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Adoption of ASU 2014-09, "Revenue from Contracts with Customers" (Tables) | 12 Months Ended
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Dec. 30, 2018
Adoption of ASU 2014-09, "Revenue from Contracts with Customers" |
Schedule of impacts of adoption of ASU 2014-09 | The following chart presents the specific line items impacted by the cumulative adjustment.
|  |  |  |  |  |  |  | Adjusted
|  | As Reported |  |  |  |  |  | Balance Sheet
|  | December 31, |  |  | Total |  |  | at January 1,
(In thousands, except per share amounts) |  | 2017 |  |  | Adjustments |  |  | 2018
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 22,345 |  | $ | 4,279 |  | $ | 26,624
Accounts receivable (less allowance for doubtful accounts of $2,271 in 2017) |  |  | 64,558 |  |  | 493 |  |  | 65,051
Accounts receivable - affiliates (no allowance for doubtful accounts in 2017) |  |  | 86 |  |  | — |  |  | 86
Notes receivable (no allowance for doubtful accounts in 2017) |  |  | 4,333 |  |  | — |  |  | 4,333
Income tax receivable |  |  | 3,903 |  |  | — |  |  | 3,903
Inventories |  |  | 30,620 |  |  | — |  |  | 30,620
Prepaid expenses |  |  | 28,522 |  |  | (4,959) |  |  | 23,563
Other current assets |  |  | 9,494 |  |  | — |  |  | 9,494
Assets held for sale |  |  | 6,133 |  |  | — |  |  | 6,133
Total current assets |  |  | 169,994 |  |  | (187) |  |  | 169,807
Property and equipment, net |  |  | 234,331 |  |  | — |  |  | 234,331
Notes receivable, less current portion (less allowance for doubtful accounts of $1,047 in 2017) |  |  | 15,568 |  |  | — |  |  | 15,568
Goodwill |  |  | 86,892 |  |  | — |  |  | 86,892
Deferred income taxes, net |  |  | 585 |  |  | — |  |  | 585
Other assets |  |  | 48,183 |  |  | (907) |  |  | 47,276
Total assets |  | $ | 555,553 |  | $ | (1,094) |  | $ | 554,459
Liabilities and stockholders’ equity (deficit) |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 32,006 |  | $ | (2,161) |  | $ | 29,845
Income and other taxes payable |  |  | 10,561 |  |  | — |  |  | 10,561
Accrued expenses and other current liabilities |  |  | 70,293 |  |  | 15,860 |  |  | 86,153
Deferred revenue current |  |  | — |  |  | 2,400 |  |  | 2,400
Current portion of long-term debt |  |  | 20,000 |  |  | — |  |  | 20,000
Total current liabilities |  |  | 132,860 |  |  | 16,099 |  |  | 148,959
Deferred revenue |  |  | 2,652 |  |  | 10,798 |  |  | 13,450
Long-term debt, less current portion, net |  |  | 446,565 |  |  | — |  |  | 446,565
Deferred income taxes, net |  |  | 12,546 |  |  | (6,464) |  |  | 6,082
Other long-term liabilities |  |  | 60,146 |  |  | — |  |  | 60,146
Total liabilities |  |  | 654,769 |  |  | 20,433 |  |  | 675,202
Redeemable noncontrolling interests |  |  | 6,738 |  |  | — |  |  | 6,738
Stockholders’ equity (deficit): |  |  |  |  |  |  |  |  |
Preferred stock ($0.01 par value per share; no shares issued) |  |  | — |  |  | — |  |  | —
Common stock ($0.01 par value per share; issued 44,221 at December 31, 2017) |  |  | 442 |  |  | — |  |  | 442
Additional paid-in capital |  |  | 184,785 |  |  | — |  |  | 184,785
Accumulated other comprehensive loss |  |  | (2,117) |  |  | — |  |  | (2,117)
Retained earnings |  |  | 292,251 |  |  | (21,527) |  |  | 270,724
Treasury stock (10,290 shares at December 31, 2017, at cost) |  |  | (597,072) |  |  | — |  |  | (597,072)
Total stockholders’ (deficit) |  |  | (121,711) |  |  | (21,527) |  |  | (143,238)
Noncontrolling interests in subsidiaries |  |  | 15,757 |  |  | — |  |  | 15,757
Total stockholders’ (deficit) |  |  | (105,954) |  |  | (21,527) |  |  | (127,481)
Total liabilities, redeemable noncontrolling interests and stockholders’ (deficit) |  | $ | 555,553 |  | $ | (1,094) |  | $ | 554,459
The impact of adoption at December 30, 2018 is as follows:
|  | As Reported |  |  |  |  |  | Balance Sheet
|  | December 30, |  |  | Total |  |  | Without Adoption
(In thousands, except per share amounts) |  | 2018 |  |  | Adjustments |  |  | of Topic 606
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 19,468 |  | $ | (4,326) |  | $ | 15,142
Accounts receivable (less allowance for doubtful accounts of $2,117 in 2018) |  |  | 67,785 |  |  | (401) |  |  | 67,384
Accounts receivable - affiliates (no allowance for doubtful accounts in 2018) |  |  | 69 |  |  | — |  |  | 69
Notes receivable (no allowance for doubtful accounts in 2018) |  |  | 5,498 |  |  | — |  |  | 5,498
Income tax receivable |  |  | 16,073 |  |  | — |  |  | 16,073
Inventories |  |  | 27,203 |  |  | — |  |  | 27,203
Prepaid expenses |  |  | 29,935 |  |  | 4,771 |  |  | 34,706
Other current assets |  |  | 5,677 |  |  | — |  |  | 5,677
Assets held for sale |  |  | — |  |  | — |  |  | —
Total current assets |  |  | 171,708 |  |  | 44 |  |  | 171,752
Property and equipment, net |  |  | 226,894 |  |  | — |  |  | 226,894
Notes receivable, less current portion (less allowance for doubtful accounts of $3,369 in 2018) |  |  | 23,259 |  |  | — |  |  | 23,259
Goodwill |  |  | 84,516 |  |  | — |  |  | 84,516
Deferred income taxes, net |  |  | 756 |  |  | — |  |  | 756
Other assets |  |  | 63,814 |  |  | 907 |  |  | 64,721
Total assets |  | $ | 570,947 |  | $ | 951 |  | $ | 571,898
Liabilities and stockholders’ equity (deficit) |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 29,891 |  | $ | 1,585 |  | $ | 31,476
Income and other taxes payable |  |  | 6,590 |  |  | — |  |  | 6,590
Accrued expenses and other current liabilities |  |  | 105,712 |  |  | (18,210) |  |  | 87,502
Deferred revenue current |  |  | 2,443 |  |  | (2,443) |  |  | —
Current portion of long-term debt |  |  | 20,000 |  |  | — |  |  | 20,000
Total current liabilities |  |  | 164,636 |  |  | (19,068) |  |  | 145,568
Deferred revenue |  |  | 14,679 |  |  | (11,231) |  |  | 3,448
Long-term debt, less current portion, net |  |  | 601,126 |  |  | — |  |  | 601,126
Deferred income taxes, net |  |  | 7,852 |  |  | 7,255 |  |  | 15,107
Other long-term liabilities |  |  | 79,324 |  |  | — |  |  | 79,324
Total liabilities |  |  | 867,617 |  |  | (23,044) |  |  | 844,573
Redeemable noncontrolling interests |  |  | 5,464 |  |  | — |  |  | 5,464
Stockholders’ (deficit): |  |  |  |  |  |  |  |  |
Preferred stock ($0.01 par value per share; no shares issued) |  |  | — |  |  | — |  |  | —
Common stock ($0.01 par value per share; issued 44,301 at December 30, 2018) |  |  | 443 |  |  | — |  |  | 443
Additional paid-in capital |  |  | 192,984 |  |  | — |  |  | 192,984
Accumulated other comprehensive income (loss) |  |  | (3,143) |  |  | — |  |  | (3,143)
Retained earnings |  |  | 244,061 |  |  | 23,989 |  |  | 268,050
Treasury stock (12,929 shares at December 30, 2018, at cost) |  |  | (751,704) |  |  | — |  |  | (751,704)
Total stockholders’ (deficit) |  |  | (317,359) |  |  | 23,989 |  |  | (293,370)
Noncontrolling interests in subsidiaries |  |  | 15,225 |  |  | 6 |  |  | 15,231
Total stockholders’ (deficit) |  |  | (302,134) |  |  | 23,995 |  |  | (278,139)
Total liabilities, redeemable noncontrolling interests and stockholders’ (deficit) |  | $ | 570,947 |  | $ | 951 |  | $ | 571,898
The impact for the year ended December 30, 2018 is as follows:
|  | As Reported |  |  |  |  |
|  | Year Ended |  |  |  |  | Statement of Operations
|  | December 30, |  | Total |  | Without Adoption of
(In thousands, except per share amounts) |  | 2018 |  | Adjustments |  | Topic 606
Revenues: |  |  |  |  |  |  |  |  |
Domestic Company-owned restaurant sales |  | $ | 692,380 |  | $ | 3,295 |  | $ | 695,675
North America franchise royalties and fees |  |  | 79,293 |  |  | 375 |  |  | 79,668
North America commissary |  |  | 609,866 |  |  | 3,353 |  |  | 613,219
International |  |  | 110,349 |  |  | 205 |  |  | 110,554
Other revenues |  |  | 81,428 |  |  | (11,238) |  |  | 70,190
Total revenues |  |  | 1,573,316 |  |  | (4,010) |  |  | 1,569,306
Costs and expenses: |  |  |  |  |  |  |  |  |
Operating costs (excluding depreciation and amortization shown separately below): |  |  |  |  |  |  |  |  |
Domestic Company-owned restaurant expenses |  |  | 576,799 |  |  | 47 |  |  | 576,846
North America commissary |  |  | 575,103 |  |  | — |  |  | 575,103
International expenses |  |  | 67,775 |  |  | — |  |  | 67,775
Other expenses |  |  | 84,016 |  |  | (10,847) |  |  | 73,169
General and administrative expenses |  |  | 192,551 |  |  | 3,428 |  |  | 195,979
Depreciation and amortization |  |  | 46,403 |  |  | — |  |  | 46,403
Total costs and expenses |  |  | 1,542,647 |  |  | (7,372) |  |  | 1,535,275
Refranchising and impairment gains/(losses), net |  |  | (289) |  |  | — |  |  | (289)
Operating income |  |  | 30,380 |  |  | 3,362 |  |  | 33,742
Investment income |  |  | 817 |  |  | — |  |  | 817
Interest expense |  |  | (25,306) |  |  | — |  |  | (25,306)
Income before income taxes |  |  | 5,891 |  |  | 3,362 |  |  | 9,253
Income tax expense |  |  | 2,646 |  |  | 781 |  |  | 3,427
Net income before attribution to noncontrolling interests |  |  | 3,245 |  |  | 2,581 |  |  | 5,826
Income attributable to noncontrolling interests |  |  | (1,599) |  |  | — |  |  | (1,599)
Net income attributable to the Company |  | $ | 1,646 |  | $ | 2,581 |  | $ | 4,227
Calculation of income for earnings per share: |  |  |  |  |  |  |  |  |
Net income attributable to the Company |  | $ | 1,646 |  | $ | 2,581 |  | $ | 4,227
Net income attributable to common shareholders |  | $ | 1,646 |  | $ | 2,581 |  | $ | 4,227
Basic earnings per common share |  | $ | 0.05 |  | $ | 0.08 |  | $ | 0.13
Diluted earnings per common share |  | $ | 0.05 |  | $ | 0.08 |  | $ | 0.13
Basic weighted average common shares outstanding |  |  | 32,083 |  |  | 32,083 |  |  | 32,083
Diluted weighted average common shares outstanding |  |  | 32,299 |  |  | 32,299 |  |  | 32,299
Schedule of estimated revenue expected to be recognized in the future | The following table (in thousands) includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied at the end of the reporting period.
|  |  | Performance Obligations by Period
|  | Less than 1 Year |  | 1-2 Years |  | 2-3 Years |  | 3-4 Years |  | 4-5 Years |  | Thereafter |  | Total
Franchise Fees |  | $ | 2,443 |  | $ | 2,186 |  | $ | 1,960 |  | $ | 1,768 |  | $ | 1,488 |  | $ | 3,829 |  | $ | 13,674

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