1. | Nature of Operations and Summary of Significant Accounting Policies |
Cracker Barrel Old Country Store,\u00a0Inc. and its affiliates (collectively, in the Notes, the \u201cCompany\u201d) are principally engaged in the operation and development in the United States (\u201cU.S.\u201d) of the Cracker Barrel Old Country Store\u00ae (\u201cCracker Barrel\u201d) concept.
Basis of Presentation
Fiscal\u00a0year\u00a0\u2013 The Company\u2019s fiscal\u00a0year ends on the Friday nearest July\u00a031st and each quarter consists of thirteen weeks unless noted otherwise. The periods presented in the Company\u2019s financial statements are the fiscal years ended August 02, 2024 (\u201c2024\u201d), July 28, 2023 (\u201c2023\u201d) and July 29, 2022 (\u201c2022\u201d), respectively. Each of these periods has 52 weeks except for 2024, which consisted of 53 weeks. Similarly, references in these Notes\u00a0to a\u00a0year or quarter are to the Company\u2019s fiscal\u00a0year or quarter unless expressly noted or the context clearly indicates otherwise.
GAAP\u00a0\u2013 The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the U.S. (\u201cGAAP\u201d).
Principles of consolidation\u00a0\u2013 The Consolidated Financial Statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All significant intercompany transactions and balances have been eliminated.
Use of estimates\u00a0\u2013 Management of the Company has made certain estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods to prepare these Consolidated Financial Statements in conformity with GAAP. Management believes that such estimates have been based on reasonable and supportable assumptions and that the resulting estimates are reasonable for use in the preparation of the Consolidated Financial Statements. Actual results, however, could differ from those estimates.
Summary of Significant Accounting Policies
Cash and cash equivalents\u00a0\u2013 The Company\u2019s policy is to consider all highly liquid investments purchased with an original maturity of three\u00a0months or less to be cash equivalents.
Accounts receivable\u00a0\u2013 Accounts receivable represent their estimated net realizable value. Accounts receivable are written off when they are deemed uncollectible.
Inventories\u00a0\u2013 Cost of restaurant inventory is determined by the first\u2011in, first\u2011out (\u201cFIFO\u201d) method. Retail inventories are valued using the retail inventory method (\u201cRIM\u201d) except at the retail distribution center which are valued using moving average cost. Approximately 60% of retail inventories are valued using RIM. Retail inventories valued using RIM are stated at the lower of cost or market. Cost of restaurant inventory and retail inventory valued using moving average cost are stated at the lower of cost and net realizable value. See Note\u00a03 for additional information regarding the components of inventory.
Valuation provisions are included for retail inventory obsolescence, retail inventory shrinkage, returns and amortization of certain items. The estimate of retail inventory shrinkage is adjusted upon physical inventory counts. Annual physical inventory counts are conducted based upon a cyclical inventory schedule. An estimate of shrinkage is recorded for the time period between physical inventory counts by using a two-year average of the physical inventories\u2019 results on a store-by-store basis.
Property and equipment\u00a0\u2013 Property and equipment are stated at cost. For financial reporting purposes, depreciation and amortization on these assets are computed by use of the straight\u2011line and double\u2011declining balance methods over the estimated useful lives of the respective assets, as follows:
\u00a0\u00a0\u00a0\u00a0 | Years | |
Buildings and improvements | \u00a0 | 30-45 |
Restaurant and other equipment | \u00a0 | 2-10 |
Leasehold improvements | \u00a0 | 1-35 |
Accelerated depreciation methods are generally used for income tax purposes.
Total depreciation expense and depreciation expense related to store operations for each of the three\u00a0years are as follows:
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||||
Total depreciation expense | $ | 110,938 | $ | 103,691 | $ | 102,297 | ||||
Depreciation expense related to store operations* | \u00a0 | 103,169 | \u00a0 | 96,339 | 96,243 |
*Depreciation expense related to store operations is included in other store operating expenses in the Consolidated Statements of Income.
Gain or loss is recognized upon disposal of property and equipment. The asset and related accumulated depreciation and amortization amounts are removed from the accounts.
Maintenance and repairs, including the replacement of minor items, are charged to expense and major additions to property and equipment are capitalized.
Impairment of long-lived assets\u00a0\u2013 The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets is measured by comparing the carrying value of the asset to the undiscounted future cash flows expected to be generated by the asset. If the total expected future cash flows are less than the carrying value of the asset, the carrying value is written down, for an asset to be held and used, to the estimated fair value or, for an asset to be disposed of, to the fair value, net of estimated costs of disposal. Any loss resulting from impairment is recognized by a charge to income. During 2024 and 2023, the Company recorded impairment charges of $15,616 and $11,692, respectively, for long-lived assets which are included in the impairment and store closing costs line on the Consolidated Statements of Income.
Goodwill and other intangible assets\u00a0\u2013 The Company accounts for all transactions that represent business combinations using the acquisition method of accounting, where the identifiable assets acquired and the liabilities assumed are recognized and measured at their fair values on the date the Company obtains control in the acquiree. Such fair values that are not finalized for reporting periods following the acquisition date are estimated and recorded as estimated amounts. Adjustments to these estimated amounts during the measurement period (defined as the date through which all information required to identify and measure the consideration transferred, the assets acquired and the liabilities assumed has been obtained, limited to one\u00a0year from the acquisition date) are recorded when identified. Goodwill is determined as the excess of the fair value of the consideration conveyed in the acquisition over the fair value of the net assets acquired. Goodwill and other intangibles are evaluated for impairment annually on June\u00a01 or more frequently if events occur or circumstances change that, more likely than not, reduce the fair value of the reporting unit below its carrying value. The Company\u2019s goodwill consisted of its 100% ownership of Maple Street Biscuit Company (\u201cMSBC\u201d), a breakfast and lunch fast casual concept. In 2024, the Company determined that the entire amount of the goodwill was impaired and recorded an impairment charge of $4,690 which is recorded in the goodwill impairment line on the Consolidated Statement of Income.
Other intangibles primarily consist of the MSBC tradename and liquor licenses. The MSBC tradename was capitalized as an indefinite-lived intangible asset and, at both August 02, 2024 and July\u00a028, 2023, was $20,960. The costs of obtaining non-transferable liquor licenses that are directly issued by local government agencies for nominal fees are expensed as incurred. The costs of purchasing transferable liquor licenses through open markets in jurisdictions with a limited number of authorized liquor licenses are capitalized as indefinite-lived intangible assets. Liquor licenses capitalized as intangible assets were $3,365 and $2,290, respectively, at August 02, 2024 and July\u00a028, 2023.
Segment reporting\u00a0\u2013 Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Using these criteria, the Company manages its business on the basis of one reportable operating segment (see Note\u00a06 for additional information regarding segment reporting).
Unredeemed gift cards and certificates\u00a0\u2013 Unredeemed gift cards and certificates represent a liability of the Company related to unearned income and are recorded at their expected redemption value. No revenue is recognized in connection with the point-of-sale transaction when gift cards or gift certificates are sold. Any amounts remitted to states under escheat or similar laws reduce the Company\u2019s deferred revenue liability and have no effect on revenue or expense while any amounts that the Company is permitted to retain are recorded as revenue. See \u201cRevenue recognition\u201d section in this Note\u00a0and Note 7 for information regarding breakage.
Revenue recognition\u00a0\u2013 Revenue consists primarily of sales from restaurant and retail operations. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a restaurant guest, retail customer or other customer. The Company recognizes revenues from restaurant sales when payment is tendered at the point of sale, as the Company\u2019s performance obligation to provide food and beverages is satisfied. The Company recognizes revenues from retail sales when payment is tendered at the point of sale, as the Company\u2019s performance obligation to provide merchandise is satisfied. Ecommerce sales, including shipping revenue, are recorded upon delivery to the customer. Additionally, the Company provides for estimated returns based on return history and sales levels. The Company\u2019s policy is to present sales in the Consolidated Statements of Income on a net presentation basis after deducting sales tax.
Included in restaurant and retail revenue is gift card breakage. Customer purchases of gift cards, to be utilized at the Company\u2019s stores, are not recognized as sales until the card is redeemed and the customer purchases food and/or merchandise. Gift cards do not carry an expiration date; therefore, customers can redeem their gift cards indefinitely. A certain number of gift cards will not be fully redeemed. Management estimates unredeemed balances and recognizes gift card breakage revenue for these amounts in the Company\u2019s Consolidated Statements of Income over the expected redemption period. Gift card breakage is recognized when the likelihood of a gift card being redeemed by the customer is remote and the Company determines that there is not a legal obligation to remit the unredeemed gift card balance to the relevant jurisdiction. The determination of the gift card breakage rate is based upon the Company\u2019s specific historical redemption patterns. \u00a0The Company recognizes gift card breakage by applying its estimate of the rate of gift card breakage over the period of estimated redemption. See Note 7 for additional information regarding revenue recognition.
Insurance\u00a0\u2013 The Company self-insures a significant portion of its workers\u2019 compensation and general liability programs. The Company purchases insurance for individual workers\u2019 compensation claims that exceed $750 or $1,000 depending on the state in which the claim originates. The Company purchases insurance for individual general liability claims that exceed $500.
The Company records a reserve for workers\u2019 compensation and general liability for all unresolved claims and for an estimate of incurred but not reported claims (\u201cIBNR\u201d). These reserves and estimates of IBNR claims are based upon a full scope actuarial study which is performed annually during the Company\u2019s fourth quarter and is adjusted by the actuarially determined losses and actual claims payments made subsequent to this full scope actuarial study during the fourth quarter. Additionally, the Company performs limited scope actuarial studies on a quarterly basis to verify and/or modify the Company\u2019s reserves. The reserves and losses in the actuarial study represent a range of possible outcomes within which no given estimate is more likely than any other estimate. As such, the Company records the losses at the lower half of that range and discounts them to present value using a risk-free interest rate based on projected timing of payments. The Company also monitors actual claims development, including incurrence or settlement of individual large claims during the interim periods between actuarial studies as another means of estimating the adequacy of its reserves.
The Company\u2019s group health plans combine the use of self-insured and fully-insured programs. Benefits for any individual (employee or dependents) in the self-insured program are limited. The Company records a liability for the self-insured portion of its group health program for all unpaid claims based upon a loss development analysis derived from actual group health claims payment experience. The Company also records a liability for unpaid prescription drug claims based on historical experience.
Store pre-opening costs\u00a0\u2013 Start-up costs of a new store are expensed when incurred.
Leases\u00a0\u2013 The Company\u2019s leases are classified as either finance or operating leases. The Company has ground leases for its leased stores and office space leases that are recorded as operating leases under various non-cancellable operating leases. The Company also leases its advertising billboards, vehicle fleets and certain equipment under various non-cancellable operating leases. To determine whether a contract is or contains a lease, the Company determines at contract inception whether it contains the right to control the use of an identified asset for a period of time in exchange for consideration. If the contract has the right to obtain substantially all of the economic benefit from use of the identified asset and the right to direct the use of the identified asset, the Company recognizes a right-of-use asset and lease liability.
The Company\u2019s leases all have varying terms and expire at various dates through 2058. Restaurant leases typically have base terms of with four to five optional renewal periods of each. The Company uses a lease life that generally begins on the commencement date, including the rent holiday periods, and generally extends through certain renewal periods that can be exercised at the Company\u2019s option. During rent holiday periods, which include the pre-opening period during construction, the Company has possession of and access to the property, but is not obligated to, and normally does not, make rent payments. \u00a0The Company has included lease renewal options in the lease term for calculations of the right-of-use asset and liability for which at the commencement of the lease it is reasonably certain that the Company will exercise those renewal options. Additionally, some of the leases have contingent rent provisions and others require adjustments for inflation or index. \u00a0Contingent rent is determined as a\u00a0percentage of gross sales in excess of specified levels. The Company records a contingent rent liability and corresponding rent expense when it is probable sales have been achieved in amounts in excess of the specified levels. The Company\u2019s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The Company elected to not separate lease and non-lease components. Additionally, the Company elected to apply the short term lease exemption to all asset classes and the short term lease expense for the period reasonably reflects the short term lease commitments. As the Company\u2019s leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at the time of commencement or modification date in determining the present value of lease payments. For operating leases that commenced prior to the date of adoption of the new lease accounting guidance, the Company used the incremental borrowing rate as of the adoption date. Assumptions used in determining the Company\u2019s incremental borrowing rate include the Company\u2019s implied credit rating and an estimate of secured borrowing rates based on comparable market data. See Note 8 for additional information regarding leases.
Advertising\u00a0\u2013 The Company expenses the costs of producing advertising the first time the advertising takes place. Other advertising costs are expensed as incurred.
Advertising expense for each of the three\u00a0years was as follows:
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
Advertising expense | $ | 112,793 | $ | 89,798 | $ | 89,850 |
Share-based compensation\u00a0\u2013 The Company\u2019s share-based compensation consists of nonvested stock awards and units. Share-based compensation is recorded in general and administrative expenses in the Consolidated Statements of Income. Share-based compensation expense is recognized based on the grant date fair value and the achievement of performance conditions for certain awards. The Company recognizes share-based compensation expense on a straight-line basis over the requisite service period, which is generally the award\u2019s vesting period, or to the date on which retirement eligibility is achieved, if shorter.
Certain nonvested stock awards and units contain performance conditions. Compensation expense for performance-based awards is recognized when it is probable that the performance criteria will be met. If any performance goals are not met, no compensation expense is ultimately recognized and, to the extent previously recognized, compensation expense is reversed.
If a share-based compensation award is modified after the grant date, incremental compensation expense, if any, is recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. Incremental compensation expense for vested awards is recognized immediately. For unvested awards, the sum of the incremental compensation expense and the remaining unrecognized compensation expense for the original award on the modification date is recognized over the modified service period.
Additionally, the Company\u2019s policy is to issue shares of common stock to satisfy exercises of share-based compensation awards. See Note 9 for additional information regarding share-based compensation.
Income taxes\u00a0\u2013 The Company\u2019s provision for income taxes (income tax benefit) includes employer tax credits for FICA taxes paid on employee tip income and other employer tax credits which are accounted for using the flow-through method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company recognizes (or derecognizes) a tax position taken or expected to be taken in a tax return in the financial statements when it is more likely than not (i.e., a likelihood of more than fifty\u00a0percent) that the position would be sustained (or not sustained) upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty\u00a0percent likely of being realized upon ultimate settlement. The Company recognizes, net of tax, interest and estimated penalties related to uncertain tax positions in its provision for income taxes (income tax benefit). See Note\u00a012 for additional information regarding income taxes.
Net income per share\u00a0\u2013 Basic consolidated net income per share is computed by dividing consolidated net income available to common shareholders by the weighted average number of common shares outstanding for the reporting period. Diluted consolidated net income per share reflects the potential dilution that could occur if securities, options or other contracts to issue common stock were exercised or converted into common stock and is based upon the weighted average number of common and common equivalent shares outstanding during the reporting period. Common equivalent shares related to nonvested stock awards and units issued by the Company are calculated using the treasury stock method. The outstanding nonvested stock awards and units issued by the Company represent the only dilutive effects on diluted consolidated net income per share. The convertible senior notes and related warrants are calculated using the net share settlement option under the if-converted method. Because the principal amount of the convertible senior notes will be settled in cash with any excess conversion value settled in cash or shares of common stock, the convertible senior notes have been excluded from the computation of diluted earnings per share because the average market price of the Company\u2019s common stock during the reporting period did not exceed the conversion price of $159.46 as of August 02, 2024. Warrants were excluded from the computation of diluted earnings per share since the warrants\u2019 strike price of $223.24 was greater than the average market price of the Company\u2019s common stock during the period. \u00a0See Note\u00a04 for additional information regarding the Company\u2019s convertible senior notes and Note 13 for additional information regarding additional information regarding net income per share.
Recent Accounting Pronouncements Not Yet Adopted
Segment Disclosures
In November 2023, the Financial Accounting Standards Board (\u201cFASB\u201d) issued new reportable segment disclosure requirements which require incremental segment information related to measuring segment performance on an annual and interim basis. These new disclosure requirements are effective for the fiscal periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. These disclosure requirements should be applied on a retrospective basis. The Company is currently evaluating the effect of adopting these new disclosure requirements on its annual consolidated financial statements and related disclosures in 2025 as well as interim disclosures beginning in the first quarter of 2026.
Income Tax Disclosures
In December 2023, the FASB issued new income tax disclosure requirements which require disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. These new disclosure requirements are effective for annual periods beginning after December 15, 2024 and allow for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the effect of adopting these new disclosure requirements on its consolidated financial statements and related disclosures in 2026.
"}]},{"name":"rpt:f-380","factDimensions":{"xbrl:concept":"us-gaap:FiscalPeriod","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"Fiscal\u00a0year\u00a0\u2013 The Company\u2019s fiscal\u00a0year ends on the Friday nearest July\u00a031st and each quarter consists of thirteen weeks unless noted otherwise. The periods presented in the Company\u2019s financial statements are the fiscal years ended August 02, 2024 (\u201c2024\u201d), July 28, 2023 (\u201c2023\u201d) and July 29, 2022 (\u201c2022\u201d), respectively. Each of these periods has 52 weeks except for 2024, which consisted of 53 weeks. Similarly, references in these Notes\u00a0to a\u00a0year or quarter are to the Company\u2019s fiscal\u00a0year or quarter unless expressly noted or the context clearly indicates otherwise.
"}]},{"name":"rpt:f-381","factDimensions":{"xbrl:concept":"us-gaap:FiscalPeriodDuration","xbrl:period":"2022-07-30T00:00:00/2023-07-29T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"P364D"}]},{"name":"rpt:f-382","factDimensions":{"xbrl:concept":"us-gaap:FiscalPeriodDuration","xbrl:period":"2021-07-31T00:00:00/2022-07-30T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"P364D"}]},{"name":"rpt:f-383","factDimensions":{"xbrl:concept":"us-gaap:FiscalPeriodDuration","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"P371D"}]},{"name":"rpt:f-384","factDimensions":{"xbrl:concept":"us-gaap:BasisOfAccountingPolicyPolicyTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"GAAP\u00a0\u2013 The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the U.S. (\u201cGAAP\u201d).
"}]},{"name":"rpt:f-385","factDimensions":{"xbrl:concept":"us-gaap:ConsolidationPolicyTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"Principles of consolidation\u00a0\u2013 The Consolidated Financial Statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All significant intercompany transactions and balances have been eliminated.
"}]},{"name":"rpt:f-386","factDimensions":{"xbrl:concept":"us-gaap:UseOfEstimates","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"Use of estimates\u00a0\u2013 Management of the Company has made certain estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods to prepare these Consolidated Financial Statements in conformity with GAAP. Management believes that such estimates have been based on reasonable and supportable assumptions and that the resulting estimates are reasonable for use in the preparation of the Consolidated Financial Statements. Actual results, however, could differ from those estimates.
"}]},{"name":"rpt:f-387","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsPolicyTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"Cash and cash equivalents\u00a0\u2013 The Company\u2019s policy is to consider all highly liquid investments purchased with an original maturity of three\u00a0months or less to be cash equivalents.
"}]},{"name":"rpt:f-388","factDimensions":{"xbrl:concept":"us-gaap:TradeAndOtherAccountsReceivablePolicy","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"Accounts receivable\u00a0\u2013 Accounts receivable represent their estimated net realizable value. Accounts receivable are written off when they are deemed uncollectible.
"}]},{"name":"rpt:f-389","factDimensions":{"xbrl:concept":"us-gaap:InventoryPolicyTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"Inventories\u00a0\u2013 Cost of restaurant inventory is determined by the first\u2011in, first\u2011out (\u201cFIFO\u201d) method. Retail inventories are valued using the retail inventory method (\u201cRIM\u201d) except at the retail distribution center which are valued using moving average cost. Approximately 60% of retail inventories are valued using RIM. Retail inventories valued using RIM are stated at the lower of cost or market. Cost of restaurant inventory and retail inventory valued using moving average cost are stated at the lower of cost and net realizable value. See Note\u00a03 for additional information regarding the components of inventory.
Valuation provisions are included for retail inventory obsolescence, retail inventory shrinkage, returns and amortization of certain items. The estimate of retail inventory shrinkage is adjusted upon physical inventory counts. Annual physical inventory counts are conducted based upon a cyclical inventory schedule. An estimate of shrinkage is recorded for the time period between physical inventory counts by using a two-year average of the physical inventories\u2019 results on a store-by-store basis.
"}]},{"name":"rpt:f-390","factDimensions":{"xbrl:concept":"cbrl:PercentageOfRetailInventoriesValuedUsingRetailInventoryMethod","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"0.60","decimals":2}]},{"name":"rpt:f-391","factDimensions":{"xbrl:concept":"cbrl:PeriodOfAveragePhysicalInventoryUsedForEstimateOfShrinkage","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"P2Y"}]},{"name":"rpt:f-392","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentPolicyTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"Property and equipment\u00a0\u2013 Property and equipment are stated at cost. For financial reporting purposes, depreciation and amortization on these assets are computed by use of the straight\u2011line and double\u2011declining balance methods over the estimated useful lives of the respective assets, as follows:
\u00a0\u00a0\u00a0\u00a0 | Years | |
Buildings and improvements | \u00a0 | 30-45 |
Restaurant and other equipment | \u00a0 | 2-10 |
Leasehold improvements | \u00a0 | 1-35 |
Accelerated depreciation methods are generally used for income tax purposes.
Total depreciation expense and depreciation expense related to store operations for each of the three\u00a0years are as follows:
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||||
Total depreciation expense | $ | 110,938 | $ | 103,691 | $ | 102,297 | ||||
Depreciation expense related to store operations* | \u00a0 | 103,169 | \u00a0 | 96,339 | 96,243 |
*Depreciation expense related to store operations is included in other store operating expenses in the Consolidated Statements of Income.
Gain or loss is recognized upon disposal of property and equipment. The asset and related accumulated depreciation and amortization amounts are removed from the accounts.
Maintenance and repairs, including the replacement of minor items, are charged to expense and major additions to property and equipment are capitalized.
"}]},{"name":"rpt:f-393","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"\u00a0\u00a0\u00a0\u00a0 | Years | |
Buildings and improvements | \u00a0 | 30-45 |
Restaurant and other equipment | \u00a0 | 2-10 |
Leasehold improvements | \u00a0 | 1-35 |
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||||
Total depreciation expense | $ | 110,938 | $ | 103,691 | $ | 102,297 | ||||
Depreciation expense related to store operations* | \u00a0 | 103,169 | \u00a0 | 96,339 | 96,243 |
*Depreciation expense related to store operations is included in other store operating expenses in the Consolidated Statements of Income.
"}]},{"name":"rpt:f-401","factDimensions":{"xbrl:concept":"us-gaap:Depreciation","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"110938000","decimals":-3}]},{"name":"rpt:f-402","factDimensions":{"xbrl:concept":"us-gaap:Depreciation","xbrl:period":"2022-07-30T00:00:00/2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"103691000","decimals":-3}]},{"name":"rpt:f-403","factDimensions":{"xbrl:concept":"us-gaap:Depreciation","xbrl:period":"2021-07-31T00:00:00/2022-07-30T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"102297000","decimals":-3}]},{"name":"rpt:f-404","factDimensions":{"xbrl:concept":"cbrl:DepreciationExpenseRelatedToStoreOperations","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"103169000","decimals":-3}]},{"name":"rpt:f-405","factDimensions":{"xbrl:concept":"cbrl:DepreciationExpenseRelatedToStoreOperations","xbrl:period":"2022-07-30T00:00:00/2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"96339000","decimals":-3}]},{"name":"rpt:f-406","factDimensions":{"xbrl:concept":"cbrl:DepreciationExpenseRelatedToStoreOperations","xbrl:period":"2021-07-31T00:00:00/2022-07-30T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"96243000","decimals":-3}]},{"name":"rpt:f-407","factDimensions":{"xbrl:concept":"us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"Impairment of long-lived assets\u00a0\u2013 The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets is measured by comparing the carrying value of the asset to the undiscounted future cash flows expected to be generated by the asset. If the total expected future cash flows are less than the carrying value of the asset, the carrying value is written down, for an asset to be held and used, to the estimated fair value or, for an asset to be disposed of, to the fair value, net of estimated costs of disposal. Any loss resulting from impairment is recognized by a charge to income. During 2024 and 2023, the Company recorded impairment charges of $15,616 and $11,692, respectively, for long-lived assets which are included in the impairment and store closing costs line on the Consolidated Statements of Income.
"}]},{"name":"rpt:f-408","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"15616000","decimals":-3}]},{"name":"rpt:f-409","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2022-07-30T00:00:00/2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"11692000","decimals":-3}]},{"name":"rpt:f-410","factDimensions":{"xbrl:concept":"us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"Goodwill and other intangible assets\u00a0\u2013 The Company accounts for all transactions that represent business combinations using the acquisition method of accounting, where the identifiable assets acquired and the liabilities assumed are recognized and measured at their fair values on the date the Company obtains control in the acquiree. Such fair values that are not finalized for reporting periods following the acquisition date are estimated and recorded as estimated amounts. Adjustments to these estimated amounts during the measurement period (defined as the date through which all information required to identify and measure the consideration transferred, the assets acquired and the liabilities assumed has been obtained, limited to one\u00a0year from the acquisition date) are recorded when identified. Goodwill is determined as the excess of the fair value of the consideration conveyed in the acquisition over the fair value of the net assets acquired. Goodwill and other intangibles are evaluated for impairment annually on June\u00a01 or more frequently if events occur or circumstances change that, more likely than not, reduce the fair value of the reporting unit below its carrying value. The Company\u2019s goodwill consisted of its 100% ownership of Maple Street Biscuit Company (\u201cMSBC\u201d), a breakfast and lunch fast casual concept. In 2024, the Company determined that the entire amount of the goodwill was impaired and recorded an impairment charge of $4,690 which is recorded in the goodwill impairment line on the Consolidated Statement of Income.
Other intangibles primarily consist of the MSBC tradename and liquor licenses. The MSBC tradename was capitalized as an indefinite-lived intangible asset and, at both August 02, 2024 and July\u00a028, 2023, was $20,960. The costs of obtaining non-transferable liquor licenses that are directly issued by local government agencies for nominal fees are expensed as incurred. The costs of purchasing transferable liquor licenses through open markets in jurisdictions with a limited number of authorized liquor licenses are capitalized as indefinite-lived intangible assets. Liquor licenses capitalized as intangible assets were $3,365 and $2,290, respectively, at August 02, 2024 and July\u00a028, 2023.
"}]},{"name":"rpt:f-411","factDimensions":{"xbrl:concept":"us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired","xbrl:period":"2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:BusinessAcquisitionAxis":"cbrl:MapleStreetBiscuitCompanyMember"},"factValues":[{"value":"1","decimals":2}]},{"name":"rpt:f-412","factDimensions":{"xbrl:concept":"us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired","xbrl:period":"2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:BusinessAcquisitionAxis":"cbrl:MapleStreetBiscuitCompanyMember"},"factValues":[{"value":"1","decimals":2}]},{"name":"rpt:f-413","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairmentLoss","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4690000","decimals":-3}]},{"name":"rpt:f-414","factDimensions":{"xbrl:concept":"us-gaap:IndefiniteLivedIntangibleAssetsExcludingGoodwill","xbrl:period":"2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD","us-gaap:IndefiniteLivedIntangibleAssetsByMajorClassAxis":"us-gaap:TradeNamesMember"},"factValues":[{"value":"20960000","decimals":-3}]},{"name":"rpt:f-415","factDimensions":{"xbrl:concept":"us-gaap:IndefiniteLivedIntangibleAssetsExcludingGoodwill","xbrl:period":"2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD","us-gaap:IndefiniteLivedIntangibleAssetsByMajorClassAxis":"us-gaap:LicensingAgreementsMember"},"factValues":[{"value":"3365000","decimals":-3}]},{"name":"rpt:f-416","factDimensions":{"xbrl:concept":"us-gaap:IndefiniteLivedIntangibleAssetsExcludingGoodwill","xbrl:period":"2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD","us-gaap:IndefiniteLivedIntangibleAssetsByMajorClassAxis":"us-gaap:LicensingAgreementsMember"},"factValues":[{"value":"2290000","decimals":-3}]},{"name":"rpt:f-417","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingPolicyPolicyTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"Segment reporting\u00a0\u2013 Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Using these criteria, the Company manages its business on the basis of one reportable operating segment (see Note\u00a06 for additional information regarding segment reporting).
"}]},{"name":"rpt:f-418","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportableSegments","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"cbrl:segment"},"factValues":[{"value":"1"}]},{"name":"rpt:f-419","factDimensions":{"xbrl:concept":"cbrl:UnredeemedGiftCardsAndCertificatesPolicyTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"Unredeemed gift cards and certificates\u00a0\u2013 Unredeemed gift cards and certificates represent a liability of the Company related to unearned income and are recorded at their expected redemption value. No revenue is recognized in connection with the point-of-sale transaction when gift cards or gift certificates are sold. Any amounts remitted to states under escheat or similar laws reduce the Company\u2019s deferred revenue liability and have no effect on revenue or expense while any amounts that the Company is permitted to retain are recorded as revenue. See \u201cRevenue recognition\u201d section in this Note\u00a0and Note 7 for information regarding breakage.
"}]},{"name":"rpt:f-420","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerPolicyTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"Revenue recognition\u00a0\u2013 Revenue consists primarily of sales from restaurant and retail operations. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a restaurant guest, retail customer or other customer. The Company recognizes revenues from restaurant sales when payment is tendered at the point of sale, as the Company\u2019s performance obligation to provide food and beverages is satisfied. The Company recognizes revenues from retail sales when payment is tendered at the point of sale, as the Company\u2019s performance obligation to provide merchandise is satisfied. Ecommerce sales, including shipping revenue, are recorded upon delivery to the customer. Additionally, the Company provides for estimated returns based on return history and sales levels. The Company\u2019s policy is to present sales in the Consolidated Statements of Income on a net presentation basis after deducting sales tax.
Included in restaurant and retail revenue is gift card breakage. Customer purchases of gift cards, to be utilized at the Company\u2019s stores, are not recognized as sales until the card is redeemed and the customer purchases food and/or merchandise. Gift cards do not carry an expiration date; therefore, customers can redeem their gift cards indefinitely. A certain number of gift cards will not be fully redeemed. Management estimates unredeemed balances and recognizes gift card breakage revenue for these amounts in the Company\u2019s Consolidated Statements of Income over the expected redemption period. Gift card breakage is recognized when the likelihood of a gift card being redeemed by the customer is remote and the Company determines that there is not a legal obligation to remit the unredeemed gift card balance to the relevant jurisdiction. The determination of the gift card breakage rate is based upon the Company\u2019s specific historical redemption patterns. \u00a0The Company recognizes gift card breakage by applying its estimate of the rate of gift card breakage over the period of estimated redemption. See Note 7 for additional information regarding revenue recognition.
"}]},{"name":"rpt:f-421","factDimensions":{"xbrl:concept":"cbrl:InsuranceDisclosurePolicyTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"Insurance\u00a0\u2013 The Company self-insures a significant portion of its workers\u2019 compensation and general liability programs. The Company purchases insurance for individual workers\u2019 compensation claims that exceed $750 or $1,000 depending on the state in which the claim originates. The Company purchases insurance for individual general liability claims that exceed $500.
The Company records a reserve for workers\u2019 compensation and general liability for all unresolved claims and for an estimate of incurred but not reported claims (\u201cIBNR\u201d). These reserves and estimates of IBNR claims are based upon a full scope actuarial study which is performed annually during the Company\u2019s fourth quarter and is adjusted by the actuarially determined losses and actual claims payments made subsequent to this full scope actuarial study during the fourth quarter. Additionally, the Company performs limited scope actuarial studies on a quarterly basis to verify and/or modify the Company\u2019s reserves. The reserves and losses in the actuarial study represent a range of possible outcomes within which no given estimate is more likely than any other estimate. As such, the Company records the losses at the lower half of that range and discounts them to present value using a risk-free interest rate based on projected timing of payments. The Company also monitors actual claims development, including incurrence or settlement of individual large claims during the interim periods between actuarial studies as another means of estimating the adequacy of its reserves.
The Company\u2019s group health plans combine the use of self-insured and fully-insured programs. Benefits for any individual (employee or dependents) in the self-insured program are limited. The Company records a liability for the self-insured portion of its group health program for all unpaid claims based upon a loss development analysis derived from actual group health claims payment experience. The Company also records a liability for unpaid prescription drug claims based on historical experience.
"}]},{"name":"rpt:f-422","factDimensions":{"xbrl:concept":"cbrl:ThresholdAmountForWorkersCompensationInsuranceLevel1","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"750000","decimals":-3}]},{"name":"rpt:f-423","factDimensions":{"xbrl:concept":"cbrl:ThresholdAmountForWorkersCompensationInsuranceLevel2","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1000000","decimals":-3}]},{"name":"rpt:f-424","factDimensions":{"xbrl:concept":"cbrl:ThresholdAmountForGeneralLiabilityInsurance","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"500000","decimals":-3}]},{"name":"rpt:f-425","factDimensions":{"xbrl:concept":"us-gaap:StartUpActivitiesCostPolicy","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"Store pre-opening costs\u00a0\u2013 Start-up costs of a new store are expensed when incurred.
"}]},{"name":"rpt:f-426","factDimensions":{"xbrl:concept":"us-gaap:LesseeLeasesPolicyTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"Leases\u00a0\u2013 The Company\u2019s leases are classified as either finance or operating leases. The Company has ground leases for its leased stores and office space leases that are recorded as operating leases under various non-cancellable operating leases. The Company also leases its advertising billboards, vehicle fleets and certain equipment under various non-cancellable operating leases. To determine whether a contract is or contains a lease, the Company determines at contract inception whether it contains the right to control the use of an identified asset for a period of time in exchange for consideration. If the contract has the right to obtain substantially all of the economic benefit from use of the identified asset and the right to direct the use of the identified asset, the Company recognizes a right-of-use asset and lease liability.
The Company\u2019s leases all have varying terms and expire at various dates through 2058. Restaurant leases typically have base terms of with four to five optional renewal periods of each. The Company uses a lease life that generally begins on the commencement date, including the rent holiday periods, and generally extends through certain renewal periods that can be exercised at the Company\u2019s option. During rent holiday periods, which include the pre-opening period during construction, the Company has possession of and access to the property, but is not obligated to, and normally does not, make rent payments. \u00a0The Company has included lease renewal options in the lease term for calculations of the right-of-use asset and liability for which at the commencement of the lease it is reasonably certain that the Company will exercise those renewal options. Additionally, some of the leases have contingent rent provisions and others require adjustments for inflation or index. \u00a0Contingent rent is determined as a\u00a0percentage of gross sales in excess of specified levels. The Company records a contingent rent liability and corresponding rent expense when it is probable sales have been achieved in amounts in excess of the specified levels. The Company\u2019s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The Company elected to not separate lease and non-lease components. Additionally, the Company elected to apply the short term lease exemption to all asset classes and the short term lease expense for the period reasonably reflects the short term lease commitments. As the Company\u2019s leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at the time of commencement or modification date in determining the present value of lease payments. For operating leases that commenced prior to the date of adoption of the new lease accounting guidance, the Company used the incremental borrowing rate as of the adoption date. Assumptions used in determining the Company\u2019s incremental borrowing rate include the Company\u2019s implied credit rating and an estimate of secured borrowing rates based on comparable market data. See Note 8 for additional information regarding leases.
"}]},{"name":"rpt:f-427","factDimensions":{"xbrl:concept":"cbrl:NumberOfOptionalRenewalPeriods","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"cbrl:period","srt:RangeAxis":"srt:MinimumMember","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:BuildingMember"},"factValues":[{"value":"4"}]},{"name":"rpt:f-428","factDimensions":{"xbrl:concept":"cbrl:NumberOfOptionalRenewalPeriods","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"cbrl:period","srt:RangeAxis":"srt:MaximumMember","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:BuildingMember"},"factValues":[{"value":"5"}]},{"name":"rpt:f-429","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingCostsPolicyTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"Advertising\u00a0\u2013 The Company expenses the costs of producing advertising the first time the advertising takes place. Other advertising costs are expensed as incurred.
Advertising expense for each of the three\u00a0years was as follows:
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
Advertising expense | $ | 112,793 | $ | 89,798 | $ | 89,850 |
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
Advertising expense | $ | 112,793 | $ | 89,798 | $ | 89,850 |
Share-based compensation\u00a0\u2013 The Company\u2019s share-based compensation consists of nonvested stock awards and units. Share-based compensation is recorded in general and administrative expenses in the Consolidated Statements of Income. Share-based compensation expense is recognized based on the grant date fair value and the achievement of performance conditions for certain awards. The Company recognizes share-based compensation expense on a straight-line basis over the requisite service period, which is generally the award\u2019s vesting period, or to the date on which retirement eligibility is achieved, if shorter.
Certain nonvested stock awards and units contain performance conditions. Compensation expense for performance-based awards is recognized when it is probable that the performance criteria will be met. If any performance goals are not met, no compensation expense is ultimately recognized and, to the extent previously recognized, compensation expense is reversed.
If a share-based compensation award is modified after the grant date, incremental compensation expense, if any, is recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. Incremental compensation expense for vested awards is recognized immediately. For unvested awards, the sum of the incremental compensation expense and the remaining unrecognized compensation expense for the original award on the modification date is recognized over the modified service period.
Additionally, the Company\u2019s policy is to issue shares of common stock to satisfy exercises of share-based compensation awards. See Note 9 for additional information regarding share-based compensation.
"}]},{"name":"rpt:f-435","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxPolicyTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"Income taxes\u00a0\u2013 The Company\u2019s provision for income taxes (income tax benefit) includes employer tax credits for FICA taxes paid on employee tip income and other employer tax credits which are accounted for using the flow-through method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company recognizes (or derecognizes) a tax position taken or expected to be taken in a tax return in the financial statements when it is more likely than not (i.e., a likelihood of more than fifty\u00a0percent) that the position would be sustained (or not sustained) upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty\u00a0percent likely of being realized upon ultimate settlement. The Company recognizes, net of tax, interest and estimated penalties related to uncertain tax positions in its provision for income taxes (income tax benefit). See Note\u00a012 for additional information regarding income taxes.
"}]},{"name":"rpt:f-436","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerSharePolicyTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"Net income per share\u00a0\u2013 Basic consolidated net income per share is computed by dividing consolidated net income available to common shareholders by the weighted average number of common shares outstanding for the reporting period. Diluted consolidated net income per share reflects the potential dilution that could occur if securities, options or other contracts to issue common stock were exercised or converted into common stock and is based upon the weighted average number of common and common equivalent shares outstanding during the reporting period. Common equivalent shares related to nonvested stock awards and units issued by the Company are calculated using the treasury stock method. The outstanding nonvested stock awards and units issued by the Company represent the only dilutive effects on diluted consolidated net income per share. The convertible senior notes and related warrants are calculated using the net share settlement option under the if-converted method. Because the principal amount of the convertible senior notes will be settled in cash with any excess conversion value settled in cash or shares of common stock, the convertible senior notes have been excluded from the computation of diluted earnings per share because the average market price of the Company\u2019s common stock during the reporting period did not exceed the conversion price of $159.46 as of August 02, 2024. Warrants were excluded from the computation of diluted earnings per share since the warrants\u2019 strike price of $223.24 was greater than the average market price of the Company\u2019s common stock during the period. \u00a0See Note\u00a04 for additional information regarding the Company\u2019s convertible senior notes and Note 13 for additional information regarding additional information regarding net income per share.
"}]},{"name":"rpt:f-437","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentConvertibleConversionPrice1","xbrl:period":"2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis":"us-gaap:ConvertibleDebtSecuritiesMember"},"factValues":[{"value":"159.46","decimals":2}]},{"name":"rpt:f-438","factDimensions":{"xbrl:concept":"cbrl:ClassOfWarrantOrRightsAdjustedExercisePriceOfWarrantsOrRights","xbrl:period":"2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis":"us-gaap:WarrantMember"},"factValues":[{"value":"223.24","decimals":2}]},{"name":"rpt:f-439","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"Recent Accounting Pronouncements Not Yet Adopted
Segment Disclosures
In November 2023, the Financial Accounting Standards Board (\u201cFASB\u201d) issued new reportable segment disclosure requirements which require incremental segment information related to measuring segment performance on an annual and interim basis. These new disclosure requirements are effective for the fiscal periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. These disclosure requirements should be applied on a retrospective basis. The Company is currently evaluating the effect of adopting these new disclosure requirements on its annual consolidated financial statements and related disclosures in 2025 as well as interim disclosures beginning in the first quarter of 2026.
Income Tax Disclosures
In December 2023, the FASB issued new income tax disclosure requirements which require disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. These new disclosure requirements are effective for annual periods beginning after December 15, 2024 and allow for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the effect of adopting these new disclosure requirements on its consolidated financial statements and related disclosures in 2026.
"}]},{"name":"rpt:f-440","factDimensions":{"xbrl:concept":"us-gaap:FairValueDisclosuresTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"2. | Fair Value Measurements |
Fair value for certain of the Company\u2019s assets and liabilities 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 at the measurement date. In determining fair value, a three-level hierarchy for inputs is used. These levels are:
| \u25cf | Quoted Prices in Active Markets for Identical Assets (\u201cLevel 1\u201d)\u00a0\u2013 quoted prices (unadjusted) for an identical asset or liability in an active market. |
| \u25cf | Significant Other Observable Inputs (\u201cLevel 2\u201d)\u00a0\u2013 quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. |
| \u25cf | Significant Unobservable Inputs (\u201cLevel 3\u201d)\u00a0\u2013 unobservable and significant to the fair value measurement of the asset or liability. |
The Company\u2019s assets and liabilities measured at fair value on a recurring basis at August 02, 2024 were as follows:
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0Total Fair | ||||||||
Level\u00a01 | Level\u00a02 | Level\u00a03 | Value | |||||||||
Cash equivalents* | $ | 1 | $ | \u2014 | $ | \u2014 | $ | 1 | ||||
Total | $ | 1 | $ | \u2014 | $ | \u2014 | $ | 1 | ||||
Deferred compensation plan assets** | \u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | 25,719 | ||||||
Total assets at fair value | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | $ | 25,720 |
The Company\u2019s assets and liabilities measured at fair value on a recurring basis at July 28, 2023 were as follows:
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Total\u00a0Fair | ||||||||
Level\u00a01 | Level\u00a02 | Level\u00a03 | Value | |||||||||
Cash equivalents* | $ | 9,001 | $ | \u2014 | $ | \u2014 | $ | 9,001 | ||||
Total | $ | 9,001 | $ | \u2014 | $ | \u2014 | $ | 9,001 | ||||
Deferred compensation plan assets** | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | 27,129 | ||||||
Total assets at fair value | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | $ | 36,130 |
*Consists of money market fund investments.
**Represents plan assets invested in mutual funds established under a Rabbi Trust for the Company\u2019s non-qualified savings plan and is included in the Consolidated Balance Sheets as other assets (see Note\u00a011).
The Company did not have any liabilities measured at fair value on a recurring basis at August 02, 2024 and July 28, 2023. The Company\u2019s money market fund investments are measured at fair value using quoted market prices. The Company\u2019s deferred compensation plan assets are measured based on net asset value per share as a practical expedient to estimate fair value. The fair values of accounts receivable and accounts payable at August 02, 2024 and July 28, 2023, approximate their carrying amounts because of their short duration. The fair value of the Company\u2019s variable rate debt, based on quoted market prices, which are considered Level 1 inputs, approximates its carrying amounts at August 02, 2024 and July 28, 2023.
The Company\u2019s financial instruments that are not remeasured at fair value include the 0.625% convertible Senior Notes\u00a0(see Note\u00a04). The Company estimates the fair value of the Notes\u00a0through consideration of quoted market prices of similar instruments, classified as Level 2 as described above. The estimated fair value of the Notes\u00a0was $267,939 and $259,311 as of August 02, 2024 and July 28, 2023, respectively.
Assets Measured at Fair Value on a Nonrecurring Basis
In 2024, six Cracker Barrel were determined to be impaired and thirteen MSBC locations were determined to be impaired because of declining operating performance. In 2023, six Cracker Barrel locations were \u00a0determined to be impaired because of declining operating performance. Fair value of these locations was determined by sales prices of comparable assets or estimates of discounted future cash flows considering their highest and best use. Assumptions used in the cash flow model included projected annual revenue growth rates and projected cash flows, which can be affected by economic conditions and management\u2019s expectations. Additionally, changes in the local and national economies and markets for real estate and other assets can impact the sales prices of the assets. The Company has determined that the majority of the inputs used to value its long-lived assets held and used are unobservable inputs, and thus, are considered Level 3 inputs. Based on its analysis, the Company recorded impairment charges of $17,448 and $11,692, respectively, in 2024 and 2023, which is included in the impairment and store closing costs line on the Consolidated Statements of Income.
In 2024, based on the Company\u2019s analysis of MSBC\u2019s goodwill, the Company concluded that the goodwill was impaired based on changes in the macroeconomic environment, including interest rate and inflationary pressures, and declining financial trends, which resulted in a calculated fair value lower than the goodwill\u2019s carrying value. \u00a0As part of its analysis, the Company used the discounted cash flow method to estimate fair value. Significant inputs for this method include projected cash flows, growth rate and discount rate. \u00a0The Company recorded an impairment of the entire goodwill amount of $4,690 in 2024; this amount is recorded in the goodwill impairment line on the Consolidated Statement of Income.
"}]},{"name":"rpt:f-441","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"The Company\u2019s assets and liabilities measured at fair value on a recurring basis at August 02, 2024 were as follows:
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0Total Fair | ||||||||
Level\u00a01 | Level\u00a02 | Level\u00a03 | Value | |||||||||
Cash equivalents* | $ | 1 | $ | \u2014 | $ | \u2014 | $ | 1 | ||||
Total | $ | 1 | $ | \u2014 | $ | \u2014 | $ | 1 | ||||
Deferred compensation plan assets** | \u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | 25,719 | ||||||
Total assets at fair value | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | $ | 25,720 |
The Company\u2019s assets and liabilities measured at fair value on a recurring basis at July 28, 2023 were as follows:
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Total\u00a0Fair | ||||||||
Level\u00a01 | Level\u00a02 | Level\u00a03 | Value | |||||||||
Cash equivalents* | $ | 9,001 | $ | \u2014 | $ | \u2014 | $ | 9,001 | ||||
Total | $ | 9,001 | $ | \u2014 | $ | \u2014 | $ | 9,001 | ||||
Deferred compensation plan assets** | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | 27,129 | ||||||
Total assets at fair value | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | $ | 36,130 |
*Consists of money market fund investments.
**Represents plan assets invested in mutual funds established under a Rabbi Trust for the Company\u2019s non-qualified savings plan and is included in the Consolidated Balance Sheets as other assets (see Note\u00a011).
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ocationsDeterminedToBeImpaired","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"cbrl:location","us-gaap:SubsegmentsAxis":"cbrl:CrackerBarrelOldCountryStoreMember"},"factValues":[{"value":"6"}]},{"name":"rpt:f-468","factDimensions":{"xbrl:concept":"cbrl:NumberOfLocationsDeterminedToBeImpaired","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"cbrl:location","us-gaap:SubsegmentsAxis":"cbrl:MapleStreetBiscuitCompanyMember"},"factValues":[{"value":"13"}]},{"name":"rpt:f-469","factDimensions":{"xbrl:concept":"cbrl:NumberOfLocationsDeterminedToBeImpaired","xbrl:period":"2022-07-30T00:00:00/2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"cbrl:location","us-gaap:SubsegmentsAxis":"cbrl:CrackerBarrelOldCountryStoreMember"},"factValues":[{"value":"6"}]},{"name":"rpt:f-470","factDimensions":{"xbrl:concept":"us-gaap:ImpairmentOfLongLivedAssetsHeldForUse","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD","us-gaap:FairValueByMeasurementBasisAxis":"us-gaap:EstimateOfFairValueFairValueDisclosureMember","us-gaap:FairValueByMeasurementFrequencyAxis":"us-gaap:FairValueMeasurementsNonrecurringMember"},"factValues":[{"value":"17448000","decimals":-3}]},{"name":"rpt:f-471","factDimensions":{"xbrl:concept":"us-gaap:ImpairmentOfLongLivedAssetsHeldForUse","xbrl:period":"2022-07-30T00:00:00/2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD","us-gaap:FairValueByMeasurementBasisAxis":"us-gaap:EstimateOfFairValueFairValueDisclosureMember","us-gaap:FairValueByMeasurementFrequencyAxis":"us-gaap:FairValueMeasurementsNonrecurringMember"},"factValues":[{"value":"11692000","decimals":-3}]},{"name":"rpt:f-472","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairmentLoss","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4690000","decimals":-3}]},{"name":"rpt:f-473","factDimensions":{"xbrl:concept":"us-gaap:InventoryDisclosureTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"3. | Inventories |
Inventories were comprised of the following at:
\u00a0\u00a0\u00a0\u00a0 | August 02, 2024 | \u00a0\u00a0\u00a0\u00a0 | July 28, 2023 | |||
Retail | $ | 138,278 | $ | 145,175 | ||
Restaurant | \u00a0 | 25,829 | \u00a0 | 24,427 | ||
Supplies | \u00a0 | 16,851 | \u00a0 | 19,762 | ||
Total | $ | 180,958 | $ | 189,364 |
"}]},{"name":"rpt:f-474","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfInventoryCurrentTableTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"
\u00a0\u00a0\u00a0\u00a0 | August 02, 2024 | \u00a0\u00a0\u00a0\u00a0 | July 28, 2023 | |||
Retail | $ | 138,278 | $ | 145,175 | ||
Restaurant | \u00a0 | 25,829 | \u00a0 | 24,427 | ||
Supplies | \u00a0 | 16,851 | \u00a0 | 19,762 | ||
Total | $ | 180,958 | $ | 189,364 |
"}]},{"name":"rpt:f-475","factDimensions":{"xbrl:concept":"us-gaap:RetailRelatedInventoryMerchandise","xbrl:period":"2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"138278000","decimals":-3}]},{"name":"rpt:f-476","factDimensions":{"xbrl:concept":"us-gaap:RetailRelatedInventoryMerchandise","xbrl:period":"2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"145175000","decimals":-3}]},{"name":"rpt:f-477","factDimensions":{"xbrl:concept":"cbrl:RestaurantRelatedInventory","xbrl:period":"2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"25829000","decimals":-3}]},{"name":"rpt:f-478","factDimensions":{"xbrl:concept":"cbrl:RestaurantRelatedInventory","xbrl:period":"2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"24427000","decimals":-3}]},{"name":"rpt:f-479","factDimensions":{"xbrl:concept":"cbrl:SupplyInventory","xbrl:period":"2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"16851000","decimals":-3}]},{"name":"rpt:f-480","factDimensions":{"xbrl:concept":"cbrl:SupplyInventory","xbrl:period":"2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"19762000","decimals":-3}]},{"name":"rpt:f-481","factDimensions":{"xbrl:concept":"us-gaap:InventoryNet","xbrl:period":"2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"180958000","decimals":-3}]},{"name":"rpt:f-482","factDimensions":{"xbrl:concept":"us-gaap:InventoryNet","xbrl:period":"2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"189364000","decimals":-3}]},{"name":"rpt:f-483","factDimensions":{"xbrl:concept":"us-gaap:DebtDisclosureTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"
4. | Debt |
On June\u00a017, 2022, the Company entered into a five-year $700,000 revolving credit facility (the \u201c2022 Revolving Credit Facility\u201d). The 2022 Revolving Credit Facility also contains an option to increase the revolving credit facility by $200,000. At August 02, 2024 and July 28, 2023, the Company had $180,000 and $120,000, respectively, in outstanding borrowings under the 2022 Revolving Credit Facility.
At August 02, 2024, the Company had $32,644 of standby letters of credit, which reduce the Company\u2019s borrowing availability under the 2022 Revolving Credit Facility (see Note\u00a014). At August 02, 2024, the Company had $487,356 in borrowing availability under the 2022 Revolving Credit Facility.
In accordance with the 2022 Revolving Credit Facility, outstanding borrowings bear interest, at the Company\u2019s election, either at (1) the Term Secured Overnight Financing Rate (SOFR) or (2) a base rate equal to the greatest of (i) the prime rate, (ii) a rate that is 0.5% in excess of the Federal Funds Rate, and (iii) Term SOFR plus 1.0%, in each case, plus an applicable margin based on the Company\u2019s consolidated total leverage ratio. At August 02, 2024, the weighted average interest rate on $180,000 of the Company\u2019s outstanding borrowings was 7.19%. At July 28, 2023, the weighted average interest rate on $120,000 of the Company\u2019s outstanding borrowings was 6.79%.
The 2022 Revolving Credit Facility contains customary financial covenants, which include maintenance of a maximum consolidated total senior secured leverage ratio and a minimum consolidated interest coverage ratio. At August 02, 2024, the Company was in compliance with all debt covenants under the 2022 Revolving Credit Facility.
The 2022 Revolving Credit Facility also imposes restrictions on the amount of dividends the Company is permitted to pay and the amount of shares the Company is permitted to repurchase. Under the 2022 Revolving Credit Facility, provided there is no default existing and the total of the Company\u2019s availability under the 2022 Revolving Credit Facility plus the Company\u2019s cash and cash equivalents on hand is at least $100,000 (the \u201cCash Availability\u201d), the Company may declare and pay cash dividends on shares of its common stock and repurchase shares of its common stock (1)\u00a0in an unlimited amount if, at the time such dividend or repurchase is made, the Company\u2019s consolidated total senior secured leverage ratio is 2.75 to 1.00 or less and (2)\u00a0in an aggregate amount not to exceed $100,000 in any fiscal\u00a0year if the Company\u2019s consolidated total leverage ratio is greater than 2.75 to 1.00 at the time the dividend or repurchase is made; notwithstanding (1)\u00a0and (2), so long as immediately after giving effect to the payment of any such dividends, Cash Availability is at least $100,000, the Company may declare and pay cash dividends on shares of its common stock in an aggregate amount not to exceed in any fiscal\u00a0year the product of the aggregate amount of dividends declared in the fourth quarter of the immediately preceding fiscal\u00a0year multiplied by four.
Convertible Senior Notes
On June\u00a018, 2021, the Company completed a $300,000 principal aggregate amount private offering of 0.625% convertible Senior Notes\u00a0due in 2026 (the \u201cNotes\u201d) which included the exercise in full of the initial purchasers\u2019 option to purchase up to an additional $25,000 principal amount of the Notes. The Notes\u00a0are governed by the terms of an indenture between the Company and U.S. Bank National Association as the Trustee. The Notes\u00a0will mature on June 15, 2026, unless earlier converted, repurchased or redeemed. The Notes\u00a0bear cash interest at an annual rate of 0.625%, payable semi-annually in arrears on June\u00a015 and December\u00a015 of each\u00a0year.
The Notes\u00a0are unsecured obligations and do not contain any financial or operating covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by the Company or any of its subsidiaries. In an event of default, the principal amount of, and all accrued and unpaid interest on, all of the notes then outstanding will immediately become due and payable. However, notwithstanding the foregoing, the Company may elect, at its option, that the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture will consist exclusively of the right of the noteholders to receive special interest on the Notes\u00a0for up to 180 calendar\u00a0days during which such event of default has occurred and is continuing, at a specified rate for the first 90\u00a0days of 0.25% per annum, and thereafter at a rate of 0.50% per annum, on the principal amount of the Notes.
The initial conversion rate applicable to the Notes\u00a0was 5.3153 shares of the Company\u2019s common stock per $1,000 principal amount of Notes, which represented an initial conversion price of approximately $188.14 per share of the Company\u2019s common stock, a premium of 25.0% over the last reported sale price of $150.51 per share on June\u00a015, 2021, the date on which the Notes\u00a0were priced. The conversion rate is subject to customary adjustments upon the occurrence of certain events, including for the payment of dividends to holders of the Company\u2019s common stock. On August 02, 2024, the conversion rate, as adjusted, was 6.2713 shares of the Company\u2019s common stock per $1,000 principal amount of Notes. In addition, if certain corporate events that constitute a \u201cMake-Whole Fundamental Change\u201d occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time.
Net proceeds from the Notes\u00a0offering were approximately $291,000, after deducting the initial purchasers\u2019 discounts and commissions and the Company\u2019s offering fees and expenses.
The Notes\u00a0are accounted for entirely as a liability and the issuance costs of the Notes\u00a0are accounted for wholly as debt issuance costs in the Consolidated Balance Sheets as of August 02, 2024 and July 28, 2023.
During any calendar quarter preceding September\u00a030, 2021, in which the closing price of the Company\u2019s common stock exceeds 130% of the applicable conversion price of the Notes\u00a0on at least 20 of the last 30 consecutive trading\u00a0days of the quarter, holders may in the immediate quarter following, convert all of a portion of their Notes. The holders of the Notes\u00a0were not eligible to convert their Notes\u00a0during 2024, 2023 or 2022. When a conversion notice is received, the Company has the option to pay or deliver the conversion amount entirely in cash or a combination of cash and shares of the Company\u2019s common stock. Accordingly, as of August 02, 2024 and July 28, 2023, the Company could not be required to settle the Notes\u00a0in cash and, therefore, the Notes\u00a0are classified as long-term debt.
The following table includes the outstanding principal amount and carrying value of the Notes\u00a0as of the periods indicated:
\u00a0\u00a0\u00a0\u00a0 | August 02, 2024 | \u00a0\u00a0\u00a0\u00a0 | July 28, 2023 | |||
Liability component | ||||||
Principal | $ | 300,000 | $ | 300,000 | ||
Less: Debt issuance costs | \u00a0 | 3,419 | \u00a0 | 5,171 | ||
Net carrying amount | $ | 296,581 | $ | 294,829 |
The effective rate of the Notes\u00a0over their expected life is 1.23%.
The following is a summary of interest expense for the Notes\u00a0for each of the three years: \u00a0
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||||
Coupon interest | $ | 1,932 | $ | 1,896 | $ | 1,896 | |||
Amortization of issuance costs | \u00a0 | 1,752 | \u00a0 | 1,730 | \u00a0 | 1,755 | |||
Total interest expense | $ | 3,684 | $ | 3,626 | $ | 3,651 |
Convertible Note\u00a0Hedge and Warrant Transactions
In connection with the offering of the Notes, the Company entered into convertible note hedge transactions (the \u201cConvertible Note\u00a0Hedge Transactions\u201d) with certain of the initial purchasers of the Notes\u00a0and/or their respective affiliates and other financial institutions (in this capacity, the \u201cHedge Counterparties\u201d). Concurrently with the Company\u2019s entry into the Convertible Note\u00a0Hedge Transactions, the Company also entered into separate, warrant transactions with the Hedge Counterparties collectively relating to the same number of shares of the Company\u2019s common stock, which initially is approximately 1,600,000 shares, subject to customary anti-dilution adjustments, and for which the Company received proceeds that partially offset the cost of entering into the Convertible Note\u00a0Hedge Transactions (the \u201cWarrant Transactions\u201d).
The Convertible Note\u00a0Hedge Transactions cover, subject to customary anti-dilution adjustments, the number of shares of the Company\u2019s common stock that initially underlie the Notes and are expected generally to reduce the potential equity dilution, and/or offset any cash payments in excess of the principal amount due, as the case may be, upon conversion of the Notes. By default, the Warrant Transactions are net share settled and the Company has the option to settle in cash or shares. The Warrant Transactions could have a dilutive effect on the Company\u2019s common stock to the extent that the price of its common stock exceeds the strike price of the Warrant Transactions. The strike price was initially $263.39 per share and is subject to certain adjustments under the terms of the Warrant Transactions. On August 02, 2024, the strike price, as adjusted, of the Warrant Transactions was adjusted to $223.24 per share as a result of dividends declared since the Notes\u00a0were issued.
As these transactions meet certain accounting criteria, the Convertible Note\u00a0Hedge Transactions and Warrant Transactions were recorded in stockholders\u2019 equity, not accounted for as derivatives and are not remeasured each reporting period.
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| August 02, 2024 | \u00a0\u00a0\u00a0\u00a0 | July 28, 2023 | |||
Liability component | ||||||
Principal | $ | 300,000 | $ | 300,000 | ||
Less: Debt issuance costs | \u00a0 | 3,419 | \u00a0 | 5,171 | ||
Net carrying amount | $ | 296,581 | $ | 294,829 |
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||||
Coupon interest | $ | 1,932 | $ | 1,896 | $ | 1,896 | |||
Amortization of issuance costs | \u00a0 | 1,752 | \u00a0 | 1,730 | \u00a0 | 1,755 | |||
Total interest expense | $ | 3,684 | $ | 3,626 | $ | 3,651 |
5. | Share Repurchases |
Subject to the limits imposed by the Company\u2019s revolving credit facility, in the fourth quarter of 2022, the Company was authorized by its Board of Directors to repurchase shares of the Company\u2019s outstanding common stock at management\u2019s discretion up to a total value of $200,000. \u00a0On June 2, 2023, the Company\u2019s Board of Directors renewed this authorization for an additional year which expired on June 2, 2024. In 2024, the Company did not repurchase any shares of its common stock. In 2023, the Company repurchased 171,792 shares of its common stock in the open market at an aggregate cost of $17,449. In 2022, the Company repurchased 1,248,184 shares of its common stock in the open market at an aggregate cost of $131,542.
"}]},{"name":"rpt:f-546","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchaseProgramAuthorizedAmount1","xbrl:period":"2022-07-30T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"200000000","decimals":-3}]},{"name":"rpt:f-547","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchasedDuringPeriodShares","xbrl:period":"2022-07-30T00:00:00/2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"171792"}]},{"name":"rpt:f-548","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchasedDuringPeriodValue","xbrl:period":"2022-07-30T00:00:00/2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"17449000","decimals":-3}]},{"name":"rpt:f-549","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchasedDuringPeriodShares","xbrl:period":"2021-07-31T00:00:00/2022-07-30T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"1248184"}]},{"name":"rpt:f-550","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchasedDuringPeriodValue","xbrl:period":"2021-07-31T00:00:00/2022-07-30T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"131542000","decimals":-3}]},{"name":"rpt:f-551","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingDisclosureTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"6. Segment Information
Cracker Barrel stores represent a single, integrated operation with two related and substantially integrated product lines. The operating expenses of the restaurant and retail product lines of a Cracker Barrel store are shared and are indistinguishable in many respects. Accordingly, the Company manages its business on the basis of one reportable operating segment. All of the Company\u2019s operations are located within the United States.
"}]},{"name":"rpt:f-552","factDimensions":{"xbrl:concept":"cbrl:NumberOfProductLines","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"cbrl:segment"},"factValues":[{"value":"2"}]},{"name":"rpt:f-553","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportableSegments","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"cbrl:segment"},"factValues":[{"value":"1"}]},{"name":"rpt:f-554","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"7. Revenue Recognition
Disaggregation of revenue
Total revenue was comprised of the following for each of the three years:
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||||
Revenue: | |||||||||
Restaurant | $ | 2,794,128 | $ | 2,740,866 | $ | 2,565,628 | |||
Retail | 676,634 | \u00a0 | 701,942 | \u00a0 | 702,158 | ||||
Total revenue | $ | 3,470,762 | $ | 3,442,808 | $ | 3,267,786 |
Gift Card Breakage
For 2024, 2023 and 2022, gift card breakage was $11,397, $10,713, and $9,572, respectively. Revenue recognized in the Consolidated Statements of Income for 2024, 2023 and 2022, respectively, for the redemption of gift cards which were included in the deferred revenue balance at the beginning of the fiscal\u00a0year was $36,958, $40,103, and $42,169, respectively. Deferred revenue related to the Company\u2019s gift cards was $84,854 and $88,556, respectively, at August 02, 2024 and July\u00a028, 2023.
Loyalty Program
During the first quarter of 2024, the Company launched its customer loyalty program, Cracker Barrel Rewards, which allows members to earn points (\u201cpegs\u201d) for each qualifying purchase in store or online. Pegs earned are then converted to rewards upon reaching certain thresholds. \u00a0These rewards may be redeemed on future restaurant or retail purchases in store or online. \u00a0
The estimation of the standalone selling price of pegs and other rewards issued to customers involves several assumptions, primarily the estimated value of the product for which the reward is expected to be redeemed and the probability that the pegs or reward will expire. These inputs are subject to change over time due to factors such as increased costs or changes in customer behavior.
The Company defers a portion of the revenue related to the pegs earned at the time of the original transaction based on the estimated value of the item for which the reward is expected to be redeemed, net of estimated unredeemed pegs. Pegs expire after twelve months. Revenue is recognized for these performance obligations upon redemption of pegs or rewards earned by the customer. As of August 2, 2024, deferred revenue related to the loyalty program was $1,544 and is included in deferred revenue on the Consolidated Balance Sheet.
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Revenue: | |||||||||
Restaurant | $ | 2,794,128 | $ | 2,740,866 | $ | 2,565,628 | |||
Retail | 676,634 | \u00a0 | 701,942 | \u00a0 | 702,158 | ||||
Total revenue | $ | 3,470,762 | $ | 3,442,808 | $ | 3,267,786 |
8. | Leases |
The Company has entered into two Cracker Barrel and three MSBC agreements for real estate leases that are not recorded as right-of-use assets or lease liabilities as it has not yet taken possession. These leases are expected to commence in 2025 and 2026 with undiscounted future payments of $11,292 and $1,323, respectively.
The following table summarizes the components of lease cost for operating leases for each of the three\u00a0years:
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||||
Operating lease cost | $ | 110,661 | $ | 109,908 | $ | 108,903 | |||
Short term lease cost | 3,509 | \u00a0 | 2,947 | \u00a0 | 2,409 | ||||
Variable lease cost | 3,522 | \u00a0 | 3,669 | \u00a0 | 2,673 | ||||
Total lease cost | $ | 117,692 | $ | 116,524 | $ | 113,985 |
The following table summarizes supplemental cash flow information and non-cash activity related to the Company\u2019s operating leases for each of the\u00a0three years:
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||||
Operating cash flow information: | \u00a0\u00a0 | \u00a0\u00a0 | \u00a0\u00a0 | ||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 97,014 | $ | 95,294 | $ | 92,600 | |||
Noncash information: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Right-of-use assets obtained in exchange for new operating lease liabilities | \u00a0 | 14,219 | \u00a0 | 17,378 | \u00a0 | 19,143 | |||
Lease modifications or reassessments increasing right-of-use assets | \u00a0 | 23,532 | \u00a0 | 11,320 | \u00a0 | 11,978 | |||
Lease modifications removing right-of-use assets | \u00a0 | (2,133) | \u00a0 | (413) | \u00a0 | (670) | |||
Right-of-use asset impairment* | \u00a0 | (1,832) | \u00a0 | \u2014 | \u00a0 | \u2014 |
*Included in the Impairment line on the Consolidated Statement of Cash Flows
The following table summarizes the weighted-average remaining lease term and the weighted-average discount rate for operating leases as of August 02, 2024, July 28, 2023 and July 29, 2022:
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0 | |
Weighted-average remaining lease term | 15.88 Years | 16.88 Years | 17.38 Years | \u00a0 | |||
Weighted-average discount rate | \u00a0 | 5.38 | %\u00a0\u00a0 | 5.09 | %\u00a0\u00a0 | 4.90 | % |
The following table summarizes the maturities of undiscounted cash flows reconciled to the total operating lease liability as of August 02, 2024:
Year | \u00a0\u00a0\u00a0\u00a0 | Total | |
2025 | $ | 86,318 | |
2026 | \u00a0 | 74,542 | |
2027 | \u00a0 | 70,152 | |
2028 | \u00a0 | 67,654 | |
2029 | \u00a0 | 65,666 | |
Thereafter | \u00a0 | 738,625 | |
Total future minimum lease payments | \u00a0 | 1,102,957 | |
Less imputed remaining interest | \u00a0 | (377,127) | |
Total present value of operating lease liabilities | $ | 725,830 |
Sale and Leaseback Transactions
In 2009, the Company completed sale and leaseback transactions involving 15 of its Cracker Barrel stores and its retail distribution center. Under the transactions, the land, buildings and building improvements at the locations were sold and leased back for terms of 20 and 15 years, respectively. The leases include specified renewal options for up to 20 additional\u00a0.
In 2020, the Company completed a sale and leaseback transaction involving 64 Cracker Barrel stores. \u00a0Under the transaction, the land, buildings and building improvements at the locations were sold and leased back for initial terms of\u00a020 years and renewal options up to 50 years.
In 2021, the Company completed a sale and leaseback transaction involving 62 Cracker Barrel stores. \u00a0 Under the transaction, the land, buildings and building improvements at the locations were sold and leased back for initial terms of 20 years and renewal options up to 50 years.
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Operating lease cost | $ | 110,661 | $ | 109,908 | $ | 108,903 | |||
Short term lease cost | 3,509 | \u00a0 | 2,947 | \u00a0 | 2,409 | ||||
Variable lease cost | 3,522 | \u00a0 | 3,669 | \u00a0 | 2,673 | ||||
Total lease cost | $ | 117,692 | $ | 116,524 | $ | 113,985 |
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||||
Operating cash flow information: | \u00a0\u00a0 | \u00a0\u00a0 | \u00a0\u00a0 | ||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 97,014 | $ | 95,294 | $ | 92,600 | |||
Noncash information: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Right-of-use assets obtained in exchange for new operating lease liabilities | \u00a0 | 14,219 | \u00a0 | 17,378 | \u00a0 | 19,143 | |||
Lease modifications or reassessments increasing right-of-use assets | \u00a0 | 23,532 | \u00a0 | 11,320 | \u00a0 | 11,978 | |||
Lease modifications removing right-of-use assets | \u00a0 | (2,133) | \u00a0 | (413) | \u00a0 | (670) | |||
Right-of-use asset impairment* | \u00a0 | (1,832) | \u00a0 | \u2014 | \u00a0 | \u2014 |
*Included in the Impairment line on the Consolidated Statement of Cash Flows
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Weighted-average remaining lease term | 15.88 Years | 16.88 Years | 17.38 Years | \u00a0 | |||
Weighted-average discount rate | \u00a0 | 5.38 | %\u00a0\u00a0 | 5.09 | %\u00a0\u00a0 | 4.90 | % |
Year | \u00a0\u00a0\u00a0\u00a0 | Total | |
2025 | $ | 86,318 | |
2026 | \u00a0 | 74,542 | |
2027 | \u00a0 | 70,152 | |
2028 | \u00a0 | 67,654 | |
2029 | \u00a0 | 65,666 | |
Thereafter | \u00a0 | 738,625 | |
Total future minimum lease payments | \u00a0 | 1,102,957 | |
Less imputed remaining interest | \u00a0 | (377,127) | |
Total present value of operating lease liabilities | $ | 725,830 |
9. | Share-Based Compensation |
Stock Compensation Plans
The Company\u2019s employee compensation plans are administered by the Compensation Committee of the Company\u2019s Board of Directors (the \u201cCommittee\u201d). The Committee is authorized to determine, at time periods within its discretion and subject to the direction of the Board of Directors, which employees will be granted awards, the number of shares covered by any awards granted, and within applicable limits, the terms and provisions relating to the exercise and vesting of any awards.
On November\u00a019, 2020, the Company\u2019s shareholders approved the 2020 Omnibus Incentive Plan (the \u201c2020 Omnibus Plan\u201d) which became effective on that date. The 2020 Omnibus Plan authorizes the following types of awards for employees and non-employee directors: stock options, stock appreciation rights, nonvested stock, restricted stock units, other share-based awards and performance awards. After the effective date of the 2020 Omnibus Plan, no additional awards could be granted under the Company\u2019s 2010 Omnibus Incentive Stock and Incentive Plan (the \u201cPrior Plan\u201d).
The 2020 Omnibus Plan allows the Committee to grant awards for an aggregate of 1,033,441 shares, the number of shares that were available for issuance as of September\u00a024, 2020 (the \u201cCutoff Date\u201d) pursuant to the Prior Plan, plus the number of shares that became available for issuance pursuant to the terms of the Prior Plan following the Cutoff Date and prior to the effective date. \u00a0However, this share reserve is increased by shares awarded under this and the Prior Plan which are forfeited, expired, settled for cash and shares withheld by the Company in payment of a tax withholding obligation after the effective date of the 2020 Omnibus Plan. Additionally, this share reserve was decreased by shares granted from the 2020 Omnibus Plan after the effective date. At August 02, 2024, the number of shares authorized for future issuance under the Company\u2019s active plan is 982,523. At August 02, 2024, the number of outstanding awards under the 2020 Omnibus Plan and the Prior Plan was 285,817 and 1,259, respectively.
The Company\u2019s nonvested stock awards consist of the Company\u2019s common stock, generally accrue dividend equivalents and vest over to three years. The fair value of the Company\u2019s nonvested stock awards which accrue dividends is equal to the market price of the Company\u2019s stock at the date of the grant. Dividends are forfeited for any nonvested stock awards that do not vest.
The Company\u2019s nonvested stock awards include its long-term performance plans which were established by the Committee for the purpose of rewarding certain officers with shares of the Company\u2019s common stock if the Company achieved certain performance targets. The stock awards under the long-term performance plans are calculated or estimated based on achievement of financial performance measures.
The following table summarizes the performance periods and vesting periods for the Company\u2019s nonvested stock awards under its long-term performance plans at August 02, 2024:
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Vesting Period | ||
Long-Term Performance Plan (\u201cLTPP\u201d) | \u00a0\u00a0\u00a0\u00a0 | Performance Period | \u00a0\u00a0\u00a0\u00a0 | (in Years) |
2024 LTPP | 2024 \u2013 2026 | 3 | ||
2023 LTPP | \u00a0 | 2023 \u2013 2025 | \u00a0 | 3 |
2022 LTPP | \u00a0 | 2022 \u2013 2024 | \u00a0 | 3 |
The following table summarizes the shares that have been accrued under the 2024 LTPP, 2023 LTPP and 2022 LTPP at August 02, 2024:
2024 LTPP | \u00a0\u00a0\u00a0\u00a0 | 34,290 |
2023 LTPP | 15,492 | |
2022 LTPP | 11,139 |
A summary of the Company\u2019s nonvested stock activity as of August 02, 2024, and changes during 2024 are presented in the following table:
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted-Average Grant | |||
Nonvested Stock | \u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | Date Fair Value | |
Unvested at July 28, 2023 | 180,657 | $ | 114.47 | ||
Granted | 129,674 | 70.66 | |||
Vested | \u00a0 | (72,631) | \u00a0 | 118.01 | |
Forfeited | \u00a0 | (11,545) | \u00a0 | 120.18 | |
Unvested at August 02, 2024 | \u00a0 | 226,155 | $ | 87.92 |
The following table summarizes the total fair value of nonvested stock that vested for each of the three\u00a0years:
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
Total fair value of nonvested stock | $ | 8,571 | $ | 4,947 | $ | 6,166 |
Compensation Expense
The following table highlights the components of share-based compensation expense for each of the three\u00a0years:
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
Total compensation expense | $ | 10,298 | $ | 9,045 | $ | 8,198 |
The following table highlights the total unrecognized compensation expense related to the outstanding nonvested stock awards and nonvested stock units and the weighted-average periods over which the expense is expected to be recognized as of August 02, 2024:
Nonvested | |||
\u00a0\u00a0\u00a0\u00a0 | Stock Awards | ||
Total unrecognized compensation | $ | 5,752 | |
Weighted-average period in years | \u00a0 | 1.43 |
During 2024, the Company issued 49,418 shares of its common stock resulting from the vesting of share-based compensation awards. Related tax withholding payments on these share-based compensation awards resulted in a net reduction to shareholders\u2019 equity of $1,608.
"}]},{"name":"rpt:f-635","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"xbrla:shares","us-gaap:PlanNameAxis":"cbrl:OmnibusPlan2010Member"},"factValues":[{"value":"0"}]},{"name":"rpt:f-636","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized","xbrl:period":"2020-11-20T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"xbrla:shares","us-gaap:PlanNameAxis":"cbrl:OmnibusPlan2020Member"},"factValues":[{"value":"1033441"}]},{"name":"rpt:f-637","factDimensions":{"xbrl:concept":"us-gaap:CommonStockCapitalSharesReservedForFutureIssuance","xbrl:period":"2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"xbrla:shares","us-gaap:PlanNameAxis":"cbrl:OmnibusPlan2020Member"},"factValues":[{"value":"982523"}]},{"name":"rpt:f-638","factDimensions":{"xbrl:concept":"cbrl:ShareBasedCompensationArrangementOutstandingNumber","xbrl:period":"2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"xbrla:shares","us-gaap:PlanNameAxis":"cbrl:OmnibusPlan2020Member"},"factValues":[{"value":"285817"}]},{"name":"rpt:f-639","factDimensions":{"xbrl:concept":"cbrl:ShareBasedCompensationArrangementOutstandingNumber","xbrl:period":"2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"xbrla:shares","us-gaap:PlanNameAxis":"cbrl:OmnibusPlan2010Member"},"factValues":[{"value":"1259"}]},{"name":"rpt:f-640","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","srt:RangeAxis":"srt:MaximumMember","us-gaap:AwardTypeAxis":"cbrl:NonvestedStockMember"},"factValues":[{"value":"P3Y"}]},{"name":"rpt:f-641","factDimensions":{"xbrl:concept":"cbrl:ShareBasedCompensationArrangementByShareBasedPaymentAwardLtppPerformanceAndVestingPeriodTableTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Vesting Period | ||
Long-Term Performance Plan (\u201cLTPP\u201d) | \u00a0\u00a0\u00a0\u00a0 | Performance Period | \u00a0\u00a0\u00a0\u00a0 | (in Years) |
2024 LTPP | 2024 \u2013 2026 | 3 | ||
2023 LTPP | \u00a0 | 2023 \u2013 2025 | \u00a0 | 3 |
2022 LTPP | \u00a0 | 2022 \u2013 2024 | \u00a0 | 3 |
2024 LTPP | \u00a0\u00a0\u00a0\u00a0 | 34,290 |
2023 LTPP | 15,492 | |
2022 LTPP | 11,139 |
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted-Average Grant | |||
Nonvested Stock | \u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | Date Fair Value | |
Unvested at July 28, 2023 | 180,657 | $ | 114.47 | ||
Granted | 129,674 | 70.66 | |||
Vested | \u00a0 | (72,631) | \u00a0 | 118.01 | |
Forfeited | \u00a0 | (11,545) | \u00a0 | 120.18 | |
Unvested at August 02, 2024 | \u00a0 | 226,155 | $ | 87.92 |
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
Total fair value of nonvested stock | $ | 8,571 | $ | 4,947 | $ | 6,166 |
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
Total compensation expense | $ | 10,298 | $ | 9,045 | $ | 8,198 |
Nonvested | |||
\u00a0\u00a0\u00a0\u00a0 | Stock Awards | ||
Total unrecognized compensation | $ | 5,752 | |
Weighted-average period in years | \u00a0 | 1.43 |
10. | Shareholder Rights Agreement |
On February 22, 2024, the Company\u2019s Board of Directors unanimously determined to extend the Company\u2019s shareholder rights agreement for a further three-year term, subject to the approval of the Company\u2019s shareholders at the Company\u2019s upcoming 2024 annual meeting. \u00a0In connection with this determination, the Board of Directors declared a dividend of one preferred share purchase right (a \u201cRight\u201d) for each outstanding share of common stock, par value $0.01 per share, and adopted a shareholder rights agreement, as set forth in the Rights Agreement dated as of February 27, 2024 (the \u201cRights Agreement\u201d), by and between the Company and Equiniti Trust Company, LLC, as rights agent. The dividend was payable on March 8, 2024 to the shareholders of record on March 8, 2024. The Rights Agreement replaced the Company\u2019s Rights Agreement, dated as of April 9, 2021 (the \u201c2021 Rights Agreement\u201d), and became effective 5:00 p.m., New York City time, on February 27, 2024 (the \u201cEffective Time\u201d). To facilitate the entry into the Rights Agreement, the Board of Directors also approved an Amendment and Termination to the 2021 Rights Agreement, which accelerated the expiration date of the 2021 Rights Agreement from the close of business on April 9, 2024 to immediately prior to the Effective Time, at which the 2021 Rights Agreement expired and became of no further force or effect. Other than extending the term, the Rights Agreement makes no changes to the material terms and conditions of the 2021 Rights Agreement. \u00a0
The Rights
The Rights initially trade with, and are inseparable from, the Company\u2019s common stock. The Rights are evidenced only by certificates or book entries that represent shares of common stock. New Rights will accompany any new shares of common stock the Company issues after March 8, 2024 until the Distribution Date (as defined below).
Exercise Price
Each Right will allow its holder to purchase from the Company of a share of Series\u00a0A Junior Participating Preferred Stock (\u201cPreferred Share\u201d) for $600.00 (the \u201cExercise Price\u201d) once the Rights become exercisable. This portion of a Preferred Share will give the shareholder approximately the same dividend and liquidation rights as would one share of common stock. Prior to exercise, the Right does not give its holder any dividend, voting or liquidation rights.
Exercisability
The Rights will not be exercisable until ten days after the public announcement that a person or group has become an \u201cAcquiring Person\u201d by obtaining beneficial ownership of 20% or more of the Company\u2019s outstanding common stock.
Certain synthetic interests in securities created by derivative positions\u00a0\u2013 whether or not such interests are considered to be ownership of the underlying common stock or are reportable for purposes of Regulation 13D of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d)\u00a0\u2013 are treated as beneficial ownership of the number of shares of the Company\u2019s common stock equivalent to the economic exposure created by the derivative.
The date when the Rights become exercisable is the \u201cDistribution Date.\u201d Until the Distribution Date, the common stock certificates will also evidence the Rights, and any transfer of shares of common stock will constitute a transfer of Rights. After that date, the Rights will separate from the common stock and will be evidenced by book-entry credits or by Rights certificates that the Company will mail to all eligible holders of common stock. Any Rights held by an Acquiring Person will be void and may not be exercised.
At August 02, 2024, none of the Rights were exercisable.
Consequences of a Person or Group Becoming an Acquiring Person
| \u25cf | Flip in. If a person or group becomes an Acquiring Person, all holders of Rights except the Acquiring Person may, for $600.00, purchase shares of the Company\u2019s common stock with a market value of $1,200.00, based on the market price of the common stock prior to such acquisition. |
| \u25cf | Flip Over. If the Company is later acquired in a merger or similar transaction after the Distribution Date, all holders of Rights except the Acquiring Person may, for $600.00, purchase shares of the acquiring corporation with a market value of $1,200.00, based on the market price of the acquiring corporation\u2019s stock prior to such transaction. |
| \u25cf | Notional Shares. Shares held by affiliates and associates of an Acquiring Person, and Notional Common Shares (as defined in the Rights Agreement) held by counterparties to a Derivatives Contract (as defined in the Rights Agreement) with an Acquiring Person, will be deemed to be beneficially owned by the Acquiring Person. |
Preferred Share Provisions
Each of a Preferred Share, if issued:
| \u25cf | will not be redeemable; |
| \u25cf | will entitle holders to quarterly dividend payments of $0.01 per share, or an amount equal to the dividend paid on one share of common stock, whichever is greater; |
| \u25cf | will entitle holders upon liquidation either to receive $1.00 per share or an amount equal to the payment made on one share of common stock, whichever is greater; |
| \u25cf | will have the same voting power as one share of common stock; and |
| \u25cf | if shares of the Company\u2019s common stock are exchanged via merger, consolidation, or a similar transaction, will entitle holders to a per share payment equal to the payment made on one share of common stock. |
The value of of a Preferred Share will generally approximate the value of one share of common stock.
Redemption
The Board of Directors may redeem the Rights for $0.01 per Right at any time before any person or group becomes an Acquiring Person. If the Board of Directors redeems any Rights, it must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of Rights will be to receive the redemption price of $0.01 per Right. The redemption price will be adjusted if the Company has a stock split or stock dividends of its common stock.
Qualifying Offer Provision
The Rights would also not interfere with any all-cash, fully financed tender offer, exchange offer of common stock of the offeror meeting certain terms and conditions further described below, or a combination thereof, in each case for all shares of common stock that remain open for a minimum of 60 business\u00a0days and subject to a minimum condition of a majority of the outstanding shares and provide for a 20-business day \u201csubsequent offering period\u201d after consummation (such offers are referred to as \u201cqualifying offers\u201d). If an offer includes shares of common stock of the offeror, the Rights would not interfere with such offer if such consideration consists solely of freely-tradeable common stock of a publicly-owned United States corporation; such common stock is listed or admitted to trading on the New York Stock Exchange, Nasdaq Global Select Market or Nasdaq Global Market; the offeror has already received stockholder approval to issue such common stock prior to the commencement of such offer or no such approval is or will be required; the offeror has no other class of voting stock outstanding; no person (including such person\u2019s affiliated and associated persons) beneficially owns twenty\u00a0percent (20%) or more of the shares of common stock of the offeror then outstanding at the time of commencement of the offer or at any time during the term of the offer; and the offeror meets the registrant eligibility requirements for use of a registration statement on Form\u00a0S-3 for registering securities under the Securities Act of 1933, as amended, including the filing of all reports required to be filed pursuant to the Exchange Act in a timely manner during the twelve (12) calendar\u00a0months prior to the date of commencement, and throughout the term, of such offer. In the event the Company receives a qualifying offer and the Board of Directors has not redeemed the Rights prior to the consummation of such offer, the consummation of the qualifying offer will not cause the offeror or its affiliates to become an Acquiring Person, and the Rights will immediately expire upon consummation of the qualifying offer.
Exchange
After a person or group becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of the Company\u2019s outstanding common stock, the Board of Directors may extinguish the Rights by exchanging one share of common stock or an equivalent security for each Right, other than Rights held by the Acquiring Person.
Anti-Dilution Provisions
The Board of Directors may adjust the purchase price of the Preferred Shares, the number of Preferred Shares issuable and the number of outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split, a reclassification of the Preferred Shares or common stock. No adjustments to the Exercise Price of less than 1% will be made.
Amendments
The terms of the Rights Agreement may be amended by the Board of Directors without the consent of the holders of the Rights. After a person or group becomes an Acquiring Person, the Board of Directors may not amend the agreement in a way that adversely affects holders of the Rights.
Expiration
If the Rights Agreement is approved by the shareholders at the 2024 annual meeting, the Rights will expire on February 27, 2027. If shareholders do not approve the Rights Agreement, it will expire immediately following certification of the vote at the 2024 annual meeting.
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| Employee Savings Plans |
The Company sponsors a (\u201c401(k)\u00a0Savings Plan\u201d) covering salaried and hourly employees who have completed ninety\u00a0days of service and have attained the age of . This plan allows eligible employees to defer receipt of up to 50% of their compensation, as defined in the plan. The Company also sponsors a (\u201cNon-Qualified Savings Plan\u201d) covering highly compensated employees, as defined in the plan. This plan allows eligible employees to defer receipt of up to 50% of their base compensation and 100% of their eligible bonuses, as defined in the plan.
Contributions under both plans may be invested in various investment funds at the employee\u2019s discretion. Such contributions, including the Company\u2019s matching contributions described below, may not be invested in the Company\u2019s common stock. In 2024, 2023 and 2022, the Company matched 50% of employee contributions for each participant in the 401(k)\u00a0Savings Plan up to a total of 5% of the employee\u2019s compensation and matched 25% of employee contributions in the Non-Qualified Savings Plan up to a total of 6% of the employee\u2019s compensation. Employee contributions vest immediately while Company contributions vest 20% annually beginning on the first anniversary of a contribution date and are vested 100% on the fifth anniversary of such contribution date.
At the inception of the Non-Qualified Savings Plan, the Company established a Rabbi Trust to fund the plan\u2019s obligations. The market value of the trust assets for the Non-Qualified Savings Plan of $25,719 is included in other assets and the related liability to the participants of $25,719 is included in other long-term obligations in the Consolidated Balance Sheets. Company contributions under both plans are recorded as either labor and other related expenses or general and administrative expenses in the Consolidated Statements of Income.
The following table summarizes the Company\u2019s contributions for each plan for each of the three\u00a0years:
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
401(k) Savings Plan | $ | 5,121 | $ | 4,963 | $ | 4,713 | |||
Non-Qualified Savings Plan | \u00a0 | 237 | \u00a0 | 230 | \u00a0 | 285 |
"}]},{"name":"rpt:f-707","factDimensions":{"xbrl:concept":"cbrl:DefinedContributionPlanRequisiteServicePeriod","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:QualifiedDefinedContributionMember"},"factValues":[{"value":"P90D"}]},{"name":"rpt:f-708","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:NonQualifiedDefinedContributionMember"},"factValues":[{"value":"0.50","decimals":2}]},{"name":"rpt:f-709","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:QualifiedDefinedContributionMember"},"factValues":[{"value":"0.50","decimals":2}]},{"name":"rpt:f-710","factDimensions":{"xbrl:concept":"cbrl:PercentageOfEligibleBonusesAllowedToBeDeferred","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:NonQualifiedDefinedContributionMember"},"factValues":[{"value":"1","decimals":2}]},{"name":"rpt:f-711","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanEmployerMatchingContributionPercentOfMatch","xbrl:period":"2022-07-30T00:00:00/2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:QualifiedDefinedContributionMember"},"factValues":[{"value":"0.50","decimals":2}]},{"name":"rpt:f-712","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanEmployerMatchingContributionPercentOfMatch","xbrl:period":"2021-07-31T00:00:00/2022-07-30T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:QualifiedDefinedContributionMember"},"factValues":[{"value":"0.50","decimals":2}]},{"name":"rpt:f-713","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanEmployerMatchingContributionPercentOfMatch","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:QualifiedDefinedContributionMember"},"factValues":[{"value":"0.50","decimals":2}]},{"name":"rpt:f-714","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanEmployerMatchingContributionPercent","xbrl:period":"2022-07-30T00:00:00/2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","srt:RangeAxis":"srt:MaximumMember","us-gaap:RetirementPlanNameAxis":"cbrl:QualifiedDefinedContributionMember"},"factValues":[{"value":"0.05","decimals":2}]},{"name":"rpt:f-715","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanEmployerMatchingContributionPercent","xbrl:period":"2021-07-31T00:00:00/2022-07-30T00:00:00","xbrl:entity":"cik:0001067294","srt:RangeAxis":"srt:MaximumMember","us-gaap:RetirementPlanNameAxis":"cbrl:QualifiedDefinedContributionMember"},"factValues":[{"value":"0.05","decimals":2}]},{"name":"rpt:f-716","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanEmployerMatchingContributionPercent","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","srt:RangeAxis":"srt:MaximumMember","us-gaap:RetirementPlanNameAxis":"cbrl:QualifiedDefinedContributionMember"},"factValues":[{"value":"0.05","decimals":2}]},{"name":"rpt:f-717","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanEmployerMatchingContributionPercentOfMatch","xbrl:period":"2022-07-30T00:00:00/2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:NonQualifiedDefinedContributionMember"},"factValues":[{"value":"0.25","decimals":2}]},{"name":"rpt:f-718","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanEmployerMatchingContributionPercentOfMatch","xbrl:period":"2021-07-31T00:00:00/2022-07-30T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:NonQualifiedDefinedContributionMember"},"factValues":[{"value":"0.25","decimals":2}]},{"name":"rpt:f-719","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanEmployerMatchingContributionPercentOfMatch","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:NonQualifiedDefinedContributionMember"},"factValues":[{"value":"0.25","decimals":2}]},{"name":"rpt:f-720","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanEmployerMatchingContributionPercent","xbrl:period":"2022-07-30T00:00:00/2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","srt:RangeAxis":"srt:MaximumMember","us-gaap:RetirementPlanNameAxis":"cbrl:NonQualifiedDefinedContributionMember"},"factValues":[{"value":"0.06","decimals":2}]},{"name":"rpt:f-721","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanEmployerMatchingContributionPercent","xbrl:period":"2021-07-31T00:00:00/2022-07-30T00:00:00","xbrl:entity":"cik:0001067294","srt:RangeAxis":"srt:MaximumMember","us-gaap:RetirementPlanNameAxis":"cbrl:NonQualifiedDefinedContributionMember"},"factValues":[{"value":"0.06","decimals":2}]},{"name":"rpt:f-722","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanEmployerMatchingContributionPercent","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","srt:RangeAxis":"srt:MaximumMember","us-gaap:RetirementPlanNameAxis":"cbrl:NonQualifiedDefinedContributionMember"},"factValues":[{"value":"0.06","decimals":2}]},{"name":"rpt:f-723","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanEmployersMatchingContributionAnnualVestingPercentage","xbrl:period":"2022-07-30T00:00:00/2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:QualifiedDefinedContributionMember"},"factValues":[{"value":"0.20","decimals":2}]},{"name":"rpt:f-724","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanEmployersMatchingContributionAnnualVestingPercentage","xbrl:period":"2021-07-31T00:00:00/2022-07-30T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:QualifiedDefinedContributionMember"},"factValues":[{"value":"0.20","decimals":2}]},{"name":"rpt:f-725","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanEmployersMatchingContributionAnnualVestingPercentage","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:QualifiedDefinedContributionMember"},"factValues":[{"value":"0.20","decimals":2}]},{"name":"rpt:f-726","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanEmployersMatchingContributionAnnualVestingPercentage","xbrl:period":"2022-07-30T00:00:00/2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:NonQualifiedDefinedContributionMember"},"factValues":[{"value":"0.20","decimals":2}]},{"name":"rpt:f-727","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanEmployersMatchingContributionAnnualVestingPercentage","xbrl:period":"2021-07-31T00:00:00/2022-07-30T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:NonQualifiedDefinedContributionMember"},"factValues":[{"value":"0.20","decimals":2}]},{"name":"rpt:f-728","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanEmployersMatchingContributionAnnualVestingPercentage","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:NonQualifiedDefinedContributionMember"},"factValues":[{"value":"0.20","decimals":2}]},{"name":"rpt:f-729","factDimensions":{"xbrl:concept":"cbrl:PercentageOfContributionByEmployerThatVestsOnEmployeeSFifthAnniversaryOfEmployment","xbrl:period":"2022-07-30T00:00:00/2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:NonQualifiedDefinedContributionMember"},"factValues":[{"value":"1","decimals":2}]},{"name":"rpt:f-730","factDimensions":{"xbrl:concept":"cbrl:PercentageOfContributionByEmployerThatVestsOnEmployeeSFifthAnniversaryOfEmployment","xbrl:period":"2021-07-31T00:00:00/2022-07-30T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:NonQualifiedDefinedContributionMember"},"factValues":[{"value":"1","decimals":2}]},{"name":"rpt:f-731","factDimensions":{"xbrl:concept":"cbrl:PercentageOfContributionByEmployerThatVestsOnEmployeeSFifthAnniversaryOfEmployment","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:NonQualifiedDefinedContributionMember"},"factValues":[{"value":"1","decimals":2}]},{"name":"rpt:f-732","factDimensions":{"xbrl:concept":"cbrl:PercentageOfContributionByEmployerThatVestsOnEmployeeSFifthAnniversaryOfEmployment","xbrl:period":"2022-07-30T00:00:00/2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:QualifiedDefinedContributionMember"},"factValues":[{"value":"1","decimals":2}]},{"name":"rpt:f-733","factDimensions":{"xbrl:concept":"cbrl:PercentageOfContributionByEmployerThatVestsOnEmployeeSFifthAnniversaryOfEmployment","xbrl:period":"2021-07-31T00:00:00/2022-07-30T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:QualifiedDefinedContributionMember"},"factValues":[{"value":"1","decimals":2}]},{"name":"rpt:f-734","factDimensions":{"xbrl:concept":"cbrl:PercentageOfContributionByEmployerThatVestsOnEmployeeSFifthAnniversaryOfEmployment","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","us-gaap:RetirementPlanNameAxis":"cbrl:QualifiedDefinedContributionMember"},"factValues":[{"value":"1","decimals":2}]},{"name":"rpt:f-735","factDimensions":{"xbrl:concept":"cbrl:PlanAssetsForNonQualifiedPlanAssetsNoncurrent","xbrl:period":"2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanNameAxis":"cbrl:NonQualifiedDefinedContributionMember"},"factValues":[{"value":"25719000","decimals":-3}]},{"name":"rpt:f-736","factDimensions":{"xbrl:concept":"cbrl:NonQualifiedDefinedContributionPlanLiabilitiesNoncurrent","xbrl:period":"2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanNameAxis":"cbrl:NonQualifiedDefinedContributionMember"},"factValues":[{"value":"25719000","decimals":-3}]},{"name":"rpt:f-737","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanDisclosuresTableTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"
The following table summarizes the Company\u2019s contributions for each plan for each of the three\u00a0years:
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
401(k) Savings Plan | $ | 5,121 | $ | 4,963 | $ | 4,713 | |||
Non-Qualified Savings Plan | \u00a0 | 237 | \u00a0 | 230 | \u00a0 | 285 |
"}]},{"name":"rpt:f-738","factDimensions":{"xbrl:concept":"cbrl:DefinedContributionPlanContributionsByEmployer","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanNameAxis":"cbrl:QualifiedDefinedContributionMember"},"factValues":[{"value":"5121000","decimals":-3}]},{"name":"rpt:f-739","factDimensions":{"xbrl:concept":"cbrl:DefinedContributionPlanContributionsByEmployer","xbrl:period":"2022-07-30T00:00:00/2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanNameAxis":"cbrl:QualifiedDefinedContributionMember"},"factValues":[{"value":"4963000","decimals":-3}]},{"name":"rpt:f-740","factDimensions":{"xbrl:concept":"cbrl:DefinedContributionPlanContributionsByEmployer","xbrl:period":"2021-07-31T00:00:00/2022-07-30T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanNameAxis":"cbrl:QualifiedDefinedContributionMember"},"factValues":[{"value":"4713000","decimals":-3}]},{"name":"rpt:f-741","factDimensions":{"xbrl:concept":"cbrl:DefinedContributionPlanContributionsByEmployer","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanNameAxis":"cbrl:NonQualifiedDefinedContributionMember"},"factValues":[{"value":"237000","decimals":-3}]},{"name":"rpt:f-742","factDimensions":{"xbrl:concept":"cbrl:DefinedContributionPlanContributionsByEmployer","xbrl:period":"2022-07-30T00:00:00/2023-07-29T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanNameAxis":"cbrl:NonQualifiedDefinedContributionMember"},"factValues":[{"value":"230000","decimals":-3}]},{"name":"rpt:f-743","factDimensions":{"xbrl:concept":"cbrl:DefinedContributionPlanContributionsByEmployer","xbrl:period":"2021-07-31T00:00:00/2022-07-30T00:00:00","xbrl:entity":"cik:0001067294","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanNameAxis":"cbrl:NonQualifiedDefinedContributionMember"},"factValues":[{"value":"285000","decimals":-3}]},{"name":"rpt:f-744","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxDisclosureTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"
12. | Income Taxes |
The components of the provision for income taxes (income tax benefit) for each of the three\u00a0years were as follows:
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
Current: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Federal | $ | (10,448) | $ | 6,925 | $ | 16,462 | |||
State | \u00a0 | 247 | \u00a0 | 3,573 | \u00a0 | 1,188 | |||
Deferred: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Federal | \u00a0 | (3,526) | \u00a0 | (4,902) | \u00a0 | (4,543) | |||
State | \u00a0 | (3,017) | \u00a0 | (1,035) | \u00a0 | (1,604) | |||
Total provision for income taxes (income tax benefit) | $ | (16,744) | $ | 4,561 | $ | 11,503 |
A reconciliation of the Company\u2019s provision for income taxes (income tax benefit) and income taxes based on the statutory U.S. federal rate of 21.0% in 2024, 2023 and 2022 was as follows:
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
Provision computed at federal statutory income tax rate | $ | 5,079 | $ | 21,758 | $ | 30,110 | |||
State and local income taxes, net of federal benefit | \u00a0 | 874 | \u00a0 | 2,069 | \u00a0 | 1,452 | |||
Employer tax credits for FICA taxes paid on employee tip income | \u00a0 | (16,926) | \u00a0 | (16,772) | \u00a0 | (15,395) | |||
Other employer tax credits | \u00a0 | (3,476) | \u00a0 | (3,673) | \u00a0 | (4,929) | |||
Tax audit settlement | \u00a0 | (2,718) | \u00a0 | \u2014 | \u00a0 | (1,939) | |||
Carryback of federal tax credits | (1,545) | \u2014 | \u2014 | ||||||
Non-deductible executive compensation | 1,254 | 936 | 1,499 | ||||||
Share-based compensation | 548 | 338 | (47) | ||||||
Other-net | \u00a0 | 166 | \u00a0 | (95) | \u00a0 | 752 | |||
Total provision for income taxes (income tax benefit) | $ | (16,744) | $ | 4,561 | $ | 11,503 |
The decrease in the Company\u2019s provision for income taxes in 2024 as compared to 2023 is primarily due to the decrease in income before income taxes and favorable audit settlements in 2024. The decrease in the Company\u2019s provision for income taxes in 2023 as compared to 2022 is primarily due to the decrease in income before income taxes. \u00a0 \u00a0
Significant components of the Company\u2019s net deferred tax liability consisted of the following at:
\u00a0\u00a0\u00a0\u00a0 | August 02, 2024 | \u00a0\u00a0\u00a0\u00a0 | July 28, 2023 | |||
Deferred tax assets: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||
Compensation and employee benefits | $ | 5,677 | $ | 6,406 | ||
Accrued liabilities | \u00a0 | 14,202 | \u00a0 | 15,843 | ||
Operating lease liabilities | \u00a0 | 181,094 | \u00a0 | 186,813 | ||
Insurance reserves | \u00a0 | 8,760 | \u00a0 | 7,360 | ||
Inventory | \u00a0 | 3,515 | \u00a0 | 3,204 | ||
Deferred tax credits and carryforwards | \u00a0 | 33,979 | \u00a0 | 30,720 | ||
Other | \u00a0 | 7,132 | \u00a0 | 11,057 | ||
Deferred tax assets | $ | 254,359 | $ | 261,403 | ||
Deferred tax liabilities: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||
Property and equipment | $ | 97,014 | $ | 100,185 | ||
Inventory | \u00a0 | 6,217 | \u00a0 | 6,028 | ||
Operating lease right-of-use asset | \u00a0 | 211,826 | \u00a0 | 221,882 | ||
Other | \u00a0 | 7,014 | \u00a0 | 7,564 | ||
Deferred tax liabilities | \u00a0 | 322,071 | \u00a0 | 335,659 | ||
Net deferred tax liability | $ | 67,712 | $ | 74,256 |
The Company has a deferred tax asset of $17,308 reflecting federal income tax credit carryforwards that expire in 2044. The Company has state income tax net operating loss carryforwards (\u201cNOL\u201d) of $104,924 and has recorded a deferred tax asset of $5,737 reflecting this benefit. These state NOLs generally expire in\u00a0years beginning 2037 and after.
The Company believes that adequate amounts of tax, interest and penalties have been provided for potential tax uncertainties; these amounts are included in other long-term liabilities in the Consolidated Balance Sheets. As of August 02, 2024 and July 28, 2023, the Company\u2019s gross liability for uncertain tax positions, exclusive of interest and penalties, was $7,404 and $9,675, respectively.
Summarized below is a tabular reconciliation of the beginning and ending balance of the Company\u2019s total gross liability for uncertain tax positions exclusive of interest and penalties:
\u00a0\u00a0\u00a0\u00a0 | August 02, 2024 | \u00a0\u00a0\u00a0\u00a0 | July 28, 2023 | \u00a0\u00a0\u00a0\u00a0 | July 29, 2022 | ||||
Balance at beginning of year | $ | 9,675 | $ | 10,858 | $ | 14,477 | |||
Tax positions related to the current year: | \u00a0 | ||||||||
Additions | 276 | \u00a0 | 710 | \u00a0 | 1,152 | ||||
Reductions | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | |||
Tax positions related to the prior year: | \u00a0 | ||||||||
Additions | 43 | \u00a0 | 52 | \u00a0 | 17 | ||||
Reductions | \u00a0 | (674) | \u00a0 | (298) | \u00a0 | (1,241) | |||
Settlements | \u00a0 | (1,433) | \u00a0 | \u2014 | \u00a0 | (1,942) | |||
Expiration of statute of limitations | \u00a0 | (483) | \u00a0 | (1,647) | \u00a0 | (1,605) | |||
Balance at end of year | $ | 7,404 | $ | 9,675 | $ | 10,858 |
If the Company were to prevail on all uncertain tax positions, the reversal of this accrual would be a tax benefit to the Company and impact the effective tax rate. The following table highlights the amount of uncertain tax positions, exclusive of interest and penalties, which, if recognized, would affect the effective tax rate for each of the three\u00a0years:
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
Uncertain tax positions | $ | 5,849 | $ | 7,644 | $ | 8,578 |
The Company had $7,913, $7,896, and $7,133 in interest and penalties accrued as of August 02, 2024, July 28, 2023, and July 29, 2022, respectively.
The Company recognized accrued interest and penalties related to unrecognized tax benefits of $17, $764 and $(622) in its provision for income taxes (income tax benefit) on August 02, 2024, July 28, 2023 and July 29, 2022, respectively.
In many cases, the Company\u2019s uncertain tax positions are related to tax\u00a0years that remain subject to examination by the relevant taxing authorities. Based on the outcome of these examinations or as a result of the expiration of the statutes of limitations for specific taxing jurisdictions, it is reasonably possible that the related uncertain tax positions taken regarding previously filed tax returns could decrease from those recorded as liabilities for uncertain tax positions in the Company\u2019s financial statements at August 02, 2024 by approximately $1,000 to $2,000 within the next twelve\u00a0months. At August 02, 2024, the Company was subject to income tax examinations for its U.S. federal income taxes after 2018 and for state and local income taxes generally after 2019.
"}]},{"name":"rpt:f-745","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"The components of the provision for income taxes (income tax benefit) for each of the three\u00a0years were as follows:
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
Current: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Federal | $ | (10,448) | $ | 6,925 | $ | 16,462 | |||
State | \u00a0 | 247 | \u00a0 | 3,573 | \u00a0 | 1,188 | |||
Deferred: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Federal | \u00a0 | (3,526) | \u00a0 | (4,902) | \u00a0 | (4,543) | |||
State | \u00a0 | (3,017) | \u00a0 | (1,035) | \u00a0 | (1,604) | |||
Total provision for income taxes (income tax benefit) | $ | (16,744) | $ | 4,561 | $ | 11,503 |
A reconciliation of the Company\u2019s provision for income taxes (income tax benefit) and income taxes based on the statutory U.S. federal rate of 21.0% in 2024, 2023 and 2022 was as follows:
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
Provision computed at federal statutory income tax rate | $ | 5,079 | $ | 21,758 | $ | 30,110 | |||
State and local income taxes, net of federal benefit | \u00a0 | 874 | \u00a0 | 2,069 | \u00a0 | 1,452 | |||
Employer tax credits for FICA taxes paid on employee tip income | \u00a0 | (16,926) | \u00a0 | (16,772) | \u00a0 | (15,395) | |||
Other employer tax credits | \u00a0 | (3,476) | \u00a0 | (3,673) | \u00a0 | (4,929) | |||
Tax audit settlement | \u00a0 | (2,718) | \u00a0 | \u2014 | \u00a0 | (1,939) | |||
Carryback of federal tax credits | (1,545) | \u2014 | \u2014 | ||||||
Non-deductible executive compensation | 1,254 | 936 | 1,499 | ||||||
Share-based compensation | 548 | 338 | (47) | ||||||
Other-net | \u00a0 | 166 | \u00a0 | (95) | \u00a0 | 752 | |||
Total provision for income taxes (income tax benefit) | $ | (16,744) | $ | 4,561 | $ | 11,503 |
Significant components of the Company\u2019s net deferred tax liability consisted of the following at:
\u00a0\u00a0\u00a0\u00a0 | August 02, 2024 | \u00a0\u00a0\u00a0\u00a0 | July 28, 2023 | |||
Deferred tax assets: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||
Compensation and employee benefits | $ | 5,677 | $ | 6,406 | ||
Accrued liabilities | \u00a0 | 14,202 | \u00a0 | 15,843 | ||
Operating lease liabilities | \u00a0 | 181,094 | \u00a0 | 186,813 | ||
Insurance reserves | \u00a0 | 8,760 | \u00a0 | 7,360 | ||
Inventory | \u00a0 | 3,515 | \u00a0 | 3,204 | ||
Deferred tax credits and carryforwards | \u00a0 | 33,979 | \u00a0 | 30,720 | ||
Other | \u00a0 | 7,132 | \u00a0 | 11,057 | ||
Deferred tax assets | $ | 254,359 | $ | 261,403 | ||
Deferred tax liabilities: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||
Property and equipment | $ | 97,014 | $ | 100,185 | ||
Inventory | \u00a0 | 6,217 | \u00a0 | 6,028 | ||
Operating lease right-of-use asset | \u00a0 | 211,826 | \u00a0 | 221,882 | ||
Other | \u00a0 | 7,014 | \u00a0 | 7,564 | ||
Deferred tax liabilities | \u00a0 | 322,071 | \u00a0 | 335,659 | ||
Net deferred tax liability | $ | 67,712 | $ | 74,256 |
Summarized below is a tabular reconciliation of the beginning and ending balance of the Company\u2019s total gross liability for uncertain tax positions exclusive of interest and penalties:
\u00a0\u00a0\u00a0\u00a0 | August 02, 2024 | \u00a0\u00a0\u00a0\u00a0 | July 28, 2023 | \u00a0\u00a0\u00a0\u00a0 | July 29, 2022 | ||||
Balance at beginning of year | $ | 9,675 | $ | 10,858 | $ | 14,477 | |||
Tax positions related to the current year: | \u00a0 | ||||||||
Additions | 276 | \u00a0 | 710 | \u00a0 | 1,152 | ||||
Reductions | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | |||
Tax positions related to the prior year: | \u00a0 | ||||||||
Additions | 43 | \u00a0 | 52 | \u00a0 | 17 | ||||
Reductions | \u00a0 | (674) | \u00a0 | (298) | \u00a0 | (1,241) | |||
Settlements | \u00a0 | (1,433) | \u00a0 | \u2014 | \u00a0 | (1,942) | |||
Expiration of statute of limitations | \u00a0 | (483) | \u00a0 | (1,647) | \u00a0 | (1,605) | |||
Balance at end of year | $ | 7,404 | $ | 9,675 | $ | 10,858 |
\u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | ||||
Uncertain tax positions | $ | 5,849 | $ | 7,644 | $ | 8,578 |
13. | Net Income Per Share and Weighted Average Shares |
The following table reconciles the components of diluted earnings per share computations:
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||||
Net income per share numerator | $ | 40,930 | $ | 99,050 | $ | 131,880 | |||
Net income per share denominator: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Basic weighted average shares | \u00a0 | 22,191,961 | \u00a0 | 22,167,875 | \u00a0 | 23,164,180 | |||
Add potential dilution: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Nonvested stock awards and units | \u00a0 | 127,933 | \u00a0 | 97,524 | \u00a0 | 81,830 | |||
Diluted weighted average shares | \u00a0 | 22,319,894 | \u00a0 | 22,265,399 | \u00a0 | 23,246,010 |
"}]},{"name":"rpt:f-860","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock","xbrl:period":"2023-07-29T00:00:00/2024-08-03T00:00:00","xbrl:entity":"cik:0001067294"},"factValues":[{"value":"
2024 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2022 | |||||
Net income per share numerator | $ | 40,930 | $ | 99,050 | $ | 131,880 | |||
Net income per share denominator: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Basic weighted average shares | \u00a0 | 22,191,961 | \u00a0 | 22,167,875 | \u00a0 | 23,164,180 | |||
Add potential dilution: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Nonvested stock awards and units | \u00a0 | 127,933 | \u00a0 | 97,524 | \u00a0 | 81,830 | |||
Diluted weighted average shares | \u00a0 | 22,319,894 | \u00a0 | 22,265,399 | \u00a0 | 23,246,010 |
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14. | Commitments and Contingencies |
The Company and its subsidiaries are party to various legal and regulatory proceedings and claims incidental to their business in the ordinary course. In the opinion of management, based upon information currently available, the ultimate liability with respect to these proceedings and claims will not materially affect the Company\u2019s consolidated results of operations or financial position.
The Company maintains insurance coverage for various aspects of its business and operations. The Company has elected, however, to retain all or a portion of losses that occur through the use of various deductibles, limits and retentions under its insurance programs. This situation may subject the Company to some future liability for which it is only partially insured, or completely uninsured. The Company intends to mitigate any such future liability by continuing to exercise prudent business judgment in negotiating the terms and conditions of its contracts. See Note\u00a01 for a further discussion of insurance and insurance reserves.
Related to its insurance coverage, the Company is contingently liable pursuant to standby letters of credit as credit guarantees to certain insurers. As of August 02, 2024, the Company had $32,644 of standby letters of credit related to securing reserved claims under workers\u2019 compensation insurance and certain sale and leaseback transactions. All standby letters of credit are renewable annually and reduce the Company\u2019s borrowing availability under its Revolving Credit facility (see Note\u00a04).
The Company enters into certain indemnification agreements in favor of third parties in the ordinary course of business. The Company believes that the probability of incurring an actual liability under other indemnification agreements is sufficiently remote so that no liability has been recorded in the Consolidated Balance Sheet.
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