The Cheesecake Factory Incorporated (CAKE) 10-Q 11 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 04, 2017	May 03, 2017
Document and Entity Information
Entity Registrant Name	CHEESECAKE FACTORY INC
Entity Central Index Key	887,596
Document Type	10-Q
Document Period End Date	Apr. 4, 2017
Amendment Flag	false
Current Fiscal Year End Date	--01-02
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		47,963,946
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 04, 2017	Jan. 03, 2017
Current assets:
Cash and cash equivalents	$ 65,666	$ 53,839
Accounts receivable	12,460	15,632
Other receivables	32,328	64,592
Inventories	38,541	34,926
Prepaid expenses	52,585	52,438
Total current assets	201,580	221,427
Property and equipment, net	910,581	910,134
Other assets:
Intangible assets, net	23,214	23,054
Prepaid rent	41,362	42,162
Other	100,091	96,542
Total other assets	164,667	161,758
Total assets	1,276,828	1,293,319
Current liabilities:
Accounts payable	34,937	41,564
Income taxes payable	5,463	2,299
Gift card liability	127,618	153,629
Other accrued expenses	155,081	179,034
Total current liabilities	323,099	376,526
Deferred income taxes	85,587	82,401
Deferred rent	70,857	71,575
Deemed landlord financing liability	107,541	100,576
Other noncurrent liabilities	62,209	59,034
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; 95,043,540 and 94,672,037 issued at April 4, 2017 and January 3, 2017, respectively	951	947
Additional paid-in capital	784,172	774,137
Retained earnings	1,261,592	1,238,012
Treasury stock, 47,131,792 and 46,979,659 shares at cost at April 4, 2017 and January 3, 2017, respectively	(1,419,180)	(1,409,889)
Total stockholders' equity	627,535	603,207
Total liabilities and stockholders' equity	$ 1,276,828	$ 1,293,319

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 04, 2017	Jan. 03, 2017
CONDENSED 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	95,043,540	94,672,037
Treasury stock, shares	47,131,792	46,979,659

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 04, 2017	Mar. 29, 2016
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Revenues	$ 563,426	$ 553,693
Costs and expenses:
Cost of sales	129,139	130,773
Labor expenses	193,835	185,658
Other operating costs and expenses	135,650	129,557
General and administrative expenses	36,287	35,337
Depreciation and amortization expenses	23,196	21,464
Impairment of assets and lease terminations	786
Preopening costs	970	2,310
Total costs and expenses	519,863	505,099
Income from operations	43,563	48,594
Interest and other expense, net	(1,256)	(2,304)
Income before income taxes	42,307	46,290
Income tax provision	7,264	12,336
Net income	$ 35,043	$ 33,954
Net income per share:
Basic (in dollars per share)	$ 0.74	$ 0.70
Diluted (in dollars per share)	$ 0.71	$ 0.68
Weighted average shares outstanding:
Basic (in shares)	47,634	48,518
Diluted (in shares)	49,210	50,037
Cash dividends declared per common share (in dollars per share)	$ 0.24	$ 0.20

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Apr. 04, 2017 - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Total
Balance at Jan. 03, 2017	$ 947	$ 774,137	$ 1,238,012	$ (1,409,889)	$ 603,207
Balance (in shares) at Jan. 03, 2017	94,672
Increase (Decrease) in Stockholders' Equity
Net income			35,043		35,043
Cash dividends declared			(11,463)		(11,463)
Stock-based compensation		4,671			4,671
Common stock issued under stock-based compensation plans	$ 4	5,364			5,368
Common stock issued under stock-based compensation plans (in shares)	372
Treasury stock purchases				(9,291)	(9,291)
Balance at Apr. 04, 2017	$ 951	$ 784,172	$ 1,261,592	$ (1,419,180)	$ 627,535
Balance (in shares) at Apr. 04, 2017	95,044

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2017	Mar. 29, 2016
Cash flows from operating activities:
Net income	$ 35,043	$ 33,954
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization expenses	23,196	21,464
Deferred income taxes	3,186	3,161
Impairment of assets and lease terminations	786
Stock-based compensation	4,615	5,185
Tax impact of stock options exercised, net of cancellations		5,940
Other		834
Changes in assets and liabilities:
Accounts receivable	3,172	1,080
Other receivables	32,264	42,070
Inventories	(3,615)	(1,533)
Prepaid expenses	(147)	1,339
Other assets	(2,650)	(619)
Accounts payable	(3,560)	(509)
Income taxes receivable/payable	3,164	2,718
Other accrued expenses	(47,350)	(32,742)
Cash provided by operating activities	48,104	82,342
Cash flows from investing activities:
Additions to property and equipment	(19,223)	(22,441)
Additions to intangible assets	(302)	(620)
Investment in unconsolidated affiliates	(88)
Cash used in investing activities	(19,613)	(23,061)
Cash flows from financing activities:
Deemed landlord financing payments	(1,056)	(873)
Proceeds from exercise of stock options	5,368	11,645
Cash dividends paid	(11,685)	(9,939)
Treasury stock purchases	(9,291)	(50,046)
Cash used in financing activities	(16,664)	(49,213)
Net change in cash and cash equivalents	11,827	10,068
Cash and cash equivalents at beginning of period	53,839	43,854
Cash and cash equivalents at end of period	65,666	53,922
Supplemental disclosures:
Interest paid	1,627	1,483
Income taxes paid	894	909
Construction payable	$ 3,475	$ 4,601

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Apr. 04, 2017
Basis of Presentation and Significant Accounting Policies
Basis of Presentation and Significant Accounting Policies	1. Basis of Presentation and Significant Accounting Policies The accompanying condensed 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. All intercompany accounts and transactions for the periods presented have been eliminated in consolidation. 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 condensed 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 January 3, 2017 filed with the SEC on March 2, 2017. 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 2017 consists of 52 weeks and will end on January 2, 2018. Fiscal 2016, which ended on January 3, 2017, was a 53-week year. Impairment of Long-Lived Assets and Lease Terminations We assess the potential impairment of our long-lived assets whenever events or changes in circumstances indicate the carrying value of the assets or asset group may not be recoverable. Factors considered include, but are not limited to, significant underperformance relative to historical or projected future operating results, significant changes in the manner in which an asset is being used, an expectation that an asset will be disposed of significantly before the end of its previously estimated useful life and significant negative industry or economic trends. We regularly review restaurants that are cash flow negative for the previous four quarters and those that are being considered for closure or relocation to determine if impairment testing is warranted. At any given time, we may be monitoring a small number of locations, and future impairment charges could be required if individual restaurant performance does not improve or we make the decision to close or relocate a restaurant. In the first quarter of fiscal 2017, we recorded $0.8 million of accelerated depreciation expense related to the planned relocation of one The Cheesecake Factory restaurant, and we expect to incur $0.4 million of accelerated depreciation and impairment expense related to this relocation in the second quarter of fiscal 2017. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued guidance affecting all entities that issue share-based payment awards to their employees. This update covers such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. This guidance is effective for annual and interim periods beginning after December 15, 2016. We adopted these provisions prospectively in the first quarter of fiscal 2017. This guidance requires the tax impact of stock options exercised and vested restricted stock to be recorded in the income tax provision instead of additional paid-in capital, which decreased our income tax provision by $3.9 million in the first quarter of fiscal 2017. In addition, the excess tax benefit related to stock options exercised is no longer reclassified from cash flows from operating activities to cash flows from financing activities on the consolidated statements of cash flows. In this filing, we adjusted the prior year consolidated statements of cash flows to conform to the current year presentation. We will continue to estimate forfeitures each period, so there is no change associated with forfeitures. In February 2016, the FASB issued guidance that requires a lessee to recognize on the balance sheet a liability to make lease payments and a corresponding right-of-use asset. The standard also requires certain qualitative and quantitative disclosures about the amount, timing and uncertainty of cash flows arising from leases. This update is effective for annual and interim periods beginning after December 15, 2018 and requires a modified retrospective approach. Although early adoption is permitted, we will adopt these provisions in the first quarter of fiscal 2019. This guidance will have a material effect on our condensed consolidated financial statements. In July 2015, the FASB issued guidance that requires inventory within the scope of the standard to be measured at the lower of cost or net realizable value. Previous guidance required inventory to be measured at the lower of cost or market (where market was defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin). This guidance was effective for fiscal years beginning after December 15, 2016, with early adoption permitted. Our adoption of this guidance in the first quarter of fiscal 2017 had an immaterial impact on our condensed consolidated financial statements. In May 2014, the FASB issued accounting guidance that provides a comprehensive new revenue recognition model that supersedes most of the existing revenue recognition requirements and require entities to recognize revenue at an amount that reflects the consideration to which a company expects to be entitled in exchange for transferring goods or services to a customer. In August 2015, the FASB deferred the effective date of this standard by one year with early adoption permitted no earlier than the original effective date. The guidance is now effective for us beginning in the first quarter of fiscal 2018. In March and April 2016, the FASB provided additional guidance related to implementation. This standard is not expected to have a material impact on our condensed consolidated financial statements.

Inventories

Inventories	3 Months Ended
	Apr. 04, 2017
Inventories
Inventories	2. Inventories Inventories consisted of (in thousands): April 4, 2017 January 3, 2017 Restaurant food and supplies $ $ Bakery finished goods and work in progress Bakery raw materials and supplies Total $ $

Long-Term Debt

Long-Term Debt	3 Months Ended
	Apr. 04, 2017
Long-Term Debt
Long-Term Debt	3. Long-Term Debt We maintain a $200 million unsecured revolving credit facility (“Facility”), $50 million of which 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, which matures on December 22, 2020, contains a commitment increase feature that could provide for an additional $100 million in available credit upon our request and subject to the participating lenders electing to increase their commitments or by means of the addition of new lenders. Certain of our material subsidiaries guarantee our obligations under the Facility. We did not borrow or repay any amounts under the Facility during the first quarter of fiscal 2017. At April 4, 2017, we had net availability for borrowings of $178 million, based on a zero outstanding debt balance and $22.0 million in standby letters of credit. We are subject to certain financial covenants under the Facility requiring us to maintain (i) a maximum “Net Adjusted Leverage Ratio” of 4.0 and (ii) a minimum EBITDAR to interest and rental expense ratio (“EBITDAR Ratio”) of 1.9, with each of the capitalized terms in this note 3 as defined in the Facility. The Facility also sets forth negative covenants that restrict indebtedness, liens, investments, sales of assets, fundamental changes and other matters, including limits on cash distributions with respect to our equity interests, such as cash dividends and share repurchases. Our Net Adjusted Leverage and EBITDAR Ratios, as defined in the Facility, were 2.4 and 3.0, respectively, at April 4, 2017, and we were in compliance with all covenants in effect at that date. Borrowings under the Facility bear interest, at our option, at a rate per annum 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 sum of (a) the highest of (1) the rate of interest publicly announced by JPMorgan Chase Bank as its prime rate in effect, (2) the greater of the Federal Funds Effective Rate or the Overnight Bank Funding Rate, in either case plus 0.5%, and (3) the one-month Adjusted LIBO Rate plus 1.0%, plus (b) a margin ranging from 0.00% to 0.75% based on our Net Adjusted Leverage Ratio (each as defined in the Facility). We also pay customary fees on the unused portion of the Facility and on our outstanding letters of credit.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 04, 2017
Commitments and Contingencies
Commitments and Contingencies	4. Commitments and Contingencies 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. On June 27, 2016, we gave notice to the court that Case Nos. CIV1504091 and BC603620 described below may be related. 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. However, it is not possible at this time to reasonably estimate the outcome of or any potential liability from this matter and, accordingly, we have not reserved for any potential future payments. On May 28, 2015, a group of current and former restaurant hourly employees filed a class action lawsuit in the United States District Court for the Eastern District of New York, alleging that the Company violated the Fair Labor Standards Act and New York Labor Code, by requiring employees to purchase uniforms for work and violated the State of New York’s minimum wage and overtime provisions (Guglielmo v. The Cheesecake Factory Restaurants, Inc., et al; Case No 2:15-CV-03117). On September 8, 2015, the Company filed its response to the complaint, requesting the court to compel arbitration against opt-in plaintiffs with valid arbitration agreements. On July 21, 2016, the court issued an order confirming the agreement of the parties to dismiss all class claims with prejudice and to allow the case to proceed as a collective action at a limited number of the Company’s restaurants in the State of New York. The plaintiffs are seeking unspecified amounts of penalties and other monetary payments. We intend to vigorously defend this action. However, it is not possible at this time to reasonably estimate the outcome of or any potential liability from this matter and, accordingly, we have not reserved for any potential future payments. On November 10, 2015, a current restaurant hourly employee filed a class action lawsuit in the Marin County Superior Court, alleging that the Company failed to provide complete and accurate wage statements as set forth in the California Labor Code. On January 26, 2016, the plaintiff filed a First Amended Complaint. The lawsuit seeks unspecified penalties under California’s Private Attorneys General Act (“PAGA”) in addition to other monetary payments (Brown v. The Cheesecake Factory Restaurants, Inc.; Case No. CIV1504091). On April 18, 2016, the court granted our motion to compel individual arbitration of the plaintiff’s wage statement claim and stayed the PAGA claim until completion of the individual arbitration. On June 28, 2016, we gave notice to the court that Case Nos. 30-2015-00775529 and BC603620 may be related. On September 6, 2016, the parties engaged in settlement discussion and reached agreement on the terms of a final settlement agreement. On February 21, 2017, the court granted the parties’ motion for preliminary approval of the class action settlement, and preliminarily enjoined the plaintiffs in Case Nos. 30-2015-00775529 and 37-2014-00040278 from prosecuting any claims released in Case No. CIV1504091. The final settlement agreement will be subject to final court approval and is intended to be a full and final resolution of Case No. CIV150491 and a partial resolution of cases Nos. 30-2015-00775529 and BC603620. Based on the current status of this matter, we have reserved an immaterial amount in anticipation of settlement. On December 10, 2015, a former restaurant management employee filed a class action lawsuit in the Los Angeles County Superior Court, alleging that the Company improperly classified its managerial employees, failed to pay overtime, and failed to provide accurate wage statements, in addition to other claims. The lawsuit seeks unspecified penalties under PAGA in addition to other monetary payments (Tagalogon v. The Cheesecake Factory Restaurants, Inc.; Case No. BC603620). On March 23, 2016, the parties issued their joint status conference statement at which time we gave notice to the court that Case Nos. 30-2015-00775529 and CIV1504091 may be related. On April 29, 2016, the Company filed its response to the complaint. We intend to vigorously defend this action. However, it is not possible at this time to reasonably estimate the outcome of or any potential liability from this matter and, accordingly, we have not reserved for any potential future payments. On April 24, 2016, a class action lawsuit was filed in the United States District Court for the Eastern District of New York alleging that the Company violated the New York deceptive business practices statute by improperly calculating suggested gratuities on split payment checks (Rodriguez v. The Cheesecake Factory Restaurants, Inc.; Case No. 2:16-cv-02006-JFB-AKT). The lawsuit seeks unspecified penalties in addition to other monetary payments. On September 1, 2016, the Company filed a motion to dismiss the plaintiff’s complaint. On October 10, 2016, the plaintiff filed an amended complaint to limit the scope of the complaint to the State of New York only. The parties are waiting for a ruling on the Company’s motion to dismiss. We intend to vigorously defend this action. However, it is not possible at this time to reasonably estimate the outcome of or any potential liability from this matter and, accordingly, we have not reserved for any potential future payments. During the first quarter of fiscal 2017, the Internal Revenue Service (“IRS”) issued its examination report for tax years 2010, 2011 and 2012 in which they disallowed a total of $12.9 million of our §199 Domestic Production Activity Deductions for the subject years. On February 27, 2017 we submitted a Protest Memorandum indicating our disagreement with the disallowance and requesting a review of our case by the Appeals Division of the IRS. Our case is now under the jurisdiction of the Appeals Division and has been assigned to an Appeals Team Case Leader in the Los Angeles Appeals office. We intend to vigorously defend our position and, based on our analysis of the law, regulations and relevant facts, we believe our position will be sustained. Based on the current status of this matter, we have not reserved for any potential future payments. On February 3, 2017, a class action lawsuit was filed in the United States District Court for the Southern District of Florida, alleging that the Company violated the Fair and Accurate Credit Transaction Act, by failing to properly censor consumer credit or debit card information. (Muransky v. The Cheesecake Factory Incorporated; Case No. 0:17-cv-60229-JEM). On February 21, 2017 and February 28, 2017, two additional lawsuits were filed in California and New York, respectively, alleging similar claims to Case No. 0:17-cv-60229-JEM. (Tibbits v. The Cheesecake Factory Incorporated; Case No. 1:17-cv-00968 ( E.D.N.Y.); Zhang v. The Cheesecake Factory Incorporated; Case No 8:17-cv-00357 (C.D. Cal.)). The lawsuits seek unspecified penalties in addition to other monetary payments. We intend to vigorously defend these actions. However, it is not possible at this time to reasonably estimate the outcome of or any potential liability from these matters and, accordingly, we have not reserved for any potential future payments. On February 3, 2017, five present and former restaurant hourly employees 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 failing to provide accurate wage statements, among other claims. (Abdelaziz v. The Cheesecake Factory Restaurants, Inc., et al; Case No 37-2016-00039775-CU-OE-CTL). The lawsuit seeks unspecified penalties under PAGA in addition to other monetary payments. The Company will notify the courts that Case Nos. 0:17-cv-60229-JEM, 1:17-cv-00968, and 8:17-cv-00357 are related and will seek to consolidate all related cases in a single venue. We intend to vigorously defend this action. However, it is not possible at this time to reasonably estimate the outcome of or any potential liability from this matter and, accordingly, we have not reserved for any potential future payments. On February 22, 2017, a group of present and former restaurant hourly employees 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, furnish proper wage statements, and maintain accurate payroll records, among other claims. (Rodriguez v. The Cheesecake Factory Restaurants, Inc., et al; Case No 37-2017-00006571-CU-OE-CTL). The lawsuit seeks unspecified penalties under PAGA in addition to other monetary payments on behalf of the plaintiffs and other purported class members. We intend to vigorously defend this action. However, it is not possible at this time to reasonably estimate the outcome of or any potential liability from this matter and, accordingly, 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. Legal costs related to such claims are expensed as incurred.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Apr. 04, 2017
Stockholders' Equity
Stockholders' Equity	5. Stockholders’ Equity On February 16, 2017, our Board of Directors (“Board”) declared a quarterly cash dividend of $0.24 per share that was paid on March 21, 2017 to the stockholders of record at the close of business on March 8, 2017. Future decisions to pay or to increase or decrease dividends are at the discretion of the Board and will be dependent on our operating performance, financial condition, capital expenditure requirements, limitations on cash distributions pursuant to the terms and conditions of our Facility and such other factors that the Board considers relevant. On July 21, 2016, our Board increased the authorization to repurchase our common stock by 7.5 million shares to 56.0 million shares. Under this and all previous authorizations, we cumulatively repurchased 47.1 million shares at a total cost of $1,419.2 million through April 4, 2017, including 0.2 million shares at a cost of $9.3 million during the first quarter of fiscal 2017. Repurchased common stock is reflected as a reduction of stockholders’ equity. Share repurchases have been executed in accordance with Rule 10b5-1 and Rule 10b-18 of the Securities Act of 1934 (the “Act”) based on plans adopted from time to time by our Board in furtherance of its repurchase authorization. Repurchases made during the first quarter of fiscal 2017 were made under Rule 10b5-1 and Rule 10b-18 plans that were adopted by our Board on October 20, 2016, effective from January 3, 2017 through June 30, 2017 and from February 27, 2017 through March 3, 2017, respectively. 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. All purchases in the open market are made in compliance with Rule 10b-18. 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 and growth capital contributions to North Italia and Flower Child, 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 regard 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.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Apr. 04, 2017
Stock-Based Compensation
Stock-Based Compensation	6. Stock-Based Compensation The following table presents information related to stock-based compensation, net of forfeitures (in thousands): Thirteen Thirteen Labor expenses $ $ Other operating costs and expenses General and administrative expenses Total stock-based compensation Income tax benefit Total stock-based compensation, net of taxes $ $ Capitalized stock-based compensation (1) $ $ (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, liquor license acquisition activities and equipment installation. Capitalized stock-based compensation is included in property and equipment, net and other assets on the condensed consolidated balance sheets. Stock Options The weighted average fair value at the grant date for options issued during the first quarter of fiscal 2017 and 2016 was $14.88 and $12.10 per share, 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 2017 and 2016, respectively: (a) an expected option term of 6.9 years and 6.8 years, (b) expected stock price volatility of 24.4% and 26.3%, (c) a risk-free interest rate of 2.3% and 1.6%, and (d) a dividend yield on our stock of 1.6% and 1.6%. Stock option activity during the thirteen weeks ended April 4, 2017 was as follows: Shares Weighted Weighted Aggregate (In thousands) (Per share) (In years) (In thousands) Outstanding at January 3, 2017 $ $ Granted Exercised ) Forfeited or cancelled ) Outstanding at April 4, 2017 $ $ Exercisable at April 4, 2017 $ $ (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 pre-tax 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 April 4, 2017 and March 29, 2016 was $6.7 million and $16.2 million, respectively. As of April 4, 2017, total unrecognized stock-based compensation expense related to unvested stock options was $9.4 million, which we expect to recognize over a weighted average period of approximately 3.3 years. Restricted Shares and Restricted Share Units Restricted share and restricted share unit activity during the thirteen weeks ended April 4, 2017 was as follows: Shares Weighted (In thousands) (Per share) Outstanding at January 3, 2017 $ Granted Vested ) Forfeited ) Outstanding at April 4, 2017 $ 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 for restricted shares and restricted share units issued during the first quarter of fiscal 2017 and fiscal 2016 was $61.29 and $49.93, respectively. The fair value of shares that vested during the thirteen weeks ended April 4, 2017 and March 29, 2016 was $11.0 million and $8.4 million, respectively. As of April 4, 2017, total unrecognized stock-based compensation expense related to unvested restricted shares and restricted share units was $53.3 million, which we expect to recognize over a weighted average period of approximately 2.9 years.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Apr. 04, 2017
Net Income Per Share
Net Income Per Share	7. Net Income Per Share Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period, reduced by unvested restricted stock awards. Diluted net income per share reflects the impact of outstanding equity awards, calculated using the treasury stock method. As of April 4, 2017 and March 29, 2016, we excluded 0.6 million and 1.2 million shares, respectively, of common stock equivalents from the diluted calculation due to their anti-dilutive effect. Thirteen Thirteen (In thousands, except per share data) Net income $ $ Basic weighted average shares outstanding Dilutive effect of equity awards Diluted weighted average shares outstanding Basic net income per share $ $ Diluted net income per share $ $

Segment Information

Segment Information	3 Months Ended
	Apr. 04, 2017
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 Rock Sugar 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, Rock Sugar Pan Asian Kitchen, bakery and international licensing are combined in Other. Unallocated corporate expenses, assets and capital expenditures are presented below as reconciling items to the amounts presented in the condensed consolidated financial statements. Segment information is presented below (in thousands): Thirteen Thirteen Revenues: The Cheesecake Factory restaurants $ $ Other Total $ $ Income/(loss) from operations: The Cheesecake Factory restaurants (1) $ $ Other Corporate ) ) Total $ $ Capital expenditures: The Cheesecake Factory restaurants $ $ Other Corporate Total $ $ Depreciation and amortization: The Cheesecake Factory restaurants $ $ Other Corporate Total $ $ April 4, 2017 January 3, 2017 Total assets: The Cheesecake Factory restaurants $ $ Other Corporate Total $ $ (1) Includes $0.8 million incurred in the first quarter of fiscal 2017 of accelerated depreciation expense related to the planned relocation of one The Cheesecake Factory restaurant. This amount was recorded in impairment of assets and lease terminations in the condensed consolidated statements of income.

Subsequent Events

Subsequent Events	3 Months Ended
	Apr. 04, 2017
Subsequent Events
Subsequent Events	9. Subsequent Events On April 26, 2017, we provided a combined $9 million of additional growth capital to North Italia and Flower Child. On April 27, 2017, our Board declared a quarterly cash dividend of $0.24 per share to be paid on May 30, 2017 to the stockholders of record at the close of business on May 17, 2017. On April 27, 2017, our Board approved the adoption of a Rule 10b-18 plan, which will be effective from May 8, 2017 through May 19, 2017 and the adoption of a Rule 10b5-1 plan, which will be effective from July 5, 2017 through December 29, 2017. See Note 5 for further discussion of our repurchase authorization and methods.

Basis of Presentation and Sig16

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 04, 2017
Basis of Presentation and Significant Accounting Policies
Impairment of Long-Lived Assets and Lease Terminations	Impairment of Long-Lived Assets and Lease Terminations We assess the potential impairment of our long-lived assets whenever events or changes in circumstances indicate the carrying value of the assets or asset group may not be recoverable. Factors considered include, but are not limited to, significant underperformance relative to historical or projected future operating results, significant changes in the manner in which an asset is being used, an expectation that an asset will be disposed of significantly before the end of its previously estimated useful life and significant negative industry or economic trends. We regularly review restaurants that are cash flow negative for the previous four quarters and those that are being considered for closure or relocation to determine if impairment testing is warranted. At any given time, we may be monitoring a small number of locations, and future impairment charges could be required if individual restaurant performance does not improve or we make the decision to close or relocate a restaurant. In the first quarter of fiscal 2017, we recorded $0.8 million of accelerated depreciation expense related to the planned relocation of one The Cheesecake Factory restaurant, and we expect to incur $0.4 million of accelerated depreciation and impairment expense related to this relocation in the second quarter of fiscal 2017.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued guidance affecting all entities that issue share-based payment awards to their employees. This update covers such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. This guidance is effective for annual and interim periods beginning after December 15, 2016. We adopted these provisions prospectively in the first quarter of fiscal 2017. This guidance requires the tax impact of stock options exercised and vested restricted stock to be recorded in the income tax provision instead of additional paid-in capital, which decreased our income tax provision by $3.9 million in the first quarter of fiscal 2017. In addition, the excess tax benefit related to stock options exercised is no longer reclassified from cash flows from operating activities to cash flows from financing activities on the consolidated statements of cash flows. In this filing, we adjusted the prior year consolidated statements of cash flows to conform to the current year presentation. We will continue to estimate forfeitures each period, so there is no change associated with forfeitures. In February 2016, the FASB issued guidance that requires a lessee to recognize on the balance sheet a liability to make lease payments and a corresponding right-of-use asset. The standard also requires certain qualitative and quantitative disclosures about the amount, timing and uncertainty of cash flows arising from leases. This update is effective for annual and interim periods beginning after December 15, 2018 and requires a modified retrospective approach. Although early adoption is permitted, we will adopt these provisions in the first quarter of fiscal 2019. This guidance will have a material effect on our condensed consolidated financial statements. In July 2015, the FASB issued guidance that requires inventory within the scope of the standard to be measured at the lower of cost or net realizable value. Previous guidance required inventory to be measured at the lower of cost or market (where market was defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin). This guidance was effective for fiscal years beginning after December 15, 2016, with early adoption permitted. Our adoption of this guidance in the first quarter of fiscal 2017 had an immaterial impact on our condensed consolidated financial statements. In May 2014, the FASB issued accounting guidance that provides a comprehensive new revenue recognition model that supersedes most of the existing revenue recognition requirements and require entities to recognize revenue at an amount that reflects the consideration to which a company expects to be entitled in exchange for transferring goods or services to a customer. In August 2015, the FASB deferred the effective date of this standard by one year with early adoption permitted no earlier than the original effective date. The guidance is now effective for us beginning in the first quarter of fiscal 2018. In March and April 2016, the FASB provided additional guidance related to implementation. This standard is not expected to have a material impact on our condensed consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Apr. 04, 2017
Inventories
Schedule of inventories	Inventories consisted of (in thousands): April 4, 2017 January 3, 2017 Restaurant food and supplies $ $ Bakery finished goods and work in progress Bakery raw materials and supplies Total $ $

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Apr. 04, 2017
Stock-Based Compensation
Schedule of information related to stock-based compensation, net of forfeitures	The following table presents information related to stock-based compensation, net of forfeitures (in thousands): Thirteen Thirteen Labor expenses $ $ Other operating costs and expenses General and administrative expenses Total stock-based compensation Income tax benefit Total stock-based compensation, net of taxes $ $ Capitalized stock-based compensation (1) $ $ (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, liquor license acquisition activities and equipment installation. Capitalized stock-based compensation is included in property and equipment, net and other assets on the condensed consolidated balance sheets.
Schedule of stock option activity	Shares Weighted Weighted Aggregate (In thousands) (Per share) (In years) (In thousands) Outstanding at January 3, 2017 $ $ Granted Exercised ) Forfeited or cancelled ) Outstanding at April 4, 2017 $ $ Exercisable at April 4, 2017 $ $ (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 pre-tax 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 (In thousands) (Per share) Outstanding at January 3, 2017 $ Granted Vested ) Forfeited ) Outstanding at April 4, 2017 $

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Apr. 04, 2017
Net Income Per Share
Schedule of basic and diluted income per share	Thirteen Thirteen (In thousands, except per share data) Net income $ $ Basic weighted average shares outstanding Dilutive effect of equity awards Diluted weighted average shares outstanding Basic net income per share $ $ Diluted net income per share $ $

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Apr. 04, 2017
Segment Information
Schedule of segment information	Segment information is presented below (in thousands): Thirteen Thirteen Revenues: The Cheesecake Factory restaurants $ $ Other Total $ $ Income/(loss) from operations: The Cheesecake Factory restaurants (1) $ $ Other Corporate ) ) Total $ $ Capital expenditures: The Cheesecake Factory restaurants $ $ Other Corporate Total $ $ Depreciation and amortization: The Cheesecake Factory restaurants $ $ Other Corporate Total $ $ April 4, 2017 January 3, 2017 Total assets: The Cheesecake Factory restaurants $ $ Other Corporate Total $ $ (1) Includes $0.8 million incurred in the first quarter of fiscal 2017 of accelerated depreciation expense related to the planned relocation of one The Cheesecake Factory restaurant. This amount was recorded in impairment of assets and lease terminations in the condensed consolidated statements of income.

Basis of Presentation and Sig21

Basis of Presentation and Significant Accounting Policies (Details)	3 Months Ended	12 Months Ended
	Apr. 04, 2017	Jan. 03, 2017
Basis of Presentation and Significant Accounting Policies
Length of fiscal year	P364D	P371D

Summary of Significant Accounti

Summary of Significant Accounting Policies - Impairment of Long-Lived Assets and Lease Terminations (Details) $ in Thousands	3 Months Ended
	Jul. 04, 2017USD ($)	Apr. 04, 2017USD ($)item
Impairment of long-lived assets and lease terminations
Impairment of assets and lease terminations		$ 786
The Cheesecake Factory restaurants
Impairment of long-lived assets and lease terminations
Impairment of assets and lease terminations		$ 800
Number of restaurants related to planned relocation | item		1
The Cheesecake Factory restaurants | Forecast
Impairment of long-lived assets and lease terminations
Impairment of assets and lease terminations	$ 400

Summary of Significant Accoun23

Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2017	Mar. 29, 2016
Recent Accounting Pronouncements
Income tax provision	$ 7,264	$ 12,336
Accounting Standards Update 2016-09
Recent Accounting Pronouncements
Income tax provision	$ (3,900)

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Apr. 04, 2017	Jan. 03, 2017
Inventories
Restaurant food and supplies	$ 16,278	$ 16,555
Bakery finished goods and work in progress	16,068	12,121
Bakery raw materials and supplies	6,195	6,250
Total	$ 38,541	$ 34,926

Long-Term Debt (Details)

Long-Term Debt (Details) $ in Millions	3 Months Ended
	Apr. 04, 2017USD ($)
Long-Term Debt
Maximum commitments	$ 200
Maximum commitments, letter of credit sub-facility	50
Additional available credit	100
Available borrowings	178
Outstanding borrowings	0
Outstanding letters of credit	$ 22
Net Adjusted Leverage Ratio	2.4
EBITDAR Ratio	3
Minimum
Long-Term Debt
Financial covenant, EBITDAR Ratio	1.9
Maximum
Long-Term Debt
Financial covenant, EBITDAR Ratio	4
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%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Feb. 28, 2017item	Feb. 03, 2017item	Apr. 04, 2017USD ($)
Commitments and contingencies
Number of additional lawsuits filed	2
Number of present and former restaurant hourly employees filed a class action lawsuit		5
Internal Revenue Service (IRS)
Commitments and contingencies
Tax disallowance | $			$ 12.9

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 16, 2017	Apr. 04, 2017	Mar. 29, 2016	Jan. 03, 2017	Jul. 21, 2016	Jul. 20, 2016
Stockholders Equity:
Cash dividends declared per common share (in dollars per share)	$ 0.24	$ 0.24	$ 0.20
Repurchased shares since program inception		47,131,792		46,979,659
Value of shares repurchased since program inception		$ 1,419,180		$ 1,409,889
Treasury stock repurchased during period		$ 9,291
Treasury Stock
Stockholders Equity:
Number of shares authorized to be repurchased					56,000,000	7,500,000
Repurchased shares since program inception		47,100,000
Value of shares repurchased since program inception		$ 1,419,200
Shares repurchased during period		200,000
Treasury stock repurchased during period		$ 9,300

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2017	Mar. 29, 2016
Stock-Based Compensation
Total stock-based compensation	$ 4,615	$ 5,185
Income tax benefit	1,765	1,983
Total stock-based compensation, net of taxes	2,850	3,202
Capitalized stock-based compensation	56	73
Labor expenses
Stock-Based Compensation
Total stock-based compensation	1,746	1,256
Other operating costs and expenses
Stock-Based Compensation
Total stock-based compensation	98	50
General and administrative expenses
Stock-Based Compensation
Total stock-based compensation	$ 2,771	$ 3,879

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Apr. 04, 2017	Mar. 29, 2016	Jan. 03, 2017
Stock Options
Stock Options
Weighted average fair value at the grant date for options issued (in dollars per share)	$ 14.88	$ 12.10
Weighted average assumptions under Black-Scholes valuation model
Expected option term	6 years 10 months 24 days	6 years 9 months 18 days
Expected stock price volatility (as a percent)	24.40%	26.30%
Risk free interest rate (as a percent)	2.30%	1.60%
Dividend yield (as a percent)	1.60%	1.60%
Stock option activity, Shares
Outstanding, at beginning of the period (in shares)	1,955
Granted (in shares)	194
Exercised (in shares)	(196)
Forfeited or cancelled (in shares)	(26)
Outstanding at end of the period (in shares)	1,927		1,955
Exercisable at end of the period (in shares)	1,188
Weighted Average Exercise Price
Outstanding at beginning of the period (in dollars per share)	$ 37.65
Granted (in dollars per share)	61.59
Exercised (in dollars per share)	27.39
Forfeited or cancelled (in dollars per share)	46.54
Outstanding at end of the period (in dollars per share)	40.98		$ 37.65
Exercisable at end of year (in dollars per share)	$ 34.80
Weighted Average Remaining Contractual Term (In years)
Weighted Average Remaining Contractual Term (In years)	4 years 4 months 24 days		4 years
Exercisable at end of the period (In years)	3 years 3 months 18 days
Aggregate Intrinsic Value
Outstanding at beginning of the period	$ 42,592
Outstanding at end of the period	43,373		$ 42,592
Exercisable at end of the period	34,091
Total intrinsic value of options exercised	6,700	$ 16,200
Unrecognized Stock-based Compensation Expense
Total unrecognized stock-based compensation expenses related to unvested stock options, restricted shares and restricted share units	$ 9,400
Expected weighted average period for recognition of compensation expense related to unvested stock option	3 years 3 months 18 days
Restricted stock
Restricted Shares and Restricted Share Units, Shares
Outstanding at beginning of the period (in shares)	1,861
Granted (in shares)	273
Vested (in shares)	(270)
Forfeited (in shares)	(30)
Outstanding at end of the period (in shares)	1,834		1,861
Fair value of shares vested	$ 11,000	$ 8,400
Weighted Average Fair Value
Outstanding at beginning of the period (in dollars per share)	$ 45.11
Granted (in dollars per share)	61.29	$ 49.93
Vested (in dollars per share)	40.58
Forfeited (in dollars per share)	44.12
Outstanding at end of the period (in dollars per share)	$ 48.20		$ 45.11
Unrecognized Stock-based Compensation Expense
Total unrecognized stock-based compensation expenses related to unvested stock options, restricted shares and restricted share units	$ 53,300
Expected weighted average period for recognition of compensation expense related to unvested stock option	2 years 10 months 24 days

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 04, 2017	Mar. 29, 2016
Net Income Per Share
Antidilutive securities excluded from calculation of basic earnings per share (in shares)	600	1,200
Net income per share, basic and diluted
Net income	$ 35,043	$ 33,954
Basic weighted average shares outstanding (in shares)	47,634	48,518
Dilutive effect of equity awards (in shares)	1,576	1,519
Diluted weighted average shares outstanding (in shares)	49,210	50,037
Basic net income per share (in dollars per share)	$ 0.74	$ 0.70
Diluted net income per share (in dollars per share)	$ 0.71	$ 0.68

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended
	Apr. 04, 2017USD ($)item	Mar. 29, 2016USD ($)	Jan. 03, 2017USD ($)
Segment Information
Revenues	$ 563,426	$ 553,693
Income/(loss) from operations	43,563	48,594
Capital expenditures	19,223	22,441
Depreciation and amortization	23,196	21,464
Total assets	1,276,828		$ 1,293,319
Impairment of assets and lease terminations	786
The Cheesecake Factory restaurants
Segment Information
Revenues	515,234	506,316
Income/(loss) from operations	70,543	74,292
Capital expenditures	18,143	21,432
Depreciation and amortization	19,037	18,252
Total assets	905,136		950,372
Impairment of assets and lease terminations	$ 800
Number of restaurants related to planned relocation | item	1
Other
Segment Information
Revenues	$ 48,192	47,377
Income/(loss) from operations	6,638	6,912
Capital expenditures	365	693
Depreciation and amortization	2,977	2,075
Total assets	155,618		157,842
Corporate
Segment Information
Income/(loss) from operations	(33,618)	(32,610)
Capital expenditures	715	316
Depreciation and amortization	1,182	$ 1,137
Total assets	$ 216,074		$ 185,105

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 27, 2017	Apr. 26, 2017	Feb. 16, 2017	Apr. 04, 2017	Mar. 29, 2016
Subsequent Events
Cash dividends declared per common share (in dollars per share)			$ 0.24	$ 0.24	$ 0.20
Subsequent Events
Subsequent Events
Cash dividends declared per common share (in dollars per share)	$ 0.24
Subsequent Events | North Italia and Flower Child
Subsequent Events
Additional growth capital		$ 9