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฀
62
2.฀฀Significant฀Accounting฀Policies฀(continued)฀
฀
Noncontrolling฀Interests฀
฀
The฀Company฀has฀the฀following฀four฀joint฀ventures฀in฀which฀there฀are฀noncontrolling฀interests:฀฀
฀
฀
Joint฀Venture฀
฀
฀
Redemption฀Feature฀
฀
Location฀within฀the฀฀
Consolidated฀Balance฀Sheet฀
฀
฀
Recorded฀value฀
฀ ฀ ฀ ฀
Colonel’s฀Limited,฀LLC฀ Mandatorily฀redeemable฀ Other฀long-term฀liabilities฀ Redemption฀value฀
Star฀Papa,฀LP฀ Redeemable฀ Temporary฀equity฀ Carrying฀value฀
PJ฀Denver,฀LLC฀ Redeemable฀ Temporary฀equity฀ Redemption฀value฀
PJ฀Minnesota,฀LLC฀ No฀redemption฀feature฀ Permanent฀equity฀ Carrying฀value฀
฀
Consolidated฀net฀income฀is฀required฀to฀be฀reported฀separately฀at฀amounts฀attributable฀to฀both฀the฀parent฀
and฀the฀noncontrolling฀interest.฀Additionally,฀disclosures฀are฀required฀to฀clearly฀identify฀and฀distinguish฀
between฀the฀interests฀of฀the฀parent฀company฀and฀the฀interests฀of฀the฀noncontrolling฀owners,฀including฀a฀
disclosure฀on฀the฀face฀of฀the฀consolidated฀statements฀of฀income฀attributable฀to฀the฀noncontrolling฀interest฀
holder.฀
฀
See฀Note฀6฀for฀additional฀information฀regarding฀noncontrolling฀interests.฀฀
฀
Foreign฀Currency฀Translation฀
฀
The฀local฀currency฀is฀the฀functional฀currency฀for฀our฀foreign฀subsidiaries฀located฀in฀the฀United฀Kingdom,฀
Mexico฀and฀China.฀Earnings฀and฀losses฀are฀translated฀into฀U.S.฀dollars฀using฀monthly฀average฀exchange฀
rates,฀while฀ assets฀and฀ liabilities฀are฀ translated฀using฀year-end฀exchange฀rates.฀ The฀resulting฀translation฀
adjustments฀ are฀ included฀ as฀ a฀ component฀ of฀ accumulated฀ other฀ comprehensive฀ income฀ (loss)฀ net฀ of฀
income฀taxes.฀
฀
3.
Stockholders’฀Equity฀฀
฀
฀
Shares฀Authorized฀and฀Outstanding฀
฀
The฀ Company฀ has฀ authorized฀ 5.0฀ million฀ preferred฀ shares฀ and฀ 50.0฀ million฀ common฀ shares฀ (such฀
authorization฀ was฀ not฀ impacted฀ by฀ the฀ two-for-one฀ stock฀ split฀ described฀ below).฀ The฀ Company’s฀
outstanding฀common฀shares,฀net฀of฀repurchased฀Company฀stock,฀were฀41.7฀million฀shares฀at฀December฀
29,฀ 2013฀ and฀ 44.5฀ million฀ shares฀ at฀ December฀ 30,฀ 2012.฀ There฀ were฀ no฀ preferred฀ shares฀ issued฀ or฀
outstanding฀at฀December฀29,฀2013฀and฀December฀30,฀2012.฀฀
฀
Two-for-one฀Stock฀Split฀and฀Treasury฀Retirement฀
฀
On฀ October฀ 29,฀ 2013,฀ our฀ Board฀ of฀ Directors฀ approved฀ a฀ two-for-one฀ stock฀ split฀ of฀ our฀ outstanding฀
shares.฀ The฀ stock฀ split฀ was฀ effected฀ in฀ the฀ form฀ of฀ a฀ stock฀ dividend฀ and฀ entitled฀ each฀ shareholder฀ of฀
record฀ at฀ the฀ close฀ of฀ business฀ on฀ December฀ 12,฀ 2013฀ to฀ receive฀ one฀ additional฀ share฀ for฀ every฀
outstanding฀share฀of฀stock฀held฀on฀the฀record฀date.฀The฀stock฀dividend฀was฀distributed฀on฀December฀27,฀
2013฀with฀approximately฀21.0฀million฀shares฀of฀stock฀distributed.฀All฀per฀share฀and฀share฀amounts฀in฀the฀
accompanying฀consolidated฀financial฀statements฀and฀notes฀to฀the฀financial฀statements฀have฀been฀adjusted฀
to฀reflect฀the฀stock฀split.฀฀
฀
In฀conjunction฀with฀the฀stock฀split,฀we฀retired฀shares฀held฀in฀treasury฀as฀of฀October฀29,฀2013,฀the฀date฀of฀
approval฀by฀our฀Board฀of฀Directors.฀