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Revenue Recognition | 3 Months Ended
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Mar. 29, 2020
Revenue Recognition |
Revenue Recognition | 5. Revenue Recognition ​ Contract Balances ​ Our contract liabilities primarily relate to franchise fees and unredeemed gift card liabilities, which we classify as Deferred revenue, and customer loyalty program obligations which are classified as Accrued expenses and other current liabilities. During the three months ended March 29, 2020 and March 31, 2019, the Company recognized $8.0 million and $7.4 million in revenue, respectively, related to deferred revenue and the customer loyalty program. ​ The contract liability balances are included in the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Contract Liabilities
​ | ​ | ​ | March 29, 2020 | ​ | ​ | December 29, 2019 | ​ | ​ | Change
Deferred revenue | ​ | $ | 18,944 | ​ | $ | 20,346 | ​ | $ | (1,402)
Customer loyalty program | ​ | ​ | 11,868 | ​ | ​ | 12,049 | ​ | ​ | (181)
Total contract liabilities | ​ | $ | 30,812 | ​ | $ | 32,395 | ​ | $ | (1,583)
​ Our contract assets consist primarily of equipment incentives provided to franchisees. Equipment incentives are related to the future value of commissary revenue the Company will receive over the term of the agreement. As of March 29, 2020, and December 29, 2019, the contract assets were approximately $5.4 million and $6.0 million, respectively. For the three months ended March 29, 2020 and March 31, 2019, revenue was reduced approximately $0.9 million and $0.8 million, respectively, for the amortization of contract assets over the applicable contract terms. Contract assets are included in Prepaid expenses and other current assets and Other assets on the Condensed Consolidated Balance Sheets. ​ Transaction Price Allocated to the Remaining Performance Obligations ​ 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. ​
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​ | ​ | ​ | Performance Obligations by Period
​ | ​ | Less than 1 Year | ​ | 1-2 Years | ​ | 2-3 Years | ​ | 3-4 Years | ​ | 4-5 Years | ​ | Thereafter | ​ | Total
Franchise fees | ​ | $ | 2,335 | ​ | $ | 2,138 | ​ | $ | 1,922 | ​ | $ | 1,636 | ​ | $ | 1,404 | ​ | $ | 3,264 | ​ | $ | 12,699
​ Approximately $1.8 million of area development fees related to unopened stores and international unearned royalties are included in Deferred revenue. Timing of revenue recognition is dependent upon the timing of store openings and franchisees’ revenues. Gift card liabilities of approximately $4.4 million, included in Deferred revenue, will be recognized in Company-owned restaurant revenues when gift cards are redeemed. The Company will recognize redemption fee revenue in Other revenues when cards are redeemed at franchised restaurant locations. ​ The Company applies the practical expedient in ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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