<SEC-DOCUMENT>0001193125-20-273620.txt : 20201123
<SEC-HEADER>0001193125-20-273620.hdr.sgml : 20201123
<ACCEPTANCE-DATETIME>20201021154228
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-20-273620
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201021

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DOMINOS PIZZA INC
		CENTRAL INDEX KEY:			0001286681
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-GROCERIES & RELATED PRODUCTS [5140]
		IRS NUMBER:				382511577
		FISCAL YEAR END:			1229

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		30 FRANK LLOYD WRIGHT DRIVE
		CITY:			ANN ARBOR
		STATE:			MI
		ZIP:			48106

	MAIL ADDRESS:	
		STREET 1:		30 FRANK LLOYD WRIGHT DRIVE
		CITY:			ANN ARBOR
		STATE:			MI
		ZIP:			48106
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
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<IMG SRC="g82401snap-dominoslogo2.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October&nbsp;21, 2020 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Office of Trade&nbsp;&amp; Services</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">100 F Street, N.E.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549</P></TD></TR>
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<TD WIDTH="11%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Keira Nakada </P></TD></TR></TABLE>
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<TD WIDTH="11%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Rufus Decker </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Domino&#146;s Pizza, Inc. </P></TD></TR></TABLE>
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<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Form <FONT STYLE="white-space:nowrap">10-K</FONT> for Fiscal Year Ended December&nbsp;29, 2019
</P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filed February&nbsp;20, 2020 </P></TD></TR></TABLE>
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<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">File <FONT STYLE="white-space:nowrap">No.&nbsp;001-32242</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Domino&#146;s Pizza, Inc. (the
&#147;Company&#148;) respectfully submits this letter in response to the comments contained in the letter to the Company dated October&nbsp;9, 2020 from the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the
&#147;Commission&#148;) relating to the Company&#146;s 2019 Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> filed with the Commission on February&nbsp;20, 2020 (the &#147;2019 Form
<FONT STYLE="white-space:nowrap">10-K&#148;).</FONT> For the convenience of the Staff, we have reproduced the comments in bold, followed by the Company&#146;s response. References to page numbers are to the page numbers in the 2019 Form <FONT
STYLE="white-space:nowrap">10-K.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</U>
</B></P></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>2019 compared to 2018, page 33 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Please disclose the business reasons for changes between periods in each segment&#146;s ASC 280 profit measure and amounts in the Other
column in Note 12 of your financial statements. In circumstances where there is more than one business reason for the change, please quantify the incremental impact of each individual business reason discussed on the overall change in the line item.
Refer to Item 303(a)(3) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and SEC Release <FONT STYLE="white-space:nowrap">No.&nbsp;33-8350.</FONT> </B></P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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<TD VALIGN="top">U.S. Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">October 21, 2020</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Response to Comment 1: </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and respectfully advises the Staff that it will include in future filings with the Commission expanded
disclosure of the business reasons for changes between periods in each segment&#146;s ASC 280 profit measure. As disclosed in Note 12 of the 2019 Form <FONT STYLE="white-space:nowrap">10-K,</FONT> 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. As will be further discussed in the Responses below, the Company&#146;s chief operating decision
maker evaluates the performance of its segments and allocates resources to them based on each segment&#146;s respective Segment Income, not income from operations, and the Company&#146;s chief operating decision maker does not review income from
operations (inclusive of depreciation and amortization, losses and gains from sales/disposition of assets, <FONT STYLE="white-space:nowrap">non-cash</FONT> equity-based compensation expense or recapitalization-related expenses) for each segment.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company historically has included in Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations a review of material
fluctuations by financial statement line item (revenues, cost of sales and operating margin, general and administrative expenses, interest expense, net and provision for income taxes). The Company believes such disclosure is informative for
investors who focus on <FONT STYLE="white-space:nowrap">top-line</FONT> revenue growth and margins underlying the performance of the Company&#146;s business. As such, the Company will continue to include such disclosure in future filings, and such
discussion will be supplemented through expanded disclosure of changes in each segment&#146;s Segment Income. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Below, for illustrative purposes, is the
proposed disclosure the Company intends to include in future filings which is based on the Company&#146;s 2019 financial results compared to its 2018 financial results as reported in the 2019 Form <FONT STYLE="white-space:nowrap">10-K.</FONT> This
additional disclosure regarding the Company&#146;s segment profit measure will be added immediately following the changes to the provision for income taxes and before the discussion of liquidity and capital resources on page 35. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Proposed Disclosure: </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Segment Income. </I>We
evaluate the performance of our reportable segments and allocate resources to them based on earnings before interest, taxes, depreciation, amortization and other, referred to as Segment Income. Segment Income for each of our reportable segments is
summarized in the table below. Other Segment Income primarily includes corporate administrative costs that are not allocable to an operating segment, including labor, computer expenses, professional fees, travel and entertainment, rent, insurance
and other corporate administrative costs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<TD VALIGN="top">U.S. Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">October 21, 2020</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">U.S. Stores</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supply Chain</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">199.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">176.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">International Franchise</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">187.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">174.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(36.7</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(43.5</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>U.S. Stores.</I> U.S. Stores Segment Income increased $25.7&nbsp;million, or 7.6%, in 2019. U.S. Stores revenues increased
$8.0&nbsp;million due to higher U.S. same store sales and an increase in the average number of U.S. franchised stores open during the year, which led to higher U.S. franchise advertising and royalties and fees revenues totaling $69.3&nbsp;million.
These increases in revenues were partially offset by lower U.S. Company-owned stores revenues of $61.2&nbsp;million resulting primarily from the 2019 Store Sale. Additionally, lower cost of sales in our U.S. Company-owned stores of
$52.0&nbsp;million, resulting primarily from the 2019 Store Sale, also contributed to the increase in U.S. Stores Segment Income. This increase in U.S. Stores Segment Income was partially offset by higher U.S. franchise advertising expenses of
$32.3&nbsp;million and increased investments in technological initiatives to support U.S. Stores technology. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Supply Chain</I>. Supply Chain Segment
Income increased $23.1&nbsp;million, or 13.1%, in 2019 due primarily to the $23.5&nbsp;million increase in operating margin described above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>International Franchise</I>. International Franchise Segment Income increased $12.6&nbsp;million, or 7.2%, in 2019 due primarily to a $16.3&nbsp;million
increase in revenues resulting from an increase in the average number of international stores open during 2019 as well as higher same store sales. This increase in revenues was partially offset by higher investments in technological initiatives to
support international franchise technology. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Other</I>. Other Segment Income increased $6.8&nbsp;million, or 15.6%, in 2019 due to higher corporate
administrative costs allocated to our segments as compared to 2018. The increase in allocated costs in 2019 was due primarily to higher investments in technological initiatives to support technology for our U.S. and international franchise stores.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Financial Statements</U> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Note 12. Segment Information, page 71 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Please disclose in greater detail the types of amounts included in the Other column of your segment reconciliation in arriving at the total
for each segment profit measure. Please also provide the segment disclosures discussed in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-50-22(e)</FONT></FONT></FONT> through (j)&nbsp;or
tell us how you concluded they need not be provided. </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Response to Comment 2: </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As disclosed in Note 12 on page 71 of the 2019 Form <FONT STYLE="white-space:nowrap">10-K,</FONT> the Company has historically disclosed that &#147;<I>the
&#147;Other&#148; column as it relates to Segment Income and income from operations information below primarily includes corporate administrative costs.</I>&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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<TD VALIGN="top">U.S. Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">October 21, 2020</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and respectfully advises the Staff that it will include the
following expanded disclosures of the types of amounts included in the &#147;Other&#148; column in future filings with the Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;The
&#147;Other&#148; column as it relates to Segment Income below primarily includes corporate administrative costs that are not allocable to an operating segment, including labor, computer expenses, professional fees, travel and entertainment, rent,
insurance and other corporate administrative costs.&#148; </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With respect to the segment disclosures required in ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-50-22(e)</FONT></FONT></FONT> through (j), the Company respectfully advises the Staff that sections (g)&nbsp;and (i) are not applicable to the Company. With respect to the remaining
sections, the Company has provided responses below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">280-10-50-22(e)-(j)</FONT></FONT></FONT> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>A public entity shall report a measure of profit or loss and
total assets for each reportable segment. A public entity also shall disclose all of the following about each reportable segment if the specified amounts are included in the measure of segment profit or loss reviewed by the chief operating decision
maker or are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss (see Example 3, Case B [paragraph <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">280-10-55-48]):</FONT></FONT></FONT> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>e. Depreciation, depletion, and amortization expense </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-55-12</FONT></FONT></FONT>
</I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Depreciation and Amortization Included in Segment Reports </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I><U>The chief operating decision maker may evaluate the performance of its segments based on earnings before interest, taxes, depreciation,
and amortization. </U></I><B><I><U>(Emphasis added.)</U></I></B><I><U> </U></I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that depreciation and
amortization expense are not included in the measure of Segment Income reviewed by the Company&#146;s chief operating decision maker. Further, depreciation and amortization expense by segment are not regularly provided in the management reports
provided to the Company&#146;s chief operating decision maker (ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-55-12).</FONT></FONT></FONT> Depreciation and amortization expense are
reflected within the total income from operations amount on the consolidated income statement of the management reports and are not broken out separately (in total or by segment). Accordingly, the Company has not disclosed depreciation and
amortization expense by segment as they are (i)&nbsp;not included in the measure of Segment Income and (ii)&nbsp;not regularly reviewed or included in the management reports provided to the Company&#146;s chief operating decision maker. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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<TD VALIGN="top">U.S. Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">October 21, 2020</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>f. Unusual items as described in paragraph <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">220-20-45-1</FONT></FONT></FONT> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">220-20-45-1</FONT></FONT></FONT> Presentation of Unusual or Infrequently Occurring Items </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>A material event or transaction that an entity considers to be of an unusual nature or of a type that indicates infrequency of occurrence
or both shall be reported as a separate component of income from continuing operations. The nature and financial effects of each event or transaction shall be presented as a separate component of income from continuing operations or, alternatively,
disclosed in notes to financial statements. Gains or losses of a similar nature that are not individually material shall be aggregated. Such items shall not be reported on the face of the income statement net of income taxes. Similarly, the EPS
effects of those items shall not be presented on the face of the income statement. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The reconciliation of total Segment Income to total income before
provision for income taxes includes gains and losses from the sale and disposal of assets as well as certain recapitalization-related expenses. The Company respectfully advises the Staff that these amounts are not included in the measure of Segment
Income reviewed by the Company&#146;s chief operating decision maker. Further, the Company does not allocate recapitalization-related expenses by segment, and accordingly, it is not regularly provided in the management reports provided to the
Company&#146;s chief operating decision maker. The Company does not consider these amounts to be material. While gains and losses from sales of assets are attributable to the segments to which the underlying assets disposed relate, these amounts are
not regularly provided in the management reports provided to the Company&#146;s chief operating decision maker. The Company also does not consider these amounts to be material. Accordingly, the Company has not disclosed these amounts by segment as
they are (i)&nbsp;not included in the measure of Segment Income and (ii)&nbsp;not regularly reviewed or included in the management reports provided to the Company&#146;s chief operating decision maker. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>h. Income tax expense or benefit </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Company respectfully advises the Staff that income tax expense is not included in the measure of Segment Income reviewed by the Company&#146;s chief operating decision maker. Further, the Company does not allocate income tax expense by segment, and
accordingly, it is not regularly provided in the management reports provided to the Company&#146;s chief operating decision maker. Accordingly, the Company has not disclosed income tax expense by segment as it is (i)&nbsp;not included in the measure
of Segment Income and (ii)&nbsp;not regularly reviewed or included in the management reports provided to the Company&#146;s chief operating decision maker. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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<TD VALIGN="top">U.S. Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">October 21, 2020</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>j. Significant noncash items other than depreciation, depletion, and amortization expense.
</I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The reconciliation of total Segment Income to total income before provision for income taxes includes noncash equity-based compensation expense. The
Company respectfully advises the Staff that these amounts are not included in the measure of Segment Income reviewed by the Company&#146;s chief operating decision maker. Further, the Company does not allocate noncash equity-based compensation
expense by segment, and accordingly, it is not regularly provided in the management reports provided to the Company&#146;s chief operating decision maker. Accordingly, the Company has not disclosed noncash equity-based compensation expense by
segment as it is (i)&nbsp;not included in the measure of Segment Income and (ii)&nbsp;not regularly reviewed or included in the management reports provided to the Company&#146;s chief operating decision maker. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Financial Statements</U> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Note 12. Segment Information, page 71 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Please tell us your basis for presenting two measures of each segment&#146;s profit (segment income and income from operations). Also,
explain why the segment income measure is permitted to be disclosed, when the income from operations measure appears to be most consistent with GAAP. Refer to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">280-10-50-27</FONT></FONT></FONT> and <FONT STYLE="white-space:nowrap">50-28.</FONT> </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Response to Comment 3:
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that as disclosed in Note 12 to the 2019 Form <FONT STYLE="white-space:nowrap">10-K</FONT> on page 71
of the 2019 Form <FONT STYLE="white-space:nowrap">10-K,</FONT> &#147;<I>the Company </I><I>evaluates the performance of its segments and allocates resources to them </I><I>based on earnings before interest, taxes, depreciation, amortization and
other, referred to as Segment Income.</I>&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">280-10-50-27,</FONT></FONT></FONT> 28 </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I><U>The amount of each segment item reported shall be the measure
reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segment and assessing its performance. Adjustments and eliminations made in preparing a public entity&#146;s general-purpose financial
statements and allocations of revenues, expenses, and gains or losses shall be included in determining reported segment profit or loss only if they are included in the measure of the segment&#146;s profit or loss that is used by the chief operating
decision maker.</U> </I><B><I>(Emphasis added</I></B><I>) Similarly, only those assets that are included in the measure of the segment&#146;s assets that is used by the chief operating decision maker shall be reported for that segment. If amounts
are allocated to reported segment profit or loss or assets, those amounts shall be allocated on a reasonable basis. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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<TD VALIGN="top">U.S. Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">October 21, 2020</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I><U>If the chief operating decision maker uses only one measure of a segment&#146;s profit
or loss </U></I><B><I><U>(emphasis added)</U></I></B><I> and only one measure of a segment&#146;s assets in assessing segment performance and deciding how to allocate resources, <U>segment profit or loss and assets shall be reported at those
measures </U></I><B><I><U>(emphasis added)</U></I></B><I><U>.</U> If the chief operating decision maker uses more than one measure of a segment&#146;s profit or loss and more than one measure of a segment&#146;s assets, the reported measures shall
be those that management believes are determined in accordance with the measurement principles most consistent with those used in measuring the corresponding amounts in the public entity&#146;s consolidated financial statements. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that its chief operating decision maker evaluates the performance of its segments and allocates resources to them
based on each segment&#146;s respective Segment Income and not income from operations. As noted in Response to Comment 2, above, the Company&#146;s chief operating decision maker does not review income from operations (inclusive of depreciation and
amortization, losses and gains from sales/disposition of assets, <FONT STYLE="white-space:nowrap">non-cash</FONT> equity-based compensation expense or recapitalization-related expenses) for each segment. These financial statement line items which
are excluded from the Company&#146;s measure of Segment Income are only included in total consolidated income from operations within the management reports regularly provided to the Company&#146;s chief operating decision maker. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that it has historically disclosed income from operations by segment within the Notes to the financial statements
to provide additional information it thought may be useful in assisting investors in understanding the reconciliation of Segment Income to income before provision for income taxes, as income from operations is included in the reconciliation from
total Segment Income to income before provision for income taxes as required under ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-50-30.</FONT></FONT></FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-50-30</FONT></FONT></FONT>
</I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>A public entity shall provide reconciliations of all of the following: </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>a. <U>The total of the reportable segments&#146; revenues to the public entity&#146;s consolidated revenues </U></I><B><I><U>(emphasis
added)</U></I></B><I><U>.</U> </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>b. <U>The total of the reportable segments&#146; measures of profit or loss to the public
entity&#146;s consolidated income before income taxes </U></I><B><I><U>(emphasis added)</U></I></B><I> and discontinued operations. However, if a public entity allocates items such as income taxes to segments, the public entity may choose to
reconcile the total of the segments&#146; measures of profit or loss to consolidated income after those items. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has included the required
reconciliation of total Segment Income to income before provision for income taxes, inclusive of depreciation and amortization, losses and gains on sale/disposal of assets, <FONT STYLE="white-space:nowrap">non-cash</FONT> equity-based compensation
expense, recapitalization-related expenses, interest income and interest expense. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="top">U.S. Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">October 21, 2020</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">However, in response to the Staff&#146;s comment and to adhere to the guidance provided in ASC 280, the
Company will remove the disclosure of income from operations by segment from future filings with the Commission. The Company will continue to disclose total income from operations in the reconciliation from total Segment Income to income before
provision for income taxes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;* </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I hope that the foregoing has been responsive to your comments. If you should have any questions about this letter or require any further
information, please call me at (734) <FONT STYLE="white-space:nowrap">930-3149.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Stuart A. Levy </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stuart A. Levy </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President, Chief Financial Officer </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Kevin S. Morris, Executive Vice President, General Counsel </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Steven J. Goda, Vice President&#151;Chief Accounting Officer and Treasurer </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Craig E. Marcus, Ropes&nbsp;&amp; Gray LLP </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Eric A. Schwartz, PricewaterhouseCoopers LLP </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
