0000950170-22-002426 | 10-K | XBRL Viewer

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 02, 2022	Jan. 03, 2021
Current assets:
Cash and cash equivalents	$ 148,160	$ 168,821
Restricted cash and cash equivalents	180,579	217,453
Accounts receivable, net of reserves of $1,869 in 2021 and $1,793 in 2020	255,327	244,560
Inventories	68,328	66,683
Prepaid expenses and other	27,242	24,169
Advertising fund assets, restricted	180,904	147,698
Total current assets	860,540	869,384
Property, plant and equipment:
Land and buildings	108,372	88,063
Leasehold and other improvements	193,572	186,456
Equipment	312,772	292,456
Construction in progress	27,815	13,014
Property, plant and equipment, Gross	642,531	579,989
Accumulated depreciation and amortization	(318,466)	(282,625)
Property, plant and equipment, net	324,065	297,364
Other assets:
Operating lease right-of-use assets	210,702	228,268
Investments in marketable securities, restricted	15,433	13,251
Goodwill	15,034	15,061
Capitalized software, net of accumulated amortization of $142,509 in 2021 and $124,043 in 2020	95,558	81,306
Investments	125,840	40,000
Other assets	22,535	20,630
Deferred income taxes	2,109	1,904
Total other assets	487,211	400,420
Total assets	1,671,816	1,567,168
Current liabilities:
Current portion of long-term debt	55,588	2,855
Accounts payable	91,547	94,499
Accrued compensation	59,567	58,520
Accrued interest	37,982	31,695
Operating lease liabilities	37,155	35,861
Insurance reserves	32,588	26,377
Advertising fund liabilities	173,737	141,175
Other accrued liabilities	102,577	79,837
Total current liabilities	590,741	470,819
Long-term liabilities:
Long-term debt, less current portion	5,014,638	4,116,018
Operating lease liabilities	184,471	202,268
Insurance reserves	36,913	37,125
Deferred income taxes	3,922	6,099
Other accrued liabilities	50,667	35,244
Total long-term liabilities	5,290,611	4,396,754
Total liabilities	5,881,352	4,867,573
Commitments and contingencies (Note 6)
Stockholders' deficit
Common stock, par value $0.01 per share; 170,000,000 shares authorized; 36,138,273 in 2021 and 38,868,350 in 2020 issued and outstanding	361	389
Preferred stock, par value $0.01 per share; 5,000,000 shares authorized, none issued	0	0
Additional paid-in capital	840	5,122
Retained deficit	(4,207,917)	(3,303,492)
Accumulated other comprehensive loss	(2,820)	(2,424)
Total stockholders' deficit	(4,209,536)	(3,300,405)
Total liabilities and stockholders' deficit	$ 1,671,816	$ 1,567,168

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jan. 02, 2022	Jan. 03, 2021
Statement of Financial Position [Abstract]
Accounts receivable, reserves	$ 1,869	$ 1,793
Capitalized software, net of accumulated amortization	$ 142,509	$ 124,043
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	170,000,000	170,000,000
Common stock, shares issued	36,138,273	38,868,350
Common stock, shares outstanding	36,138,273	38,868,350
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Revenues:
Total revenues	$ 4,357,373	$ 4,117,411	$ 3,618,774
Cost of sales:
Cost of sales	2,669,131	2,522,918	2,216,275
Operating margin	1,688,242	1,594,493	1,402,499
General and administrative	428,333	406,613	382,293
U.S. franchise advertising	479,501	462,238	390,799
Income from operations	780,408	725,642	629,407
Other Income	36,758	0	0
Interest income	345	1,654	4,048
Interest expense	(191,806)	(172,166)	(150,818)
Income before provision for income taxes	625,705	555,130	482,637
Provision for income taxes	115,238	63,834	81,928
NET INCOME	$ 510,467	$ 491,296	$ 400,709
Earnings per share:
Common Stock - basic	$ 13.72	$ 12.61	$ 9.83
Common Stock - diluted	$ 13.54	$ 12.39	$ 9.56
U.S. Stores [Member] \| U.S. Company-owned stores [Member]
Revenues:
Total revenues	$ 478,976	$ 485,569	$ 453,560
Cost of sales:
Cost of sales	374,104	379,598	346,168
U.S. franchise advertising	42,100	35,700	37,600
U.S. Stores [Member] \| U.S. franchise royalties and fees [Member]
Revenues:
Total revenues	539,883	503,196	428,504
U.S. Stores [Member] \| U.S. franchise advertising [Member]
Revenues:
Total revenues	479,501	462,238	390,799
Supply Chain [Member] \| Supply Chain Center [Member]
Revenues:
Total revenues	2,560,977	2,416,651	2,104,936
Cost of sales:
Cost of sales	2,295,027	2,143,320	1,870,107
International Franchise [Member] \| International franchise royalties and fees [Member]
Revenues:
Total revenues	$ 298,036	$ 249,757	$ 240,975

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 510,467	$ 491,296	$ 400,709
Currency translation adjustment	(396)	1,318	687
Comprehensive income	$ 510,071	$ 492,614	$ 401,396

- Definition

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

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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Deficit [Member]	Retained Deficit [Member] Revision of Prior Period, Accounting Standards Update, Adjustment [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 30, 2018		$ 410	$ 569	$ (3,036,471)		$ (4,429)
Balance (in shares) at Dec. 30, 2018		40,977,561
Net income	$ 400,709			400,709
Dividends declared on common stock and equivalents				(105,605)
Issuance and cancellation of stock awards, net (in shares)		46,913
Tax payments for restricted stock upon vesting			(5,951)
Tax payments for restricted stock upon vesting, (in shares)		(22,506)
Purchases of common stock		$ (25)	(27,700)	(671,282)
Purchases of common stock, (in shares)		(2,493,560)
Exercises of stock options		$ 4	13,060
Exercises of stock options, (in shares)	425,601	425,601
Non-cash equity-based compensation expense			20,265
Currency translation adjustment						687
Balance at Dec. 29, 2019		$ 389	243	(3,412,649)		(3,742)
Balance (in shares) at Dec. 29, 2019		38,934,009
Net income	$ 491,296			491,296
Dividends declared on common stock and equivalents				(122,183)
Issuance and cancellation of stock awards, net (in shares)		35,210
Tax payments for restricted stock upon vesting		$ 0	(6,803)
Tax payments for restricted stock upon vesting, (in shares)		(18,681)
Purchases of common stock		$ (8)	(43,524)	(261,058)
Purchases of common stock, (in shares)		(838,871)
Exercises of stock options		$ 8	30,962
Exercises of stock options, (in shares)	756,683	756,683
Non-cash equity-based compensation expense			24,244
Currency translation adjustment						1,318
Balance at Jan. 03, 2021	$ (3,300,405)	$ 389	5,122	(3,303,492)		(2,424)
Balance (Credit Losses Standard [Member]) at Jan. 03, 2021					$ 1,102
Balance (in shares) at Jan. 03, 2021	38,868,350	38,868,350
Net income	$ 510,467			510,467
Dividends declared on common stock and equivalents				(139,588)
Issuance and cancellation of stock awards, net (in shares)		(1,994)
Tax payments for restricted stock upon vesting			(6,820)
Tax payments for restricted stock upon vesting, (in shares)		(14,826)
Purchases of common stock		$ (30)	(45,568)	(1,275,304)
Purchases of common stock, (in shares)		(2,912,558)
Exercises of stock options		$ 2	19,680
Exercises of stock options, (in shares)	199,301	199,301
Non-cash equity-based compensation expense			28,670
Other			(244)
Currency translation adjustment						(396)
Balance at Jan. 02, 2022	$ (4,209,536)	$ 361	$ 840	$ (4,207,917)		$ (2,820)
Balance (in shares) at Jan. 02, 2022	36,138,273	36,138,273

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (Parenthetical) - $ / shares	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared per share	$ 3.76	$ 3.12	$ 2.60

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Cash flows from operating activities:
Net income	$ 510,467	$ 491,296	$ 400,709
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	72,923	65,038	59,930
Loss on sale/disposal of assets	1,189	2,922	2,023
Amortization of debt issuance costs	7,509	5,526	4,748
Provision (Benefit) for deferred income taxes	1,988	14,424	(3,297)
Non-cash equity-based compensation expense	28,670	24,244	20,265
Excess tax benefits from equity-based compensation	(18,911)	(60,364)	(25,735)
Provision for losses on accounts and notes receivable	659	2,134	1,195
Unrealized gain on investments	(36,758)	0	0
Changes in operating assets and liabilities:
Changes in accounts receivable	(8,107)	(33,334)	(20,900)
Changes in inventories, prepaid expenses and other	(9,420)	(24,959)	(6,741)
Changes in accounts payable and accrued liabilities	51,346	68,954	66,137
Changes in insurance reserves	6,216	5,544	5,322
Changes in operating lease assets and liabilities	1,210	2,592	3,302
Changes in advertising fund assets and liabilities, restricted	45,225	28,777	(10,008)
Net cash provided by operating activities	654,206	592,794	496,950
Cash flows from investing activities:
Capital expenditures	(94,172)	(88,768)	(85,565)
Purchase of investments	(49,082)	(40,000)	0
Proceeds from sale of assets	16	174	12,258
Maturities of advertising fund investments, restricted	0	0	50,152
Purchases of franchise operations and other assets	0	0	(3,423)
Other	515	(333)	(1,276)
Net cash used in investing activities	(142,723)	(128,927)	(27,854)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,850,000	158,000	675,000
Repayments of long-term debt and finance lease obligations	(910,212)	(202,058)	(92,085)
Proceeds from exercise of stock options	19,682	30,970	13,064
Purchases of common stock	(1,320,902)	(304,590)	(699,007)
Tax payments for restricted stock upon vesting	(6,820)	(6,803)	(5,951)
Payments of common stock dividends and equivalents	(139,399)	(121,925)	(105,715)
Cash paid for financing costs	(14,938)	0	(8,098)
Other	(244)	0	0
Net cash used in financing activities	(522,833)	(446,406)	(222,792)
Effect of exchange rate changes on cash	(316)	761	201
Change in cash and cash equivalents, restricted cash and cash equivalents	(11,666)	18,222	246,505
Cash and cash equivalents, beginning of period	168,821	190,615	25,438
Restricted cash and cash equivalents, beginning of period	217,453	209,269	166,993
Cash and cash equivalents included in advertising fund assets, restricted, beginning of period	115,872	84,040	44,988
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, beginning of period	502,146	483,924	237,419
Cash and cash equivalents, end of period	148,160	168,821	190,615
Restricted cash and cash equivalents, end of period	180,579	217,453	209,269
Cash and cash equivalents included in advertising fund assets, restricted, end of period	161,741	115,872	84,040
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, end of period	$ 490,480	$ 502,146	$ 483,924

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Jan. 02, 2022

Accounting Policies [Abstract]

Description of Business and Summary of Significant Accounting Policies

Domino’s Pizza, Inc. and Subsidiaries

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands, except percentages, share and per share amounts)

(1)

Description of Business and Summary of Significant Accounting Policies

Description of Business

Domino’s Pizza, Inc. (“DPI”), a Delaware corporation, conducts its operations and derives substantially all of its operating income and cash flows through its wholly-owned subsidiary, Domino’s, Inc. (“Domino’s”) and Domino’s wholly-owned subsidiary, Domino’s Pizza LLC (“DPLLC”). DPI and its wholly-owned subsidiaries (collectively, “the Company”) are primarily engaged in the following business activities: (i) retail sales of food through Company-owned Domino’s Pizza stores; (ii) sales of food, equipment and supplies to Company-owned and franchised Domino’s Pizza stores through Company-owned supply chain centers; (iii) receipt of royalties, advertising contributions and fees from U.S. Domino’s Pizza franchisees; and (iv) receipt of royalties and fees from international Domino’s Pizza franchisees.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of DPI and its subsidiaries. All significant intercompany accounts and transactions have been eliminated.

Fiscal Year

The Company’s fiscal year ends on the Sunday closest to December 31. The 2021 fiscal year ended on January 2, 2022, the 2020 fiscal year ended on January 3, 2021 and the 2019 fiscal year ended on December 29, 2019. The 2021 and 2019 fiscal years each consisted of fifty-two weeks and the 2020 fiscal year consisted of fifty-three weeks.

Cash and Cash Equivalents

Cash equivalents consist of highly liquid investments with original maturities of three months or less at the date of purchase. These investments are carried at cost, which approximates fair value.

Restricted Cash and Cash Equivalents

Restricted cash and cash equivalents at January 2, 2022 included $133.2 million of restricted cash and cash equivalents held for future principal and interest payments and other working capital requirements of the Company’s asset-backed securitization structure, $47.2 million of restricted cash equivalents held in a three-month interest reserve as required by the related debt agreements and $0.2 million of other restricted cash. As of January 2, 2022, the Company also held $161.7 million of advertising fund restricted cash and cash equivalents, which can only be used for activities that promote the Domino’s Pizza brand.

Restricted cash and cash equivalents at January 3, 2021 included $177.1 million of restricted cash and cash equivalents held for future principal and interest payments and other working capital requirements of the Company’s asset-backed securitization structure, $39.6 million of restricted cash equivalents held in a three-month interest reserve as required by the related debt agreements and $0.8 million of other restricted cash. As of January 3, 2021, the Company also held $115.9 million of advertising fund restricted cash and cash equivalents, which can only be used for activities that promote the Domino’s Pizza brand.

Allowances for Credit Losses

The Company closely monitors accounts and notes receivable balances and estimates the allowance for credit losses. These estimates are based on historical collection experience and other factors, including those related to current market conditions and events. The Company’s allowances for accounts and notes receivable have not historically been material.

The Company also monitors its off-balance sheet exposures under its letters of credit (Note 3), lease guarantees (Note 5) and surety bonds. Total conditional commitments under surety bonds were $15.3 million and $11.0 million as of January 2, 2022 and January 3, 2021, respectively. None of these arrangements has had or is likely to have a material effect on the Company’s results of operations, financial condition, revenues, expenses or liquidity.

Inventories

Inventories are valued at the lower of cost (on a first-in, first-out basis) or net realizable value. Inventories at January 2, 2022 and January 3, 2021 were comprised of the following:


	January 2, 2022		January 3, 2021
Food	$	61,994	$	57,116
Equipment and supplies		6,334		9,567
Inventories	$	68,328	$	66,683

Other Assets

Current and long-term other assets primarily include prepaid expenses such as insurance, taxes, deposits, notes receivable, software licenses, implementation costs for cloud-based computing arrangements, covenants not-to-compete and other intangible assets primarily arising from franchise acquisitions.

Other long-term assets included implementation costs for cloud-based computing arrangements (primarily related to certain enterprise systems) of $10.6 million and $8.4 million, net of accumulated amortization of $1.7 million and $0.4 million as of January 2, 2022 and January 3, 2021, respectively. Amortization expense for implementation costs for cloud-based computing arrangements was $1.3 million and $0.4 million in 2021 and 2020, respectively. Amortization expense for implementation costs for cloud-based computing arrangements in 2019 was not material.

Property, Plant and Equipment

Additions to property, plant and equipment are recorded at cost. Repair and maintenance costs are expensed as incurred. Depreciation and amortization expense are provided using the straight-line method over the estimated useful lives of the related assets. Estimated useful lives are generally as follows (in years):


Buildings		20
Leasehold and other improvements		5 – 15
Equipment		3 – 15

Depreciation and amortization expense on property, plant and equipment was $48.6 million, $42.0 million and $37.1 million in 2021, 2020 and 2019, respectively.

Impairments of Long-Lived Assets

The Company evaluates the potential impairment of long-lived assets at least annually based on various analyses including, on an annual basis, the projection of undiscounted cash flows and whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If the Company determines that the carrying amount of an asset (or asset group) may not be recoverable, the Company compares the net carrying value of the asset group to the undiscounted net cash flows to be generated from the use and eventual disposition of that asset group. For Company-owned stores, the Company performs this evaluation on an operating market basis, which the Company has determined to be the lowest level for which identifiable cash flows are largely independent of other cash flows. If the carrying amount of a long-lived asset exceeds the amount of the expected future undiscounted cash flows of that asset, the Company estimates the fair value of the assets. If the carrying amount of the asset exceeds the estimated fair value of the asset, an impairment loss is recognized, and the asset is written down to its estimated fair value. There were no triggering events in 2021, 2020 and 2019 and accordingly, the Company did not record any impairment losses on long-lived assets in 2021, 2020 and 2019.

Investments in Marketable Securities

Investments in marketable securities consist of investments in various mutual funds made by eligible individuals as part of the Company’s deferred compensation plan (Note 8). These investments are stated at aggregate fair value, are restricted and have been placed in a rabbi trust whereby the amounts are irrevocably set aside to fund the Company’s obligations under the deferred compensation plan. The Company classifies and accounts for these investments in marketable securities as trading securities.

Goodwill

The Company’s goodwill amounts primarily relate to franchise store acquisitions. The Company performs its required impairment tests in the fourth quarter of each fiscal year and did not recognize any goodwill impairment charges in 2021, 2020 and 2019.

Capitalized Software

Capitalized software is recorded at cost and includes purchased, internally-developed and externally-developed software used in the Company’s operations. Amortization expense is provided using the straight-line method over the estimated useful lives of the software, which range from one to seven years. Capitalized software amortization expense was $24.3 million, $23.0 million and $22.8 million in 2021, 2020 and 2019, respectively.

As of January 2, 2022, scheduled amortization for capitalized software that has been placed in service as of January 2, 2022 is as follows in the table below. As of January 2, 2022, the Company also had $61.0 million of capitalized software that had not yet been placed in service.


2022	$	19,059
2023		10,075
2024		3,522
2025		1,158
2026		768
Thereafter		—
	$	34,582

Equity Investments Without Readily Determinable Fair Values

Equity investments without readily determinable fair values are recorded at cost with adjustments for observable changes in prices resulting from orderly transactions for the identical or a similar investment of the same issuer or impairments (Note 4). These amounts are recorded in investments in the consolidated balance sheet. Any adjustments to the carrying amount are recognized in other income in the Company’s consolidated statements of income.

The Company evaluates the potential impairment of its investments based on various analyses including financial results and operating trends, implied values from recent similar transactions and other relevant available information. If the carrying amount of the investment exceeds the estimated fair value of the investment, an impairment loss is recognized, and the investment is written down to its estimated fair value.

Debt Issuance Costs

Debt issuance costs are recorded as a reduction to the Company’s debt balance and primarily include the expenses incurred by the Company as part of the 2021, 2019, 2018, 2017 and 2015 Recapitalizations. Refer to Note 3 for a description of the 2021, 2019, 2018, 2017 and 2015 Recapitalizations. Amortization is recorded on a straight-line basis (which is materially consistent with the effective interest method) over the expected terms of the respective debt instrument to which the costs relate and is included in interest expense.

Debt issuance cost amortization expense was $7.5 million, $5.5 million and $4.7 million in 2021, 2020 and 2019, respectively.

Insurance Reserves

The Company has retention programs for workers’ compensation, general liability and owned and non-owned automobile liabilities for certain periods prior to December 1998 and for periods after December 2001. The Company is generally responsible for up to $2.0 million per occurrence under these retention programs for workers’ compensation and general liability exposures. The Company is also generally responsible for between $500,000 and $5.5 million per occurrence under these retention programs for owned and non-owned automobile liabilities depending on the year. Total insurance limits under these retention programs vary depending on the year covered and range up to $110.0 million per occurrence for general liability and owned and non-owned automobile liabilities and up to the applicable statutory limits for workers’ compensation.

Casualty insurance reserves relating to the Company's retention programs are based on undiscounted actuarial estimates. These estimates are based on historical information and on certain assumptions about future events. Changes in assumptions for such factors as medical costs and legal actions, as well as changes in actual experience, could cause these estimates to change in the near term. The Company generally receives estimates of outstanding casualty insurance exposures from its independent actuary twice per year and differences between these estimated actuarial exposures and the Company’s recorded amounts are adjusted as appropriate. The Company had reserves for these programs of $56.5 million and $54.6 million as of January 2, 2022 and January 3, 2021, respectively.

In addition, the Company maintains reserves for its share of employee health costs as part of the health care benefits offered to its employees. Reserves are based on estimated claims incurred that have not yet been paid, based on historical claims and payment lag times.

Contract Liabilities

Contract liabilities consist primarily of deferred franchise fees and deferred development fees. Deferred franchise fees and deferred development fees of $5.4 million and $4.1 million were included in current other accrued liabilities as of January 2, 2022 and January 3, 2021, respectively. Deferred franchise fees and deferred development fees of $24.3 million and $15.0 million were included in long-term other accrued liabilities as of January 2, 2022 and January 3, 2021, respectively.

Changes in deferred franchise fees and deferred development fees in 2021 and 2020 were as follows:


	Fiscal Year Ended
	January 2, 2022			January 3, 2021
Deferred franchise fees and deferred development fees, beginning of period	$	19,090		$	20,463
Revenue recognized during the period		(5,845	)		(6,205	)
New deferrals due to cash received and other		16,449			4,832
Deferred franchise fees and deferred development fees, end of period	$	29,694		$	19,090

The Company expects to recognize revenue associated with deferred franchise fees and deferred development fees as follows in the table below. The Company has applied the sales-based royalty exemption which permits exclusion of variable consideration in the form of sales-based royalties from the disclosure of remaining performance obligations.


2022	$	5,403
2023		5,162
2024		4,855
2025		4,406
2026		4,003
Thereafter		5,865
	$	29,694

Other Accrued Liabilities

Current and long-term other accrued liabilities primarily include accruals for income, sales, property and other taxes, legal reserves, store operating expenses, dividends payable, deferred compensation and contract liabilities.

Foreign Currency Translation

The Company’s foreign entities use their local currency as the functional currency. For these entities, the Company translates net assets into U.S. dollars at year end exchange rates, while income and expense accounts are translated at average annual exchange rates. Currency translation adjustments are included in accumulated other comprehensive income (loss) and foreign currency transaction gains and losses are included in determining net income.

Revenue Recognition

U.S. Company-owned stores revenues are comprised of retail sales of food through Company-owned Domino’s Pizza stores located in the U.S. and are recognized when the items are delivered to or carried out by customers. Customer payments are generally due at the time of sale. Sales taxes related to these sales are collected from customers and remitted to the appropriate taxing authority and are not reflected in the Company’s consolidated statements of income as revenue.

U.S. franchise royalties and fees are primarily comprised of royalties and fees from Domino’s Pizza franchisees with operations in the U.S. Each franchisee is generally required to pay a 5.5% royalty fee on sales. In certain instances, the Company will collect lower rates based on area development agreements, sales initiatives, store relocation incentives and new store incentives. Royalty revenues are based on a percentage of franchise retail sales and are recognized when the items are delivered to or carried out by franchisees’ customers. U.S. franchise fee revenue primarily relates to per-transaction technology fees that are recognized as the related sales occur. Payments for U.S. royalties and fees are generally due within seven days of the prior week end date.

Supply chain revenues are primarily comprised of sales of food, equipment and supplies to franchised Domino’s Pizza stores located in the U.S. and Canada. Revenues from the sale of food are recognized upon delivery of the food to franchisees and payments for food purchases are generally due within 30 days of the shipping date. Revenues from the sale of equipment and supplies are recognized upon delivery or shipment of the related products to franchisees, based on shipping terms, and payments for equipment and supplies are generally due within 90 days of the shipping date. The Company also offers profit sharing rebates and volume discounts to its franchisees. Obligations for profit sharing rebates are calculated based on actual results of its supply chain centers and are recognized as a reduction to revenue. Volume discounts are based on annual sales. The Company estimates the amount that will be earned and records a reduction to revenue throughout the year.

International franchise royalties and fees are primarily comprised of royalties and fees from Domino’s Pizza franchisees outside of the U.S. Royalty revenues are recognized when the items are delivered to or carried out by franchisees’ customers. Store opening fees received from international franchisees are recognized as revenue on a straight-line basis over the term of each respective franchise store agreement, which is typically ten years. Development fees received from international master franchisees are also deferred when amounts are received and are recognized as revenue on a straight-line basis over the term of the respective master franchise agreement, which is typically ten years. International franchise fee revenue primarily relates to per-transaction technology fees that are recognized as the related sales occur. International franchise royalties and fees are invoiced at least quarterly and payments are generally due within 60 days.

U.S. franchise advertising revenues are comprised of contributions from Domino’s Pizza franchisees with operations in the U.S. to the Domino’s National Advertising Fund Inc. (“DNAF”), the Company’s consolidated not-for-profit subsidiary that administers the Domino’s Pizza system’s national and market level advertising activities in the U.S. Each franchisee is generally required to contribute 6% of their retail sales to fund national marketing and advertising campaigns (subject, in certain instances, to lower rates based on certain incentives and waivers). These revenues are recognized when items are delivered to or carried out by franchisees’ customers. Payments for U.S. franchise advertising revenues are generally due within seven days of the prior week end date. Although these revenues are restricted to be used only for advertising and promotional activities to benefit franchised stores, the Company has determined there are not performance obligations associated with the franchise advertising contributions received by DNAF that are separate from its U.S. royalty payment stream and as a result, these franchise contributions and the related expenses are presented gross in the Company’s consolidated statements of income.

Disaggregation of Revenue

Current accounting standards require that companies disaggregate revenue from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The Company has included its revenues disaggregated in its consolidated statements of income to satisfy this requirement.

Supply Chain Profit-Sharing Arrangements

The Company enters into profit-sharing arrangements with U.S. and Canadian franchisees that purchase all of their food from the Company’s supply chain centers. These profit-sharing arrangements generally offer Company-owned stores and participating franchisees 50% (or a higher percentage in the case of Company-owned stores and certain franchisees who operate a larger number of stores) of the pre-tax profit from the Company’s supply chain center operations. Profit-sharing obligations are recorded as a reduction to supply chain revenues in the same period as the related revenues and costs are recorded, and were $148.3 million, $169.0 million and $143.5 million in 2021, 2020 and 2019, respectively.

Cost of Sales

Cost of sales consists primarily of U.S. Company-owned store and supply chain costs incurred to generate related revenues. Components of consolidated cost of sales primarily include food, labor, delivery, occupancy costs (including rent, telephone, utilities and depreciation) and insurance expense.

General and Administrative

General and administrative expense consists primarily of labor cost (including variable performance-based compensation expense and non-cash equity-based compensation expense), depreciation and amortization, computer expenses, professional fees, travel and entertainment, rent, insurance and other corporate administrative costs.

Advertising

U.S. stores are generally required to contribute 6% of sales to DNAF. U.S. franchise advertising costs are accrued and expensed when the related U.S. franchise advertising revenues are recognized, as DNAF is obligated to expend such revenues on advertising and other activities to promote the Domino’s brand. U.S. franchise advertising costs expended by DNAF are included in U.S. franchise advertising expenses in the Company’s consolidated statements of income. Advertising costs funded by Company-owned stores are generally expensed as incurred and are included in general and administrative expense. Contributions from Company-owned stores that have not yet been expended are included in advertising fund assets, restricted on the Company’s consolidated balance sheet.

Advertising expense included $479.5 million, $462.2 million and $390.8 million of U.S. franchise advertising expense in 2021, 2020 and 2019, respectively. Advertising expense also included $42.1 million, $35.7 million and $37.6 million in 2021, 2020 and 2019, respectively, primarily related to advertising costs funded by U.S. Company-owned stores and other general marketing expenses which are included in general and administrative expense in the consolidated statements of income.

As of January 2, 2022, advertising fund assets, restricted of $180.9 million consisted of $161.7 million of cash and cash equivalents, $14.5 million of accounts receivable and $4.7 million of prepaid expenses. As of January 2, 2022, advertising fund cash and cash equivalents included $7.2 million of cash contributed from U.S. Company-owned stores that had not yet been expended.

As of January 3, 2021, advertising fund assets, restricted of $147.7 million consisted of $115.9 million of cash and cash equivalents, $27.0 million of accounts receivable and $4.8 million of prepaid expenses. As of January 3, 2021, advertising fund cash and cash equivalents included $6.5 million of cash contributed from U.S. Company-owned stores that had not yet been expended.

Leases

The Company leases certain retail store and supply chain center locations, supply chain vehicles, equipment 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 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 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 or general and administrative expense. 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.

Common Stock Dividends

The Company declared dividends of $139.6 million (or $3.76 per share) in 2021, $122.2 million (or $3.12 per share) in 2020 and $105.6 million (or $2.60 per share) in 2019. The Company paid dividends of $139.4 million, $121.9 million, and $105.7 million in 2021, 2020 and 2019, respectively.

On February 24, 2022, the Company’s Board of Directors declared a quarterly dividend of $1.10 per common share payable on March 30, 2022 to shareholders of record at the close of business on March 15, 2022.

Stock Options and Other Equity-Based Compensation Arrangements

The cost of all of the Company’s stock options, as well as other equity-based compensation arrangements, is reflected in the financial statements based on the estimated fair value of the awards (Note 9).

Earnings Per Share

The Company discloses two calculations of earnings per share (“EPS”): basic EPS and diluted EPS (Note 2). The numerator in calculating common stock basic and diluted EPS is consolidated net income. The denominator in calculating common stock basic EPS is the weighted average shares outstanding. The denominator in calculating common stock diluted EPS includes the additional dilutive effect of outstanding stock options, unvested restricted stock grants and unvested performance-based restricted stock grants.

Supplemental Disclosures of Cash Flow Information

The Company paid interest of $174.6 million, $160.6 million and $142.3 million during 2021, 2020 and 2019, respectively, on its Notes (Note 3). Cash paid for income taxes was $106.3 million, $60.4 million and $80.3 million in 2021, 2020 and 2019, respectively.

The Company had $5.4 million, $4.3 million and $6.9 million of non-cash investing activities related to accruals for capital expenditures at January 2, 2022, January 3, 2021 and December 29, 2019, respectively. The Company also had $0.4 million, $0.7 million and $0.0 million of non-cash investing activities related to lease incentives in 2021, 2020 and 2019 respectively.

New Accounting Pronouncements

Recently Adopted Accounting Standards

Accounting Standards Update (“ASU”) 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes (Topic 740)

In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes. ASU 2019-12 was effective for fiscal years beginning after December 15, 2020, including applicable interim periods. The Company adopted this accounting standard in the first quarter of 2021, and it did not have a material impact on its consolidated financial statements.

Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326)

In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”). ASC 326 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. The Company adopted this standard as of December 30, 2019, the first day of its 2020 fiscal year, using the modified retrospective approach and it did not have a material impact on its consolidated financial statements.

The Company recognized the cumulative effect of initially applying ASC 326 as an adjustment to the opening balance of retained deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for that period. An adjustment to beginning retained deficit and a corresponding adjustment to the allowance for doubtful accounts and notes receivable of $1.5 million was recorded on the date of adoption, representing the remeasurement of these accounts to the Company’s estimate for current expected credit losses. The adjustment to beginning retained deficit was also net of a $0.4 million adjustment to deferred income taxes.

Accounting Standards Not Yet Adopted

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

ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848)

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides temporary optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions affected by reference rate reform. Subsequent to the closing of the 2021 Recapitalization, the Company’s 2021 Variable Funding Notes bear interest at fluctuating interest rates based on LIBOR. However, the associated loan documents contemplate a transition from LIBOR to secured overnight financing rate (“SOFR”) in the event that LIBOR ceases to exist. If the Company further needs to renegotiate its loan documents, the Company cannot predict what alternative index would be negotiated with its lenders. ASU 2020-04 may currently be adopted and may be applied prospectively to contract modifications made on or before December 31, 2022. 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.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Earnings Per Share

12 Months Ended

Jan. 02, 2022

Earnings Per Share [Abstract]

Earnings Per Share

(2)

Earnings per Share

The computation of basic and diluted earnings per common share for 2021, 2020 and 2019 is as follows:


	2021		2020		2019
Net income available to common stockholders – basic and diluted	$	510,467	$	491,296	$	400,709
Weighted average number of common shares		37,198,292		38,974,037		40,766,362
Earnings per common share – basic	$	13.72	$	12.61	$	9.83
Diluted weighted average number of common shares		37,691,351		39,640,791		41,923,062
Earnings per common share – diluted	$	13.54	$	12.39	$	9.56

The denominators used in calculating diluted earnings per share for common stock for 2021, 2020 and 2019 do not include the following because the effect of including these shares would be anti-dilutive or because the performance targets for these awards had not yet been met:


	2021		2020		2019
Anti-dilutive shares underlying stock-based awards
Stock options		41,215		52,330		160,980
Restricted stock awards and units		1,010		—		—
Performance condition not met
Restricted stock awards and units		29,704		68,159		82,647

Recapitalizations and Financing Arrangements

12 Months Ended

Jan. 02, 2022

Debt Disclosure [Abstract]

Recapitalizations and Financing Arrangements

(3)

Recapitalizations and Financing Arrangements

The 2021 Notes, 2019 Notes, 2018 Notes, 2017 Notes and 2015 Notes (each, as defined below) are collectively referred to as the “Notes.” The Company made payments of $907.0 million, $42.0 million and $26.4 million in 2021, 2020 and 2019, respectively on the Notes. The Company borrowed and repaid $158.0 million under its variable funding note facility in 2020, and repaid $65.0 million under its variable funding note facility in 2019.

2021 Recapitalization

On April 16, 2021, the Company completed a recapitalization transaction (the “2021 Recapitalization”) in which certain of the Company’s subsidiaries issued notes pursuant to an asset-backed securitization. The notes consist of $850.0 million Series 2021-1 2.662% Fixed Rate Senior Secured Notes, Class A-2-I with an anticipated term of 7.5 years (the “2021 7.5-Year Notes”) and $1.0 billion Series 2021-1 3.151% Fixed Rate Senior Secured Notes, Class A-2-II with an anticipated term of 10 years (the "2021 Ten-Year Notes", and, collectively with the 2021 7.5-Year Notes, the “2021 Notes”). Gross proceeds from the issuance of the 2021 Notes were $1.85 billion.

Concurrently, certain of the Company’s subsidiaries also issued a new variable funding note facility which allows for advances of up to $200.0 million of Series 2021-1 Variable Funding Senior Secured Notes, Class A-1 Notes and certain other credit instruments, including letters of credit (the “2021 Variable Funding Notes”). In connection with the issuance of the 2021 Variable Funding Notes, the Company’s 2019 Variable Funding Notes (as defined below) were canceled.

The proceeds from the 2021 Recapitalization were used to repay the remaining $291.0 million in outstanding principal under the Company’s 2017 Floating Rate Notes (as defined below) and $582.0 million in outstanding principal under the Company’s 2017 Five-Year Fixed Rate Notes (as defined below), prefund a portion of the interest payable on the 2021 Notes, pay transaction fees and expenses and repurchase and retire shares of the Company’s common stock (Note 10).

2019 Recapitalization

On November 19, 2019, the Company completed a recapitalization transaction (the “2019 Recapitalization”) in which certain of the Company’s subsidiaries issued notes pursuant to an asset-backed securitization. The notes consist of $675.0 million Series 2019-1 3.668% Fixed Rate Senior Secured Notes, Class A-2 with an anticipated term of 10 years (the “2019 Notes”). The Company also entered into a variable funding note facility, which allowed for the issuance of up to $200.0 million Series 2019-1 Variable Funding Senior Secured Notes, Class A-1 (the “2019 Variable Funding Notes”) and certain other credit instruments, including letters of credit. Gross proceeds from the issuance of the 2019 Notes were $675.0 million.

The proceeds from the 2019 Recapitalization were used to prefund a portion of the principal and interest payable on the 2019 Notes, pay transaction fees and expenses and repurchase and retire shares of the Company’s common stock.

2018 Recapitalization

On April 24, 2018, the Company completed a recapitalization transaction (the “2018 Recapitalization”) in which certain of the Company’s subsidiaries issued notes pursuant to an asset-backed securitization. The notes consist of $425.0 million Series 2018-1 4.116% Fixed Rate Senior Secured Notes, Class A-2-I with an anticipated term of 7.5 years (the “2018 7.5-Year Notes”), and $400.0 million Series 2018-1 4.328% Fixed Rate Senior Secured Notes, Class A-2-II with an anticipated term of 9.25 years (the “2018 9.25-Year Notes” and, collectively with the 2018 7.5-Year Notes, the “2018 Notes”). Gross proceeds from the issuance of the 2018 Notes were $825.0 million.

2017 Recapitalization

On July 24, 2017, the Company completed a recapitalization transaction (the “2017 Recapitalization”) in which certain of the Company’s subsidiaries issued notes pursuant to an asset-backed securitization. The notes consisted of $300.0 million Series 2017-1 Floating Rate Senior Secured Notes, Class A-2-I with an anticipated term of five years (the “2017 Floating Rate Notes”), $600.0 million Series 2017-1 3.082% Fixed Rate Senior Secured Notes, Class A-2-II with an anticipated term of five years (the “2017 Five-Year Fixed Rate Notes”) and $1.0 billion Series 2017-1 4.118% Fixed Rate Senior Secured Notes, Class A-2-III with an anticipated term of ten years (the “2017 Ten-Year Fixed Rate Notes” and, collectively with the 2017 Floating Rate Notes and the 2017 Five-Year Fixed Rate Notes, the “2017 Notes”). The interest rate on the 2017 Floating Rate Notes was payable at a rate equal to LIBOR plus 125 basis points. Gross proceeds from the issuance of the 2017 Notes were $1.9 billion.

2015 Recapitalization

On October 21, 2015, the Company completed a recapitalization transaction (the “2015 Recapitalization”) in which certain of the Company’s subsidiaries issued notes pursuant to an asset-backed securitization. The notes consisted of $500.0 million Series 2015-1 3.484% Fixed Rate Senior Secured Notes, Class A-2-I (the “2015 Five-Year Notes”) and $800.0 million Series 2015-1 4.474% Fixed Rate Senior Secured Notes, Class A-2-II (the “2015 Ten-Year Notes” and, together with the 2015 Five-Year Notes, the “2015 Notes”). Gross proceeds from the issuance of the 2015 Notes were $1.3 billion.

2021 Notes

The 2021 Notes have remaining scheduled principal payments of $18.5 million in each of 2022 through 2027, $804.8 million in 2028, $10.0 million in each of 2029 and 2030 and $905.0 million in 2031.

The legal final maturity date of the 2021 Notes is April 2051, but it is anticipated that, unless earlier prepaid to the extent permitted under the related debt agreements, the 2021 7.5-Year Notes will be repaid on or prior to the anticipated repayment date occurring in October 2028, and the 2021 Ten-Year Notes will be repaid on or prior to the anticipated repayment date occurring in April 2031. If the Company has not repaid or refinanced the 2021 Notes prior to the applicable anticipated repayment dates, additional interest of at least 5% per annum will accrue, as defined in the related agreements.

The 2021 Variable Funding Notes allow for advances of up to $200.0 million and issuance of certain other credit instruments, including letters of credit. The letters of credit are primarily related to our casualty insurance programs and certain supply chain center leases. Interest on the 2021 Variable Funding Notes is payable at a per year rate equal to LIBOR plus 150 basis points. The 2021 Variable Funding Notes were undrawn at closing of the 2021 Recapitalization. The unused portion of the 2021 Variable Funding Notes is subject to a commitment fee ranging from 50 to 100 basis points depending on utilization. It is anticipated that any amounts outstanding on the 2021 Variable Funding Notes will be repaid in full on or prior to April 2026, subject to two additional one-year extensions at the option of the Company, subject to certain conditions. Following the anticipated repayment date (and any extensions thereof), additional interest will accrue on the 2021 Variable Funding Notes equal to 5% per annum.

As of January 2, 2022, the Company had no outstanding borrowings and $155.8 million of available borrowing capacity under its 2021 Variable Funding Notes, net of letters of credit issued of $44.2 million.

2019 Notes

The 2019 Fixed Rate Notes have remaining scheduled principal payments of $6.8 million in each of 2022 through 2028 and $615.9 million in 2029.

The legal final maturity date of the 2019 Notes is October 2049, but it is anticipated that, unless earlier prepaid to the extent permitted under the related debt agreements, the 2019 Notes will be repaid on or prior to the anticipated repayment date occurring in October 2029. If the Company has not repaid or refinanced the 2019 Notes prior to the applicable anticipated repayment dates, additional interest of at least 5% per annum will accrue, as defined in the related agreements.

The 2019 Variable Funding Notes allowed for advances of up to $200.0 million and issuance of certain other credit instruments, including letters of credit. The letters of credit are primarily related to our casualty insurance programs and certain supply chain center leases. Interest on the 2019 Variable Funding Notes was payable at a per year rate equal to LIBOR plus 150 basis points. The 2019 Variable Funding Notes were cancelled in connection with the 2021 Recapitalization.

As of January 3, 2021, the Company had no outstanding borrowings and $157.5 million of available borrowing capacity under its 2019 Variable Funding Notes, net of letters of credit issued of $42.5 million.

2018 Notes

The 2018 Notes have remaining scheduled principal payments of $8.3 million in each of 2022 through 2024, $403.5 million in 2025, $4.0 million in 2026 and $368.0 million in 2027.

The legal final maturity date of the 2018 Notes is July 2048, but it is anticipated that, unless earlier prepaid to the extent permitted under the related debt agreements, the 2018 7.5-Year Notes will be repaid on or prior to the anticipated repayment date occurring in October 2025, and the 2018 9.25-Year Notes will be repaid on or prior to the anticipated repayment date occurring in July 2027. If the Company has not repaid or refinanced the 2018 Notes prior to the applicable anticipated repayment dates, additional interest of at least 5% per annum will accrue, as defined in the related agreements.

2017 Notes

The 2017 Five-Year Fixed Rate Notes and the 2017 Floating Rate Notes were repaid in connection with the 2021 Recapitalization. The 2017 Ten-Year Fixed Rate Notes have remaining scheduled principal payments of $10.0 million in each of 2022 through 2026 and $912.5 million in 2027.

The legal final maturity date of the 2017 Ten-Year Fixed Rate Notes is October 2047, but it is anticipated that, unless earlier prepaid to the extent permitted under the related debt agreements, the 2017 Ten-Year Fixed Rate Notes will be repaid on or prior to the anticipated repayment date occurring in July 2027. If the Company has not repaid or refinanced the 2017 Ten-Year Fixed Rate Notes prior to the applicable anticipated repayment dates, additional interest of at least 5% per annum will accrue, as defined in the related agreements.

2015 Notes

The 2015 Five-Year Notes were repaid in connection with the 2018 Recapitalization. The 2015 Ten-Year Notes have original remaining scheduled principal payments of $8.0 million in 2022 through 2024 and $736.0 million in 2025.

The legal final maturity date of the 2015 Ten-Year Notes is in October 2045, but it is anticipated that, unless earlier prepaid to the extent permitted under the related debt agreements, the 2015 Ten-Year Notes will be repaid on or prior to the anticipated repayment date occurring in October 2025. If the Company has not repaid or refinanced the 2015 Ten-Year Notes prior to the applicable anticipated repayment date, additional interest will accrue of at least 5% per annum, as defined in the related agreements.

Debt Issuance Costs and Transaction-Related Expenses

During 2021 and in connection with the 2021 Recapitalization, the Company incurred approximately $2.8 million of net pre-tax expenses, primarily related to $2.0 million in expense related to the write-off of debt issuance costs associated with the repayment of the 2017 Five-Year Fixed Rate Notes and 2017 Floating Rate Notes. The Company also incurred approximately $0.3 million of interest expense on the 2017 Five-Year Fixed Rate Notes and the 2017 Floating Rate Notes subsequent to the closing of the Company’s 2021 Recapitalization, but prior to the repayment of the 2017 Five-Year Fixed Rate Notes and the 2017 Floating Rate Notes, resulting in the payment of interest on both the 2017 Five-Year Fixed Rate Notes and the 2017 Floating Rate Notes as well as the 2021 Notes for a short period of time. Further, the Company incurred $0.5 million of 2021 Recapitalization-related general and administrative expenses, including legal and professional fees. In connection with the 2021 Recapitalization, the Company recorded $14.9 million of debt issuance costs, which are being amortized into interest expense over the respective terms of the 2021 Notes.

During 2019 and in connection with the 2019 Recapitalization, the Company incurred $0.5 million of net pre-tax 2019 Recapitalization-related general and administrative expenses, including legal and professional fees. In connection with the 2019 Recapitalization, the Company recorded $8.1 million of debt issuance costs, which are being amortized into interest expense over the ten-year expected term of the 2019 Notes.

Guarantees and Covenants of the Notes

The Notes are guaranteed by certain subsidiaries of DPLLC and secured by a security interest in substantially all of the assets of the Company, including royalty and certain other income from all U.S. and international stores, U.S. supply chain income and intellectual property. The restrictions placed on the Company’s subsidiaries require that the Company’s principal and interest obligations have first priority and amounts are segregated weekly to ensure appropriate funds are reserved to pay the quarterly principal and interest amounts due. The amount of weekly cash flow that exceeds the required weekly principal and interest reserve is generally remitted to the Company in the form of a dividend. However, once the required obligations are satisfied, there are no further restrictions, including payment of dividends, on the cash flows of the subsidiaries.

The Notes are subject to certain financial and non-financial covenants, including a debt service coverage ratio calculation. The covenant requires a minimum coverage ratio of 1.75x total debt service to securitized net cash flow, as defined in the related agreements. The covenants, among other things, may limit the ability of certain of the Company’s subsidiaries to declare dividends, make loans or advances or enter into transactions with affiliates. In the event that certain covenants are not met, the Notes may become partially or fully due and payable on an accelerated schedule. In addition, the Company may voluntarily prepay, in part or in full, the Notes at any time, subject to certain make-whole interest obligations.

While the Notes are outstanding, scheduled payments of principal and interest are required to be made on a quarterly basis. The payment of principal of the Notes may be suspended if the leverage ratio for the Company is less than or equal to 5.0x total debt, as defined, to adjusted EBITDA, as defined in the related agreements. Scheduled principal payments will resume upon failure to satisfy the aforementioned leverage ratio on an ongoing basis and no catch-up provisions are applicable.

As of the fourth quarter of 2020, the Company had a leverage ratio of less than 5.0x, and accordingly, did not make the previously scheduled debt amortization payment in the first quarter of 2021. Accordingly, all principal amounts of the Company’s then outstanding 2019 Notes, 2018 Notes, the 2017 Notes and the 2015 Notes were classified as long-term debt in the consolidated balance sheet as of January 3, 2021. Subsequent to the closing of the 2021 Recapitalization, the Company had a leverage ratio of greater than 5.0x and, accordingly, the Company resumed making the scheduled amortization payments on its then outstanding notes in the second quarter of 2021.

As of the third quarter of 2019, the Company had a leverage ratio of less than 5.0x, and, in accordance with the Company’s debt agreements, ceased debt amortization payments in the fourth quarter of 2019. Subsequent to the 2019 Recapitalization, the Company’s leverage ratios exceeded the leverage ratio of 5.0x and, accordingly, the Company resumed making the scheduled amortization payments on its then outstanding notes in the first quarter of 2020.

Consolidated Long-Term Debt

At January 2, 2022 and January 3, 2021, consolidated long-term debt consisted of the following:


	January 2, 2022			January 3, 2021
2015 Ten-Year Notes	$	760,000		$	766,000
2017 Five-Year Fixed Rate Notes		—			582,000
2017 Ten-Year Fixed Rate Notes		962,500			970,000
2017 Floating Rate Notes		—			291,000
2018 7.5-Year Notes		412,250			415,438
2018 9.25-Year Notes		388,000			391,000
2019 Ten-Year Notes		663,188			668,250
2021 7.5-Year Notes		845,750			—
2021 Ten-Year Notes		995,000			—
Finance lease obligations		76,338			60,555
Debt issuance costs, net of accumulated amortization of $18.0 million in 2021 and $18.4 million in 2020		(32,800	)		(25,370	)
Total debt		5,070,226			4,118,873
Less – current portion		(55,588	)		(2,855	)
Consolidated long-term debt, net of debt issuance costs	$	5,014,638		$	4,116,018

At January 2, 2022, maturities of long-term debt and finance lease obligations were as follows:


2022	$	55,588
2023		55,438
2024		55,816
2025		1,178,971
2026		43,979
Thereafter		3,713,234
	$	5,103,026

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Fair Value Measurements

12 Months Ended

Jan. 02, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

(4)

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.

Fair Value of Cash Equivalents and Investments

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 fair value of the Company’s Level 3 investment is not readily determinable. The fair value represents its cost with adjustments for observable changes in prices resulting from orderly transactions for the identical or a similar investment of the same issuer or impairments.

The following table summarizes the carrying amounts and fair values of certain assets at January 2, 2022:


	At January 2, 2022
			Fair Value Estimated Using
	Carrying		Level 1		Level 2		Level 3
	Amount		Inputs		Inputs		Inputs
Cash equivalents	$	87,384	$	87,384	$	—	$	—
Restricted cash equivalents		115,185		115,185		—		—
Investments in marketable securities		15,433		15,433		—		—
Advertising fund cash equivalents, restricted		140,115		140,115		—		—
Investments		125,840		—		—		125,840

The following table summarizes the carrying amounts and fair values of certain assets at January 3, 2021:


	At January 3, 2021
			Fair Value Estimated Using
	Carrying		Level 1		Level 2		Level 3
	Amount		Inputs		Inputs		Inputs
Cash equivalents	$	151,502	$	151,502	$	—	$	—
Restricted cash equivalents		126,595		126,595		—		—
Investments in marketable securities		13,251		13,251		—		—
Advertising fund cash equivalents, restricted		104,197		104,197		—		—
Investments		40,000		—		—		40,000

During the second quarter of 2020, a subsidiary of the Company acquired a non-controlling interest in DPC Dash Ltd (formerly Dash Brands Ltd.), a privately-held company limited by shares incorporated with limited liability under the laws of the British Virgin Islands (“DPC Dash”), for $40.0 million. Through its subsidiaries, DPC Dash serves as the Company’s master franchisee in China that owns and operates Domino’s Pizza stores in that market. The Company’s investment in DPC Dash’s senior ordinary shares, which are not in-substance common stock, represents an equity investment without a readily determinable fair value and is recorded at cost with adjustments for observable changes in prices resulting from orderly transactions for the identical or a similar investment of the same issuer or impairments.

During the first quarter of 2021, the Company invested an additional $40.0 million in DPC Dash based on DPC Dash’s achievement of certain pre-established performance conditions and recorded a positive adjustment of $2.5 million to the original carrying amount of $40.0 million resulting from the observable change in price from the valuation of the additional investment, resulting in a net carrying amount of $82.5 million as of the end of the first quarter of 2021. The Company did not record any adjustments to the carrying amount of $82.5 million in the second or third quarter of 2021. During the fourth quarter of 2021, the Company invested an additional $9.1 million in DPC Dash and recorded a positive adjustment of $34.3 million to the carrying amount of $82.5 million resulting from the observable change in price from the valuation of the additional investment. These amounts were recorded in other income in the Company’s consolidated statements of income.

The following table summarizes the reconciliation of the carrying amount of the Company’s investment in DPC Dash from the opening balance at January 3, 2021 to the closing balance at January 2, 2022.


	Fiscal 2021
	Carrying Amount						Carrying Amount
	January 3,				Unrealized		January 2,
	2021		Purchases		Gain		2022
Investments	$	40,000	$	49,082	$	36,758	$	125,840

The following table summarizes the reconciliation of the carrying amount of the Company’s investment in DPC Dash from the opening balance at December 29, 2019 to the closing balance at January 3, 2021 .


	Fiscal 2020
	Carrying Amount						Carrying Amount
	December 29,				Unrealized		January 3,
	2019		Purchases		Gain		2021
Investments	$	—	$	40,000	$	—	$	40,000

Fair Value of Debt

The estimated fair values of the Company’s Notes (Note 3) 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 below.

Management estimated the approximate fair values of the Notes as follows:


	January 2, 2022				January 3, 2021
	Principal Amount		Fair Value		Principal Amount		Fair Value
2015 Ten-Year Notes	$	760,000	$	777,480	$	766,000	$	809,662
2017 Five-Year Fixed Rate Notes		—		—		582,000		582,582
2017 Ten-Year Fixed Rate Notes		962,500		1,000,038		970,000		1,035,960
2017 Floating Rate Notes		—		—		291,000		291,000
2018 7.5-Year Notes		412,250		420,907		415,438		437,456
2018 9.25-Year Notes		388,000		407,788		391,000		422,280
2019 Ten-Year Notes		663,188		693,031		668,250		712,355
2021 7.5-Year Notes		845,750		849,133		—		—
2021 Ten-Year Notes		995,000		1,017,885		—		—

The Company did not have any outstanding borrowings under its variable funding notes at January 2, 2022 or January 3, 2021.

- Definition

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.

+ References + Details

Leases

12 Months Ended

Jan. 02, 2022

Leases [Abstract]

Leases

(5)

Leases

The Company leases certain retail store and supply chain center locations, supply chain vehicles, equipment and its corporate headquarters with expiration dates through 2041.

The components of operating and finance lease cost for 2021, 2020 and 2019 were as follows:


	2021		2020		2019
Operating lease cost	$	44,913	$	44,679	$	42,903

Finance lease cost:
Amortization of right-of-use assets		4,373		2,186		1,167
Interest on lease liabilities		4,233		3,340		1,952
Total finance lease cost	$	8,606	$	5,526	$	3,119

Rent expense totaled $78.6 million, $73.7 million and $69.7 million in 2021, 2020 and 2019, 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. Rent expense for certain short-term supply chain center tractor and trailer rentals was $8.0 million, $4.2 million and $4.0 million in 2021, 2020 and 2019, respectively. Variable rent expense and rent expense for other short-term leases were immaterial for 2021, 2020 and 2019.

Supplemental balance sheet information related to the Company’s leases as of January 2, 2022 and January 3, 2021 was as follows:


	January 2, 2022			January 3, 2021
Land and buildings	$	86,965		$	68,084
Accumulated depreciation and amortization		(14,423	)		(10,049	)
Finance lease assets, net	$	72,542		$	58,035

Current portion of long-term debt	$	4,088		$	2,855
Long-term debt, less current portion		72,250			57,700
Total principal payable on finance leases	$	76,338		$	60,555

As of January 2, 2022 and January 3, 2021, the weighted average remaining lease term and weighted average discount rate for the Company’s operating and finance leases were as follows:


	2021						2020
	Operating			Finance			Operating			Finance
	Leases			Leases			Leases			Leases
Weighted average remaining lease term	7 years			15 years			7 years			16 years
Weighted average discount rate		3.5	%		5.8	%		3.7	%		6.8	%

Supplemental cash flow information related to leases for 2021, 2020 and 2019 was as follows:


	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	44,176	$	43,679	$	43,608
Operating cash flows from finance leases		4,233		3,340		1,952
Financing cash flows from finance leases		3,212		2,058		647
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases		29,549		37,375		63,685
Finance leases		18,991		42,894		3,255

Maturities of lease liabilities as of January 2, 2022 were as follows:


	Operating			Finance
	Leases			Leases
2022	$	45,347		$	8,084
2023		39,057			7,536
2024		38,027			8,115
2025		32,417			7,935
2026		29,280			8,633
Thereafter		65,645			78,071
Total future minimum rental commitments		249,773			118,374
Less – amounts representing interest		(28,147	)		(42,036	)
Total lease liabilities	$	221,626		$	76,338

As of January 2, 2022, the Company had additional leases for one supply chain center and certain supply chain tractors and trailers that had not yet commenced with estimated future minimum rental commitments of $66.7 million. These leases are expected to commence in 2022 with lease terms of up to 16 years. These undiscounted amounts are not included in the table above.

The Company has guaranteed lease payments related to certain franchisees’ lease arrangements. The maximum amount of potential future payments under these guarantees was $9.1 million and $12.6 million as of January 2, 2022 and January 3, 2021, 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.

Commitments and Contingencies

12 Months Ended

Jan. 02, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(6)

Commitments and Contingencies

The Company is a party to lawsuits, revenue agent reviews by taxing authorities and legal proceedings, of which the majority involve workers’ compensation, employment practices liability, general liability and automobile and franchisee claims arising in the ordinary course of business. The Company records legal fees associated with loss contingencies when they are probable and reasonably estimable. Litigation is subject to many uncertainties, and the outcome of individual litigated matters is not predictable with assurance. These matters could be decided unfavorably and could require the Company to pay damages or make other expenditures in amounts or a range of amounts that cannot be estimated with accuracy. In management’s opinion, these matters, individually and in the aggregate, should not have a significant adverse effect on the financial condition of the Company, and the established accruals adequately provide for the estimated resolution of such claims.

Income Taxes

12 Months Ended

Jan. 02, 2022

Income Tax Disclosure [Abstract]

Income Taxes

(7)

Income Taxes

Income before provision for income taxes in 2021, 2020 and 2019 consisted of the following:


	2021		2020		2019
U.S.	$	611,267	$	541,646	$	468,467
Foreign		14,438		13,484		14,170
Income before provision for income taxes	$	625,705	$	555,130	$	482,637

The differences between the U.S. Federal statutory income tax provision (using the statutory rate of 21%) and the Company’s consolidated provision for income taxes for 2021, 2020 and 2019 are summarized as follows:


	2021			2020			2019
Federal income tax provision based on the statutory rate	$	131,398		$	116,577		$	101,354
State and local income taxes, net of related Federal income taxes		15,108			16,660			15,141
Non-resident withholding and foreign income taxes		21,833			18,741			20,351
Foreign tax and other tax credits		(23,509	)		(19,506	)		(20,090	)
Foreign derived intangible income		(16,800	)		(12,390	)		(12,810	)
Excess tax benefits from equity-based compensation		(18,911	)		(60,364	)		(25,735	)
Non-deductible expenses, net		4,501			4,359			3,090
Unrecognized tax provision, net of related Federal income taxes		4,372			516			694
Other		(2,754	)		(759	)		(67	)
Provision for income taxes	$	115,238		$	63,834		$	81,928

Excess tax benefits from equity-based compensation activity resulted in a decrease in the Company’s provision for income taxes of $18.9 million in 2021, $60.4 million in 2020 and $25.7 million in 2019, primarily due to the recognition of excess tax benefits for options exercised and the vesting of equity awards.

The components of the 2021, 2020 and 2019 consolidated provision for income taxes were as follows:


	2021			2020		2019
Provision for Federal income taxes
Current provision	$	74,910		$	19,894	$	49,539
Deferred (benefit) provision		(2,051	)		14,301		(2,862	)
Total provision for Federal income taxes		72,859			34,195		46,677
Provision for state and local income taxes
Current provision		16,507			10,775		15,335
Deferred (benefit) provision		(461	)		123		(435	)
Total provision for state and local income taxes		16,046			10,898		14,900
Provision for non-resident withholding and foreign income taxes
Current provision		21,833			18,741		20,351
Deferred provision		4,500			—		—
Total provision for non-resident withholding and foreign income taxes		26,333			18,741		20,351
Provision for income taxes	$	115,238		$	63,834	$	81,928

As of January 2, 2022 and January 3, 2021, the significant components of net deferred income taxes were as follows:


	January 2, 2022			January 3, 2021
Deferred income tax assets
Operating lease liabilities	$	54,478		$	58,885
Accruals and reserves		15,207			14,148
Insurance reserves		12,867			12,447
Non-cash equity-based compensation expense		7,861			8,331
Foreign tax credit		10,206			6,603
Other		8,158			7,720
Deferred income tax assets before valuation allowance		108,777			108,134
Less: Valuation allowance		(11,364	)		(7,600	)
Total deferred income tax assets		97,413			100,534
Deferred income tax liabilities
Operating lease right-of-use assets		51,793			56,446
Capitalized software		19,828			29,596
Depreciation, amortization and asset basis differences		18,570			18,687
Unrealized gain on investments		9,035			—
Total deferred income tax liabilities		99,226			104,729
Net deferred income taxes	$	(1,813	)	$	(4,195	)

Realization of the Company’s deferred tax assets is dependent upon many factors, including, but not limited to, the Company’s ability to generate sufficient taxable income. Although realization of the Company’s deferred tax assets is not assured, on an ongoing basis, management assesses whether it remains more likely than not the deferred tax assets will be realized.

As of January 2, 2022 and January 3, 2021, the Company had total foreign tax credits of $10.2 million and $6.6 million, respectively, which were fully offset with a corresponding valuation allowance. As of January 2, 2022 and January 3, 2021, the Company also had valuation allowances related to interest deductibility in separately filed states of $1.2 million and $1.0 million, respectively. Management believes the remaining deferred tax assets will be realized.

For financial reporting purposes, the Company’s investment in foreign subsidiaries does not exceed its tax basis. Therefore, no deferred income taxes have been provided. In 2021, the Company recorded an unrealized gain on its non-controlling interest in DPC Dash (Note 4) and accordingly, has also recorded a deferred tax liability representing the book basis over tax basis related to this unrealized gain.

The Company recognizes the financial statement benefit of a tax position if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authorities widely understood administrative practices and precedents. For tax positions meeting the “more likely than not” threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company recognizes accrued interest related to unrecognized tax benefits in interest expense and recognizes penalties in income tax expense.

A reconciliation of the beginning and ending amount of unrecognized tax benefits as of January 2, 2022, January 3, 2021 and December 29, 2019 is as follows:


	January 2, 2022			January 3, 2021			December 29, 2019

Unrecognized tax benefits at beginning of period	$	3,318		$	2,802		$	1,964
Additions for tax positions of current year		2,611			494			468
Additions for tax positions of prior years		2,624			506			789
Reductions for changes in prior year tax positions		(379	)		(178	)		(284	)
Reductions for lapses of applicable statute of limitations		(484	)		(306	)		(135	)
Unrecognized tax benefits at end of period	$	7,690		$	3,318		$	2,802

As of January 2, 2022, the amount of unrecognized tax benefits was $7.7 million of which, if ultimately recognized, $6.7 million would be recognized as an income tax benefit and reduce the Company’s effective tax rate. As of January 2, 2022, the Company had $0.3 million of accrued interest and no accrued penalties.

As of January 3, 2021, the amount of unrecognized tax benefits was $3.3 million of which, if ultimately recognized, $2.4 million would be recognized as an income tax benefit and reduce the Company’s effective tax rate. As of January 3, 2021, the Company had $0.2 million of accrued interest and no accrued penalties.

There are currently no Internal Revenue Service audits in progress for the Company. The Company continues to be under examination by certain states. The Company’s Federal statute of limitation has expired for years prior to 2018, but it varies for state and foreign locations. The Company believes appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Employee Benefits

12 Months Ended

Jan. 02, 2022

Retirement Benefits [Abstract]

Employee Benefits

(8)

Employee Benefits

The Company has a retirement savings plan which qualifies under Internal Revenue Code Section 401(k). All employees of the Company who have completed 1,000 hours of service and are at least 18 years of age are eligible to participate in the plan. The plan requires the Company to match 100% of the first 5% of each employee’s elective deferrals. The Company’s matching contributions were made in the form of cash and vested immediately. The expenses incurred for Company contributions to the plan were $12.9 million, $12.0 million and $10.8 million in 2021, 2020 and 2019, respectively.

The Company has established a non-qualified deferred compensation plan available for certain key employees. Under this self-funding plan, the participants may defer up to 40% of their base salary and up to 80% of their bonus compensation. The participants direct the investment of their deferred compensation within several investment funds. The Company is not required to contribute and did not contribute to this plan during 2021, 2020 and 2019.

The Company has an employee stock payroll deduction plan (the “ESPDP”). Under the ESPDP, eligible employees may deduct up to 15% of their eligible wages to purchase common stock at 85% of the market price of the stock at the purchase date. The ESPDP requires employees to hold their purchased common stock for at least one year. The Company purchases common stock on the open market for the ESPDP at the current market price. There were 16,382 shares, 16,017 shares and 20,222 shares of common stock in 2021, 2020 and 2019, respectively, purchased on the open market for participating employees at a weighted-average price of $424.90 in 2021, $357.54 in 2020 and $257.12 in 2019. The expenses incurred under the ESPDP were $1.0 million, $1.0 million and $0.8 million in 2021, 2020 and 2019, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Equity Incentive Plans

12 Months Ended

Jan. 02, 2022

Share-based Payment Arrangement [Abstract]

Equity Incentive Plans

(9)

Equity Incentive Plans

The Company’s current equity incentive plan, named the Domino’s Pizza, Inc. 2004 Equity Incentive Plan (the “2004 Equity Incentive Plan”), benefits certain of the Company’s employees and members of the Company’s Board of Directors. As of January 2, 2022, the maximum number of shares that may be granted under the 2004 Equity Incentive Plan is 15,600,000 shares of voting common stock of which 2,497,029 shares were authorized for grant but have not been granted.

The cost of all employee stock options, as well as other equity-based compensation arrangements, is reflected in the consolidated statements of income based on the estimated fair value of the awards and is amortized over the requisite service period of each award. All non-cash compensation expense amounts are recorded in general and administrative expense. The Company accounts for forfeitures as they occur.

The Company recorded total non-cash compensation expense of $28.7 million, $24.2 million and $20.3 million in 2021, 2020 and 2019, respectively. The Company recorded a deferred tax benefit related to non-cash compensation expense of $4.3 million, $3.6 million and $3.8 million in 2021, 2020 and 2019, respectively.

Stock Options

As of January 2, 2022, the number of stock options granted and outstanding under the 2004 Equity Incentive Plan was 664,117 options. Stock options granted in fiscal 2012 were granted with an exercise price equal to the market price at the date of the grant, expire ten years from the date of grant and generally vested over three years from the date of grant. Stock options granted in fiscal 2013 through fiscal 2020 were granted with an exercise price equal to the market price at the date of the grant, expire ten years from the date of grant and generally vest over four years from the date of grant, generally subject to the holder’s continued employment. Stock options granted in fiscal 2021 were granted with an exercise price equal to the market price at the date of the grant, expire ten years from the date of grant and generally vest over three years from the date of grant, generally subject to the holder’s continued employment. Additionally, all stock options granted become fully exercisable upon vesting. These awards also contain provisions for accelerated vesting upon the retirement of holders that have achieved specific service and age requirements.

Stock option activity related to the 2004 Equity Incentive Plan is summarized as follows:


	Common Stock Options
	Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Life		Aggregate Intrinsic Value
						(Years)		(In thousands)
Stock options at December 30, 2018		1,909,399		$	72.86
Stock options granted		96,280			272.64
Stock options cancelled		(33,667	)		196.47
Stock options exercised		(425,601	)		30.70
Stock options at December 29, 2019		1,546,411		$	94.21
Stock options granted		52,730			413.80
Stock options cancelled		(9,792	)		268.94
Stock options exercised		(756,683	)		40.93
Stock options at January 3, 2021		832,666		$	160.82
Stock options granted		42,742			367.79
Stock options cancelled		(11,990	)		333.61
Stock options exercised		(199,301	)		98.76
Stock options at January 2, 2022		664,117		$	189.64		5.1	$	248,836
Exercisable at January 2, 2022		545,050			155.82		4.4	$	222,656

The total intrinsic value of stock options exercised was $77.4 million, $249.7 million and $103.8 million in 2021, 2020 and 2019, respectively. Cash received from the exercise of stock options was $19.7 million, $31.0 million and $13.1 million in 2021, 2020 and 2019, respectively. The tax benefit realized from stock options exercised was $17.6 million, $59.1 million and $24.9 million in 2021, 2020 and 2019, respectively.

The Company recorded total non-cash equity-based compensation expense of $5.7 million, $6.3 million and $4.0 million in 2021, 2020 and 2019, respectively, related to stock option awards. As of January 2, 2022, there was $5.3 million of total unrecognized compensation cost related to unvested stock options granted under the 2004 Equity Incentive Plan which generally will be recognized on a straight-line basis over the related vesting period. This unrecognized compensation cost is expected to be recognized over a weighted average period of 2.0 years.

Management estimated the fair value of each option grant made during 2021, 2020 and 2019 as of the date of the grant using the Black-Scholes option pricing method. The risk-free interest rate is based on the estimated expected life and is estimated based on U.S. Treasury Bond rates as of the grant date. The expected life is based on several factors, including, among other things, the vesting term and contractual term as well as historical experience. The expected volatility is based principally on the historical volatility of the Company’s share price. Option valuation models require the input of highly subjective assumptions and changes in assumptions can significantly affect the estimated fair value of the Company’s stock options.

The weighted average assumptions used in estimating the fair value of each stock option granted in 2021, 2020 and 2019 using the Black-Scholes option pricing method are presented in the following table:


	2021			2020			2019
Risk-free interest rate		1.0	%		0.3	%		1.9	%
Expected life	5.25 years			5.5 years			5.5 years
Expected volatility		30.0	%		30.0	%		25.0	%
Expected dividend yield		1.0	%		0.8	%		0.9	%
Weighted average fair value per stock option	$	93.46		$	105.76		$	64.66

Other Equity-Based Compensation Arrangements

The Company granted 3,292 shares, 3,630 shares and 3,780 shares of restricted stock in 2021, 2020 and 2019, respectively, to members of its Board of Directors. Restricted stock awards granted to members of the Company’s Board of Directors were granted with a fair value equal to the market price of the Company’s common stock on the grant date and generally vest one year from the date of grant, generally subject to the director’s continued service. These awards also contain provisions for accelerated vesting upon the retirement eligibility of holders that have achieved specified service and age requirements. The Company recorded total non-cash equity-based compensation expense of $1.4 million, $1.2 million and $1.0 million in 2021, 2020 and 2019, respectively, related to these restricted stock awards. As of January 2, 2022, there was $0.2 million of total unrecognized compensation cost related to these restricted stock grants.

The Company granted 49,963 restricted stock units in 2021 to certain employees of the Company. These restricted stock units were granted with a fair value equal to the market price of the Company’s common stock on the grant date. These restricted stock units are separated into two or three tranches and have time-based vesting conditions with the last tranche of the award vesting three years from the grant date, generally subject to the holder’s continued employment. These awards generally also contain provisions for accelerated vesting upon the retirement eligibility of holders that have achieved specified service and age requirements. The Company recorded total non-cash equity-based compensation expense of $5.4 million in 2021 related to these restricted stock units. As of January 2, 2022, there was $12.3 million of total unrecognized compensation cost related to these restricted stock units.

The Company granted 6,546 performance-based restricted stock units in 2021 to certain employees of the Company. These restricted stock units were granted with a fair value equal to the market price of the Company’s common stock on the grant date, adjusted for the estimated fair value of the market condition included in the award. These performance-based restricted stock units may vest three years from the date of grant, generally subject to the holder’s continued employment, and have time and performance-based vesting conditions which provide for potential payouts of the target award amount between zero percent and two hundred percent, based on the Company’s three-year cumulative achievement as compared to the specified target performance conditions. The performance-based restricted stock units also include provisions for a potential modifier (upward or downward) based on the Company’s cumulative three-year common stock total shareholder return performance relative to that of a pre-established peer group. These awards also contain provisions for accelerated vesting of the time-based vesting condition upon the retirement eligibility of holders that have achieved specified service and age requirements. Management estimated the fair value of each performance-based restricted stock unit using a Monte-Carlo simulation pricing method. The risk-free interest rate is based on the estimated expected life and is estimated based on U.S. Treasury Bond rates as of the grant date. The Monte-Carlo simulation also includes assumptions for expected volatility based principally on the historical volatility of the Company’s share price, as well as the correlation of the Company’s share price as compared to that of the pre-established peer group. The Company recorded total non-cash equity-based compensation expense of $1.4 million in 2021 related to these performance-based restricted stock units. As of January 2, 2022, there was $1.2 million of total estimated unrecognized compensation cost based on current attainment projections related to these performance-based restricted stock units.

The weighted average assumptions used in estimating the fair value of each performance-based restricted stock unit granted in 2021 using the Monte-Carlo simulation pricing method are presented in the following table:


	2021
Risk-free interest rate		0.3	%
Expected life	2.75 years
Expected volatility		33.9	%
Weighted average fair value per performance-based restricted stock unit	$	375.85

The Company granted 39,150 shares and 63,790 shares of performance-based restricted stock in 2020 and 2019, respectively, to certain employees of the Company. These performance-based restricted stock awards are separated into four tranches and have time-based and performance-based vesting conditions with the last tranche vesting four years from the issuance date, generally subject to the holder’s continued employment. These awards also contain provisions for accelerated vesting upon the retirement of holders that have achieved specific service and age requirements. These awards are considered granted for accounting purposes when the performance target is established, which is generally in the fourth quarter of each year. The Company recorded total non-cash equity-based compensation expense of $12.7 million, $14.6 million and $13.2 million in 2021, 2020 and 2019, respectively, related to these awards. As of January 2, 2022, there was an estimated $16.8 million of total unrecognized compensation cost related to performance-based restricted stock.

In 2018, the Company granted 28,570 shares of restricted stock to two executives of the Company. These have a fair value equal to the market price of the Company’s common stock on the grant date and generally vest four years from the date of the grant, generally subject to the holder’s continued employment. These awards also contain provisions for accelerated vesting upon certain terminations of employment. The Company recorded total non-cash equity-based compensation expense of $2.1 million in each of 2021, 2020 and 2019 related to these restricted stock awards. As of January 2, 2022, there was $0.6 million of total unrecognized compensation cost related to these restricted stock grants.

Activity related to restricted stock awards and units and performance-based restricted stock awards and units awarded under the 2004 Equity Incentive Plan is summarized as follows:


	Shares			Weighted Average Grant Date Fair Value (1)
Nonvested at December 30, 2018		190,379		$	213.57
Shares granted		67,570			275.06
Shares cancelled		(17,923	)		230.60
Shares vested		(68,956	)		175.84
Nonvested at December 29, 2019		171,070		$	251.29
Shares granted		42,780			398.08
Shares cancelled		(8,345	)		273.70
Shares vested		(58,743	)		221.58
Nonvested at January 3, 2021		146,762		$	304.69
Shares granted		59,801			382.79
Shares cancelled		(12,924	)		340.94
Shares vested		(48,378	)		287.41
Nonvested at January 2, 2022		145,261		$	339.37

(1)

The weighted average grant date fair value for performance-based restricted stock awards granted in 2020 and 2019 was calculated based on the market price on the grant dates. Certain tranches will ultimately be valued when the performance condition is established for each tranche, which generally occurs in the fourth quarter of each fiscal year.

Capital Structure

12 Months Ended

Jan. 02, 2022

Text Block [Abstract]

Capital Structure

(10)

Capital Structure

On October 4, 2019, the Company’s Board of Directors authorized a share repurchase program to repurchase up to $1.0 billion of the Company’s common stock. On February 24, 2021, 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, which was fully utilized in connection with the ASR Agreement, described below. On July 20, 2021, 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, which replaced the previously approved and fully utilized $1.0 billion share repurchase program. As of January 2, 2022, the Company had $704.1 million remaining under its $1.0 billion authorization for repurchases of shares of the Company’s common stock. The Company’s share repurchase programs have historically been funded by excess operating cash flows, excess proceeds from the Company’s recapitalization transactions and borrowings under the Company’s variable funding notes. The Company’s policy is to recognize the difference between the purchase price and par value of the common stock in additional paid-in capital. In instances where there is no additional paid-in capital, the difference is recognized in retained deficit.

During 2021, 2020 and 2019, the Company repurchased 2,912,558 shares, 838,871 shares and 2,493,560 shares of the Company’s common stock for $1.32 billion, $304.6 million and $699.0 million, respectively.

On April 30, 2021, the Company entered into a $1.0 billion accelerated share repurchase agreement (the “ASR Agreement”) with a counterparty. Pursuant to the terms of the ASR Agreement, on May 3, 2021, the Company used a portion of the proceeds from the 2021 Recapitalization to pay the counterparty $1.0 billion in cash and received and retired 2,012,596 shares of its common stock. Final settlement of the ASR Agreement occurred on July 21, 2021. In connection with the ASR Agreement, the Company received and retired a total of 2,250,786 shares of its common stock at an average price of $444.29.

Subsequent to the end of fiscal 2021, the Company repurchased and retired an additional 100,810 shares of common stock for $47.7 million.

As of January 2, 2022, authorized common stock consists of 160,000,000 voting shares and 10,000,000 non-voting shares. The share components of outstanding common stock at January 2, 2022 and January 3, 2021 were as follows:


	January 2, 2022		January 3, 2021
Voting		36,135,081		38,865,160
Non-Voting		3,192		3,190
Total Common Stock		36,138,273		38,868,350

Segment Information

12 Months Ended

Jan. 02, 2022

Segment Reporting [Abstract]

Segment Information

The Company has three reportable segments: (i) U.S. stores; (ii) supply chain; and (iii) international franchise.

The Company’s operations are organized by management on the combined basis of line of business and geography. The U.S. stores segment includes operations with respect to all franchised and Company-owned stores throughout the U.S. The supply chain segment primarily includes the distribution of food, equipment and supplies to stores from the Company’s supply chain center operations in the U.S. and Canada. Over 90% of the Company's supply chain revenues are attributable to the U.S. The international franchise segment primarily includes operations related to the Company’s franchising business in foreign markets. The accounting policies of the reportable segments are the same as those described in Note 1. The Company evaluates the performance of its segments and allocates resources to them based on earnings before interest, taxes, depreciation, amortization and other, referred to as Segment Income.

The tables below summarize the financial information concerning the Company’s reportable segments for fiscal 2021, 2020 and 2019. Intersegment revenues are comprised of sales of food, equipment and supplies from the supply chain segment to the Company-owned stores in the U.S. stores segment. Intersegment sales prices are market based. The “Other” column as it relates to Segment Income below primarily includes corporate administrative costs that are not allocable to a reportable segment, including labor, computer expenses, professional fees, travel and entertainment, rent, insurance and other corporate administrative costs. The “Other” column as it relates to capital expenditures primarily includes capitalized software, certain equipment and leasehold improvements for the Company's corporate offices.


	U.S. Stores		Supply Chain		International Franchise		Intersegment Revenues			Other			Total
Revenues-
2021	$	1,498,360	$	2,699,863	$	298,036	$	(138,886	)	$	—		$	4,357,373
2020		1,451,003		2,552,795		249,757		(136,144	)		—			4,117,411
2019		1,272,863		2,231,838		240,975		(126,902	)		—			3,618,774
Segment Income-
2021	$	454,875	$	229,877	$	241,873	N/A			$	(42,926	)	$	883,699
2020		435,089		238,420		197,602	N/A				(53,265	)		817,846
2019		361,673		199,844		187,318	N/A				(36,701	)		712,134
Capital Expenditures-
2021	$	13,680	$	37,063	$	—	N/A			$	44,894		$	95,637
2020		15,319		36,229		—	N/A				35,371			86,919
2019		11,793		33,440		131	N/A				43,304			88,668

The following table reconciles total Segment Income to income before provision for income taxes:


	2021			2020			2019
Total Segment Income	$	883,699		$	817,846		$	712,134
Depreciation and amortization		(72,923	)		(65,038	)		(59,930	)
Loss on sale/disposal of assets		(1,189	)		(2,922	)		(2,023	)
Non-cash equity-based compensation expense		(28,670	)		(24,244	)		(20,265	)
Recapitalization-related expenses		(509	)		—			(509	)
Income from operations		780,408			725,642			629,407
Other income		36,758			—			—
Interest income		345			1,654			4,048
Interest expense		(191,806	)		(172,166	)		(150,818	)
Income before provision for income taxes	$	625,705		$	555,130		$	482,637

The following table summarizes the Company’s identifiable asset information by reportable segment as of January 2, 2022 and January 3, 2021:


	January 2, 2022		January 3, 2021
U.S. stores	$	340,984	$	308,088
Supply chain		558,251		520,043
International franchise		41,279		41,408
Unallocated		731,302		697,629
Total assets	$	1,671,816	$	1,567,168

Unallocated assets primarily include cash and cash equivalents, restricted cash and cash equivalents, certain accounts receivable and prepaid expenses, investments in equity securities without readily determinable fair values and marketable securities, certain long-lived assets including certain property, plant and equipment, capitalized software and the operating lease right-of-use asset for the Company’s corporate headquarters and deferred income taxes. Over 95% of the Company's long-lived assets including property, plant and equipment, capitalized software and operating lease right-of-use assets are located in the U.S.

The following table summarizes the Company’s goodwill balance by reportable segment as of January 2, 2022 and January 3, 2021 (in thousands):


	January 2, 2022		January 3, 2021
U.S. stores	$	13,967	$	13,994
Supply chain		1,067		1,067
Consolidated goodwill	$	15,034	$	15,061

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Company-owned Store Transactions	12 Months Ended
Company-owned Store Transactions	Jan. 02, 2022
Restructuring and Related Activities [Abstract]
Company-owned Store Transactions	(12) Company-owned Store Transactions During 2019, the Company sold 62 U.S. Company-owned stores to certain of its existing U.S. franchisees for proceeds of $12.3 million. In connection with the sale of the stores, the Company recorded a $0.3 million pre-tax loss on the sale of the related assets and liabilities, which was net of a $1.5 million reduction in goodwill. The net loss on these store sales was recorded in general and administrative expense in the Company’s consolidated statements of income. During 2019, the Company also purchased three U.S. franchised stores from a U.S. franchisee for $3.4 million, which included $1.7 million of goodwill, $1.3 million of intangibles and $0.4 million of leasehold improvements and other assets.

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

12 Months Ended

Jan. 02, 2022

Condensed Financial Information Disclosure [Abstract]

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

Domino’s Pizza, Inc.

PARENT COMPANY CONDENSED BALANCE SHEETS

(In thousands, except share and per share amounts)


	January 2,			January 3,
	2022			2021
ASSETS
ASSETS:
Cash	$	6		$	6
Total assets	$	6		$	6
LIABILITIES AND STOCKHOLDERS’ DEFICIT
LIABILITIES:
Equity in net deficit of subsidiaries	$	4,209,536		$	3,300,405
Due to subsidiary		6			6
Total liabilities		4,209,542			3,300,411
STOCKHOLDERS’ DEFICIT:
Common stock, par value $0.01 per share; 170,000,000 shares authorized; 36,138,273 in 2021 and 38,868,350 in 2020 issued and outstanding		361			389
Preferred stock, par value $0.01 per share; 5,000,000 shares authorized, none issued		—			—
Additional paid-in capital		840			5,122
Retained deficit		(4,207,917	)		(3,303,492	)
Accumulated other comprehensive loss		(2,820	)		(2,424	)
Total stockholders’ deficit		(4,209,536	)		(3,300,405	)
Total liabilities and stockholders’ deficit	$	6		$	6

See accompanying notes to the Schedule I.

Domino’s Pizza, Inc.

PARENT COMPANY CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(In thousands, except share and per share amounts)


	For the Years Ended
	January 2,		January 3,		December 29,
	2022		2021		2019
REVENUES	$	—	$	—	$	—
Total revenues		—		—		—
OPERATING EXPENSES		—		—		—
Total operating expenses		—		—		—
INCOME FROM OPERATIONS		—		—		—
Equity earnings in subsidiaries		510,467		491,296		400,709
INCOME BEFORE PROVISION FOR INCOME TAXES		510,467		491,296		400,709
PROVISION FOR INCOME TAXES		—		—		—
NET INCOME	$	510,467	$	491,296	$	400,709
COMPREHENSIVE INCOME	$	510,071	$	492,614	$	401,396
EARNINGS PER SHARE:
Common Stock – basic	$	13.72	$	12.61	$	9.83
Common Stock – diluted	$	13.54	$	12.39	$	9.56

See accompanying notes to the Schedule I.

Domino’s Pizza, Inc.

PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)


	For the Years Ended
	January 2,			January 3,			December 29,
	2022			2021			2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities	$	538,741		$	402,348		$	421,661
CASH FLOWS FROM INVESTING ACTIVITIES:
Dividends from subsidiaries		908,698			—			375,948
Net cash provided by investing activities		908,698			—			375,948
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of common stock dividends and equivalents		(139,399	)		(121,925	)		(105,715	)
Purchases of common stock		(1,320,902	)		(304,590	)		(699,007	)
Other		12,862			24,167			7,113
Net cash used in financing activities		(1,447,439	)		(402,348	)		(797,609	)
CHANGE IN CASH		—			—			—
CASH, AT BEGINNING OF PERIOD		6			6			6
CASH, AT END OF PERIOD	$	6		$	6		$	6

(1)

Introduction and Basis of Presentation

Domino’s Pizza, Inc., on a stand-alone basis, (the “Parent Company”) has accounted for majority-owned subsidiaries using the equity method of accounting. The accompanying condensed financial statements of the Parent Company should be read in conjunction with the consolidated financial statements of Domino’s Pizza, Inc. and its subsidiaries (the “Company”) and the notes thereto included in Item 8 of this Form 10-K. These financial statements have been provided to comply with Rule 4-08(e) of Regulation S-X.

Use of Estimates

The use of estimates is inherent in the preparation of financial statements in accordance with generally accepted accounting principles. Actual results could differ from those estimates.

New Accounting Pronouncements

The Company has adopted the below new accounting pronouncements that impacted the Parent Company financial statements.

Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326)

In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”). ASC 326 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. On December 30, 2019, the Company adopted ASC 326 using the modified retrospective method. The Parent Company recorded a $1.1 million adjustment to equity in net deficit of subsidiaries and recorded a $1.1 million adjustment to retained deficit related to this new accounting standard in 2020. See Note 1 to the Company’s consolidated financial statements as filed in this Form 10-K for additional information related to the adoption of this new accounting standard.

(2)

Supplemental Disclosures of Cash Flow Information

During 2021, 2020 and 2019, the Parent Company received dividends from its subsidiaries primarily consisting of amounts received to pay dividends and repurchase common stock in connection with the Company’s recapitalization transactions. See Note 3 to the Company’s consolidated financial statements as filed in this Form 10-K for a description of these recapitalization transactions. In 2021 and 2019, the amount of dividends received was in excess of current year equity in earnings from its subsidiaries, and thus a portion of these dividends was considered to be a return of investment and is classified as a cash inflow from investing activities.

Description of Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jan. 02, 2022

Accounting Policies [Abstract]

Description of Business

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of DPI and its subsidiaries. All significant intercompany accounts and transactions have been eliminated.

Fiscal Year

Cash and Cash Equivalents

Cash equivalents consist of highly liquid investments with original maturities of three months or less at the date of purchase. These investments are carried at cost, which approximates fair value.

Restricted Cash and Cash Equivalents

Allowances for Credit Losses

Inventories

Inventories are valued at the lower of cost (on a first-in, first-out basis) or net realizable value. Inventories at January 2, 2022 and January 3, 2021 were comprised of the following:


	January 2, 2022		January 3, 2021
Food	$	61,994	$	57,116
Equipment and supplies		6,334		9,567
Inventories	$	68,328	$	66,683

Other Assets

Property, Plant and Equipment


Buildings		20
Leasehold and other improvements		5 – 15
Equipment		3 – 15

Depreciation and amortization expense on property, plant and equipment was $48.6 million, $42.0 million and $37.1 million in 2021, 2020 and 2019, respectively.

Impairments of Long-Lived Assets

Investments in Marketable Securities

Goodwill

Capitalized Software


2022	$	19,059
2023		10,075
2024		3,522
2025		1,158
2026		768
Thereafter		—
	$	34,582

Debt Issuance Costs

Debt issuance cost amortization expense was $7.5 million, $5.5 million and $4.7 million in 2021, 2020 and 2019, respectively.

Insurance Reserves

Contract Liabilities

Changes in deferred franchise fees and deferred development fees in 2021 and 2020 were as follows:


	Fiscal Year Ended
	January 2, 2022			January 3, 2021
Deferred franchise fees and deferred development fees, beginning of period	$	19,090		$	20,463
Revenue recognized during the period		(5,845	)		(6,205	)
New deferrals due to cash received and other		16,449			4,832
Deferred franchise fees and deferred development fees, end of period	$	29,694		$	19,090


2022	$	5,403
2023		5,162
2024		4,855
2025		4,406
2026		4,003
Thereafter		5,865
	$	29,694

Other Accrued Liabilities

Foreign Currency Translation

Revenue Recognition

Disaggregation of Revenue

Supply Chain Profit-Sharing Arrangements

Cost of Sales

General and Administrative

Advertising

Leases

Common Stock Dividends

Stock Options and Other Equity-Based Compensation Arrangements

Earnings Per Share

Supplemental Disclosures of Cash Flow Information

New Accounting Pronouncements

Recently Adopted Accounting Standards

Accounting Standards Update (“ASU”) 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes (Topic 740)

Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326)

Accounting Standards Not Yet Adopted

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

ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848)

Use of Estimates

Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 02, 2022

Accounting Policies [Abstract]

Inventories

Inventories are valued at the lower of cost (on a first-in, first-out basis) or net realizable value. Inventories at January 2, 2022 and January 3, 2021 were comprised of the following:


	January 2, 2022		January 3, 2021
Food	$	61,994	$	57,116
Equipment and supplies		6,334		9,567
Inventories	$	68,328	$	66,683

Estimated Useful Lives of Property, Plant And Equipment Excluding Capital Lease Asset

Estimated useful lives are generally as follows (in years):


Buildings		20
Leasehold and other improvements		5 – 15
Equipment		3 – 15

Schedule of Amortization of Capitalized Software


2022	$	19,059
2023		10,075
2024		3,522
2025		1,158
2026		768
Thereafter		—
	$	34,582

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

Changes in deferred franchise fees and deferred development fees in 2021 and 2020 were as follows:


	Fiscal Year Ended
	January 2, 2022			January 3, 2021
Deferred franchise fees and deferred development fees, beginning of period	$	19,090		$	20,463
Revenue recognized during the period		(5,845	)		(6,205	)
New deferrals due to cash received and other		16,449			4,832
Deferred franchise fees and deferred development fees, end of period	$	29,694		$	19,090

Schedule of Revenue Recognition Associated with Deferred Franchise Fees and Deferred Development Fees


2022	$	5,403
2023		5,162
2024		4,855
2025		4,406
2026		4,003
Thereafter		5,865
	$	29,694

Earnings Per Share (Tables)

12 Months Ended

Jan. 02, 2022

Earnings Per Share [Abstract]

Summary of the Computation of Basic and Diluted Earning Per Common Share

The computation of basic and diluted earnings per common share for 2021, 2020 and 2019 is as follows:


	2021		2020		2019
Net income available to common stockholders – basic and diluted	$	510,467	$	491,296	$	400,709
Weighted average number of common shares		37,198,292		38,974,037		40,766,362
Earnings per common share – basic	$	13.72	$	12.61	$	9.83
Diluted weighted average number of common shares		37,691,351		39,640,791		41,923,062
Earnings per common share – diluted	$	13.54	$	12.39	$	9.56

Schedule of Denominators Used in Calculating Earning Per Common Share


	2021		2020		2019
Anti-dilutive shares underlying stock-based awards
Stock options		41,215		52,330		160,980
Restricted stock awards and units		1,010		—		—
Performance condition not met
Restricted stock awards and units		29,704		68,159		82,647

Recapitalizations and Financing Arrangements (Tables)

12 Months Ended

Jan. 02, 2022

Debt Disclosure [Abstract]

Consolidated Long-Term Debt

At January 2, 2022 and January 3, 2021, consolidated long-term debt consisted of the following:


	January 2, 2022			January 3, 2021
2015 Ten-Year Notes	$	760,000		$	766,000
2017 Five-Year Fixed Rate Notes		—			582,000
2017 Ten-Year Fixed Rate Notes		962,500			970,000
2017 Floating Rate Notes		—			291,000
2018 7.5-Year Notes		412,250			415,438
2018 9.25-Year Notes		388,000			391,000
2019 Ten-Year Notes		663,188			668,250
2021 7.5-Year Notes		845,750			—
2021 Ten-Year Notes		995,000			—
Finance lease obligations		76,338			60,555
Debt issuance costs, net of accumulated amortization of $18.0 million in 2021 and $18.4 million in 2020		(32,800	)		(25,370	)
Total debt		5,070,226			4,118,873
Less – current portion		(55,588	)		(2,855	)
Consolidated long-term debt, net of debt issuance costs	$	5,014,638		$	4,116,018

Maturities of Long-Term Debt and Capital Lease Obligations

At January 2, 2022, maturities of long-term debt and finance lease obligations were as follows:


2022	$	55,588
2023		55,438
2024		55,816
2025		1,178,971
2026		43,979
Thereafter		3,713,234
	$	5,103,026

Schedule of Estimated Fair Value

Management estimated the approximate fair values of the Notes as follows:


	January 2, 2022				January 3, 2021
	Principal Amount		Fair Value		Principal Amount		Fair Value
2015 Ten-Year Notes	$	760,000	$	777,480	$	766,000	$	809,662
2017 Five-Year Fixed Rate Notes		—		—		582,000		582,582
2017 Ten-Year Fixed Rate Notes		962,500		1,000,038		970,000		1,035,960
2017 Floating Rate Notes		—		—		291,000		291,000
2018 7.5-Year Notes		412,250		420,907		415,438		437,456
2018 9.25-Year Notes		388,000		407,788		391,000		422,280
2019 Ten-Year Notes		663,188		693,031		668,250		712,355
2021 7.5-Year Notes		845,750		849,133		—		—
2021 Ten-Year Notes		995,000		1,017,885		—		—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
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-Paragraph 1
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+ Details

Fair Value Measurements (Tables)

12 Months Ended

Jan. 02, 2022

Fair Value Disclosures [Abstract]

Carrying Amounts and Fair Values of Certain Assets

The following table summarizes the carrying amounts and fair values of certain assets at January 2, 2022:


	At January 2, 2022
			Fair Value Estimated Using
	Carrying		Level 1		Level 2		Level 3
	Amount		Inputs		Inputs		Inputs
Cash equivalents	$	87,384	$	87,384	$	—	$	—
Restricted cash equivalents		115,185		115,185		—		—
Investments in marketable securities		15,433		15,433		—		—
Advertising fund cash equivalents, restricted		140,115		140,115		—		—
Investments		125,840		—		—		125,840

The following table summarizes the carrying amounts and fair values of certain assets at January 3, 2021:


	At January 3, 2021
			Fair Value Estimated Using
	Carrying		Level 1		Level 2		Level 3
	Amount		Inputs		Inputs		Inputs
Cash equivalents	$	151,502	$	151,502	$	—	$	—
Restricted cash equivalents		126,595		126,595		—		—
Investments in marketable securities		13,251		13,251		—		—
Advertising fund cash equivalents, restricted		104,197		104,197		—		—
Investments		40,000		—		—		40,000

Summary of Reconciliation of the Carrying Amount of the Company's Investment in Dash Brands


	Fiscal 2021
	Carrying Amount						Carrying Amount
	January 3,				Unrealized		January 2,
	2021		Purchases		Gain		2022
Investments	$	40,000	$	49,082	$	36,758	$	125,840


	Fiscal 2020
	Carrying Amount						Carrying Amount
	December 29,				Unrealized		January 3,
	2019		Purchases		Gain		2021
Investments	$	—	$	40,000	$	—	$	40,000

Schedule of Estimated Fair Value

Management estimated the approximate fair values of the Notes as follows:


	January 2, 2022				January 3, 2021
	Principal Amount		Fair Value		Principal Amount		Fair Value
2015 Ten-Year Notes	$	760,000	$	777,480	$	766,000	$	809,662
2017 Five-Year Fixed Rate Notes		—		—		582,000		582,582
2017 Ten-Year Fixed Rate Notes		962,500		1,000,038		970,000		1,035,960
2017 Floating Rate Notes		—		—		291,000		291,000
2018 7.5-Year Notes		412,250		420,907		415,438		437,456
2018 9.25-Year Notes		388,000		407,788		391,000		422,280
2019 Ten-Year Notes		663,188		693,031		668,250		712,355
2021 7.5-Year Notes		845,750		849,133		—		—
2021 Ten-Year Notes		995,000		1,017,885		—		—

Leases (Tables)

12 Months Ended

Jan. 02, 2022

Leases [Abstract]

Components Of Operating And Finance Lease Cost

The components of operating and finance lease cost for 2021, 2020 and 2019 were as follows:


	2021		2020		2019
Operating lease cost	$	44,913	$	44,679	$	42,903

Finance lease cost:
Amortization of right-of-use assets		4,373		2,186		1,167
Interest on lease liabilities		4,233		3,340		1,952
Total finance lease cost	$	8,606	$	5,526	$	3,119

Schedule of Supplemental Balance Sheet Information Related To Finance Leases

Supplemental balance sheet information related to the Company’s leases as of January 2, 2022 and January 3, 2021 was as follows:


	January 2, 2022			January 3, 2021
Land and buildings	$	86,965		$	68,084
Accumulated depreciation and amortization		(14,423	)		(10,049	)
Finance lease assets, net	$	72,542		$	58,035

Current portion of long-term debt	$	4,088		$	2,855
Long-term debt, less current portion		72,250			57,700
Total principal payable on finance leases	$	76,338		$	60,555

As of January 2, 2022 and January 3, 2021, the weighted average remaining lease term and weighted average discount rate for the Company’s operating and finance leases were as follows:


	2021						2020
	Operating			Finance			Operating			Finance
	Leases			Leases			Leases			Leases
Weighted average remaining lease term	7 years			15 years			7 years			16 years
Weighted average discount rate		3.5	%		5.8	%		3.7	%		6.8	%

Schedule Of Supplemental Cash Flow Information Related To Leases

Supplemental cash flow information related to leases for 2021, 2020 and 2019 was as follows:


	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	44,176	$	43,679	$	43,608
Operating cash flows from finance leases		4,233		3,340		1,952
Financing cash flows from finance leases		3,212		2,058		647
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases		29,549		37,375		63,685
Finance leases		18,991		42,894		3,255

Schedule Of Maturities Of Operating And Finance Leases Liabilities

Maturities of lease liabilities as of January 2, 2022 were as follows:


	Operating			Finance
	Leases			Leases
2022	$	45,347		$	8,084
2023		39,057			7,536
2024		38,027			8,115
2025		32,417			7,935
2026		29,280			8,633
Thereafter		65,645			78,071
Total future minimum rental commitments		249,773			118,374
Less – amounts representing interest		(28,147	)		(42,036	)
Total lease liabilities	$	221,626		$	76,338

Income Taxes (Tables)

12 Months Ended

Jan. 02, 2022

Income Tax Disclosure [Abstract]

Income Before Provision for Income Taxes

Income before provision for income taxes in 2021, 2020 and 2019 consisted of the following:


	2021		2020		2019
U.S.	$	611,267	$	541,646	$	468,467
Foreign		14,438		13,484		14,170
Income before provision for income taxes	$	625,705	$	555,130	$	482,637

Differences Between Statutory Income Tax Provision and Consolidated Provision for Income Taxes


	2021			2020			2019
Federal income tax provision based on the statutory rate	$	131,398		$	116,577		$	101,354
State and local income taxes, net of related Federal income taxes		15,108			16,660			15,141
Non-resident withholding and foreign income taxes		21,833			18,741			20,351
Foreign tax and other tax credits		(23,509	)		(19,506	)		(20,090	)
Foreign derived intangible income		(16,800	)		(12,390	)		(12,810	)
Excess tax benefits from equity-based compensation		(18,911	)		(60,364	)		(25,735	)
Non-deductible expenses, net		4,501			4,359			3,090
Unrecognized tax provision, net of related Federal income taxes		4,372			516			694
Other		(2,754	)		(759	)		(67	)
Provision for income taxes	$	115,238		$	63,834		$	81,928

Components of Consolidated Provision for Income Taxes

The components of the 2021, 2020 and 2019 consolidated provision for income taxes were as follows:


	2021			2020		2019
Provision for Federal income taxes
Current provision	$	74,910		$	19,894	$	49,539
Deferred (benefit) provision		(2,051	)		14,301		(2,862	)
Total provision for Federal income taxes		72,859			34,195		46,677
Provision for state and local income taxes
Current provision		16,507			10,775		15,335
Deferred (benefit) provision		(461	)		123		(435	)
Total provision for state and local income taxes		16,046			10,898		14,900
Provision for non-resident withholding and foreign income taxes
Current provision		21,833			18,741		20,351
Deferred provision		4,500			—		—
Total provision for non-resident withholding and foreign income taxes		26,333			18,741		20,351
Provision for income taxes	$	115,238		$	63,834	$	81,928

Significant Components of Net Deferred Income Taxes

As of January 2, 2022 and January 3, 2021, the significant components of net deferred income taxes were as follows:


	January 2, 2022			January 3, 2021
Deferred income tax assets
Operating lease liabilities	$	54,478		$	58,885
Accruals and reserves		15,207			14,148
Insurance reserves		12,867			12,447
Non-cash equity-based compensation expense		7,861			8,331
Foreign tax credit		10,206			6,603
Other		8,158			7,720
Deferred income tax assets before valuation allowance		108,777			108,134
Less: Valuation allowance		(11,364	)		(7,600	)
Total deferred income tax assets		97,413			100,534
Deferred income tax liabilities
Operating lease right-of-use assets		51,793			56,446
Capitalized software		19,828			29,596
Depreciation, amortization and asset basis differences		18,570			18,687
Unrealized gain on investments		9,035			—
Total deferred income tax liabilities		99,226			104,729
Net deferred income taxes	$	(1,813	)	$	(4,195	)

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits as of January 2, 2022, January 3, 2021 and December 29, 2019 is as follows:


	January 2, 2022			January 3, 2021			December 29, 2019

Unrecognized tax benefits at beginning of period	$	3,318		$	2,802		$	1,964
Additions for tax positions of current year		2,611			494			468
Additions for tax positions of prior years		2,624			506			789
Reductions for changes in prior year tax positions		(379	)		(178	)		(284	)
Reductions for lapses of applicable statute of limitations		(484	)		(306	)		(135	)
Unrecognized tax benefits at end of period	$	7,690		$	3,318		$	2,802

Equity Incentive Plans (Tables)

12 Months Ended

Jan. 02, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock Options Activity Related to Equity Incentive Plans

Stock option activity related to the 2004 Equity Incentive Plan is summarized as follows:


	Common Stock Options
	Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Life		Aggregate Intrinsic Value
						(Years)		(In thousands)
Stock options at December 30, 2018		1,909,399		$	72.86
Stock options granted		96,280			272.64
Stock options cancelled		(33,667	)		196.47
Stock options exercised		(425,601	)		30.70
Stock options at December 29, 2019		1,546,411		$	94.21
Stock options granted		52,730			413.80
Stock options cancelled		(9,792	)		268.94
Stock options exercised		(756,683	)		40.93
Stock options at January 3, 2021		832,666		$	160.82
Stock options granted		42,742			367.79
Stock options cancelled		(11,990	)		333.61
Stock options exercised		(199,301	)		98.76
Stock options at January 2, 2022		664,117		$	189.64		5.1	$	248,836
Exercisable at January 2, 2022		545,050			155.82		4.4	$	222,656

Stock Option Valuation Assumptions


	2021			2020			2019
Risk-free interest rate		1.0	%		0.3	%		1.9	%
Expected life	5.25 years			5.5 years			5.5 years
Expected volatility		30.0	%		30.0	%		25.0	%
Expected dividend yield		1.0	%		0.8	%		0.9	%
Weighted average fair value per stock option	$	93.46		$	105.76		$	64.66

Resticted Stock and Performance Based Restricted Stock Activity Related to Equity Incentive Plans

Activity related to restricted stock awards and units and performance-based restricted stock awards and units awarded under the 2004 Equity Incentive Plan is summarized as follows:


	Shares			Weighted Average Grant Date Fair Value (1)
Nonvested at December 30, 2018		190,379		$	213.57
Shares granted		67,570			275.06
Shares cancelled		(17,923	)		230.60
Shares vested		(68,956	)		175.84
Nonvested at December 29, 2019		171,070		$	251.29
Shares granted		42,780			398.08
Shares cancelled		(8,345	)		273.70
Shares vested		(58,743	)		221.58
Nonvested at January 3, 2021		146,762		$	304.69
Shares granted		59,801			382.79
Shares cancelled		(12,924	)		340.94
Shares vested		(48,378	)		287.41
Nonvested at January 2, 2022		145,261		$	339.37

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock Option Valuation Assumptions


	2021
Risk-free interest rate		0.3	%
Expected life	2.75 years
Expected volatility		33.9	%
Weighted average fair value per performance-based restricted stock unit	$	375.85

Capital Structure (Tables)

12 Months Ended

Jan. 02, 2022

Text Block [Abstract]

Share Components of Outstanding Common Stock

The share components of outstanding common stock at January 2, 2022 and January 3, 2021 were as follows:


	January 2, 2022		January 3, 2021
Voting		36,135,081		38,865,160
Non-Voting		3,192		3,190
Total Common Stock		36,138,273		38,868,350

Segment Information (Tables)

12 Months Ended

Jan. 02, 2022

Segment Reporting [Abstract]

Financial Information by Operating Segment


	U.S. Stores		Supply Chain		International Franchise		Intersegment Revenues			Other			Total
Revenues-
2021	$	1,498,360	$	2,699,863	$	298,036	$	(138,886	)	$	—		$	4,357,373
2020		1,451,003		2,552,795		249,757		(136,144	)		—			4,117,411
2019		1,272,863		2,231,838		240,975		(126,902	)		—			3,618,774
Segment Income-
2021	$	454,875	$	229,877	$	241,873	N/A			$	(42,926	)	$	883,699
2020		435,089		238,420		197,602	N/A				(53,265	)		817,846
2019		361,673		199,844		187,318	N/A				(36,701	)		712,134
Capital Expenditures-
2021	$	13,680	$	37,063	$	—	N/A			$	44,894		$	95,637
2020		15,319		36,229		—	N/A				35,371			86,919
2019		11,793		33,440		131	N/A				43,304			88,668

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

The following table reconciles total Segment Income to income before provision for income taxes:


	2021			2020			2019
Total Segment Income	$	883,699		$	817,846		$	712,134
Depreciation and amortization		(72,923	)		(65,038	)		(59,930	)
Loss on sale/disposal of assets		(1,189	)		(2,922	)		(2,023	)
Non-cash equity-based compensation expense		(28,670	)		(24,244	)		(20,265	)
Recapitalization-related expenses		(509	)		—			(509	)
Income from operations		780,408			725,642			629,407
Other income		36,758			—			—
Interest income		345			1,654			4,048
Interest expense		(191,806	)		(172,166	)		(150,818	)
Income before provision for income taxes	$	625,705		$	555,130		$	482,637

Identifiable Asset Information

The following table summarizes the Company’s identifiable asset information by reportable segment as of January 2, 2022 and January 3, 2021:


	January 2, 2022		January 3, 2021
U.S. stores	$	340,984	$	308,088
Supply chain		558,251		520,043
International franchise		41,279		41,408
Unallocated		731,302		697,629
Total assets	$	1,671,816	$	1,567,168

Goodwill

The following table summarizes the Company’s goodwill balance by reportable segment as of January 2, 2022 and January 3, 2021 (in thousands):


	January 2, 2022		January 3, 2021
U.S. stores	$	13,967	$	13,994
Supply chain		1,067		1,067
Consolidated goodwill	$	15,034	$	15,061

Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)		12 Months Ended
	Feb. 24, 2022	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Description Of Business And Summary Of Significant Accounting Policies
Advertising fund assets restricted		$ 180,904,000	$ 147,698,000
Restricted cash and cash equivalent		115,185,000	126,595,000
Depreciation and amortization		72,923,000	65,038,000	$ 59,930,000
Capitalized software amortization expense		24,300,000	23,000,000.0	22,800,000
Amortization of Debt Issuance Costs		7,500,000	5,500,000	4,700,000
Exposures for workers' compensation and general liability programs		2,000,000.0
Insurance Reserves		56,500,000	54,600,000
Revenue reduction due to profit-sharing obligation		148,300,000	169,000,000.0	143,500,000
Interest paid		174,600,000	160,600,000	142,300,000
Cash paid for income taxes		106,300,000	60,400,000	80,300,000
Capital expenditure accrual		5,400,000	$ 4,300,000	$ 6,900,000
Capitalized Software Not Yet Placed In Service		$ 61,000,000.0
Common Stock, Dividends, Per Share, Declared		$ 3.76	$ 3.12	$ 2.60
Common stock dividend declared, paid		$ 139,399,000	$ 121,925,000	$ 105,715,000
Total insurance limits under the retention programs		110,000,000.0
Contract liability, Current		5,400,000	4,100,000
Contract liability, Noncurrent		$ 24,300,000	15,000,000.0
Percentage of royalty fee		5.50%
Percentage of profit-sharing arrangements with participating stores		50.00%
Advertising Expense		$ 479,501,000	462,238,000	390,799,000
Conditional commitments		15,300,000	11,000,000.0
Non-cash investing activities related to lease incentives		8,000,000.0	4,200,000	4,000,000.0
Allowance For Doubtful Accounts Receivable Current		1,869,000	1,793,000
Deferred income taxes		3,922,000	6,099,000
Accounting Standards Update 2016-13 [Member]
Description Of Business And Summary Of Significant Accounting Policies
Non-cash investing activities related to lease incentives		1,500,000
Deferred income taxes			$ 400,000
Minimum [Member]
Description Of Business And Summary Of Significant Accounting Policies
Owned and non-owned automobile liabilities		500,000
Maximum [Member]
Description Of Business And Summary Of Significant Accounting Policies
Owned and non-owned automobile liabilities		5,500,000
2020 Divided [Member]
Description Of Business And Summary Of Significant Accounting Policies
Common Stock, Dividends, Per Share, Declared			$ 3.12
Common stock dividend declared, paid		$ 139,600,000		105,600,000
Non-cash investing activities related to lease incentives			$ 700,000	$ 0.0
2021 Divided [Member]
Description Of Business And Summary Of Significant Accounting Policies
Common Stock, Dividends, Per Share, Declared		$ 3.76
Non-cash investing activities related to lease incentives		$ 400,000
2022 Dividend [Member] \| Subsequent Event [Member]
Description Of Business And Summary Of Significant Accounting Policies
Amount per share, dividend payable	$ 1.10
Date of dividend payable	Mar. 30, 2022
2019 Dividend [Member]
Description Of Business And Summary Of Significant Accounting Policies
Common Stock, Dividends, Per Share, Declared				$ 2.60
Common stock dividend declared, paid			122,200,000
Property Plant and Equipment [Member]
Description Of Business And Summary Of Significant Accounting Policies
Depreciation and amortization		48,600,000	42,000,000.0	$ 37,100,000
Cash Equivalents Held in Interest Reserve [Member]
Description Of Business And Summary Of Significant Accounting Policies
Restricted cash and cash equivalent		47,200,000	39,600,000
Cash and Cash Equivalents Held for Future Interest Payment [Member]
Description Of Business And Summary Of Significant Accounting Policies
Restricted cash and cash equivalent		133,200,000	177,100,000
Other Restricted Cash [Member]
Description Of Business And Summary Of Significant Accounting Policies
Restricted cash and cash equivalent		200,000	800,000
Advertising Fund Restricted Cash and Cash Equivalents [Member]
Description Of Business And Summary Of Significant Accounting Policies
Restricted cash and cash equivalent		161,700,000	115,900,000
Other Assets [Member] \| Cloud Based Computing Arrangements [Member]
Description Of Business And Summary Of Significant Accounting Policies
Intangible assets net		10,600,000	8,400,000
Amortization of intangible assets		1,700,000	400,000
Accumulated amortization intangible assets		$ 1,300,000	400,000	0
Domestic Stores [Member]
Description Of Business And Summary Of Significant Accounting Policies
Percentage of sales contribution		6.00%
U.S. franchise [Member] \| Domestic Franchise Advertising [Member]
Description Of Business And Summary Of Significant Accounting Policies
Advertising Expense		$ 479,500,000	462,200,000	390,800,000
U S Stores [Member] \| Domestic Franchise [Member] \| Cash and cash equivalents [Member]
Description Of Business And Summary Of Significant Accounting Policies
Advertising fund assets restricted		161,700,000	115,900,000
U S Stores [Member] \| Domestic Franchise [Member] \| Accounts receivable [Member]
Description Of Business And Summary Of Significant Accounting Policies
Advertising fund assets restricted		14,500,000	27,000,000.0
U S Stores [Member] \| Domestic Franchise [Member] \| Prepaid expenses [Member]
Description Of Business And Summary Of Significant Accounting Policies
Advertising fund assets restricted		4,700,000	4,800,000
U S Stores [Member] \| U.S. Company-owned stores [Member]
Description Of Business And Summary Of Significant Accounting Policies
Advertising fund assets restricted		7,200,000	6,500,000
Advertising Expense		$ 42,100,000	$ 35,700,000	$ 37,600,000

Description of Business and Summary of Significant Accounting Policies - Inventories (Detail) - USD ($) $ in Thousands	Jan. 02, 2022	Jan. 03, 2021
Inventory Disclosure [Abstract]
Food	$ 61,994	$ 57,116
Equipment and supplies	6,334	9,567
Inventories	$ 68,328	$ 66,683

Description of Business and Summary of Significant Accounting Policies - Estimated Useful Lives of Property Plant and Equipment Excluding Capital Lease Asset (Detail)	12 Months Ended
	Jan. 02, 2022
Building [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Leasehold and Other Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Leasehold and Other Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years

Description of Business and Summary of Significant Accounting Policies - Schedule of Amortization of Capitalized Software (Detail) $ in Thousands	Jan. 02, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
2022	$ 19,059
2023	10,075
2024	3,522
2025	1,158
2026	768
Thereafter	0
Amortization expense total	$ 34,582

Description of Business and Summary of Significant Accounting Policies - Schedule of Contract Liabilities Consist of Deferred Franchise Fees and Deferred Development Fees (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021
Revenue from Contract with Customer [Abstract]
Deferred franchise fees and deferred development fees at beginning of period	$ 19,090	$ 20,463
Revenue recognized during the period	(5,845)	(6,205)
New deferrals due to cash received and other	16,449	4,832
Deferred franchise fees and deferred development fees at end of period	$ 29,694	$ 19,090

Description of Business and Summary of Significant Accounting Policies - Schedule of Revenue Recognition Associated with Deferred Franchise Fees and Deferred Development Fees (Detail) $ in Thousands	Jan. 02, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 29,694
January One 2022 [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	5,403
January One 2023 [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	5,162
January One 2024 [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	4,855
January One 2025 [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	4,406
January One 2026 [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	4,003
January One Thereafter [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 5,865

Earnings Per Share - Summary of Computation of Basic and Diluted Earning per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Earnings Per Share [Abstract]
Net income available to common stockholders – basic and diluted	$ 510,467	$ 491,296	$ 400,709
Weighted average number of common shares	37,198,292	38,974,037	40,766,362
Earnings per common share – basic	$ 13.72	$ 12.61	$ 9.83
Diluted weighted average number of common shares	37,691,351	39,640,791	41,923,062
Earnings per common share - diluted	$ 13.54	$ 12.39	$ 9.56

- Definition

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

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- Definition

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.

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- Definition

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

+ References

+ Details

Earning Per Share - Schedule of Denominators Used in Calculating Earning Per Common Share (Detail) - shares	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded from Computation of Earnings Per Share	41,215	52,330	160,980
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded from Computation of Earnings Per Share	1,010	0	0
Restricted Performance Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share, amount unvested	29,704	68,159	82,647

Earnings Per Share - Additional Information (Detail) - shares	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Stock Option [Member]
Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded from Computation of Earnings Per Share	41,215	52,330	160,980

Recapitalizations and Financing Arrangements - Additional Information (Detail)						12 Months Ended
	Apr. 16, 2021 USD ($)	Nov. 19, 2019 USD ($)	Apr. 24, 2018 USD ($)	Jul. 24, 2017 USD ($)	Oct. 21, 2015 USD ($)	Jan. 02, 2022 USD ($)	Jan. 03, 2021 USD ($)	Dec. 29, 2019 USD ($)	Dec. 31, 2017
Debt Instrument [Line Items]
Scheduled principal payments in year 2022						$ 55,588,000
Scheduled principal payments in year 2023						55,438,000
Scheduled principal payments in year 2024						55,816,000
Scheduled principal payments in year 2025						1,178,971,000
Scheduled principal payments in year 2026						43,979,000
Principal payments on the Notes							$ 158,000,000.0	$ 65,000,000.0
Debt instrument interest rate description				The interest rate on the 2017 Floating Rate Notes was payable at a rate equal to LIBOR plus 125 basis points.
Remaining borrowing capacity						44,200,000	157,500,000
Letters of Credit							42,500,000
Interest expense						191,806,000	172,166,000	$ 150,818,000
Proceeds from notes payable						$ 155,800,000
Minimum [Member]
Debt Instrument [Line Items]
Leverage ratio of total debt to earnings before interest, tax, depreciation amortization						5.0		5.0
Maximum [Member]
Debt Instrument [Line Items]
Leverage ratio of total debt to earnings before interest, tax, depreciation amortization						5.0		5.0
2018 Notes [Member]
Debt Instrument [Line Items]
Debt instrument, stated percentage						5.00%
2017 Floating Rate Notes [Member]
Debt Instrument [Line Items]
Repayment of principal and interest						$ 291,000,000.0
2017 Five-Year Notes [Member]
Debt Instrument [Line Items]
Repayment of principal and interest						$ 582,000,000.0
2019 Recapitalization [Member] \| 2019 Notes [Member]
Debt Instrument [Line Items]
Debt instrument face amount		$ 675,000,000.0
Debt instrument, stated percentage		3.668%				5.00%
Debt instrument, term		10 years
Scheduled principal payments in year 2022						$ 6,800,000
Scheduled principal payments in year 2023						6,800,000
Scheduled principal payments in year 2024						6,800,000
Scheduled principal payments in year 2025						6,800,000
Scheduled principal payments in year 2026						6,800,000
Scheduled principal payments in year 2027						6,800,000
Scheduled principal payments in year 2028						6,800,000
Scheduled principal payments in year 2029						$ 615,900,000
Gross proceeds from the issuance of debt		$ 675,000,000.0
Debt instrument interest rate description						Interest on the 2019 Variable Funding Notes was payable at a per year rate equal to LIBOR plus 150 basis points.
Variable funding notes		$ 200,000,000.0				$ 200,000.0
2019 Recapitalization [Member] \| 2019 Variable Notes [Member]
Debt Instrument [Line Items]
Debt issuance costs								$ 8,100,000
Recapitalization-related general and administrative expenses								500,000
2018 Recapitalization [Member] \| 2018 Notes [Member]
Debt Instrument [Line Items]
Debt instrument face amount			$ 425,000,000.0
Debt instrument, stated percentage			4.116%
Debt instrument, term			7 years 6 months			7 years 6 months
Scheduled principal payments in year 2022						$ 8,300,000
Scheduled principal payments in year 2023						8,300,000
Scheduled principal payments in year 2024						8,300,000
Scheduled principal payments in year 2025						403,500,000
Scheduled principal payments in year 2026						4,000,000.0
Scheduled principal payments in year 2027						368,000,000.0
Gross proceeds from the issuance of debt			$ 825,000,000.0
2018 Recapitalization [Member] \| 2018 A-2-II Notes [Member]
Debt Instrument [Line Items]
Debt instrument face amount			$ 400,000,000.0
Debt instrument, stated percentage			4.328%
Debt instrument, term			9 years 3 months
2017 Recapitalization [Member]
Debt Instrument [Line Items]
Gross proceeds from the issuance of debt				$ 1,900,000,000
2017 Recapitalization [Member] \| 2017 Notes [Member]
Debt Instrument [Line Items]
Debt instrument, stated percentage									5.00%
Scheduled principal payments in year 2022						10,000,000.0
Scheduled principal payments in year 2028						$ 912,500,000
2017 Recapitalization [Member] \| 2017 Floating Rate Notes [Member]
Debt Instrument [Line Items]
Debt instrument face amount				$ 300,000,000.0
Debt instrument, term				5 years
2017 Recapitalization [Member] \| 2017 Five-Year Notes [Member]
Debt Instrument [Line Items]
Debt instrument face amount				$ 600,000,000.0
Debt instrument, stated percentage				3.082%
2015 Recapitalization [Member]
Debt Instrument [Line Items]
Gross proceeds from the issuance of debt					$ 1,300,000,000
2015 Recapitalization [Member] \| 2015 Notes [Member]
Debt Instrument [Line Items]
Debt instrument, stated percentage						5.00%
Scheduled principal payments in year 2022						$ 8,000,000.0
Scheduled principal payments in year 2025						736,000,000.0
2015 Recapitalization [Member] \| 2015 Class Five-Year Notes [Member]
Debt Instrument [Line Items]
Debt instrument face amount					$ 500,000,000.0
Debt instrument, stated percentage					3.484%
2015 Recapitalization [Member] \| 2015 Ten-Year Notes [Member]
Debt Instrument [Line Items]
Debt instrument face amount					$ 800,000,000.0
Debt instrument, stated percentage					4.474%
Notes Payable [Member]
Debt Instrument [Line Items]
Principal payments on the Notes						907,000,000.0	$ 42,000,000.0	$ 26,400,000
2021 Recapitalization [Member]
Debt Instrument [Line Items]
Gross proceeds from the issuance of debt	$ 1,850,000,000
Debt issuance costs						14,900,000
Company wrote-off In connection with the Recapitalization						2,000,000.0
Interest expense						300,000
Recapitalization-related general and administrative expenses						500,000
2021 Recapitalization [Member] \| 2021 A-2-I Note [Member]
Debt Instrument [Line Items]
Debt instrument, stated percentage	3.151%
Debt instrument, term	10 years
Variable funding notes	$ 1,000,000,000.0
2021 Recapitalization [Member] \| 2021 Variable Funding Notes [Member]
Debt Instrument [Line Items]
Variable funding notes						200,000,000.0
Recapitalization-related general and administrative expenses						$ 2,800,000
2021 Recapitalization [Member] \| 2021 Notes [Member]
Debt Instrument [Line Items]
Debt instrument face amount	$ 850,000,000.0
Debt instrument, stated percentage	2.662%					5.00%
Debt instrument, term	7 years 6 months
Scheduled principal payments in year 2022						$ 18,500,000
Scheduled principal payments in year 2023						18,500,000
Scheduled principal payments in year 2024						18,500,000
Scheduled principal payments in year 2025						18,500,000
Scheduled principal payments in year 2026						18,500,000
Scheduled principal payments in year 2027						18,500,000
Scheduled principal payments in year 2028						804,800,000
Scheduled principal payments in year 2029						10,000,000.0
Scheduled principal payments in year 2030						10,000,000.0
Scheduled principal payments in year 2031						$ 905,000,000.0
Debt instrument interest rate description						Interest on the 2021 Variable Funding Notes is payable at a per year rate equal to LIBOR plus 150 basis points.
Variable funding notes						$ 200,000,000.0
2021 Recapitalization [Member] \| 2021 Notes [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Variable fund notes, unused portion, commitment fee percentage						50.00%
2021 Recapitalization [Member] \| 2021 Notes [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Variable fund notes, unused portion, commitment fee percentage						100.00%

Recapitalizations and Financing Arrangements - Consolidated Long-Term Debt (Detail) - USD ($) $ in Thousands	Jan. 02, 2022	Jan. 03, 2021
Long Term Debt And Other Financing Arrangement [Line Items]
Finance lease obligations	$ 76,338	$ 60,555
Debt issuance costs, net of accumulated amortization of $18.0 million in 2021 and $18.4 million in 2020	(32,800)	(25,370)
Total debt	5,070,226	4,118,873
Less - current portion	55,588	2,855
Consolidated long-term debt, net of debt issuance Costs	5,014,638	4,116,018
2015 Ten- Year Notes
Long Term Debt And Other Financing Arrangement [Line Items]
Senior notes	760,000	766,000
2017 Five-Year Fixed Rate Notes
Long Term Debt And Other Financing Arrangement [Line Items]
Senior notes	0	582,000
2017 Ten-Year Fixed Rate Notes
Long Term Debt And Other Financing Arrangement [Line Items]
Senior notes	962,500	970,000
2017 Floating Rate Notes
Long Term Debt And Other Financing Arrangement [Line Items]
Senior notes	0	291,000
2018 7.5-Year Notes
Long Term Debt And Other Financing Arrangement [Line Items]
Senior notes	412,250	415,438
2018 9.25-Year Notes
Long Term Debt And Other Financing Arrangement [Line Items]
Senior notes	388,000	391,000
2019 Ten-Year Notes
Long Term Debt And Other Financing Arrangement [Line Items]
Senior notes	663,188	668,250
2021 7.5- Year Notes
Long Term Debt And Other Financing Arrangement [Line Items]
Senior notes	845,750	0
2021 Ten-Year Notes
Long Term Debt And Other Financing Arrangement [Line Items]
Senior notes	$ 995,000	$ 0

Recapitalizations and Financing Arrangements - Maturities of Long-Term Debt and Capital Lease Obligations (Detail) $ in Thousands	Jan. 02, 2022 USD ($)
Debt Disclosure [Abstract]
Scheduled principal payments in year 2022	$ 55,588
2023	55,438
2024	55,816
2025	1,178,971
2026	43,979
Thereafter	3,713,234
Maturities of long term debt and capital obligations, Total	$ 5,103,026

Fair Value Measurements - Additional Information (Detail) - Dash Brands Ltd [Member] - USD ($) $ in Thousands	Jan. 02, 2022	Sep. 12, 2021	Jun. 20, 2021	Mar. 28, 2021	Jan. 03, 2021	Jun. 14, 2020
Acquisition of non-controlling interest	$ 9,100			$ 40,000		$ 40,000
Adjustments to the carrying amount of equity securities	34,300			2,500
Investments at carrying value	$ 125,840	$ 82,500	$ 82,500	$ 82,500	$ 40,000

Carrying Amounts and Fair Values of Certain Assets (Detail) - USD ($) $ in Thousands	Jan. 02, 2022	Jan. 03, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, carrying amount	$ 87,384	$ 151,502
Restricted cash equivalents, carrying amount	115,185	126,595
Investments in marketable securities, carrying amount	15,433	13,251
Advertising fund cash equivalents, restricted, carrying amount	140,115	104,197
Investments	125,840	40,000
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, carrying amount	87,384	151,502
Restricted cash equivalents, carrying amount	115,185	126,595
Investments in marketable securities, carrying amount	15,433	13,251
Advertising fund cash equivalents, restricted, carrying amount	140,115	104,197
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	$ 125,840	$ 40,000

Summary of Reconciliation of the Carrying Amount of the Company's Investment in Dash Brands (Detail) - Dash Brands Ltd [Member] - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021
Schedule of Equity Method Investments [Line Items]
Equity Securities without Readily Determinable Fair Value, Amount	$ 40,000
Additional Purchase of Equity Securities Without Readily Determinable Fair Value Amount	49,082	$ 40,000
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Annual Amount	36,758
Equity Securities without Readily Determinable Fair Value, Amount	$ 125,840	$ 40,000

Schedule of Estimated Fair Value (Detail) - USD ($) $ in Thousands	Jan. 02, 2022	Jan. 03, 2021
2015 Ten-Year Fixed Rate Notes [Member]
Debt Instrument [Line Items]
Principal Amount	$ 760,000	$ 766,000
Fair Value	777,480	809,662
2017 Five-Year Fixed Rate Notes [Member]
Debt Instrument [Line Items]
Principal Amount		582,000
Fair Value		582,582
2017 Ten-Year Fixed Rate Notes [Member]
Debt Instrument [Line Items]
Principal Amount	962,500	970,000
Fair Value	1,000,038	1,035,960
2017 Five-Year Floating Rate Notes [Member]
Debt Instrument [Line Items]
Principal Amount		291,000
Fair Value		291,000
2018 7.5-Year Fixed Rate Notes [Member]
Debt Instrument [Line Items]
Principal Amount	412,250	415,438
Fair Value	420,907	437,456
2018 9.25-Year Fixed Rate Notes [Member]
Debt Instrument [Line Items]
Principal Amount	388,000	391,000
Fair Value	407,788	422,280
2019 Ten-Year Fixed Rate Notes [Member]
Debt Instrument [Line Items]
Principal Amount	663,188	668,250
Fair Value	693,031	$ 712,355
2021 7.5-Year Fixed Rate Notes [Member]
Debt Instrument [Line Items]
Principal Amount	845,750
Fair Value	849,133
2021 Ten-Year Fixed Rate Notes [Member]
Debt Instrument [Line Items]
Principal Amount	995,000
Fair Value	$ 1,017,885

Leases - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Rent Expenses	$ 78.6	$ 73.7	$ 69.7
Finance Lease	8.0	4.2	$ 4.0
Lessee, operating lease, lease not yet commenced, future minimum rental commitments	66.7
Potential future payments	$ 9.1	$ 12.6
Operating Lease [Member]
Lease Term	16 years

Components of Operating and Finance Lease Cost (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Operating lease cost	$ 44,913	$ 44,679	$ 42,903
Finance lease cost:
Amortization of right-of-use assets	4,373	2,186	1,167
Interest on lease liabilities	4,233	3,340	1,952
Total finance lease cost	$ 8,606	$ 5,526	$ 3,119

Supplemental balance sheet information related to the Company's leases (Detail) - USD ($) $ in Thousands	Jan. 02, 2022	Jan. 03, 2021
Land and buildings	$ 86,965	$ 68,084
Accumulated depreciation and amortization	(14,423)	(10,049)
Finance lease assets, net	72,542	58,035
Current portion of long-term debt	$ 4,088	$ 2,855
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Capital Lease Obligations, Current	Long-term Debt and Capital Lease Obligations, Current
Long-term debt, less current portion	$ 72,250	$ 57,700
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Capital Lease Obligations	Long-term Debt and Capital Lease Obligations
Total principal payable on finance leases	$ 76,338	$ 60,555
Finance Lease, Weighted Average Remaining Lease Term	15 years	16 years
Finance Lease, Weighted Average Discount Rate, Percent	5.80%	6.80%
Operating Lease, Weighted Average Remaining Lease Term	7 years	7 years
Operating Lease, Weighted Average Discount Rate, Percent	3.50%	3.70%

Supplemental Cash Flow Information Related To Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 44,176	$ 43,679	$ 43,608
Operating cash flows from finance leases	4,233	3,340	1,952
Financing cash flows from finance leases	3,212	2,058	647
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	29,549	37,375	63,685
Finance leases	$ 18,991	$ 42,894	$ 3,255

Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands	Jan. 02, 2022	Jan. 03, 2021
Leases [Abstract]
2022	$ 45,347
2023	39,057
2024	38,027
2025	32,417
2026	29,280
Thereafter	65,645
Total future minimum rental commitments	249,773
Less – amounts representing interest	(28,147)
Total lease liabilities	221,626
2022	8,084
2023	7,536
2024	8,115
2025	7,935
2026	8,633
Thereafter	78,071
Total future minimum rental commitments	118,374
Less – amounts representing interest	(42,036)
Finance lease obligations	$ 76,338	$ 60,555

Income Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Income Tax Disclosure [Abstract]
U.S.	$ 611,267	$ 541,646	$ 468,467
Foreign	14,438	13,484	14,170
Income before provision for income taxes	$ 625,705	$ 555,130	$ 482,637

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Differences Between Statutory Income Tax Provision and Consolidated Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Federal income tax provision based on the statutory rate	$ 131,398	$ 116,577	$ 101,354
State and local income taxes, net of related Federal income taxes	15,108	16,660	15,141
Non-resident withholding and foreign income taxes	21,833	18,741	20,351
Foreign tax and other tax credits	(23,509)	(19,506)	(20,090)
Foreign derived intangible income	(16,800)	(12,390)	(12,810)
Excess tax benefits from equity-based compensation	(18,911)	(60,364)	(25,735)
Non-deductible expenses, net	4,501	4,359	3,090
Unrecognized tax provision, net of related Federal income taxes	4,372	516	694
Other	(2,754)	(759)	(67)
Provision for income taxes	$ 115,238	$ 63,834	$ 81,928

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019	Dec. 31, 2018
Schedule Of Income Taxes [Line Items]
Excess tax benefits from equity-based compensation	$ 18,911	$ 60,364	$ 25,735
Unrecognized tax benefits	7,690	3,318	$ 2,802	$ 1,964
Unrecognized tax benefits that would impact effective tax rate	6,700	2,400
Unrecognized tax benefits, interest on income taxes accrued	$ 300	$ 200
Corporate income tax rate	21.00%	21.00%	21.00%
Foreign tax credit carry forward	$ 10,206	$ 6,603
Deferred tax valuation allowance	11,364	7,600
Penalities accrued		0
Interest Deductibility [Member]
Schedule Of Income Taxes [Line Items]
Deferred tax valuation allowance	$ 1,200	$ 1,000

Components of Consolidated Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Income Tax Disclosure [Abstract]
Current provision	$ 74,910	$ 19,894	$ 49,539
Deferred (benefit) provision	(2,051)	14,301	(2,862)
Total provision for Federal income taxes	72,859	34,195	46,677
Current provision	16,507	10,775	15,335
Deferred (benefit) provision	(461)	123	(435)
Total provision for state and local income taxes	16,046	10,898	14,900
Current provision	21,833	18,741	20,351
Deferred provision	4,500	0	0
Total provision for non-resident withholding and foreign income taxes	26,333	18,741	20,351
Provision for income taxes	$ 115,238	$ 63,834	$ 81,928

Significant Components of Net Deferred Income Taxes (Detail) - USD ($) $ in Thousands	Jan. 02, 2022	Jan. 03, 2021
Deferred income tax assets
Operating lease liabilities	$ 54,478	$ 58,885
Accruals and reserves	15,207	14,148
Insurance reserves	12,867	12,447
Non-cash equity-based compensation expense	7,861	8,331
Foreign tax credit	10,206	6,603
Other	8,158	7,720
Deferred income tax assets before valuation allowance	108,777	108,134
Less: Valuation allowance	(11,364)	(7,600)
Total deferred income tax assets	97,413	100,534
Deferred income tax liabilities
Operating lease right-of-use assets	51,793	56,446
Depreciation, amortization and asset basis differences	18,570	18,687
Capitalized software	19,828	29,596
Unrealized gain on investments	9,035	0
Total deferred income tax liabilities	99,226	104,729
Net deferred income taxes	$ (1,813)	$ (4,195)

Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Income Tax Disclosure [Abstract]
Balance, beginning	$ 3,318	$ 2,802
Additions for tax positions of current year	2,611	494	$ 468
Additions for tax positions of prior years	2,624	506	789
Changes in prior year tax positions	(379)	(178)	(284)
Lapses of applicable statute of limitations	(484)	(306)	(135)
Balance, ending	$ 7,690	$ 3,318	$ 2,802

Employee Benefits - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Defined Benefit Plan Disclosure [Line Items]
Weighted-average price of shares purchased on the open market			$ 257.12
Nonqualified Deferred Compensation Plan [Member] \| Base Salary [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of defer on compensation	40.00%
Nonqualified Deferred Compensation Plan [Member] \| Bonus Compensation [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of defer on compensation	80.00%
Employee Stock Purchase Discount Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Contributions to the plan, value	$ 1.0	$ 1.0	$ 0.8
Percentage of wages deduction from eligible employees	15.00%
Percentage of face value on stock purchase	85.00%
Shares purchased on the open market	16,382	16,017	20,222
Weighted-average price of shares purchased on the open market	$ 424.90	$ 357.54
401(K) [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, Description	The Company has a retirement savings plan which qualifies under Internal Revenue Code Section 401(k). All employees of the Company who have completed 1,000 hours of service and are at least 18 years of age are eligible to participate in the plan
Service period of employees to be eligible for participation under the retirement savings plan (in hours)	1000 hours
Plan requires to match elective deferrals, higher	100.00%
Employee's elective deferrals higher percentage	5.00%
Contributions to the plan, value	$ 12.9	$ 12.0	$ 10.8

Equity Incentive Plans - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended			24 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019	Dec. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash compensation expense	$ 28,670	$ 24,244	$ 20,265
Deferred tax benefit related to non-cash compensation expense	$ 4,300	$ 3,600	$ 3,800
Stock options outstanding	664,117	832,666	1,546,411	1,909,399
Total intrinsic value of stock options exercised	$ 77,400	$ 249,700	$ 103,800
Cash received from exercise of stock options	19,682	30,970	13,064
Tax benefit realized from stock options exercised	$ 17,600	$ 59,100	$ 24,900
Restricted stock granted	59,801	42,780	67,570
Board Of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted	3,292	3,630	3,780
Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted	49,963
Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 5,300
Weighted average period over which the unrecognized compensation will be recognized	2 years
Performance Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash compensation expense	$ 12,700	$ 14,600	$ 13,200
Unrecognized compensation cost	16,800
Performance Based Restricted Stock [Member] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash compensation expense	1,400
Unrecognized compensation cost	$ 1,200
Restricted stock granted	6,546	39,150	63,790
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash compensation expense	$ 5,700	$ 6,300	$ 4,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash compensation expense	1,400
Restricted Stock Units (RSUs) [Member] \| Board Of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash compensation expense		1,200	1,000
Restricted Stock Units (RSUs) [Member] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash compensation expense	5,400
Unrecognized compensation cost	12,300
Restricted Stock Units (RSUs) [Member] \| Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash compensation expense	2,100	$ 2,100	$ 2,100
Restricted stock granted				28,570
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	600
Restricted Stock Units (RSUs) [Member] \| Maximum [Member] \| Board Of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 200
2004 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	15,600,000
Number of shares available for grant	2,497,029
2004 Equity Incentive Plan [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding	664,117
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years

Equity Incentive Plans - Stock Options Activity Related to Equity Incentive Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Common Stock Options Outstanding
Common Stock Options, beginning balance	832,666	1,546,411	1,909,399
Common Stock Options, granted	42,742	52,730	96,280
Common Stock Options, cancelled	(11,990)	(9,792)	(33,667)
Common Stock Options, exercised	(199,301)	(756,683)	(425,601)
Common Stock Options, ending balance	664,117	832,666	1,546,411
Common Stock Options, Exercisable at end of period	545,050
Common Stock Options Weighted Average Exercise Price
Weighted Average Exercise Price, beginning balance	$ 160.82	$ 94.21	$ 72.86
Weighted Average Exercise Price, Stock options granted	367.79	413.80	272.64
Weighted Average Exercise Price, Stock options cancelled	333.61	268.94	196.47
Weighted Average Exercise Price, Stock options exercised	98.76	40.93	30.70
Weighted Average Exercise Price, ending balance	189.64	$ 160.82	$ 94.21
Weighted Average Exercise Price, Exercisable at end of period	$ 155.82
Weighted Average Remaining Life (Years)	5 years 1 month 6 days
Weighted Average Remaining Life (Years), Exercisable at end of period	4 years 4 months 24 days
Stock options, Aggregate Intrinsic Value, ending balance	$ 248,836
Stock options, Aggregate Intrinsic Value, Exercisable at end of period	$ 222,656

Equity Incentive Plans- Stock Options Valuation Assumptions (Detail) - $ / shares	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Share-based Payment Arrangement [Abstract]
Risk-free interest rate	1.00%	0.30%	1.90%
Expected life (years)	5 years 3 months	5 years 6 months	5 years 6 months
Expected volatility	30.00%	30.00%	25.00%
Expected dividend yield	1.00%	0.80%	0.90%
Weighted average fair value per stock option	$ 93.46	$ 105.76	$ 64.66

Equity Incentive Plans - Summary of Restricted Stock Options Valuation Assumptions (Detail) - $ / shares	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.00%	0.30%	1.90%
Expected life (years)	5 years 3 months	5 years 6 months	5 years 6 months
Expected volatility	30.00%	30.00%	25.00%
Weighted average fair value per performance-based restrict stock unit	$ 93.46	$ 105.76	$ 64.66
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.30%
Expected life (years)	2 years 9 months
Expected volatility	33.90%
Weighted average fair value per performance-based restrict stock unit	$ 375.85

Equity Incentive Plans - Restricted Stock and Performance-Based Restricted Stock Activity Related to Equity Incentive Plans (Detail) - $ / shares

12 Months Ended

Jan. 02, 2022

Jan. 03, 2021

Dec. 29, 2019

Share-based Payment Arrangement [Abstract]

Restricted Stock, Nonvested Shares at beginning of period

146,762

171,070

190,379

Restricted Stock, Nonvested Shares granted

59,801

42,780

67,570

Restricted Stock, Nonvested Shares cancelled

(12,924)

(8,345)

(17,923)

Restricted Stock, Nonvested Shares vested

(48,378)

(58,743)

(68,956)

Restricted Stock, Nonvested Shares at end of period

145,261

146,762

171,070

Weighted Average Grant Date Fair Value at beginning of period

^[1]

$ 304.69

$ 251.29

$ 213.57

Weighted Average Grant Date Fair Value, granted

^[1]

382.79

398.08

275.06

Weighted Average Grant Date Fair Value, cancelled

^[1]

340.94

273.70

230.60

Weighted Average Grant Date Fair Value, vested

^[1]

287.41

221.58

175.84

Weighted Average Grant Date Fair Value at end of period

^[1]

$ 339.37

$ 304.69

$ 251.29

[1]

Capital Structure - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Jan. 03, 2022	Jul. 21, 2021	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019	Jul. 20, 2021	Apr. 30, 2021	Feb. 24, 2021	Oct. 04, 2019
Components Of Common Stock [Line Items]
Share repurchase program, approved amount						$ 1,000,000		$ 1,000,000	$ 1,000,000
Common stock repurchased and retired (in shares)			2,912,558	838,871	2,493,560
Repurchased common stock, value			$ 1,320,902	$ 304,590	$ 699,007
Common stock, shares authorized			170,000,000	170,000,000
Stock repurchase program, Utilized amount cumulatively						$ 1,000,000
Subsequent Event [Member]
Components Of Common Stock [Line Items]
Common stock repurchased and retired (in shares)	100,810
Retired Stock Repurchased Value	$ 47,700
ASR Agreement on February 24 2021 [Member]
Components Of Common Stock [Line Items]
Share repurchase program, approved amount			$ 1,000,000
Stock repurchase remaining authorized repurchase amount			$ 704,100
ASR Agreement on April 30 2021 [Member]
Components Of Common Stock [Line Items]
Share repurchase program, approved amount							$ 1,000,000
ASR Agreement on April 30 2021 [Member] \| 2021 Recapitalization [Member]
Components Of Common Stock [Line Items]
Common stock repurchased and retired (in shares)			2,012,596
ASR Agreement on April 30 2021 [Member] \| 2021 Recapitalization [Member]
Components Of Common Stock [Line Items]
Stock repurchased during period value			$ 1,000,000
ASR Agreement on July 21, 2021 [Member] \| 2021 Recapitalization [Member]
Components Of Common Stock [Line Items]
Common stock repurchased and retired (in shares)		2,250,786
ASR Agreement on July 21, 2021 [Member] \| 2021 Recapitalization [Member]
Components Of Common Stock [Line Items]
Stock retired, Average Price per share		$ 444.29
Non-Voting [Member]
Components Of Common Stock [Line Items]
Common stock, shares authorized			10,000,000
Voting [Member]
Components Of Common Stock [Line Items]
Common stock, shares authorized			160,000,000

Capital Structure - Share Components of Outstanding Common Stock (Detail) - shares	Jan. 02, 2022	Jan. 03, 2021
Components Of Common Stock [Line Items]
Total Common Stock	36,138,273	38,868,350
Voting [Member]
Components Of Common Stock [Line Items]
Total Common Stock	36,135,081	38,865,160
Non-Voting [Member]
Components Of Common Stock [Line Items]
Total Common Stock	3,192	3,190

Segment Information - Additional Information (Detail)	12 Months Ended
Segment Information - Additional Information (Detail)	Jan. 02, 2022 Segment
Segment Reporting [Abstract]
Number of Reportable Segments	3
Percentage of supply chain revenues from U.S.	90.00%
Percentage of long lived assets from U.S.	95.00%

Financial Information by Operating Segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Segment Reporting Information [Line Items]
Revenues	$ 4,357,373	$ 4,117,411	$ 3,618,774
Segment Income	883,699	817,846	712,134
Capital Expenditures	95,637	86,919	88,668
Operating Segments [Member] \| U.S. Stores [Member]
Segment Reporting Information [Line Items]
Revenues	1,498,360	1,451,003	1,272,863
Segment Income	454,875	435,089	361,673
Capital Expenditures	13,680	15,319	11,793
Operating Segments [Member] \| Supply Chain [Member]
Segment Reporting Information [Line Items]
Revenues	2,699,863	2,552,795	2,231,838
Segment Income	229,877	238,420	199,844
Capital Expenditures	37,063	36,229	33,440
Operating Segments [Member] \| International Franchise [Member]
Segment Reporting Information [Line Items]
Revenues	298,036	249,757	240,975
Segment Income	241,873	197,602	187,318
Capital Expenditures	0	0	131
Intersegment Revenues [Member]
Segment Reporting Information [Line Items]
Revenues	(138,886)	(136,144)	(126,902)
Segment Reconciling [Member]
Segment Reporting Information [Line Items]
Revenues	0	0	0
Segment Income	(42,926)	(53,265)	(36,701)
Capital Expenditures	$ 44,894	$ 35,371	$ 43,304

Reconciliation of Total Segment Income to Consolidated Income Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Segment Reconciliation [Abstract]
Total Segment Income	$ 883,699	$ 817,846	$ 712,134
Depreciation and amortization	(72,923)	(65,038)	(59,930)
Loss on sale/disposal of assets	(1,189)	(2,922)	(2,023)
Non-cash equity-based compensation expense	(28,670)	(24,244)	(20,265)
Recapitalization-related expenses	(509)	0	(509)
Income from operations	780,408	725,642	629,407
Other Income	36,758	0	0
Interest income	345	1,654	4,048
Interest expense	(191,806)	(172,166)	(150,818)
Income before provision for income taxes	$ 625,705	$ 555,130	$ 482,637

Identifiable Asset Information (Detail) - USD ($) $ in Thousands	Jan. 02, 2022	Jan. 03, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 1,671,816	$ 1,567,168
U.S. Stores [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	340,984	308,088
U.S. Supply Chain [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	558,251	520,043
International Franchise [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	41,279	41,408
Unallocated [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 731,302	$ 697,629

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill (Detail) - USD ($) $ in Thousands	Jan. 02, 2022	Jan. 03, 2021
Segment Reporting Information [Line Items]
Goodwill	$ 15,034	$ 15,061
U.S. Stores [Member]
Segment Reporting Information [Line Items]
Goodwill	13,967	13,994
Supply Chain [Member]
Segment Reporting Information [Line Items]
Goodwill	$ 1,067	$ 1,067

Company-owned Store Transactions - Additional Information (Detail) $ in Thousands	12 Months Ended
	Jan. 02, 2022 USD ($)	Jan. 03, 2021 USD ($)	Dec. 29, 2019 USD ($) Store
Number of company-owned stores sold \| Store			62
Consideration For Sale Of Stores			$ 12,300
Proceeds from sale of assets	$ 16	$ 174	12,258
Pre-tax gain (loss) on sale of assets, net of goodwill reduction, charged to general and administrative expenses			(300)
Reduction of goodwill related to sale of stores			$ 1,500
US Franchisee [Member]
Number of stores purchased \| Store			3
Payment for purchase of productive assets			$ 3,400
Value of goodwill purchased			1,700
Value of intangibles purchased			1,300
Value of leasehold and other assets purchased			$ 400

Parent Company Condensed Balance Sheets (Detail) - USD ($) $ in Thousands	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019	Dec. 30, 2018
ASSETS:
Cash	$ 148,160	$ 168,821	$ 190,615	$ 25,438
Total assets	1,671,816	1,567,168
LIABILITIES:
Total liabilities	5,881,352	4,867,573
Stockholders' Equity Attributable to Parent [Abstract]
Common stock, par value $0.01 per share; 170,000,000 shares authorized; 36,138,273 in 2021 and 38,868,350 in 2020 issued and outstanding	361	389
Preferred stock, par value $0.01 per share; 5,000,000 shares authorized, none issued	0	0
Additional paid-in capital	840	5,122
Retained deficit	(4,207,917)	(3,303,492)
Accumulated other comprehensive loss	(2,820)	(2,424)
Total stockholders' deficit	(4,209,536)	(3,300,405)
Total liabilities and stockholders' deficit	1,671,816	1,567,168
Parent Company [Member]
ASSETS:
Cash	6	6	$ 6	$ 6
Total assets	6	6
LIABILITIES:
Equity in net deficit of subsidiaries	4,209,536	3,300,405
Due to subsidiary	6	6
Total liabilities	4,209,542	3,300,411
Stockholders' Equity Attributable to Parent [Abstract]
Common stock, par value $0.01 per share; 170,000,000 shares authorized; 36,138,273 in 2021 and 38,868,350 in 2020 issued and outstanding	361	389
Preferred stock, par value $0.01 per share; 5,000,000 shares authorized, none issued	0	0
Additional paid-in capital	840	5,122
Retained deficit	(4,207,917)	(3,303,492)
Accumulated other comprehensive loss	(2,820)	(2,424)
Total stockholders' deficit	(4,209,536)	(3,300,405)
Total liabilities and stockholders' deficit	$ 6	$ 6

Parent Company Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares	Jan. 02, 2022	Jan. 03, 2021
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	170,000,000	170,000,000
Common stock, shares issued	36,138,273	38,868,350
Common stock, shares outstanding	36,138,273	38,868,350
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Parent Company [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	170,000,000	170,000,000
Common stock, shares issued	36,138,273	38,868,350
Common stock, shares outstanding	36,138,273	38,868,350
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0

Parent Company Condensed Statements of Income and Comprehensive Income (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
Total revenues	$ 4,357,373	$ 4,117,411	$ 3,618,774
INCOME FROM OPERATIONS	780,408	725,642	629,407
INCOME BEFORE PROVISION FOR INCOME TAXES	625,705	555,130	482,637
PROVISION FOR INCOME TAXES	115,238	63,834	81,928
NET INCOME	510,467	491,296	400,709
COMPREHENSIVE INCOME	$ 510,071	$ 492,614	$ 401,396
EARNINGS PER SHARE:
Common Stock - basic	$ 13.72	$ 12.61	$ 9.83
Common Stock - diluted	$ 13.54	$ 12.39	$ 9.56
Parent Company [Member]
REVENUES	$ 0	$ 0	$ 0
Total revenues	0	0	0
OPERATING EXPENSES	0	0	0
Total operating expenses	0	0	0
INCOME FROM OPERATIONS	0	0	0
Equity earnings in subsidiaries	510,467	491,296	400,709
INCOME BEFORE PROVISION FOR INCOME TAXES	510,467	491,296	400,709
PROVISION FOR INCOME TAXES	0	0	0
NET INCOME	510,467	491,296	400,709
COMPREHENSIVE INCOME	$ 510,071	$ 492,614	$ 401,396
EARNINGS PER SHARE:
Common Stock - basic	$ 13.72	$ 12.61	$ 9.83
Common Stock - diluted	$ 13.54	$ 12.39	$ 9.56

Parent Company Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2022	Jan. 03, 2021	Dec. 29, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities	$ 654,206	$ 592,794	$ 496,950
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash used in investing activities	(142,723)	(128,927)	(27,854)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of common stock dividends and equivalents	(139,399)	(121,925)	(105,715)
Purchases of common stock	(1,320,902)	(304,590)	(699,007)
Other	(244)	0	0
Net cash used in financing activities	(522,833)	(446,406)	(222,792)
Change in cash and cash equivalents, restricted cash and cash equivalents	(11,666)	18,222	246,505
Cash and cash equivalents, beginning of period	168,821	190,615	25,438
Cash and cash equivalents, end of period	148,160	168,821	190,615
Parent Company [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities	538,741	402,348	421,661
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from Dividends Received	908,698	0	375,948
Net cash used in investing activities	908,698	0	375,948
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of common stock dividends and equivalents	(139,399)	(121,925)	(105,715)
Purchases of common stock	(1,320,902)	(304,590)	(699,007)
Other	12,862	24,167	7,113
Net cash used in financing activities	(1,447,439)	(402,348)	(797,609)
Change in cash and cash equivalents, restricted cash and cash equivalents	0	0	0
Cash and cash equivalents, beginning of period	6	6	6
Cash and cash equivalents, end of period	$ 6	$ 6	$ 6

Condensed Financial Information of The Registrant - Additional Information (Detail) - Parent Company [Member] $ in Millions	12 Months Ended
	Jan. 03, 2021 USD ($)
Condensed Financial Statements, Captions [Line Items]
Adjustment To Equity In Net Deficit Of Subsidiaries	$ 1.1
Adjustment To Retained Deficit	$ 1.1