Panera Bread 2015 Annual Report Download - page 83

Download and view the complete annual report

Please find page 83 of the 2015 Panera Bread annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 96

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96

PANERA BREAD COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
73
The accounting policies applicable to each segment are consistent with those described in Note 2, “Summary of Significant
Accounting Policies.” Segment information related to the Company’s three business segments is as follows (in thousands):
For the fiscal year ended
December 29,
2015
December 30,
2014
December 31,
2013
Revenues:
Company bakery-cafe operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,358,794 $ 2,230,370 $ 2,108,908
Franchise operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,563 123,686 112,641
Fresh dough and other product operations . . . . . . . . . . . . . . . . . . . . . . . . . 382,110 370,004 347,922
Intercompany sales eliminations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (197,887)(194,865)(184,469)
Total revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,681,580 $ 2,529,195 $ 2,385,002
Segment profit:
Company bakery-cafe operations (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 366,905 $ 400,261 $ 413,474
Franchise operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133,449 117,770 106,395
Fresh dough and other product operations . . . . . . . . . . . . . . . . . . . . . . . . . 23,517 22,872 21,293
Total segment profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 523,871 $ 540,903 $ 541,162
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 135,398 $ 124,109 $ 106,523
Unallocated general and administrative expenses. . . . . . . . . . . . . . . . . . . . 137,790 132,144 117,089
Pre-opening expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,089 8,707 7,794
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,830 1,824 1,053
Other (income) expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,192 (3,175)(4,017)
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 236,572 $ 277,294 $ 312,720
Depreciation and amortization:
Company bakery-cafe operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 105,535 $ 103,239 $ 90,872
Fresh dough and other product operations . . . . . . . . . . . . . . . . . . . . . . . . . 9,367 8,613 8,239
Corporate administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,496 12,257 7,412
Total depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 135,398 $ 124,109 $ 106,523
Capital expenditures:
Company bakery-cafe operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 174,633 $ 167,856 $ 153,584
Fresh dough and other product operations . . . . . . . . . . . . . . . . . . . . . . . . . 12,175 12,178 11,461
Corporate administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,124 44,183 26,965
Total capital expenditures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 223,932 $ 224,217 $ 192,010
(1) Includes refranchising losses of $17.1 million for the fiscal year ended December 29, 2015.
December 29,
2015
December 30,
2014
Segment assets:
Company bakery-cafe operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 953,717 $ 953,896
Franchise operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,049 13,145
Fresh dough and other product operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,634 65,219
Total segment assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,042,400 $ 1,032,260
Unallocated cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 241,886 $ 196,493
Unallocated trade and other accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,968 3,104
Unallocated property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107,333 84,224
Unallocated deposits and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,660 3,575
Other unallocated assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,071 71,030
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,475,318 $ 1,390,686