Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 26, 2019 | Oct. 30, 2019 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 26, 2019 | |
Entity File Number | 001-38070 | |
Entity Registrant Name | Floor & Decor Holdings, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-3730271 | |
Entity Address, Address Line One | 2500 Windy Ridge Parkway SE | |
Entity Address, City or Town | Atlanta | |
Entity Address, Postal Zip Code | 30339 | |
Entity Address, State or Province | GA | |
City Area Code | 404 | |
Local Phone Number | 471-1634 | |
Title of 12(b) Security | Class A common stock, $0.001 par value per share | |
Trading Symbol | FND | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 101,057,968 | |
Entity Central Index Key | 0001507079 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-26 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 | |
Former Address [Member] | ||
Entity Address, Address Line One | 2233 Lake Park Drive | |
Entity Address, City or Town | Smyrna | |
Entity Address, Postal Zip Code | 30080 | |
Entity Address, State or Province | GA |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 26, 2019 | Dec. 27, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 84,106 | $ 644 |
Income taxes receivable | 9,249 | 4,324 |
Receivables, net | 45,284 | 67,527 |
Inventories, net | 483,957 | 471,014 |
Prepaid expenses and other current assets | 21,113 | 15,949 |
Total current assets | 643,709 | 559,458 |
Fixed assets, net | 425,498 | 328,366 |
Right-of-use assets | 743,517 | 0 |
Intangible assets, net | 109,307 | 109,330 |
Goodwill | 227,447 | 227,447 |
Other assets | 7,395 | 9,490 |
Total long-term assets | 1,513,164 | 674,633 |
Total assets | 2,156,873 | 1,234,091 |
Current liabilities: | ||
Current portion of term loans | 0 | 3,500 |
Current portion of lease liability | 53,117 | 0 |
Trade accounts payable | 318,350 | 313,503 |
Accrued expenses and other current liabilities | 112,141 | 82,038 |
Deferred revenue | 8,824 | 5,244 |
Total current liabilities | 492,432 | 404,285 |
Term loans | 143,288 | 141,834 |
Deferred rent | 0 | 36,980 |
Lease liabilities | 775,838 | 0 |
Deferred income tax liabilities, net | 20,005 | 26,838 |
Tenant improvement allowances | 0 | 37,295 |
Other liabilities | 2,270 | 2,550 |
Total long-term liabilities | 941,401 | 245,497 |
Total liabilities | 1,433,833 | 649,782 |
Commitments and contingencies (Note 5) | ||
Capital stock: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at September 26, 2019 and December 27, 2018 | 0 | 0 |
Additional paid-in capital | 364,626 | 340,462 |
Accumulated other comprehensive income (loss), net | (361) | 186 |
Retained earnings | 358,674 | 243,563 |
Total stockholders' equity | 723,040 | 584,309 |
Total liabilities and stockholders' equity | 2,156,873 | 1,234,091 |
Class A Common Stock | ||
Capital stock: | ||
Common stock | 101 | 98 |
Class B Common Stock | ||
Capital stock: | ||
Common stock | 0 | 0 |
Class C Common Stock | ||
Capital stock: | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 26, 2019 | Dec. 27, 2018 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A Common Stock | ||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 101,025,978 | 97,588,539 |
Common stock, shares outstanding | 101,025,978 | 97,588,539 |
Class B Common Stock | ||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 0 | 0 |
Common stock, shares outstanding | 0 | 0 |
Class C Common Stock | ||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 0 | 0 |
Common stock, shares outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2019 | Sep. 27, 2018 | Sep. 26, 2019 | Sep. 27, 2018 | |
Income Statement [Abstract] | ||||
Net Sales | $ 521,093 | $ 435,882 | $ 1,518,454 | $ 1,273,109 |
Revenue, Product and Service [Extensible List] | us-gaap:ProductMember | |||
Cost of sales | 307,305 | 257,656 | $ 885,469 | 751,859 |
Cost, Product and Service [Extensible List] | us-gaap:ProductMember | |||
Gross profit | 213,788 | 178,226 | $ 632,985 | 521,250 |
Operating expenses: | ||||
Selling and store operating | 136,958 | 109,182 | 398,984 | 320,375 |
General and administrative | 37,246 | 26,477 | 98,364 | 74,995 |
Pre-opening | 8,184 | 8,330 | 18,580 | 17,892 |
Total operating expenses | 182,388 | 143,989 | 515,928 | 413,262 |
Operating income | 31,400 | 34,237 | 117,057 | 107,988 |
Interest expense | 1,978 | 2,171 | 7,122 | 6,100 |
Income before income taxes | 29,422 | 32,066 | 109,935 | 101,888 |
(Benefit) provision for income taxes | (11,552) | 5,498 | (5,355) | 3,603 |
Net income | 40,974 | 26,568 | 115,290 | 98,285 |
Change in fair value of hedge instruments, net of tax, post-adoption | 0 | (547) | ||
Change in fair value of hedge instruments, net of tax, pre-adoption | 131 | 796 | ||
Total comprehensive income | $ 40,974 | $ 26,699 | $ 114,743 | $ 99,081 |
Basic earnings per share | $ 0.41 | $ 0.27 | $ 1.17 | $ 1.02 |
Diluted earnings per share | $ 0.39 | $ 0.25 | $ 1.10 | $ 0.94 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common stockClass A Common Stock | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | Class A Common Stock | Class B Common Stock | Class C Common Stock | Total |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect from adoption | $ 7,826 | $ 7,826 | ||||||
Balance at Dec. 28, 2017 | $ 96 | $ 323,419 | $ (205) | 119,550 | 442,860 | |||
Beginning balance (in shares) at Dec. 28, 2017 | 95,509,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation expense | 1,415 | 1,415 | ||||||
Exercise of stock options | 3,195 | 3,195 | ||||||
Exercise of stock options (in shares) | 585,000 | |||||||
Other comprehensive gain (loss), net of tax, pre-adoption | 430 | 430 | ||||||
Net income | 31,871 | 31,871 | ||||||
Balance at Mar. 29, 2018 | $ 96 | 328,029 | 225 | 159,247 | 487,597 | |||
Ending balance (in shares) at Mar. 29, 2018 | 96,094,000 | |||||||
Balance at Dec. 28, 2017 | $ 96 | 323,419 | (205) | 119,550 | 442,860 | |||
Beginning balance (in shares) at Dec. 28, 2017 | 95,509,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Other comprehensive gain (loss), net of tax, pre-adoption | 796 | |||||||
Net income | 98,285 | |||||||
Balance at Sep. 27, 2018 | $ 97 | 337,327 | 591 | 225,661 | 563,676 | |||
Ending balance (in shares) at Sep. 27, 2018 | 97,326,000 | |||||||
Balance at Mar. 29, 2018 | $ 96 | 328,029 | 225 | 159,247 | 487,597 | |||
Beginning balance (in shares) at Mar. 29, 2018 | 96,094,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation expense | 1,536 | 1,536 | ||||||
Exercise of stock options | $ 1 | 5,459 | 5,460 | |||||
Exercise of stock options (in shares) | 1,124,000 | |||||||
Other comprehensive gain (loss), net of tax, pre-adoption | 235 | 235 | ||||||
Net income | 39,846 | 39,846 | ||||||
Balance at Jun. 28, 2018 | $ 97 | 335,024 | 460 | 199,093 | 534,674 | |||
Ending balance (in shares) at Jun. 28, 2018 | 97,218,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation expense | 1,659 | 1,659 | ||||||
Exercise of stock options | 644 | 644 | ||||||
Exercise of stock options (in shares) | 108,000 | |||||||
Other comprehensive gain (loss), net of tax, pre-adoption | 131 | 131 | ||||||
Net income | 26,568 | 26,568 | ||||||
Balance at Sep. 27, 2018 | $ 97 | 337,327 | 591 | 225,661 | 563,676 | |||
Ending balance (in shares) at Sep. 27, 2018 | 97,326,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect from adoption | $ 0 | 0 | 0 | (179) | (179) | |||
Balance at Dec. 27, 2018 | $ 98 | 340,462 | 186 | 243,563 | 584,309 | |||
Beginning balance (in shares) at Dec. 27, 2018 | 97,588,000 | 97,588,539 | 0 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation expense | $ 0 | 2,250 | 0 | 0 | 2,250 | |||
Stock-based compensation (in shares) | 0 | |||||||
Exercise of stock options | $ 0 | 1,776 | 0 | 0 | 1,776 | |||
Exercise of stock options (in shares) | 348,000 | |||||||
Shares issued under employee stock plan | $ 0 | 1,419 | 0 | 0 | 1,419 | |||
Shares issued under employee stock plan (in shares) | 61,000 | |||||||
Other comprehensive gain (loss), net of tax, post-adoption | $ 0 | 0 | (334) | 0 | (334) | |||
Net income | 0 | 0 | 0 | 30,720 | 30,720 | |||
Balance at Mar. 28, 2019 | $ 98 | 345,907 | (148) | 274,104 | 619,961 | |||
Ending balance (in shares) at Mar. 28, 2019 | 97,997,000 | |||||||
Balance at Dec. 27, 2018 | $ 98 | 340,462 | 186 | 243,563 | 584,309 | |||
Beginning balance (in shares) at Dec. 27, 2018 | 97,588,000 | 97,588,539 | 0 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Other comprehensive gain (loss), net of tax, post-adoption | (547) | |||||||
Net income | 115,290 | |||||||
Balance at Sep. 26, 2019 | $ 101 | 364,626 | (361) | 358,674 | 723,040 | |||
Ending balance (in shares) at Sep. 26, 2019 | 101,025,000 | 101,025,978 | 0 | 0 | ||||
Balance at Mar. 28, 2019 | $ 98 | 345,907 | (148) | 274,104 | 619,961 | |||
Beginning balance (in shares) at Mar. 28, 2019 | 97,997,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation expense | $ 0 | 2,168 | 0 | 0 | 2,168 | |||
Stock-based compensation (in shares) | 0 | |||||||
Exercise of stock options | $ 1 | 5,375 | 0 | 0 | 5,376 | |||
Exercise of stock options (in shares) | 1,090,000 | |||||||
Issuance of restricted stock award | $ 0 | 0 | 0 | 0 | 0 | |||
Issuance of restricted stock award (in shares) | 24,000 | |||||||
Other comprehensive gain (loss), net of tax, post-adoption | $ 0 | 0 | (213) | (213) | ||||
Net income | 0 | 0 | 0 | 43,596 | 43,596 | |||
Balance at Jun. 27, 2019 | $ 99 | 353,450 | (361) | 317,700 | 670,888 | |||
Ending balance (in shares) at Jun. 27, 2019 | 99,111,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation expense | $ 0 | 2,242 | 0 | 0 | 2,242 | |||
Exercise of stock options | $ 2 | 7,908 | 0 | 0 | 7,910 | |||
Exercise of stock options (in shares) | 1,871,000 | |||||||
Shares issued under employee stock plan | $ 0 | 1,026 | 0 | 0 | 1,026 | |||
Shares issued under employee stock plan (in shares) | 43,000 | |||||||
Other comprehensive gain (loss), net of tax, post-adoption | 0 | |||||||
Net income | $ 0 | 0 | 0 | 40,974 | 40,974 | |||
Balance at Sep. 26, 2019 | $ 101 | $ 364,626 | $ (361) | $ 358,674 | $ 723,040 | |||
Ending balance (in shares) at Sep. 26, 2019 | 101,025,000 | 101,025,978 | 0 | 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 26, 2019 | Sep. 27, 2018 | |
Operating activities | ||
Net income | $ 115,290 | $ 98,285 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 53,297 | 37,043 |
Loss on asset impairments and disposals | 4,111 | 0 |
Amortization of tenant improvement allowances | 0 | (3,277) |
Deferred income taxes | (6,644) | 2,605 |
Interest cap derivative contracts | 323 | (878) |
Stock based compensation expense | 6,660 | 4,611 |
Changes in operating assets and liabilities: | ||
Receivables, net | 6,166 | (1,627) |
Inventories, net | (12,943) | 13,685 |
Trade accounts payable | 4,847 | (20,945) |
Accrued expenses and other current liabilities | 26,209 | (2,352) |
Income taxes | (4,871) | 312 |
Deferred revenue | 3,579 | 2,806 |
Deferred rent | 0 | 7,340 |
Tenant improvement allowances | 0 | 11,974 |
Other | 13,570 | (5,883) |
Net cash provided by operating activities | 209,594 | 143,699 |
Investing activities | ||
Purchases of fixed assets | (141,015) | (109,395) |
Net cash used in investing activities | (141,015) | (109,395) |
Financing activities | ||
Borrowings on revolving line of credit | 100,100 | 204,050 |
Payments on revolving line of credit | (100,100) | (245,050) |
Payments on term loans | (2,625) | (2,625) |
Proceeds from exercise of stock options | 15,063 | 9,299 |
Proceeds from employee stock purchase plan | 2,445 | 0 |
Net cash provided by (used in) financing activities | 14,883 | (34,326) |
Net increase (decrease) in cash and cash equivalents | 83,462 | (22) |
Cash and cash equivalents, beginning of the period | 644 | 556 |
Cash and cash equivalents, end of the period | 84,106 | 534 |
Supplemental disclosures of cash flow information | ||
Buildings and equipment acquired under operating leases | 177,953 | 0 |
Cash paid for interest | 5,726 | 5,732 |
Cash paid for income taxes | 12,125 | 722 |
Fixed assets accrued at the end of the period | $ 23,394 | $ 14,500 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 26, 2019 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Nature of Business Floor & Decor Holdings, Inc., together with its subsidiaries (the “Company,” “we,” “our” or “us”) is a highly differentiated, rapidly growing specialty retailer of hard surface flooring and related accessories. We offer a broad in-stock assortment of tile, wood, laminate, vinyl, and natural stone flooring along with decorative and installation accessories at everyday low prices. Our stores appeal to a variety of customers, including professional installers and commercial businesses (“Pro”), Do-it-Yourself customers (“DIY”) and customers who buy our products for professional installation (“Buy-it-Yourself” or “BIY”). We operate within one reportable segment. As of September 26, 2019, the Company, through its wholly owned subsidiary, , operates 113 warehouse-format stores, which average 76,000 square feet, and one small-format standalone design center in 28 states, as well as three distribution centers and an e-commerce site, FloorandDecor.com. Fiscal Year The Company’s fiscal year is the 52- or 53-week period ending on the Thursday on or preceding December 31st. Fiscal years ending December 26, 2019 (“fiscal 2019”) and December 27, 2018 (“fiscal 2018”) include 52 weeks. When a 53 -week fiscal year occurs, we report the additional week at the end of the fiscal fourth quarter. 52 -week fiscal years consist of thirteen -week periods in each quarter of the fiscal year. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. The Condensed Consolidated Balance Sheet as of December 27, 2018 has been derived from the audited Consolidated Balance Sheet for the fiscal year then ended. The interim condensed consolidated financial statements should be read together with the audited consolidated financial statements and related footnote disclosures included in the Company’s Annual Report on Form 10-K for fiscal 2018, filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2019 (the “Annual Report”). Management believes the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments considered necessary for a fair statement of results for the interim periods presented. Results of operations for the thirteen and thirty-nine weeks ended September 26, 2019 and September 27, 2018 are not necessarily indicative of the results to be expected for the full years. There have been no updates to our Significant Accounting Policies since the Annual Report, except for the accounting policy changes in connection with the newly adopted lease accounting standard outlined in Note 5 to our Condensed Consolidated Financial Statements included in this Quarterly Report. For more information regarding our Significant Accounting Policies and Estimates, see the “Summary of Significant Accounting Policies” section of “Item 8. Financial Statements and Supplementary Data” of our Annual Report. Recently Issued Accounting Pronouncements There have been no updates to Recently Issued Accounting Pronouncements that have yet to be adopted since the Annual Report. For information regarding Recently Issued Accounting Pronouncements, see the “Summary of Significant Accounting Policies” section of “Item 8. Financial Statements and Supplementary Data” of our Annual Report. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, “ Leases (Topic 842) |
Revenues
Revenues | 9 Months Ended |
Sep. 26, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 2. Revenues Disaggregated Revenue The following table presents the net sales of each major product category (in thousands): Thirteen Weeks Ended Thirteen Weeks Ended September 26, 2019 September 27, 2018 % of % of Product Category Net Sales Net Sales Net Sales Net Sales Tile $ 133,340 26 % $ 119,988 28 % Laminate / Luxury Vinyl Plank 116,037 22 83,667 19 Decorative Accessories 100,357 19 82,814 19 Installation Materials and Tools 88,197 17 69,412 16 Wood 51,807 10 49,005 11 Natural Stone 31,511 6 28,025 6 Other (1) (156) — 2,971 1 Total $ 521,093 100 % $ 435,882 100 % Thirty-nine Weeks Ended Thirty-nine Weeks Ended September 26, 2019 September 27, 2018 % of % of Product Category Net Sales Net Sales Net Sales Net Sales Tile $ 394,969 26 % $ 360,798 28 % Laminate / Luxury Vinyl Plank 321,757 21 227,995 18 Decorative Accessories 292,391 19 244,279 19 Installation Materials and Tools 256,498 17 201,194 16 Wood 153,799 10 144,401 11 Natural Stone 95,301 6 85,564 7 Other (1) 3,739 1 8,878 1 Total $ 1,518,454 100 % $ 1,273,109 100 % (1) Other includes delivery revenue less adjustments for deferred revenue, sales returns reserves, rewards under our Pro Premier Loyalty program, and other revenue related adjustments that are not allocated on a product-level basis |
Debt
Debt | 9 Months Ended |
Sep. 26, 2019 | |
Debt | |
Debt | 3. Debt Fair Value of Debt Market risk associated with our fixed and variable rate long-term debt relates to the potential change in fair value and negative impact to future earnings, respectively, from a change in interest rates. The aggregate fair value of debt is based primarily on our estimates of interest rates, maturities, credit risk, and underlying collateral and is classified as Level 3 within the fair value hierarchy. At September 26, 2019 and December 27, 2018, the carrying amounts and fair values of our debt were as follows: September 26, December 27, in thousands 2019 2018 Total debt at par value $ 146,375 $ 149,000 Less: unamortized discount and debt issuance costs 3,087 3,666 Net carrying amount $ 143,288 $ 145,334 Fair value $ 145,643 $ 147,883 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 26, 2019 | |
Income Taxes | |
Income Taxes | 4. Income Taxes Effective tax rates for the thirteen and thirty-nine weeks ended September 26, 2019 and September 27, 2018 were based on the Company’s forecasted annualized effective tax rates and were adjusted for discrete items, such as stock option exercises, that occurred within each period. Our effective income tax rates were (39.3)% and 17.1% for the thirteen weeks ended September 26, 2019 and September 27, 2018, respectively. The lower effective tax rate for the current period was primarily due to the recognition of higher excess tax benefits related to stock options exercised than in the corresponding prior year period Our effective income tax rates were (4.9)% and 3.5% for the thirty-nine weeks ended September 26, 2019 and September 27, 2018, respectively. The lower effective tax rate for the thirty-nine weeks ended September 26, 2019 was primarily due to the recognition of higher excess tax benefits related to stock options exercised than in the corresponding prior year period. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 26, 2019 | |
Commitments and Contingencies. | |
Commitments and Contingencies | 5. Commitments and Contingencies Lease Commitments In the first quarter of fiscal 2019, we adopted ASU No. 2016-02, “ ” The majority of our long-term operating lease agreements are for our corporate office, retail locations, and distribution centers, which expire in various years through 2040. The initial lease terms for these facilities range from 10-15 years, with the exception of two buildings which have 20-year initial lease terms. The majority of our building leases also include options to extend, which are factored into the recognition of their respective assets and liabilities when appropriate based on management’s assessment of the probability that the options will be exercised. Additionally, one building lease contains variable lease payments, which are determined based on a percentage of retail sales over a contractual level, and we sublease real estate within one distribution center to a third party. Certain of our lease agreements include escalating rents over the lease terms which, under Topic 842, results in rent being expensed on a straight-line basis over the life of the lease that commences on the date we have the right to control the property. Our lease agreements do not contain any residual value guarantees or restrictive covenants that would reasonably be expected to have a material impact on our business. When readily determinable, the rate implicit in the lease is used to discount lease payments to present value; however, substantially all of our leases do not provide a readily determinable implicit rate. If the rate implicit in the lease is not readily determinable, we use a third party to assist in the determination of a secured incremental borrowing rate, determined on a collateralized basis, to discount lease payments based on information available at lease commencement. The secured incremental borrowing rate is estimated based on yields obtained from Bloomberg for U.S. consumers with a BB- credit rating and is adjusted for collateralization as well as inflation. Lease Position The table below presents supplemental balance sheet information related to operating leases. As of in thousands, except lease term and discount rate Classification September 26, 2019 Assets Building Right-of-use assets $ 732,345 Equipment Right-of-use assets 6,947 Land Right-of-use assets 194 Software Right-of-use assets 4,031 Total operating lease assets $ 743,517 Liabilities Current Building Current portion of lease liabilities $ 47,747 Equipment Current portion of lease liabilities 3,303 Land Current portion of lease liabilities 85 Software Current portion of lease liabilities 1,982 Total current operating lease liabilities 53,117 Noncurrent Building Lease liabilities 769,510 Equipment Lease liabilities 4,066 Land Lease liabilities 114 Software Lease liabilities 2,148 Total noncurrent operating lease liabilities 775,838 Total operating lease liabilities $ 828,955 Weighted-average remaining lease term 10 years Weighted-average discount rate 5.2% Lease Costs The table below presents components of lease expense for operating leases. Thirteen Weeks Ended Thirty-nine Weeks Ended in thousands Classification September 26, 2019 September 26, 2019 Operating lease cost (1) Selling and store operating $ 29,978 $ 84,907 Operating lease right-of-use asset impairment General and administrative 4,136 4,136 Sublease income Selling and store operating (588) (1,817) Total lease cost $ 33,526 $ 87,226 (1) Includes variable lease costs, which are immaterial. Undiscounted Cash Flows Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) as of September 26, 2019, were: in thousands Amount Thirteen weeks ending December 26, 2019 $ 19,609 2020 108,355 2021 118,784 2022 111,501 2023 108,266 Thereafter 623,390 Total minimum lease payments (2) $ 1,089,905 Less: amount of lease payments representing interest 260,950 Present value of future minimum lease payments 828,955 Less: current obligations under leases 53,117 Long-term lease obligations $ 775,838 (2) Future lease payments exclude approximately $209.4 million of legally binding minimum lease payments for operating leases signed but not yet commenced. For the thirty-nine weeks ended September 26, 2019, cash paid for operating leases was $80.2 million. Right-of-use Asset Impairment Long-lived assets, such as operating lease right-of-use assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Conditions that may indicate impairment include, but are not limited to, a significant adverse change in customer demand or business climate that could affect the value of an asset, a product recall, or an adverse action by a regulator. In accordance with ASC 360, the evaluation is performed at the lowest level for which identifiable cash flows are available that are largely independent of the cash flows of other assets or asset groups. If the sum of the estimated undiscounted future cash flows is less than the carrying value of the related asset or asset group, an impairment loss is recognized equal to the difference between carrying value and fair value. During the thirteen weeks ended September 26, 2019, we began the move from our former Store Support Center in Smyrna, Georgia to a nearby location in Atlanta, Georgia. Prior to this period, we expected to fully cover future payments under the operating lease agreement with proceeds from a sublease. As of the end of the current quarter, we no longer expected to find a sublease tenant that would fully cover these future payments and concluded that the right-of-use asset related to the operating lease was not recoverable. Therefore, we determined the fair value of the right-of-use asset based on a discounted cash flow analysis reflective of the income expected from a sublease. Based on the excess of the asset’s carrying value over fair value, we recognized an impairment of $4.1 million. The operating lease right-of-use asset for the Smyrna, Georgia Store Support Center is classified within level 3 of the fair value hierarchy based on the use of unobservable inputs that were significant to the fair value measurement. The impairment had no impact on our lease liability. Litigation On May 20, 2019, an alleged stockholder of the Company filed a putative class action lawsuit, Taylor v. Floor & Decor Holdings, Inc., et al., No. 1:19-cv-02270-SCJ (N.D. Ga.), in the United States District Court for the Northern District of Georgia against the Company and certain of our officers, directors and stockholders. In re Floor & Decor Holdings, Inc. Securities Litigation, The operative complaint alleges certain violations of federal securities laws based on, among other things, purported materially false and misleading statements and omissions allegedly made by the Company between May 23, 2018 and August 1, 2018 and seeks class certification, unspecified monetary damages, costs and attorneys’ fees and equitable relief. The Company denies the material allegations in this lawsuit, which is in the early stages and has not yet been certified as a class, and intends to defend itself vigorously. In addition, the Company maintains insurance that may cover any liability arising out of this litigation up to the policy limits and subject to meeting certain deductibles and to other terms and conditions thereof. Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult, particularly where the matters involve indeterminate claims for monetary damages and are in the stages of the proceedings where key factual and legal issues have not been resolved. For these reasons, we are currently unable to predict the ultimate timing or outcome of or reasonably estimate the possible losses or a range of possible losses resulting from this litigation. We are also subject to various other legal actions, claims and proceedings arising in the ordinary course of business, which may include claims related to general liability, workers’ compensation, product liability, intellectual property and employment-related matters resulting from our business activities. As with most actions such as these, an estimation of any possible and/or ultimate liability cannot always be determined. We establish reserves for specific legal proceedings when we determine that the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated. These various other ordinary course proceedings are not expected to have a material impact on our consolidated financial position, cash flows, or results of operations, however regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 26, 2019 | |
Stock-Based Compensation Abstract | |
Stock-Based Compensation | 6. Stock Based Compensation At our 2018 annual meeting of stockholders held on May 17, 2018, our stockholders approved the Floor & Decor Holdings, Inc. Employee Stock Purchase Plan (the “ESPP”), which became available to substantially all of our employees beginning in the third quarter of fiscal 2018. The ESPP permits eligible employees to purchase shares of our common stock through payroll deductions, subject to certain limitations. The purchase price of the shares under the ESPP will in no event be less than the lesser of 85% of the lower of the fair market value of our common stock on either the first or last trading day of each six -month offering period. There were 1,500,000 shares of our Class A common stock, par value $0.001 per share, originally approved for issuance under the ESPP. During the thirteen and thirty-nine weeks ended September 26, 2019, the Company recognized $130 and $400 thousand of stock-based compensation expense related to the ESPP, respectively. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 26, 2019 | |
Earnings Per Share | |
Earnings Per Share | 7. Earnings Per Share Net Income per Common Share We calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding adjusted for the dilutive effect of stock options. The following table shows the computation of basic and diluted earnings per share: Thirteen Weeks Ended Thirty-nine Weeks Ended September 26, September 27, September 26, September 27, in thousands, except per share data 2019 2018 2019 2018 Net income $ 40,974 $ 26,568 $ 115,290 $ 98,285 Basic weighted average shares outstanding 100,137 97,254 98,855 96,551 Dilutive effect of share based awards 5,043 7,311 5,957 8,185 Diluted weighted average shares outstanding 105,180 104,565 104,812 104,736 Basic earnings per share $ 0.41 $ 0.27 $ 1.17 $ 1.02 Diluted earnings per share $ 0.39 $ 0.25 $ 1.10 $ 0.94 The following awards have been excluded from the computation of dilutive earnings per share because the effect would be anti-dilutive: Thirteen Weeks Ended Thirty-nine Weeks Ended September 26, September 27, September 26, September 27, in thousands 2019 2018 2019 2018 Stock options 281 209 997 168 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 26, 2019 | |
Subsequent Events | |
Subsequent Events | 8. Subsequent Event In October 2018, we signed a lease to relocate our Store Support Center to a nearby location in Atlanta, Georgia. During October 2019, we completed our move to the new location and terminated the lease for our previous Store Support Center facility in Smyrna, Georgia. As a result, we recognized a loss of $2.1 million related to the settlement of our remaining obligations under the lease and the write off of the remaining right-of-use asset for the facility upon lease termination. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 26, 2019 | |
Summary of Significant Accounting Policies | |
Fiscal Year | Fiscal Year The Company’s fiscal year is the 52- or 53-week period ending on the Thursday on or preceding December 31st. Fiscal years ending December 26, 2019 (“fiscal 2019”) and December 27, 2018 (“fiscal 2018”) include 52 weeks. When a 53 -week fiscal year occurs, we report the additional week at the end of the fiscal fourth quarter. 52 -week fiscal years consist of thirteen -week periods in each quarter of the fiscal year. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. The Condensed Consolidated Balance Sheet as of December 27, 2018 has been derived from the audited Consolidated Balance Sheet for the fiscal year then ended. The interim condensed consolidated financial statements should be read together with the audited consolidated financial statements and related footnote disclosures included in the Company’s Annual Report on Form 10-K for fiscal 2018, filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2019 (the “Annual Report”). Management believes the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments considered necessary for a fair statement of results for the interim periods presented. Results of operations for the thirteen and thirty-nine weeks ended September 26, 2019 and September 27, 2018 are not necessarily indicative of the results to be expected for the full years. |
Recent Accounting Pronouncements | Recently Issued Accounting Pronouncements There have been no updates to Recently Issued Accounting Pronouncements that have yet to be adopted since the Annual Report. For information regarding Recently Issued Accounting Pronouncements, see the “Summary of Significant Accounting Policies” section of “Item 8. Financial Statements and Supplementary Data” of our Annual Report. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, “ Leases (Topic 842) |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 26, 2019 | |
Disaggregation of Revenue [Abstract] | |
Disaggregated Revenue | Thirteen Weeks Ended Thirteen Weeks Ended September 26, 2019 September 27, 2018 % of % of Product Category Net Sales Net Sales Net Sales Net Sales Tile $ 133,340 26 % $ 119,988 28 % Laminate / Luxury Vinyl Plank 116,037 22 83,667 19 Decorative Accessories 100,357 19 82,814 19 Installation Materials and Tools 88,197 17 69,412 16 Wood 51,807 10 49,005 11 Natural Stone 31,511 6 28,025 6 Other (1) (156) — 2,971 1 Total $ 521,093 100 % $ 435,882 100 % Thirty-nine Weeks Ended Thirty-nine Weeks Ended September 26, 2019 September 27, 2018 % of % of Product Category Net Sales Net Sales Net Sales Net Sales Tile $ 394,969 26 % $ 360,798 28 % Laminate / Luxury Vinyl Plank 321,757 21 227,995 18 Decorative Accessories 292,391 19 244,279 19 Installation Materials and Tools 256,498 17 201,194 16 Wood 153,799 10 144,401 11 Natural Stone 95,301 6 85,564 7 Other (1) 3,739 1 8,878 1 Total $ 1,518,454 100 % $ 1,273,109 100 % (1) Other includes delivery revenue less adjustments for deferred revenue, sales returns reserves, rewards under our Pro Premier Loyalty program, and other revenue related adjustments that are not allocated on a product-level basis |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 26, 2019 | |
Debt | |
Schedule of fair value debt | September 26, December 27, in thousands 2019 2018 Total debt at par value $ 146,375 $ 149,000 Less: unamortized discount and debt issuance costs 3,087 3,666 Net carrying amount $ 143,288 $ 145,334 Fair value $ 145,643 $ 147,883 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 26, 2019 | |
Commitments and Contingencies. | |
Schedule of supplemental balance sheet information related to operating leases | As of in thousands, except lease term and discount rate Classification September 26, 2019 Assets Building Right-of-use assets $ 732,345 Equipment Right-of-use assets 6,947 Land Right-of-use assets 194 Software Right-of-use assets 4,031 Total operating lease assets $ 743,517 Liabilities Current Building Current portion of lease liabilities $ 47,747 Equipment Current portion of lease liabilities 3,303 Land Current portion of lease liabilities 85 Software Current portion of lease liabilities 1,982 Total current operating lease liabilities 53,117 Noncurrent Building Lease liabilities 769,510 Equipment Lease liabilities 4,066 Land Lease liabilities 114 Software Lease liabilities 2,148 Total noncurrent operating lease liabilities 775,838 Total operating lease liabilities $ 828,955 Weighted-average remaining lease term 10 years Weighted-average discount rate 5.2% |
Schedule of components of lease expense | Thirteen Weeks Ended Thirty-nine Weeks Ended in thousands Classification September 26, 2019 September 26, 2019 Operating lease cost (1) Selling and store operating $ 29,978 $ 84,907 Operating lease right-of-use asset impairment General and administrative 4,136 4,136 Sublease income Selling and store operating (588) (1,817) Total lease cost $ 33,526 $ 87,226 (1) Includes variable lease costs, which are immaterial. |
Schedule of Future minimum lease payments under non cancelable operating leases | in thousands Amount Thirteen weeks ending December 26, 2019 $ 19,609 2020 108,355 2021 118,784 2022 111,501 2023 108,266 Thereafter 623,390 Total minimum lease payments (2) $ 1,089,905 Less: amount of lease payments representing interest 260,950 Present value of future minimum lease payments 828,955 Less: current obligations under leases 53,117 Long-term lease obligations $ 775,838 (2) Future lease payments exclude approximately $209.4 million of legally binding minimum lease payments for operating leases signed but not yet commenced. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 26, 2019 | |
Earnings Per Share | |
Schedule of computation of basic and diluted earnings per share | Thirteen Weeks Ended Thirty-nine Weeks Ended September 26, September 27, September 26, September 27, in thousands, except per share data 2019 2018 2019 2018 Net income $ 40,974 $ 26,568 $ 115,290 $ 98,285 Basic weighted average shares outstanding 100,137 97,254 98,855 96,551 Dilutive effect of share based awards 5,043 7,311 5,957 8,185 Diluted weighted average shares outstanding 105,180 104,565 104,812 104,736 Basic earnings per share $ 0.41 $ 0.27 $ 1.17 $ 1.02 Diluted earnings per share $ 0.39 $ 0.25 $ 1.10 $ 0.94 |
Schedule of awards excluded from computation | Thirteen Weeks Ended Thirty-nine Weeks Ended September 26, September 27, September 26, September 27, in thousands 2019 2018 2019 2018 Stock options 281 209 997 168 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) ft² in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 26, 2019ft²facilitysegmentstate | Dec. 26, 2019 | Dec. 27, 2018 | Dec. 31, 2015 | |
Real Estate Properties [Line Items] | ||||
Number of reportable segments | segment | 1 | |||
Number of states with facilities | state | 28 | |||
Number of distribution centers | 3 | |||
Fiscal year period | 364 days | 364 days | 371 days | |
Fiscal quarter period | 91 days | |||
Minimum | ||||
Real Estate Properties [Line Items] | ||||
Fiscal year period | 364 days | |||
Maximum | ||||
Real Estate Properties [Line Items] | ||||
Fiscal year period | 371 days | |||
Warehouse Format Store [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of stores | 113 | |||
Area of facility | ft² | 76 | |||
Small Format Store [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of stores | 1 |
Disaggregated Revenue (Details)
Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2019 | Sep. 27, 2018 | Sep. 26, 2019 | Sep. 27, 2018 | |
Net Sales | $ 521,093 | $ 435,882 | $ 1,518,454 | $ 1,273,109 |
Revenue from Contract with Customer, Product and Service Benchmark [Member] | Product Concentration Risk [Member] | ||||
Net Sales | $ 521,093 | $ 435,882 | $ 1,518,454 | $ 1,273,109 |
% of Net Sales | 100.00% | 100.00% | 100.00% | 100.00% |
Tile | Revenue from Contract with Customer, Product and Service Benchmark [Member] | Product Concentration Risk [Member] | ||||
Net Sales | $ 133,340 | $ 119,988 | $ 394,969 | $ 360,798 |
% of Net Sales | 26.00% | 28.00% | 26.00% | 28.00% |
Decorative Accessories | Revenue from Contract with Customer, Product and Service Benchmark [Member] | Product Concentration Risk [Member] | ||||
Net Sales | $ 100,357 | $ 82,814 | $ 292,391 | $ 244,279 |
% of Net Sales | 19.00% | 19.00% | 19.00% | 19.00% |
Laminate Luxury Vinyl Plank | Revenue from Contract with Customer, Product and Service Benchmark [Member] | Product Concentration Risk [Member] | ||||
Net Sales | $ 116,037 | $ 83,667 | $ 321,757 | $ 227,995 |
% of Net Sales | 22.00% | 19.00% | 21.00% | 18.00% |
Installation Materials And Tools | Revenue from Contract with Customer, Product and Service Benchmark [Member] | Product Concentration Risk [Member] | ||||
Net Sales | $ 88,197 | $ 69,412 | $ 256,498 | $ 201,194 |
% of Net Sales | 17.00% | 16.00% | 17.00% | 16.00% |
Wood | Revenue from Contract with Customer, Product and Service Benchmark [Member] | Product Concentration Risk [Member] | ||||
Net Sales | $ 51,807 | $ 49,005 | $ 153,799 | $ 144,401 |
% of Net Sales | 10.00% | 11.00% | 10.00% | 11.00% |
Natural Stone | Revenue from Contract with Customer, Product and Service Benchmark [Member] | Product Concentration Risk [Member] | ||||
Net Sales | $ 31,511 | $ 28,025 | $ 95,301 | $ 85,564 |
% of Net Sales | 6.00% | 6.00% | 6.00% | 7.00% |
Other | Revenue from Contract with Customer, Product and Service Benchmark [Member] | Product Concentration Risk [Member] | ||||
Net Sales | $ (156) | $ 2,971 | $ 3,739 | $ 8,878 |
% of Net Sales | 0.00% | 1.00% | 1.00% | 1.00% |
Debt - Fair Value of Debt (Deta
Debt - Fair Value of Debt (Details) - USD ($) $ in Thousands | Sep. 26, 2019 | Dec. 27, 2018 |
Debt Instrument [Line Items] | ||
Total debt at par value | $ 146,375 | $ 149,000 |
Less: unamortized discount and debt issuance costs | 3,087 | 3,666 |
Net carrying amount | 143,288 | 145,334 |
Level 3 | ||
Debt Instrument [Line Items] | ||
Fair value | $ 145,643 | $ 147,883 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2019 | Sep. 27, 2018 | Sep. 26, 2019 | Sep. 27, 2018 | |
Income Taxes | ||||
Effective income tax rate (as a percent) | (39.30%) | 17.10% | (4.90%) | 3.50% |
Commitments and Contingencies -
Commitments and Contingencies - Lease costs (Details) $ in Thousands | Dec. 27, 2018USD ($) | Sep. 26, 2019USD ($) | Sep. 26, 2019USD ($)facilityitem | Dec. 28, 2018USD ($) |
Lease Commitments | ||||
Lease, Practical Expedients, Package [true false] | true | |||
Right-of-use assets | $ 0 | $ 743,517 | $ 743,517 | |
Operating lease liability | 828,955 | $ 828,955 | ||
Lease term for 1 particular lease | 20 years | |||
Number of leases with longer term | item | 2 | |||
Existence of option to extend | true | |||
Number of leases with variable payments | facility | 1 | |||
Number of distribution centers subleased | facility | 1 | |||
Existence of residual value guarantee | false | |||
Current portion of lease liability | 0 | 53,117 | $ 53,117 | |
Lease liabilities | $ 0 | $ 775,838 | $ 775,838 | |
Weighted average remaining lease term | 10 years | 10 years | ||
Weighted average discount rate | 5.20% | 5.20% | ||
Lease, Cost [Abstract] | ||||
Operating lease cost | $ 29,978 | $ 84,907 | ||
Operating lease, right-of-use asset impairment | 4,136 | 4,136 | ||
Sublease income | (588) | (1,817) | ||
Lease, Cost, Total | 33,526 | 87,226 | ||
Building [Member] | ||||
Lease Commitments | ||||
Right-of-use assets | 732,345 | 732,345 | ||
Current portion of lease liability | 47,747 | 47,747 | ||
Lease liabilities | 769,510 | 769,510 | ||
Equipment [Member] | ||||
Lease Commitments | ||||
Right-of-use assets | 6,947 | 6,947 | ||
Current portion of lease liability | 3,303 | 3,303 | ||
Lease liabilities | 4,066 | 4,066 | ||
Land [Member] | ||||
Lease Commitments | ||||
Right-of-use assets | 194 | 194 | ||
Current portion of lease liability | 85 | 85 | ||
Lease liabilities | 114 | 114 | ||
Software and Software Development Costs [Member] | ||||
Lease Commitments | ||||
Right-of-use assets | 4,031 | 4,031 | ||
Current portion of lease liability | 1,982 | 1,982 | ||
Lease liabilities | $ 2,148 | $ 2,148 | ||
Minimum | ||||
Lease Commitments | ||||
Lease term | 10 years | 10 years | ||
Maximum | ||||
Lease Commitments | ||||
Lease term | 15 years | 15 years | ||
Accounting Standards Update 2016-02 [Member] | Restatement Adjustment [Member] | ||||
Lease Commitments | ||||
Right-of-use assets | $ 620,800 | |||
Operating lease liability | $ 683,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Lease Maturity (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 26, 2019 | Dec. 27, 2018 | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Thirteen weeks ended December 26, 2019 | $ 19,609 | |
2020 | 108,355 | |
2021 | 118,784 | |
2022 | 111,501 | |
2023 | 108,266 | |
Thereafter | 623,390 | |
Total minimum lease payments | 1,089,905 | |
Amount representing interest | 260,950 | |
Operating Lease, Liability, Total | 828,955 | |
Current portion of lease liability | 53,117 | $ 0 |
Long-term lease obligations | 775,838 | $ 0 |
Minimum lease payments for leases not yet commenced | 209,400 | |
Cash paid during the period against operating lease liabilities | $ 80,200 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | May 17, 2018 | Sep. 26, 2019 | Mar. 28, 2019 | Sep. 26, 2019 | Dec. 27, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued under employee stock plan | $ 1,026 | $ 1,419 | |||
Stock purchase plan, expense | $ 130 | $ 400 | |||
Class A Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||
Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair market value measurement period | 6 months | ||||
Employee Stock Purchase Plan [Member] | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Purchase price, as a percentage of fair market value | 85.00% | ||||
Employee Stock Purchase Plan [Member] | Class A Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares of stock authorized under the plan | 1,500,000 | ||||
Common stock, par value | $ 0.001 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 26, 2019 | Jun. 27, 2019 | Mar. 28, 2019 | Sep. 27, 2018 | Jun. 28, 2018 | Mar. 29, 2018 | Sep. 26, 2019 | Sep. 27, 2018 | |
Earnings Per Share | ||||||||
Net income | $ 40,974 | $ 43,596 | $ 30,720 | $ 26,568 | $ 39,846 | $ 31,871 | $ 115,290 | $ 98,285 |
Basic weighted average shares outstanding | 100,137 | 97,254 | 98,855 | 96,551 | ||||
Dilutive effect of share based awards | 5,043 | 7,311 | 5,957 | 8,185 | ||||
Diluted weighted average shares outstanding | 105,180 | 104,565 | 104,812 | 104,736 | ||||
Basic earnings per share | $ 0.41 | $ 0.27 | $ 1.17 | $ 1.02 | ||||
Diluted earnings per share | $ 0.39 | $ 0.25 | $ 1.10 | $ 0.94 |
Earnings Per Share - Dilutive e
Earnings Per Share - Dilutive effects of share based awards (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2019 | Sep. 27, 2018 | Sep. 26, 2019 | Sep. 27, 2018 | |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from the computation of diluted earnings (per share) | 281 | 209 | 997 | 168 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 1 Months Ended |
Oct. 24, 2019USD ($) | |
Subsequent Event | |
Subsequent Event [Line Items] | |
Loss on early termination of lease | $ 2.1 |