0001710155-22-000057 | 10-Q | XBRL Viewer | National Vision Holdings INC

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Cover - shares	9 Months Ended
Cover - shares	Oct. 01, 2022	Oct. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 01, 2022
Document Transition Report	false
Entity File Number	001-38257
Entity Registrant Name	National Vision Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4841717
Entity Address, Address Line One	2435 Commerce Ave
Entity Address, Address Line Two	Building 2200
Entity Address, City or Town	Duluth
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30096
City Area Code	770
Local Phone Number	822‑3600
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	EYE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		78,912,459
Entity Central Index Key	0001710155
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022
Current assets:
Cash and cash equivalents	$ 256,209	$ 305,800
Accounts receivable, net	63,823	55,697
Inventories	122,032	123,669
Prepaid expenses and other current assets	34,999	29,410
Total current assets	477,063	514,576
Noncurrent assets:
Property and equipment, net	358,599	346,436
Goodwill	777,613	777,613
Trademarks and trade names	240,547	240,547
Other intangible assets, net	36,402	42,020
Right of use assets	379,668	354,900
Other assets	21,844	16,999
Total non-current assets	1,814,673	1,778,515
Total assets	2,291,736	2,293,091
Current liabilities:
Accounts payable	68,979	64,331
Other payables and accrued expenses	100,878	119,323
Unearned revenue	32,691	29,895
Deferred revenue	63,875	65,325
Current maturities of long-term debt and finance lease obligations	3,975	3,999
Current operating lease obligations	66,227	60,930
Total current liabilities	336,625	343,803
Noncurrent liabilities:
Long-term debt and finance lease obligations, less current portion and debt discount	564,180	566,081
Non-current operating lease obligations	364,796	342,241
Deferred revenue	22,572	23,166
Other liabilities	8,945	8,974
Deferred income taxes, net	87,693	82,846
Total non-current liabilities	1,048,186	1,023,308
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value; 200,000 shares authorized; 84,173 and 83,840 shares issued as of October 1, 2022 and January 1, 2022, respectively; 78,910 and 81,405 shares outstanding as of October 1, 2022 and January 1, 2022, respectively	841	838
Additional paid-in capital	763,166	750,478
Accumulated other comprehensive loss	(1,372)	(1,940)
Retained earnings	329,778	278,395
Treasury stock, at cost; 5,263 and 2,435 shares as of October 1, 2022 and January 1, 2022, respectively	(185,488)	(101,791)
Total stockholders’ equity	906,925	925,980
Total liabilities and stockholders’ equity	$ 2,291,736	$ 2,293,091

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 01, 2022	Jan. 01, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	84,173,000	83,840,000
Common stock, outstanding (in shares)	78,910,000	81,405,000
Treasury stock (in shares)	5,263,000	2,435,000

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Revenue:
Total net revenue	$ 499,207	$ 518,005	$ 1,536,473	$ 1,601,674
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	232,800	226,458	703,404	687,094
Operating expenses:
Selling, general and administrative expenses	225,028	218,214	681,411	676,042
Depreciation and amortization	24,852	25,059	75,248	72,639
Asset impairment	1,263	0	5,178	1,478
Other expense (income), net	(95)	(2,437)	170	(2,567)
Total operating expenses	251,048	240,836	762,007	747,592
Income from operations	15,359	50,711	71,062	166,988
Interest expense (income), net	(1,977)	5,743	(2,158)	22,261
Earnings before income taxes	17,336	44,968	73,220	144,727
Income tax provision	5,834	3,976	21,837	22,702
Net income	$ 11,502	$ 40,992	$ 51,383	$ 122,025
Earnings per share:
Basic (in usd per share)	$ 0.15	$ 0.50	$ 0.64	$ 1.49
Diluted (in usd per share)	$ 0.15	$ 0.45	$ 0.63	$ 1.34
Weighted average shares outstanding:
Basic (in shares)	78,910	82,290	80,133	81,729
Diluted (in shares)	79,304	96,508	93,477	96,193
Comprehensive income:
Net income	$ 11,502	$ 40,992	$ 51,383	$ 122,025
Unrealized gain on hedge instruments	255	340	762	4,949
Tax provision of unrealized gain on hedge instruments	65	87	194	3,389
Comprehensive income	11,692	41,245	51,951	123,585
Products
Revenue:
Total net revenue	410,701	425,594	1,265,554	1,326,867
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	160,645	158,371	488,225	485,090
Services and plans
Revenue:
Total net revenue	88,506	92,411	270,919	274,807
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	$ 72,155	$ 68,087	$ 215,179	$ 202,004

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative effect of change in accounting principle	Balance as adjusted	Common Stock	Common Stock Balance as adjusted	Additional Paid-In Capital	Additional Paid-In Capital Cumulative effect of change in accounting principle	Additional Paid-In Capital Balance as adjusted	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Balance as adjusted	Retained Earnings	Retained Earnings Cumulative effect of change in accounting principle	Retained Earnings Balance as adjusted	Treasury Stock	Treasury Stock Balance as adjusted
Beginning balance (in shares) at Jan. 02, 2021				81,239	81,239
Balance at beginning of period at Jan. 02, 2021	$ 906,502	$ (64,114)	$ 842,388	$ 821	$ 821	$ 795,697	$ (71,385)	$ 724,312	$ (4,400)	$ (4,400)	$ 142,880	$ 7,271	$ 150,151	$ (28,496)	$ (28,496)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				174
Issuance of common stock	1,058			$ 2		1,056
Stock based compensation	2,971					2,971
Purchase of treasury stock (in shares)				(28)
Purchase of treasury stock	(1,421)													(1,421)
Unrealized gain (loss) on hedge instruments, net of tax	(896)								(896)
Net income	43,432										43,432
Ending balance (in shares) at Apr. 03, 2021				81,385
Balance at end of period at Apr. 03, 2021	887,532			$ 823		728,339			(5,296)		193,583			(29,917)
Beginning balance (in shares) at Jan. 02, 2021				81,239	81,239
Balance at beginning of period at Jan. 02, 2021	906,502	$ (64,114)	$ 842,388	$ 821	$ 821	795,697	$ (71,385)	$ 724,312	(4,400)	$ (4,400)	142,880	$ 7,271	$ 150,151	(28,496)	$ (28,496)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	122,025
Ending balance (in shares) at Oct. 02, 2021				82,693
Balance at end of period at Oct. 02, 2021	988,557			$ 836		748,422			(2,840)		272,176			(30,037)
Beginning balance (in shares) at Apr. 03, 2021				81,385
Balance at beginning of period at Apr. 03, 2021	887,532			$ 823		728,339			(5,296)		193,583			(29,917)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				471
Issuance of common stock	3,868			$ 5		3,863
Stock based compensation	7,178					7,178
Purchase of treasury stock (in shares)				(1)
Purchase of treasury stock	(45)													(45)
Unrealized gain (loss) on hedge instruments, net of tax	2,203								2,203
Net income	37,601										37,601
Ending balance (in shares) at Jul. 03, 2021				81,855
Balance at end of period at Jul. 03, 2021	938,337			$ 828		739,380			(3,093)		231,184			(29,962)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				839
Issuance of common stock	5,431			$ 8		5,423
Stock based compensation	3,619					3,619
Purchase of treasury stock (in shares)				(1)
Purchase of treasury stock	(75)													(75)
Unrealized gain (loss) on hedge instruments, net of tax	253								253
Net income	40,992										40,992
Ending balance (in shares) at Oct. 02, 2021				82,693
Balance at end of period at Oct. 02, 2021	988,557			$ 836		748,422			(2,840)		272,176			(30,037)
Beginning balance (in shares) at Jan. 01, 2022				81,405
Balance at beginning of period at Jan. 01, 2022	925,980			$ 838		750,478			(1,940)		278,395			(101,791)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				289
Issuance of common stock	1,369			$ 3		1,366
Stock based compensation	3,692					3,692
Purchase of treasury stock (in shares)				(272)
Purchase of treasury stock	(10,649)													(10,649)
Settlement of 2025 Notes	(1)					(1)
Unrealized gain (loss) on hedge instruments, net of tax	188								188
Net income	30,147										30,147
Ending balance (in shares) at Apr. 02, 2022				81,422
Balance at end of period at Apr. 02, 2022	950,726			$ 841		755,535			(1,752)		308,542			(112,440)
Beginning balance (in shares) at Jan. 01, 2022				81,405
Balance at beginning of period at Jan. 01, 2022	925,980			$ 838		750,478			(1,940)		278,395			(101,791)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	51,383
Ending balance (in shares) at Oct. 01, 2022				78,910
Balance at end of period at Oct. 01, 2022	906,925			$ 841		763,166			(1,372)		329,778			(185,488)
Beginning balance (in shares) at Apr. 02, 2022				81,422
Balance at beginning of period at Apr. 02, 2022	950,726			$ 841		755,535			(1,752)		308,542			(112,440)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				18
Issuance of common stock	421					421
Stock based compensation	3,606					3,606
Purchase of treasury stock (in shares)				(2,555)
Purchase of treasury stock	(73,008)													(73,008)
Unrealized gain (loss) on hedge instruments, net of tax	190								190
Net income	9,734										9,734
Ending balance (in shares) at Jul. 02, 2022				78,885
Balance at end of period at Jul. 02, 2022	891,669			$ 841		759,562			(1,562)		318,276			(185,448)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				26
Issuance of common stock	483					483
Stock based compensation	3,121					3,121
Purchase of treasury stock (in shares)				(1)
Purchase of treasury stock	(40)													(40)
Unrealized gain (loss) on hedge instruments, net of tax	190								190
Net income	11,502										11,502
Ending balance (in shares) at Oct. 01, 2022				78,910
Balance at end of period at Oct. 01, 2022	$ 906,925			$ 841		$ 763,166			$ (1,372)		$ 329,778			$ (185,488)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Cash flows from operating activities:
Net income	$ 51,383	$ 122,025
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	75,248	72,639
Amortization of debt discount and deferred financing costs	2,456	3,140
Asset impairment	5,178	1,478
Deferred income tax expense	4,652	23,585
Stock based compensation expense	10,540	13,866
Losses (gains) on change in fair value of derivatives	(16,724)	(421)
Inventory adjustments	2,218	1,546
Other	3,531	(242)
Changes in operating assets and liabilities:
Accounts receivable	(8,896)	2,746
Inventories	(582)	(14,909)
Operating lease right of use assets and lease liabilities	262	(456)
Other assets	3,070	(6,813)
Accounts payable	4,648	11,263
Deferred and unearned revenue	752	15,699
Other liabilities	(16,399)	(11,339)
Net cash provided by operating activities	121,337	233,807
Cash flows from investing activities:
Purchase of property and equipment	(86,120)	(58,920)
Other	53	2,475
Net cash used for investing activities	(86,067)	(56,445)
Cash flows from financing activities:
Repayments on long-term debt	(4)	(117,375)
Proceeds from issuance of common stock	2,515	11,170
Purchase of treasury stock	(83,676)	(1,414)
Payments of debt issuance costs	0	(900)
Payments on finance lease obligations	(3,459)	(3,546)
Net cash used for financing activities	(84,624)	(112,065)
Net change in cash, cash equivalents and restricted cash	(49,354)	65,297
Cash, cash equivalents and restricted cash, beginning of year	306,876	375,159
Cash, cash equivalents and restricted cash, end of period	257,522	440,456
Supplemental cash flow disclosure information:
Cash paid for interest	11,000	17,316
Cash paid for taxes	6,617	9,293
Capital expenditures accrued at the end of the period	$ 11,167	$ 10,455

Description of Business and Basis of Presentation	9 Months Ended
Description of Business and Basis of Presentation	Oct. 01, 2022
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Nature of Operations National Vision Holdings, Inc. (“NVHI,” the “Company,” “we,” “our,” or “us”) is a holding company whose operating subsidiaries include its indirect wholly-owned subsidiary, National Vision, Inc. (“NVI”) and NVI’s wholly-owned subsidiaries. We are a leading value retailer of eyeglasses and contact lenses in the United States. We operated 1,332 and 1,278 retail optical locations in the United States and its territories as of October 1, 2022 and January 1, 2022, respectively, through our five store brands, including America’s Best Contacts and Eyeglasses (“America’s Best”), Eyeglass World, Vista Optical locations on select U.S. Army/Air Force military bases (“Military”) and within select Fred Meyer stores, and our management & services arrangement with Walmart (“Legacy”). Basis of Presentation and Principles of Consolidation We prepare our unaudited interim condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and, therefore, do not include all information and disclosures required by U.S. GAAP for complete consolidated financial statements. The Condensed Consolidated Balance Sheet as of January 1, 2022 has been derived from the audited consolidated balance sheet for the fiscal year then ended. These condensed consolidated financial statements reflect all normal and recurring adjustments which are, in the opinion of management, necessary to present fairly the Company’s consolidated results of the interim period. Certain information and disclosures normally included in our annual consolidated financial statements have been condensed or omitted; however, we believe that the disclosures included herein are sufficient for a fair presentation of the information presented. These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto for the fiscal year ended January 1, 2022 included in the 2021 Annual Report on Form 10-K. The Company’s significant accounting policies are set forth in Note 1 within those consolidated financial statements. We use the same accounting policies in preparing interim condensed consolidated financial information and annual consolidated financial statements. There were no changes to our significant accounting policies during the nine months ended October 1, 2022. The condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts within the Condensed Consolidated Statements of Operations and Comprehensive Income and footnotes to the condensed consolidated financial statements for fiscal year 2021 have been reclassified to conform to the fiscal year 2022 presentation. The Company has consolidated certain entities meeting the definition of a variable interest entity (“VIE”) as the Company concluded that it is the primary beneficiary of the entities under the provisions of Accounting Standards Codification 810, Consolidation. At October 1, 2022, the variable interest entities include 31 professional corporations. The total assets of the consolidated VIEs included in the accompanying Condensed Consolidated Balance Sheets as of October 1, 2022 and January 1, 2022, were $3.3 million and $6.0 million, respectively, and the total liabilities of the consolidated VIEs were $3.7 million and $6.8 million, respectively. Fiscal Year Our fiscal year consists of 52 or 53 weeks ending on the Saturday closest to December 31. Fiscal year 2022 contains 52 weeks and will end on December 31, 2022. All three and nine month periods presented herein contain 13 and 39 weeks, respectively. All references to years and quarters relate to fiscal periods rather than calendar periods. Seasonality The consolidated results of operations for the three and nine months ended October 1, 2022 and October 2, 2021, are not necessarily indicative of the results to be expected for the full fiscal year due to seasonality and uncertainty of general economic conditions that may impact our key end markets. Historically, our business has realized a higher portion of net revenue, income from operations, and cash flows from operations in the first half of the year, and a lower portion of net revenue, income from operations, and cash flows from operations in the fourth fiscal quarter. The first half seasonality is attributable primarily to the timing of our customers’ personal income tax refunds and annual health insurance program start/reset periods, although delays in tax refund timing have occurred in 2020 and 2021, and may continue to occur in future years. Seasonality related to fourth quarter holiday spending by retail customers generally does not impact our business. Our quarterly consolidated results generally may also be affected by the timing of new store openings, store closings, and certain holidays. Consumer behavior driven by the COVID-19 pandemic, shifting macroeconomic trends, consumer preferences and demand have resulted in a departure from seasonal norms we have experienced in recent years. We expect COVID-19 and the current macroeconomic environment to continue to impact the seasonality we have historically experienced. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Income Taxes Our effective tax rates for the three months ended October 1, 2022 and October 2, 2021 were 33.7% and 8.8%, respectively, reflecting our statutory federal and state rate of 25.5% and effects of other permanent items as well as discrete benefits from stock option exercises of $9.1 million during the three months ended October 2, 2021. Our effective tax rates for the nine months ended October 1, 2022 and October 2, 2021 were 29.8% and 15.7%, respectively, reflecting our statutory federal and state rate of 25.5% and effects of other permanent items, discrete benefits from stock option exercises of $13.6 million, as well as a stranded tax effect of $2.1 million associated with our matured interest rate swaps during the nine months ended October 2, 2021. Sale of Equity Method Investee During the third quarter of fiscal year 2021, a former equity method investee was acquired by a third party and in connection therewith the Company sold all of its ownership interests and received $2.4 million upon the consummation of the sale. Share Repurchases During the nine months ended October 1, 2022, the Company repurchased 2.7 million shares of its common stock for $80.0 million under the share repurchase program. After these repurchases, $50.0 million remains available under the share repurchase authorization. Future Adoption of Accounting Pronouncements Reference Rate Reform. In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). This guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions that may be affected by the cessation of the London Inter-bank Offered Rate (“LIBOR.”) An entity may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 through December 31, 2022. A portion of our debt is subject to interest payments that are indexed to LIBOR; additionally, we are party to an interest rate derivative based on LIBOR. We are currently evaluating the effect of this guidance and have not applied the provisions of this guidance during the current fiscal year. Inflation Reduction Act. In August 2022, the U.S. government enacted the Inflation Reduction Act (“IRA”) which, among other things, provides for a 15% corporate alternative minimum tax based on a prescribed measure of income as well as a 1% excise tax on stock repurchases. We are continuing to evaluate the provisions of the IRA but currently do not anticipate either of these provisions will have a material effect on our financial statements or operations, or our current share repurchase program. The FASB issued other accounting guidance during the period that is not currently applicable or expected to have a material impact on the Company’s condensed consolidated financial statements, and therefore, is not described above.

Details of Certain Balance Sheet Accounts

9 Months Ended

Oct. 01, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Details of Certain Balance Sheet Accounts

The following table provides a reconciliation of cash and cash equivalents reported within the Condensed Consolidated Balance sheets to the total of Cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statement of Cash Flows:


	Nine Months Ended
In thousands	October 1, 2022		October 2, 2021
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	256,209	$	439,117
Restricted cash included in other assets	1,313		1,339
	$	257,522	$	440,456

The following tables provide additional details of certain balance sheet accounts as of the dates shown below:


In thousands	As of October 1, 2022		As of January 1, 2022
Accounts receivable, net:
Trade receivables	$	34,213	$	32,504
Credit card receivables	16,266		17,010
Other receivables (1)	13,988		6,685
Allowance for credit losses	(644)		(502)
	$	63,823	$	55,697
(1) Includes Coronavirus Aid, Relief, and Economic Security (“CARES”) Act receivable in the amount of $6.7 million as of October 1, 2022.


In thousands	As of October 1, 2022		As of January 1, 2022
Inventories:
Raw materials and work in process (1)	$	65,834	$	65,262
Finished goods	56,198		58,407
	$	122,032	$	123,669
(1)Due to the immaterial amount of estimated work in process and the short lead times for the conversion of raw materials to finished goods, the Company does not separately present raw materials and work in process.


In thousands	As of October 1, 2022		As of January 1, 2022
Other payables and accrued expenses:
Associate compensation and benefits (1)	$	36,761	$	55,670
Self-insurance liabilities	9,108		9,034
Capital expenditures	11,167		10,571
Advertising	2,122		6,962
Reserves for customer returns and remakes	6,841		7,556
Legacy management & services agreement	4,966		5,518
Income taxes payable	7,427		310
Supplies and other store support expenses	3,679		5,511
Litigation settlements	309		2,100
Fair value of derivative liabilities	—		2,846
Other	18,498		13,245
	$	100,878	$	119,323
(1) Includes the CARES Act deferred employer payroll taxes in the amount of $6.7 million as of October 1, 2022.


In thousands	As of October 1, 2022		As of January 1, 2022
Other non-current liabilities:
Fair value of derivative liabilities	$	—	$	488
Self-insurance liabilities	6,390		6,170
Other	2,555		2,316
	$	8,945	$	8,974

Fair Value Measurement	9 Months Ended
Fair Value Measurement	Oct. 01, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement Recurring fair value measurements Interest Rate Derivatives We recognize as assets or liabilities at fair value the estimated amounts we would receive or pay upon a termination of interest rate derivatives prior to their scheduled expiration dates. The fair value is based on information that is model-driven and whose inputs were observable (Level 2 inputs) such as LIBOR forward rates. See Note 5. “Interest Rate Derivatives” for further details. Non-recurring fair value measurements Tangible Long-lived and Right of Use (“ROU”) Store Assets We recognized impairments of $1.3 million and $5.2 million during the three and nine months ended October 1, 2022, respectively, and no impairment and $1.5 million during the three and nine months ended October 2, 2021, respectively, related to our long-lived tangible store assets and ROU assets. The impairments were primarily driven by lower than projected customer sales volume in certain stores. The cash flows used in estimating fair value were discounted using market rates from 7.5% to 9.3%. A decrease in the estimated cash flows would lead to a lower fair value measurement, as would an increase in the discount rate. These non-recurring fair value measurements are classified as Level 3 measurements in the fair value hierarchy. The estimated remaining fair value of the assets impaired during the nine months ended October 1, 2022 and October 2, 2021 was $5.5 million and $2.9 million, respectively; the estimated remaining fair values include amounts estimated at various dates during the related fiscal years. Substantially all of the remaining fair value of the impaired store assets represents the fair value of ROU assets. Additional fair value information Long-term Debt - 2025 Notes The Company has $402.5 million in aggregate principal amount of 2.50% convertible senior notes due on May 15, 2025 (the “2025 Notes”) issued and outstanding as of October 1, 2022. Refer to Note 4. “Long-term Debt” for more information on the 2025 Notes. The estimated fair value of the 2025 Notes was approximately $498.2 million and $674.9 million as of October 1, 2022 and January 1, 2022, respectively. The estimated fair value of the 2025 Notes is based on the prices the 2025 Notes have traded in the market, as well as overall market conditions on the date of valuation, stated coupon rates, the number of coupon payments each year and the maturity dates, and represents a Level 2 measurement in the fair value hierarchy. Refer to Note 4. “Long-term Debt” for more information on the 2025 Notes.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Long-term Debt

9 Months Ended

Oct. 01, 2022

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt consists of the following:


In thousands	As of October 1, 2022		As of January 1, 2022
2025 Notes, due May 15, 2025	$	402,497	$	402,500
Term loan, due July 18, 2024	150,000		150,000
Revolving credit facility, due July 18, 2024	—		—
Long-term debt before debt discount	552,497		552,500
Unamortized discount and issuance costs - 2025 Notes	(6,314)		(7,986)
Unamortized discount and issuance costs - term loan	(663)		(948)
Long-term debt less debt discount	545,520		543,566
Less current maturities	—		—
Long-term debt - non-current portion	545,520		543,566
Finance lease obligations	22,635		26,514
Less current maturities	(3,975)		(3,999)
Long-term debt and finance lease obligations, less current portion and debt discount	$	564,180	$	566,081

Credit Agreement

We were in compliance with all covenants related to our long-term debt as of October 1, 2022.

2025 Notes

We recognized the following in interest expense (income), net related to the 2025 Notes:


	Three Months Ended				Nine Months Ended
In thousands	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Contractual interest expense	$	2,516	$	2,516	$	7,547	$	7,547
Amortization of issuance costs	$	599	$	581	$	1,679	$	1,627

As of October 1, 2022, the remaining period for the unamortized debt issuance costs balance was approximately three years. An immaterial amount of the principal balance of the 2025 Notes was converted during the nine months ended October 1, 2022.

As of October 1, 2022, the stock price conditions under which the 2025 Notes can be converted at the holders’ option were not met.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Name Accounting Standards Codification
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-Subparagraph (h)
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+ Details

Interest Rate Derivatives	9 Months Ended
Interest Rate Derivatives	Oct. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Derivatives	Interest Rate Derivatives We are party to an interest rate collar to offset the variability of cash flows in LIBOR-indexed debt interest payments. To manage credit risk associated with our interest rate hedging program, we select as counterparties major financial institutions with investment grade credit ratings. The aggregate notional amount of the interest rate collar, which is not designated as a cash flow hedge, was $350.0 million as of October 1, 2022. The fair value of our interest rate collar instrument was an asset of $14.2 million ($8.2 million in Prepaid expenses and other current assets and $6.0 million in Other assets) as of October 1, 2022, and a liability of $3.3 million ($2.8 million in Other payables and accrued expenses and $0.5 million in Other non-current liabilities) as of January 1, 2022. See Note 3. “Fair Value Measurement” for further details. We recognized (gains) losses on the change in fair value of the interest rate collar of $(6.7) million and $(16.5) million during the three and nine months ended October 1, 2022, respectively, and $0.2 million and $(1.3) million during the three and nine months ended October 2, 2021, respectively, in interest expense (income), net. We recognized $1.5 million in interest expense (income), net during the nine months ended October 2, 2021 related to our interest rate swaps that were considered to be highly effective hedges and that matured during the nine months ended October 2, 2021. Cash flows related to derivatives qualifying as hedges are included in the same section of the Condensed Consolidated Statements of Cash Flows as the underlying assets and liabilities being hedged. Cash flows during the nine months ended October 1, 2022 and October 2, 2021 related to derivatives not qualifying as hedges were included in the operating section of the Condensed Consolidated Statements of Cash Flows and were immaterial. As of October 1, 2022 we expect to reclassify approximately $0.8 million of unrealized losses on derivative instruments, net of tax, from Accumulated other comprehensive loss (“AOCL”) into earnings in the next 12 months as the derivative instruments mature. See Note 12. “Accumulated Other Comprehensive Loss” for more information about AOCL.

Stock Incentive Plans	9 Months Ended
Stock Incentive Plans	Oct. 01, 2022
Share-Based Payment Arrangement [Abstract]
Stock Incentive Plans	Stock Incentive PlansDuring the nine months ended October 1, 2022, the Company granted 163,062 performance-based restricted stock units (“PSUs”) and 317,203 time-based restricted stock units (“RSUs”) to eligible employees and non-employee directors under the National Vision Holdings, Inc. 2017 Omnibus Incentive Plan (the “2017 Omnibus Incentive Plan”). The PSUs granted in fiscal 2022 are settled after the end of the performance period (i.e., cliff vesting), which begins on the first day of our 2022 fiscal year and ends on the last day of our 2024 fiscal year, and are based on the Company’s achievement of certain performance targets. The RSUs granted in fiscal 2022 vest primarily in three equal installments.

Revenue From Contracts With Customers

9 Months Ended

Oct. 01, 2022

Revenue from Contract with Customer [Abstract]

Revenue From Contracts With Customers

The majority of our revenues are recognized either at the point of sale or upon delivery and customer acceptance, paid for at the time of sale in cash, credit card, or on account with managed care payors having terms generally between 14 and 120 days, with most paying within 90 days. For sales of in-store non-prescription eyewear and related accessories, and paid eye exams, we recognize revenue at the point of sale. Our point in time revenues include 1) retail sales of prescription and non-prescription eyewear, contact lenses and related accessories to retail customers (including those covered by managed care), 2) eye exams and 3) wholesale sales of inventory in which our customer is another retail entity. Revenues recognized over time primarily include product protection plans (i.e. warranties), eye care club memberships and management fees earned from our Legacy partner.

The following disaggregation of revenues depicts our revenue based on the timing of revenue recognition:


	Three Months Ended				Nine Months Ended
In thousands	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Revenues recognized at a point in time	$	459,196	$	473,449	$	1,412,526	$	1,471,856
Revenues recognized over time	40,011		44,556		123,947		129,818
Total net revenue	$	499,207	$	518,005	$	1,536,473	$	1,601,674

Refer to Note 10. “Segment Reporting” for the Company’s disaggregation of net revenue by reportable segment. As the reportable segments are aligned by similar economic factors, trends and customers, the reportable segment disaggregation view best depicts how the nature, amount and uncertainty of revenue and cash flows are affected by economic factors.

We record reductions in revenue for estimated price concessions granted to managed care providers. The Company considers its revenue from managed care customers to include variable consideration and estimates such amounts associated with managed care customer revenues using the history of concessions provided and cash receipts from managed care providers; we reduced our net revenue for variable consideration of $4.3 million and $2.4 million during the three months ended October 1, 2022 and October 2, 2021, respectively, and $10.0 million and $7.0 million during the nine months ended October 1, 2022 and October 2, 2021, respectively.

Contract Assets and Liabilities

The Company’s contract assets and contract liabilities primarily result from timing differences between the performance of our obligations and the customer’s payment.

Accounts Receivable

Credit loss expense recognized on our receivables, which is presented in SG&A expenses in the Company’s condensed consolidated statements of operations, were $0.2 million and $0.3 million for the three months ended October 1, 2022 and October 2, 2021, respectively, as compared to $0.8 million and $0.6 million for the nine months ended October 1, 2022 and October 2, 2021, respectively.

Unsatisfied Performance Obligations (Contract Liabilities)

During the three months ended October 1, 2022 and October 2, 2021, we recognized $23.3 million and $24.6 million, respectively, of deferred revenues outstanding at the beginning of each respective period. During the nine months ended October 1, 2022 and October 2, 2021, we recognized $56.8 million and $50.4 million, respectively, of deferred revenues outstanding at the beginning of each respective period.

Our deferred revenue balance as of October 1, 2022 was $86.4 million. We expect future revenue recognition of this balance of $23.0 million, $46.5 million, $13.7 million, $3.1 million and $0.1 million in fiscal years 2022, 2023, 2024, 2025 and thereafter, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Leases

9 Months Ended

Oct. 01, 2022

Leases [Abstract]

Leases

Our lease costs for the three and nine months ended October 1, 2022 and October 2, 2021 were as follows:


	Three Months Ended				Nine Months Ended
In thousands	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Operating lease cost
Fixed lease cost (a)	$	22,985	$	21,035	$	67,422	$	62,589
Variable lease cost (b)	8,215		7,976		24,568		22,894
Sublease income (c)	(930)		(866)		(2,750)		(2,695)
Finance lease cost
Amortization of finance lease assets	1,025		1,113		3,186		3,349
Interest on finance lease liabilities	572		716		1,830		2,239
Net lease cost	$	31,867	$	29,974	$	94,256	$	88,376

(a) Includes short-term leases, which are immaterial.
(b) Includes costs for insurance, real estate taxes and common area maintenance expenses, which are variable, as are lease costs above minimum thresholds for Fred Meyer stores and lease costs for Military stores.
(c) Income from sub-leasing of stores includes rental income from leasing space to independent optometrists.


Lease Term and Discount Rate	As of October 1, 2022		As of January 1, 2022
Weighted average remaining lease term (months)
Operating leases	76		76
Finance leases	67		72
Weighted average discount rate (a)
Operating leases	4.4	%	4.5	%
Finance leases (b)	11.0	%	11.7	%

(a) The discount rate used to determine the lease assets and lease liabilities was derived upon considering (i) incremental borrowing rates on our term loan and revolving credit facility; (ii) fixed rates on interest rate swaps; (iii) LIBOR margins for issuers of similar credit rating; and (iv) effect of collateralization. As a majority of our leases are five-year and 10-year leases, we determined a lease discount rate for such tenors and determined this discount rate is reasonable for leases that were entered into during the period.
(b) The discount rate on finance leases is higher than operating leases because the present value of minimum lease payments was higher than the fair value of leased properties for certain leases entered into prior to adoption of ASC 842. The discount rate differential for those leases is not material to our results of operations.


In thousands	Nine Months Ended
Other Information		October 1, 2022			October 2, 2021

Operating cash outflows - operating leases			$	71,859		$	66,358

Right of use assets acquired under operating leases			$	86,722		$	64,260

The following table summarizes the maturity of our lease liabilities as of October 1, 2022:


In thousands	Operating Leases (a)		Finance Leases (b)
Fiscal Year
2022	$	9,352	$	1,196
2023	97,878		6,191
2024	87,344		4,734
2025	83,076		4,888
2026	64,409		4,496
Thereafter	153,798		6,887
Total lease liabilities	495,857		28,392
Less: Interest	64,834		5,757
Present value of lease liabilities (c)	$	431,023	$	22,635

(a) Operating lease payments include $41.6 million related to options to extend lease terms that are reasonably certain of being exercised.
(b) Finance lease payments include $1.7 million related to options to extend lease terms that are reasonably certain of being exercised.
(c) The present value of lease liabilities excludes $11.5 million of legally binding minimum lease payments for leases signed but not yet commenced.

Leases

Our lease costs for the three and nine months ended October 1, 2022 and October 2, 2021 were as follows:


	Three Months Ended				Nine Months Ended
In thousands	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Operating lease cost
Fixed lease cost (a)	$	22,985	$	21,035	$	67,422	$	62,589
Variable lease cost (b)	8,215		7,976		24,568		22,894
Sublease income (c)	(930)		(866)		(2,750)		(2,695)
Finance lease cost
Amortization of finance lease assets	1,025		1,113		3,186		3,349
Interest on finance lease liabilities	572		716		1,830		2,239
Net lease cost	$	31,867	$	29,974	$	94,256	$	88,376

(a) Includes short-term leases, which are immaterial.
(b) Includes costs for insurance, real estate taxes and common area maintenance expenses, which are variable, as are lease costs above minimum thresholds for Fred Meyer stores and lease costs for Military stores.
(c) Income from sub-leasing of stores includes rental income from leasing space to independent optometrists.


Lease Term and Discount Rate	As of October 1, 2022		As of January 1, 2022
Weighted average remaining lease term (months)
Operating leases	76		76
Finance leases	67		72
Weighted average discount rate (a)
Operating leases	4.4	%	4.5	%
Finance leases (b)	11.0	%	11.7	%

(a) The discount rate used to determine the lease assets and lease liabilities was derived upon considering (i) incremental borrowing rates on our term loan and revolving credit facility; (ii) fixed rates on interest rate swaps; (iii) LIBOR margins for issuers of similar credit rating; and (iv) effect of collateralization. As a majority of our leases are five-year and 10-year leases, we determined a lease discount rate for such tenors and determined this discount rate is reasonable for leases that were entered into during the period.
(b) The discount rate on finance leases is higher than operating leases because the present value of minimum lease payments was higher than the fair value of leased properties for certain leases entered into prior to adoption of ASC 842. The discount rate differential for those leases is not material to our results of operations.


In thousands	Nine Months Ended
Other Information		October 1, 2022			October 2, 2021

Operating cash outflows - operating leases			$	71,859		$	66,358

Right of use assets acquired under operating leases			$	86,722		$	64,260

The following table summarizes the maturity of our lease liabilities as of October 1, 2022:


In thousands	Operating Leases (a)		Finance Leases (b)
Fiscal Year
2022	$	9,352	$	1,196
2023	97,878		6,191
2024	87,344		4,734
2025	83,076		4,888
2026	64,409		4,496
Thereafter	153,798		6,887
Total lease liabilities	495,857		28,392
Less: Interest	64,834		5,757
Present value of lease liabilities (c)	$	431,023	$	22,635

(a) Operating lease payments include $41.6 million related to options to extend lease terms that are reasonably certain of being exercised.
(b) Finance lease payments include $1.7 million related to options to extend lease terms that are reasonably certain of being exercised.
(c) The present value of lease liabilities excludes $11.5 million of legally binding minimum lease payments for leases signed but not yet commenced.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Oct. 01, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings From time to time, the Company is involved in various legal proceedings incidental to its business. Because of the nature and inherent uncertainties of litigation, we cannot predict with certainty the ultimate resolution of these actions and, should the outcome of these actions be unfavorable, the Company’s business, financial position, results of operations or cash flows could be materially and adversely affected. The Company reviews the status of its legal proceedings and records a provision for a liability when it is considered probable that both a liability has been incurred and the amount of the loss can be reasonably estimated. This review is updated periodically as additional information becomes available. If either or both of the criteria are not met, we reassess whether there is at least a reasonable possibility that a loss, or additional losses, may be incurred. If there is a reasonable possibility that a loss may be incurred, we disclose the estimate of the amount of the loss or range of losses, or that an estimate of loss cannot be made. The Company expenses its legal fees as incurred. We are currently and may in the future become subject to various claims and pending or threatened lawsuits in the ordinary course of our business. On September 23, 2022, we were served with notice of a lawsuit filed by a former employee in California state court alleging, on behalf of a proposed class of employees, several violations of California wage and hour laws. We believe that the claims are without merit and intend to oppose the certification of a class and to defend the litigation vigorously.

Segment Reporting

9 Months Ended

Oct. 01, 2022

Segment Reporting [Abstract]

Segment Reporting

Segment ReportingThe Company provides its principal products and services through two reportable segments: Owned & Host and Legacy. The “Corporate/Other” category includes the results of operations of our other operating segments, AC Lens and FirstSight, as well as corporate overhead support. The “Reconciliations” category represents other adjustments to reportable segment results necessary for the presentation of consolidated financial results in accordance with U.S. GAAP for the two reportable segments. Incremental expenses related to the COVID-19 pandemic are allocated to the reportable segments.

Our reportable segment profit measure is earnings before interest, tax, depreciation and amortization (“EBITDA”) or net revenue, less costs applicable to revenue, less SG&A expenses. Depreciation and amortization, asset impairment, and other corporate costs that are not allocated to the reportable segments, including interest expense (income) are excluded from segment EBITDA. There are no revenue transactions between our reportable segments. There are no differences between the measurement of our reportable segments’ assets and consolidated assets. There have been no changes from prior periods in the measurement methods used to determine reportable segment profit or loss, and there have been no asymmetrical allocations to segments.

The following is a summary of certain financial data for each of our segments. Reportable segment information is presented on the same basis as our consolidated financial statements, except for net revenue and associated costs applicable to revenue, which are presented on a cash basis, including point of sales for managed care payors and excluding the effects of unearned and deferred revenue, consistent with what the Chief Operating Decision Maker (“CODM”) regularly reviews.

Asset information is not included in the following summary since the CODM does not regularly review such information for the reportable segments.


	Three Months Ended October 1, 2022
In thousands	Owned & Host		Legacy		Corporate/Other		Reconciliations		Total
Net product services	$	323,472	$	23,728	$	61,939	$	1,562	$	410,701
Net sales of services and plans	74,710		12,935		—		861		88,506
Total net revenue	398,182		36,663		61,939		2,423		499,207
Cost of products	94,653		11,374		54,129		489		160,645
Cost of services and plans	66,470		5,685		—		—		72,155
Total costs applicable to revenue	161,123		17,059		54,129		489		232,800
SG&A	156,430		14,221		54,377		—		225,028
Asset impairment	—		—		1,263		—		1,263
Other expense (income), net	—		—		(95)		—		(95)
EBITDA	$	80,629	$	5,383	$	(47,735)	$	1,934
Depreciation and amortization									24,852
Interest expense (income), net									(1,977)
Earnings before income taxes									$	17,336


	Three Months Ended October 2, 2021
In thousands	Owned & Host		Legacy		Corporate/Other		Reconciliations		Total
Net product sales	$	338,931	$	24,934	$	58,063	$	3,666	$	425,594
Net sales of services and plans	77,171		15,908		—		(668)		92,411
Total net revenue	416,102		40,842		58,063		2,998		518,005
Cost of products	95,004		12,012		50,477		878		158,371
Cost of services and plans	61,695		6,392		—		—		68,087
Total costs applicable to revenue	156,699		18,404		50,477		878		226,458
SG&A	156,814		14,363		47,037		—		218,214
Asset impairment	—		—		—		—		—
Other expense (income), net	—		—		(2,437)		—		(2,437)
EBITDA	$	102,589	$	8,075	$	(37,014)	$	2,120
Depreciation and amortization									25,059
Interest expense (income), net									5,743
Earnings before income taxes									$	44,968


	Nine Months Ended October 1, 2022
In thousands	Owned & Host		Legacy		Corporate/Other		Reconciliations		Total
Net product sales	$	1,007,376	$	75,659	$	185,521	$	(3,002)	$	1,265,554
Net sales of services and plans	227,883		40,999		—		2,037		270,919
Total net revenue	1,235,259		116,658		185,521		(965)		1,536,473
Costs of products	290,957		35,787		162,093		(612)		488,225
Costs of services and plans	197,385		17,794		—		—		215,179
Total costs applicable to revenue	488,342		53,581		162,093		(612)		703,404
SG&A	470,125		44,085		167,201		—		681,411
Asset impairment	—		—		5,178		—		5,178
Other expense, net	—		—		170		—		170
EBITDA	$	276,792	$	18,992	$	(149,121)	$	(353)
Depreciation and amortization									75,248
Interest expense (income), net									(2,158)
Earnings before income taxes									$	73,220


	Nine Months Ended October 2, 2021
In thousands	Owned & Host		Legacy		Corporate/Other		Reconciliations		Total
Net product sales	$	1,069,678	$	79,209	$	180,801	$	(2,821)	$	1,326,867
Net sales of services and plans	239,028		48,815		—		(13,036)		274,807
Total net revenue	1,308,706		128,024		180,801		(15,857)		1,601,674
Costs of products	290,647		37,781		157,186		(524)		485,090
Costs of services and plans	182,947		19,057		—		—		202,004
Total costs applicable to revenue	473,594		56,838		157,186		(524)		687,094
SG&A	465,690		43,458		166,894		—		676,042
Asset impairment	—		—		1,478		—		1,478
Other expense (income), net	—		—		(2,567)		—		(2,567)
EBITDA	$	369,422	$	27,728	$	(142,190)	$	(15,333)
Depreciation and amortization									72,639
Interest expense (income), net									22,261
Earnings before income taxes									$	144,727

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

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+ Details

Earnings Per Share

9 Months Ended

Oct. 01, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Diluted EPS related to the 2025 Notes is calculated using the if-converted method; the number of dilutive shares is based on the initial conversion rate associated with the 2025 Notes. The 2025 Notes were antidilutive for the three months ended October 1, 2022. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations is as follows:


	Three Months Ended				Nine Months Ended
In thousands, except EPS	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Net income	$	11,502	$	40,992	$	51,383	$	122,025
After-tax interest expense for 2025 Notes	—		2,393		7,127		7,087
Numerator for diluted EPS	$	11,502	$	43,385	$	58,510	$	129,112
Weighted average shares outstanding for basic EPS	78,910		82,290		80,133		81,729
Effect of dilutive securities:
Stock options	168		709		189		1,107
Restricted stock	226		597		244		445
2025 Notes	—		12,912		12,911		12,912
Weighted average shares outstanding for diluted EPS	79,304		96,508		93,477		96,193
Basic EPS	$	0.15	$	0.50	$	0.64	$	1.49
Diluted EPS	$	0.15	$	0.45	$	0.63	$	1.34
Anti-dilutive securities excluded from diluted weighted average common shares	13,363		111		460		87

Accumulated Other Comprehensive Loss

9 Months Ended

Oct. 01, 2022

Equity [Abstract]

Accumulated Other Comprehensive Loss

Changes in the fair value of the Company’s cash flow hedge derivative instruments from their inception are recorded in AOCL if the instruments are deemed to be highly effective as cash flow hedges. The following table presents the changes in AOCL, net of tax during the three and nine months ended October 1, 2022 and October 2, 2021, respectively:


	Three Months Ended				Nine Months Ended
In thousands	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Cash flow hedging activity:
Balance at beginning of period	$	(1,562)	$	(3,093)	$	(1,940)	$	(4,400)
Other comprehensive income (loss) before reclassification	—		—		—		(10)
Tax effect of other comprehensive income (loss) before reclassification	—		—		—		3
Amount reclassified from AOCL into interest expense	255		340		762		4,959
Tax effect of amount reclassified from AOCL into interest expense	(65)		(87)		(194)		(1,267)
Stranded tax effect of matured interest rate swaps	—		—		—		(2,125)
Net current period other comprehensive income (loss), net of tax	190		253		568		1,560
Balance at end of period	$	(1,372)	$	(2,840)	$	(1,372)	$	(2,840)

See Note 5. “Interest Rate Derivatives” for a description of the Company’s use of cash flow hedging derivatives.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

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+ Details

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Oct. 01, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation We prepare our unaudited interim condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and, therefore, do not include all information and disclosures required by U.S. GAAP for complete consolidated financial statements. The Condensed Consolidated Balance Sheet as of January 1, 2022 has been derived from the audited consolidated balance sheet for the fiscal year then ended. These condensed consolidated financial statements reflect all normal and recurring adjustments which are, in the opinion of management, necessary to present fairly the Company’s consolidated results of the interim period. Certain information and disclosures normally included in our annual consolidated financial statements have been condensed or omitted; however, we believe that the disclosures included herein are sufficient for a fair presentation of the information presented. These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto for the fiscal year ended January 1, 2022 included in the 2021 Annual Report on Form 10-K. The Company’s significant accounting policies are set forth in Note 1 within those consolidated financial statements. We use the same accounting policies in preparing interim condensed consolidated financial information and annual consolidated financial statements. There were no changes to our significant accounting policies during the nine months ended October 1, 2022. The condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts within the Condensed Consolidated Statements of Operations and Comprehensive Income and footnotes to the condensed consolidated financial statements for fiscal year 2021 have been reclassified to conform to the fiscal year 2022 presentation. The Company has consolidated certain entities meeting the definition of a variable interest entity (“VIE”) as the Company concluded that it is the primary beneficiary of the entities under the provisions of Accounting Standards Codification 810, Consolidation. At October 1, 2022, the variable interest entities include 31 professional corporations. The total assets of the consolidated VIEs included in the accompanying Condensed Consolidated Balance Sheets as of October 1, 2022 and January 1, 2022, were $3.3 million and $6.0 million, respectively, and the total liabilities of the consolidated VIEs were $3.7 million and $6.8 million, respectively.
Fiscal Year	Fiscal Year Our fiscal year consists of 52 or 53 weeks ending on the Saturday closest to December 31. Fiscal year 2022 contains 52 weeks and will end on December 31, 2022. All three and nine month periods presented herein contain 13 and 39 weeks, respectively. All references to years and quarters relate to fiscal periods rather than calendar periods.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes	Income TaxesOur effective tax rates for the three months ended October 1, 2022 and October 2, 2021 were 33.7% and 8.8%, respectively, reflecting our statutory federal and state rate of 25.5% and effects of other permanent items as well as discrete benefits from stock option exercises of $9.1 million during the three months ended October 2, 2021. Our effective tax rates for the nine months ended October 1, 2022 and October 2, 2021 were 29.8% and 15.7%, respectively, reflecting our statutory federal and state rate of 25.5% and effects of other permanent items, discrete benefits from stock option exercises of $13.6 million, as well as a stranded tax effect of $2.1 million associated with our matured interest rate swaps during the nine months ended October 2, 2021.
Future Adoption of Accounting Pronouncements	Future Adoption of Accounting Pronouncements Reference Rate Reform. In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). This guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions that may be affected by the cessation of the London Inter-bank Offered Rate (“LIBOR.”) An entity may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 through December 31, 2022. A portion of our debt is subject to interest payments that are indexed to LIBOR; additionally, we are party to an interest rate derivative based on LIBOR. We are currently evaluating the effect of this guidance and have not applied the provisions of this guidance during the current fiscal year. Inflation Reduction Act. In August 2022, the U.S. government enacted the Inflation Reduction Act (“IRA”) which, among other things, provides for a 15% corporate alternative minimum tax based on a prescribed measure of income as well as a 1% excise tax on stock repurchases. We are continuing to evaluate the provisions of the IRA but currently do not anticipate either of these provisions will have a material effect on our financial statements or operations, or our current share repurchase program. The FASB issued other accounting guidance during the period that is not currently applicable or expected to have a material impact on the Company’s condensed consolidated financial statements, and therefore, is not described above.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Details of Certain Balance Sheet Accounts (Tables)

9 Months Ended

Oct. 01, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash, Cash Equivalents, and Restricted Cash


	Nine Months Ended
In thousands	October 1, 2022		October 2, 2021
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	256,209	$	439,117
Restricted cash included in other assets	1,313		1,339
	$	257,522	$	440,456

Schedule of Accounts Receivable, Net

The following tables provide additional details of certain balance sheet accounts as of the dates shown below:


In thousands	As of October 1, 2022		As of January 1, 2022
Accounts receivable, net:
Trade receivables	$	34,213	$	32,504
Credit card receivables	16,266		17,010
Other receivables (1)	13,988		6,685
Allowance for credit losses	(644)		(502)
	$	63,823	$	55,697
(1) Includes Coronavirus Aid, Relief, and Economic Security (“CARES”) Act receivable in the amount of $6.7 million as of October 1, 2022.

Schedule of Inventories


In thousands	As of October 1, 2022		As of January 1, 2022
Inventories:
Raw materials and work in process (1)	$	65,834	$	65,262
Finished goods	56,198		58,407
	$	122,032	$	123,669
(1)Due to the immaterial amount of estimated work in process and the short lead times for the conversion of raw materials to finished goods, the Company does not separately present raw materials and work in process.

Schedule of Other Payables and Accrued Expenses


In thousands	As of October 1, 2022		As of January 1, 2022
Other payables and accrued expenses:
Associate compensation and benefits (1)	$	36,761	$	55,670
Self-insurance liabilities	9,108		9,034
Capital expenditures	11,167		10,571
Advertising	2,122		6,962
Reserves for customer returns and remakes	6,841		7,556
Legacy management & services agreement	4,966		5,518
Income taxes payable	7,427		310
Supplies and other store support expenses	3,679		5,511
Litigation settlements	309		2,100
Fair value of derivative liabilities	—		2,846
Other	18,498		13,245
	$	100,878	$	119,323
(1) Includes the CARES Act deferred employer payroll taxes in the amount of $6.7 million as of October 1, 2022.

Schedule of Other Non-current Liabilities


In thousands	As of October 1, 2022		As of January 1, 2022
Other non-current liabilities:
Fair value of derivative liabilities	$	—	$	488
Self-insurance liabilities	6,390		6,170
Other	2,555		2,316
	$	8,945	$	8,974

Long-term Debt (Tables)

9 Months Ended

Oct. 01, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consists of the following:


In thousands	As of October 1, 2022		As of January 1, 2022
2025 Notes, due May 15, 2025	$	402,497	$	402,500
Term loan, due July 18, 2024	150,000		150,000
Revolving credit facility, due July 18, 2024	—		—
Long-term debt before debt discount	552,497		552,500
Unamortized discount and issuance costs - 2025 Notes	(6,314)		(7,986)
Unamortized discount and issuance costs - term loan	(663)		(948)
Long-term debt less debt discount	545,520		543,566
Less current maturities	—		—
Long-term debt - non-current portion	545,520		543,566
Finance lease obligations	22,635		26,514
Less current maturities	(3,975)		(3,999)
Long-term debt and finance lease obligations, less current portion and debt discount	$	564,180	$	566,081

We recognized the following in interest expense (income), net related to the 2025 Notes:


	Three Months Ended				Nine Months Ended
In thousands	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Contractual interest expense	$	2,516	$	2,516	$	7,547	$	7,547
Amortization of issuance costs	$	599	$	581	$	1,679	$	1,627

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

Revenue From Contracts With Customers (Tables)

9 Months Ended

Oct. 01, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenues

The following disaggregation of revenues depicts our revenue based on the timing of revenue recognition:


	Three Months Ended				Nine Months Ended
In thousands	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Revenues recognized at a point in time	$	459,196	$	473,449	$	1,412,526	$	1,471,856
Revenues recognized over time	40,011		44,556		123,947		129,818
Total net revenue	$	499,207	$	518,005	$	1,536,473	$	1,601,674

Leases (Tables)

9 Months Ended

Oct. 01, 2022

Leases [Abstract]

Schedule of Lease Cost

Our lease costs for the three and nine months ended October 1, 2022 and October 2, 2021 were as follows:


	Three Months Ended				Nine Months Ended
In thousands	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Operating lease cost
Fixed lease cost (a)	$	22,985	$	21,035	$	67,422	$	62,589
Variable lease cost (b)	8,215		7,976		24,568		22,894
Sublease income (c)	(930)		(866)		(2,750)		(2,695)
Finance lease cost
Amortization of finance lease assets	1,025		1,113		3,186		3,349
Interest on finance lease liabilities	572		716		1,830		2,239
Net lease cost	$	31,867	$	29,974	$	94,256	$	88,376

(a) Includes short-term leases, which are immaterial.
(b) Includes costs for insurance, real estate taxes and common area maintenance expenses, which are variable, as are lease costs above minimum thresholds for Fred Meyer stores and lease costs for Military stores.
(c) Income from sub-leasing of stores includes rental income from leasing space to independent optometrists.

Schedule of Lease Terms and Discount Rate


Lease Term and Discount Rate	As of October 1, 2022		As of January 1, 2022
Weighted average remaining lease term (months)
Operating leases	76		76
Finance leases	67		72
Weighted average discount rate (a)
Operating leases	4.4	%	4.5	%
Finance leases (b)	11.0	%	11.7	%

(a) The discount rate used to determine the lease assets and lease liabilities was derived upon considering (i) incremental borrowing rates on our term loan and revolving credit facility; (ii) fixed rates on interest rate swaps; (iii) LIBOR margins for issuers of similar credit rating; and (iv) effect of collateralization. As a majority of our leases are five-year and 10-year leases, we determined a lease discount rate for such tenors and determined this discount rate is reasonable for leases that were entered into during the period.
(b) The discount rate on finance leases is higher than operating leases because the present value of minimum lease payments was higher than the fair value of leased properties for certain leases entered into prior to adoption of ASC 842. The discount rate differential for those leases is not material to our results of operations.

Schedule of Operating Lease Cash Flows


In thousands	Nine Months Ended
Other Information		October 1, 2022			October 2, 2021

Operating cash outflows - operating leases			$	71,859		$	66,358

Right of use assets acquired under operating leases			$	86,722		$	64,260

Schedule of Maturity for Operating Lease Liabilities

The following table summarizes the maturity of our lease liabilities as of October 1, 2022:


In thousands	Operating Leases (a)		Finance Leases (b)
Fiscal Year
2022	$	9,352	$	1,196
2023	97,878		6,191
2024	87,344		4,734
2025	83,076		4,888
2026	64,409		4,496
Thereafter	153,798		6,887
Total lease liabilities	495,857		28,392
Less: Interest	64,834		5,757
Present value of lease liabilities (c)	$	431,023	$	22,635

(a) Operating lease payments include $41.6 million related to options to extend lease terms that are reasonably certain of being exercised.
(b) Finance lease payments include $1.7 million related to options to extend lease terms that are reasonably certain of being exercised.
(c) The present value of lease liabilities excludes $11.5 million of legally binding minimum lease payments for leases signed but not yet commenced.

Schedule of Maturity for Finance Lease Liabilities

The following table summarizes the maturity of our lease liabilities as of October 1, 2022:


In thousands	Operating Leases (a)		Finance Leases (b)
Fiscal Year
2022	$	9,352	$	1,196
2023	97,878		6,191
2024	87,344		4,734
2025	83,076		4,888
2026	64,409		4,496
Thereafter	153,798		6,887
Total lease liabilities	495,857		28,392
Less: Interest	64,834		5,757
Present value of lease liabilities (c)	$	431,023	$	22,635

(a) Operating lease payments include $41.6 million related to options to extend lease terms that are reasonably certain of being exercised.
(b) Finance lease payments include $1.7 million related to options to extend lease terms that are reasonably certain of being exercised.
(c) The present value of lease liabilities excludes $11.5 million of legally binding minimum lease payments for leases signed but not yet commenced.

Segment Reporting (Tables)

9 Months Ended

Oct. 01, 2022

Segment Reporting [Abstract]

Schedule of Financial Data by Segment

Asset information is not included in the following summary since the CODM does not regularly review such information for the reportable segments.


	Three Months Ended October 1, 2022
In thousands	Owned & Host		Legacy		Corporate/Other		Reconciliations		Total
Net product services	$	323,472	$	23,728	$	61,939	$	1,562	$	410,701
Net sales of services and plans	74,710		12,935		—		861		88,506
Total net revenue	398,182		36,663		61,939		2,423		499,207
Cost of products	94,653		11,374		54,129		489		160,645
Cost of services and plans	66,470		5,685		—		—		72,155
Total costs applicable to revenue	161,123		17,059		54,129		489		232,800
SG&A	156,430		14,221		54,377		—		225,028
Asset impairment	—		—		1,263		—		1,263
Other expense (income), net	—		—		(95)		—		(95)
EBITDA	$	80,629	$	5,383	$	(47,735)	$	1,934
Depreciation and amortization									24,852
Interest expense (income), net									(1,977)
Earnings before income taxes									$	17,336


	Three Months Ended October 2, 2021
In thousands	Owned & Host		Legacy		Corporate/Other		Reconciliations		Total
Net product sales	$	338,931	$	24,934	$	58,063	$	3,666	$	425,594
Net sales of services and plans	77,171		15,908		—		(668)		92,411
Total net revenue	416,102		40,842		58,063		2,998		518,005
Cost of products	95,004		12,012		50,477		878		158,371
Cost of services and plans	61,695		6,392		—		—		68,087
Total costs applicable to revenue	156,699		18,404		50,477		878		226,458
SG&A	156,814		14,363		47,037		—		218,214
Asset impairment	—		—		—		—		—
Other expense (income), net	—		—		(2,437)		—		(2,437)
EBITDA	$	102,589	$	8,075	$	(37,014)	$	2,120
Depreciation and amortization									25,059
Interest expense (income), net									5,743
Earnings before income taxes									$	44,968


	Nine Months Ended October 1, 2022
In thousands	Owned & Host		Legacy		Corporate/Other		Reconciliations		Total
Net product sales	$	1,007,376	$	75,659	$	185,521	$	(3,002)	$	1,265,554
Net sales of services and plans	227,883		40,999		—		2,037		270,919
Total net revenue	1,235,259		116,658		185,521		(965)		1,536,473
Costs of products	290,957		35,787		162,093		(612)		488,225
Costs of services and plans	197,385		17,794		—		—		215,179
Total costs applicable to revenue	488,342		53,581		162,093		(612)		703,404
SG&A	470,125		44,085		167,201		—		681,411
Asset impairment	—		—		5,178		—		5,178
Other expense, net	—		—		170		—		170
EBITDA	$	276,792	$	18,992	$	(149,121)	$	(353)
Depreciation and amortization									75,248
Interest expense (income), net									(2,158)
Earnings before income taxes									$	73,220


	Nine Months Ended October 2, 2021
In thousands	Owned & Host		Legacy		Corporate/Other		Reconciliations		Total
Net product sales	$	1,069,678	$	79,209	$	180,801	$	(2,821)	$	1,326,867
Net sales of services and plans	239,028		48,815		—		(13,036)		274,807
Total net revenue	1,308,706		128,024		180,801		(15,857)		1,601,674
Costs of products	290,647		37,781		157,186		(524)		485,090
Costs of services and plans	182,947		19,057		—		—		202,004
Total costs applicable to revenue	473,594		56,838		157,186		(524)		687,094
SG&A	465,690		43,458		166,894		—		676,042
Asset impairment	—		—		1,478		—		1,478
Other expense (income), net	—		—		(2,567)		—		(2,567)
EBITDA	$	369,422	$	27,728	$	(142,190)	$	(15,333)
Depreciation and amortization									72,639
Interest expense (income), net									22,261
Earnings before income taxes									$	144,727

Earnings Per Share (Tables)

9 Months Ended

Oct. 01, 2022

Earnings Per Share [Abstract]

Schedule of Reconciliation of Basic and Diluted EPS Calculations

A reconciliation of the numerators and denominators of the basic and diluted EPS calculations is as follows:


	Three Months Ended				Nine Months Ended
In thousands, except EPS	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Net income	$	11,502	$	40,992	$	51,383	$	122,025
After-tax interest expense for 2025 Notes	—		2,393		7,127		7,087
Numerator for diluted EPS	$	11,502	$	43,385	$	58,510	$	129,112
Weighted average shares outstanding for basic EPS	78,910		82,290		80,133		81,729
Effect of dilutive securities:
Stock options	168		709		189		1,107
Restricted stock	226		597		244		445
2025 Notes	—		12,912		12,911		12,912
Weighted average shares outstanding for diluted EPS	79,304		96,508		93,477		96,193
Basic EPS	$	0.15	$	0.50	$	0.64	$	1.49
Diluted EPS	$	0.15	$	0.45	$	0.63	$	1.34
Anti-dilutive securities excluded from diluted weighted average common shares	13,363		111		460		87

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Oct. 01, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following table presents the changes in AOCL, net of tax during the three and nine months ended October 1, 2022 and October 2, 2021, respectively:


	Three Months Ended				Nine Months Ended
In thousands	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Cash flow hedging activity:
Balance at beginning of period	$	(1,562)	$	(3,093)	$	(1,940)	$	(4,400)
Other comprehensive income (loss) before reclassification	—		—		—		(10)
Tax effect of other comprehensive income (loss) before reclassification	—		—		—		3
Amount reclassified from AOCL into interest expense	255		340		762		4,959
Tax effect of amount reclassified from AOCL into interest expense	(65)		(87)		(194)		(1,267)
Stranded tax effect of matured interest rate swaps	—		—		—		(2,125)
Net current period other comprehensive income (loss), net of tax	190		253		568		1,560
Balance at end of period	$	(1,372)	$	(2,840)	$	(1,372)	$	(2,840)

Description of Business and Basis of Presentation - Nature of Operations (Details)	Oct. 01, 2022 store storeBrand	Jan. 01, 2022 store
Accounting Policies [Abstract]
Number of retail optical locations \| store	1,332	1,278
Number of store brands \| storeBrand	5

Description of Business and Basis of Presentation - Basis of Presentation and Principles of Consolidation (Details) $ in Thousands	Oct. 01, 2022 USD ($) day	Jan. 01, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Assets	$ 2,291,736	$ 2,293,091
Variable Interest Entity, Primary Beneficiary
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of corporations \| day	31
Assets	$ 3,300	6,000
Liabilities	$ 3,700	$ 6,800

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

Description of Business and Basis of Presentation - Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Accounting Policies [Abstract]
Effective income tax rate (percent)	33.70%	8.80%	29.80%	15.70%
Statutory federal and state rate (Percent)	25.50%	25.50%	25.50%	25.50%
Tax benefit related to exercise of stock options		$ 9.1		$ 13.6
Tax benefit related to stranded tax effect of interest rate swaps				$ 2.1

Description of Business and Basis of Presentation - Sale of Equity Method Investee (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Oct. 02, 2021	Oct. 02, 2021
Nonconsolidated Investee
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of ownership interest in equity method investee	$ 2.4	$ 2.4

Description of Business and Basis of Presentation - Share Repurchases (Details) shares in Millions, $ in Millions	9 Months Ended
	Oct. 01, 2022 USD ($) shares
Accounting Policies [Abstract]
Shares repurchased (in shares) \| shares	2.7
Repurchase of common stock, value	$ 80.0
Stock repurchase program, authorized amount	$ 50.0

Details of Certain Balance Sheet Accounts - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022	Oct. 02, 2021	Jan. 02, 2021
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 256,209	$ 305,800	$ 439,117
Restricted cash included in other assets	1,313		1,339
Total cash, cash equivalents and restricted cash	$ 257,522	$ 306,876	$ 440,456	$ 375,159

Details of Certain Balance Sheet Accounts - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022
Accounts receivable, net:
Allowance for credit losses	$ (644)	$ (502)
Accounts receivable, net of allowance	63,823	55,697
CARES Act receivable	6,700
Trade receivables
Accounts receivable, net:
Accounts receivable, gross	34,213	32,504
Credit card receivables
Accounts receivable, net:
Accounts receivable, gross	16,266	17,010
Other receivables
Accounts receivable, net:
Accounts receivable, gross	$ 13,988	$ 6,685

Details of Certain Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022
Inventories:
Raw materials and work in process	$ 65,834	$ 65,262
Finished goods	56,198	58,407
Inventories	$ 122,032	$ 123,669

Details of Certain Balance Sheet Accounts - Other Payables and Accrued Expenses (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022
Other payables and accrued expenses:
Associate compensation and benefits	$ 36,761	$ 55,670
Self-insurance liabilities	9,108	9,034
Capital expenditures	11,167	10,571
Advertising	2,122	6,962
Reserves for customer returns and remakes	6,841	7,556
Legacy management & services agreement	4,966	5,518
Income taxes payable	7,427	310
Supplies and other store support expenses	3,679	5,511
Litigation settlements	309	2,100
Fair value of derivative liabilities	0	2,846
Other	18,498	13,245
Total other payables and accrued expenses	100,878	$ 119,323
Deferred employer payroll taxes, CARES Act, included in associate compensation and benefits	$ 6,700

Details of Certain Balance Sheet Accounts - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022
Other non-current liabilities:
Fair value of derivative liabilities	$ 0	$ 488
Self-insurance liabilities	6,390	6,170
Other	2,555	2,316
Total other non-current liabilities	$ 8,945	$ 8,974

Fair Value Measurement (Details) - USD ($)	3 Months Ended		9 Months Ended
Fair Value Measurement (Details) - USD ($)	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021	Jan. 01, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairments of long-lived tangible store assets and ROU assets	$ 1,300,000	$ 0	$ 5,200,000	$ 1,500,000
Estimated fair value of impaired assets			5,500,000	$ 2,900,000
Aggregate principal amount	552,497,000		$ 552,497,000		$ 552,500,000
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Discount rate used in impairment analysis (percent)			7.50%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Discount rate used in impairment analysis (percent)			9.30%
Convertible senior notes \| 2025 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate principal amount	$ 402,497,000		$ 402,497,000		402,500,000
Stated interest rate (percent)	2.50%		2.50%
Convertible senior notes \| 2025 Notes \| Estimated fair value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value of convertible notes	$ 498,200,000		$ 498,200,000		$ 674,900,000

Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022
Debt Instrument [Line Items]
Long-term debt before debt discount	$ 552,497	$ 552,500
Long-term debt less debt discount	545,520	543,566
Less current maturities	0	0
Long-term debt - non-current portion	545,520	543,566
Finance lease obligations	22,635	26,514
Less current maturities	(3,975)	(3,999)
Long-term debt and finance lease obligations, less current portion and debt discount	564,180	566,081
Credit facility \| Revolving credit facility, due July 18, 2024
Debt Instrument [Line Items]
Long-term debt before debt discount	0	0
2025 Notes \| Convertible senior notes
Debt Instrument [Line Items]
Long-term debt before debt discount	402,497	402,500
Unamortized discount and issuance cost	(6,314)	(7,986)
Term loan, due July 18, 2024 \| Term loan
Debt Instrument [Line Items]
Long-term debt before debt discount	150,000	150,000
Unamortized discount and issuance cost	$ (663)	$ (948)

Long-term Debt - Interest Expense (Details) - 2025 Notes - Convertible senior notes - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Debt Instrument [Line Items]
Contractual interest expense	$ 2,516	$ 2,516	$ 7,547	$ 7,547
Amortization of issuance costs	$ 599	$ 581	$ 1,679	$ 1,627

Long-term Debt - Narrative (Details)	9 Months Ended
Long-term Debt - Narrative (Details)	Oct. 01, 2022
Convertible senior notes \| 2025 Notes
Debt Instrument [Line Items]
Remaining period for amortization of debt issuance costs	3 years

Interest Rate Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Interest Rate Derivatives (Details) - USD ($) $ in Millions	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021	Jan. 01, 2022
Derivative [Line Items]
Estimated reclassification from AOCL to earnings in next 12 months	$ 0.8		$ 0.8
Interest rate collar
Derivative [Line Items]
Notional amount	350.0		350.0
Gain (loss) on change in fair value of derivative	6.7	$ (0.2)	16.5	$ 1.3
Interest rate collar \| Not designated as hedge
Derivative [Line Items]
Fair value of derivative assets	14.2		14.2
Fair value of derivative liabilities					$ 3.3
Interest rate collar \| Not designated as hedge \| Prepaid Expenses and Other Current Assets
Derivative [Line Items]
Fair value of derivative assets	8.2		8.2
Interest rate collar \| Not designated as hedge \| Other assets
Derivative [Line Items]
Fair value of derivative assets	$ 6.0		$ 6.0
Interest rate collar \| Not designated as hedge \| Other Payables and Accrued Expenses
Derivative [Line Items]
Fair value of derivative liabilities					2.8
Interest rate collar \| Not designated as hedge \| Other Noncurrent Liabilities
Derivative [Line Items]
Fair value of derivative liabilities					$ 0.5
Interest rate swap
Derivative [Line Items]
Interest expense on highly effective hedges				$ 1.5

Stock Incentive Plans (Details)	9 Months Ended
Stock Incentive Plans (Details)	Oct. 01, 2022 installment shares
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	163,062
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	317,203
Number of equal vesting installments \| installment	3

Revenue From Contracts With Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Disaggregation of Revenue [Line Items]
Time frame for majority of payments on health care plans and programs accounts (in days)			90 days
Reductions in revenue for estimated price concessions granted to managed care providers	$ 4.3	$ 2.4	$ 10.0	$ 7.0
Credit loss expense	0.2	0.3	0.8	0.6
Previously deferred revenue recognized	23.3	$ 24.6	56.8	$ 50.4
Deferred revenue	86.4		86.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-02
Disaggregation of Revenue [Line Items]
Performance obligations expected to be satisfied	$ 23.0		$ 23.0
Performance obligations expected to be satisfied, expected timing	3 months		3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Disaggregation of Revenue [Line Items]
Performance obligations expected to be satisfied	$ 46.5		$ 46.5
Performance obligations expected to be satisfied, expected timing	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-12-31
Disaggregation of Revenue [Line Items]
Performance obligations expected to be satisfied	$ 13.7		$ 13.7
Performance obligations expected to be satisfied, expected timing	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-29
Disaggregation of Revenue [Line Items]
Performance obligations expected to be satisfied	$ 3.1		$ 3.1
Performance obligations expected to be satisfied, expected timing	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-04
Disaggregation of Revenue [Line Items]
Performance obligations expected to be satisfied	$ 0.1		$ 0.1
Performance obligations expected to be satisfied, expected timing
Minimum
Disaggregation of Revenue [Line Items]
General payment terms for accounts on health care plans and programs (in days)			14 days
Maximum
Disaggregation of Revenue [Line Items]
General payment terms for accounts on health care plans and programs (in days)			120 days

Revenue From Contracts With Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Disaggregation of Revenue [Line Items]
Total net revenue	$ 499,207	$ 518,005	$ 1,536,473	$ 1,601,674
Revenues recognized at a point in time
Disaggregation of Revenue [Line Items]
Total net revenue	459,196	473,449	1,412,526	1,471,856
Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total net revenue	$ 40,011	$ 44,556	$ 123,947	$ 129,818

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 40
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Lease cost
Fixed lease cost	$ 22,985	$ 21,035	$ 67,422	$ 62,589
Variable lease cost	8,215	7,976	24,568	22,894
Sublease income	(930)	(866)	(2,750)	(2,695)
Amortization of finance lease assets	1,025	1,113	3,186	3,349
Interest on finance lease liabilities	572	716	1,830	2,239
Net lease cost	$ 31,867	$ 29,974	$ 94,256	$ 88,376

Leases - Lease Term and Discount Rate (Details)	9 Months Ended
Leases - Lease Term and Discount Rate (Details)	Oct. 01, 2022	Jan. 01, 2022
Lessee, Lease, Description [Line Items]
Operating leases, weighted average remaining lease term (months)	76 months	76 months
Finance leases, weighted average remaining lease term (months)	67 months	72 months
Operating leases, weighted average discount rate (percent)	4.40%	4.50%
Finance leases, weighted average discount rate (percent)	11.00%	11.70%
Minimum \| Stores, laboratories, distribution centers, offices
Lessee, Lease, Description [Line Items]
Lease terms (in years)	5 years
Maximum \| Stores, laboratories, distribution centers, offices
Lessee, Lease, Description [Line Items]
Lease terms (in years)	10 years

Leases - Other Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows - operating leases	$ 71,859	$ 66,358
Right of use assets acquired under operating leases	$ 86,722	$ 64,260

Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022
Operating Leases
2022	$ 9,352
2023	97,878
2024	87,344
2025	83,076
2026	64,409
Thereafter	153,798
Total lease liabilities	495,857
Less: Interest	64,834
Present value of lease liabilities	431,023
Finance Leases
2022	1,196
2023	6,191
2024	4,734
2025	4,888
2026	4,496
Thereafter	6,887
Total lease liabilities	28,392
Less: Interest	5,757
Present value of lease liabilities	22,635	$ 26,514
Operating lease payments related to reasonably certain option extensions included in total lease payments	41,600
Finance lease payments related to reasonably certain option extensions included in total lease payments	1,700
Minimum lease payments for leases signed but not yet commenced excluded from lease liability	$ 11,500

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Oct. 01, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Reporting - Financial Data by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Segment Reporting Information [Line Items]
Total net revenue	$ 499,207	$ 518,005	$ 1,536,473	$ 1,601,674
Total costs applicable to revenue	232,800	226,458	703,404	687,094
SG&A	225,028	218,214	681,411	676,042
Asset impairment	1,263	0	5,178	1,478
Other expense (income), net	(95)	(2,437)	170	(2,567)
Depreciation and amortization	24,852	25,059	75,248	72,639
Interest expense (income), net	(1,977)	5,743	(2,158)	22,261
Earnings before income taxes	17,336	44,968	73,220	144,727
Products
Segment Reporting Information [Line Items]
Total net revenue	410,701	425,594	1,265,554	1,326,867
Total costs applicable to revenue	160,645	158,371	488,225	485,090
Services and plans
Segment Reporting Information [Line Items]
Total net revenue	88,506	92,411	270,919	274,807
Total costs applicable to revenue	72,155	68,087	215,179	202,004
Operating Segments \| Owned & Host
Segment Reporting Information [Line Items]
Total net revenue	398,182	416,102	1,235,259	1,308,706
Total costs applicable to revenue	161,123	156,699	488,342	473,594
SG&A	156,430	156,814	470,125	465,690
Asset impairment	0	0	0	0
Other expense (income), net	0	0	0	0
EBITDA	80,629	102,589	276,792	369,422
Operating Segments \| Owned & Host \| Products
Segment Reporting Information [Line Items]
Total net revenue	323,472	338,931	1,007,376	1,069,678
Total costs applicable to revenue	94,653	95,004	290,957	290,647
Operating Segments \| Owned & Host \| Services and plans
Segment Reporting Information [Line Items]
Total net revenue	74,710	77,171	227,883	239,028
Total costs applicable to revenue	66,470	61,695	197,385	182,947
Operating Segments \| Legacy
Segment Reporting Information [Line Items]
Total net revenue	36,663	40,842	116,658	128,024
Total costs applicable to revenue	17,059	18,404	53,581	56,838
SG&A	14,221	14,363	44,085	43,458
Asset impairment	0	0	0	0
Other expense (income), net	0	0	0	0
EBITDA	5,383	8,075	18,992	27,728
Operating Segments \| Legacy \| Products
Segment Reporting Information [Line Items]
Total net revenue	23,728	24,934	75,659	79,209
Total costs applicable to revenue	11,374	12,012	35,787	37,781
Operating Segments \| Legacy \| Services and plans
Segment Reporting Information [Line Items]
Total net revenue	12,935	15,908	40,999	48,815
Total costs applicable to revenue	5,685	6,392	17,794	19,057
Operating Segments \| Corporate/Other
Segment Reporting Information [Line Items]
Total net revenue	61,939	58,063	185,521	180,801
Total costs applicable to revenue	54,129	50,477	162,093	157,186
SG&A	54,377	47,037	167,201	166,894
Asset impairment	1,263	0	5,178	1,478
Other expense (income), net	(95)	(2,437)	170	(2,567)
EBITDA	(47,735)	(37,014)	(149,121)	(142,190)
Operating Segments \| Corporate/Other \| Products
Segment Reporting Information [Line Items]
Total net revenue	61,939	58,063	185,521	180,801
Total costs applicable to revenue	54,129	50,477	162,093	157,186
Operating Segments \| Corporate/Other \| Services and plans
Segment Reporting Information [Line Items]
Total net revenue	0	0	0	0
Total costs applicable to revenue	0	0	0	0
Reconciliations
Segment Reporting Information [Line Items]
Total net revenue	2,423	2,998	(965)	(15,857)
Total costs applicable to revenue	489	878	(612)	(524)
SG&A	0	0	0	0
Asset impairment	0	0	0	0
Other expense (income), net	0	0	0	0
EBITDA	1,934	2,120	(353)	(15,333)
Reconciliations \| Products
Segment Reporting Information [Line Items]
Total net revenue	1,562	3,666	(3,002)	(2,821)
Total costs applicable to revenue	489	878	(612)	(524)
Reconciliations \| Services and plans
Segment Reporting Information [Line Items]
Total net revenue	861	(668)	2,037	(13,036)
Total costs applicable to revenue	$ 0	$ 0	$ 0	$ 0

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Oct. 02, 2021	Jul. 03, 2021	Apr. 03, 2021	Oct. 01, 2022	Oct. 02, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 11,502	$ 9,734	$ 30,147	$ 40,992	$ 37,601	$ 43,432	$ 51,383	$ 122,025
After-tax interest expense for 2025 Notes	0			2,393			7,127	7,087
Numerator for diluted EPS	$ 11,502			$ 43,385			$ 58,510	$ 129,112
Weighted average shares outstanding for basic EPS (in shares)	78,910			82,290			80,133	81,729
Effect of dilutive securities:
Stock options (in shares)	168			709			189	1,107
Restricted Stock (in shares)	226			597			244	445
2025 Notes (in shares)	0			12,912			12,911	12,912
Weighted average shares outstanding for diluted EPS (in shares)	79,304			96,508			93,477	96,193
Basic EPS (in usd per share)	$ 0.15			$ 0.50			$ 0.64	$ 1.49
Diluted EPS (in usd per share)	$ 0.15			$ 0.45			$ 0.63	$ 1.34
Stock Options, Restricted Stock Units (RSUs) and Convertible Notes
Effect of dilutive securities:
Anti-dilutive securities excluded from diluted weighted average common shares (in shares)	13,363			111			460	87

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Balance at beginning of period	$ 891,669	$ 938,337	$ 925,980	$ 906,502
Balance at end of period	906,925	988,557	906,925	988,557
Cash flow hedges
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Balance at beginning of period	(1,562)	(3,093)	(1,940)	(4,400)
Other comprehensive income (loss) before reclassification	0	0	0	(10)
Tax effect of other comprehensive income (loss) before reclassification	0	0	0	3
Amount reclassified from AOCL into interest expense	255	340	762	4,959
Tax effect of amount reclassified from AOCL into interest expense	(65)	(87)	(194)	(1,267)
Stranded tax effect of matured interest rate swaps	0	0	0	(2,125)
Net current period other comprehensive income (loss), net of tax	190	253	568	1,560
Balance at end of period	$ (1,372)	$ (2,840)	$ (1,372)	$ (2,840)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details