XML 28 R11.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Long-term Debt and Obligations Under Capital Leases | 12 Months Ended
--- | ---
Dec. 27, 2016
Long-term Debt and Obligation Under Capital Lease |
Long-term Debt and Obligations Under Capital Leases | (3) Long‑term Debt and Obligation Under Capital Lease Long‑term debt consisted of the following:
|  | December 27, |  | December 29, |
|  | 2016 |  | 2015 |
Installment loan, due 2020 |  | $ | 550 |  | $ | 694 |
Obligation under capital lease |  |  | 1,998 |  |  | — |
Revolver |  |  | 50,000 |  |  | 25,000 |
|  |  | 52,548 |  |  | 25,694 |
Less current maturities |  |  | 167 |  |  | 144 |
|  | $ | 52,381 |  | $ | 25,550 |
Maturities of long‑term debt at December 27, 2016 are as follows:
2017 |  | $ | 167 |
2018 |  |  | 50,186 |
2019 |  |  | 207 |
2020 |  |  | 30 |
2021 |  |  | 14 |
Thereafter |  |  | 1,944 |
|  | $ | 52,548 |
The interest rate for our installment loan outstanding at both December 27, 2016 and December 29, 2015 was 10.46%. The debt is secured by certain land and building assets and is subject to certain prepayment penalties. During the 52 weeks ended December 27, 2016, we amended an existing lease at one restaurant location to acquire additional square footage. As a result of this amendment, the lease qualified as a capital lease. On November 1, 2013, we entered into Omnibus Amendment No. 1 and Consent to Credit Agreement and Guaranty with respect to our revolving credit facility dated as of August 12, 2011 with a syndicate of commercial lenders led by JP Morgan Chase Bank, N.A., PNC Bank, N.A., and Wells Fargo, N.A. The amended revolving credit facility, which has a maturity date of November 1, 2018, remains an unsecured, revolving credit agreement under which we may borrow up to $200.0 million. The amendment provides us with the option to increase the revolving credit facility by $200.0 million, up to $400.0 million, subject to certain limitations. The terms of the amended revolving credit facility require us to pay interest on outstanding borrowings at the London Interbank Offered Rate ("LIBOR") plus a margin of 0.875% to 1.875%, depending on our leverage ratio, or the Alternate Base Rate, which is the higher of the issuing bank’s prime lending rate, the Federal Funds rate plus 0.50% or the Adjusted Eurodollar Rate for a one month interest period on such day plus 1.0%. We are also required to pay a commitment fee of 0.125% to 0.30% per year on any unused portion of the amended revolving credit facility, depending on our leverage ratio. The weighted‑average interest rate for the amended revolving credit facility at December 27, 2016 and December 29, 2015 was 1.57% and 3.22%, respectively, including the impact of interest rate swap which expired on January 7, 2016. At December 27, 2016, we had $50.0 million outstanding under the amended revolving credit facility and $143.2 million of availability, net of $6.8 million of outstanding letters of credit. The lenders’ obligation to extend credit under the amended revolving credit facility depends on us maintaining certain financial covenants, including a minimum consolidated fixed charge coverage ratio of 2.00 to 1.00 and a maximum consolidated leverage ratio of 3.00 to 1.00. The amended revolving credit facility permits us to incur additional secured or unsecured indebtedness outside the facility, except for the incurrence of secured indebtedness that in the aggregate exceeds 15% of our consolidated tangible net worth or circumstances where the incurrence of secured or unsecured indebtedness would prevent us from complying with our financial covenants. We were in compliance with all financial covenants as of December 27, 2016.

X
- Definition The entire disclosure for debt and capital lease obligations can be reported. 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. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References No definition available. + Details
Name: | us-gaap_DebtAndCapitalLeasesDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration