0001193125-19-264105 | 10-Q | XBRL Viewer

Cash and cash equivalents

$ 66,706

$ 25,438

Restricted cash and cash equivalents

177,292

166,993

Accounts receivable, net

185,403

190,091

Inventories

51,010

45,975

Advertising fund assets, restricted

15,438

25,710

109,490

112,744

Total current assets

605,339

566,951

Leasehold and other improvements

Land and buildings

41,408

41,147

160,850

170,498

Equipment

241,972

243,654

Property, plant and equipment, Gross

26,649

31,822

470,879

487,121

Accumulated depreciation and amortization

(254,669)

(252,182)

Property, plant and equipment, net

216,210

234,939

Capitalized software, net

227,495

Goodwill

13,542

14,919

71,055

63,809

Other assets

22,743

21,241

Deferred income taxes

3,888

5,526

Total other assets

338,723

105,495

Total assets

1,160,272

907,385

Current portion of long-term debt

35,935

35,893

Accounts payable

95,657

92,546

Advertising fund liabilities

32,203

Insurance reserves

22,337

22,210

Dividends payable

27,006

581

104,945

107,150

Total current liabilities

103,162

121,363

421,245

379,743

Long-term debt, less current portion

3,407,101

3,495,691

202,128

Insurance reserves

32,858

31,065

Total long-term liabilities

32,589

40,807

3,674,676

3,567,563

Stockholders' deficit:

Common stock

409

410

Additional paid-in capital

569

Retained deficit

(2,932,195)

(3,036,471)

Accumulated other comprehensive loss

(3,938)

(4,429)

Total stockholders' deficit

(2,935,649)

(3,039,921)

Total liabilities and stockholders' deficit

$ 1,160,272

$ 907,385

[1]	The balance sheet at December 30, 2018 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		8 Months Ended
	Sep. 08, 2019	Sep. 09, 2018	Sep. 08, 2019	Sep. 09, 2018
Revenues:
Revenue	$ 820,812	$ 785,965	$ 2,468,422	$ 2,350,732
Cost of sales:
Cost of sales	504,561	490,686	1,513,211	1,462,008
Operating margin	316,251	295,279	955,211	888,724
General and administrative	83,728	80,369	262,640	251,053
U.S. franchise advertising	89,494	82,478	267,115	245,618
Income from operations	143,029	132,432	425,456	392,053
Interest income	968	792	2,583	2,451
Interest expense	(33,752)	(33,976)	(102,672)	(100,389)
Income before provision for income taxes	110,245	99,248	325,367	294,115
Provision for income taxes	23,872	15,153	53,985	43,785
Net income	$ 86,373	$ 84,095	$ 271,382	$ 250,330
Earnings per share:
Common stock - basic	$ 2.11	$ 2.02	$ 6.63	$ 5.94
Common stock - diluted	$ 2.05	$ 1.95	$ 6.44	$ 5.73
U.S. Stores [Member] \| U.S. Company-owned stores [Member]
Revenues:
Revenue	$ 94,575	$ 118,540	$ 323,026	$ 358,521
Cost of sales:
Cost of sales	71,610	92,998	247,516	278,012
U.S. Stores [Member] \| U.S. franchise royalties and fees [Member]
Revenues:
Revenue	97,047	89,427	289,349	266,335
U.S. Stores [Member] \| U.S. franchise advertising [Member]
Revenues:
Revenue	89,494	82,478	267,115	245,618
Supply Chain [Member]
Revenues:
Revenue	485,110	445,096	1,424,787	1,326,076
Cost of sales:
Cost of sales	432,951	397,688	1,265,695	1,183,996
International Franchise [Member] \| International franchise royalties and fees [Member]
Revenues:
Revenue	$ 54,586	$ 50,424	$ 164,145	$ 154,182

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		8 Months Ended
	Sep. 08, 2019	Sep. 09, 2018	Sep. 08, 2019	Sep. 09, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 86,373	$ 84,095	$ 271,382	$ 250,330
Currency translation adjustment	270	(84)	491	(1,142)
Comprehensive income	$ 86,643	$ 84,011	$ 271,873	$ 249,188

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Cash flows from operating activities:

Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

3 Months Ended

8 Months Ended

Sep. 08, 2019

Sep. 09, 2018

Sep. 08, 2019

Sep. 09, 2018

Net income

$ 86,373

$ 84,095

$ 271,382

$ 250,330

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

13,132

12,460

40,982

35,770

Loss (gain) on sale/disposal of assets

312

(5,706)

3,141

(5,187)

Amortization of debt issuance costs

3,288

6,581

Provision for deferred income taxes

1,627

1,737

Non-cash compensation expense

4,680

4,217

13,269

15,660

Excess tax benefits from equity-based compensation

(19,670)

(22,722)

Other

774

356

Changes in operating assets and liabilities

16,214

(25,580)

Changes in advertising fund assets and liabilities, restricted

(6,411)

5,574

Net cash provided by operating activities

324,596

262,519

Cash flows from investing activities:

Capital expenditures

(42,676)

(65,074)

Proceeds from sale of assets

9,738

8,213

Maturities of advertising fund investments, restricted

30,152

44,007

Purchases of advertising fund investments, restricted

(50,152)

Other

(351)

(2,357)

Net cash used in investing activities

(3,137)

(65,363)

Cash flows from financing activities:

Proceeds from issuance of long-term debt

905,000

Repayments of long-term debt and finance lease obligations

(91,860)

(595,067)

Proceeds from exercise of stock options

10,122

8,967

Tax payments for restricted stock upon vesting

(105,149)

(429,190)

(5,820)

(6,849)

Payments of common stock dividends and equivalents

(53,598)

(46,720)

Cash paid for financing costs

(8,207)

Net cash used in financing activities

(246,305)

(172,066)

Effect of exchange rate changes on cash

139

(235)

Change in cash and cash equivalents, restricted cash and cash equivalents

75,293

24,855

Cash and cash equivalents, beginning of period

25,438

^[1]

35,768

Restricted cash and cash equivalents, beginning of period

166,993

^[1]

191,762

Cash and cash equivalents included in advertising fund assets, restricted, beginning of period

44,988

27,316

Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, beginning of period

237,419

254,846

Cash and cash equivalents, end of period

66,706

84,600

66,706

84,600

Restricted cash and cash equivalents, end of period

177,292

168,170

177,292

168,170

Cash and cash equivalents included in advertising fund assets, restricted, end of period

68,714

26,931

68,714

26,931

Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, end of period

$ 312,712

$ 279,701

$ 312,712

$ 279,701

[1]	The balance sheet at December 30, 2018 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Basis of Presentation and Updates to Significant Accounting Policies	8 Months Ended
	Sep. 08, 2019
Accounting Policies [Abstract]
Basis of Presentation and Updates to Significant Accounting Policies	1. Basis of Presentation and Updates to Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. For further information, refer to the consolidated financial statements and footnotes for the fiscal year ended December 30, 2018 included in the Company’s 2018 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 21, 2019 (the “2018 Form 10-K”). In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair statement have been included. Operating results for the fiscal quarter ended September 8, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending December 29, 2019. Updates to Significant Accounting Policies The Company adopted Accounting Standards Codification 842, Leases (“ASC 842”) in the first quarter of 2019. As a result, the Company updated its significant accounting policies for leases below. Refer to Note 7 for additional information related to the Company’s lease arrangements and Note 11 for the impact of the adoption of ASC 842 on the Company’s condensed consolidated financial statements. Leases The Company leases certain retail store and supply chain center locations, supply chain vehicles and its corporate headquarters. The Company determines whether an arrangement is or contains a lease at contract inception. The majority of the Company’s leases are classified as operating leases, which are included in operating lease right-of-use assets and operating lease liabilities in the Company’s condensed consolidated balance sheet. Finance leases are included in property, plant and equipment, current portion of long-term debt and long-term debt on the Company’s condensed consolidated balance sheet. Right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date for leases exceeding 12 months. Minimum lease payments include only the fixed lease component of the agreement, as well as any variable rate payments that depend on an index, initially measured using the index at the lease commencement date. Lease terms may include options to renew when it is reasonably certain that the Company will exercise that option. The Company estimates its incremental borrowing rate for each lease using a portfolio approach based on the respective weighted average term of the agreements. This estimation considers the market rates of the Company’s outstanding collateralized borrowings and interpolations of rates outside of the terms of the outstanding borrowings, including comparisons to comparable borrowings of similarly-rated companies with longer term borrowings. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales or general and administrative expense. Amortization expense for finance leases is recognized on a straight-line basis over the lease term and is included in cost of sales, while interest expense for finance leases is recognized using the effective interest method. Variable lease payments that do not depend on a rate or index, payments associated with non-lease components and short-term rentals (leases with terms less than 12 months) are expensed as incurred.

Segment Information

8 Months Ended

Sep. 08, 2019

Segment Reporting [Abstract]

Segment Information

2. Segment Information

The following table summarizes revenues, income from operations and earnings before interest, taxes, depreciation, amortization and other, which is the measure by which the Company allocates resources to its segments and which the Company refers to as Segment Income, for each of its reportable segments.


	Fiscal Quarters Ended September 8, 2019 and September 9, 2018
	U.S.		Supply		International		Intersegment
	Stores		Chain		Franchise		Revenues			Other			Total
Revenues
2019	$	281,116	$	511,709	$	54,586	$	(26,599	)	$	—		$	820,812
2018		290,445		478,517		50,424		(33,421	)		—			785,965
Income from operations
2019	$	80,188	$	40,513	$	42,281		N/A		$	(19,953	)	$	143,029
2018		78,636		35,452		39,374		N/A			(21,030	)		132,432
Segment Income
2019	$	82,556	$	44,432	$	42,337		N/A		$	(8,172	)	$	161,153
2018		75,721		38,561		39,416		N/A			(10,295	)		143,403

	Three Fiscal Quarters Ended September 8, 2019 and September 9, 2018
	U.S.		Supply		International		Intersegment
	Stores		Chain		Franchise		Revenues			Other			Total
Revenues
2019	$	879,490	$	1,513,380	$	164,145	$	(88,593	)	$	—		$	2,468,422
2018		870,474		1,426,943		154,182		(100,867	)		—			2,350,732
Income from operations
2019	$	237,852	$	123,840	$	126,467		N/A		$	(62,703	)	$	425,456
2018		227,117		109,319		120,002		N/A			(64,385	)		392,053
Segment Income
2019	$	248,160	$	135,861	$	126,628		N/A		$	(27,801	)	$	482,848
2018		230,152		118,171		120,138		N/A			(29,633	)		438,828

The following table reconciles Total Segment Income to consolidated income before provision for income taxes.


	Fiscal Quarter Ended						Three Fiscal Quarters Ended
	September 8,			September 9,			September 8,			September 9,
	2019			2018			2019			2018
Total Segment Income	$	161,153		$	143,403		$	482,848		$	438,828
Depreciation and amortization		(13,132	)		(12,460	)		(40,982	)		(35,770	)
(Loss) gain on sale/disposal of assets		(312	)		5,706			(3,141	)		5,187
Non-cash compensation expense		(4,680	)		(4,217	)		(13,269	)		(15,660	)
Recapitalization-related expenses		—			—			—			(532	)

Income from operations		143,029			132,432			425,456			392,053
Interest income		968			792			2,583			2,451
Interest expense		(33,752	)		(33,976	)		(102,672	)		(100,389	)

Income before provision for income taxes	$	110,245		$	99,248		$	325,367		$	294,115

Earnings Per Share

8 Months Ended

Sep. 08, 2019

Earnings Per Share [Abstract]

Earnings Per Share

3. Earnings Per Share


	Fiscal Quarter Ended				Three Fiscal Quarters Ended
	September 8,		September 9,		September 8,		September 9,
	2019		2018		2019		2018
Net income available to common stockholders - basic and diluted	$	86,373	$	84,095	$	271,382	$	250,330

Basic weighted average number of shares		40,954,279		41,585,933		40,947,693		42,150,693
Earnings per share – basic	$	2.11	$	2.02	$	6.63	$	5.94
Diluted weighted average number of shares		42,040,291		43,067,191		42,158,447		43,675,627
Earnings per share – diluted	$	2.05	$	1.95	$	6.44	$	5.73

The denominators used in calculating diluted earnings per share for the third quarter and three fiscal quarters of 2019 do not include 161,670 options to purchase common stock, as the effect of including these options would have been anti-dilutive. The denominators used in calculating diluted earnings per share for the third quarter and three fiscal quarters of 2019 each do not include 142,477 restricted performance shares, as the performance targets for these awards had not yet been met.

The denominators used in calculating diluted earnings per share for the third quarter and three fiscal quarters of 2018 do not include 76,130 and 137,156 options to purchase common stock, respectively, as the effect of including these options would have been anti-dilutive. The denominator used in calculating diluted earnings per share for the three fiscal quarters of 2018 does not include 28,570 shares subject to restricted stock awards, as the effect of including these shares would have been anti-dilutive. The denominators used in calculating diluted earnings per share for the third quarter and three fiscal quarters of 2018 each do not include 160,998 restricted performance shares, as the performance targets for these awards had not yet been met.

Changes in Stockholders' Deficit

8 Months Ended

Sep. 08, 2019

Federal Home Loan Banks [Abstract]

Changes in Stockholders' Deficit

4. Changes in Stockholders’ Deficit

The following table summarizes changes in stockholders’ deficit for the third quarter of 2019.


													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Deficit			Loss
Balance at June 16, 2019		41,232,358		$	412		$	10,788		$	(2,911,278	)	$	(4,208	)
Net income		—			—			—			86,373			—
Dividends declared on common stock and equivalents ($0.65 per share)		—			—			—			(26,569	)		—
Issuance and cancellation of stock awards, net		45,479			—			—			—			—
Tax payments for restricted stock upon vesting		(12,603	)		—			(3,253	)		—			—
Purchases of common stock		(384,338	)		(3	)		(12,972	)		(80,721	)		—
Exercise of stock options		18,100			—			832			—			—
Non-cash compensation expense		—			—			4,680			—			—
Currency translation adjustment		—			—			—			—			270

Balance at September 8, 2019		40,898,996		$	409		$	75		$	(2,932,195	)	$	(3,938	)

The following table summarizes changes in stockholders’ deficit for the three fiscal quarters of 2019.


													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Deficit			Loss
Balance at December 30, 2018		40,977,561		$	410		$	569		$	(3,036,471	)	$	(4,429	)
Net income		—			—			—			271,382			—
Dividends declared on common stock and equivalents ($1.95 per share)		—			—			—			(80,023	)		—
Issuance and cancellation of stock awards, net		50,640			—			—			—			—
Tax payments for restricted stock upon vesting		(22,044	)		—			(5,820	)		—			—
Purchases of common stock		(430,182	)		(4	)		(18,062	)		(87,083	)		—
Exercise of stock options		323,021			3			10,119			—			—
Non-cash compensation expense		—			—			13,269			—			—
Currency translation adjustment		—			—			—			—			491

Balance at September 8, 2019		40,898,996		$	409		$	75		$	(2,932,195	)	$	(3,938	)

Subsequent to the third quarter, on

October 4, 2019

, the Company’s Board of Directors declared a $0.65 per share quarterly dividend on its outstanding common stock for shareholders of record as of

December 13, 2019

to be paid on

December 27, 2019

. On October 4, 2019, the Company’s Board of Directors authorized a new share repurchase program to repurchase up to $1.0 billion of the Company’s common stock

with no expiration date

. This repurchase program replaces the remaining availability of approximately $53.6 million under the Company’s

existing

$750.0 million share repurchase program

. Authorization for the repurchase program may be modified, suspended, or discontinued at any time.

The following table summarizes changes in stockholders’ deficit for the third quarter of 2018.


													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Deficit			Loss
Balance at June 17, 2018		41,837,693		$	418		$	737		$	(2,926,921	)	$	(3,439	)
Net income		—			—			—			84,095			—
Dividends declared on common stock and equivalents ($0.55 per share)		—			—			—			(22,889	)		—
Issuance and cancellation of stock awards, net		72,990			1			—			—			—
Tax payments for restricted stock upon vesting		(16,580	)		—			(4,531	)		—			—
Purchases of common stock		(397,490	)		(4	)		(2,269	)		(106,850	)		—
Exercise of stock options		99,549			1			3,760			—			—
Non-cash compensation expense		—			—			4,217			—			—
Currency translation adjustment		—			—			—			—			(84	)

Balance at September 9, 2018		41,596,162		$	416		$	1,914		$	(2,972,565	)	$	(3,523	)

The following table summarizes changes in stockholders’ deficit for the three fiscal quarters of 2018.


													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Deficit			Loss
Balance at December 31, 2017		42,898,329		$	429		$	5,654		$	(2,739,437	)	$	(2,030	)
Net income		—			—			—			250,330			—
Dividends declared on common stock and equivalents ($1.65 per share)		—			—			—			(69,450	)		—
Issuance and cancellation of stock awards, net		80,932			1			—			—			—
Tax payments for restricted stock upon vesting		(26,893	)		—			(6,849	)		—			—
Purchases of common stock		(1,751,054	)		(18	)		(21,514	)		(407,658	)		—
Exercise of stock options		394,848			4			8,963			—			—
Non-cash compensation expense		—			—			15,660			—			—
Adoption of revenue recognition accounting standard		—			—			—			(6,701	)		—
Currency translation adjustment		—			—			—			—			(1,142	)
Reclassification adjustment for stranded taxes		—			—			—			351			(351	)

Balance at September 9, 2018		41,596,162		$	416		$	1,914		$	(2,972,565	)	$	(3,523	)

Fair Value Measurements

8 Months Ended

Sep. 08, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

Fair value measurements enable the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The Company classifies and discloses assets and liabilities carried at fair value in one of the following three categories:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

The fair values of the Company’s cash equivalents and investments in marketable securities are based on quoted prices in active markets for identical assets. The following tables summarize the carrying amounts and fair values of certain assets at September 8, 2019 and December 30, 2018:


	At September 8, 2019
			Fair Value Estimated Using
	Carrying		Level 1		Level 2		Level 3
	Amount		Inputs		Inputs		Inputs
Cash equivalents	$	58,993	$	58,993	$	—	$	—
Restricted cash equivalents		104,424		104,424		—		—
Investments in marketable securities		10,851		10,851		—		—
Advertising fund cash equivalents, restricted		57,682		57,682		—		—
Advertising fund investments, restricted		20,000		20,000		—		—


	At December 30, 2018
			Fair Value Estimated Using
	Carrying		Level 1		Level 2		Level 3
	Amount		Inputs		Inputs		Inputs
Cash equivalents	$	11,877	$	11,877	$	—	$	—
Restricted cash equivalents		112,272		112,272		—		—
Investments in marketable securities		8,718		8,718		—		—
Advertising fund cash equivalents, restricted		31,547		31,547		—		—
Advertising fund investments, restricted		50,152		50,152		—		—

Management estimated the approximate fair values of the 2015 fixed rate notes, the 2017 fixed and floating rate notes and the 2018 fixed rate notes as follows:


	September 8, 2019				December 30, 2018
	Principal Amount		Fair Value		Principal Amount		Fair Value
2015 Ten-Year Fixed Rate Notes	$	774,000	$	817,344	$	780,000	$	783,120
2017 Five-Year Fixed Rate Notes		588,000		590,352		592,500		575,910
2017 Ten-Year Fixed Rate Notes		980,000		1,038,800		987,500		956,888
2017 Five-Year Floating Rate Notes		294,000		293,706		296,250		295,065
2018 7.5-Year Fixed Rate Notes		419,688		438,573		422,875		416,955
2018 9.25-Year Fixed Rate Notes		395,000		421,465		398,000		396,010

At September 8, 2019, the Company did not have any outstanding borrowings under its variable funding notes. The Company had $65.0 million outstanding under its variable funding notes at December 30, 2018. Borrowings under the variable funding notes are a variable rate loan. The fair value of this loan approximated book value based on the borrowing rates currently available for variable rate loans obtained from third party lending institutions. This fair value represents a Level 2 measurement.

The fixed and floating rate notes are classified as Level 2 measurements, as the Company estimates the fair value amount by using available market information. The Company obtained quotes from two separate brokerage firms that are knowledgeable about the Company’s fixed and floating rate notes and, at times, trade these notes. The Company also performed its own internal analysis based on the information gathered from public markets, including information on notes that are similar to those of the Company. However, considerable judgment is required to interpret market data to estimate fair value. Accordingly, the fair value estimates presented are not necessarily indicative of the amount that the Company or the debtholders could realize in a current market exchange. The use of different assumptions and/or estimation methodologies may have a material effect on the estimated fair values stated above.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Revenue from Contract with Customer [Abstract]

Revenue Disclosures

8 Months Ended

Sep. 08, 2019

Revenue Disclosures

6. Revenue Disclosures

Contract Liabilities

Contract liabilities consist of deferred franchise fees and deferred development fees. Changes in contract liabilities were as follows:


	Three Fiscal Quarters Ended
	September 8,			September 9,
	2019			2018
Contract liabilities at beginning of period	$	19,900		$	19,404
Revenue recognized during the period		(3,923	)		(3,540	)
New deferrals due to cash received and other		4,613			3,917

Contract liabilities at end of period	$	20,590		$	19,781

Advertising Fund Assets

As of September 8, 2019, advertising fund assets, restricted of $109.5 million consisted of $88.7 million of cash, cash equivalents and investments, $18.3 million of accounts receivable and $2.5 million of prepaid expenses. As of September 8, 2019, advertising fund cash, cash equivalents and investments included $4.6 million of cash contributed from Company-owned stores that had not yet been expended.

As of December 30, 2018, advertising fund assets, restricted of $112.7 million consisted of $95.1 million of cash, cash equivalents and investments, $15.3 million of accounts receivable and $2.3 million of prepaid expenses. As of December 30, 2018, advertising fund cash, cash equivalents and investments included $5.5 million of cash contributed from Company-owned stores that had not yet been expended.

Lease Disclosures

8 Months Ended

Sep. 08, 2019

Leases [Abstract]

Lease Disclosures

7. Lease Disclosures

The Company leases certain retail store and supply chain center locations, supply chain vehicles and its corporate headquarters with expiration dates through 2037.

The components of operating and finance lease cost for the third quarter and three fiscal quarters of 2019 were as follows:


	Fiscal Quarter Ended		Three Fiscal Quarters Ended
	September 8,		September 8,
	2019		2019
Operating lease cost	$	9,150	$	29,464
Finance lease cost:
Amortization of right-of-use assets		254		763
Interest on lease liabilities		473		1,269

Total finance lease cost	$	727	$	2,032

Rent expense totaled $16.1 million and $48.4 million in the third quarter and three fiscal quarters of 2019, respectively, and totaled $15.7 million and $46.3 million in the third quarter and three fiscal quarters of 2018, respectively. Rent expense includes operating lease cost, as well as expense for

non-lease

components including common area maintenance, real estate taxes and insurance for the Company’s real estate leases. Rent expense also includes the variable rate per mile driven and fixed maintenance charges for the Company’s supply chain center tractors and trailers and expense for short-term rentals. Variable rent expense and rental expense for short-term leases was immaterial for both the third quarter and three fiscal quarters of 2019.

Supplemental balance sheet information related to the Company’s leases as of September 8, 2019 and December 30, 2018 was as follows:


	September 8,			December 30,
	2019			2018
Land and buildings	$	22,195		$	22,171
Accumulated depreciation and amortization		(7,441	)		(6,678	)

Finance lease assets, net	$	14,754		$	15,493

Current portion of long-term debt	$	685		$	643
Long-term debt, less current portion		15,922			16,363

Total principal payable on finance leases	$	16,607		$	17,006

As of September 8, 2019, the weighted average remaining lease term and weighted average discount rate for the Company’s operating and finance leases were as follows:


	Operating			Finance
	Leases			Leases
Weighted average remaining lease term		8 years			14 years
Weighted average discount rate		3.8	%		11.4	%

Supplemental cash flow information related to leases for the third quarter and three fiscal quarters of 2019 was as follows:


	Fiscal Quarter Ended		Three Fiscal Quarters Ended
	September 8,		September 8,
	2019		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,968	$	30,056
Operating cash flows from finance leases		473		1,269
Financing cash flows from finance leases		161		422
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases		23,434		49,802
Finance leases		—		—

During the first quarter of 2018, the Company renewed the lease of a supply chain center building and extended the term of the lease through 2033. During the third quarter of 2018, the Company renewed the leases of two supply chain center buildings and extended the terms of the leases through

2036

and

2037

, respectively. As a result of these extended leases, the Company recorded

non-cash

financing activities of $11.4 million for the increase in finance lease assets and liabilities during the three fiscal quarters of 2018.

Maturities of lease liabilities as of September 8, 2019 were as follows:


	Operating			Finance
	Leases			Leases
2019	$	12,212		$	791
2020		40,157			2,417
2021		37,979			2,435
2022		34,819			2,453
2023		32,245			2,477
Thereafter		116,664			23,810

Total future minimum rental commitments		274,076			34,383
Less – amounts representing interest		(39,745	)		(17,776	)

Total lease liabilities	$	234,331		$	16,607

Maturities of lease liabilities as of December 30, 2018 were as follows:


	Operating		Finance
	Leases		Leases
2019	$	40,752	$	2,396
2020		37,519		2,415
2021		34,538		2,433
2022		30,763		2,451
2023		27,388		2,474
Thereafter		100,310		23,781

Total future minimum rental commitments	$	271,270		35,950

Less – amounts representing interest				(18,944	)

Total principal payable on finance leases			$	17,006

As of September 8, 2019, the Company has additional leases for two supply chain centers and certain supply chain tractors and trailers that had not yet commenced with estimated future minimum rental commitments of approximately $50.6 million. These leases are expected to commence in 2019 with lease terms of up to 15 years. These undiscounted amounts are not included in the tables above.

The Company has guaranteed lease payments related to certain franchisees’ lease arrangements. The maximum amount of potential future payments under these guarantees is $17.9 million and $2.4 million as of September 8, 2019 and December 30, 2018, respectively. The Company does not believe these arrangements have or are likely to have a material effect on its results of operations, financial condition, revenues or expenses, capital expenditures or liquidity.

Legal Matters	8 Months Ended
Legal Matters	Sep. 08, 2019
Commitments and Contingencies Disclosure [Abstract]
Legal Matters	8. Legal Matters On February 14, 2011, Domino’s Pizza LLC was named as a defendant in a lawsuit along with Fischler Enterprises of C.F., Inc., a franchisee, and Jeffrey S. Kidd, the franchisee’s delivery driver, filed by Yvonne Wiederhold, the plaintiff, as Personal Representative of the Estate of Richard E. Wiederhold, deceased. The case involved a traffic accident in which the franchisee’s delivery driver is alleged to have caused an accident involving a vehicle driven by Richard Wiederhold. Mr. Wiederhold sustained spinal injuries resulting in quadriplegia and passed away several months after the accident. The case went to trial in 2016 and the Company was found liable, but the verdict was reversed by the Florida Fifth District Court of Appeals in May 2018 and was remanded to the Ninth Judicial Circuit Court of Florida for a new trial. The case was tried again in June 2019 and the jury returned a $9.0 million judgment for the plaintiff where the Company and Mr. Kidd were found to be 100% liable (after certain offsets and other deductions the final verdict was $8.0 million). The Company continues to deny liability and has filed an appeal .

Supplemental Disclosures of Cash Flow Information	8 Months Ended
Supplemental Disclosures of Cash Flow Information	Sep. 08, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Cash Flow Information	9. Supplemental Disclosures of Cash Flow Information The Company had non-cash investing activities related to accruals for capital expenditures of $4.7 million at September 8, 2019 and $3.8 million at December 30, 2018.

Sale of Company-Owned Stores	8 Months Ended
Sale of Company-Owned Stores	Sep. 08, 2019
Restructuring and Related Activities [Abstract]
Sale of Company-Owned Stores	10. Sale of Company-owned Stores During the second quarter of 2019, the Company sold 59 U.S. Company-owned stores to certain of its existing U.S. franchisees for proceeds of $9.7 million, of which $8.1 million was received in cash during the second quarter. The remaining $1.6 million was collected during the third quarter. In connection with the sale of the stores, the Company recorded a $2.4 million pre-tax loss on the sale of the related assets and liabilities, which included a $1.4 million reduction in goodwill. The loss was recorded in general and administrative expense in the Company’s condensed consolidated statements of income.

New Accounting Pronouncements

8 Months Ended

Sep. 08, 2019

Accounting Changes and Error Corrections [Abstract]

New Accounting Pronouncements

11. New Accounting Pronouncements

Recently Adopted Accounting Standard

Accounting Standards Update

2016-02,

Leases (Topic 842)

In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU

2016-02,

Leases (Topic 842)

which requires a lessee to recognize assets and liabilities on the balance sheet for leases with lease terms greater than 12 months. On December 31, 2018, the Company adopted ASC 842 using the modified retrospective method. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods.

The adoption of ASC 842 had a material impact on the Company’s assets and liabilities due to the recognition of operating lease

right-of-use

assets and lease liabilities on its condensed consolidated balance sheet. The Company elected the optional practical expedient to retain its current classification of leases, and accordingly, the adoption of ASC 842 did not have a material effect on the Company’s condensed consolidated statement of income and condensed consolidated statement of cash flows. Refer to Note 7 for additional disclosure related to the Company’s lease arrangements.

The effects of the changes made to the Company’s condensed consolidated balance sheet as of December 31, 2018 for the adoption of ASC 842 were as follows:


	Balance at December 30, 2018		Adjustments Due to ASC 842			Balance at December 31, 2018
Assets
Current assets:
Prepaid expenses and other	$	25,710	$	(35	)	$	25,675
Property, plant and equipment:
Construction in progress		31,822		(1,904	)		29,918
Other assets:
Operating lease right-of-use assets		—		218,860			218,860
Liabilities and stockholders’ deficit
Current liabilities:
Operating lease liabilities		—		32,033			32,033
Other accrued liabilities		55,001		(136	)		54,865
Long-term liabilities:
Operating lease liabilities		—		194,736			194,736
Other accrued liabilities		40,807		(9,712	)		31,095

On December 31, 2018, the Company recorded an adjustment of $226.8 million for operating lease

right-of-use

assets and liabilities. The operating lease

right-of-use

assets recorded on the date of adoption were also net of a $7.9 million reclassification of other accrued liabilities and prepaid expenses representing previously deferred (prepaid) rent and lease incentives. The Company also derecognized $1.9 million of construction in progress and other long-term accrued liabilities associated with a new building that was leased to the Company in the third quarter of 2019. This lease was previously accounted for as a

build-to-suit

arrangement under prior lease accounting guidance.

ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40)

In August 2018, the FASB issued ASU 2018-15,

Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract

(“ASU 2018-15”), which aligns the accounting for implementation costs of a cloud computing arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software. ASU 2018-15 also requires companies to amortize these implementation costs over the life of the service contract in the same line in the statement of income as the fees associated with the hosting service. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted this accounting standard prospectively in the third quarter of 2019, and the adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements.

Accounting Standards Not Yet Adopted

The Company has considered all new accounting standards issued by the FASB. The Company has not yet completed its assessment of the following standards.

ASU

2016-13,

Financial Instruments – Credit Losses (Topic 326)

In June 2016, the FASB issued ASU

2016-13,

Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

(“ASU

2016-13”).

ASU

2016-13

requires companies to measure credit losses utilizing a methodology that reflects expected credit losses and requires a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU

2016-13

is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently assessing the impact of adopting this standard but does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

Basis of Presentation and Updates to Significant Accounting Policies (Policies)	8 Months Ended
	Sep. 08, 2019
Accounting Policies [Abstract]
Leases	Leases The Company leases certain retail store and supply chain center locations, supply chain vehicles and its corporate headquarters. The Company determines whether an arrangement is or contains a lease at contract inception. The majority of the Company’s leases are classified as operating leases, which are included in operating lease right-of-use assets and operating lease liabilities in the Company’s condensed consolidated balance sheet. Finance leases are included in property, plant and equipment, current portion of long-term debt and long-term debt on the Company’s condensed consolidated balance sheet. Right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date for leases exceeding 12 months. Minimum lease payments include only the fixed lease component of the agreement, as well as any variable rate payments that depend on an index, initially measured using the index at the lease commencement date. Lease terms may include options to renew when it is reasonably certain that the Company will exercise that option. The Company estimates its incremental borrowing rate for each lease using a portfolio approach based on the respective weighted average term of the agreements. This estimation considers the market rates of the Company’s outstanding collateralized borrowings and interpolations of rates outside of the terms of the outstanding borrowings, including comparisons to comparable borrowings of similarly-rated companies with longer term borrowings. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales or general and administrative expense. Amortization expense for finance leases is recognized on a straight-line basis over the lease term and is included in cost of sales, while interest expense for finance leases is recognized using the effective interest method. Variable lease payments that do not depend on a rate or index, payments associated with non-lease components and short-term rentals (leases with terms less than 12 months) are expensed as incurred.

Segment Information (Tables)

8 Months Ended

Sep. 08, 2019

Segment Reporting [Abstract]

Financial Information by Operating Segment


	Fiscal Quarters Ended September 8, 2019 and September 9, 2018
	U.S.		Supply		International		Intersegment
	Stores		Chain		Franchise		Revenues			Other			Total
Revenues
2019	$	281,116	$	511,709	$	54,586	$	(26,599	)	$	—		$	820,812
2018		290,445		478,517		50,424		(33,421	)		—			785,965
Income from operations
2019	$	80,188	$	40,513	$	42,281		N/A		$	(19,953	)	$	143,029
2018		78,636		35,452		39,374		N/A			(21,030	)		132,432
Segment Income
2019	$	82,556	$	44,432	$	42,337		N/A		$	(8,172	)	$	161,153
2018		75,721		38,561		39,416		N/A			(10,295	)		143,403

	Three Fiscal Quarters Ended September 8, 2019 and September 9, 2018
	U.S.		Supply		International		Intersegment
	Stores		Chain		Franchise		Revenues			Other			Total
Revenues
2019	$	879,490	$	1,513,380	$	164,145	$	(88,593	)	$	—		$	2,468,422
2018		870,474		1,426,943		154,182		(100,867	)		—			2,350,732
Income from operations
2019	$	237,852	$	123,840	$	126,467		N/A		$	(62,703	)	$	425,456
2018		227,117		109,319		120,002		N/A			(64,385	)		392,053
Segment Income
2019	$	248,160	$	135,861	$	126,628		N/A		$	(27,801	)	$	482,848
2018		230,152		118,171		120,138		N/A			(29,633	)		438,828

Reconciliation of Total Segment Income to Consolidated Income Before Provision for Income Taxes

The following table reconciles Total Segment Income to consolidated income before provision for income taxes.


	Fiscal Quarter Ended						Three Fiscal Quarters Ended
	September 8,			September 9,			September 8,			September 9,
	2019			2018			2019			2018
Total Segment Income	$	161,153		$	143,403		$	482,848		$	438,828
Depreciation and amortization		(13,132	)		(12,460	)		(40,982	)		(35,770	)
(Loss) gain on sale/disposal of assets		(312	)		5,706			(3,141	)		5,187
Non-cash compensation expense		(4,680	)		(4,217	)		(13,269	)		(15,660	)
Recapitalization-related expenses		—			—			—			(532	)

Income from operations		143,029			132,432			425,456			392,053
Interest income		968			792			2,583			2,451
Interest expense		(33,752	)		(33,976	)		(102,672	)		(100,389	)

Income before provision for income taxes	$	110,245		$	99,248		$	325,367		$	294,115

Earnings Per Share (Tables)

8 Months Ended

Sep. 08, 2019

Earnings Per Share [Abstract]

Earnings Per Share


	Fiscal Quarter Ended				Three Fiscal Quarters Ended
	September 8,		September 9,		September 8,		September 9,
	2019		2018		2019		2018
Net income available to common stockholders - basic and diluted	$	86,373	$	84,095	$	271,382	$	250,330

Basic weighted average number of shares		40,954,279		41,585,933		40,947,693		42,150,693
Earnings per share – basic	$	2.11	$	2.02	$	6.63	$	5.94
Diluted weighted average number of shares		42,040,291		43,067,191		42,158,447		43,675,627
Earnings per share – diluted	$	2.05	$	1.95	$	6.44	$	5.73

Changes in Stockholders' Deficit (Tables)

8 Months Ended

Sep. 08, 2019

Federal Home Loan Banks [Abstract]

Changes in Stockholders' Deficit

The following table summarizes changes in stockholders’ deficit for the third quarter of 2019.


													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Deficit			Loss
Balance at June 16, 2019		41,232,358		$	412		$	10,788		$	(2,911,278	)	$	(4,208	)
Net income		—			—			—			86,373			—
Dividends declared on common stock and equivalents ($0.65 per share)		—			—			—			(26,569	)		—
Issuance and cancellation of stock awards, net		45,479			—			—			—			—
Tax payments for restricted stock upon vesting		(12,603	)		—			(3,253	)		—			—
Purchases of common stock		(384,338	)		(3	)		(12,972	)		(80,721	)		—
Exercise of stock options		18,100			—			832			—			—
Non-cash compensation expense		—			—			4,680			—			—
Currency translation adjustment		—			—			—			—			270

Balance at September 8, 2019		40,898,996		$	409		$	75		$	(2,932,195	)	$	(3,938	)

The following table summarizes changes in stockholders’ deficit for the three fiscal quarters of 2019.


													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Deficit			Loss
Balance at December 30, 2018		40,977,561		$	410		$	569		$	(3,036,471	)	$	(4,429	)
Net income		—			—			—			271,382			—
Dividends declared on common stock and equivalents ($1.95 per share)		—			—			—			(80,023	)		—
Issuance and cancellation of stock awards, net		50,640			—			—			—			—
Tax payments for restricted stock upon vesting		(22,044	)		—			(5,820	)		—			—
Purchases of common stock		(430,182	)		(4	)		(18,062	)		(87,083	)		—
Exercise of stock options		323,021			3			10,119			—			—
Non-cash compensation expense		—			—			13,269			—			—
Currency translation adjustment		—			—			—			—			491

Balance at September 8, 2019		40,898,996		$	409		$	75		$	(2,932,195	)	$	(3,938	)

Subsequent to the third quarter, on

October 4, 2019

, the Company’s Board of Directors declared a $0.65 per share quarterly dividend on its outstanding common stock for shareholders of record as of

December 13, 2019

to be paid on

December 27, 2019

. On October 4, 2019, the Company’s Board of Directors authorized a new share repurchase program to repurchase up to $1.0 billion of the Company’s common stock

with no expiration date

. This repurchase program replaces the remaining availability of approximately $53.6 million under the Company’s

existing

$750.0 million share repurchase program

. Authorization for the repurchase program may be modified, suspended, or discontinued at any time.

The following table summarizes changes in stockholders’ deficit for the third quarter of 2018.


													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Deficit			Loss
Balance at June 17, 2018		41,837,693		$	418		$	737		$	(2,926,921	)	$	(3,439	)
Net income		—			—			—			84,095			—
Dividends declared on common stock and equivalents ($0.55 per share)		—			—			—			(22,889	)		—
Issuance and cancellation of stock awards, net		72,990			1			—			—			—
Tax payments for restricted stock upon vesting		(16,580	)		—			(4,531	)		—			—
Purchases of common stock		(397,490	)		(4	)		(2,269	)		(106,850	)		—
Exercise of stock options		99,549			1			3,760			—			—
Non-cash compensation expense		—			—			4,217			—			—
Currency translation adjustment		—			—			—			—			(84	)

Balance at September 9, 2018		41,596,162		$	416		$	1,914		$	(2,972,565	)	$	(3,523	)

The following table summarizes changes in stockholders’ deficit for the three fiscal quarters of 2018.


													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Deficit			Loss
Balance at December 31, 2017		42,898,329		$	429		$	5,654		$	(2,739,437	)	$	(2,030	)
Net income		—			—			—			250,330			—
Dividends declared on common stock and equivalents ($1.65 per share)		—			—			—			(69,450	)		—
Issuance and cancellation of stock awards, net		80,932			1			—			—			—
Tax payments for restricted stock upon vesting		(26,893	)		—			(6,849	)		—			—
Purchases of common stock		(1,751,054	)		(18	)		(21,514	)		(407,658	)		—
Exercise of stock options		394,848			4			8,963			—			—
Non-cash compensation expense		—			—			15,660			—			—
Adoption of revenue recognition accounting standard		—			—			—			(6,701	)		—
Currency translation adjustment		—			—			—			—			(1,142	)
Reclassification adjustment for stranded taxes		—			—			—			351			(351	)

Balance at September 9, 2018		41,596,162		$	416		$	1,914		$	(2,972,565	)	$	(3,523	)

Fair Value Measurements (Tables)

8 Months Ended

Sep. 08, 2019

Fair Value Disclosures [Abstract]

Carrying Amounts and Fair Values of Certain Assets


	At September 8, 2019
			Fair Value Estimated Using
	Carrying		Level 1		Level 2		Level 3
	Amount		Inputs		Inputs		Inputs
Cash equivalents	$	58,993	$	58,993	$	—	$	—
Restricted cash equivalents		104,424		104,424		—		—
Investments in marketable securities		10,851		10,851		—		—
Advertising fund cash equivalents, restricted		57,682		57,682		—		—
Advertising fund investments, restricted		20,000		20,000		—		—


	At December 30, 2018
			Fair Value Estimated Using
	Carrying		Level 1		Level 2		Level 3
	Amount		Inputs		Inputs		Inputs
Cash equivalents	$	11,877	$	11,877	$	—	$	—
Restricted cash equivalents		112,272		112,272		—		—
Investments in marketable securities		8,718		8,718		—		—
Advertising fund cash equivalents, restricted		31,547		31,547		—		—
Advertising fund investments, restricted		50,152		50,152		—		—

Schedule of Estimated Fair Value

Management estimated the approximate fair values of the 2015 fixed rate notes, the 2017 fixed and floating rate notes and the 2018 fixed rate notes as follows:


	September 8, 2019				December 30, 2018
	Principal Amount		Fair Value		Principal Amount		Fair Value
2015 Ten-Year Fixed Rate Notes	$	774,000	$	817,344	$	780,000	$	783,120
2017 Five-Year Fixed Rate Notes		588,000		590,352		592,500		575,910
2017 Ten-Year Fixed Rate Notes		980,000		1,038,800		987,500		956,888
2017 Five-Year Floating Rate Notes		294,000		293,706		296,250		295,065
2018 7.5-Year Fixed Rate Notes		419,688		438,573		422,875		416,955
2018 9.25-Year Fixed Rate Notes		395,000		421,465		398,000		396,010

Revenue Disclosures (Tables)

8 Months Ended

Sep. 08, 2019

Revenue from Contract with Customer [Abstract]

Schedule of Contract Liabilities Consist of Deferred Franchise Fees and Deferred Development Fees

Contract liabilities consist of deferred franchise fees and deferred development fees. Changes in contract liabilities were as follows:


	Three Fiscal Quarters Ended
	September 8,			September 9,
	2019			2018
Contract liabilities at beginning of period	$	19,900		$	19,404
Revenue recognized during the period		(3,923	)		(3,540	)
New deferrals due to cash received and other		4,613			3,917

Contract liabilities at end of period	$	20,590		$	19,781

Lease Disclosures (Tables)

8 Months Ended

Sep. 08, 2019

Leases [Abstract]

Components Of Operating And Finance Lease Cost

The components of operating and finance lease cost for the third quarter and three fiscal quarters of 2019 were as follows:


	Fiscal Quarter Ended		Three Fiscal Quarters Ended
	September 8,		September 8,
	2019		2019
Operating lease cost	$	9,150	$	29,464
Finance lease cost:
Amortization of right-of-use assets		254		763
Interest on lease liabilities		473		1,269

Total finance lease cost	$	727	$	2,032

Schedule of Supplemental Balance Sheet Information Related To Finance Leases

Supplemental balance sheet information related to the Company’s leases as of September 8, 2019 and December 30, 2018 was as follows:


	September 8,			December 30,
	2019			2018
Land and buildings	$	22,195		$	22,171
Accumulated depreciation and amortization		(7,441	)		(6,678	)

Finance lease assets, net	$	14,754		$	15,493

Current portion of long-term debt	$	685		$	643
Long-term debt, less current portion		15,922			16,363

Total principal payable on finance leases	$	16,607		$	17,006


	Operating			Finance
	Leases			Leases
Weighted average remaining lease term		8 years			14 years
Weighted average discount rate		3.8	%		11.4	%

Schedule Of Supplemental Cash Flow Information Related To Leases

Supplemental cash flow information related to leases for the third quarter and three fiscal quarters of 2019 was as follows:


	Fiscal Quarter Ended		Three Fiscal Quarters Ended
	September 8,		September 8,
	2019		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,968	$	30,056
Operating cash flows from finance leases		473		1,269
Financing cash flows from finance leases		161		422
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases		23,434		49,802
Finance leases		—		—

Schedule Of Maturities Of Operating And Finance Leases Liabilities

Maturities of lease liabilities as of September 8, 2019 were as follows:


	Operating			Finance
	Leases			Leases
2019	$	12,212		$	791
2020		40,157			2,417
2021		37,979			2,435
2022		34,819			2,453
2023		32,245			2,477
Thereafter		116,664			23,810

Total future minimum rental commitments		274,076			34,383
Less – amounts representing interest		(39,745	)		(17,776	)

Total lease liabilities	$	234,331		$	16,607

Maturities of lease liabilities as of December 30, 2018 were as follows:


	Operating		Finance
	Leases		Leases
2019	$	40,752	$	2,396
2020		37,519		2,415
2021		34,538		2,433
2022		30,763		2,451
2023		27,388		2,474
Thereafter		100,310		23,781

Total future minimum rental commitments	$	271,270		35,950

Less – amounts representing interest				(18,944	)

Total principal payable on finance leases			$	17,006

New Accounting Pronouncements (Tables)

8 Months Ended

Sep. 08, 2019

Accounting Changes and Error Corrections [Abstract]

Cumulative Effects of Changes Made to Consolidated Balance Sheet

The effects of the changes made to the Company’s condensed consolidated balance sheet as of December 31, 2018 for the adoption of ASC 842 were as follows:


	Balance at December 30, 2018		Adjustments Due to ASC 842			Balance at December 31, 2018
Assets
Current assets:
Prepaid expenses and other	$	25,710	$	(35	)	$	25,675
Property, plant and equipment:
Construction in progress		31,822		(1,904	)		29,918
Other assets:
Operating lease right-of-use assets		—		218,860			218,860
Liabilities and stockholders’ deficit
Current liabilities:
Operating lease liabilities		—		32,033			32,033
Other accrued liabilities		55,001		(136	)		54,865
Long-term liabilities:
Operating lease liabilities		—		194,736			194,736
Other accrued liabilities		40,807		(9,712	)		31,095

Financial Information by Operating Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		8 Months Ended
	Sep. 08, 2019	Sep. 09, 2018	Sep. 08, 2019	Sep. 09, 2018
Segment Reporting Information [Line Items]
Revenues	$ 820,812	$ 785,965	$ 2,468,422	$ 2,350,732
Income from operations	143,029	132,432	425,456	392,053
Segment Income	161,153	143,403	482,848	438,828
Supply Chain [Member]
Segment Reporting Information [Line Items]
Revenues	485,110	445,096	1,424,787	1,326,076
Operating Segments [Member] \| U.S. Stores [Member]
Segment Reporting Information [Line Items]
Revenues	281,116	290,445	879,490	870,474
Income from operations	80,188	78,636	237,852	227,117
Segment Income	82,556	75,721	248,160	230,152
Operating Segments [Member] \| Supply Chain [Member]
Segment Reporting Information [Line Items]
Revenues	511,709	478,517	1,513,380	1,426,943
Income from operations	40,513	35,452	123,840	109,319
Segment Income	44,432	38,561	135,861	118,171
Operating Segments [Member] \| International Franchise [Member]
Segment Reporting Information [Line Items]
Revenues	54,586	50,424	164,145	154,182
Income from operations	42,281	39,374	126,467	120,002
Segment Income	42,337	39,416	126,628	120,138
Intersegment Revenues [Member]
Segment Reporting Information [Line Items]
Revenues	(26,599)	(33,421)	(88,593)	(100,867)
Segment Reconciling [Member]
Segment Reporting Information [Line Items]
Income from operations	(19,953)	(21,030)	(62,703)	(64,385)
Segment Income	$ (8,172)	$ (10,295)	$ (27,801)	$ (29,633)

Reconciliation of Total Segment Income to Consolidated Income Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		8 Months Ended
	Sep. 08, 2019	Sep. 09, 2018	Sep. 08, 2019	Sep. 09, 2018
Segment Reconciliation [Abstract]
Total Segment Income	$ 161,153	$ 143,403	$ 482,848	$ 438,828
Depreciation and amortization	(13,132)	(12,460)	(40,982)	(35,770)
(Loss) gain on sale/disposal of assets	(312)	5,706	(3,141)	5,187
Non-cash compensation expense	(4,680)	(4,217)	(13,269)	(15,660)
Recapitalization-related expenses				(532)
Income from operations	143,029	132,432	425,456	392,053
Interest income	968	792	2,583	2,451
Interest expense	(33,752)	(33,976)	(102,672)	(100,389)
Income before provision for income taxes	$ 110,245	$ 99,248	$ 325,367	$ 294,115

Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		8 Months Ended
	Sep. 08, 2019	Sep. 09, 2018	Sep. 08, 2019	Sep. 09, 2018
Earnings Per Share [Abstract]
Net income available to common stockholders - basic and diluted	$ 86,373	$ 84,095	$ 271,382	$ 250,330
Basic weighted average number of shares	40,954,279	41,585,933	40,947,693	42,150,693
Earnings per share – basic	$ 2.11	$ 2.02	$ 6.63	$ 5.94
Diluted weighted average number of shares	42,040,291	43,067,191	42,158,447	43,675,627
Earnings per share – diluted	$ 2.05	$ 1.95	$ 6.44	$ 5.73

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		8 Months Ended
	Sep. 08, 2019	Sep. 09, 2018	Sep. 08, 2019	Sep. 09, 2018
Stock Option [Member]
Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded from Computation of Earnings Per Share	161,670	76,130	161,670	137,156
Restricted Performance Shares [Member]
Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share, amount unvested	142,477	160,998	142,477	160,998
Restricted Stock [Member]
Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded from Computation of Earnings Per Share				28,570

Changes in Stockholders' Deficit - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		8 Months Ended
	Oct. 04, 2019	Sep. 08, 2019	Sep. 09, 2018	Sep. 08, 2019	Sep. 09, 2018
Dividends declared per share		$ 0.65	$ 0.55	$ 1.95	$ 1.65
Subsequent Event [Member]
Dividends declared per share	$ 0.65
Record date of dividend	Dec. 13, 2019
Dividend declared date	Oct. 04, 2019
Dividend payable date	Dec. 27, 2019
Stock repurchase remaining authorized repurchase amount	$ 53.6
Subsequent Event [Member] \| Previously Reported [Member]
Share repurchase program, approved amount	750.0
Subsequent Event [Member] \| Maximum [Member]
Share repurchase program, approved amount	$ 1,000.0

Changes in Stockholders' Deficit (Detail) - USD ($)
$ in Thousands

3 Months Ended

8 Months Ended

Sep. 08, 2019

Sep. 09, 2018

Sep. 08, 2019

Sep. 09, 2018

^[1]

$ (3,039,921)

Net income

$ 86,373

$ 84,095

271,382

$ 250,330

$ (2,935,649)

Common Stock [Member]

Beginning Balance, (in shares)

41,232,358

41,837,693

40,977,561

42,898,329

Issuance and cancellation of stock awards, net (in shares)

$ 412

$ 418

$ 410

$ 429

45,479

72,990

50,640

80,932

Issuance and cancellation of stock awards, net

$ 1

Tax payments for restricted stock upon vesting, (in shares)

(12,603)

(16,580)

(22,044)

(26,893)

Purchases of common stock, (in shares)

(384,338)

(397,490)

(430,182)

(1,751,054)

Exercise of stock options, (in shares)

$ (3)

$ (4)

$ (18)

18,100

99,549

323,021

394,848

Exercise of stock options

$ 0

$ 1

$ 3

$ 4

Ending Balance, (in shares)

40,898,996

41,596,162

40,898,996

41,596,162

Additional Paid-in Capital [Member]

$ 409

$ 416

$ 409

$ 416

Tax payments for restricted stock upon vesting

10,788

737

569

5,654

(3,253)

(4,531)

(5,820)

(6,849)

Exercise of stock options

(12,972)

(2,269)

(18,062)

(21,514)

832

3,760

10,119

8,963

Non-cash compensation expense

4,680

4,217

13,269

15,660

Retained Deficit [Member]

1,914

Dividends declared on common stock and equivalents

(2,911,278)

(2,926,921)

(3,036,471)

(2,739,437)

Net income

86,373

84,095

271,382

250,330

(26,569)

(22,889)

(80,023)

(69,450)

Adoption of revenue recognition accounting standard

(80,721)

(106,850)

(87,083)

(407,658)

(6,701)

Reclassification adjustment for stranded taxes

351

Accumulated Other Comprehensive Loss [Member]

(2,932,195)

(2,972,565)

(2,932,195)

(2,972,565)

Currency translation adjustment

(4,208)

(3,439)

(4,429)

(2,030)

270

(84)

491

(1,142)

Reclassification adjustment for stranded taxes

(351)

$ (3,938)

$ (3,523)

$ (3,938)

$ (3,523)

[1]	The balance sheet at December 30, 2018 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Changes in Stockholders' Deficit (Parenthetical) (Detail) - $ / shares	3 Months Ended		8 Months Ended
	Sep. 08, 2019	Sep. 09, 2018	Sep. 08, 2019	Sep. 09, 2018
Dividends declared per share	$ 0.65	$ 0.55	$ 1.95	$ 1.65

Carrying Amounts and Fair Values of Certain Assets (Detail) - USD ($) $ in Thousands	Sep. 08, 2019	Dec. 30, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, carrying amount	$ 58,993	$ 11,877
Restricted cash equivalents, carrying amount	104,424	112,272
Investments in marketable securities, carrying amount	10,851	8,718
Advertising fund cash equivalents, restricted, carrying amount	57,682	31,547
Advertising fund investments, restricted, carrying amount	20,000	50,152
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, carrying amount	58,993	11,877
Restricted cash equivalents, carrying amount	104,424	112,272
Investments in marketable securities, carrying amount	10,851	8,718
Advertising fund cash equivalents, restricted, fair value	57,682	31,547
Advertising fund investments, restricted, fair value	$ 20,000	$ 50,152

Schedule of Estimated Fair Value (Detail) - USD ($) $ in Thousands	Sep. 08, 2019	Dec. 30, 2018
2015 Ten-Year Fixed Rate Notes [Member]
Debt Instrument [Line Items]
Principal Amount	$ 774,000	$ 780,000
Fair Value	817,344	783,120
2017 Five-Year Fixed Rate Notes [Member]
Debt Instrument [Line Items]
Principal Amount	588,000	592,500
Fair Value	590,352	575,910
2017 Ten-Year Fixed Rate Notes [Member]
Debt Instrument [Line Items]
Principal Amount	980,000	987,500
Fair Value	1,038,800	956,888
2017 Five-Year Floating Rate Notes [Member]
Debt Instrument [Line Items]
Principal Amount	294,000	296,250
Fair Value	293,706	295,065
2018 7.5-Year Fixed Rate Notes [Member]
Debt Instrument [Line Items]
Principal Amount	419,688	422,875
Fair Value	438,573	416,955
2018 9.25-Year Fixed Rate Notes [Member]
Debt Instrument [Line Items]
Principal Amount	395,000	398,000
Fair Value	$ 421,465	$ 396,010

Fair Value Measurements - Additional Information (Detail) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions	8 Months Ended	12 Months Ended
	Sep. 08, 2019	Dec. 30, 2018
Outstanding Borrowings Amount	$ 0.0	$ 65.0
Variable Funding Note [Member]
Long-term Line of Credit, Noncurrent	$ 0.0	$ 65.0

The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

Schedule of Contract Liabilities Consist of Deferred Franchise Fees and Deferred Development Fees (Detail) - USD ($) $ in Thousands	8 Months Ended
	Sep. 08, 2019	Sep. 09, 2018
Revenue from Contract with Customer [Abstract]
Contract liabilities at beginning of period	$ 19,900	$ 19,404
Revenue recognized during the period	(3,923)	(3,540)
New deferrals due to cash received and other	4,613	3,917
Contract liabilities at end of period	$ 20,590	$ 19,781

Revenue Disclosures - Additional Information (Detail) - USD ($)
$ in Thousands

Sep. 08, 2019

Dec. 30, 2018

U.S. stores [Member] | U.S. franchise stores [Member] | Cash, cash equivalents and investments [Member]

$ 109,490

$ 112,744

^[1]

U.S. stores [Member] | U.S. franchise stores [Member] | Prepaid expenses [Member]

88,700

95,100

U.S. stores [Member] | U.S. franchise stores [Member] | Accounts receivable [Member]

2,500

2,300

U.S. stores [Member] | U.S. Company-owned stores [Member]

18,300

15,300

Cash contributed from Company-owned stores

$ 4,600

$ 5,500

[1]	The balance sheet at December 30, 2018 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Components Of Operating And Finance Lease Cost (Detail) - USD ($) $ in Thousands	3 Months Ended	8 Months Ended
	Sep. 08, 2019	Sep. 08, 2019
Operating lease cost	$ 9,150	$ 29,464
Finance lease cost:
Amortization of right-of-use assets	254	763
Interest on lease liabilities	473	1,269
Total finance lease cost	$ 727	$ 2,032

Supplemental balance sheet information related to the Company's leases (Detail) - USD ($) $ in Thousands	Sep. 08, 2019	Dec. 30, 2018
Land and buildings	$ 22,195	$ 22,171
Accumulated depreciation and amortization	(7,441)	(6,678)
Finance lease assets, net	14,754	15,493
Current portion of long-term debt	685	643
Long-term debt, less current portion	15,922	16,363
Total principal payable on finance leases	$ 16,607	$ 17,006
Finance Lease, Weighted Average Remaining Lease Term	14 years
Finance Lease, Weighted Average Discount Rate, Percent	11.40%
Operating Lease, Weighted Average Remaining Lease Term	8 years
Operating Lease, Weighted Average Discount Rate, Percent	3.80%

Supplemental Cash Flow Information Related To Leases (Detail) - USD ($) $ in Thousands	3 Months Ended	8 Months Ended
	Sep. 08, 2019	Sep. 08, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 9,968	$ 30,056
Operating cash flows from finance leases	473	1,269
Financing cash flows from finance leases	161	422
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	23,434	$ 49,802
Finance leases	$ 0

Maturities Of Lease Liabilities (Detail) - USD ($) $ in Thousands	Sep. 08, 2019	Dec. 31, 2018	Dec. 30, 2018
2019	$ 12,212		$ 40,752
2020	40,157		37,519
2021	37,979		34,538
2022	34,819		30,763
2023	32,245		27,388
Thereafter	116,664		100,310
Total future minimum rental commitments	274,076		271,270
Less – amounts representing interest	(39,745)
Total lease liabilities	234,331	$ 226,800
2019	791		2,396
2020	2,417		2,415
2021	2,435		2,433
2022	2,453		2,451
2023	2,477		2,474
Thereafter	23,810		23,781
Total future minimum rental commitments	34,383		35,950
Less – amounts representing interest	(17,776)		(18,944)
Total principal payable on finance leases	$ 16,607		$ 17,006

Lease Disclosures - Additional Information (Detail) $ in Millions	3 Months Ended		8 Months Ended		14 Months Ended
	Sep. 08, 2019 USD ($)	Sep. 09, 2018 USD ($)	Sep. 08, 2019 USD ($)	Sep. 09, 2018 USD ($)	Mar. 24, 2019	Dec. 30, 2018 USD ($)
Rent Expenses	$ 16.1	$ 15.7	$ 48.4	$ 46.3
Finance Lease				$ 11.4
Potential future payments	17.9		17.9			$ 2.4
Number of supply chain center buildings under capital lease		3		3
Lease One [Member]
Capital lease of supply chain center building expiration year		2036
Lease Two [Member]
Capital lease of supply chain center building expiration year		2037
Lease Three [Member]
Capital lease of supply chain center building expiration year					2033
Operating Lease [Member]
Lessee, operating lease, lease not yet commenced, future minimum rental commitments	$ 50.6		$ 50.6
Lease Term	15 years		15 years

Legal Matters - Additional Information (Detail) - Yvonne Wiederhold [Member] $ in Millions	Feb. 14, 2011 USD ($)
Legal Settlement By Party [Line Items]
Amount delivered for plaintiff	$ 9.0
Percentage liable by company for plaintiff	100.00%
Litigation settlement, amount	$ 8.0

Supplemental Disclosures of Cash Flow Information - Additional Information (Detail) - USD ($) $ in Millions	8 Months Ended	12 Months Ended
	Sep. 08, 2019	Dec. 30, 2018
Schedule of Cash Flow, Supplemental [Line Items]
Capital expenditure accrual	$ 4.7	$ 3.8

Sale of Company-Owned Stores - Additional Information (Detail) $ in Millions	3 Months Ended		8 Months Ended
	Sep. 08, 2019 USD ($)	Jun. 16, 2019 USD ($) Store	Sep. 08, 2019 USD ($)
Number of company-owned stores sold \| Store		59
Consideration For Sale Of Stores		$ 9.7
Proceeds from sale of assets	$ 1.6	$ 8.1
Pre-tax loss on sale of assets, net of goodwill reduction, charged to general and administrative expenses			$ 2.4
Reduction of goodwill related to sale of stores			$ 1.4

New Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Sep. 08, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Right-of-Use Asset	$ 226,800	$ 227,495
Operating Lease, Liability	226,800	234,331
Derecognition of Liabilities		$ 1,900
Other Accrued Liabilities And Prepaid Expenses [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification of Accrued Liabilities to the Right of Use Asset	$ 7,900

New Accounting Pronouncements - Cumulative Effects of Changes Made to Consolidated Balance Sheet (Detail) - USD ($)
$ in Thousands

Sep. 08, 2019

Dec. 31, 2018

Dec. 30, 2018

$ 15,438

$ 25,710

^[1]

26,649

31,822

^[1]

227,495

$ 226,800

32,203

103,162

121,363

^[1]

202,128

Scenario, Previously Reported [Member]

$ 32,589

40,807

^[1]

25,710

31,822

55,001

Restatement Adjustment [Member] | Accounting Standards Update 2014-09 [Member]

40,807

(35)

(1,904)

218,860

32,033

(136)

194,736

Scenario As Restated [Member]

$ (9,712)

25,675

29,918

218,860

32,033

54,865

194,736