2019 Q2 Form 10-Q Financial Statement

#000080788219000015 Filed on May 16, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2018 Q1
Revenue $215.7M $209.8M $294.5M
YoY Change 2.84% -21.1% -16.62%
Cost Of Revenue $55.54M $83.88M $100.3M
YoY Change -33.78% -38.9% -28.71%
Gross Profit $160.2M $125.9M $194.2M
YoY Change 27.24% -2.11% -8.61%
Gross Profit Margin 74.25% 60.02% 65.94%
Selling, General & Admin $17.59M $26.59M $108.3M
YoY Change -33.88% 2.83% -11.16%
% of Gross Profit 10.98% 21.12% 55.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.69M $13.96M $19.20M
YoY Change -9.06% -13.44% -9.86%
% of Gross Profit 7.92% 11.08% 9.89%
Operating Expenses $17.59M $26.59M $127.5M
YoY Change -33.88% 2.83% -11.03%
Operating Profit $47.12M $46.82M $66.70M
YoY Change 0.65% -21.65% -3.61%
Interest Expense -$13.30M -$10.40M -$12.80M
YoY Change 27.88% 15.56% 23.08%
% of Operating Profit -28.22% -22.21% -19.19%
Other Income/Expense, Net -$300.0K -$400.0K -$600.0K
YoY Change -25.0%
Pretax Income $33.50M $36.41M $60.00M
YoY Change -7.97% -28.22% 6.38%
Income Tax $8.374M $11.43M $16.50M
% Of Pretax Income 24.99% 31.38% 27.5%
Net Earnings $25.09M $47.61M $12.20M
YoY Change -47.3% 43.85% -66.02%
Net Earnings / Revenue 11.63% 22.69% 4.14%
Basic Earnings Per Share $0.97 $1.64
Diluted Earnings Per Share $0.96 $1.62 $408.0K
COMMON SHARES
Basic Shares Outstanding 25.94M shares 29.04M shares 29.53M shares
Diluted Shares Outstanding 26.15M shares 29.36M shares

Balance Sheet

Concept 2019 Q2 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.600M $1.200M $3.800M
YoY Change 33.33% -81.25% -37.7%
Cash & Equivalents $1.590M
Short-Term Investments
Other Short-Term Assets $5.244M $3.582M $5.950M
YoY Change 46.4% 52.43% 150.95%
Inventory $1.949M $2.559M $3.335M
Prepaid Expenses $13.46M $11.95M $16.42M
Receivables $51.70M $50.40M $30.50M
Other Receivables $18.50M $52.00M $5.800M
Total Short-Term Assets $105.3M $145.1M $398.1M
YoY Change -27.43% 29.43% 288.38%
LONG-TERM ASSETS
Property, Plant & Equipment $398.6M $443.3M $463.2M
YoY Change -10.09% -32.23% -33.61%
Goodwill $46.75M $47.41M $51.05M
YoY Change -1.41% -72.99% -69.26%
Intangibles $486.0K $710.0K $1.348M
YoY Change -31.55% -94.99% -90.23%
Long-Term Investments
YoY Change
Other Assets $207.4M $238.4M $243.9M
YoY Change -13.02% -13.25% -12.46%
Total Long-Term Assets $328.2M $286.5M $296.3M
YoY Change 14.53% -74.39% -74.37%
TOTAL ASSETS
Total Short-Term Assets $105.3M $145.1M $398.1M
Total Long-Term Assets $328.2M $286.5M $296.3M
Total Assets $832.1M $875.0M $1.158B
YoY Change -4.9% -28.91% -8.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.14M $24.50M $27.14M
YoY Change 2.63% -41.99% -9.68%
Accrued Expenses $114.4M $100.2M $102.9M
YoY Change 14.19% -28.74% -23.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $42.60M $42.90M $68.60M
YoY Change -0.7% -23.12% 22.72%
Total Short-Term Liabilities $182.1M $167.5M $260.1M
YoY Change 8.71% -29.78% 17.86%
LONG-TERM LIABILITIES
Long-Term Debt $1.015B $900.4M $1.037B
YoY Change 12.72% -20.69% 5.17%
Other Long-Term Liabilities $87.75M $238.0M $235.4M
YoY Change -63.13% -27.09% -27.69%
Total Long-Term Liabilities $1.243B $1.138B $1.272B
YoY Change 9.14% 248.72% 290.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $182.1M $167.5M $260.1M
Total Long-Term Liabilities $1.243B $1.138B $1.272B
Total Liabilities $1.425B $1.306B $1.532B
YoY Change 9.09% 131.13% 180.5%
SHAREHOLDERS EQUITY
Retained Earnings $1.562B $1.522B $1.485B
YoY Change 2.66% 5.46% 4.39%
Common Stock $476.7M $460.6M $458.6M
YoY Change 3.48% 2.58% 2.83%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.530B $2.290B $2.190B
YoY Change 10.48% 4.57% 11.11%
Treasury Stock Shares 56.33M shares 53.52M shares 52.41M shares
Shareholders Equity -$592.5M -$430.9M -$374.6M
YoY Change
Total Liabilities & Shareholders Equity $832.1M $875.0M $1.158B
YoY Change -4.9% -28.91% -8.02%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income $25.09M $47.61M $12.20M
YoY Change -47.3% 43.85% -66.02%
Depreciation, Depletion And Amortization $12.69M $13.96M $19.20M
YoY Change -9.06% -13.44% -9.86%
Cash From Operating Activities $23.20M -$34.90M $69.70M
YoY Change -166.48% -170.08% -15.1%
INVESTING ACTIVITIES
Capital Expenditures -$7.000M -$11.60M -$12.20M
YoY Change -39.66% 65.71% 18.45%
Acquisitions
YoY Change
Other Investing Activities $3.100M $312.0M -$3.300M
YoY Change -99.01% 809.62% -78.29%
Cash From Investing Activities -$3.800M $300.4M -$15.50M
YoY Change -101.26% 1000.37% -39.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -22.10M -271.2M -55.00M
YoY Change -91.85% 254.97% -19.0%
NET CHANGE
Cash From Operating Activities 23.20M -34.90M 69.70M
Cash From Investing Activities -3.800M 300.4M -15.50M
Cash From Financing Activities -22.10M -271.2M -55.00M
Net Change In Cash -2.700M -5.700M -800.0K
YoY Change -52.63% -914.29% -92.92%
FREE CASH FLOW
Cash From Operating Activities $23.20M -$34.90M $69.70M
Capital Expenditures -$7.000M -$11.60M -$12.20M
Free Cash Flow $30.20M -$23.30M $81.90M
YoY Change -229.61% -141.02% -11.36%

Facts In Submission

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52205000 USD
CY2019Q2 us-gaap Contractual Obligation
ContractualObligation
35300000 USD
CY2018Q2 us-gaap Cost Direct Labor
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33096000 USD
us-gaap Cost Direct Labor
CostDirectLabor
82036000 USD
CY2019Q2 us-gaap Cost Direct Labor
CostDirectLabor
22768000 USD
us-gaap Cost Direct Labor
CostDirectLabor
53042000 USD
CY2018Q2 us-gaap Cost Direct Material
CostDirectMaterial
32638000 USD
us-gaap Cost Direct Material
CostDirectMaterial
81502000 USD
CY2019Q2 us-gaap Cost Direct Material
CostDirectMaterial
21676000 USD
us-gaap Cost Direct Material
CostDirectMaterial
51292000 USD
CY2018Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
83877000 USD
us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
0.062
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
209431000 USD
CY2019Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
55544000 USD
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
131447000 USD
CY2018Q2 us-gaap Costs And Expenses
CostsAndExpenses
162529000 USD
us-gaap Costs And Expenses
CostsAndExpenses
383621000 USD
CY2019Q2 us-gaap Costs And Expenses
CostsAndExpenses
168604000 USD
us-gaap Costs And Expenses
CostsAndExpenses
401066000 USD
CY2018Q2 us-gaap Cumulative Effect On Retained Earnings Net Of Tax1
CumulativeEffectOnRetainedEarningsNetOfTax1
0 USD
us-gaap Cumulative Effect On Retained Earnings Net Of Tax1
CumulativeEffectOnRetainedEarningsNetOfTax1
-151000 USD
CY2019Q2 us-gaap Cumulative Effect On Retained Earnings Net Of Tax1
CumulativeEffectOnRetainedEarningsNetOfTax1
0 USD
us-gaap Cumulative Effect On Retained Earnings Net Of Tax1
CumulativeEffectOnRetainedEarningsNetOfTax1
-37330000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
34726000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
3955000 USD
CY2018Q3 us-gaap Deferred Rent Credit Current
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1387000 USD
CY2019Q2 us-gaap Deferred Rent Credit Current
DeferredRentCreditCurrent
11872000 USD
CY2018Q3 us-gaap Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
31762000 USD
CY2019Q2 us-gaap Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
30212000 USD
CY2018Q3 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
48372000 USD
CY2019Q2 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
49163000 USD
CY2019Q2 us-gaap Deferred Revenue
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47953000 USD
CY2018Q4 us-gaap Deferred Revenue
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50018000 USD
us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
680000 USD
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
2745000 USD
CY2018Q3 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
69012000 USD
CY2019Q2 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
66700000 USD
CY2018Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
13955000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
33112000 USD
CY2019Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
12690000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
29859000 USD
us-gaap Discontinued Operation Period Of Continuing Involvement After Disposal
DiscontinuedOperationPeriodOfContinuingInvolvementAfterDisposal
P12M
CY2019Q2 us-gaap Disposal Group Including Discontinued Operation Accrued Income Tax Payable
DisposalGroupIncludingDiscontinuedOperationAccruedIncomeTaxPayable
2800000 USD
CY2018Q3 us-gaap Disposal Group Including Discontinued Operation Assets Noncurrent
DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent
62140000 USD
CY2019Q2 us-gaap Disposal Group Including Discontinued Operation Assets Noncurrent
DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent
73567000 USD
CY2018Q2 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
5472000 USD
us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
14412000 USD
CY2019Q2 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
0 USD
us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
219000 USD
CY2018Q2 us-gaap Dividends
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11673000 USD
us-gaap Dividends
Dividends
23446000 USD
CY2019Q2 us-gaap Dividends
Dividends
10323000 USD
us-gaap Dividends
Dividends
20641000 USD
us-gaap Dividends Common Stock
DividendsCommonStock
20700000 USD
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.64
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.04
us-gaap Effect Of Exchange Rate On Cash
EffectOfExchangeRateOnCash
0 USD
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.97
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.28
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.62
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.01
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.96
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.26
us-gaap Effect Of Exchange Rate On Cash
EffectOfExchangeRateOnCash
6000 USD
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.314
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.314
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.607
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.607
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.25
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.250
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.24
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.240
CY2018Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.294
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.291
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.245
CY2019Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.258
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.258
CY2018Q2 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.016
us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.324
CY2019Q2 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0
us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0
CY2018Q2 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0
CY2019Q2 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.014
CY2018Q2 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.004
us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.001
CY2019Q2 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
-0.008
us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
-0.003
CY2018Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
29498000 USD
CY2019Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
20951000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
816000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
47000 USD
CY2018Q3 us-gaap Fair Value Liabilities Measured On Recurring Basis Obligations
FairValueLiabilitiesMeasuredOnRecurringBasisObligations
38150000 USD
CY2019Q2 us-gaap Fair Value Liabilities Measured On Recurring Basis Obligations
FairValueLiabilitiesMeasuredOnRecurringBasisObligations
44017000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
481000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-138000 USD
CY2018Q3 us-gaap Goodwill
Goodwill
46749000 USD
CY2019Q2 us-gaap Goodwill
Goodwill
46747000 USD
CY2018Q2 us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
3807000 USD
us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
3960000 USD
CY2019Q2 us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
0 USD
us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
2000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
24981000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
37870000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
25130000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
56251000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
36407000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
96434000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
33504000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
73998000 USD
CY2019Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.11
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11426000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
58564000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.86
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.29
CY2019Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.97
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
2.17
CY2018Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.85
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.27
CY2019Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.96
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.15
CY2018Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
22624000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
21925000 USD
CY2019Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-41000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
2936000 USD
CY2018Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.78
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.75
CY2019Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.11
CY2018Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.77
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.74
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8374000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
17747000 USD
CY2018Q3 us-gaap Income Tax Receivable
IncomeTaxReceivable
5637000 USD
CY2019Q2 us-gaap Income Tax Receivable
IncomeTaxReceivable
388000 USD
CY2018Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
10717000 USD
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
28037000 USD
CY2019Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
8633000 USD
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
19068000 USD
CY2018Q2 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
0 USD
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
0 USD
CY2019Q2 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
0 USD
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-1027000 USD
CY2018Q2 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
146000 USD
us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
139000 USD
CY2019Q2 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-262000 USD
us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-247000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-3742000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-3904000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-35959000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-6532000 USD
us-gaap Increase Decrease In Construction Payables
IncreaseDecreaseInConstructionPayables
3465000 USD
us-gaap Increase Decrease In Construction Payables
IncreaseDecreaseInConstructionPayables
5368000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-886000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
91000 USD
us-gaap Increase Decrease In Payables Under Repurchase Agreements
IncreaseDecreaseInPayablesUnderRepurchaseAgreements
0 USD
us-gaap Increase Decrease In Payables Under Repurchase Agreements
IncreaseDecreaseInPayablesUnderRepurchaseAgreements
-14362000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
5458000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-3701000 USD
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
13876000 USD
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
11658000 USD
CY2018Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
600000 USD
CY2019Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
486000 USD
CY2018Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-10413000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-23193000 USD
CY2019Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-13276000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-30650000 USD
CY2018Q3 us-gaap Inventory Net
InventoryNet
1858000 USD
CY2019Q2 us-gaap Inventory Net
InventoryNet
1949000 USD
CY2018Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
823397000 USD
CY2019Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
832127000 USD
CY2018Q3 us-gaap Liabilities Current
LiabilitiesCurrent
183720000 USD
CY2019Q2 us-gaap Liabilities Current
LiabilitiesCurrent
182128000 USD
CY2018Q3 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
1231376000 USD
CY2019Q2 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
1242513000 USD
CY2018Q3 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
193449000 USD
CY2019Q2 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
227649000 USD
CY2018Q3 us-gaap Life Insurance Corporate Or Bank Owned Amount
LifeInsuranceCorporateOrBankOwnedAmount
109908000 USD
CY2019Q2 us-gaap Life Insurance Corporate Or Bank Owned Amount
LifeInsuranceCorporateOrBankOwnedAmount
111244000 USD
CY2019Q2 us-gaap Line Of Credit
LineOfCredit
739400000 USD
CY2019Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
900000000 USD
CY2019Q2 us-gaap Loans Payable To Bank
LoansPayableToBank
315000000 USD
CY2018Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1037927000 USD
CY2019Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1014864000 USD
CY2018Q3 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
31828000 USD
CY2019Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
42591000 USD
CY2019Q1 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
42000000 USD
CY2019Q1 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
62000000 USD
CY2018Q2 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
7300000 USD
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
16100000 USD
CY2019Q2 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
3900000 USD
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
11100000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
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us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
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us-gaap Other Nonrecurring Income
OtherNonrecurringIncome
5600000 USD
us-gaap Net Cash Provided By Used In Discontinued Operations
NetCashProvidedByUsedInDiscontinuedOperations
279078000 USD
us-gaap Net Cash Provided By Used In Discontinued Operations
NetCashProvidedByUsedInDiscontinuedOperations
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-326095000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-53787000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
11246000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8144000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
29277000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
60816000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
47605000 USD
us-gaap Net Income Loss
NetIncomeLoss
59795000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
25089000 USD
us-gaap Net Income Loss
NetIncomeLoss
59187000 USD
CY2018Q3 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
11480000 USD
CY2019Q2 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
10812000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2018Q2 us-gaap Number Of Restaurants
NumberOfRestaurants
2245 restaurant
CY2019Q2 us-gaap Number Of Restaurants
NumberOfRestaurants
2240 restaurant
CY2018Q2 us-gaap Occupancy Net
OccupancyNet
18143000 USD
us-gaap Occupancy Net
OccupancyNet
45893000 USD
CY2019Q2 us-gaap Occupancy Net
OccupancyNet
11100000 USD
us-gaap Occupancy Net
OccupancyNet
27113000 USD
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
47243000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
120614000 USD
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
47123000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
105447000 USD
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
33621000 USD
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
35262000 USD
us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
1502000 USD
us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
896000 USD
CY2018Q3 us-gaap Other Assets Current
OtherAssetsCurrent
4598000 USD
CY2019Q2 us-gaap Other Assets Current
OtherAssetsCurrent
5244000 USD
CY2018Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
199266000 USD
CY2019Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
207388000 USD
CY2018Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
80000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
80000 USD
CY2019Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
0 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
0 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
5171000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
17136000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
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CY2018Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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us-gaap Other Nonrecurring Expense
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OtherNonrecurringIncome
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us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
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us-gaap Other Operating Activities Cash Flow Statement
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OtherReceivables
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us-gaap Payments For Proceeds From Businesses And Interest In Affiliates
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us-gaap Payments For Proceeds From Businesses And Interest In Affiliates
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us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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us-gaap Payments For Proceeds From Tenant Allowance
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Payments Of Dividends
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us-gaap Payments Of Dividends
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Pension And Other Postretirement Benefit Contributions
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us-gaap Pension And Other Postretirement Benefit Contributions
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us-gaap Pension And Other Postretirement Benefit Expense
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us-gaap Pension And Other Postretirement Benefit Expense
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us-gaap Pension Expense
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CY2019Q2 us-gaap Pension Expense
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us-gaap Pension Expense
PensionExpense
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CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2019Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2018Q3 us-gaap Preferred Stock Shares Authorized
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15000000 shares
CY2019Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
15000000 shares
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
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PreferredStockSharesIssued
0 shares
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
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0 USD
CY2018Q3 us-gaap Prepaid Advertising
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us-gaap Proceeds From Long Term Lines Of Credit
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us-gaap Proceeds From Long Term Lines Of Credit
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1397000 USD
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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600000 USD
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us-gaap Proceeds From Issuance Of Common Stock
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39000 USD
us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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1190031000 USD
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PropertyPlantAndEquipmentGross
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CY2019Q2 us-gaap Prepaid Taxes
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660000 USD
us-gaap Proceeds From Collection Of Notes Receivable
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us-gaap Proceeds From Collection Of Notes Receivable
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6491000 USD
CY2018Q2 us-gaap Proceeds From Divestiture Of Businesses
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us-gaap Proceeds From Divestiture Of Businesses
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Lines Of Credit
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us-gaap Repayments Of Long Term Lines Of Credit
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CY2019Q2 us-gaap Restructuring And Related Cost Expected Cost Remaining1
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CY2018Q2 us-gaap Restructuring Costs
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us-gaap Restructuring Costs
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CY2019Q2 us-gaap Revenue Remaining Performance Obligation
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CY2019Q2 us-gaap Revenue Remaining Performance Obligation
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CY2018Q2 us-gaap Revenues
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us-gaap Revenues
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us-gaap Revenues
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us-gaap Selling General And Administrative Expense
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CY2019Q2 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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CY2018Q2 us-gaap Significant Changes Franchises Sold
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us-gaap Significant Changes Franchises Sold
SignificantChangesFranchisesSold
85 restaurant
CY2019Q2 us-gaap Significant Changes Franchises Sold
SignificantChangesFranchisesSold
0 restaurant
us-gaap Significant Changes Franchises Sold
SignificantChangesFranchisesSold
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CY2018Q2 us-gaap Stock Issued During Period Value Share Based Compensation
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us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
39000 USD
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us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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CY2018Q4 us-gaap Stock Repurchase Program Authorized Amount1
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CY2019Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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101000000 USD
CY2017Q4 us-gaap Stockholders Equity
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StockholdersEquity
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CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q3 us-gaap Tenant Improvements
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TenantImprovements
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CY2018Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2019Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2018Q3 us-gaap Treasury Stock Value
TreasuryStockValue
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CY2019Q2 us-gaap Treasury Stock Value
TreasuryStockValue
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CY2018Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
100000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
100000000 USD
CY2019Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
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us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
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CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29705000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26145000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Fiscal Period
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fiscal year</font><font style="font-family:inherit;font-size:10pt;"> &#8212; Our fiscal year is </font><font style="font-family:inherit;font-size:10pt;">52</font><font style="font-family:inherit;font-size:10pt;"> or </font><font style="font-family:inherit;font-size:10pt;">53</font><font style="font-family:inherit;font-size:10pt;"> weeks ending the Sunday closest to </font><font style="font-family:inherit;font-size:10pt;">September 30</font><font style="font-family:inherit;font-size:10pt;">. Fiscal years </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;"> and 2018 include </font><font style="font-family:inherit;font-size:10pt;">52</font><font style="font-family:inherit;font-size:10pt;"> weeks. Our first quarter includes </font><font style="font-family:inherit;font-size:10pt;">16</font><font style="font-family:inherit;font-size:10pt;">-weeks and all other quarters include </font><font style="font-family:inherit;font-size:10pt;">12</font><font style="font-family:inherit;font-size:10pt;">-weeks. All comparisons between </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> refer to the </font><font style="font-family:inherit;font-size:10pt;">12-weeks</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;quarter&#8221;) and 28-weeks (&#8220;year-to-date&#8221;) ended </font><font style="font-family:inherit;font-size:10pt;">April&#160;14, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">April&#160;15, 2018</font><font style="font-family:inherit;font-size:10pt;">, respectively, unless otherwise indicated.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications and adjustments</font><font style="font-family:inherit;font-size:10pt;"> &#8212; We recorded certain adjustments in fiscal </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;"> upon the adoption of a new accounting pronouncement; see details regarding the effects of the adoption on our condensed consolidated financial statements below. </font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of estimates</font><font style="font-family:inherit;font-size:10pt;"> &#8212; In preparing the condensed consolidated financial statements in conformity with U.S. GAAP, management is required to make certain assumptions and estimates that affect reported amounts of assets, liabilities, revenues, expenses and the disclosure of contingencies. In making these assumptions and estimates, management may from time to time seek advice and consider information provided by actuaries and other experts in a particular area. Actual amounts could differ materially from these estimates.</font></div></div>

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ex311.htm Edgar Link pending
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