Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 29, 2015 | 4-May-15 | |
Document Information [Line Items] | ||
Entity Registrant Name | CARROLS RESTAURANT GROUP, INC. | |
Entity Central Index Key | 809248 | |
Current Fiscal Year End Date | -2 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 29-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 35,499,066 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 29, 2015 | Dec. 28, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash | $24,287 | $21,221 |
Trade and other receivables | 5,977 | 4,034 |
Inventories | 6,760 | 7,785 |
Prepaid rent | 1,570 | 3,164 |
Prepaid expenses and other current assets | 5,312 | 3,009 |
Refundable income taxes | 0 | 2,416 |
Deferred income taxes | 1,642 | 1,642 |
Total current assets | 45,548 | 43,271 |
Property and equipment, net | 179,325 | 179,383 |
Franchise rights, net | 101,787 | 102,900 |
Goodwill | 17,793 | 17,793 |
Franchise agreements, net | 14,108 | 14,602 |
Favorable leases, net | 4,610 | 4,725 |
Deferred financing fees | 3,290 | 3,399 |
Other assets | 1,601 | 3,324 |
Total assets | 368,062 | 369,397 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Current portion of long-term debt | 1,293 | 1,272 |
Accounts payable | 16,018 | 19,239 |
Accrued interest | 6,467 | 2,170 |
Accrued payroll, related taxes and benefits | 19,762 | 17,321 |
Accrued real estate taxes | 4,241 | 4,908 |
Other liabilities | 15,220 | 10,273 |
Total current liabilities | 63,001 | 55,183 |
Long-term debt, net of current portion | 157,091 | 157,422 |
Lease financing obligations | 1,202 | 1,202 |
Deferred income-sale-leaseback of real estate | 14,660 | 15,108 |
Deferred income taxes | 1,642 | 1,642 |
Accrued postretirement benefits | 3,135 | 3,121 |
Unfavorable leases, net | 12,695 | 13,027 |
Other liabilities | 17,037 | 16,157 |
Total liabilities | 270,463 | 262,862 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, par value $.01 | 0 | 0 |
Voting common stock, par value $.01 | 349 | 348 |
Additional paid-in capital | 137,986 | 137,647 |
Accumulated deficit | -40,238 | -30,962 |
Accumulated other comprehensive income | -357 | -357 |
Treasury stock, at cost | -141 | -141 |
Total stockholders' equity | 97,599 | 106,535 |
Total liabilities and stockholders' equity | $368,062 | $369,397 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 29, 2015 | Dec. 28, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Property and equipment, accumulated depreciation | $211,304 | $206,448 |
Franchise rights, accumulated amortization | 84,297 | 83,184 |
Franchise agreements, accumulated amortization | 7,796 | 7,502 |
Favorable leases, accumulated amortization | 956 | 841 |
Unfavorable leases, accumulated amortization | $2,572 | $2,240 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 100 | 100 |
Preferred stock, shares outstanding | 100 | 100 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 35,499,066 | 35,222,667 |
Common stock, shares, outstanding | 34,895,803 | 34,827,240 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations And Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Revenues: | ||
Restaurant sales | $193,170 | $151,453 |
Costs and expenses: | ||
Cost of sales | 56,850 | 43,349 |
Restaurant wages and related expenses | 63,312 | 50,937 |
Restaurant rent expense | 14,424 | 11,438 |
Other restaurant operating expenses | 32,492 | 26,025 |
Advertising expense | 7,283 | 6,543 |
General and administrative | 11,596 | 10,267 |
Depreciation and amortization | 10,005 | 8,758 |
Impairment and other lease charges | 1,630 | 620 |
Other expense | 40 | 0 |
Total operating expenses | 197,632 | 157,937 |
Income (loss) from operations | -4,462 | -6,484 |
Interest expense | 4,814 | 4,703 |
Income (loss) before income taxes | -9,276 | -11,187 |
Provision (benefit) for income taxes | 0 | -3,758 |
Net income (loss) | -9,276 | -7,429 |
Basic and diluted net income (loss) per share | ($0.27) | ($0.32) |
Basic and diluted weighted average common shares outstanding | 34,882,302 | 23,151,523 |
Other comprehensive income (loss), net of tax: | ||
Net income (loss) | -9,276 | -7,429 |
Other | 0 | 0 |
Comprehensive income (loss) | ($9,276) | ($7,429) |
Recovered_Sheet1
Consolidated Statements of Operations And Comprehensive Loss (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Stock-based compensation | $341 | $296 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Cash flows provided from (used for) operating activities: | ||
Net income (loss) | ($9,276) | ($7,429) |
Adjustments to reconcile net loss to net cash provided from (used for) operating activities | ||
Loss on disposals of property and equipment | 171 | 119 |
Stock-based compensation | 341 | 296 |
Impairment and other lease charges | 1,630 | 620 |
Depreciation and amortization | 10,005 | 8,758 |
Amortization of deferred financing costs | 257 | 251 |
Amortization of deferred gains from sale-leaseback transactions | -448 | -450 |
Deferred income taxes | 0 | -3,790 |
Change in refundable income taxes | 2,416 | 32 |
Changes in other operating assets and liabilities | 9,384 | 1,944 |
Net cash provided from (used for) operating activities | 14,480 | 351 |
Cash flows used for investing activities: | ||
New restaurant development | -18 | -1,408 |
Restaurant remodeling | -8,792 | -4,020 |
Other restaurant capital expenditures | -2,552 | -1,283 |
Corporate and restaurant information systems | -704 | -254 |
Total capital expenditures | -12,066 | -6,965 |
Properties purchased for sale-leaseback | -697 | -3,412 |
Proceeds from sale-leaseback transactions | 1,808 | 1,621 |
Net cash used for investing activities | -10,955 | -8,756 |
Cash flows provided from (used for) financing activities: | ||
Borrowings under senior credit facilities | 0 | 20,500 |
Repayments on prior revolving credit facilities | 0 | -18,750 |
Principal payments on capital leases | -311 | -245 |
Financing costs associated with issuance of debt | -148 | 0 |
Net cash provided from (used for) financing activities: | -459 | 1,505 |
Net increase (decrease) in cash | 3,066 | -6,900 |
Cash, beginning of period | 21,221 | 8,302 |
Cash, end of period | $24,287 | $1,402 |
Consolidated_Statements_Of_Cas1
Consolidated Statements Of Cash Flows Supplemental Disclosures (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Statement of Cash Flows [Abstract] | ||
Interest paid on long-term debt | $234 | $189 |
Interest paid on lease financing obligations | 26 | 23 |
Accruals for capital expenditures | 2,689 | 1,046 |
Income Taxes Refunded | 2,416 | 0 |
Non-cash reduction of capital lease assets and obligation | $0 | $1,055 |
Basis_Of_Presentation_Notes
Basis Of Presentation (Notes) | 3 Months Ended |
Mar. 29, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | Basis of Presentation |
Business Description. At March 29, 2015 Carrols Restaurant Group, Inc. ("Carrols Restaurant Group" or the "Company") operated, as franchisee, 659 restaurants under the trade name “Burger King ®” in 15 Northeastern, Midwestern and Southeastern states. | |
Basis of Consolidation. Carrols Restaurant Group is a holding company and conducts all of its operations through Carrols Corporation (“Carrols”) and its wholly-owned subsidiary. The unaudited consolidated financial statements presented herein include the accounts of Carrols Restaurant Group and its wholly-owned subsidiary Carrols. Any reference to “Carrols LLC” refers to Carrols’ wholly-owned subsidiary, Carrols LLC, a Delaware limited liability company. | |
Unless the context otherwise requires, Carrols Restaurant Group, Carrols and the direct and indirect subsidiaries of Carrols are collectively referred to as the “Company.” All intercompany transactions have been eliminated in consolidation. | |
Fiscal Year. The Company uses a 52-53 week fiscal year ending on the Sunday closest to December 31. The fiscal year ended December 28, 2014 contained 52 weeks. The three months ended March 29, 2015 and March 30, 2014 each contained thirteen weeks. | |
Basis of Presentation. The accompanying unaudited consolidated financial statements for the three months ended March 29, 2015 and March 30, 2014 have been prepared without an audit, pursuant to the rules and regulations of the Securities and Exchange Commission and do not include certain of the information and the footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation of such unaudited consolidated financial statements have been included. The results of operations for three months ended March 29, 2015 and March 30, 2014 are not necessarily indicative of the results to be expected for the full year. | |
These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 28, 2014. The December 28, 2014 consolidated balance sheet data is derived from those audited financial statements. | |
Use of Estimates. The preparation of the accompanying unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates include: accrued occupancy costs, insurance liabilities, evaluation for impairment of goodwill, long-lived assets and franchise rights and lease accounting matters. Actual results could differ from those estimates. | |
Segment Information. Operating segments are components of an entity for which separate financial information is available and is regularly reviewed by the chief operating decision maker in order to allocate resources and assess performance. The Company's chief operating decision maker currently evaluates the Company's operations from a number of different operational perspectives, however resource allocation decisions are made at a total-company basis. The Company derives all significant revenues from a single operating segment. Accordingly, the Company views the operating results of its Burger King restaurants as one reportable segment. | |
Fair Value of Financial Instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. In determining fair value, the accounting standards establish a three level hierarchy for inputs used in measuring fair value as follows: Level 1 inputs are quoted prices in active markets for identical assets or liabilities; Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices in active markets for similar assets or liabilities; and Level 3 inputs are unobservable and reflect the Company's own assumptions. Financial instruments include cash, accounts receivable, accounts payable and long-term debt. The carrying amounts of cash, accounts receivable and accounts payable approximate fair value because of the short-term nature of these financial instruments. The fair value of the Carrols Restaurant Group 11.25% Senior Secured Second Lien Notes due 2018 is based on a recent trading value, which is considered Level 2, and at March 29, 2015 was approximately $159.4 million. | |
Fair value measurements of non-financial assets and non-financial liabilities are primarily used in the impairment analysis of long-lived assets and intangible assets. Long-lived assets and definite-lived intangible assets are measured at fair value on a nonrecurring basis using Level 3 inputs. As described in Note 4, the Company recorded long-lived asset impairment charges of $0.5 million and $0.2 million during the three months ended March 29, 2015 and March 30, 2014, respectively. Goodwill is reviewed annually for impairment on the last day of the fiscal year, or more frequently, if impairment indicators arise. |
Acquisition_Notes
Acquisition (Notes) | 3 Months Ended | |||||||||
Mar. 29, 2015 | ||||||||||
Business Combinations [Abstract] | ||||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Acquisitions | |||||||||
During the year ended December 28, 2014, the Company acquired an aggregate of 123 restaurants from other franchisees, which we refer to as the "2014 acquired restaurants", in the following transactions: | ||||||||||
Closing Date | Number of Restaurants | Purchase Price | Market Location | |||||||
April 30, 2014 | 4 | $ | 681 | Fort Wayne, Indiana | ||||||
June 30, 2014 | 4 | 3,819 | -1 | Pittsburgh, Pennsylvania | ||||||
July 22, 2014 | 21 | 8,609 | Rochester, New York and Southern Tier of Western New York | |||||||
October 8, 2014 | 30 | 20,330 | -1 | Wilmington and Greenville, North Carolina | ||||||
November 4, 2014 | 64 | 18,761 | -2 | Nashville, Tennessee; Indiana and Illinois | ||||||
123 | $ | 52,200 | ||||||||
-1 | The acquisitions on June 30, 2014 and October 8, 2014 included the purchase of one and twelve fee-owned properties, respectively. Ten of these fee-owned properties were sold in sale-leaseback transactions during the fourth quarter of 2014 for net proceeds of $12,961 and one property was sold in a sale-leaseback transaction at the beginning of the first quarter of 2015 for net proceeds of $1,123. | |||||||||
-2 | In connection with the acquisition on November 4, 2014, the Company entered into an agreement with BKC to remodel 46 of the restaurants acquired over a five-year period beginning in 2014. | |||||||||
The 2014 acquired restaurants contributed restaurant sales of $32.5 million in the first quarter of 2015. It is impracticable to disclose net earnings for the post-acquisition period for the 2014 acquired restaurants as net earnings of these restaurants were not tracked on a collective basis due to the integration of administrative functions, including field supervision. | ||||||||||
The pro forma impact on the results of operations for the 2014 acquisitions for the three months ended March 30, 2014 is included below. The pro forma results of operations are not necessarily indicative of the results that would have occurred had the acquisitions been consummated at the beginning of the periods presented, nor are they necessarily indicative of any future consolidated operating results. The following table summarizes the Company's unaudited pro forma operating results: | ||||||||||
Three Months Ended | ||||||||||
March 30, 2014 | ||||||||||
Restaurant sales | $ | 182,545 | ||||||||
Net loss | $ | (6,462 | ) | |||||||
Basic and diluted net loss per share | $ | (0.28 | ) | |||||||
This pro forma financial information does not give effect to any anticipated synergies, operating efficiencies or cost savings or any transaction and integration costs related to the 2014 acquired restaurants. |
Intangible_Assets_Notes
Intangible Assets (Notes) | 3 Months Ended |
Mar. 29, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Franchise Rights [Text Block] | Intangible Assets |
Goodwill. The Company is required to review goodwill for impairment annually, or more frequently, when events and circumstances indicate that the carrying amount may be impaired. If the determined fair value of goodwill is less than the related carrying amount, an impairment loss is recognized. The Company performs its annual impairment assessment as of the last day of its fiscal year and does not believe circumstances have changed since the last assessment date which would make it necessary to reassess its value. There were no goodwill impairment losses during the three months ended March 29, 2015 or March 30, 2014. | |
Franchise Rights. Amounts allocated to franchise rights for each acquisition of Burger King restaurants are amortized using the straight-line method over the average remaining term of the acquired franchise agreements plus one twenty-year renewal period. | |
The Company assesses the potential impairment of franchise rights whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If an indicator of impairment exists, an estimate of the aggregate undiscounted cash flows from the acquired restaurants is compared to the respective carrying value of franchise rights for each acquisition. If an asset is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset over its fair value. No impairment charges were recorded related to the Company’s franchise rights for the three months ended March 29, 2015 or March 30, 2014. | |
Amortization expense related to franchise rights was $1.1 million and $1.0 million for the three months ended March 29, 2015 and March 30, 2014, respectively. The Company expects annual amortization expense to be $4.7 million in 2015 and in each of the following five years. | |
Favorable and Unfavorable Leases. Amounts allocated to favorable and unfavorable leases are being amortized using the straight-line method over the remaining terms of the underlying lease agreements as a net reduction of restaurant rent expense. | |
The net reduction of rent expense related to the amortization of favorable and unfavorable leases was $0.2 million and $0.1 million for the three months ended March 29, 2015 and March 30, 2014, respectively. The Company expects the net annual reduction of rent expense to be $0.8 million in 2015, $0.7 million in 2016, 2017 and 2018, $0.6 million in 2019, and $0.6 million in 2020. |
Impairment_Of_LongLived_Assets
Impairment Of Long-Lived Assets And Other Lease Charges (Notes) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Asset Impairment Charges [Abstract] | ||||||||
Asset Impairment Charges [Text Block] | Impairment of Long-Lived Assets and Other Lease Charges | |||||||
The Company reviews its long-lived assets, principally property and equipment, for impairment at the restaurant level. If an indicator of impairment exists for any of its assets, an estimate of the undiscounted future cash flows over the life of the primary asset for each restaurant is compared to that long-lived asset’s carrying value. If the carrying value is greater than the undiscounted cash flow, the Company then determines the fair value of the asset and if an asset is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset over its fair value. For closed restaurant locations, the Company reviews the future minimum lease payments and related ancillary costs from the date of the restaurant closure to the end of the remaining lease term and records a lease charge for the lease liabilities to be incurred, net of any estimated sublease recoveries. | ||||||||
The Company determined the fair value of restaurant equipment, for those restaurants reviewed for impairment, based on current economic conditions and the Company’s history of using these assets in the operation of its business. These fair value asset measurements rely on significant unobservable inputs and are considered Level 3 in the fair value hierarchy. | ||||||||
During the three months ended March 29, 2015, the Company recorded other lease charges of $1.2 million associated with the closure of eight of the Company's restaurants in the first quarter of 2015 and asset impairment charges of $0.5 million, including $0.3 million of capital expenditures at previously impaired restaurants. | ||||||||
During the three months ended March 30, 2014, the Company recorded other lease charges of $0.4 million associated with the closure of one of the Company's restaurants in the first quarter of 2014 and impairment charges of $0.2 million consisting of capital expenditures at previously impaired restaurants. | ||||||||
The following table presents the activity in the accrual for closed restaurant locations: | ||||||||
Three Months Ended | Year Ended | |||||||
March 29, 2015 | December 28, 2014 | |||||||
Balance, beginning of the period | $ | 1,721 | $ | 1,466 | ||||
Provisions for restaurant closures | 1,170 | 724 | ||||||
Changes in estimates of accrued costs | (32 | ) | 87 | |||||
Payments, net | (251 | ) | (721 | ) | ||||
Other adjustments, including the effect of discounting future obligations | 42 | 165 | ||||||
Balance, end of the period | $ | 2,650 | $ | 1,721 | ||||
Other_Liabilities_LongTerm_Not
Other Liabilities, Long-Term (Notes) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Other Liabilities, Noncurrent [Abstract] | ||||||||
Other Liabilities Disclosure [Text Block] | Other Liabilities, Long-Term | |||||||
Other liabilities, long-term, at March 29, 2015 and December 28, 2014 consisted of the following: | ||||||||
March 29, 2015 | December 28, 2014 | |||||||
Accrued occupancy costs | $ | 9,657 | $ | 9,287 | ||||
Accrued workers’ compensation and general liability claims | 3,912 | 3,211 | ||||||
Deferred compensation | 648 | 567 | ||||||
Long-term obligation to BKC for right of first refusal | 753 | 939 | ||||||
Other | 2,067 | 2,153 | ||||||
$ | 17,037 | $ | 16,157 | |||||
Accrued occupancy costs above include long-term obligations pertaining to closed restaurant locations, contingent rent, and accruals to expense operating lease rental payments on a straight-line basis over the lease term. |
LongTerm_Debt_Notes
Long-Term Debt (Notes) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Long-term Debt, Unclassified [Abstract] | ||||||||
Long-Term Debt | Long-term Debt | |||||||
Long-term debt at March 29, 2015 and December 28, 2014 consisted of the following: | ||||||||
March 29, 2015 | December 28, 2014 | |||||||
Collateralized: | ||||||||
Carrols Restaurant Group 11.25% Senior Secured Second Lien Notes | $ | 150,000 | $ | 150,000 | ||||
Capital leases | 8,384 | 8,694 | ||||||
158,384 | 158,694 | |||||||
Less: current portion | (1,293 | ) | (1,272 | ) | ||||
$ | 157,091 | $ | 157,422 | |||||
Senior Secured Second Lien Notes. On May 30, 2012, Carrols Restaurant Group issued $150.0 million of 11.25% Senior Secured Second Lien Notes due 2018 (the "Notes") pursuant to an indenture dated as of May 30, 2012 governing such Notes. The Company repurchased and redeemed these Notes in the second quarter of 2015 as part of a refinancing. See Note 12 - Subsequent Events. | ||||||||
The Notes were payable on May 15, 2018. Interest was payable semi-annually on May 15 and November 15. The Notes were guaranteed by the Company’s subsidiaries and were secured by second-priority liens on substantially all of the Company’s and its subsidiaries’ assets (including a pledge of all of the capital stock and equity interests of its subsidiaries). | ||||||||
The Notes were redeemable at the option of the Company in whole or in part at any time after May 15, 2015 at a price of 105.625% of the principal amount plus accrued and unpaid interest, if any, if redeemed before May 15, 2016, 102.813% of the principal amount plus accrued and unpaid interest, if any, if redeemed after May 15, 2016 but before May 15, 2017 and 100% of the principal amount plus accrued and unpaid interest, if any, if redeemed after May 15, 2017. Prior to May 15, 2015, the Company was able to redeem some or all of the Notes at a redemption price of 100% of the principal amount of each note plus accrued and unpaid interest, if any, and a make-whole premium. In addition, the indenture governing the Notes also provided that the Company was able to redeem up to 35% of the Notes using the proceeds of certain equity offerings completed before May 15, 2015. | ||||||||
The Notes were jointly and severally guaranteed, unconditionally and in full by the Company's subsidiaries which are directly or indirectly 100% owned by the Company. Separate condensed consolidating information is not included because the Company is a holding company that has no independent assets or operations. There are no significant restrictions on the ability of the Company or any of the guarantor subsidiaries to obtain funds from its respective subsidiaries. All consolidated amounts in the Company's financial statements are representative of the combined guarantors. | ||||||||
The indenture governing the Notes included certain covenants, including limitations and restrictions on the Company and all of its subsidiaries who were guarantors under such indenture to, among other things: incur indebtedness or issue preferred stock; incur liens; pay dividends or make distributions in respect of capital stock or make certain other restricted payments or investments; sell assets; agree to payment restrictions affecting certain subsidiaries; enter into transaction with affiliates; or merge, consolidate or sell substantially all of the Company's assets. | ||||||||
The indenture governing the Notes and the security agreement provided that any capital stock and equity interests of any of the Company's subsidiaries was to be excluded from the collateral to the extent that the par value, book value or market value of such capital stock or equity interests exceeded 20% of the aggregate principal amount of the Notes then outstanding. | ||||||||
The indenture governing the Notes contained customary default provisions, including without limitation, a cross default provision pursuant to which it was an event of default under the Notes and the indenture if there was a default under any indebtedness of the Company having an outstanding principal amount of $15.0 million or more which results in the acceleration of such indebtedness prior to its stated maturity or was caused by a failure to pay principal when due. The Company was in compliance as of March 29, 2015 with the restrictive covenants of the indenture governing the Notes. | ||||||||
Senior Credit Facility. On May 30, 2012, the Company entered into a senior credit facility, which provides for aggregate revolving credit borrowings of up to $20.0 million (including $15.0 million available for letters of credit) maturing on May 30, 2017. The senior credit facility also provided for potential incremental borrowing increases of up to $25.0 million, in the aggregate. At March 29, 2015, there were no revolving credit borrowings outstanding under the senior credit facility. On April 29, 2015 the Company amended its senior credit facility. See Note 12 - Subsequent Events. | ||||||||
On December 19, 2014 the Company entered into an amendment to the senior credit facility which revised certain financial ratios, including the Fixed Charge Coverage Ratio and Adjusted Leverage Ratio (all as defined under the first amendment to the senior credit facility). Additionally, the amendment requires the Company to have no outstanding borrowings for a consecutive 30-day period during each trailing twelve month period. | ||||||||
Effective on December 19, 2014, borrowings under the senior credit facility bore interest at a rate per annum, at the Company’s option, of: | ||||||||
(i) the Alternate Base Rate plus the applicable margin of 2.50% to 3.25% based on the Company’s Adjusted Leverage Ratio, or | ||||||||
(ii) the LIBOR Rate plus the applicable margin of 3.50% to 4.25% based on the Company’s Adjusted Leverage Ratio. | ||||||||
At March 29, 2015 the Company's LIBOR rate margin was 4.25% based on the Company's Adjusted Leverage Ratio at that date. | ||||||||
The Company’s obligations under the senior credit facility are guaranteed by its subsidiaries and are secured by first priority liens on substantially all of the assets of the Company and its subsidiaries, including a pledge of all of the capital stock and equity interests of its subsidiaries. | ||||||||
Under the senior credit facility, the Company will be required to make mandatory prepayments of borrowings in the event of dispositions of assets, debt issuances and insurance and condemnation proceeds (all subject to certain exceptions). | ||||||||
The senior credit facility contains certain covenants, including without limitation, those limiting the Company’s and its subsidiaries' ability to, among other things, incur indebtedness, incur liens, sell or acquire assets or businesses, change the character of its business in all material respects, engage in transactions with related parties, make certain investments, make certain restricted payments or pay dividends. In addition, the senior credit facility requires the Company to meet certain financial ratios, including a Fixed Charge Coverage Ratio and Adjusted Leverage Ratio (all as defined under the senior credit facility, as amended). The Company was in compliance with the covenants under the senior credit facility at March 29, 2015. | ||||||||
The senior credit facility contains customary default provisions, including that the lenders may terminate their obligation to advance and may declare the unpaid balance of borrowings, or any part thereof, immediately due and payable upon the occurrence and during the continuance of customary defaults which include, without limitation, payment default, covenant defaults, bankruptcy type defaults, cross-defaults on other indebtedness, judgments or upon the occurrence of a change of control. | ||||||||
After reserving $12.0 million for letters of credit issued under the senior credit facility for workers’ compensation and other insurance policies, $8.0 million was available for revolving credit borrowings under the senior credit facility at March 29, 2015. |
Income_Taxes_Notes
Income Taxes (Notes) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Income Taxes | Income Taxes | |||||||
The benefit for income taxes for the three months ended March 29, 2015 and March 30, 2014 was comprised of the following: | ||||||||
Three Months Ended | ||||||||
March 29, 2015 | March 30, 2014 | |||||||
Current | $ | — | $ | 32 | ||||
Deferred | (3,739 | ) | (3,790 | ) | ||||
Valuation allowance | 3,739 | — | ||||||
$ | — | $ | (3,758 | ) | ||||
The benefit for income taxes for the three months ended March 30, 2014 was derived using an estimated effective annual income tax rate for 2014 of 33.9%, which excluded any discrete tax adjustments. | ||||||||
The Company performed an assessment of positive and negative evidence regarding the realization of its deferred income tax assets at December 28, 2014 as required by ASC 740. Under ASC 740, the weight given to negative and positive evidence is commensurate only to the extent that such evidence can be objectively verified. ASC 740 also prescribes that objective historical evidence, in particular the Company’s three-year cumulative loss position at December 28, 2014, be given greater weight than subjective evidence, including the Company’s forecasts of future taxable income, which include assumptions that cannot be objectively verified. The Company determined, based on the required weight of that evidence under ASC 740, that a valuation allowance was needed for all of its net deferred income tax assets at December 28, 2014. As a result, the Company recorded a valuation reserve of $24.3 million in the fourth quarter of 2014. | ||||||||
For the three months ended March 29, 2015 the Company increased its valuation reserve by $3.7 million for its incremental net deferred income tax assets in the period. Consequently, the Company recorded no benefit from income taxes in the three months ended March 29, 2015. At March 29, 2015, the Company's valuation allowance on all its net deferred tax assets was $31.2 million, which included $3.5 million related to certain state net operating loss carryforwards. | ||||||||
The Company's federal net operating loss carryforwards expire beginning in 2033. As of March 29, 2015, the Company had federal net operating loss carryforwards of approximately $40.8 million. | ||||||||
The estimation of future taxable income for federal and state purposes and the Company's ability to realize deferred tax assets can significantly change based on future events and operating results. Thus, recorded valuation allowances may be subject to future changes that could have a material impact on the consolidated financial statements. If the Company determines that it is more likely than not that it will realize these deferred tax assets in the future, the Company will make an adjustment to the valuation allowance at that time. | ||||||||
The Company's policy is to recognize interest and/or penalties related to uncertain tax positions in income tax expense. At March 29, 2015 and December 28, 2014, the Company had no unrecognized tax benefits and no accrued interest related to uncertain tax positions. The tax years 2009 - 2014 remains open to examination by the major taxing jurisdictions to which the Company is subject. In 2014, the Company concluded an examination of its consolidated federal income tax return for the tax years 2009 through 2012. Although it is not reasonably possible to estimate the amount by which unrecognized tax benefits may increase within the next twelve months due to the uncertainties regarding the timing of any examinations, the Company does not expect unrecognized tax benefits to significantly change in the next twelve months. |
StockBased_Compensation_Notes
Stock-Based Compensation (Notes) | 3 Months Ended | ||||||
Mar. 29, 2015 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||
Stock-based compensation expense in both the three months ended March 29, 2015 and March 30, 2014 was $0.3 million. As of March 29, 2015, the total unrecognized stock-based compensation expense relating to non-vested shares was approximately $3.5 million, which the Company expects to recognize over a remaining weighted average vesting period for non-vested shares of 2.7 years. The Company expects to record an additional $1.1 million as compensation expense for the remainder of 2015. | |||||||
On January 15, 2015, the Company granted 274,200 non-vested shares to officers of the Company. These shares vest and become non-forfeitable 25% per year and are being expensed over their four-year vesting period. On March 27, 2015, the Company granted 11,905 non-vested shares to a new member of the board of directors of the Company. These shares vest and become non-forfeitable 20% per year and are being expensed over their five-year vesting period. | |||||||
A summary of all non-vested shares activity for the three months ended March 29, 2015 was as follows: | |||||||
Shares | Weighted Average Grant Date Price | ||||||
Non-vested at December 28, 2014 | 395,427 | $ | 6.68 | ||||
Granted | 286,105 | 8.15 | |||||
Vested | (68,563 | ) | 10.11 | ||||
Forfeited | (9,706 | ) | 6.18 | ||||
Nonvested at March 29, 2015 | 603,263 | $ | 6.99 | ||||
The fair value of the non-vested shares is based on the closing price on the date of grant. |
Commitments_And_Contingencies_
Commitments And Contingencies (Notes) | 3 Months Ended |
Mar. 29, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies |
Lease Guarantees. Fiesta Restaurant Group, Inc. ("Fiesta"), a former wholly-owned subsidiary of the Company, was spun-off in 2012 to the Company's stockholders. As of March 29, 2015, the Company is a guarantor under 31 Fiesta restaurant property leases, with lease terms expiring on various dates through 2030, and is the primary lessee on five Fiesta restaurant property leases, which it subleases to Fiesta. The Company is fully liable for all obligations under the terms of the leases in the event that Fiesta fails to pay any sums due under the lease, subject to indemnification provisions of the Separation and Distribution Agreement entered into in connection with the spin-off of Fiesta. | |
The maximum potential amount of future undiscounted rental payments the Company could be required to make under these leases at March 29, 2015 was $36.5 million. The obligations under these leases will generally continue to decrease over time as these operating leases expire. No payments related to these guarantees have been made by the Company to date and none are expected to be required to be made in the future. The Company has not recorded a liability for these guarantees in accordance with ASC 460 - Guarantees as Fiesta has indemnified the Company for all such obligations and the Company did not believe it was probable it would be required to perform under any of the guarantees or direct obligations. | |
Litigation. The Company is a party to various litigation matters that arise in the ordinary course of business. The Company does not believe that the outcome of any of these matters meet the disclosure or recognition standards, nor will they have a material adverse effect on its consolidated financial statements. |
Related_Parties_Notes
Related Parties (Notes) | 3 Months Ended |
Mar. 29, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Transactions with Related Parties |
In 2012, the Company issued to BKC 100 shares of Series A Convertible Preferred Stock which is convertible into 9,414,580 shares of Carrols Restaurant Group Common Stock, which currently constitutes approximately 21.0% of the outstanding shares of the Company's common stock on a fully diluted basis. As a result of the acquisition of restaurants from BKC in 2012, BKC has two representatives on the Company's board of directors. | |
Each of the Company's restaurants operates under a separate franchise agreement with BKC. These franchise agreements generally provide for an initial term of twenty years and currently have an initial franchise fee of fifty thousand dollars. Any franchise agreement, including renewals, can be extended at the Company's discretion for an additional 20 year term, with BKC's approval, provided that, among other things, the restaurant meets the current Burger King image standard and the Company is not in default under terms of the franchise agreement. In addition to the initial franchise fee, the Company generally pays BKC a monthly royalty at a rate of 4.5% of sales. Royalty expense was $8.1 million and $6.3 million in the three months ended March 29, 2015 and March 30, 2014, respectively. | |
The Company is also generally required to contribute 4% of restaurant sales from its Burger King restaurants to an advertising fund utilized by BKC for its advertising, promotional programs and public relations activities, and additional amounts for participation in local advertising campaigns in markets that approve such additional spending. Advertising expense related to BKC was $7.2 million and $6.4 million in the three months ended March 29, 2015 and March 30, 2014, respectively. | |
As of March 29, 2015, the Company leased 303 of its restaurant locations from BKC and for 176 of these locations the terms and conditions of the lease with BKC are identical to those between BKC and the third-party lessor. Aggregate rent under these BKC leases for the three months ended March 29, 2015 and March 30, 2014 was $7.3 million and $6.4 million, respectively. The Company believes the related party lease terms have not been significantly affected by the fact that the Company and BKC are deemed related parties. | |
As of March 29, 2015, the Company owed BKC $1.5 million associated with its purchase of BKC's right of first refusal in 20 states as part of the acquisition of restaurants from BKC in 2012 and $6.0 million related to the payment of advertising, royalties and rent, which is remitted on a monthly basis. |
Net_Income_Loss_Per_Share_Note
Net Income (Loss) Per Share (Notes) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Net Income (Loss) Per Share | Net Loss per Share | |||||||
The Company applies the two-class method to calculate and present net loss per share. The Company's non-vested share awards and Series A Convertible Preferred Stock issued to BKC contain non-forfeitable rights to dividends and are considered participating securities for purposes of computing net loss per share pursuant to the two-class method. Under the two-class method, net earnings are reduced by the amount of dividends declared (whether paid or unpaid) and the remaining undistributed earnings are then allocated to common stock and participating securities, based on their respective rights to receive dividends. However, as the Company incurred net losses for the three months ended March 29, 2015 and March 30, 2014, and as those losses are not allocated to the participating securities under the two-class method, such method is not applicable for the aforementioned reporting periods. | ||||||||
Basic net loss per share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding for the reporting period. Diluted net loss per share reflects additional shares of common stock outstanding, where applicable, calculated using the treasury stock method or the two-class method. | ||||||||
The following table sets forth the calculation of basic and diluted net loss per share: | ||||||||
Three Months Ended | ||||||||
29-Mar-15 | 30-Mar-14 | |||||||
Basic and diluted net loss per share: | ||||||||
Net loss | $ | (9,276 | ) | $ | (7,429 | ) | ||
Basic and diluted weighted average common shares outstanding | 34,882,302 | 23,151,523 | ||||||
Basic and diluted net loss per share | $ | (0.27 | ) | $ | (0.32 | ) | ||
Common shares excluded from diluted net loss per share computation (1) | 10,017,843 | 9,950,261 | ||||||
-1 | Shares issuable upon conversion of preferred stock and non-vested shares were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 3 Months Ended |
Mar. 29, 2015 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Events |
On April 29, 2015, the Company issued $200 million of 8% senior secured second lien notes due 2022 (the "New Notes") and used a portion of the proceeds to repurchase all of its outstanding Notes tendered pursuant to a cash tender offer and related consent solicitation (or through a redemption of any such Notes not purchased in the tender offer) and to pay related fees and expenses. The Company will use the net proceeds from the sale of the New Notes for working capital and general corporate purposes, including potential acquisitions and capital expenditures to remodel restaurants. | |
On April 29, 2015, the Company entered into an amendment to its senior credit facility to increase aggregate revolving credit borrowings by $10.0 million to $30.0 million (including an increase of $5.0 million to $20.0 million available for letters of credit). The amended senior credit facility has a five-year maturity, permits potential incremental increases in revolving credit borrowings of up to $25.0 million, subject to approval by the lenders, amends certain financial ratios which the Company must maintain and reduces the interest rate for revolving credit borrowings to, at the Company's option, (i) the alternate base rate plus the applicable margin of 2.0% to 2.75% based on the Company's total lease adjusted leverage ratio, or (ii) the LIBOR rate plus the applicable margin of 3.0% to 3.75% based on the Company's total lease adjusted leverage ratio (all as defined under the amended senior credit facility). |
Basis_Of_Presentation_Policies
Basis Of Presentation (Policies) | 3 Months Ended |
Mar. 29, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation. Carrols Restaurant Group is a holding company and conducts all of its operations through Carrols Corporation (“Carrols”) and its wholly-owned subsidiary. The unaudited consolidated financial statements presented herein include the accounts of Carrols Restaurant Group and its wholly-owned subsidiary Carrols. Any reference to “Carrols LLC” refers to Carrols’ wholly-owned subsidiary, Carrols LLC, a Delaware limited liability company. |
Unless the context otherwise requires, Carrols Restaurant Group, Carrols and the direct and indirect subsidiaries of Carrols are collectively referred to as the “Company.” All intercompany transactions have been eliminated in consolidation. | |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year. The Company uses a 52-53 week fiscal year ending on the Sunday closest to December 31. The fiscal year ended December 28, 2014 contained 52 weeks. The three months ended March 29, 2015 and March 30, 2014 each contained thirteen weeks. |
Basis of Presentation, Policy [Policy Text Block] | Basis of Presentation. The accompanying unaudited consolidated financial statements for the three months ended March 29, 2015 and March 30, 2014 have been prepared without an audit, pursuant to the rules and regulations of the Securities and Exchange Commission and do not include certain of the information and the footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation of such unaudited consolidated financial statements have been included. The results of operations for three months ended March 29, 2015 and March 30, 2014 are not necessarily indicative of the results to be expected for the full year. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. The preparation of the accompanying unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates include: accrued occupancy costs, insurance liabilities, evaluation for impairment of goodwill, long-lived assets and franchise rights and lease accounting matters. Actual results could differ from those estimates. |
Segment Reporting, Policy [Policy Text Block] | Segment Information. Operating segments are components of an entity for which separate financial information is available and is regularly reviewed by the chief operating decision maker in order to allocate resources and assess performance. The Company's chief operating decision maker currently evaluates the Company's operations from a number of different operational perspectives, however resource allocation decisions are made at a total-company basis. The Company derives all significant revenues from a single operating segment. Accordingly, the Company views the operating results of its Burger King restaurants as one reportable segment. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. In determining fair value, the accounting standards establish a three level hierarchy for inputs used in measuring fair value as follows: Level 1 inputs are quoted prices in active markets for identical assets or liabilities; Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices in active markets for similar assets or liabilities; and Level 3 inputs are unobservable and reflect the Company's own assumptions. Financial instruments include cash, accounts receivable, accounts payable and long-term debt. The carrying amounts of cash, accounts receivable and accounts payable approximate fair value because of the short-term nature of these financial instruments. The fair value of the Carrols Restaurant Group 11.25% Senior Secured Second Lien Notes due 2018 is based on a recent trading value, which is considered Level 2, and at March 29, 2015 was approximately $159.4 million. |
Fair value measurements of non-financial assets and non-financial liabilities are primarily used in the impairment analysis of long-lived assets and intangible assets. Long-lived assets and definite-lived intangible assets are measured at fair value on a nonrecurring basis using Level 3 inputs. |
Intangible_Assets_Policies
Intangible Assets (Policies) | 3 Months Ended |
Mar. 29, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill. The Company is required to review goodwill for impairment annually, or more frequently, when events and circumstances indicate that the carrying amount may be impaired. If the determined fair value of goodwill is less than the related carrying amount, an impairment loss is recognized. The Company performs its annual impairment assessment as of the last day of its fiscal year and does not believe circumstances have changed since the last assessment date which would make it necessary to reassess its value. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Franchise Rights. Amounts allocated to franchise rights for each acquisition of Burger King restaurants are amortized using the straight-line method over the average remaining term of the acquired franchise agreements plus one twenty-year renewal period. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Favorable and Unfavorable Leases. Amounts allocated to favorable and unfavorable leases are being amortized using the straight-line method over the remaining terms of the underlying lease agreements as a net reduction of restaurant rent expense. |
Impairment_Of_LongLived_Assets1
Impairment Of Long-Lived Assets And Other Lease Charges (Policies) | 3 Months Ended |
Mar. 29, 2015 | |
Asset Impairment Charges [Abstract] | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | The Company reviews its long-lived assets, principally property and equipment, for impairment at the restaurant level. If an indicator of impairment exists for any of its assets, an estimate of the undiscounted future cash flows over the life of the primary asset for each restaurant is compared to that long-lived asset’s carrying value. If the carrying value is greater than the undiscounted cash flow, the Company then determines the fair value of the asset and if an asset is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset over its fair value. For closed restaurant locations, the Company reviews the future minimum lease payments and related ancillary costs from the date of the restaurant closure to the end of the remaining lease term and records a lease charge for the lease liabilities to be incurred, net of any estimated sublease recoveries. |
The Company determined the fair value of restaurant equipment, for those restaurants reviewed for impairment, based on current economic conditions and the Company’s history of using these assets in the operation of its business. These fair value asset measurements rely on significant unobservable inputs and are considered Level 3 in the fair value hierarchy. |
StockBased_Compensation_Polici
Stock-Based Compensation Policies (Policies) | 3 Months Ended |
Mar. 29, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Costs, Policy [Policy Text Block] | The fair value of the non-vested shares is based on the closing price on the date of grant. |
Net_Income_Loss_Per_Share_Poli
Net Income (Loss) Per Share (Policies) | 3 Months Ended |
Mar. 29, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | The Company applies the two-class method to calculate and present net loss per share. The Company's non-vested share awards and Series A Convertible Preferred Stock issued to BKC contain non-forfeitable rights to dividends and are considered participating securities for purposes of computing net loss per share pursuant to the two-class method. Under the two-class method, net earnings are reduced by the amount of dividends declared (whether paid or unpaid) and the remaining undistributed earnings are then allocated to common stock and participating securities, based on their respective rights to receive dividends. However, as the Company incurred net losses for the three months ended March 29, 2015 and March 30, 2014, and as those losses are not allocated to the participating securities under the two-class method, such method is not applicable for the aforementioned reporting periods. |
Basic net loss per share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding for the reporting period. Diluted net loss per share reflects additional shares of common stock outstanding, where applicable, calculated using the treasury stock method or the two-class method. |
Acquisition_Tables
Acquisition (Tables) | 3 Months Ended | |||||||||
Mar. 29, 2015 | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | During the year ended December 28, 2014, the Company acquired an aggregate of 123 restaurants from other franchisees, which we refer to as the "2014 acquired restaurants", in the following transactions: | |||||||||
Closing Date | Number of Restaurants | Purchase Price | Market Location | |||||||
April 30, 2014 | 4 | $ | 681 | Fort Wayne, Indiana | ||||||
June 30, 2014 | 4 | 3,819 | -1 | Pittsburgh, Pennsylvania | ||||||
July 22, 2014 | 21 | 8,609 | Rochester, New York and Southern Tier of Western New York | |||||||
October 8, 2014 | 30 | 20,330 | -1 | Wilmington and Greenville, North Carolina | ||||||
November 4, 2014 | 64 | 18,761 | -2 | Nashville, Tennessee; Indiana and Illinois | ||||||
123 | $ | 52,200 | ||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The following table summarizes the Company's unaudited pro forma operating results: | |||||||||
Three Months Ended | ||||||||||
March 30, 2014 | ||||||||||
Restaurant sales | $ | 182,545 | ||||||||
Net loss | $ | (6,462 | ) | |||||||
Basic and diluted net loss per share | $ | (0.28 | ) |
Impairment_Of_LongLived_Assets2
Impairment Of Long-Lived Assets And Other Lease Charges (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Asset Impairment Charges [Abstract] | ||||||||
Schedule of Closed-Store Restaurant Reserve by Type of Cost [Table Text Block] | The following table presents the activity in the accrual for closed restaurant locations: | |||||||
Three Months Ended | Year Ended | |||||||
March 29, 2015 | December 28, 2014 | |||||||
Balance, beginning of the period | $ | 1,721 | $ | 1,466 | ||||
Provisions for restaurant closures | 1,170 | 724 | ||||||
Changes in estimates of accrued costs | (32 | ) | 87 | |||||
Payments, net | (251 | ) | (721 | ) | ||||
Other adjustments, including the effect of discounting future obligations | 42 | 165 | ||||||
Balance, end of the period | $ | 2,650 | $ | 1,721 | ||||
Other_Liabilities_LongTerm_Tab
Other Liabilities, Long-Term (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Other Liabilities, Noncurrent [Abstract] | ||||||||
Schedule of Other Assets and Other Liabilities [Table Text Block] | Other liabilities, long-term, at March 29, 2015 and December 28, 2014 consisted of the following: | |||||||
March 29, 2015 | December 28, 2014 | |||||||
Accrued occupancy costs | $ | 9,657 | $ | 9,287 | ||||
Accrued workers’ compensation and general liability claims | 3,912 | 3,211 | ||||||
Deferred compensation | 648 | 567 | ||||||
Long-term obligation to BKC for right of first refusal | 753 | 939 | ||||||
Other | 2,067 | 2,153 | ||||||
$ | 17,037 | $ | 16,157 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Long-term Debt, Unclassified [Abstract] | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt at March 29, 2015 and December 28, 2014 consisted of the following: | |||||||
March 29, 2015 | December 28, 2014 | |||||||
Collateralized: | ||||||||
Carrols Restaurant Group 11.25% Senior Secured Second Lien Notes | $ | 150,000 | $ | 150,000 | ||||
Capital leases | 8,384 | 8,694 | ||||||
158,384 | 158,694 | |||||||
Less: current portion | (1,293 | ) | (1,272 | ) | ||||
$ | 157,091 | $ | 157,422 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The benefit for income taxes for the three months ended March 29, 2015 and March 30, 2014 was comprised of the following: | |||||||
Three Months Ended | ||||||||
March 29, 2015 | March 30, 2014 | |||||||
Current | $ | — | $ | 32 | ||||
Deferred | (3,739 | ) | (3,790 | ) | ||||
Valuation allowance | 3,739 | — | ||||||
$ | — | $ | (3,758 | ) | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||
Mar. 29, 2015 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||
Summary of Nonvested Share Activity [Table Text Block] | A summary of all non-vested shares activity for the three months ended March 29, 2015 was as follows: | ||||||
Shares | Weighted Average Grant Date Price | ||||||
Non-vested at December 28, 2014 | 395,427 | $ | 6.68 | ||||
Granted | 286,105 | 8.15 | |||||
Vested | (68,563 | ) | 10.11 | ||||
Forfeited | (9,706 | ) | 6.18 | ||||
Nonvested at March 29, 2015 | 603,263 | $ | 6.99 | ||||
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the calculation of basic and diluted net loss per share: | |||||||
Three Months Ended | ||||||||
29-Mar-15 | 30-Mar-14 | |||||||
Basic and diluted net loss per share: | ||||||||
Net loss | $ | (9,276 | ) | $ | (7,429 | ) | ||
Basic and diluted weighted average common shares outstanding | 34,882,302 | 23,151,523 | ||||||
Basic and diluted net loss per share | $ | (0.27 | ) | $ | (0.32 | ) | ||
Common shares excluded from diluted net loss per share computation (1) | 10,017,843 | 9,950,261 | ||||||
-1 | Shares issuable upon conversion of preferred stock and non-vested shares were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive. |
Basis_Of_Presentation_Details
Basis Of Presentation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Dec. 28, 2014 |
Entity Information [Line Items] | |||
Number of Restaurants | 659 | ||
Number of States in which Entity Operates | 15 | ||
Weeks In Fiscal Period | 13 | 13 | 52 |
Long-term Debt, Fair Value | $159.40 | ||
Impairment Charges | $0.50 | $0.20 | |
Minimum [Member] | |||
Entity Information [Line Items] | |||
Weeks In Fiscal Period | 52 | ||
Maximum [Member] | |||
Entity Information [Line Items] | |||
Weeks In Fiscal Period | 53 |
Acquisition_Details
Acquisition (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Dec. 28, 2014 | Mar. 30, 2014 | Dec. 28, 2014 | Jun. 29, 2014 | Sep. 28, 2014 |
Business Acquisition [Line Items] | ||||||
Number of Restaurants Acquired | 123 | |||||
Business acquisitions, purchase price | $52,200 | |||||
Properties sold in sale-leaseback transactions | 1 | 10 | ||||
Proceeds from sale-leaseback transactions | 1,808 | 1,621 | ||||
Restaurant sales | 193,170 | 151,453 | ||||
2014 Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from sale-leaseback transactions | 1,123 | 12,961 | ||||
Restaurant sales | 32,500 | |||||
Business Acquisition, Pro Forma Revenue | 182,545 | |||||
Business Acquisition, Pro Forma Net Income (Loss) | -6,462 | |||||
Business Acquisition, Pro Forma Earnings Per Share, Basic and Diluted | ($0.28) | |||||
April 30, 2014 Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of Restaurants Acquired | 4 | |||||
Business Acquisition, Effective Date of Acquisition | 30-Apr-14 | |||||
Business acquisitions, purchase price | 681 | |||||
June 30, 2014 Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of Restaurants Acquired | 4 | |||||
Business Acquisition, Effective Date of Acquisition | 30-Jun-14 | |||||
Business acquisitions, purchase price | 3,819 | |||||
Business acquisitions, properties purchased | 1 | |||||
July 22, 2014 Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of Restaurants Acquired | 21 | |||||
Business Acquisition, Effective Date of Acquisition | 22-Jul-14 | |||||
Business acquisitions, purchase price | 8,609 | |||||
October 8, 2014 Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of Restaurants Acquired | 30 | |||||
Business Acquisition, Effective Date of Acquisition | 8-Oct-14 | |||||
Business acquisitions, purchase price | 20,330 | |||||
Business acquisitions, properties purchased | 12 | |||||
November 4, 2014 Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of Restaurants Acquired | 64 | |||||
Business Acquisition, Effective Date of Acquisition | 4-Nov-14 | |||||
Business acquisitions, purchase price | 18,761 | |||||
Restaurants to be remodeled | 46 |
Goodwill_Details
Goodwill (Details) (USD $) | 3 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill, Impairment Loss | $0 | $0 |
Franchise_Rights_Details
Franchise Rights (Details) (USD $) | 3 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Franchisee Franchise Arrangements, Franchise Agreement, Renewal Term | 20 years | |
Franchise Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Impairment of Intangible Assets (Excluding Goodwill) | $0 | $0 |
Amortization of Intangible Assets | 1,100,000 | 1,000,000 |
Amortization Expense, Expected Full Year | 4,700,000 | |
Next Fiscal Year | 4,700,000 | |
Second Fiscal Year | 4,700,000 | |
Third Fiscal Year | 4,700,000 | |
Fourth Fiscal Year | 4,700,000 | |
Fifth Fiscal Year | $4,700,000 |
Favorable_and_Unfavorable_Leas
Favorable and Unfavorable Leases (Details) (Leases, Acquired-in-Place, Market Adjustment [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Leases, Acquired-in-Place, Market Adjustment [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amortization of favorable and unfavorable leases | $0.20 | $0.10 |
Amortization Expense, Expected Full Year | 0.8 | |
Next Fiscal Year | 0.7 | |
Second Fiscal Year | 0.7 | |
Third Fiscal Year | 0.7 | |
Fourth Fiscal Year | 0.6 | |
Fifth Fiscal Year | $0.60 |
Impairment_Of_LongLived_Assets3
Impairment Of Long-Lived Assets And Other Lease Charges (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | Dec. 28, 2014 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment Charges | $500,000 | $200,000 | |
Previously Impaired [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment Charges | 300,000 | ||
Provisions for closures [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Other lease charges | $1,170,000 | $400,000 | $724,000 |
Closed Restaurants [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Other Lease Charges, Number of Restaurants | 8 | 1 |
Impairment_Of_LongLived_Assets4
Impairment Of Long-Lived Assets And Other Lease Charges Closed Restaurant Reserve Activity (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Dec. 28, 2014 |
Restructuring Reserve [Roll Forward] | |||
Closed-restaurant reserve, beginning of the period | $1,721 | $1,466 | $1,466 |
Payments, net | -251 | -721 | |
Other adjustments, including the effect of discounting further obligations and changes in estimates | 42 | 165 | |
Closed-restaurant reserve, end of the period | 2,650 | 1,721 | |
Provisions for closures [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Provision for restaurant closures | 1,170 | 400 | 724 |
Changes in estimates [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Provision for restaurant closures | ($32) | $87 |
Other_Liabilities_LongTerm_Det
Other Liabilities, Long-Term (Details) (USD $) | Mar. 29, 2015 | Dec. 28, 2014 |
In Thousands, unless otherwise specified | ||
Other Liabilities, Noncurrent [Abstract] | ||
Accrued occupancy costs | $9,657 | $9,287 |
Accrued workers' compensation and general liability claims | 3,912 | 3,211 |
Deferred compensation | 648 | 567 |
Long-term obligation to BKC for right of first refusal | 753 | 939 |
Other | 2,067 | 2,153 |
Other Liabilities | $17,037 | $16,157 |
LongTerm_Debt_Debt_Balances_De
Long-Term Debt Debt Balances (Details) (USD $) | Mar. 29, 2015 | Dec. 28, 2014 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Carrols Restaurant Group 11.25% Senior Secured Second Lien Notes | $150,000 | $150,000 |
Capital leases | 8,384 | 8,694 |
Long-term Debt | 158,384 | 158,694 |
Less: current portion | -1,293 | -1,272 |
Long-term debt, net of current portion | $157,091 | $157,422 |
LongTerm_Debt_Senior_Secured_S
Long-Term Debt Senior Secured Second Lien Notes (Details) (USD $) | 3 Months Ended | ||
Mar. 30, 2014 | Mar. 29, 2015 | Dec. 28, 2014 | |
Rate | Rate | ||
Debt Instrument, Redemption [Line Items] | |||
Carrols Restaurant Group 11.25% Senior Secured Second Lien Notes | $150,000,000 | $150,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 11.25% | ||
Senior Notes, Amount Redeemable with Proceeds from Equity Offerings | 35.00% | ||
Collateral exclusion for material subsidiaries, percentage of Senior Notes | 20.00% | ||
Senior Notes, Cross Default Provision, Minimum Debt Principal Amount | $15,000,000 | ||
Debt Instrument, Redemption, Period One [Member] | |||
Debt Instrument, Redemption [Line Items] | |||
Senior Notes, Redemption Price | 100.00% | ||
Debt Instrument, Redemption Period, End Date | 15-May-15 | ||
Debt Instrument, Redemption, Period Two [Member] | |||
Debt Instrument, Redemption [Line Items] | |||
Debt Instrument, Redemption Period, Start Date | 15-May-15 | ||
Senior Notes, Redemption Price | 105.63% | ||
Debt Instrument, Redemption Period, End Date | 15-May-16 | ||
Debt Instrument, Redemption, Period Three [Member] | |||
Debt Instrument, Redemption [Line Items] | |||
Debt Instrument, Redemption Period, Start Date | 15-May-16 | ||
Senior Notes, Redemption Price | 102.81% | ||
Debt Instrument, Redemption Period, End Date | 15-May-17 | ||
Debt Instrument, Redemption, Period Four [Member] | |||
Debt Instrument, Redemption [Line Items] | |||
Debt Instrument, Redemption Period, Start Date | 15-May-17 | ||
Senior Notes, Redemption Price | 100.00% |
LongTerm_Debt_Senior_Credit_Fa
Long-Term Debt Senior Credit Facility (Details) (USD $) | 3 Months Ended |
Mar. 29, 2015 | |
Rate | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Current Borrowing Capacity | 20,000,000 |
Line of Credit Facility, Potential Incremental Increases | 25,000,000 |
Senior Credit Facility - Revolving credit borrowings | 0 |
Letters of Credit Outstanding, Amount | 12,000,000 |
Line of Credit Facility, Remaining Borrowing Capacity | 8,000,000 |
Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Current Borrowing Capacity | 15,000,000 |
Alternative Base Rate [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.50% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximim | 3.25% |
London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.50% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximim | 4.25% |
Line of Credit Facility, Libor Rate, Interest Rate Margin | 4.25% |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
Mar. 29, 2015 | Dec. 28, 2014 | Mar. 30, 2014 | |
Rate | |||
Valuation Allowance [Line Items] | |||
Current | $0 | $32,000 | |
Deferred | -3,739,000 | -3,790,000 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 3,739,000 | 24,300,000 | |
Provision (benefit) for income taxes | 0 | -3,758,000 | |
Effective Income Tax Rate | 33.90% | ||
Deferred Tax Assets, Valuation Allowance | -31,200,000 | ||
Unrecognized Tax Benefits | 0 | 0 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 0 | 0 | |
State and Local Jurisdiction [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 3,500,000 | ||
Domestic Tax Authority [Member] | |||
Valuation Allowance [Line Items] | |||
Operating Loss Carryforwards | $40,800,000 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $341,000 | $296,000 |
Unrecognized Stock-Based Compensation Expense, Non-vested Shares | 3,500,000 | |
Weighted Average Remaining Vesting Period, Non-Vested Shares | 2 years 8 months | |
Expected Stock-Based Compensation, Remainder of Fiscal Year | $1,100,000 | |
Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 274,200 | |
Share-based Compensation Arrangement by Share-based Payment Award, Annual Vesting Percentage | 25.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years 0 months | |
Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 11,905 | |
Share-based Compensation Arrangement by Share-based Payment Award, Annual Vesting Percentage | 20.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years 0 months |
StockBased_Compensation_Summar
Stock-Based Compensation Summary of Non-Vested Stock Activity (Details) (USD $) | 3 Months Ended |
Mar. 29, 2015 | |
Nonvested share activity [Roll Forward] | |
Nonvested, beginning of period | 395,427 |
Weighted Average Grant Date Price, beginning of period | $6.68 |
Granted | 286,105 |
Weighted Average Grant Date Price, Granted Shares | $8.15 |
Vested Shares | -68,563 |
Weighted Average Grant Date Price, Vested Shares | $10.11 |
Forfeited Shares | -9,706 |
Weighted Average Grant Date Price, Forfeited Shares | $6.18 |
Nonvested, end of period | 603,263 |
Weighted Average Grant Date Price, end of period | $6.99 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Details) (USD $) | Mar. 29, 2015 |
In Millions, unless otherwise specified | |
Guarantor Obligations [Line Items] | |
Maximum potential future undiscounted rental payments | $36.50 |
Property Lease Guarantee [Member] | |
Guarantor Obligations [Line Items] | |
Property Subject to or Available for Operating Lease, Number of Units | 31 |
Primary Lessee [Member] | |
Guarantor Obligations [Line Items] | |
Property Subject to or Available for Operating Lease, Number of Units | 5 |
Related_Parties_Details
Related Parties (Details) (USD $) | 3 Months Ended | ||
Mar. 29, 2015 | Dec. 28, 2014 | 30-May-12 | |
Rate | |||
Related Party Transaction [Line Items] | |||
Preferred stock, shares issued | 100 | 100 | 100 |
Convertible Preferred Stock, Common Shares Issuable upon Conversion | 9,414,580 | ||
Preferred stock, ownership percentage if converted | 21.00% | ||
Initial Franchise Fees | $50,000 | ||
Franchise Term | 20 years | ||
Other Liabilities [Member] | |||
Related Party Transaction [Line Items] | |||
Liabilities due to BKC | 1,500,000 | ||
Accounts Payable [Member] | |||
Related Party Transaction [Line Items] | |||
Liabilities due to BKC | $6,000,000 |
Related_Parties_Expense_Disclo
Related Parties Expense Disclosures (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Affiliated Entity [Member] | ||
Related Party Transaction [Line Items] | ||
Royalty Expense | $8.10 | $6.30 |
Advertising Expense | 7.2 | 6.4 |
Property Subject to or Available for Operating Lease, Number of Units | 303 | |
Operating Leases, Rent Expense | $7.30 | $6.40 |
Property Leases Identical to BKC's Lease with Third Party [Member] | Affiliated Entity [Member] | ||
Related Party Transaction [Line Items] | ||
Property Subject to or Available for Operating Lease, Number of Units | 176 | |
Selling and Marketing Expense [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Royalty Fee Rate | 4.00% | |
Royalty Agreement Terms [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Royalty Fee Rate | 4.50% |
Net_Income_Loss_Per_Share_Deta
Net Income (Loss) Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Earnings Per Share [Abstract] | ||
Net income (loss) | ($9,276) | ($7,429) |
Basic and diluted weighted average common shares outstanding | 34,882,302 | 23,151,523 |
Basic and diluted net income (loss) per share | ($0.27) | ($0.32) |
Common shares excluded from diluted net loss per share computation | 10,017,843 | 9,950,261 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
Mar. 29, 2015 | Apr. 29, 2015 | Dec. 28, 2014 | |
Rate | Rate | ||
Subsequent Event [Line Items] | |||
Senior Notes | 150,000,000 | $150,000,000 | |
Line of Credit Facility, Current Borrowing Capacity | 20,000,000 | ||
Line of Credit Facility, Potential Incremental Increases | 25,000,000 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Senior Notes | 200,000,000 | ||
Line of Credit Facility, Increase to Borrowing Capacity | 10,000,000 | ||
Line of Credit Facility, Current Borrowing Capacity | 30,000,000 | ||
Line of Credit Facility, Potential Incremental Increases | 25,000,000 | ||
Letter of Credit [Member] | |||
Subsequent Event [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | 15,000,000 | ||
Letter of Credit [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Line of Credit Facility, Increase to Borrowing Capacity | 5,000,000 | ||
Line of Credit Facility, Current Borrowing Capacity | 20,000,000 | ||
Alternative Base Rate [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.50% | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximim | 3.25% | ||
Alternative Base Rate [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.00% | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximim | 2.75% | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.50% | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximim | 4.25% | ||
London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.00% | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximim | 3.75% |