2021 Q4 Form 10-K Financial Statement

#000155837022002141 Filed on February 25, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $895.6M $3.464B $638.0M
YoY Change 40.38% 44.44% -12.03%
Cost Of Revenue $311.5M $1.157B $205.1M
YoY Change 51.87% 48.17% -12.05%
Gross Profit $584.1M $2.307B $432.9M
YoY Change 34.93% 42.65% -12.01%
Gross Profit Margin 65.22% 66.61% 67.85%
Selling, General & Admin $355.4M $1.365B $273.5M
YoY Change 29.95% 25.95% -7.85%
% of Gross Profit 60.85% 59.15% 63.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $32.61M $126.8M $30.50M
YoY Change 6.93% 7.54% -1.29%
% of Gross Profit 5.58% 5.49% 7.05%
Operating Expenses $519.1M $2.009B $411.1M
YoY Change 26.27% 26.27% -6.55%
Operating Profit $65.02M $297.2M $20.40M
YoY Change 218.8% 1146.4% -60.85%
Interest Expense -$1.549M -$3.663M -$1.400M
YoY Change 10.64% -10.46% -566.67%
% of Operating Profit -2.38% -1.23% -6.86%
Other Income/Expense, Net
YoY Change
Pretax Income $63.29M $292.9M $19.00M
YoY Change 233.11% 1421.28% -64.62%
Income Tax $8.547M $39.58M -$1.700M
% Of Pretax Income 13.5% 13.51% -8.95%
Net Earnings $53.06M $245.3M $19.55M
YoY Change 171.41% 684.82% -54.22%
Net Earnings / Revenue 5.92% 7.08% 3.06%
Basic Earnings Per Share $3.52 $0.28
Diluted Earnings Per Share $758.5K $3.50 $0.28
COMMON SHARES
Basic Shares Outstanding 69.65M 69.71M 69.48M
Diluted Shares Outstanding 70.10M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $335.6M $335.6M $363.2M
YoY Change -7.59% -7.59% 236.61%
Cash & Equivalents $335.6M $335.6M $363.2M
Short-Term Investments
Other Short-Term Assets $34.93M $227.9M $26.70M
YoY Change 30.81% 753.48% 30.88%
Inventory $31.60M $31.60M $22.36M
Prepaid Expenses
Receivables $161.4M $161.4M $98.42M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $563.5M $563.5M $510.7M
YoY Change 10.35% 10.34% 105.99%
LONG-TERM ASSETS
Property, Plant & Equipment $1.162B $1.741B $1.089B
YoY Change 6.78% 7.51% 3.03%
Goodwill $127.0M $127.0M
YoY Change 0.0% 1.81%
Intangibles $1.520M $2.271M
YoY Change -33.07% 84.04%
Long-Term Investments
YoY Change
Other Assets $79.05M $79.05M $65.99M
YoY Change 19.79% 19.78% 23.76%
Total Long-Term Assets $1.948B $1.948B $1.815B
YoY Change 7.38% 7.38% 4.54%
TOTAL ASSETS
Total Short-Term Assets $563.5M $563.5M $510.7M
Total Long-Term Assets $1.948B $1.948B $1.815B
Total Assets $2.512B $2.512B $2.325B
YoY Change 8.03% 8.03% 17.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $95.23M $95.20M $66.98M
YoY Change 42.19% 42.09% 8.64%
Accrued Expenses $206.2M $622.9M $153.7M
YoY Change 34.14% 305.26% 5.06%
Deferred Revenue $300.7M $232.8M
YoY Change 29.14% 11.26%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $50.00M
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $602.1M $1.225B $506.3M
YoY Change 18.93% 141.96% 21.36%
LONG-TERM LIABILITIES
Long-Term Debt $100.0M $100.0M $190.0M
YoY Change -47.37% -47.37%
Other Long-Term Liabilities $93.67M $113.4M $103.3M
YoY Change -9.35% -83.39% 57.71%
Total Long-Term Liabilities $193.7M $213.4M $293.3M
YoY Change -33.98% -75.55% 347.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $602.1M $1.225B $506.3M
Total Long-Term Liabilities $193.7M $213.4M $293.3M
Total Liabilities $1.438B $1.454B $1.382B
YoY Change 4.08% 4.02% 31.33%
SHAREHOLDERS EQUITY
Retained Earnings $943.6M $781.9M
YoY Change 20.67% 0.81%
Common Stock $114.6M $145.7M
YoY Change -21.36% 3.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.058B $1.058B $927.5M
YoY Change
Total Liabilities & Shareholders Equity $2.512B $2.512B $2.325B
YoY Change 8.03% 8.03% 17.22%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $53.06M $245.3M $19.55M
YoY Change 171.41% 684.82% -54.22%
Depreciation, Depletion And Amortization $32.61M $126.8M $30.50M
YoY Change 6.93% 7.54% -1.29%
Cash From Operating Activities $120.1M $468.8M $84.40M
YoY Change 42.32% 103.45% -36.21%
INVESTING ACTIVITIES
Capital Expenditures -$61.69M $200.7M -$36.90M
YoY Change 67.18% 29.98% -46.83%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $0.00 $5.588M -$8.900M
YoY Change -100.0% -183.4% 888.89%
Cash From Investing Activities -$61.69M -$195.1M -$45.80M
YoY Change 34.7% 21.1% -34.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $51.60M
YoY Change 309.52%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -159.3M -301.2M -4.100M
YoY Change 3786.44% -262.0% -92.36%
NET CHANGE
Cash From Operating Activities 120.1M 468.8M 84.40M
Cash From Investing Activities -61.69M -195.1M -45.80M
Cash From Financing Activities -159.3M -301.2M -4.100M
Net Change In Cash -100.9M -27.51M 34.50M
YoY Change -392.52% -110.78% 310.71%
FREE CASH FLOW
Cash From Operating Activities $120.1M $468.8M $84.40M
Capital Expenditures -$61.69M $200.7M -$36.90M
Free Cash Flow $181.8M $268.1M $121.3M
YoY Change 49.88% 252.64% -39.86%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:20.15pt;margin:0pt 0pt 10pt 0pt;"><b style="color:#212529;font-weight:bold;">(1) Description of Business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:20.15pt;margin:0pt 0pt 10pt 0pt;"><span style="color:#212529;">The accompanying Consolidated Financial Statements include the accounts of Texas Roadhouse, Inc. ("TRI"), our wholly-owned subsidiaries and subsidiaries in which we have a controlling interest (collectively, the "Company," "we," "our" and/or "us") as of December 28, 2021 and December 29, 2020 and for each of the years in the three-year period ended December 28, 2021.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:20.15pt;margin:0pt 0pt 10pt 0pt;"><span style="color:#212529;">As of December 28, 2021, we owned and operated </span><span style="color:#212529;">566</span><span style="color:#212529;"> restaurants and franchised an additional </span><span style="color:#212529;">101</span><span style="color:#212529;"> restaurants in </span><span style="color:#212529;">49</span><span style="color:#212529;"> states and </span><span style="color:#212529;">ten</span><span style="color:#212529;white-space:pre-wrap;"> foreign countries. Of the </span><span style="color:#212529;">566</span><span style="color:#212529;"> company restaurants that were operating at </span><span style="color:#212529;">December 28, 2021</span><span style="color:#212529;">, </span><span style="color:#212529;">546</span><span style="color:#212529;"> were wholly-owned and </span><span style="color:#212529;">20</span><span style="color:#212529;"> were majority-owned. Of the </span><span style="color:#212529;">101</span><span style="color:#212529;"> franchise restaurants, </span><span style="color:#212529;">70</span><span style="color:#212529;"> were domestic and </span><span style="color:#212529;">31</span><span style="color:#212529;"> were international restaurants</span><span style="color:#212529;font-style:italic;font-weight:bold;">.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:10pt;text-indent:20.15pt;margin:0pt;"><span style="color:#212529;">As of </span><span style="color:#212529;">December 29, 2020</span><span style="color:#212529;">, we owned and operated </span><span style="color:#212529;">537</span><span style="color:#212529;"> restaurants and franchised an additional </span><span style="color:#212529;">97</span><span style="color:#212529;"> restaurants in </span><span style="color:#212529;">49</span><span style="color:#212529;"> states and </span><span style="color:#212529;">ten</span><span style="color:#212529;white-space:pre-wrap;"> foreign countries. Of the </span><span style="color:#212529;">537</span><span style="color:#212529;"> company restaurants that were operating at </span><span style="color:#212529;">December 29, 2020</span><span style="color:#212529;">, </span><span style="color:#212529;">517</span><span style="color:#212529;"> were wholly-owned and </span><span style="color:#212529;">20</span><span style="color:#212529;white-space:pre-wrap;"> were majority-owned. Of the </span><span style="color:#212529;">97</span><span style="color:#212529;"> franchise restaurants, </span><span style="color:#212529;">69</span><span style="color:#212529;"> were domestic and </span><span style="color:#212529;">28</span><span style="color:#212529;"> were international restaurants.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:23.75pt;background:#ffffff;margin:0pt;"><span style="color:#212529;font-style:italic;font-weight:bold;">Risks and Uncertainties</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:23.75pt;background:#ffffff;margin:0pt;"><span style="color:#212529;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:23.75pt;background:#ffffff;margin:0pt;"><span style="color:#212529;white-space:pre-wrap;">The Company has been subject to risks and uncertainties as a result of the COVID-19 pandemic (the "pandemic"). These include federal, state and local restrictions on restaurants, some of which have limited capacity or seating in the dining rooms while others have allowed to-go or curbside service only. As of December 28, 2021, all of our domestic company and franchise locations were operating without restriction. As of December 29, 2020, </span><span style="color:#212529;">all of our domestic company and franchise locations were operating their dining rooms under various limited capacity restrictions or were limited to outdoor and/or to-go or curbside service only</span><span style="color:#212529;">.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;background:#ffffff;margin:0pt;"><span style="color:#212529;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:20.15pt;margin:0pt 0pt 10pt 0pt;"><span style="color:#212529;white-space:pre-wrap;">As a result of these restrictions, we developed a hybrid operating model to accommodate our dining room restrictions together with enhanced to-go. We continue to see sales in our to-go program higher than pre-pandemic levels, even with dining rooms operating without restriction. We cannot predict how long we will continue to be impacted by the pandemic, the extent to which our dining rooms will have to close again or otherwise have limited seating, or if the increased sales in our to-go program will continue. The extent to which COVID-19 impacts our business, results of operations, or financial condition will depend on future developments which are outside of our control. This includes, without limitation, the efficacy and public acceptance of vaccination programs and/or testing mandates in curbing the spread of the virus, the introduction and spread of new variants of the virus, which may prove resistant to currently approved vaccines, and new or reinstated restrictions or regulations on our operations. In addition, significant items subject to estimates and assumptions including the carrying amount of property and equipment, goodwill, and lease related assets could be impacted.</span></p>
CY2021Q4 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
49
CY2021Q4 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
10
CY2020Q4 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
49
CY2020Q4 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
10
CY2021 us-gaap Fiscal Period
FiscalPeriod
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 10pt 20.15pt;"><span style="font-style:italic;font-weight:bold;white-space:pre-wrap;">(b) Fiscal Year</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:20.15pt;margin:0pt;">We utilize a <span style="-sec-ix-hidden:Hidden_y8XixQUKz0yhNK2BjxF_Eg;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">52</span></span> or <span style="-sec-ix-hidden:Hidden_fFdUGjVCJUWC-95jrc3CDQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">53 week</span></span><span style="white-space:pre-wrap;"> accounting period that typically ends on the last Tuesday in December. We utilize a </span><span style="-sec-ix-hidden:Hidden_KZfR9Z19FkaP8fM8qh6e_A;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">13</span></span> week accounting period for quarterly reporting purposes, except in years containing <span style="-sec-ix-hidden:Hidden_nCZamJzS6Uu_n6bU0wViww;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">53 weeks</span></span> when the fourth quarter contains <span style="-sec-ix-hidden:Hidden_xWDJjoT4m0aF-BJGd2_GLw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">14</span></span> <span style="white-space:pre-wrap;">weeks. Fiscal years 2021 and 2020 were </span>52 weeks in length and fiscal year 2019 was <span style="-sec-ix-hidden:Hidden_zpzl56GbbkeLeS4q5fFTug;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">53</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> weeks</span></span><span style="white-space:pre-wrap;"> in length. In fiscal year 2019, the 53</span><sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">rd</sup> week added $59.0 million to restaurant and other sales and $0.10 to $0.11<span style="white-space:pre-wrap;"> to diluted earnings per share in our consolidated statements of income and comprehensive income. </span> </p>
CY2020 us-gaap Fiscal Period Duration
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P364D
CY2021 us-gaap Fiscal Period Duration
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P364D
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26400000
CY2020Q4 us-gaap Credit Card Receivables
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18100000
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31700000
CY2020 us-gaap Cost Of Property Repairs And Maintenance
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CY2019 us-gaap Cost Of Property Repairs And Maintenance
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27900000
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CY2021Q4 us-gaap Goodwill Impairment Loss
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CY2020 us-gaap Goodwill Impairment Loss
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CY2019 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
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500000
CY2021Q4 txrh Self Insurance Reserve Limit Employee Practices Class Action
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2500000
CY2021Q4 txrh Self Insurance Reserve Limit Workers Compensation
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350000
CY2021Q4 txrh Self Insurance Reserve Limit General Liability
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1000000
CY2021Q4 txrh Self Insurance Reserve Limit Property
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250000
CY2021Q4 txrh Self Insurance Reserve Limit Employee Healthcare
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400000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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0
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CY2021 us-gaap Marketing And Advertising Expense
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CY2020 us-gaap Marketing And Advertising Expense
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13800000
CY2019 us-gaap Marketing And Advertising Expense
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CY2021 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 10pt 20.15pt;"><span style="font-style:italic;font-weight:bold;white-space:pre-wrap;">(q) Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:20.15pt;margin:0pt;">We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reporting of revenue and expenses during the period to prepare these consolidated financial statements in conformity with U.S. generally accepted accounting principle (“GAAP”). Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, goodwill, obligations related to insurance reserves, leases and leasehold </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><span style="white-space:pre-wrap;">improvements, legal reserves, gift card breakage and third party fees and income taxes. Actual results could differ from those estimates.</span></p>
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100000
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CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020 txrh Estimated Percentage Of Gift Cards Sold By Company Never Redeemed
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CY2021 txrh Estimated Percentage Of Gift Cards Sold By Company Never Redeemed
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0.045
CY2021 txrh Contract With Customer Liability Revenue Recognized Adjustment
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4800000
CY2021 txrh Gift Card Fees
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6100000
CY2020 txrh Gift Card Fees
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6800000
CY2019 txrh Gift Card Fees
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CY2020Q4 us-gaap Number Of Businesses Acquired
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CY2020 us-gaap Business Combination Consideration Transferred1
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10600000
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CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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763700000
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CY2020Q4 us-gaap Property Plant And Equipment Net
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1088623000
CY2021 us-gaap Interest Costs Capitalized
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200000
CY2020 us-gaap Interest Costs Capitalized
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CY2019Q4 us-gaap Intangible Assets Net Excluding Goodwill
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563000
CY2020 txrh Goodwill Disposals And Other Net
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0
CY2020 txrh Intangible Assets Disposals And Other Net
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0
CY2020 us-gaap Goodwill Impairment Loss
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1076000
CY2020 us-gaap Impairment Of Intangible Assets Finitelived
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CY2020Q4 us-gaap Goodwill
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127001000
CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
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2271000
CY2021 us-gaap Goodwill Acquired During Period
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CY2021 txrh Finite Lived Intangible Assets Acquired During Period
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0
CY2021 us-gaap Amortization Of Intangible Assets
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CY2021 txrh Goodwill Disposals And Other Net
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0
CY2021 txrh Intangible Assets Disposals And Other Net
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0
CY2021 us-gaap Goodwill Impairment Loss
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0
CY2021 us-gaap Impairment Of Intangible Assets Finitelived
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CY2021Q4 us-gaap Goodwill
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CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
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CY2019Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
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4800000
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CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2021Q4 us-gaap Lessee Operating Lease Term Of Contract
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CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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CY2021Q4 us-gaap Operating Lease Liability Noncurrent
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CY2021Q4 us-gaap Operating Lease Liability
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CY2020Q4 us-gaap Operating Lease Right Of Use Asset
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CY2020Q4 us-gaap Operating Lease Liability Current
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CY2020Q4 us-gaap Operating Lease Liability Noncurrent
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CY2020Q4 us-gaap Operating Lease Liability
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CY2021 us-gaap Operating Lease Cost
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CY2020 us-gaap Operating Lease Cost
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CY2021 us-gaap Variable Lease Cost
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CY2020 us-gaap Variable Lease Cost
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CY2020 us-gaap Short Term Lease Cost
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CY2021 us-gaap Lease Cost
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CY2020 us-gaap Lease Cost
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CY2021 us-gaap Operating Lease Payments
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CY2020 us-gaap Operating Lease Payments
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CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P17Y9M10D
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CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0671
CY2021Q4 txrh Operating Lease Payments Minimum Lease Payments Excluded Not Yet Taken Possession Of Leases Real Estate
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CY2021 txrh Number Of Finance Leases
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CY2021Q4 us-gaap Finance Lease Right Of Use Asset
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CY2020 txrh Number Of Finance Leases
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CY2020Q4 us-gaap Finance Lease Right Of Use Asset
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CY2020Q4 us-gaap Finance Lease Liability
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CY2021Q4 txrh Sale Leaseback Transaction Number
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CY2020 us-gaap Proceeds From Sale Of Lease Receivables
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CY2021 us-gaap Current Federal Tax Expense Benefit
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CY2020 us-gaap Current Federal Tax Expense Benefit
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CY2021 us-gaap Current State And Local Tax Expense Benefit
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CY2020 us-gaap Current State And Local Tax Expense Benefit
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CY2019 us-gaap Current Foreign Tax Expense Benefit
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