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Discontinued Operations (Tables)
 4 Months Ended
Jan. 21, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations
The following table summarizes the Qdoba results for each period (in thousands, except per share data):
 
Sixteen Weeks Ended
 
January 21,
2018
 
January 22,
2017
Company restaurant sales
$
125,770

 
$
128,699

Franchise revenues
5,986

 
6,053

Company restaurant costs (excluding depreciation and amortization)
(108,618
)
 
(105,716
)
Franchise costs (excluding depreciation and amortization)
(1,408
)
 
(1,173
)
Selling, general and administrative expenses
(12,264
)
 
(12,429
)
Depreciation and amortization
(5,012
)
 
(6,695
)
Impairment and other charges, net
(1,669
)
 
(3,904
)
Interest expense, net
(3,212
)
 
(2,515
)
(Losses) earnings from discontinued operations before income taxes
(427
)
 
2,320

Income taxes
(205
)
 
(876
)
(Losses) earnings from discontinued operations, net of income taxes
$
(632
)
 
$
1,444

 
 
 
 
Net (losses) earnings per share from discontinued operations:
 
 
 
Basic
$
(0.02
)
 
$
0.05

Diluted
$
(0.02
)
 
$
0.05
Quarterly Financial Information
The following is a summary of the unaudited quarterly results of Qdoba operations for fiscal 2017 (in thousands, except per share data):
 
Sixteen Weeks Ended
 
Twelve Weeks Ended
 
January 22,
2017
 
April 16,
2017
 
July 9,
2017
 
October 1,
2017
Company restaurant sales
$
128,699

 
$
98,793

 
$
107,067

 
$
102,000

Franchise revenues
6,053

 
4,711

 
4,678

 
4,622

Company restaurant costs (excluding depreciation and amortization)
(105,716
)
 
(80,713
)
 
(84,747
)
 
(86,194
)
Franchise costs (excluding depreciation and amortization)
(1,173
)
 
(910
)
 
(879
)
 
(2,031
)
Selling, general and administrative expenses
(12,429
)
 
(7,956
)
 
(8,232
)
 
(8,089
)
Depreciation and amortization
(6,695
)
 
(5,057
)
 
(5,023
)
 
(4,725
)
Impairment and other charges, net
(3,904
)
 
(3,811
)
 
(1,815
)
 
(5,531
)
Interest expense, net
(2,515
)
 
(2,044
)
 
(2,229
)
 
(2,237
)
(Losses) earnings from discontinued operations before income taxes
2,320

 
3,013

 
8,820

 
(2,185
)
Income taxes
(876
)
 
(1,181
)
 
(3,398
)
 
937

(Losses) earnings from discontinued operations, net of income taxes
$
1,444

 
$
1,832

 
$
5,422

 
$
(1,248
)
 
 
 
 
 
 
 
 
Net (losses) earnings per share from discontinued operations:
 
 
 
 
 
 
 
Basic
$
0.05

 
$
0.06

 
$
0.18

 
$
(0.04
)
Diluted
$
0.05

 
$
0.06

 
$
0.18

 
$
(0.04
)
Disclosure of Long Lived Assets Held-for-sale
The following table summarizes the major categories of assets and liabilities classified as held for sale in our condensed consolidated balance sheets as of the end of each period (in thousands):
 
January 21,
2018
 
October 1,
2017
Cash
$
3,942

 
$
3,175

Accounts receivable, net
8,529

 
9,086

Inventories
3,168

 
3,202

Prepaid expenses and other current assets
5,144

 
8,802

Property and equipment, net
161,643

 
148,715

Intangible assets, net
12,517

 
12,660

Goodwill
117,636

 
117,636

Other assets, net
1,735

 
1,785

Total assets classified as held for sale (1)
$
314,314

 
$
305,061

 
 
 
 
Accounts payable
$
5,903

 
$
8,936

Accrued liabilities
24,472

 
25,251

Current maturities of long-term debt
175

 
158

Straight-line rent accrual
14,319

 
13,347

Deferred income tax liability (2)
5,444

 
6,421

Other long-term liabilities
11,208

 
12,310

Total liabilities classified as held for sale
$
61,521

 
$
66,423

____________________________
(1)
Current assets held for sale on our condensed consolidated balance sheets include Jack in the Box assets held for sale of $18.0 million and $18.5 million as of January 21, 2018 and October 1, 2017, respectively.
(2)
Prior to held for sale presentation, Qdoba’s deferred income tax liability as of January 22, 2017 was netted against the Jack in the Box deferred income tax assets in other assets, net on our condensed consolidated balance sheet.
Schedule of Current and Non-current Liabilities Held-for-Sale
Our liability for Qdoba lease commitments is included in current liabilities held for sale as of January 21, 2018 and is included in current and non-current liabilities held for sale as of October 1, 2017 in the accompanying condensed consolidated balance sheets and has changed as follows in 2018 (in thousands):
Balance as of October 1, 2017
$
2,473

Adjustments (1)
193

Cash payments
(800
)
Balance as of January 21, 2018 (2)
$
1,866

____________________________
(1)
Adjustments relate to revisions to certain sublease assumptions due to changes in market conditions and includes interest expense.
(2)
The weighted average remaining lease term related to these commitments is approximately 2 years.
Total accrued severance costs related to our restructuring activities are included in accrued liabilities and changed as follows during 2018 (in thousands):
Balance as of October 1, 2017
 
$
648

Adjustments (1)
 
(456
)
Cash payments
 
(150
)
Balance as of January 21, 2018
 
$
42


____________________________
(1)
Adjustments in accrued severance costs are the result of the change in number of employees to be terminated in connection with our restructuring activities.