The Cheesecake Factory Incorporated (CAKE) 10-Q 22 Jun 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information 10Q - shares	3 Months Ended
	Mar. 31, 2020	Jun. 15, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2020
Entity File Number	0-20574
Entity Registrant Name	THE CHEESECAKE FACTORY INCORPORATED
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0340466
Entity Address, Address Line One	26901 Malibu Hills Road
Entity Address, City or Town	Calabasas Hills
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91301
City Area Code	818
Local Phone Number	871-3000
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	CAKE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,462,133
Entity Central Index Key	0000887596
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 81,023	$ 58,416
Accounts receivable	22,862	25,619
Income taxes receivable	49,179	4,626
Other receivables	27,283	64,683
Inventories	47,822	47,225
Prepaid expenses	42,489	43,946
Total current assets	270,658	244,515
Property and equipment, net	818,283	831,599
Other assets:
Intangible assets, net	254,401	437,207
Operating lease assets	1,257,428	1,240,976
Other	75,012	86,296
Total other assets	1,586,841	1,764,479
Total assets	2,675,782	2,840,593
Current liabilities:
Accounts payable	55,894	61,946
Gift card liabilities	161,215	187,978
Operating lease liabilities	123,189	128,081
Other accrued expenses	166,828	236,582
Total current liabilities	507,126	614,587
Deferred income taxes	23,838	33,847
Long-term debt	380,000	290,000
Operating lease liabilities	1,217,582	1,189,869
Other noncurrent liabilities	128,265	140,548
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock, $.01 par value, 5,000,000 shares authorized; none issued
Common stock, $.01 par value, 250,000,000 shares authorized; 97,452,351 and 97,685,178 shares issued at March 31, 2020 and December 31, 2019, respectively	985	977
Additional paid-in capital	861,641	855,989
Retained earnings	1,255,794	1,408,333
Treasury stock, 52,991,015 and 52,916,434 shares at cost at March 31, 2020 and December 31, 2019, respectively	(1,695,708)	(1,693,122)
Accumulated other comprehensive loss	(3,741)	(435)
Total stockholders' equity	418,971	571,742
Total liabilities and stockholders' equity	$ 2,675,782	$ 2,840,593

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	98,452,351	97,685,178
Treasury stock, shares	52,991,015	52,916,434

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Apr. 02, 2019
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Revenues	$ 615,106	$ 599,481
Costs and expenses:
Cost of sales	140,905	136,187
Labor expenses	236,982	217,310
Other operating costs and expenses	167,970	153,221
General and administrative expenses	43,960	39,123
Depreciation and amortization expenses	23,562	21,362
Impairment of assets and lease terminations	191,896
Acquisition-related costs	1,236
Acquisition-related contingent consideration, compensation and amortization	(4,466)
Preopening costs	3,119	2,130
Total costs and expenses	805,164	569,333
(Loss)/income from operations	(190,058)	30,148
Loss on investments in unconsolidated affiliates		(1,450)
Interest and other income/(expense), net	(1,518)	2
(Loss)/income before Income taxes	(191,576)	28,700
Income tax (benefit)/provision	(55,413)	1,716
Net (loss)/income	$ (136,163)	$ 26,984
Net (loss)/income per share:
Basic (in dollars per share)	$ (3.11)	$ 0.61
Diluted (in dollars per share)	$ (3.11)	$ 0.60
Weighted average shares outstanding:
Basic (in shares)	43,773	44,255
Diluted (in shares)	43,773	44,984

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Apr. 02, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net (loss)/income	$ (136,163)	$ 26,984
Other comprehensive (loss)/gain:
Foreign currency translation adjustment	(936)	239
Unrealized loss on derivative, net of tax	(2,370)
Other comprehensive (loss)/gain	(3,306)	239
Total comprehensive (loss)/income	$ (139,469)	$ 27,223

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss	Total
Increase (Decrease) in Stockholders' Equity
Cumulative effect of adopting the pronouncement related to lease accounting, net of tax			$ (41,466)			$ (41,466)
Balance (as adjusted)	$ 967	$ 828,676	1,343,028	$ (1,642,140)	$ (938)	529,593
Balance (as adjusted) (in shares)	96,622
Balance at Jan. 01, 2019	$ 967	828,676	1,384,494	(1,642,140)	(938)	571,059
Balance (in shares) at Jan. 01, 2019	96,622
Increase (Decrease) in Stockholders' Equity
Balance (as adjusted) (in shares)	97,384
Net (loss)/income			26,984			26,984
Foreign currency translation adjustment					239	239
Cash dividends declared			(14,952)			(14,952)
Stock-based compensation	$ 3	5,907				5,910
Stock-based compensation (in shares)	350
Common stock issued under stock-based compensation plans	$ 4	5,537				5,541
Common stock issued under stock-based compensation plans (in shares)	412
Treasury stock purchases				(11,071)		(11,071)
Balance at Apr. 02, 2019	$ 974	840,120	1,355,060	(1,653,211)	(699)	542,244
Balance (in shares) at Apr. 02, 2019	97,384
Increase (Decrease) in Stockholders' Equity
Balance (as adjusted) (in shares)	97,384
Balance (as adjusted) (in shares)	97,685
Balance at Dec. 31, 2019	$ 977	855,989	1,408,333	(1,693,122)	(435)	571,742
Balance (in shares) at Dec. 31, 2019	97,685
Increase (Decrease) in Stockholders' Equity
Balance (as adjusted) (in shares)	98,454
Net (loss)/income			(136,163)			(136,163)
Foreign currency translation adjustment					(936)	(936)
Change in derivative, net of tax					(2,370)	(2,370)
Cash dividends declared			(16,376)			(16,376)
Stock-based compensation	$ 6	5,541				5,547
Stock-based compensation (in shares)	566
Common stock issued under stock-based compensation plans	$ 2	111				113
Common stock issued under stock-based compensation plans (in shares)	203
Treasury stock purchases				(2,586)		(2,586)
Balance at Mar. 31, 2020	$ 985	$ 861,641	$ 1,255,794	$ (1,695,708)	$ (3,741)	$ 418,971
Balance (in shares) at Mar. 31, 2020	98,454
Increase (Decrease) in Stockholders' Equity
Balance (as adjusted) (in shares)	98,454

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	Feb. 18, 2020	Mar. 31, 2020	Apr. 02, 2019
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
Cash dividends declared per common share (in dollars per share)	$ 0.36	$ 0.36	$ 0.33

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Apr. 02, 2019
Cash flows from operating activities:
Net (loss)/income	$ (136,163)	$ 26,984
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization expenses	23,562	21,362
Impairment of assets and lease terminations	191,571
Deferred income taxes	(11,231)	1,792
Stock-based compensation	5,507	5,847
Loss from investments in unconsolidated affiliates		1,450
Changes in assets and liabilities:
Accounts and other receivables	38,312	43,295
Income taxes receivable/payable	(44,553)	(681)
Inventories	(605)	(3,142)
Prepaid expenses	1,452	(10,621)
Operating lease assets/liabilities	1,851	1,130
Other assets	13,279	(5,896)
Accounts payable	(3,464)	(11,623)
Gift Card Liabilities	(26,753)	(26,594)
Other accrued expenses	(85,745)	(9,787)
Cash (used in)/provided by operating activities	(32,980)	33,516
Cash flows from investing activities:
Additions to property and equipment	(15,775)	(13,351)
Additions to intangible assets	(128)	(96)
Investments in unconsolidated affiliates		(3,000)
Loans made to unconsolidated affiliates		(11,000)
Cash used in investing activities	(15,903)	(27,447)
Cash flows from financing activities:
Borrowings on credit facility	90,000	20,000
Repayments on credit facility		(10,000)
Proceeds from exercise of stock options	113	5,541
Cash dividends paid	(15,791)	(14,628)
Treasury stock purchases	(2,586)	(11,071)
Cash provided/(used) in financing activities	71,736	(10,158)
Foreign currency translation adjustment	(246)	40
Net change in cash and cash equivalents	22,607	(4,049)
Cash and cash equivalents at beginning of period	58,416	26,578
Cash and cash equivalents at end of period	81,023	22,529
Supplemental disclosures:
Interest paid	253	316
Income taxes paid	352	566
Construction payable	$ 3,945	$ 2,670

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Significant Accounting Policies
Significant Accounting Policies	1. Significant Accounting Policies ​ Basis of Presentation ​ 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”) and are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). 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 that may be achieved 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 December 31, 2019 filed with the SEC on March 11, 2020 (“fiscal 2019 10-K”). ​ On October 2, 2019, we completed the acquisition of North Italia and the remaining business of Fox Restaurant Concepts LLC, including Flower Child and all other FRC brands (the "Acquisitions"). The results of operations, financial position and cash flows of the acquired businesses are included in our consolidated financial statements as of the acquisition date. ​ We utilize a 52/53-week fiscal year ending on the Tuesday closest to December 31 for financial reporting purposes. Fiscal 2020 consists of 52 weeks and will end on December 29, 2020. Fiscal 2019, which ended on December 31, 2019, was also a 52-week year. ​ Use of Estimates ​ 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. ​ COVID-19 Pandemic ​ The Company is subject to risks and uncertainties as a result of the outbreak of, and local, state and federal governmental responses to, the COVID-19 pandemic which was declared a National Public Health Emergency on March 13, 2020. We have experienced significant disruptions to our business due to suggested and mandated social distancing and shelter-in-place orders, which resulted in the temporary closure of a number of restaurants across our portfolio, while the remaining locations shifted to an off-premise only operating model on an interim basis. In late April 2020, certain jurisdictions began allowing the reopening of restaurant dining rooms. As of June 22, 2020, we have reopened dining rooms in 194 locations across our concepts, however we will be operating under capacity restrictions for some time as social distancing protocols remain in place. As of March 31, 2020 and June 22, 2020 respectively, 33 and 19 of our restaurants were temporarily closed and 261 and 81 restaurants were operating in an off-premise only model. ​ In response to the pandemic, the Company and its Board of Directors implemented the following measures to preserve liquidity and enhance financial flexibility: ​ ● Eliminated non-essential capital expenditures and expenses; ● Suspended new unit development; ● Reduced board, executive and corporate support staff compensation; ● Furloughed approximately 41,000 hourly staff members; ● Engaged in discussions with our landlords regarding ongoing rent obligations, including the potential deferral, abatement and/or restructuring of rent otherwise payable during the period of the COVID-19 pandemic related closure; ● Increased borrowings under our revolving credit facility; ● Raised additional equity capital; and ● Suspended the dividend on our common stock and share repurchases. ​ We cannot predict how long the COVID-19 pandemic will last or whether it will reoccur, what additional restrictions may be enacted, to what extent we can maintain off-premise sales volumes or if individuals will be comfortable returning to our dining rooms during or following social distancing protocols, and what long-lasting effects the COVID-19 pandemic may have on the restaurants industry as a whole. The extent of the reopening process, along with the potential impact of the COVID-19 pandemic on consumer spending behavior, will determine the significance of the impact to our operating results and financial position. ​ In addition, these considerable developments have triggered the need to perform impairment assessments of our long-lived assets, goodwill and other intangible assets and a revaluation of contingent consideration associated with the acquisition of Fox Restaurant Concepts LLC. Future changes in estimates could further impact the carrying value of these items. (See Notes 3 and 4 for further discussion of impairment of long-lived and intangible assets, respectively. See Note 8 for further discussion of the revaluation of contingent consideration.) ​ See “Risk Factors” included in Part II, Item 1A for further discussion of risks associated with the COVID-19 pandemic. ​ Derivative Financial Instruments ​ We recognize derivative financial instruments on the balance sheet at fair value under a Level 2 categorization. Our only derivative is an interest rate swap which is designated as a cash flow hedge. Therefore, the effective portion of the changes in fair value are recognized in accumulated other comprehensive income until the hedged item is recognized in earnings, and the ineffective portion of changes in the fair value are immediately recognized in earnings as interest expense. We classify cash inflows and outflows from derivatives within operating activities on the consolidated statements of cash flows. See Note 7 for further discussion of this interest rate swap. ​ Recent Accounting Pronouncements ​ In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The update eliminates, adds and modifies certain disclosure requirements for fair value measurements. We adopted this standard as of the beginning of fiscal 2020 and such adoption did not have a significant impact on our consolidated financial statements.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2020
Inventories
Inventories	2. Inventories ​ Inventories consisted of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 December 31, 2019 Restaurant food and supplies ​ $ 23,131 ​ $ 25,057 Bakery finished goods and work in progress ​ 18,247 ​ 16,000 Bakery raw materials and supplies ​ 6,444 ​ 6,168 Total ​ $ 47,822 ​ $ 47,225 ​

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets	3 Months Ended
	Mar. 31, 2020
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets	3. Impairment of Long-Lived Assets ​ We assess the potential impairment of our long-lived assets on an annual basis or whenever events or changes in circumstances indicate the carrying value of the assets or asset group may not be recoverable. Due to the significant impact of the COVID-19 pandemic on our operations, we determined it was necessary to perform an interim test of our long-lived assets during the first quarter of fiscal 2020. Based on the results of these assessments, we recorded $8.9 million of expense primarily related to the impairment of one The Cheesecake Factory, one North Italia, two Other FRC and four Other restaurants. These amounts are recorded in impairment of assets and lease terminations on the consolidated statements of income.

Intangible Assets, net

Intangible Assets, net	3 Months Ended
	Mar. 31, 2020
Intangible Assets, net
Intangible Assets, net	4. Intangible Assets, net ​ The following table presents the components of our intangible assets, net (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 Indefinite-lived intangible assets: ​ ​ Goodwill ​ $ 1,451 ​ $ 78,355 Trade names and trademarks ​ 233,567 ​ 337,027 Transferable alcoholic beverage licenses ​ 8,545 ​ 8,575 Total indefinite-lived intangible assets ​ 243,563 ​ 423,957 Definite-lived intangible assets, net: ​ ​ ​ Licensing agreements ​ 7,627 ​ 10,060 Non-transferable alcoholic beverage licenses ​ 3,211 ​ 3,190 Total definite-lived intangible assets ​ 10,838 ​ 13,250 Total intangible assets, net ​ $ 254,401 ​ $ 437,207 ​ During the first quarter of fiscal 2020, we finalized our purchase accounting for the Acquisitions, increasing goodwill by $2.5 million with an offsetting decrease in trade names and trademarks. ​ Goodwill and other indefinite-lived intangible assets are tested for impairment annually as of the first day of our fiscal fourth quarter or on an interim basis if events or changes in circumstances between annual tests indicate a potential impairment. Definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable based on estimated undiscounted future cash flows. ​ Due to the decrease in our stock price coupled with the dining room closures related to the COVID-19 pandemic and significant decline to the equity value of our peers and overall U.S. stock market, we determined it was necessary to perform an interim assessment of our indefinite and definite-lived intangible assets during the first quarter of fiscal 2020. For the goodwill impairment test, the estimated fair value of the reporting units was determined using a blend of the income and market capitalization approaches. For the income approach, we performed a discounted cash flow analysis. The fair value of the other indefinite-lived assets was estimated using the relief from royalty method. There were a number of estimates and significant judgments made by management in performing these evaluations, such as future unit growth, average unit volumes, cash flows and discount rates. Accordingly, actual results could vary significantly from such estimates. Based on the results of these assessments, we recorded impairment expense of $79.4 million, $101.0 million and $2.3 million related to goodwill, trade names and trademarks, and licensing agreements, respectively. More than half of the total impairment amount was driven by the impact on our market capitalization, with the balance related to lower future cash flow estimates. The reduced projections stemmed primarily from our decision to delay fiscal 2020 unit development, thereby moving our expected unit growth trajectory out by one year. The cash flow estimates assumed that average unit volumes and margins would substantially return to pre-COVID-19 levels by mid-fiscal 2021.

Gift Cards

Gift Cards	3 Months Ended
	Mar. 31, 2020
Gift Cards
Gift Cards	5. Gift Cards ​ The following tables present information related to gift cards (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen ​ Thirteen ​ ​ Weeks Ended ​ Weeks Ended Gift card liabilities: March 31, 2020 April 2, 2019 Beginning balance ​ $ 187,978 ​ $ 172,336 Activations ​ 17,340 ​ 20,373 Redemptions and breakage ​ (44,103) ​ (46,964) Ending balance ​ $ 161,215 ​ $ 145,745 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen ​ Thirteen ​ ​ Weeks Ended ​ Weeks Ended ​ March 31, 2020 April 2, 2019 Gift card contract assets: (1) ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 23,172 ​ $ 23,388 Deferrals ​ 2,203 ​ 2,596 Amortization ​ (4,690) ​ (4,711) Ending balance ​ $ 20,685 ​ $ 21,273 (1) Included in prepaid expenses on the condensed consolidated balance sheets.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases
Leases	6. Leases ​ Components of lease expense were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Thirteen ​ ​ March 31, 2020 ​ April 2, 2019 Operating ​ $ 33,041 ​ $ 26,427 Variable ​ 15,828 ​ 16,335 Short-term ​ 129 ​ 77 Total ​ $ 48,998 ​ $ 42,839 ​ Supplemental information related to leases (in thousands, except percentages): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Thirteen ​ Cash paid for amounts included in the measurement of lease liabilities: ​ March 31, 2020 ​ April 2, 2019 ​ Operating cash flows from operating leases ​ $ 30,760 ​ $ 24,213 ​ Right-of-use assets obtained in exchange for new operating lease liabilities ​ ​ 14,929 ​ ​ 5,768 ​ ​

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2020
Long-Term Debt
Long-Term Debt	7. Long-Term Debt ​ On July 30, 2019, we entered into a Third Amended and Restated Loan Agreement (the “Facility”), which amends and restates in its entirety our prior Second Amended and Restated Loan Agreement dated as of December 22, 2015. The Facility, which terminates on July 30, 2024, provides us with revolving loan commitments that total $400 million (of which $40 million may be used for issuances of letters of credit). The Facility contains a commitment increase feature that could provide for an additional $200 million in available credit upon our request and subject to the participating lenders electing to increase their commitments or new lenders being added to the Facility. At March 31, 2020, we had net availability for borrowings of $0.6 million, based on a $380.0 million outstanding debt balance and $19.4 million in standby letters of credit. During the first quarter of fiscal 2020, we increased our borrowings under the Facility to bolster our cash position and enhance financial flexibility given the impact of the COVID-19 pandemic on our operations. ​ At March 31, 2020, we were subject to certain financial covenants under the Facility requiring us to maintain (i) a maximum "Net Adjusted Leverage Ratio" of 4.75 and (ii) a minimum ratio of EBITDAR to interest and rent expense of 1.9 ("EBITDAR Ratio"), as well as customary events of default that, if triggered, could result in acceleration of the maturity of the Facility. The Facility also limits cash distributions with respect to our equity interests, such as cash dividends and share repurchases, based on a defined ratio, and also sets forth negative covenants that restrict indebtedness, liens, investments, sales of assets, fundamental changes and other matters. ​ At March 31, 2020. borrowings under the Facility bore interest, at our option, at a rate equal to either: (i) the adjusted LIBO Rate (as customarily defined) (the “Adjusted LIBO Rate”) plus a margin that is based on our net adjusted leverage ratio, or (ii) the sum of (a) the highest of (1) the rate of interest last quoted by The Wall Street Journal as the prime rate in effect in the United States, (2) the greater of the rate calculated by the Federal Reserve Bank of New York as the effective federal funds rate or the rate that is published by the Federal Reserve Bank of New York as an 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 that is based on our net adjusted leverage ratio. Letters of credit issued under the Facility bear fees that are equivalent to the interest rate margin that is applicable to revolving loans that bear interest at the adjusted LIBO Rate plus other customary fees charged by the issuing bank. Under the Facility, we paid certain customary loan origination fees and will pay an unused fee on the unused portion of the Facility that is also based on our Net Adjusted Leverage Ratio. Our Net Adjusted Leverage and EBITDAR Ratios were 4.3 and 2.3, respectively, at March 31, 2020, and we were in compliance with all covenants in effect at that date. ​ Our obligations under the Facility are unsecured. Certain of our material subsidiaries have guaranteed our obligations under the Facility. The Facility will be used for our general corporate purposes, including for the issuance of standby letters of credit to support our self-insurance programs, and to fund dividends, stock repurchases and permitted acquisitions. ​ As further discussed in Note 15, on May 1, 2020, we amended the Facility to provide additional financial flexibility, including relief of certain of the covenants discussed above. ​ On March 13, 2020, we entered into an interest rate swap agreement to manage our exposure to interest rate movements on our Facility. The agreement became effective on April 1, 2020 and matures on April 1, 2025. The interest rate swap entitles us to receive a variable rate of interest based on the one-month LIBO rate in exchange for the payment of a fixed interest rate of 0.802%. The notional amount of the swap agreement is $280.0 million through March 31, 2023 and $140.0 million from April 1, 2023 through April 1, 2025. The differences between the variable LIBO rate and the interest rate swap rate are settled monthly. We did not make any payments to settle the interest rate swap during the three months ended March 31, 2020. At March 31, 2020, the fair value of our interest rate swap was a liability of $3.1 million and was included in long-term other liabilities in the condensed consolidated balance sheet. Changes in the valuation of the interest rate swap were included as a component of other comprehensive income and will be reclassified to earnings as realized. ​ We classified this interest rate swap within Level 2 of the valuation hierarchy described in Note 8. Our counterparty under this arrangement provided monthly statements of the market values of these instruments based on significant inputs that were observable or could be derived principally from, or corroborated by, observable market data for substantially the full term of the asset or liability. The impact on the derivative liabilities for the Company’s and the counterparty’s non-performance risk to the derivative trades was considered when measuring the fair value of derivative liabilities.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Measurements
Fair Value Measurements	8. Fair Value Measurements ​ Fair value measurements are estimated based on valuation techniques and inputs categorized as follows: ​ ● Level 1: Quoted prices in active markets for identical assets or liabilities. ● Level 2: Observable inputs other than quoted prices in active markets for identical assets and liabilities ● Level 3: Unobservable inputs in which little or no market activity exists, therefore requiring the Company to develop its own assumptions ​ The following tables present the components and classification of our assets and liabilities that are measured at fair value on a recurring basis (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ Level 1 Level 2 Level 3 Assets (Liabilities) ​ ​ ​ Non-qualified deferred compensation assets ​ $ 63,836 ​ $ — ​ $ — Non-qualified deferred compensation liabilities ​ (64,679) ​ — ​ — Interest rate swap ​ — ​ (3,141) ​ — Acquisition-related deferred consideration ​ — ​ (55,405) ​ — Acquisition-related contingent consideration and compensation liabilities ​ — ​ — ​ (7,280) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ Level 1 ​ Level 2 ​ Level 3 Assets (Liabilities) ​ ​ ​ Non-qualified deferred compensation assets ​ $ 77,228 ​ $ — ​ $ — Non-qualified deferred compensation liabilities ​ (76,255) ​ — ​ — Acquisition-related deferred consideration ​ — ​ (53,933) ​ — Acquisition-related contingent consideration and compensation liabilities ​ — ​ — ​ (13,218) ​ The fair value of the acquisition-related contingent consideration and compensation liabilities was determined utilizing a Monte Carlo model based on estimated future revenues, margins and volatility factors, among other variables and estimates and has no minimum or maximum payment. The undiscounted range of outcomes per the Monte Carlo model was $ 0 to $ 35.6 million. Results could change materially if different estimates and assumptions were used. The following table presents a reconciliation of the beginning and ending amounts of the fair value of the acquisition-related contingent consideration and compensation liabilities, categorized as Level 3 (in thousands): ​ ​ ​ ​ ​ Balance, December 31, 2019 $ 13,218 Change in fair value ​ (5,938) Balance, March 31, 2020 ​ $ 7,280 ​ The significant change in the fair value of the contingent consideration during the first quarter of fiscal 2020 related to the impact of the COVID-19 pandemic on the estimated cash flows used in the valuation, primarily stemming from the delay of future new restaurant openings. ​ The fair values of our cash and cash equivalents, accounts receivable, income taxes receivable, other receivables, prepaid expenses, accounts payable, income taxes payable and other accrued expenses approximate their carrying amounts due to their short duration.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	9. Commitments and Contingencies ​ On June 7, 2018, the California Department of Industrial Relations issued a $4.2 million wage citation jointly against the Company and our vendor that provides janitorial services to eight of our Southern California restaurants, alleging that the janitorial vendor or its subcontractor failed to comply with various provisions of the California Labor Code (Wage Citation Case No. 35-CM-188798-16). The wage citation seeks to recover penalties and other monetary payments on behalf of the employees that worked for this vendor or its subcontractor. On June 28, 2018, we filed an appeal of the wage citation. On June 11, 2020, the DLSE postponed the hearing on the Company’s appeal due to safety concerns related to the COVID-19 pandemic. 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 June 22, 2018, the Internal Revenue Service issued a Notice of Deficiency in which they disallowed $8.0 million of our §199 Domestic Production Activities Deduction for tax years 2010, 2011 and 2012. On September 11, 2018 we petitioned the United States Tax Court for a redetermination of the deficiency. The tax court has assigned docket number 18150-18 to our case. We intend to vigorously defend our position in litigation and based on our analysis of the law, regulations and relevant facts, 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 amount of reasonably possible losses resulting from 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
	Mar. 31, 2020
Stockholders' Equity
Stockholders' Equity	10. Stockholders’ Equity ​ On February 18, 2020, our Board of Directors (“Board”) approved a quarterly cash dividend of $0.36 per share that was paid ​ Under authorization by our Board to repurchase up to 56.0 million shares of our common stock, we have cumulatively repurchased 53.0 million shares at a total cost of $1,695.7 million through March 31, 2020, including 0.1 million shares at a cost of $2.6 million repurchased during the first quarter of fiscal 2020. Our objectives regarding 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. 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. We make the determination to repurchase shares based on several factors, including current and forecasted operating cash flows, capital needs associated with new restaurant development and maintenance of existing locations, dividend payments, debt levels and cost of borrowing, obligations associated with the Acquisitions, our share price and current market conditions. The timing and number of shares repurchased are also subject to legal constraints and financial covenants under the Facility that limit share repurchases based on a defined ratio. ​ To preserve liquidity during the COVID-19 pandemic and in conjunction with the terms of our Facility, as amended on May 1, 2020, our Board of Directors suspended the quarterly dividend on our common stock, as well as share repurchases. (See Notes 7 and 15 for further discussion of our Facility.) As further discussed in Note 15, to increase our liquidity given the impact of the COVID-19 pandemic on our operations, we sold

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Stock-Based Compensation
Stock-Based Compensation	11. Stock-Based Compensation ​ On April 5, 2017, our Board approved an amendment to our 2010 Stock Incentive Plan to increase the number of shares of common stock reserved for grant under the plan to 12.7 million shares from 9.2 million shares. This amendment was approved by our stockholders at our annual meeting held on June 8, 2017. On April 4, 2019, our Board adopted The Cheesecake Factory Incorporated Stock Incentive Plan. This plan was approved by our stockholders at our annual meeting held on May 30, 2019. The maximum number of shares of common stock available for grant under this plan is 4.8 million shares plus 1.8 million shares, which, as of May 30, 2019, were available for issuance under our 2010 Stock Incentive Plan plus 1.9 million shares which may become available for issuance under The Cheesecake Factory Incorporated Stock Incentive Plan due to forfeiture or lapse of awards under our 2010 Stock Incentive Plan following May 30, 2019. Approximately 4.8 million of these shares were available for grant as of March 31, 2020. ​ The following table presents information related to stock-based compensation, net of forfeitures (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen ​ Thirteen ​ ​ ​ Weeks Ended ​ Weeks Ended ​ ​ March 31, 2020 April 2, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Labor expenses ​ $ 1,966 ​ $ 1,720 ​ Other operating costs and expenses ​ 70 ​ 69 ​ General and administrative expenses ​ 3,471 ​ 4,058 ​ Total stock-based compensation ​ 5,507 ​ 5,847 ​ Income tax benefit ​ 1,353 ​ 1,438 ​ Total stock-based compensation, net of taxes ​ $ 4,154 ​ $ 4,409 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized stock-based compensation (1) ​ $ 40 ​ $ 63 ​ (1) It is our policy to capitalize the portion of stock-based compensation costs for our internal development department that relates to capitalizable activities such as the design and construction of new restaurants, remodeling existing locations and equipment installation. Capitalized stock-based compensation is included in property and equipment, net 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 2020 and 2019 was $6.66 and $9.90 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 2020 and 2019, respectively: (a) an expected option term of 6.9 years in both periods, (b) expected stock price volatility of 25.7% and 26.3%, (c) a risk-free interest rate of 1.5% and 2.6%, and (d) a dividend yield on our stock of 3.6% and 2.9%. ​ Stock option activity during the thirteen weeks ended March 31, 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Weighted ​ Remaining ​ ​ ​ ​ ​ ​ ​ Average ​ Contractual ​ Aggregate ​ ​ Shares ​ Exercise Price ​ Term ​ Intrinsic Value (1) ​ ​ (In thousands) ​ (Per share) ​ (In years) ​ (In thousands) Outstanding at December 31, 2019 1,829 ​ $ 47.32 4.3 ​ $ 844 Granted 654 ​ 40.16 ​ ​ ​ ​ ​ Exercised (4) ​ 29.79 ​ ​ ​ ​ ​ Forfeited or cancelled — ​ — ​ ​ ​ ​ ​ Outstanding at March 31, 2020 2,479 ​ $ 45.46 5.5 ​ $ 10,687 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at March 31, 2020 1,239 ​ $ 46.79 3.0 ​ $ 6,380 (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 March 31, 2020 and April 2, 2019 was $35.6 million and $3.4 million, respectively. As of March 31, 2020, total unrecognized stock-based compensation expense related to unvested stock options was $10.5 million, which we expect to recognize over a weighted-average period of approximately 4.0 years. ​ Restricted Shares and Restricted Share Units ​ Restricted share and restricted share unit activity during the thirteen weeks ended March 31, 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ Shares Fair Value ​ ​ (In thousands) ​ (Per share) Outstanding at December 31, 2019 1,764 ​ $ 47.76 Granted 579 ​ 40.01 Vested (208) ​ 51.38 Forfeited (70) ​ 55.70 Outstanding at March 31, 2020 2,065 ​ $ 44.96 ​ 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 2020 and 2019 was $40.01 and $46.03, respectively. The fair value of shares that vested during the first quarter of fiscal 2020 and 2019 was $10.4 million and $11.1 million, respectively. As of March 31, 2020, total unrecognized stock-based compensation expense related to unvested restricted shares and restricted share units was $47.3 million, which we expect to recognize over a weighted-average period of approximately 3.4 years.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Taxes
Income Taxes	12. Income Taxes ​ On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. Intended to provide economic relief to those impacted by the COVID-19 pandemic, the CARES Act includes provisions allowing for the carryback of net operating losses generated in fiscal years 2018, 2019 and 2020 and technical amendments regarding the expensing of qualified improvement property (“QIP”). As a result of the CARES Act, we expect to carry back our anticipated fiscal 2020 loss and reduce taxes payable for accelerated depreciation on QIP placed in service during fiscal 2018 and 2019. We expect to file carryback claims during fiscal 2021, and we estimate that these claims will generate cash refunds of approximately $36 million. ​ Our effective income tax rate was 28.9% and 6.0% for the first quarters of fiscal 2020 and 2019, respectively. The increase resulted primarily from a lower proportion of employment credits in relation to pre-tax (loss)/income and a benefit arising from the expected carryback of our anticipated fiscal 2020 loss to prior years when the federal statutory rate was 35%. Without the carryback provisions of the CARES Act, we would expect the fiscal 2020 loss to provide a tax benefit at the statutory rate of 21%. The 14% rate benefit is reflected primarily in the annual effective tax rate, although the portion representing prior year temporary differences that are estimated to reverse in fiscal 2020 and become part of the fiscal 2020 loss carryback was recognized as a discrete item in the first quarter of fiscal 2020. ​ We expect to have federal credit carryforwards of approximately $30 million at the end of fiscal 2020 compared to $14.3 million at December 31, 2019. This increase was driven primarily by our fiscal 2020 loss. We assess the available evidence to estimate if sufficient future taxable income will be generated to use these carryforwards, which have a 20-year carryforward period and are utilized on a first-in, first-out basis. Based on this evaluation, we concluded that no valuation allowance is required. This assessment could change if estimates of future taxable income during the carryforward period are revised. ​ As a result of the goodwill impairment discussed in Note 4, we recorded a deferred tax asset of $17.2 million in the first quarter of fiscal 2020.

Net (Loss)_Income Per Share

Net (Loss)/Income Per Share	3 Months Ended
	Mar. 31, 2020
Net (Loss)/Income Per Share
Net (Loss)/Income Per Share	13. Net (Loss)/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. As of March 31, 2020 and April 2, 2019, 2.1 million shares and 1.8 million shares, respectively, of restricted stock issued to staff members were unvested and, therefore, excluded from the calculation of basic earnings per share for the fiscal periods ended on those dates. Diluted net income per share includes the dilutive effect of outstanding equity awards, calculated using the treasury stock method. Shares of common stock equivalents of 3.8 million and 2.0 million as of March 31, 2020 and April 2, 2019, respectively, were excluded from the diluted calculation due to their anti-dilutive effect. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen ​ Thirteen ​ ​ ​ Weeks Ended ​ Weeks Ended ​ ​ March 31, 2020 April 2, 2019 ​ ​ (In thousands, except per share data) Net (loss)/income ​ $ (136,163) ​ $ 26,984 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average shares outstanding ​ 43,773 ​ 44,255 ​ Dilutive effect of equity awards ​ — ​ 729 ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted weighted average shares outstanding ​ 43,773 ​ 44,984 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net (loss)/income per share ​ $ (3.11) ​ $ 0.61 ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net (loss)/income per share ​ $ (3.11) ​ $ 0.60 ​ ​

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Information
Segment Information	14. Segment Information ​ Our operating segments , the businesses for which our management reviews discrete financial information for decision-making purposes, are comprised of The Cheesecake Factory, North Italia, Flower Child, the other FRC brands, our bakery division and Grand Lux Cafe. Based on quantitative thresholds set forth in FASB Accounting Standards Codification (" ASC”) 280, “Segment Reporting,” The Cheesecake Factory, North Italia and the other FRC brands are the only businesses that meet the criteria of a reportable operating segment. The remaining operating segments, including Flower Child, along with our businesses that don’t qualify as operating segments are combined in Other. Unallocated corporate expenses, capital expenditures and assets, which were previously classified in a separate Corporate line, are also combined in Other. In addition, gift card costs, which were previously classified in The Cheesecake Factory restaurants reportable segment, are combined in Other. Corresponding prior year balances were reclassified to conform to the current year presentation. ​ Segment information is presented below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen ​ Thirteen ​ ​ ​ Weeks Ended ​ Weeks Ended ​ ​ March 31, 2020 April 2, 2019 Revenues: ​ ​ ​ ​ ​ ​ ​ The Cheesecake Factory restaurants ​ $ 488,471 ​ $ 548,633 ​ North Italia ​ ​ 30,512 ​ ​ — ​ Other FRC ​ ​ 35,583 ​ ​ — ​ Other ​ 60,540 ​ 50,848 ​ Total ​ $ 615,106 ​ $ 599,481 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from operations: (1) ​ ​ ​ ​ ​ ​ ​ The Cheesecake Factory restaurants ​ $ 39,324 ​ $ 65,939 ​ North Italia ​ ​ (72,086) ​ ​ — ​ Other FRC ​ (69,964) ​ — ​ Other ​ (87,332) ​ (35,791) ​ Total ​ $ (190,058) ​ $ 30,148 ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization: ​ ​ ​ ​ ​ ​ ​ The Cheesecake Factory restaurants ​ $ 17,277 ​ $ 17,608 ​ North Italia ​ ​ 965 ​ ​ — ​ Other FRC ​ ​ 1,201 ​ ​ — ​ Other ​ ​ 4,119 ​ ​ 3,754 ​ Total ​ $ 23,562 ​ $ 21,362 ​ ​ ​ ​ ​ ​ ​ ​ ​ Preopening costs: ​ ​ ​ ​ ​ ​ ​ The Cheesecake Factory restaurants ​ $ 1,414 ​ $ 1,481 ​ North Italia ​ ​ 953 ​ ​ — ​ Other FRC ​ (159) ​ — ​ Other ​ 911 ​ 649 ​ Total ​ $ 3,119 ​ $ 2,130 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures: ​ ​ ​ ​ ​ ​ ​ The Cheesecake Factory restaurants ​ $ 8,598 ​ $ 11,892 ​ North Italia ​ ​ 2,964 ​ ​ — ​ Other FRC ​ 1,104 ​ — ​ Other ​ 3,109 ​ 1,459 ​ Total ​ $ 15,775 ​ $ 13,351 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 December 31, 2019 Total assets: (1) ​ ​ ​ ​ ​ ​ The Cheesecake Factory restaurants ​ $ 1,638,660 ​ $ 1,701,418 North Italia ​ ​ 254,939 ​ ​ 297,840 Other FRC ​ 271,700 ​ 310,414 Other ​ 510,483 ​ 530,921 Total ​ $ 2,675,782 ​ $ 2,840,593 (1) During the first quarter of fiscal 2020, we recorded impairment of assets and lease terminations expense of $0.6 million for The Cheesecake Factory restaurants, $71.5 million for North Italia, $72.9 million for Other FRC and $46.8 million for Other (See Note 3 and 4 for further discussion of these charges.)

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events
Subsequent Events	15. Subsequent Events ​ On May 1, 2020 (the “Effective Date”), we entered into a First Amendment (the “Amendment”) to the Facility (as amended by the Amendment, the “Amended Facility”). The Amended Facility provides for, among other things, (i) a covenant relief period (the “Covenant Relief Period”) from the Effective Date until we demonstrate compliance with our financial covenants as of the quarter ending on or after June 29, 2021, during which we are not required to comply with financial covenants requiring maintenance of a maximum ratio of net adjusted debt to EBITDAR (the “Net Adjusted Leverage Ratio”) of 4.75 to 1.00 and a minimum ratio of EBITDAR to interest and rent expense of 1.90 to 1.00 (the “EBITDAR to Interest and Rental Expense Ratio”), (ii) a substitution of the Net Adjusted Leverage Ratio and EBITDAR to Interest and Rental Expense Ratio covenants with a liquidity covenant for the calendar month ending May 31, 2020 and continuing through the calendar month ending February 28, 2021 that requires our liquidity to be at least $65,000,000 at the end of each calendar month (with liquidity being the sum of (a) unrestricted cash and cash equivalents and (b) the unused portion of the revolving facility) (and solely for the fiscal quarter ending March 30, 2021, we can meet either (x) both the Net Adjusted Leverage Ratio test and the EBITDAR to Interest and Rental Expense Ratio test or (y) meet the minimum liquidity test), with the minimum liquidity covenant to be tested again from the calendar month ending April 30, 2021 until we demonstrate compliance with the Net Adjusted Leverage Ratio and EBITDAR to Interest and Rental Expense Ratio for a fiscal quarter ending on or after March 30, 2021, (iii) a lowered amount of permitted increases to revolving loan commitments under the Amended Facility during the Covenant Relief Period from $200,000,000 to $125,000,000, (iv) a limit on capital expenditures not to exceed $90,000,000 during the Covenant Relief Period, and (v) increased limitations on the our ability to make restricted payments, incur debt, and consummate acquisitions during the Covenant Relief Period. ​ Borrowings under the Amended Facility during the Covenant Relief Period bear interest, at our option, at a rate equal to either: (i) the adjusted LIBO Rate (as customarily defined, the “Adjusted LIBO Rate”) plus 2.5%, or (ii) the sum of (a) the highest of (1) the rate of interest last quoted by The Wall Street Journal as the prime rate in effect in the United States, (2) the greater of the rate calculated by the Federal Reserve Bank of New York as the effective federal funds rate or the rate that is published by the Federal Reserve Bank of New York as an overnight bank funding rate, in either case plus 0.5%, and (3) the one-month Adjusted LIBO Rate plus 1.0%, plus (b) 1.50%. We will also pay a fee of 0.40% on the daily amount of unused commitments under the Amended Facility. ​ On April 20, 2020, to increase our liquidity given the impact of the COVID-19 pandemic on our operations, we sold 200,000 shares of Series A Convertible Preferred Stock for an aggregate purchase price of $200 million. In connection with the closing, we paid a commitment fee of $2 million to the purchaser. The convertible preferred stock ranks senior to our common stock with respect to dividends and distributions on liquidation, winding-up and dissolution. The holders are entitled to dividends on the purchase price, without giving effect to any commitment fee, plus all accrued and unpaid dividends at the rate of 9.5% per annum, payable in cash or, at our option, paid-in-kind. The holders are also entitled to participate in dividends declared or paid on our common stock on an as-converted basis.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Significant Accounting Policies
Basis of Presentation	Basis of Presentation ​ 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”) and are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). 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 that may be achieved 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 December 31, 2019 filed with the SEC on March 11, 2020 (“fiscal 2019 10-K”). ​ On October 2, 2019, we completed the acquisition of North Italia and the remaining business of Fox Restaurant Concepts LLC, including Flower Child and all other FRC brands (the "Acquisitions"). The results of operations, financial position and cash flows of the acquired businesses are included in our consolidated financial statements as of the acquisition date. ​ We utilize a 52/53-week fiscal year ending on the Tuesday closest to December 31 for financial reporting purposes. Fiscal 2020 consists of 52 weeks and will end on December 29, 2020. Fiscal 2019, which ended on December 31, 2019, was also a 52-week year. ​
Use of Estimates	Use of Estimates ​ 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. ​
COVID-19 Pandemic	COVID-19 Pandemic ​ The Company is subject to risks and uncertainties as a result of the outbreak of, and local, state and federal governmental responses to, the COVID-19 pandemic which was declared a National Public Health Emergency on March 13, 2020. We have experienced significant disruptions to our business due to suggested and mandated social distancing and shelter-in-place orders, which resulted in the temporary closure of a number of restaurants across our portfolio, while the remaining locations shifted to an off-premise only operating model on an interim basis. In late April 2020, certain jurisdictions began allowing the reopening of restaurant dining rooms. As of June 22, 2020, we have reopened dining rooms in 194 locations across our concepts, however we will be operating under capacity restrictions for some time as social distancing protocols remain in place. As of March 31, 2020 and June 22, 2020 respectively, 33 and 19 of our restaurants were temporarily closed and 261 and 81 restaurants were operating in an off-premise only model. ​ In response to the pandemic, the Company and its Board of Directors implemented the following measures to preserve liquidity and enhance financial flexibility: ​ ● Eliminated non-essential capital expenditures and expenses; ● Suspended new unit development; ● Reduced board, executive and corporate support staff compensation; ● Furloughed approximately 41,000 hourly staff members; ● Engaged in discussions with our landlords regarding ongoing rent obligations, including the potential deferral, abatement and/or restructuring of rent otherwise payable during the period of the COVID-19 pandemic related closure; ● Increased borrowings under our revolving credit facility; ● Raised additional equity capital; and ● Suspended the dividend on our common stock and share repurchases. ​ We cannot predict how long the COVID-19 pandemic will last or whether it will reoccur, what additional restrictions may be enacted, to what extent we can maintain off-premise sales volumes or if individuals will be comfortable returning to our dining rooms during or following social distancing protocols, and what long-lasting effects the COVID-19 pandemic may have on the restaurants industry as a whole. The extent of the reopening process, along with the potential impact of the COVID-19 pandemic on consumer spending behavior, will determine the significance of the impact to our operating results and financial position. ​ In addition, these considerable developments have triggered the need to perform impairment assessments of our long-lived assets, goodwill and other intangible assets and a revaluation of contingent consideration associated with the acquisition of Fox Restaurant Concepts LLC. Future changes in estimates could further impact the carrying value of these items. (See Notes 3 and 4 for further discussion of impairment of long-lived and intangible assets, respectively. See Note 8 for further discussion of the revaluation of contingent consideration.) ​ See “Risk Factors” included in Part II, Item 1A for further discussion of risks associated with the COVID-19 pandemic.
Derivative Financial Instruments	Derivative Financial Instruments ​ We recognize derivative financial instruments on the balance sheet at fair value under a Level 2 categorization. Our only derivative is an interest rate swap which is designated as a cash flow hedge. Therefore, the effective portion of the changes in fair value are recognized in accumulated other comprehensive income until the hedged item is recognized in earnings, and the ineffective portion of changes in the fair value are immediately recognized in earnings as interest expense. We classify cash inflows and outflows from derivatives within operating activities on the consolidated statements of cash flows. See Note 7 for further discussion of this interest rate swap.
Recent Accounting Pronouncements	Recent Accounting Pronouncements ​ In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The update eliminates, adds and modifies certain disclosure requirements for fair value measurements. We adopted this standard as of the beginning of fiscal 2020 and such adoption did not have a significant impact on our consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2020
Inventories
Schedule of inventories	Inventories consisted of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 December 31, 2019 Restaurant food and supplies ​ $ 23,131 ​ $ 25,057 Bakery finished goods and work in progress ​ 18,247 ​ 16,000 Bakery raw materials and supplies ​ 6,444 ​ 6,168 Total ​ $ 47,822 ​ $ 47,225

Intangible Assets, net (Tables)

Intangible Assets, net (Tables)	3 Months Ended
	Mar. 31, 2020
Intangible Assets, net
Schedule of components of intangible assets, net	The following table presents the components of our intangible assets, net (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 Indefinite-lived intangible assets: ​ ​ Goodwill ​ $ 1,451 ​ $ 78,355 Trade names and trademarks ​ 233,567 ​ 337,027 Transferable alcoholic beverage licenses ​ 8,545 ​ 8,575 Total indefinite-lived intangible assets ​ 243,563 ​ 423,957 Definite-lived intangible assets, net: ​ ​ ​ Licensing agreements ​ 7,627 ​ 10,060 Non-transferable alcoholic beverage licenses ​ 3,211 ​ 3,190 Total definite-lived intangible assets ​ 10,838 ​ 13,250 Total intangible assets, net ​ $ 254,401 ​ $ 437,207

Gift Cards (Tables)

Gift Cards (Tables)	3 Months Ended
	Mar. 31, 2020
Gift Cards
Schedule of gift card liabilities	The following tables present information related to gift cards (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen ​ Thirteen ​ ​ Weeks Ended ​ Weeks Ended Gift card liabilities: March 31, 2020 April 2, 2019 Beginning balance ​ $ 187,978 ​ $ 172,336 Activations ​ 17,340 ​ 20,373 Redemptions and breakage ​ (44,103) ​ (46,964) Ending balance ​ $ 161,215 ​ $ 145,745
Schedule of gift card contract assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen ​ Thirteen ​ ​ Weeks Ended ​ Weeks Ended ​ March 31, 2020 April 2, 2019 Gift card contract assets: (1) ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 23,172 ​ $ 23,388 Deferrals ​ 2,203 ​ 2,596 Amortization ​ (4,690) ​ (4,711) Ending balance ​ $ 20,685 ​ $ 21,273 (1) Included in prepaid expenses on the condensed consolidated balance sheets.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases
Components for lease expense	​ Components of lease expense were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Thirteen ​ ​ March 31, 2020 ​ April 2, 2019 Operating ​ $ 33,041 ​ $ 26,427 Variable ​ 15,828 ​ 16,335 Short-term ​ 129 ​ 77 Total ​ $ 48,998 ​ $ 42,839 ​
Supplemental cash flow information related to leases	Supplemental information related to leases (in thousands, except percentages): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Thirteen ​ Cash paid for amounts included in the measurement of lease liabilities: ​ March 31, 2020 ​ April 2, 2019 ​ Operating cash flows from operating leases ​ $ 30,760 ​ $ 24,213 ​ Right-of-use assets obtained in exchange for new operating lease liabilities ​ ​ 14,929 ​ ​ 5,768 ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Measurements
Schedule of fair value of assets and liabilities measured on recurring basis	The following tables present the components and classification of our assets and liabilities that are measured at fair value on a recurring basis (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ Level 1 Level 2 Level 3 Assets (Liabilities) ​ ​ ​ Non-qualified deferred compensation assets ​ $ 63,836 ​ $ — ​ $ — Non-qualified deferred compensation liabilities ​ (64,679) ​ — ​ — Interest rate swap ​ — ​ (3,141) ​ — Acquisition-related deferred consideration ​ — ​ (55,405) ​ — Acquisition-related contingent consideration and compensation liabilities ​ — ​ — ​ (7,280) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ Level 1 ​ Level 2 ​ Level 3 Assets (Liabilities) ​ ​ ​ Non-qualified deferred compensation assets ​ $ 77,228 ​ $ — ​ $ — Non-qualified deferred compensation liabilities ​ (76,255) ​ — ​ — Acquisition-related deferred consideration ​ — ​ (53,933) ​ — Acquisition-related contingent consideration and compensation liabilities ​ — ​ — ​ (13,218)
Schedule of fair value of the acquisition-related contingent consideration	​ ​ ​ ​ ​ Balance, December 31, 2019 $ 13,218 Change in fair value ​ (5,938) Balance, March 31, 2020 ​ $ 7,280

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
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 ​ ​ ​ Weeks Ended ​ Weeks Ended ​ ​ March 31, 2020 April 2, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Labor expenses ​ $ 1,966 ​ $ 1,720 ​ Other operating costs and expenses ​ 70 ​ 69 ​ General and administrative expenses ​ 3,471 ​ 4,058 ​ Total stock-based compensation ​ 5,507 ​ 5,847 ​ Income tax benefit ​ 1,353 ​ 1,438 ​ Total stock-based compensation, net of taxes ​ $ 4,154 ​ $ 4,409 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized stock-based compensation (1) ​ $ 40 ​ $ 63 ​ (1) It is our policy to capitalize the portion of stock-based compensation costs for our internal development department that relates to capitalizable activities such as the design and construction of new restaurants, remodeling existing locations and equipment installation. Capitalized stock-based compensation is included in property and equipment, net on the condensed consolidated balance sheets.
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Weighted ​ Remaining ​ ​ ​ ​ ​ ​ ​ Average ​ Contractual ​ Aggregate ​ ​ Shares ​ Exercise Price ​ Term ​ Intrinsic Value (1) ​ ​ (In thousands) ​ (Per share) ​ (In years) ​ (In thousands) Outstanding at December 31, 2019 1,829 ​ $ 47.32 4.3 ​ $ 844 Granted 654 ​ 40.16 ​ ​ ​ ​ ​ Exercised (4) ​ 29.79 ​ ​ ​ ​ ​ Forfeited or cancelled — ​ — ​ ​ ​ ​ ​ Outstanding at March 31, 2020 2,479 ​ $ 45.46 5.5 ​ $ 10,687 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at March 31, 2020 1,239 ​ $ 46.79 3.0 ​ $ 6,380 (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ Shares Fair Value ​ ​ (In thousands) ​ (Per share) Outstanding at December 31, 2019 1,764 ​ $ 47.76 Granted 579 ​ 40.01 Vested (208) ​ 51.38 Forfeited (70) ​ 55.70 Outstanding at March 31, 2020 2,065 ​ $ 44.96 ​

Net (Loss)_Income Per Share (Ta

Net (Loss)/Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Net (Loss)/Income Per Share
Schedule of basic and diluted net income per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen ​ Thirteen ​ ​ ​ Weeks Ended ​ Weeks Ended ​ ​ March 31, 2020 April 2, 2019 ​ ​ (In thousands, except per share data) Net (loss)/income ​ $ (136,163) ​ $ 26,984 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average shares outstanding ​ 43,773 ​ 44,255 ​ Dilutive effect of equity awards ​ — ​ 729 ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted weighted average shares outstanding ​ 43,773 ​ 44,984 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net (loss)/income per share ​ $ (3.11) ​ $ 0.61 ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net (loss)/income per share ​ $ (3.11) ​ $ 0.60 ​

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Information
Schedule of segment information	Segment information is presented below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen ​ Thirteen ​ ​ ​ Weeks Ended ​ Weeks Ended ​ ​ March 31, 2020 April 2, 2019 Revenues: ​ ​ ​ ​ ​ ​ ​ The Cheesecake Factory restaurants ​ $ 488,471 ​ $ 548,633 ​ North Italia ​ ​ 30,512 ​ ​ — ​ Other FRC ​ ​ 35,583 ​ ​ — ​ Other ​ 60,540 ​ 50,848 ​ Total ​ $ 615,106 ​ $ 599,481 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from operations: (1) ​ ​ ​ ​ ​ ​ ​ The Cheesecake Factory restaurants ​ $ 39,324 ​ $ 65,939 ​ North Italia ​ ​ (72,086) ​ ​ — ​ Other FRC ​ (69,964) ​ — ​ Other ​ (87,332) ​ (35,791) ​ Total ​ $ (190,058) ​ $ 30,148 ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization: ​ ​ ​ ​ ​ ​ ​ The Cheesecake Factory restaurants ​ $ 17,277 ​ $ 17,608 ​ North Italia ​ ​ 965 ​ ​ — ​ Other FRC ​ ​ 1,201 ​ ​ — ​ Other ​ ​ 4,119 ​ ​ 3,754 ​ Total ​ $ 23,562 ​ $ 21,362 ​ ​ ​ ​ ​ ​ ​ ​ ​ Preopening costs: ​ ​ ​ ​ ​ ​ ​ The Cheesecake Factory restaurants ​ $ 1,414 ​ $ 1,481 ​ North Italia ​ ​ 953 ​ ​ — ​ Other FRC ​ (159) ​ — ​ Other ​ 911 ​ 649 ​ Total ​ $ 3,119 ​ $ 2,130 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures: ​ ​ ​ ​ ​ ​ ​ The Cheesecake Factory restaurants ​ $ 8,598 ​ $ 11,892 ​ North Italia ​ ​ 2,964 ​ ​ — ​ Other FRC ​ 1,104 ​ — ​ Other ​ 3,109 ​ 1,459 ​ Total ​ $ 15,775 ​ $ 13,351 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 December 31, 2019 Total assets: (1) ​ ​ ​ ​ ​ ​ The Cheesecake Factory restaurants ​ $ 1,638,660 ​ $ 1,701,418 North Italia ​ ​ 254,939 ​ ​ 297,840 Other FRC ​ 271,700 ​ 310,414 Other ​ 510,483 ​ 530,921 Total ​ $ 2,675,782 ​ $ 2,840,593 (1) During the first quarter of fiscal 2020, we recorded impairment of assets and lease terminations expense of $0.6 million for The Cheesecake Factory restaurants, $71.5 million for North Italia, $72.9 million for Other FRC and $46.8 million for Other (See Note 3 and 4 for further discussion of these charges.)

Significant Accounting Polici_3

Significant Accounting Policies - Basis of Presentation (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2020itemrestaurant	Dec. 31, 2019	Jun. 22, 2020restaurant
Significant Accounting Policies
Length of fiscal year	364 days	364 days
Number of restaurants temporarily closed	33		19
Number of restaurants operating in an off-premise only model	261		81
Number of hourly staff members furloughed | item	41,000

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventories
Restaurant food and supplies	$ 23,131	$ 25,057
Bakery finished goods and work in progress	18,247	16,000
Bakery raw materials and supplies	6,444	6,168
Total	$ 47,822	$ 47,225

Impairment of Long-Lived Asse_2

Impairment of Long-Lived Assets (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Impairment of Long-Lived Assets
Impairment Expense	$ 8.9

Intangible Assets, net (Details

Intangible Assets, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Other intangible assets
Total indefinite-lived intangible assets	$ 243,563	$ 423,957
Finite-Lived Intangible Assets, Net, Total	10,838	13,250
Total intangible assets, net	254,401	437,207
Licensing agreements
Other intangible assets
Total gross carrying amount	7,627	10,060
Impairment expense of Intangible assets	2,300
Non-transferable alcoholic beverage licenses
Other intangible assets
Total gross carrying amount	3,211	3,190
Trade names and trademarks
Other intangible assets
Total indefinite-lived intangible assets	233,567	337,027
Goodwill, Impairment Loss	2,500
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	101,000
Transferable alcoholic beverage licenses
Other intangible assets
Total indefinite-lived intangible assets	8,545	8,575
Goodwill
Other intangible assets
Total indefinite-lived intangible assets	1,451	$ 78,355
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	$ 79,400

Gift Cards (Details)

Gift Cards (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Apr. 02, 2019
Gift card liabilities:
Beginning balance		$ 187,978	$ 172,336
Activations		17,340	20,373
Redemptions and breakage		(44,103)	(46,964)
Ending balance		161,215	145,745
Gift card contract assets: (1)
Beginning balance	[1]	23,172	23,388
Deferrals	[1]	2,203	2,596
Amortization		(4,690)	(4,711)
Ending balance	[1]	$ 20,685	$ 21,273
[1]	Included in prepaid expenses on the condensed consolidated balance sheets.

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Apr. 02, 2019
Leases
Operating	$ 33,041	$ 26,427
Variable	15,828	16,335
Short-term	129	77
Total	48,998	42,839
Lessee Operating Lease Description
Cash paid for amounts included in the measurement of lease liabilities-Operating cash flows from operating leases	30,760	24,213
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 14,929	$ 5,768

Long-Term Debt (Details)

Long-Term Debt (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)	Dec. 23, 2025USD ($)	Mar. 31, 2023USD ($)	Mar. 13, 2020	Jul. 30, 2019USD ($)
Long-Term Debt
Outstanding borrowings	$ 380
Outstanding letters of credit	$ 19.4
Net Adjusted Leverage Ratio	4.3
EBITDAR Ratio	2.3
Net availability for borrowings	$ 0.6
Interest rate swap agreement
Long-Term Debt
Fixed interest rate				0.802%
Fair value of derivative liability	$ 3.1
Interest rate swap agreement | Subsequent Events
Long-Term Debt
Notional amount		$ 140	$ 280
New Facility
Long-Term Debt
Maximum commitments					$ 400
Maximum commitments, letter of credit sub-facility					40
Additional available credit					$ 200
New Facility | Maximum
Long-Term Debt
Financial covenant, Net Adjusted Leverage Ratio	4.75
New Facility | Minimum
Long-Term Debt
Financial covenant, EBITDAR Ratio	1.9
New Facility | Federal Funds Effective Rate
Long-Term Debt
Credit facility, floating interest rate basis	federal funds rate
Credit facility, basis spread on variable rate, (as a percent)	0.50%
New Facility | One-month Adjusted LIBO Rate
Long-Term Debt
Credit facility, floating interest rate basis	one-month Adjusted LIBO Rate
Credit facility, basis spread on variable rate, (as a percent)	1.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Level 1
Assets (Liabilities) at fair value
Non-qualified deferred compensation assets	$ 63,836	$ 77,228
Non-qualified deferred compensation liabilities	(64,679)	(76,255)
Level 2
Assets (Liabilities) at fair value
Interest rate swap	(3,141)
Acquisition-related deferred consideration	(55,405)	(53,933)
Level 3
Assets (Liabilities) at fair value
Acquisition-related contingent consideration and compensation liabilities	(7,280)	$ (13,218)
Payment Acquisition-related contingent consideration and compensation liabilities	0
Level 3 | Minimum
Assets (Liabilities) at fair value
Undiscounted range of out comes	0
Level 3 | Maximum
Assets (Liabilities) at fair value
Undiscounted range of out comes	$ 35,600

Fair Value Measurements - Begin

Fair Value Measurements - Beginning and ending amounts of the fair value (Details) - Level 3 $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, December 31, 2019	$ 13,218
Change in fair value	(5,938)
Balance, March 31, 2020	$ 7,280

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 22, 2018USD ($)	Jun. 07, 2018USD ($)restaurant
Commitments and Contingencies
Number of restaurants receiving janitorial services | restaurant		8
Wage citation		$ 4.2
Internal Revenue Service
Commitments and Contingencies
Tax disallowance	$ 8

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 20, 2020	Mar. 20, 2020	Feb. 18, 2020	Mar. 31, 2020	Apr. 02, 2019	Dec. 31, 2019
Stockholders Equity
Cash dividends declared per common share (in dollars per share)			$ 0.36	$ 0.36	$ 0.33
Cash dividends paid per common share (in dollars per share)		$ 0.36
Repurchased shares since program inception				52,991,015		52,916,434
Value of shares repurchased since program inception				$ 1,695,708		$ 1,693,122
Treasury stock repurchased during period				$ 2,586	$ 11,071
Treasury Stock
Stockholders Equity
Number of shares authorized to be repurchased				56,000,000
Repurchased shares since program inception				53,000,000
Value of shares repurchased since program inception				$ 1,695,700
Shares repurchased during period				100,000
Treasury stock repurchased during period				$ 2,600
Series A Convertible Preferred stock | Subsequent Events
Stockholders Equity
Number of Shares Sold	200,000
Purchase Price	$ 200,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - shares shares in Millions	Mar. 31, 2020	May 30, 2019	Apr. 05, 2017	Apr. 04, 2017
Stock-Based Compensation
Shares authorized for issuance under share-based compensation plan		1.8	12.7	9.2
Shares available for grant	4.8	1.9
Maximum
Stock-Based Compensation
Shares authorized for issuance under share-based compensation plan		4.8

Stock-Based Compensation - Net

Stock-Based Compensation - Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Apr. 02, 2019
Stock-Based Compensation
Total stock-based compensation	$ 5,507	$ 5,847
Income tax benefit	1,353	1,438
Total stock-based compensation, net of taxes	4,154	4,409
Capitalized stock-based compensation	40	63
Labor expenses
Stock-Based Compensation
Total stock-based compensation	1,966	1,720
Other operating costs and expenses
Stock-Based Compensation
Total stock-based compensation	70	69
General and administrative expenses
Stock-Based Compensation
Total stock-based compensation	$ 3,471	$ 4,058

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted Average Fair Value (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2020	Apr. 02, 2019	Mar. 31, 2019	Dec. 31, 2019
Stock Options
Stock-Based Compensation
Weighted-average fair value at the grant date for options issued (in dollars per share)	$ 6.66		$ 9.90
Weighted average assumptions under Black-Scholes valuation model
Expected option term	6 years 10 months 24 days		6 years 10 months 24 days
Expected stock price volatility (as a percent)	25.70%		26.30%
Risk-free interest rate (as a percent)	1.50%		2.60%
Dividend yield (as a percent)	3.60%		2.90%
Stock option activity, Shares
Outstanding at beginning of year (in shares)	1,829
Granted (in shares)	654
Exercised (in shares)	(4)
Outstanding at end of year (in shares)	2,479			1,829
Exercisable at end of year (in shares)	1,239
Weighted Average Exercise Price
Outstanding at beginning of year (in dollars per share)	$ 47.32
Granted (in dollars per share)	40.16
Exercised (in dollars per share)	29.79
Outstanding at end of year (in dollars per share)	45.46			$ 47.32
Exercisable at end of year (in dollars per share)	$ 46.79
Weighted Average Remaining Contractual Term (In years)
Weighted Average Remaining Contractual Term (In years)	5 years 6 months			4 years 3 months 18 days
Exercisable at end of year (In years)	3 years
Aggregate Intrinsic Value
Outstanding at beginning of year	$ 844
Outstanding at end of year	10,687			$ 844
Exercisable at end of year	6,380
Total intrinsic value of options exercised	35,600	$ 3,400
Unrecognized Stock-based Compensation Expense
Total unrecognized stock-based compensation expenses related to unvested stock options, restricted shares and restricted share units	$ 10,500
Expected weighted average period for recognition of compensation expense related to unvested stock option	4 years
Restricted Shares and Restricted Share Units
Restricted Shares and Restricted Share Units, Shares
Outstanding at beginning of year (in shares)	1,764
Granted (in shares)	579
Vested (in shares)	(208)	(11,100)
Forfeited (in shares)	(70)
Outstanding at end of year (in shares)	2,065			1,764
Fair value of shares vested	$ 10,400
Weighted Average Fair Value
Outstanding at beginning of year (in dollars per share)	$ 47.76
Granted (in dollars per share)	40.01	$ 46.03
Vested (in dollars per share)	51.38
Forfeited (in dollars per share)	55.70
Outstanding at end of year (in dollars per share)	$ 44.96			$ 47.76
Unrecognized Stock-based Compensation Expense
Total unrecognized stock-based compensation expenses related to unvested stock options, restricted shares and restricted share units	$ 47,300
Expected weighted average period for recognition of compensation expense related to unvested stock option	3 years 4 months 24 days

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Apr. 02, 2019	Dec. 29, 2020	Dec. 31, 2019
Income Taxes
Cash refunds of carryback claims	$ 36
U.S. federal statutory rate (as a percent)			21.00%	35.00%
Benefits reflected in annual effective tax rate (as percent)			14.00%
Tax credit carryforwards Period	20 years
Tax credit carryforwards			$ 30	$ 14.3
Deferred tax asset, impairment of goodwill	$ 17.2
Effective tax rate (as a percent)	28.90%	6.00%

Net (Loss)_Income Per Share (De

Net (Loss)/Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Apr. 02, 2019
Net income per share, basic and diluted
Net (loss)/income	$ (136,163)	$ 26,984
Basic weighted average shares outstanding (in shares)	43,773	44,255
Dilutive effect of equity awards (in shares)		729
Diluted weighted average shares outstanding (in shares)	43,773	44,984
Basic net (loss)/income per share	$ (3.11)	$ 0.61
Diluted net (loss)/income per share	$ (3.11)	$ 0.60
Restricted Shares and Restricted Share Units
Net Income Per Share
Antidilutive securities excluded from calculation of basic earnings per share (in shares)	2,100	1,800
Common Stock
Net Income Per Share
Antidilutive securities excluded from calculation of basic earnings per share (in shares)	3,800	2,000

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Apr. 02, 2019	Dec. 31, 2019
Segment Information
Revenues	$ 615,106	$ 599,481
Income/(loss) from operations	(190,058)	30,148
Depreciation and amortization	23,562	21,362
Preopening costs	3,119	2,130
Capital expenditures	15,775	13,351
Total assets	2,675,782		$ 2,840,593
The Cheesecake Factory restaurants
Segment Information
Revenues	488,471	548,633
Income/(loss) from operations	39,324	65,939
Depreciation and amortization	17,277	17,608
Preopening costs	1,414	1,481
Capital expenditures	8,598	11,892
Total assets	1,638,660		1,701,418
Pre-tax impairment expense	600
North Italia
Segment Information
Revenues	30,512
Income/(loss) from operations	(72,086)
Depreciation and amortization	965
Preopening costs	953
Capital expenditures	2,964
Total assets	254,939		297,840
Pre-tax impairment expense	71,500
Other FRC
Segment Information
Revenues	35,583
Income/(loss) from operations	(69,964)
Depreciation and amortization	1,201
Preopening costs	(159)
Capital expenditures	1,104
Total assets	271,700		310,414
Pre-tax impairment expense	72,900
Other
Segment Information
Revenues	60,540	50,848
Income/(loss) from operations	(87,332)	(35,791)
Depreciation and amortization	4,119	3,754
Preopening costs	911	649
Capital expenditures	3,109	$ 1,459
Total assets	510,483		$ 530,921
Pre-tax impairment expense	$ 46,800

Subsequent Events (Details)

Subsequent Events (Details)	May 01, 2020USD ($)	Apr. 20, 2020USD ($)shares	Feb. 28, 2021USD ($)	Jun. 29, 2021USD ($)	Apr. 30, 2020USD ($)	Mar. 31, 2020
Subsequent Events
Net Adjusted Leverage Ratio						4.3
Subsequent Events | Series A Convertible Preferred stock
Subsequent Events
Number of Shares Sold | shares		200,000
Purchase Price		$ 200,000,000
Commitment fee		$ 2,000,000
Rate of dividend on purchase price		9.50%
Amended Facility
Subsequent Events
Commitment fee (as a percent)	0.40%
Amended Facility | Subsequent Events
Subsequent Events
Minimum amount of liquidity at the end of each month			$ 65,000,000
Maximum commitments	$ 125,000,000				$ 200,000,000
Maximum limit for capital expenditure during the covenant relief period				$ 90,000,000
Credit facility, basis spread on variable rate, (as a percent)	1.50%
Amended Facility | Subsequent Events | Adjusted LIBO Rate
Subsequent Events
Credit facility, basis spread on variable rate, (as a percent)	2.50%
Amended Facility | Subsequent Events | Federal Funds Effective Rate
Subsequent Events
Credit facility, basis spread on variable rate, (as a percent)	0.50%
Amended Facility | Subsequent Events | One-month Adjusted LIBO Rate
Subsequent Events
Credit facility, basis spread on variable rate, (as a percent)	1.00%
Amended Facility | Subsequent Events | Maximum
Subsequent Events
Net Adjusted Leverage Ratio	4.75
Amended Facility | Subsequent Events | Minimum
Subsequent Events
EBITDAR to Interest and Rental Expense Ratio	1.90