our international licensing operations.  Based on quantitative thresholds set forth in ASC 280, “Segment Reporting,” The Cheesecake Factory is our only business that meets the criteria of a reportable operating segment.  Grand Lux Cafe, RockSugar Pan Asian Kitchen, bakery and international licensing operations are combined in Other. Unallocated corporate expenses, assets and capital expenditures are presented below as reconciling items to the amounts presented in the consolidated financial statements.
	Segment information is presented below (in thousands):
			Thirteen			Thirteen
			Weeks Ended			Weeks Ended
			March 31, 2015			April 1, 2014
	Revenues:
	The Cheesecake Factory restaurants		$	472,817		$	436,606
	Other		45,156			44,825
	Total		$	517,973		$	481,431
	Income from operations:
	The Cheesecake Factory restaurants (1)		$	66,701		$	57,990
	Other		6,063			4,426
	Corporate		(31,710		)	(29,343		)
	Total		$	41,054		$	33,073
	Capital expenditures:
	The Cheesecake Factory restaurants		$	16,822		$	28,115
	Other		3,566			994
	Corporate		3,763			991
	Total		$	24,151		$	30,100
	Depreciation and amortization:
	The Cheesecake Factory restaurants		$	17,668		$	16,754
	Other		2,494			2,591
	Corporate		1,015			906
	Total		$	21,177		$	20,251
			March 31, 2015			December 30, 2014
	Total assets:
	The Cheesecake Factory restaurants		$	819,036		$	861,697
	Other		154,955			154,033
	Corporate		154,735			160,722
	Total		$	1,128,726		$	1,176,452
		-1		Includes $0.2 million of lease termination expenses recorded during the first quarter of fiscal 2014 related to one The Cheesecake Factory restaurant.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Event
Subsequent Event	9.  Subsequent Events
	On April 21, 2015, our Board approved a cash dividend of $0.165 per share to be paid on May 19, 2015 to the stockholders of record on May 6, 2015.

Basis_of_Presentation_and_Sign1

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Basis of Presentation and Significant Accounting Policies
Recent Accounting Pronouncements
	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued accounting guidance that provides a comprehensive new revenue recognition model. This will supersede most of the existing revenue recognition requirements and will require entities to recognize revenue at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. This guidance is effective for us beginning in the first quarter of fiscal 2017 and is not expected to have a material impact on our financial statements.  Early adoption is not permitted. In April 2015, the FASB proposed a deferral of the effective date of the new revenue standard by one year, subject to the Board’s due process requirement.
	In April 2015, the FASB issued updated guidance intended to simplify, and provide consistency to, the presentation of debt issuance costs. The new standard requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted.  The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements.
	In February 2015, the FASB issued updated guidance which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities.  The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted.  The Company expects the adoption of this guidance to have no impact on its condensed consolidated financial statements.
	In June 2014, the FASB issued updated guidance intended to eliminate the diversity in practice regarding share-based payment awards that include terms which provide for a performance target that affects vesting being achieved after the requisite service period. The new standard requires that a performance target which affects vesting and could be achieved after the requisite service period be treated as a performance condition that affects vesting and should not be reflected in estimating the grant-date fair value.  The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted.  The Company expects the adoption of this guidance to have no impact on its condensed consolidated financial statements.

Inventories_Tables

Inventories (Tables)	3 Months Ended
	Mar. 31, 2015
Inventories
Schedule of inventories
	Inventories consisted of (in thousands):
		March 31, 2015		December 30, 2014
	Restaurant food and supplies	$	14,213	$	14,936
	Bakery finished goods and work in progress	12,803		13,236
	Bakery raw materials and supplies	5,509		5,083
	Total	$	32,525	$	33,255

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Stock-Based Compensation
Schedule of information related to stock-based compensation
	The following table presents information related to stock-based compensation (in thousands):
			Thirteen			Thirteen
			Weeks Ended			Weeks Ended
			March 31, 2015			April 1, 2014
	Labor expenses		$	1,546		$	1,340
	Other operating costs and expenses		73			47
	General and administrative expenses		3,112			2,452
	Total stock-based compensation		4,731			3,839
	Income tax benefit		1,810			1,469
	Total stock-based compensation, net of taxes		$	2,921		$	2,370
	Capitalized stock-based compensation (1)		$	67		$	48
		-1		It is our policy to capitalize the portion of stock-based compensation costs for our internal development and construction, legal, and facilities departments that relates to capitalizable activities such as the design and construction of new restaurants, remodeling existing locations, lease, intellectual property and liquor license acquisition activities and equipment installation.  Capitalized stock-based compensation is included in property and equipment, net and other assets on the consolidated balance sheets.
Schedule of stock option activity
			Shares		Weighted			Weighted	Aggregate
					Average			Average	Intrinsic Value(1)
					Exercise Price			Remaining
								Contractual
								Term
			(In thousands)		(Per share)			(In years)	(In thousands)
	Outstanding at December 30, 2014		4,023		$	26.34		3.7	$	97,406
	Granted		312		48.01
	Exercised		(280	)	20.25
	Forfeited or cancelled		(12	)	24.87
	Outstanding at March 31, 2015		4,043		$	28.43		3.9	$	84,484
	Exercisable at March 31, 2015		2,434		$	24.64		2.9	$	60,095
		-1		Aggregate intrinsic value is calculated as the difference between our closing stock price at fiscal period end and the exercise price, multiplied by the number of in-the-money options and represents the pretax amount that would have been received by the option holders, had they all exercised their options on the fiscal period end date.
Schedule of restricted share and restricted share unit activity			Shares		Weighted
					Average
					Fair Value
			(In thousands)		(Per share)
	Outstanding at December 30, 2014		1,820		$	37.12
	Granted		297		48.48
	Vested		(213	)	26.89
	Forfeited		(39	)	35.4
	Outstanding at March 31, 2015		1,865		$	40.14

Net_Income_Per_Share_Tables

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Net Income Per Share
Schedule of basic and diluted income (loss) per share		Thirteen		Thirteen
		Weeks Ended		Weeks Ended
		March 31, 2015		April 1, 2014
		(In thousands, except per share data)
	Net income	$	28,423	$	22,518
	Basic weighted average shares outstanding	49,225		50,745
	Dilutive effect of equity awards	1,877		2,099
	Diluted weighted average shares outstanding	51,102		52,844
	Basic net income per share	$	0.58	$	0.44
	Diluted net income per share	$	0.56	$	0.43

Segment_Information_Tables

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Information
Schedule of segment information
	Segment information is presented below (in thousands):
			Thirteen			Thirteen
			Weeks Ended			Weeks Ended
			March 31, 2015			April 1, 2014
	Revenues:
	The Cheesecake Factory restaurants		$	472,817		$	436,606
	Other		45,156			44,825
	Total		$	517,973		$	481,431
	Income from operations:
	The Cheesecake Factory restaurants (1)		$	66,701		$	57,990
	Other		6,063			4,426
	Corporate		(31,710		)	(29,343		)
	Total		$	41,054		$	33,073
	Capital expenditures:
	The Cheesecake Factory restaurants		$	16,822		$	28,115
	Other		3,566			994
	Corporate		3,763			991
	Total		$	24,151		$	30,100
	Depreciation and amortization:
	The Cheesecake Factory restaurants		$	17,668		$	16,754
	Other		2,494			2,591
	Corporate		1,015			906
	Total		$	21,177		$	20,251
			March 31, 2015			December 30, 2014
	Total assets:
	The Cheesecake Factory restaurants		$	819,036		$	861,697
	Other		154,955			154,033
	Corporate		154,735			160,722
	Total		$	1,128,726		$	1,176,452
		-1		Includes $0.2 million of lease termination expenses recorded during the first quarter of fiscal 2014 related to one The Cheesecake Factory restaurant.

Basis_of_Presentation_and_Sign2

Basis of Presentation and Significant Accounting Policies (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 30, 2014
Summary of Significant Accounting Policies
Length of fiscal year	364 days	364 days

Inventories_Details

Inventories (Details) (USD $)	Mar. 31, 2015	Dec. 30, 2014
In Thousands, unless otherwise specified
Inventories
Restaurant food and supplies	$14,213	$14,936
Bakery finished goods and work in progress	12,803	13,236
Bakery raw materials and supplies	5,509	5,083
Total	$32,525	$33,255

LongTerm_Debt_Details

Long-Term Debt (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Apr. 01, 2014	Oct. 16, 2013
	item
Long-term debt
Maximum commitments			$200,000,000
Maximum commitments, letter of credit sub facility			50,000,000
Additional available credit			100,000,000
Available borrowings	153,800,000
Outstanding borrowings	25,000,000
Outstanding letters of credit	21,200,000
Borrowings on credit facility	25,000,000	25,000,000
Multiplier of rent used to compute Adjusted Debt	8
Threshold amount of unrestricted cash and cash equivalents above which amounts are netted against debt for calculation of net adjusted leverage ratio	$25,000,000
Trailing period for which EBITDAR is computed	12 months
Net Adjusted Leverage Ratio	2.7
EBITDAR Ratio	2.9
Minimum
Long-term debt
Financial covenant, EBITDAR Ratio	1.9
Commitment fee (as a percent)	0.15%
Maximum
Long-term debt
Financial covenant, EBITDAR Ratio	4
Commitment fee (as a percent)	0.30%
Adjusted LIBO Rate
Long-term debt
Credit facility, floating interest rate basis	Adjusted LIBO Rate
Adjusted LIBO Rate | Minimum
Long-term debt
Credit facility, basis spread on variable rate, (as a percent)	1.00%
Adjusted LIBO Rate | Maximum
Long-term debt
Credit facility, basis spread on variable rate, (as a percent)	1.75%
Federal Funds Effective Rate
Long-term debt
Credit facility, floating interest rate basis	Federal Funds Effective Rate
Credit facility, basis spread on variable rate, (as a percent)	0.50%
One-month Adjusted LIBO Rate
Long-term debt
Credit facility, floating interest rate basis	one-month Adjusted LIBO Rate
Fixed percentage added to variable rate	1.00%
One-month Adjusted LIBO Rate | Minimum
Long-term debt
Credit facility, basis spread on variable rate, (as a percent)	0.00%
One-month Adjusted LIBO Rate | Maximum
Long-term debt
Credit facility, basis spread on variable rate, (as a percent)	0.75%

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	0 Months Ended	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Feb. 09, 2015	Mar. 31, 2015	Apr. 01, 2014	Dec. 30, 2014	Feb. 27, 2014	Jul. 31, 2013
Stockholders' Equity
Cash dividends declared per common share (in dollars per share)	$0.17	$0.17	$0.14
Stockholders Equity:
Repurchased shares since program inception		43,577,235		41,919,312
Value of shares repurchased since program inception		$1,239,041		$1,158,652
Treasury stock repurchased during period		80,389
Minimum
Stockholders Equity:
Number of shares authorized to be repurchased					1,400,000
Treasury Stock
Stockholders Equity:
Additional number of shares authorized to repurchase						7,500,000
Number of shares authorized to be repurchased		1,500,000				48,500,000
Repurchased shares since program inception		43,600,000
Value of shares repurchased since program inception		1,239,100
Shares repurchased during period		1,700,000
Treasury stock repurchased during period		$80,400

Stockholders_Equity_Details_2

Stockholders' Equity (Details 2) (USD $)	Jul. 21, 2014	Feb. 27, 2014	Feb. 27, 2015
In Millions, unless otherwise specified
Share Repurchase Program
Common stock repurchase authorized amount	$0.20	$75
Minimum
Share Repurchase Program
Number of shares authorized to be repurchased		1.4
Collared Accelerated Repurchase Program
Share Repurchase Program
Common stock repurchase authorized amount			$75
Collared Accelerated Repurchase Program | Minimum
Share Repurchase Program
Number of shares authorized to be repurchased			1.5
Collared Accelerated Repurchase Program | Maximum
Share Repurchase Program
Number of shares authorized to be repurchased			1.7

StockBased_Compensation_Detail

Stock-Based Compensation (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Apr. 01, 2014
Stock-based compensation
Total stock-based compensation	$4,731	$3,839
Income tax benefit	1,810	1,469
Total stock-based compensation, net of taxes	2,921	2,370
Capitalized stock-based compensation	67	48
Labor expenses
Stock-based compensation
Total stock-based compensation	1,546	1,340
Other operating costs and expenses
Stock-based compensation
Total stock-based compensation	73	47
General and administrative expenses
Stock-based compensation
Total stock-based compensation	$3,112	$2,452

StockBased_Compensation_Detail1

Stock-Based Compensation (Details 2) (USD $)	3 Months Ended		12 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Apr. 01, 2014	Dec. 30, 2014
Stock options
Stock-Based Compensation
Weighted average fair value at the grant date for options issued (in dollars per share)	$14.17	$15.48
Weighted average assumptions under Black-Scholes valuation model
Expected option term	6 years 7 months 6 days	6 years 6 months
Expected stock price volatility (as a percent)	31.30%	32.90%
Risk free interest rate (as a percent)	1.90%	2.20%
Dividend yield (as a percent)	1.40%	1.20%
Stock option activity, shares
Outstanding, at the beginning of the period (in shares)	4,023
Granted (in shares)	312
Exercised (in shares)	-280
Forfeited or cancelled (in shares)	-12
Outstanding at the end of the period (in shares)	4,043		4,023
Exercisable at the end of the period (in shares)	2,434
Weighted Average Exercise price
Outstanding at the beginning of the period (in dollars per share)	$26.34
Granted (in dollars per share)	$48.01
Exercised (in dollars per share)	$20.25
Forfeited or cancelled (in dollars per share)	$24.87
Outstanding at the end of the period (in dollars per share)	$28.43		$26.34
Exercisable at the end of the period (in dollars per share)	$24.64
Weighted Average Remaining Contractual Term
Outstanding at the beginning of the period	3 years 10 months 24 days		3 years 8 months 12 days
Outstanding at the end of the period	3 years 10 months 24 days		3 years 8 months 12 days
Exercisable at the end of the period	2 years 10 months 24 days
Aggregate Intrinsic Value
Outstanding at the beginning of the period	$97,406,000
Outstanding at the end of the period	84,484,000		97,406,000
Exercisable at the end of the period	60,095,000
Total intrinsic value of options exercised	8,500,000	8,900,000
Unrecognized Stock-based Compensation Expense
Total unrecognized stock-based compensation expenses related to unvested stock options, restricted shares and restricted share units	14,200,000
Expected weighted average period for recognition of compensation expense related to unvested stock option	2 years 6 months
Restricted stock
Unrecognized Stock-based Compensation Expense
Total unrecognized stock-based compensation expenses related to unvested stock options, restricted shares and restricted share units	46,300,000
Expected weighted average period for recognition of compensation expense related to unvested stock option	3 years 3 months 18 days
Restricted Shares and Restricted Share Units
Outstanding at the beginning of the period (in shares)	1,820
Granted (in shares)	297
Vested (in shares)	-213
Forfeited (in shares)	-39
Outstanding at the end of the period (in shares)	1,865		1,820
Fair value of shares vested	$5,700,000	$3,700,000
Weighted Average Fair Value
Outstanding at the beginning of the period (in dollars per share)	$37.12
Granted (in dollars per share)	$48.48		$48.11
Vested (in dollars per share)	$26.89
Forfeited (in dollars per share)	$35.40
Outstanding at the end of the period (in dollars per share)	$40.14		$37.12

Net_Income_Per_Share_Details

Net Income Per Share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Apr. 01, 2014
Net income per share
Antidilutive securities excluded from calculation of basic earnings per share (in shares)	1,100,000	700,000
Net income per share, basic and diluted
Net income	$28,423	$22,518
Basic weighted average shares outstanding (in shares)	49,225,000	50,745,000
Dilutive effect of equity awards (in shares)	1,877,000	2,099,000
Diluted weighted average shares outstanding (in shares)	51,102,000	52,844,000
Basic net income per share (in dollars per share)	$0.58	$0.44
Diluted net income per share (in dollars per share)	$0.56	$0.43
Restricted stock
Net income per share
Antidilutive securities excluded from calculation of basic earnings per share (in shares)	1,900,000	1,800,000

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Apr. 01, 2014	Dec. 30, 2014
Segment information
Revenues	$517,973,000	$481,431,000
Income from operations	41,054,000	33,073,000
Capital expenditures	24,151,000	30,100,000
Depreciation and amortization expense	21,177,000	20,251,000
Total assets	1,128,726,000		1,176,452,000
The Cheesecake Factory restaurants
Segment information
Revenues	472,817,000	436,606,000
Income from operations	66,701,000	57,990,000
Capital expenditures	16,822,000	28,115,000
Depreciation and amortization expense	17,668,000	16,754,000
Total assets	819,036,000		861,697,000
Pre-tax lease termination expenses		200,000
Number of restaurants for which impairment and lease termination expenses were recorded		1
Other
Segment information
Revenues	45,156,000	44,825,000
Income from operations	6,063,000	4,426,000
Capital expenditures	3,566,000	994,000
Depreciation and amortization expense	2,494,000	2,591,000
Total assets	154,955,000		154,033,000
Corporate
Segment information
Income from operations	-31,710,000	-29,343,000
Capital expenditures	3,763,000	991,000
Depreciation and amortization expense	1,015,000	906,000
Total assets	$154,735,000		$160,722,000

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	0 Months Ended	3 Months Ended		0 Months Ended
	Feb. 09, 2015	Mar. 31, 2015	Apr. 01, 2014	Apr. 21, 2015
Subsequent events
Cash dividends declared per common share (in dollars per share)	$0.17	$0.17	$0.14
Subsequent event
Subsequent events
Cash dividends declared per common share (in dollars per share)				$0.17