Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	Apr. 30, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	National Vision Holdings, Inc.
Entity Central Index Key	0001710155
Current Fiscal Year End Date	--12-29
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		75,225,824

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 30, 2017
Current assets:
Cash and cash equivalents	$ 58,433	$ 4,208
Accounts receivable, net	41,739	43,193
Inventories	93,678	91,151
Prepaid expenses and other current assets	24,777	23,925
Total current assets	218,627	162,477
Property and equipment, net	310,964	304,132
Other assets:
Goodwill	792,744	792,744
Other assets	10,863	10,988
Total non-current assets	1,425,927	1,421,314
Total assets	1,644,554	1,583,791
Current liabilities:
Accounts payable	46,126	35,708
Other payables and accrued expenses	85,763	77,611
Unearned revenue	29,950	27,739
Deferred revenue	52,500	62,993
Current maturities of long-term debt	7,324	7,258
Total current liabilities	221,663	211,309
Long-term debt, less current portion and debt discount	562,002	561,980
Other non-current liabilities:
Deferred revenue	20,200	31,222
Other liabilities	42,132	46,044
Deferred income taxes, net	87,282	73,648
Total other non-current liabilities	149,614	150,914
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value; 200,000 shares authorized; 75,103 and 74,654 shares issued and outstanding as of March 31, 2018 and December 30, 2017, respectively	751	746
Additional paid-in capital	635,637	631,798
Accumulated other comprehensive loss	(5,244)	(9,868)
Retained earnings	81,219	37,145
Treasury stock, at cost; 53 and 28 shares as of March 31, 2018 and December 30, 2017, respectively	(1,088)	(233)
Total stockholders’ equity	711,275	659,588
Total liabilities and stockholders’ equity	1,644,554	1,583,791
Trademarks and trade names
Other assets:
Intangible assets	240,547	240,547
Other intangible assets, net
Other assets:
Intangible assets	$ 70,809	$ 72,903

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 30, 2017
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares, issued	75,103,000	74,654,000
Common stock, shares, outstanding	75,103,000	74,654,000
Treasury stock, shares	53,000	28,000

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Revenue:
Total net revenue	$ 407,975	$ 369,859
Costs applicable to revenue (exclusive of depreciation and amortization):
Products	130,878	121,033
Services and plans	49,576	44,775
Total costs applicable to revenue	180,454	165,808
Operating expenses:
Selling, general and administrative expenses	170,102	149,804
Depreciation and amortization	17,654	14,423
Other expense, net	122	102
Total operating expenses	187,878	164,329
Income from operations	39,643	39,722
Interest expense, net	9,313	11,492
Debt issuance costs	0	2,702
Earnings before income taxes	30,330	25,528
Income tax provision	5,283	8,458
Net income	$ 25,047	$ 17,070
Earnings per share:
Basic (in usd per share)	$ 0.34	$ 0.30
Diluted (in usd per share)	$ 0.32	$ 0.29
Weighted average shares outstanding:
Basic (shares)	74,714	56,261
Diluted (shares)	77,837	57,934
Comprehensive income:
Net income	$ 25,047	$ 17,070
Change in unrealized gain (loss) on hedge instruments	6,216	(330)
Tax (provision) benefit of change in unrealized gain (loss) on hedge instruments	(1,592)	126
Comprehensive income	29,671	16,866
Net product sales
Revenue:
Total net revenue	338,777	306,584
Net sales of services and plans
Revenue:
Total net revenue	$ 69,198	$ 63,275

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Cash flows from operating activities:
Net income	$ 25,047	$ 17,070
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation of property and equipment	15,560	12,314
Amortization of intangible assets	2,094	2,109
Amortization of loan costs	430	1,008
Deferred income tax expense	5,283	8,118
Non-cash stock option compensation	1,596	1,104
Non-cash inventory adjustments	522	2,719
Bad debt expense	1,620	1,149
Debt issuance costs	0	2,702
Other	64	66
Changes in operating assets and liabilities:
Accounts receivable	(166)	(7,645)
Inventories	(3,049)	(1,729)
Other assets	(554)	(774)
Accounts payable	10,418	(9,426)
Deferred revenue	4,261	5,857
Other liabilities	14,661	11,863
Net cash provided by operating activities	77,787	46,505
Cash flows from investing activities:
Purchase of property and equipment	(22,792)	(20,703)
Other	116	0
Net cash used for investing activities	(22,676)	(20,703)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	0	173,712
Proceeds from exercise of stock options	2,312	1,868
Principal payments on long-term debt	(1,425)	(2,079)
Purchase of treasury stock	(855)	0
Payments on capital lease obligations	(333)	(191)
Debt issuance costs	0	(2,702)
Dividend to stockholders	0	(170,983)
Net cash used for financing activities	(301)	(375)
Net change in cash, cash equivalents and restricted cash	54,810	25,427
Cash, cash equivalents and restricted cash, beginning of year	5,193	5,687
Cash, cash equivalents and restricted cash, end of period	60,003	31,114
Reconciliation of Cash, Cash Equivalents, and Restricted Cash:
Total cash, cash equivalents and restricted cash	$ 5,193	$ 5,687

Description of Business and Basis of Presentation	3 Months Ended
Description of Business and Basis of Presentation	Mar. 31, 2018
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 direct wholly owned subsidiaries. The Company is a leading value retailer of eyeglasses and contact lenses in the United States and its territories. We operated 1,027, and 1,013, retail optical locations as of March 31, 2018 and December 30, 2017, respectively, through our five store brands, America’s Best Contacts and Eyeglasses (“America’s Best”), Eyeglass World, Vista Optical locations on U.S. Army/Air Force military bases and within Fred Meyer stores, and our management & services arrangement with Walmart (“legacy”). Basis of Presentation We prepared the accompanying 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 December 30, 2017 has been derived from the audited consolidated balance sheet for the fiscal year then ended. These unaudited interim 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 financial position as of March 31, 2018, and the consolidated results of operations and cash flows for the three months ended March 31, 2018 and April 1, 2017. 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 adequate to make the information presented not misleading. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto for the fiscal year ended December 30, 2017. 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 in our significant accounting policies during the three months ended March 31, 2018, except for the adoption of Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers and ASU No. 2016-18, Restricted Cash. See “Recently Issued Accounting Pronouncements” below for further discussion. Changes to stockholders’ equity related to the adoption of ASU No. 2014-09, stock option exercises, and changes in fair values of interest rate derivatives are discussed in Note 6. “Revenue from Contracts with Customers,” Note 4. “Stock Incentive Plan,” and Note 3. “Fair Value Measurements of Financial Assets and Liabilities,” respectively. No other material non-recurring changes to stockholders’ equity occurred during the three months ended March 31, 2018. The condensed consolidated financial statements include our accounts and those of our subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated in consolidation. Fiscal Year Our fiscal year consists of 52 or 53 weeks ending on the Saturday closest to December 31. Fiscal year 2018 contains 52 weeks and will end on December 29, 2018. All three month periods presented herein contain 13 weeks. All references to years and quarters relate to fiscal periods rather than calendar periods. Seasonality The consolidated results of operations for the three months ended March 31, 2018 and April 1, 2017 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 fiscal quarter, and a lower portion of net revenue, income from operations, and cash flows from operations in the fourth fiscal quarter. The seasonally larger first quarter is attributable primarily to the timing of our customers’ personal income tax refunds and annual health insurance program start or reset periods. Seasonality related to fourth quarter holiday spending by retail customers generally does not impact our business. Our quarterly consolidated results can also be affected by the timing of new store openings, store closings, and certain holidays. 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 income tax rate, or ETR, was 17.4% and 33.1% for the three months ended March 31, 2018 and April 1, 2017, respectively. Our lower ETR for the three months ended March 31, 2018 was largely due to the reduced federal statutory rate from 35% to 21% as part of the Tax Cuts and Jobs Act of 2017, effective for tax years beginning on or after January 1, 2018. During the three months ended March 31, 2018, our expected combined statutory federal and state rate was reduced 8.9% by a $2.7 million income tax benefit resulting from stock option exercises. Other items aggregated to a 0.5% increase in the rate for the period. Pursuant to SEC Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), the ultimate impact of the legislation may differ from these estimates due to our continued analysis or further regulatory guidance that may be issued as a result of the legislation. Adjustments to the provisional amounts recorded by the Company as of December 30, 2017 that are identified within a subsequent measurement period of up to one year from the enactment date will be included as an adjustment to tax expense from continuing operations in the period the amounts are determined. There were no adjustments to provisional amounts during the three months ended March 31, 2018. Correction of Classification Error As previously disclosed in our 2016 consolidated financial statements, we overstated net sales of services and plans in our legacy segment and consolidated net sales of services and plans and understated net sales of products in our legacy segment and consolidated net product sales. The amounts presented herein reflect the correction of a similar error in the amount of $1.9 million for the three months ended April 1, 2017. There was no impact to total legacy segment net revenues, legacy segment EBITDA, total consolidated net revenues or any measure of profit or income. Management concluded that the error was not material to the condensed consolidated financial statements for the three months ended April 1, 2017. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers. ASU No. 2014-09 provides new guidance related to the core principle that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. Under the new guidance, there is a five-step model to apply to revenue recognition, consisting of: (1) determination of whether a contract, an agreement between two or more parties that creates legally enforceable rights and obligations, exists; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when (or as) the performance obligation is satisfied. The Company adopted this new guidance in the first quarter of 2018 using the modified retrospective transition method. We recognized the cumulative effect of adoption in the opening balance of retained earnings related to certain contracts where we satisfy performance obligations over time. Our results of operations for the reported periods after January 1, 2018 are presented under this amended guidance, while prior period amounts are not adjusted and continue to be reported in accordance with historical accounting guidance. Adoption of this new guidance did not result in significant changes to our accounting policies, business processes, systems or controls, or have a material impact on our results of operations and cash flows or related disclosures. The impact of adopting the amended guidance primarily relates to the timing of revenue recognition for our eyecare club memberships, which comprised approximately 3% of our consolidated net revenue during the most recent three fiscal years. See Note 6. “Revenue From Contracts with Customers” for additional information. In February 2016, the FASB issued ASU No. 2016-02, Leases. This new guidance establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either financing or operating, with such classification affecting the pattern of expense recognition in the statement of operations. Disclosure of key information about leasing arrangements will also be required. This new guidance is effective for fiscal years beginning after December 15, 2018, and interim reporting periods within that fiscal year. This new guidance requires a modified retrospective transition approach, with certain practical expedients available. We will adopt this new guidance in the first quarter of 2019. We have established a cross-functional team to evaluate and implement the new standard. We are in the process of implementing changes to our systems and processes in conjunction with our review of lease agreements to support recognition and disclosure upon adoption on December 30, 2018, which is the first day of our fiscal year 2019. We do not expect the adoption to have a significant impact on the recognition, measurement or presentation of lease expenses within our consolidated statements of operations. While we continue to assess all potential impacts of the standard, we currently believe the most significant impact relates to recording lease assets and related liabilities on the consolidated balance sheets. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash. This new guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This new guidance is effective in fiscal years, including interim periods, beginning after December 15, 2017. The amendments in this update should be applied using a retrospective transition method to each period presented. The company adopted this new guidance during the first quarter of 2018. The adoption of this new guidance did not have a material effect on the Company’s financial condition, results of operations, or cash flows.

Details of Certain Balance Sheet Accounts

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Details of Certain Balance Sheet Accounts



In thousands	As of March 31, 2018			As of December 30, 2017
Accounts receivable, net:
Trade receivables	$	29,188		$	28,862
Credit card receivables	9,364			10,459
Tenant improvement allowances receivable	4,079			4,794
Other receivables	3,065			2,936
Allowance for uncollectible accounts	(3,957		)	(3,858		)
	$	41,739		$	43,193



In thousands	As of March 31, 2018		As of December 30, 2017
Inventories:
Raw materials and work in process ⁽¹⁾	$	42,687	$	43,953
Finished goods	50,991		47,198
	$	93,678	$	91,151


(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 March 31, 2018		As of December 30, 2017
Property and equipment, net:
Land and building	$	3,608	$	3,608
Equipment	227,425		220,088
Furniture and fixtures	44,063		42,708
Leasehold improvements	163,089		155,369
Construction in progress	22,453		18,375
Property under capital leases	13,420		11,756
	474,058		451,904
Less accumulated depreciation	163,094		147,772
	$	310,964	$	304,132



In thousands	As of March 31, 2018		As of December 30, 2017
Other payables and accrued expenses:
Employee compensation and benefits	$	30,291	$	21,134
Advertising	3,055		2,900
Self-insurance reserves	6,313		6,854
Reserves for customer returns and remakes	6,018		4,565
Capital expenditures	8,934		10,782
Legacy management and services agreement	6,101		6,000
Deferred rental expenses	1,033		1,140
Fair value of derivative liabilities	5,161		6,969
Sales and use taxes	1,441		1,218
Supplies and other store support expenses	3,847		3,014
Litigation settlements	3,882		3,942
Other	9,687		9,093
	$	85,763	$	77,611



In thousands	As of March 31, 2018		As of December 30, 2017
Other non-current liabilities:
Fair value of derivative liabilities	$	4,746	$	9,155
Tenant improvements ⁽¹⁾	23,291		22,894
Deferred rental expenses	7,558		7,246
Other	6,537		6,749
	$	42,132	$	46,044


(1)	Obligations for tenant improvements are amortized as a reduction of rental expense over the respective lease term.

Fair Value Measurements of Financial Assets and Liabilities

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements of Financial Assets and Liabilities

The Company uses a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect pricing based upon a reporting entity’s own market assumptions.

Under U.S. GAAP, the Company is required to (a) measure certain assets and liabilities at fair value or (b) disclose the fair values of certain assets and liabilities recorded at cost. Accounting standards define fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated assuming the transaction occurs in the principal or most advantageous market for the asset or liability and includes consideration of non-performance risk and credit risk of both parties. A three-tier fair value hierarchy prioritizes the inputs used in measuring fair value. These tiers include:

• Level 1 - Valuation inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

• Level 2 - Valuation inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in inactive markets, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

• Level 3 - Valuation inputs are unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are determined using model-based techniques that include option pricing models, discounted cash flow models and similar techniques.

The fair value estimates of financial instruments are not necessarily indicative of the amounts we might pay or receive in actual market transactions. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

Cash and Cash Equivalents

The carrying amount of cash and cash equivalents approximates fair value due to the short term maturity of the instruments. All cash and cash equivalents are denominated in U.S. currency.

Accounts Receivable

The carrying amount of accounts receivable approximates fair value due to the short-term nature of those items and the effect of related allowances for doubtful accounts.

Accounts Payable and Other Payables and Accrued Expenses

The carrying amounts of accounts payable and other payables and accrued expenses approximate fair value due to the short-term nature of those items.

Long-term Debt - Credit Agreements

Loans under our first lien credit agreement are traded in private markets on a less-than-daily basis. Fair value is based on the average of trading prices and bid/ask quotes around period-end (Level 2 inputs). The estimated fair values of our first lien term loans were $570.0 million and $570.2 million as of March 31, 2018 and December 30, 2017, respectively, compared to carrying values of $556.3 million and $557.3 million, respectively, which includes the current portion, and is net of unamortized discounts and deferred debt issuance costs.

Long-term Debt - Capital Leases

The fair value of capital lease obligations is based on estimated future contractual cash flows discounted at an appropriate market rate of interest (Level 2 inputs). The estimated fair values of our capital leases were $15.4 million and $14.0 million as of March 31, 2018 and December 30, 2017, respectively, compared to carrying values of $13.0 million and $12.0 million, respectively.

Interest Rate Derivatives

The Company is a party to three pay-fixed and receive-floating interest rate swap agreements to offset the variability of cash flows in LIBOR-indexed debt interest payments attributable to changes in the benchmark interest rate from March 13, 2017 to March 13, 2021 related to its current first lien credit agreement. Changes in the cash flows of each derivative have historically been and are expected to be highly effective in offsetting the changes in interest payments on a principal balance equal to the derivative’s notional amount, attributable to the hedged risk. During March 2018, in accordance with the original agreements with the counterparties, the notional amount of the first derivative decreased from $175 million to $140 million. There were no other changes in the terms of the arrangements. The change in notional amount did not impact the results of our assessment of effectiveness as of March 31, 2018.

We recognize as assets or liabilities at fair value the estimated amounts we would receive or pay upon a termination of interest rate swaps prior to their scheduled expiration dates. Fair value is based on information that is model-driven and whose inputs are observable (Level 2 inputs). As of March 31, 2018, the Company expects to reclassify $3.8 million, net of tax, of accumulated other comprehensive loss (“AOCL”) into earnings in the next 12 months. See Note 10. “Accumulated Other Comprehensive Loss” for further details.

Our cash flow hedge position related to interest rate derivative contracts is as follows:



In thousands	Notional Amount		Final Maturity Date	Other Payables and Accrued Expenses		Other Liabilities		AOCL, Net of Tax
As of March 31, 2018	$	465,000	March 2021	$	5,161	$	4,746	$	5,244
As of December 30, 2017	$	500,000	March 2021	$	6,969	$	9,155	$	9,868

Stock Incentive Plan

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Incentive Plan

2014 Stock Incentive Plan

We have reserved an aggregate of 10,988,827 shares of our common stock for issuance under our 2014 Stock Incentive Plan. As of March 31, 2018, 347,253 shares remained available for future grants.

The following presents a roll-forward of stock options for the three months ended March 31, 2018:



Options issued and outstanding	Rollover ⁽¹⁾		Service-Based		Performance-Based		Total
Balance, December 30, 2017	169,049		3,822,915		6,524,152		10,516,116
Exercised	(13,490	)	(458,881	)	—		(472,371	)
Forfeited	—		(32,682	)	(245,119	)	(277,801	)
Balance, March 31, 2018	155,559		3,331,352		6,279,033		9,765,944
Options vested and exercisable
Balance, December 30, 2017	169,049		1,631,023		43,478		1,843,550
Vested	—		688,341		—		688,341
Exercised	(13,490	)	(458,881	)	—		(472,371	)
Balance, March 31, 2018	155,559		1,860,483		43,478		2,059,520


(1)	Reflects options under the Vision Holding Corp. Amended and Restated 2013 Equity Incentive Plan

During the three months ended March 31, 2018, rollover and service-based options were exercised at a weighted average price of $4.89, for a total intrinsic value of $13.2 million. The Company recorded an income tax benefit of $2.7 million in the condensed consolidated statement of operations related to these exercises.

Compensation expense associated with service-based stock options is presented in selling, general, and administrative expenses (“SG&A”) in the accompanying condensed consolidated statements of operations. The Company granted 217,390 performance based stock options to one of our named executive officers that vest as a result of certain profitability targets for fiscal years 2017 to 2021. Those targets were met for fiscal year 2017, resulting in vesting of 20 percent of those performance based options as presented in the table above. Vesting of all other performance-based options is conditional upon the achievement by Kohlberg Kravis & Co. L.P. (“KKR Sponsor”), with respect to its investment in NVHI, of both a minimum internal rate of return and a minimum multiple of invested capital and then increases proportionally as the multiple of invested capital increases up to a defined target.

2017 Omnibus Incentive Plan

We have reserved an aggregate of 4,000,000 shares of our common stock for issuance under our 2017 Omnibus Incentive Plan. As of March 31, 2018, there were equity awards representing 274,976 shares of common stock issued and outstanding, and 3,725,024 shares available for future grants. There was no material activity under the 2017 Omnibus Incentive Plan for the three months ended March 31, 2018.

Related Party Transactions

3 Months Ended

Mar. 31, 2018

Related Party Transactions

Transactions With Equity Sponsors

We recorded the following fees paid to equity sponsors, which are presented in SG&A in the accompanying condensed consolidated statements of operations, except for $2.3 million in KKR Sponsor fees during the three months ended April 1, 2017, which are presented in debt issuance costs.



	Three Months Ended
In thousands	March 31, 2018		April 1, 2017
KKR Sponsor	$	—	$	2,553
Berkshire Partners LLC	$	—	$	52

Equity in Net Assets of Non-Consolidated Investee

The Company has an investment in a private start-up company whose principal business is licensing software to eyeglass retailers. Under the equity method of accounting we are required to record our interest in the investee’s reported net income or loss for each reporting period, which is presented in other expense, net in the Company’s condensed consolidated statements of operations. Our interest in the investee’s net losses was $0.2 million and $0.1 million for the three months ended March 31, 2018 and April 1, 2017, respectively. After adjusting our investment for our interest in the investee’s reported net losses, our investment balance in the business was $2.1 million and $2.3 million as of March 31, 2018 and December 30, 2017, respectively, which is included in other assets in the accompanying condensed consolidated balance sheets.

In the ordinary course of business we are a licensee of our investee. We recorded $0.2 million in licensing fees in SG&A in the accompanying condensed consolidated statements of operations for the three months ended March 31, 2018 and April 1, 2017. Additionally, on August 29, 2017, the investee issued a secured convertible promissory note to the Company, in the principal amount of $1.5 million, due on August 29, 2020. Interest income associated with the note was immaterial for the three months ended March 31, 2018.

Revenue From Contracts With Customers

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenue From Contracts With Customers

A performance obligation is a promise in a contract to transfer a distinct good or service to a customer, and is the unit of account under ASU 2014-09, codified in ASC 606, Revenue from Contracts With Customers. As discussed in Note 1, we adopted ASC 606 in the first quarter of fiscal year 2018 using the modified retrospective transition method. All of our revenue is derived from contracts with customers and is reported as net revenue in the condensed consolidated statements of operations.

We recognize revenue from the products and services we provide in accordance with the five-step process outlined in ASC 606. We recognize revenue when we satisfy a performance obligation by transferring control of a product or service to a customer in an amount that reflects the consideration that we expect to receive. This revenue can be recognized at a point in time or over time. We invoice customers based on our contractual arrangements with each customer, which may not be consistent with the period that revenues are recognized. When there is a timing difference

between when we invoice customers and when revenues are recognized, we record either a contract asset (accounts receivable) or a contract liability (deferred revenue or unearned revenue), as appropriate. See further discussion related to contract assets and liabilities below.

The majority of our revenue arrangements generally consist of a single performance obligation to transfer promised goods or services. Based on our evaluation process and review of our contracts with customers, in most circumstances the timing and amount of revenue recognized under the new guidance is consistent with our past revenue recognition policy. The majority of our annual 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 health care plans and programs located throughout the United States (“managed care”) having terms generally between 14 and 120 days, with most paying within 90 days. Revenues recognized over time primarily include product protection plans, eyecare club memberships and management fees earned from our legacy partner.

Refer to Note 8 for the Company’s disaggregation of net revenue by reportable segment. As the reportable segments are aligned by similar economic factors, trends and customers, this disaggregation view best depicts how the nature, amount, and uncertainty of revenue and cash flows are affected by economic factors. The following disaggregation of revenues depicts our revenues based on the timing of revenue recognition.

Disaggregation of Revenues:



In thousands	Three Months Ended March 31, 2018
Revenues recognized at a point in time	$	372,765
Revenues recognized over time	35,210
Total net revenue	$	407,975

Revenues Recognized at a Point in Time

The 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.

Owned & Host

Within our owned & host segment, product revenues include sales of prescription and non-prescription eyewear, contact lenses and related accessories to retail customers.

For sales of in-store non-prescription eyewear and related accessories, we recognize revenue at the point of sale. For sales of prescription eyewear, we recognize revenue when the performance obligations identified under the terms of contracts with our customers are satisfied, which generally occurs, for products, when those products have been delivered and accepted by our customers.

Revenue is recognized net of sales taxes and returns. The returns allowance is based on historical return patterns. Provisions for estimated returns are established and the expected costs continue to be recognized as contra-revenue per ASC 606 when the products are sold.

At our America’s Best brand, our lead offer is two pairs of eyeglasses and a free eye exam for one low price (“two-pair deal”). Since an eye exam is a key component in the ability for acceptable prescription eyewear to be delivered to a customer, we concluded that the eye exam service, while capable of being distinct from the eyeglass product delivery, was not distinct in the context of the two-pair deal. As a result, we do not allocate revenue to the eye exam associated with the two-pair deal, and we record all revenue associated with the offer in owned & host net product sales when the customer has received and accepted the merchandise.

Within our owned & host segment services and plans revenues, eye exam services revenues sold on a stand-alone basis are also recognized at the point of sale which occurs immediately after the exam is performed.

Legacy

Within our legacy segment, product revenues include 1) sales of prescription and non-prescription eyewear, contact lenses and related accessories to retail customers in transactions where the retail customer uses a managed-care payor, and 2) wholesale sales of the same inventory types to the legacy partner.

The revenue recognition for the retail sales are identical to similar sales in the owned & host segment.

Wholesale sales of inventory to the legacy partner are recognized at the point in time when control of the inventory has been transferred in accordance with the contractual terms and conditions of sale. Since the wholesale sales of inventory to the legacy partner are a separate performance obligation in our management and services agreement with the legacy partner, we considered the appropriate allocation of consideration to wholesale inventory sales. We concluded that the difference between the stand-alone-selling price of the wholesale inventory and the contractual prices was not material.

Within our legacy segment services and plans revenues, eye exam services sold to retail customers covered by a managed care payor are recognized identically to similar sales in the owned & host segment.

Corporate/Other

Revenues from our non-reportable corporate/other segment are attributable to wholly owned subsidiaries Arlington Contact Lens Services, Inc. (“AC Lens”) and FirstSight Vision Services, Inc. (“FirstSight”). AC Lens sells contact lenses and optical accessory products to retail customers through e-commerce. AC Lens also distributes contact lenses to Walmart and Sam’s Club under fee for services arrangements, reports revenue on a gross basis and is the principal in the arrangement since AC Lens controls the products in those transactions before the products are transferred to the customer. FirstSight issues individual vision care benefit plans in connection with our America’s Best operations in California, and provides or arranges for the provision of optometric services at certain optometric offices next to Walmart and Sam’s Club stores in California.

Revenues Recognized Over Time

Owned & Host

Within our Owned & Host segment, services and plans revenues include revenues from product protection plans (i.e. warranties), eyecare club memberships and HMO membership fees. We offer extended warranty plans in our Owned & Host segment that generally provide for repair and replacement of eyeglasses for primarily a one-year term after purchase. We recognize service revenue under these programs on a straight-line basis over the warranty or service period which is consistent with our efforts expended to satisfy the obligation. Amounts collected in advance for these programs are reported as deferred revenue in the accompanying condensed consolidated balance sheets.

We offer three- and five-year eyecare club memberships in our Owned & Host segment to our contact lens customers. For these plans we apply the guidance in ASC 606 to a portfolio of contracts with similar characteristics. We use estimates and assumptions when accounting for a portfolio that reflect the size and composition of the portfolio of contracts. We selected the portfolio approach because our historical club membership data demonstrated that our club customers behave similarly, such that the difference between the portfolio approach and applying ASC 606 to each contract is not material. We recognize revenue across the contract portfolio based on the value delivered to the customers relative to the remaining services promised under the membership program. We determine the value delivered based on the expected timing and amount of customer usage of eyecare club benefits over the terms of the contracts. Under previous guidance, we recognized revenue for eyecare club memberships on a ratable basis over the service period. Under the new guidance the timing of revenue for three- and five-year eyecare club memberships will be accelerated when compared to straight-line amortization. This change is not expected to have a significant impact on our ongoing consolidated results of operations. The cumulative effect and the impact on revenues is described in the impact section below.

Legacy

Sales of services and plans in our legacy segment include fees earned for managing the operations of our legacy partner. These fees are recorded on a net basis and are based primarily on sales of products and product protection plans to non-managed care customers. We determined that under the terms of the arrangement our legacy partner controls the products and services in the transaction with the retail customer and therefore we act as the agent in those transactions. We recognize this service revenue using the “right to invoice” method allowed under ASC 606 because our right to payment corresponds directly with the value of the management services provided to our legacy partner.

Impact on Condensed Consolidated Financial Statements

The cumulative effect of applying ASC 606 to the Company’s consolidated balance sheet as of December 31, 2017 was as follows:



In thousands	As Previously Reported		Net Adjustments			Current Presentation
Current liabilities:
Deferred Revenue	$	62,993	$	(13,984	)	$	49,009
Total current liabilities	$	211,309	$	(13,984	)	$	197,325
Other non-current liabilities:
Deferred Revenue	$	31,222	$	(11,792	)	$	19,430
Deferred income taxes, net	$	73,648	$	6,604		$	80,252
Total other non-current liabilities	$	150,914	$	(5,188	)	$	145,726
Stockholders' equity:
Retained earnings	$	37,145	$	19,172		$	56,317
Total stockholders' equity	$	659,588	$	19,172		$	678,760

The following table summarizes the cumulative effect of adoption of ASC 606 on the Company’s condensed consolidated balance sheet as of March 31, 2018, which reflects the change in timing of revenue recognition relating to eyecare club memberships.



In thousands	With ASC 606 Adoption		Without ASC 606 Adoption		Impact of Adoption
Current liabilities:
Deferred Revenue	$	52,500	$	67,303	$	(14,803	)
Total current liabilities	$	221,663	$	236,466	$	(14,803	)
Other non-current liabilities:
Deferred Revenue	$	20,200	$	31,992	$	(11,792	)
Deferred income taxes, net	$	87,282	$	80,468	$	6,814
Total other non-current liabilities	$	149,614	$	154,592	$	(4,978	)
Stockholders' equity:
Retained earnings	$	81,219	$	61,438	$	19,781
Total stockholders' equity	$	711,275	$	691,494	$	19,781

The following table summarizes the impact of adoption on the Company’s condensed consolidated statement of operations for the three months ended March 31, 2018:



In thousands, except earnings per share	With ASC 606 Adoption		Without ASC 606 Adoption		Impact of Adoption
Net sales of services and plans	$	69,198	$	68,379	$	819
Total net revenue	$	407,975	$	407,156	$	819
Income from operations	$	39,643	$	38,824	$	819
Earnings before income taxes	$	30,330	$	29,511	$	819
Income tax provision	$	5,283	$	5,493	$	(210	)
Net income	$	25,047	$	24,438	$	609
Earnings per share:
Basic	$	0.34	$	0.33	$	0.01
Diluted	$	0.32	$	0.31	$	0.01

There were no other material impacts on our condensed consolidated financial statements as a result of our adoption of this new guidance.

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

Accounts receivable associated with revenues consist primarily of trade receivables and credit card receivables. Trade receivables consist primarily of receivables from managed care payers and receivables from major retailers. Trade receivables and credit card receivables are included in accounts receivable, net, on our condensed consolidated balance sheets, and are presented separately in Note 2. “Details of Certain Balance Sheet Accounts.” Accounts receivable are reduced by allowances for amounts that may become uncollectible. Estimates of our allowance for uncollectible accounts are based on our historical and current operating, billing, and collection trends. Impairment losses recognized on our receivables were approximately $1.6 million and $1.1 million in the first quarter of fiscal years 2018 and 2017, respectively. There was no impact of adoption of ASC 606 on accounts receivable, net.

Unsatisfied Performance Obligations (Contract Liabilities)

Our retail customers generally make payments for prescription eyewear products at the time they place an order. Amounts we collect in advance for undelivered merchandise are reported as unearned revenue in the accompanying condensed consolidated balance sheets. Unearned revenue at the end of a reporting period is estimated based on delivery times throughout the current month and generally ranges from four to 10 days. All unearned revenue at the end of a reporting period is recognized in the next fiscal period. There was no impact of adoption of ASC 606 on our unearned revenue accounts.

Our contract liabilities also consist of deferred revenue on services and plans obligations, primarily product protection plans and eyecare club memberships. The unamortized portion of amounts we collect in advance for these services and plans are reported as deferred revenue in the accompanying condensed consolidated balance sheets (current and non- current portions). Our deferred revenue balance as of March 31, 2018 was $72.7 million. We expect future revenue recognition of this balance of $44.7 million, $20.0 million, $7.3 million, $0.6 million and $0.1 million in fiscal years 2018, 2019, 2020, 2021, and 2022 respectively. We recognized $25.9 million of previously deferred revenues for the three months ended March 31, 2018.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	From time to time, the Company is involved in various legal proceedings incidental to its business. 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. The Company’s FirstSight subsidiary is a defendant in a purported class action in the U.S. District Court for the Southern District of California that alleges that FirstSight participated in arrangements that caused the illegal delivery of eye examinations and that FirstSight thereby violated, among other laws, the corporate practice of optometry and the unfair competition and false advertising laws of California. On March 23, 2017, the court granted the motion to dismiss previously filed by FirstSight and dismissed the complaint with prejudice. The plaintiffs filed an appeal to the U.S. Court of Appeals for the Ninth Circuit in April 2017. The Company believes that the claims are without merit. In May 2017, a complaint was filed against the Company and other defendants alleging, on behalf of a proposed class of consumers who purchased contact lenses online, that 1-800 Contacts, Inc. entered into a series of agreements with the other defendants, including the Company’s AC Lens subsidiary, to suppress certain online advertising and that each defendant thereby engaged in anticompetitive conduct in violation of the Sherman Antitrust Act (the “1-800 Contacts Matter”). The Company has settled the 1-800 Contacts Matter for $7.0 million, without admitting liability. Accordingly, the Company recorded a $7.0 million charge in the second quarter of fiscal year 2017. On November 8, 2017, the court in the 1-800 Contacts Matter entered an order preliminarily approving the settlement agreement, subject to a settlement hearing. Pursuant to this order, the Company deposited 50% of the settlement amount, or $3.5 million, into an escrow account, to be distributed subject to and in accordance with the terms of the settlement agreement and any further order of the court.

Segment Reporting

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment Reporting

The Company’s reportable segments were determined on the same basis as used by the Chief Operating Decision Maker (“CODM”) to evaluate performance internally. Our operations consist of two reportable segments:

•

Owned & host store brands - Our owned brands consist of our America’s Best and Eyeglass World operating segments. Our host brands consist of our Vista Optical operating segments at certain U.S. Military Branches and inside Fred Meyer stores. We have aggregated our owned and host operating segments into a single reportable segment due to similar economic characteristics and similarity of the nature of products and services, production processes, class of customers, regulatory environment, and distribution methods of those brands.

•

Legacy - The Company manages the operations of 227 legacy retail vision centers within Walmart stores. We earn management fees as a result of providing such services and therefore we record revenue related to sales of products and product protection plans to our legacy partner’s customers on a net basis. We also sell to our legacy partner wholesale merchandise that is stocked in retail locations, and provide central lab processing services for the finished eyeglasses and frames expected to be sold to our legacy partner’s customers. We lease space from our legacy partner within or adjacent to each of the locations we manage and use this space for the provision of optometric examination services. Our legacy agreements were renewed on January 13, 2017, and expire on August 23, 2020, subject to extension pursuant to the terms of the agreements. Sales of services and plans in our legacy segment consist of fees earned for managing the operations of our legacy partner and revenues associated with the provision of eye exams. Revenue associated with managing operations of our legacy partner were $9.3 million and $9.7 million for the three months ended March 31, 2018 and April 1, 2017, respectively. During the three months ended March 31, 2018, sales associated with our legacy partner arrangement represented 10.5% of consolidated net revenue. This exposes us to concentration of customer risk.

The “Corporate/Other” category includes the results of operations of our other operating segments and 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.

Revenues from the Corporate/Other segments are attributable to the AC Lens, and FirstSight operating segments and the Company’s corporate function. AC Lens sells contact lenses and optical accessory products to retail customers through e-commerce. AC Lens also distributes contact lenses to Walmart and Sam’s Club under fee for services arrangements. FirstSight sells single service health plans in connection with the operations of America’s Best in California, arranges for the provision of eye exams at retail locations throughout California and also sells contact lenses to its members in certain locations. None of those segments met the quantitative thresholds for determining reportable segments for any of the periods presented.

Our reportable segment profit measure is EBITDA, or net revenue, less cost applicable to revenue, less selling, general and administrative costs. Depreciation and amortization and other corporate costs that are not allocated to the segments, including interest expense and debt issuance costs are excluded from segment EBITDA. There are no 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 condensed consolidated financial statements, except for net revenue, which is presented on a cash basis, excluding the effects of unearned and deferred revenue, consistent with the basis on which the CODM regularly reviews performance segments. 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 March 31, 2018
In thousands	Owned & Host		Legacy		Corporate/Other			Reconciliations			Total
Segment product revenues	$	261,621	$	29,109	$	50,779		$	(2,732	)	$	338,777
Segment services and plans revenues	58,776		13,649		1,054			(4,281		)	69,198
Total net revenue	320,397		42,758		51,833			(7,013		)	407,975
Costs of products	74,158		12,888		44,310			(478		)	130,878
Costs of services and plans	43,646		4,963		967			—			49,576
Total costs applicable to revenue	117,804		17,851		45,277			(478		)	180,454
SG&A	117,937		13,478		38,687			—			170,102
Other expense, net	—		—		122			—			122
EBITDA	$	84,656	$	11,429	$	(32,253	)	$	(6,535	)	57,297
Depreciation and amortization											17,654
Interest expense, net											9,313
Income before income taxes											$	30,330



	Three Months Ended April 1, 2017
In thousands	Owned & Host		Legacy		Corporate/Other			Reconciliations			Total
Segment product revenues	$	235,102	$	28,984	$	43,557		$	(1,059	)	$	306,584
Segment services and plans revenues	52,194		12,756		4,175			(5,850		)	63,275
Total net revenue	287,296		41,740		47,732			(6,909		)	369,859
Costs of products	67,179		13,671		40,183			—			121,033
Costs of services and plans	37,543		3,699		3,533			—			44,775
Total costs applicable to revenue	104,722		17,370		43,716			—			165,808
SG&A	103,800		12,729		33,275			—			149,804
Debt issuance costs	—		—		2,702			—			2,702
Other expense, net	—		—		102			—			102
EBITDA	$	78,774	$	11,641	$	(32,063	)	$	(6,909	)	51,443
Depreciation and amortization											14,423
Interest expense, net											11,492
Income before income taxes											$	25,528

Earnings Per Share

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted average common shares outstanding for the period and includes the dilutive impact of potential new common shares issuable upon exercise of stock options and vesting of restricted stock units. Potentially dilutive securities are excluded from the computation of diluted EPS if their effect is anti-dilutive. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations is as follows:



	Three Months Ended
In thousands, except EPS data	March 31, 2018		April 1, 2017
Net income	$	25,047	$	17,070
Weighted average shares outstanding for basic EPS	74,714		56,261
Effect of dilutive securities:
Stock options	3,033		1,673
Restricted stock	90		—
Weighted average shares outstanding for diluted EPS	77,837		57,934
Basic EPS	$	0.34	$	0.30
Diluted EPS	$	0.32	$	0.29
Anti-dilutive options outstanding excluded from EPS	—		218

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2018

Equity [Abstract]

Accumulated Other Comprehensive Loss

Changes in the fair value of the Company’s cash flow hedge derivative instruments since inception are recorded in AOCL. The following table presents the change in AOCL during the three months ended March 31, 2018 and April 1, 2017, respectively:



	Three Months Ended
In thousands	March 31, 2018			April 1, 2017
Cash flow hedging activity
Balance at beginning of period	$	(9,868	)	$	(14,556	)
Other comprehensive income (loss) before reclassification	4,093			(935		)
Tax effect of other comprehensive income (loss) before reclassification	(1,048		)	358
Amount reclassified from AOCL	2,123			605
Tax effect of amount reclassified from AOCL	(544		)	(232		)
Net current period other comprehensive income (loss), net of tax	4,624			(204		)
Balance at end of period	$	(5,244	)	$	(14,760	)

Amounts reclassified from AOCL to earnings are included in interest expense in the accompanying condensed consolidated statements of operations. See Note 3. “Fair Value Measurements of Financial Assets and Liabilities” for a description of the Company’s use of cash flow hedging derivatives.

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We prepared the accompanying 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 December 30, 2017 has been derived from the audited consolidated balance sheet for the fiscal year then ended. These unaudited interim 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 financial position as of March 31, 2018, and the consolidated results of operations and cash flows for the three months ended March 31, 2018 and April 1, 2017. 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 adequate to make the information presented not misleading. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto for the fiscal year ended December 30, 2017. 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 in our significant accounting policies during the three months ended March 31, 2018, except for the adoption of Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers and ASU No. 2016-18, Restricted Cash. See “Recently Issued Accounting Pronouncements” below for further discussion. Changes to stockholders’ equity related to the adoption of ASU No. 2014-09, stock option exercises, and changes in fair values of interest rate derivatives are discussed in Note 6. “Revenue from Contracts with Customers,” Note 4. “Stock Incentive Plan,” and Note 3. “Fair Value Measurements of Financial Assets and Liabilities,” respectively. No other material non-recurring changes to stockholders’ equity occurred during the three months ended March 31, 2018. The condensed consolidated financial statements include our accounts and those of our subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated in consolidation.
Fiscal Year	Fiscal Year Our fiscal year consists of 52 or 53 weeks ending on the Saturday closest to December 31. Fiscal year 2018 contains 52 weeks and will end on December 29, 2018. All three month periods presented herein contain 13 weeks. 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 Taxes Our effective income tax rate, or ETR, was 17.4% and 33.1% for the three months ended March 31, 2018 and April 1, 2017, respectively. Our lower ETR for the three months ended March 31, 2018 was largely due to the reduced federal statutory rate from 35% to 21% as part of the Tax Cuts and Jobs Act of 2017, effective for tax years beginning on or after January 1, 2018. During the three months ended March 31, 2018, our expected combined statutory federal and state rate was reduced 8.9% by a $2.7 million income tax benefit resulting from stock option exercises. Other items aggregated to a 0.5% increase in the rate for the period. Pursuant to SEC Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), the ultimate impact of the legislation may differ from these estimates due to our continued analysis or further regulatory guidance that may be issued as a result of the legislation. Adjustments to the provisional amounts recorded by the Company as of December 30, 2017 that are identified within a subsequent measurement period of up to one year from the enactment date will be included as an adjustment to tax expense from continuing operations in the period the amounts are determined. There were no adjustments to provisional amounts during the three months ended March 31, 2018.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers. ASU No. 2014-09 provides new guidance related to the core principle that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. Under the new guidance, there is a five-step model to apply to revenue recognition, consisting of: (1) determination of whether a contract, an agreement between two or more parties that creates legally enforceable rights and obligations, exists; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when (or as) the performance obligation is satisfied. The Company adopted this new guidance in the first quarter of 2018 using the modified retrospective transition method. We recognized the cumulative effect of adoption in the opening balance of retained earnings related to certain contracts where we satisfy performance obligations over time. Our results of operations for the reported periods after January 1, 2018 are presented under this amended guidance, while prior period amounts are not adjusted and continue to be reported in accordance with historical accounting guidance. Adoption of this new guidance did not result in significant changes to our accounting policies, business processes, systems or controls, or have a material impact on our results of operations and cash flows or related disclosures. The impact of adopting the amended guidance primarily relates to the timing of revenue recognition for our eyecare club memberships, which comprised approximately 3% of our consolidated net revenue during the most recent three fiscal years. See Note 6. “Revenue From Contracts with Customers” for additional information. In February 2016, the FASB issued ASU No. 2016-02, Leases. This new guidance establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either financing or operating, with such classification affecting the pattern of expense recognition in the statement of operations. Disclosure of key information about leasing arrangements will also be required. This new guidance is effective for fiscal years beginning after December 15, 2018, and interim reporting periods within that fiscal year. This new guidance requires a modified retrospective transition approach, with certain practical expedients available. We will adopt this new guidance in the first quarter of 2019. We have established a cross-functional team to evaluate and implement the new standard. We are in the process of implementing changes to our systems and processes in conjunction with our review of lease agreements to support recognition and disclosure upon adoption on December 30, 2018, which is the first day of our fiscal year 2019. We do not expect the adoption to have a significant impact on the recognition, measurement or presentation of lease expenses within our consolidated statements of operations. While we continue to assess all potential impacts of the standard, we currently believe the most significant impact relates to recording lease assets and related liabilities on the consolidated balance sheets. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash. This new guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This new guidance is effective in fiscal years, including interim periods, beginning after December 15, 2017. The amendments in this update should be applied using a retrospective transition method to each period presented. The company adopted this new guidance during the first quarter of 2018. The adoption of this new guidance did not have a material effect on the Company’s financial condition, results of operations, or cash flows.

- 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)

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts Receivable, Net



In thousands	As of March 31, 2018			As of December 30, 2017
Accounts receivable, net:
Trade receivables	$	29,188		$	28,862
Credit card receivables	9,364			10,459
Tenant improvement allowances receivable	4,079			4,794
Other receivables	3,065			2,936
Allowance for uncollectible accounts	(3,957		)	(3,858		)
	$	41,739		$	43,193

Schedule of Inventories



In thousands	As of March 31, 2018		As of December 30, 2017
Inventories:
Raw materials and work in process ⁽¹⁾	$	42,687	$	43,953
Finished goods	50,991		47,198
	$	93,678	$	91,151


(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 Property and Equipment, Net



In thousands	As of March 31, 2018		As of December 30, 2017
Property and equipment, net:
Land and building	$	3,608	$	3,608
Equipment	227,425		220,088
Furniture and fixtures	44,063		42,708
Leasehold improvements	163,089		155,369
Construction in progress	22,453		18,375
Property under capital leases	13,420		11,756
	474,058		451,904
Less accumulated depreciation	163,094		147,772
	$	310,964	$	304,132

Schedule of Other Payables and Accrued Expenses



In thousands	As of March 31, 2018		As of December 30, 2017
Other payables and accrued expenses:
Employee compensation and benefits	$	30,291	$	21,134
Advertising	3,055		2,900
Self-insurance reserves	6,313		6,854
Reserves for customer returns and remakes	6,018		4,565
Capital expenditures	8,934		10,782
Legacy management and services agreement	6,101		6,000
Deferred rental expenses	1,033		1,140
Fair value of derivative liabilities	5,161		6,969
Sales and use taxes	1,441		1,218
Supplies and other store support expenses	3,847		3,014
Litigation settlements	3,882		3,942
Other	9,687		9,093
	$	85,763	$	77,611

Schedule of Other Non-current Liabilities



In thousands	As of March 31, 2018		As of December 30, 2017
Other non-current liabilities:
Fair value of derivative liabilities	$	4,746	$	9,155
Tenant improvements ⁽¹⁾	23,291		22,894
Deferred rental expenses	7,558		7,246
Other	6,537		6,749
	$	42,132	$	46,044


(1)	Obligations for tenant improvements are amortized as a reduction of rental expense over the respective lease term.

Fair Value Measurements of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Cash Flow Hedge Derivative Contracts

Our cash flow hedge position related to interest rate derivative contracts is as follows:



In thousands	Notional Amount		Final Maturity Date	Other Payables and Accrued Expenses		Other Liabilities		AOCL, Net of Tax
As of March 31, 2018	$	465,000	March 2021	$	5,161	$	4,746	$	5,244
As of December 30, 2017	$	500,000	March 2021	$	6,969	$	9,155	$	9,868

Stock Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock Option Activity

The following presents a roll-forward of stock options for the three months ended March 31, 2018:



Options issued and outstanding	Rollover ⁽¹⁾		Service-Based		Performance-Based		Total
Balance, December 30, 2017	169,049		3,822,915		6,524,152		10,516,116
Exercised	(13,490	)	(458,881	)	—		(472,371	)
Forfeited	—		(32,682	)	(245,119	)	(277,801	)
Balance, March 31, 2018	155,559		3,331,352		6,279,033		9,765,944
Options vested and exercisable
Balance, December 30, 2017	169,049		1,631,023		43,478		1,843,550
Vested	—		688,341		—		688,341
Exercised	(13,490	)	(458,881	)	—		(472,371	)
Balance, March 31, 2018	155,559		1,860,483		43,478		2,059,520


(1)	Reflects options under the Vision Holding Corp. Amended and Restated 2013 Equity Incentive Plan

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2018



	Three Months Ended
In thousands	March 31, 2018		April 1, 2017
KKR Sponsor	$	—	$	2,553
Berkshire Partners LLC	$	—	$	52

Revenue From Contracts With Customers (Tables)

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenues

Disaggregation of Revenues:



In thousands	Three Months Ended March 31, 2018
Revenues recognized at a point in time	$	372,765
Revenues recognized over time	35,210
Total net revenue	$	407,975

Schedule of Impact of Adoption of New Accounting Pronouncement

Impact on Condensed Consolidated Financial Statements

The cumulative effect of applying ASC 606 to the Company’s consolidated balance sheet as of December 31, 2017 was as follows:



In thousands	As Previously Reported		Net Adjustments			Current Presentation
Current liabilities:
Deferred Revenue	$	62,993	$	(13,984	)	$	49,009
Total current liabilities	$	211,309	$	(13,984	)	$	197,325
Other non-current liabilities:
Deferred Revenue	$	31,222	$	(11,792	)	$	19,430
Deferred income taxes, net	$	73,648	$	6,604		$	80,252
Total other non-current liabilities	$	150,914	$	(5,188	)	$	145,726
Stockholders' equity:
Retained earnings	$	37,145	$	19,172		$	56,317
Total stockholders' equity	$	659,588	$	19,172		$	678,760



In thousands	With ASC 606 Adoption		Without ASC 606 Adoption		Impact of Adoption
Current liabilities:
Deferred Revenue	$	52,500	$	67,303	$	(14,803	)
Total current liabilities	$	221,663	$	236,466	$	(14,803	)
Other non-current liabilities:
Deferred Revenue	$	20,200	$	31,992	$	(11,792	)
Deferred income taxes, net	$	87,282	$	80,468	$	6,814
Total other non-current liabilities	$	149,614	$	154,592	$	(4,978	)
Stockholders' equity:
Retained earnings	$	81,219	$	61,438	$	19,781
Total stockholders' equity	$	711,275	$	691,494	$	19,781

The following table summarizes the impact of adoption on the Company’s condensed consolidated statement of operations for the three months ended March 31, 2018:



In thousands, except earnings per share	With ASC 606 Adoption		Without ASC 606 Adoption		Impact of Adoption
Net sales of services and plans	$	69,198	$	68,379	$	819
Total net revenue	$	407,975	$	407,156	$	819
Income from operations	$	39,643	$	38,824	$	819
Earnings before income taxes	$	30,330	$	29,511	$	819
Income tax provision	$	5,283	$	5,493	$	(210	)
Net income	$	25,047	$	24,438	$	609
Earnings per share:
Basic	$	0.34	$	0.33	$	0.01
Diluted	$	0.32	$	0.31	$	0.01

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Schedule of Financial Data by Segment



	Three Months Ended March 31, 2018
In thousands	Owned & Host		Legacy		Corporate/Other			Reconciliations			Total
Segment product revenues	$	261,621	$	29,109	$	50,779		$	(2,732	)	$	338,777
Segment services and plans revenues	58,776		13,649		1,054			(4,281		)	69,198
Total net revenue	320,397		42,758		51,833			(7,013		)	407,975
Costs of products	74,158		12,888		44,310			(478		)	130,878
Costs of services and plans	43,646		4,963		967			—			49,576
Total costs applicable to revenue	117,804		17,851		45,277			(478		)	180,454
SG&A	117,937		13,478		38,687			—			170,102
Other expense, net	—		—		122			—			122
EBITDA	$	84,656	$	11,429	$	(32,253	)	$	(6,535	)	57,297
Depreciation and amortization											17,654
Interest expense, net											9,313
Income before income taxes											$	30,330



	Three Months Ended April 1, 2017
In thousands	Owned & Host		Legacy		Corporate/Other			Reconciliations			Total
Segment product revenues	$	235,102	$	28,984	$	43,557		$	(1,059	)	$	306,584
Segment services and plans revenues	52,194		12,756		4,175			(5,850		)	63,275
Total net revenue	287,296		41,740		47,732			(6,909		)	369,859
Costs of products	67,179		13,671		40,183			—			121,033
Costs of services and plans	37,543		3,699		3,533			—			44,775
Total costs applicable to revenue	104,722		17,370		43,716			—			165,808
SG&A	103,800		12,729		33,275			—			149,804
Debt issuance costs	—		—		2,702			—			2,702
Other expense, net	—		—		102			—			102
EBITDA	$	78,774	$	11,641	$	(32,063	)	$	(6,909	)	51,443
Depreciation and amortization											14,423
Interest expense, net											11,492
Income before income taxes											$	25,528

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2018

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
In thousands, except EPS data	March 31, 2018		April 1, 2017
Net income	$	25,047	$	17,070
Weighted average shares outstanding for basic EPS	74,714		56,261
Effect of dilutive securities:
Stock options	3,033		1,673
Restricted stock	90		—
Weighted average shares outstanding for diluted EPS	77,837		57,934
Basic EPS	$	0.34	$	0.30
Diluted EPS	$	0.32	$	0.29
Anti-dilutive options outstanding excluded from EPS	—		218

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2018

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following table presents the change in AOCL during the three months ended March 31, 2018 and April 1, 2017, respectively:



	Three Months Ended
In thousands	March 31, 2018			April 1, 2017
Cash flow hedging activity
Balance at beginning of period	$	(9,868	)	$	(14,556	)
Other comprehensive income (loss) before reclassification	4,093			(935		)
Tax effect of other comprehensive income (loss) before reclassification	(1,048		)	358
Amount reclassified from AOCL	2,123			605
Tax effect of amount reclassified from AOCL	(544		)	(232		)
Net current period other comprehensive income (loss), net of tax	4,624			(204		)
Balance at end of period	$	(5,244	)	$	(14,760	)

Description of Business and Basis of Presentation - Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Accounting Policies [Abstract]
Effective income tax rate (percent)	17.40%	33.10%
Reduction of effective income tax rate resulting from stock option exercises (percent)	8.90%
Tax benefit resulting from stock option exercises	$ 2.7
Reduction of effective income tax rate related to other items (percent)	0.50%

Description of Business and Basis of Presentation - Correction of Classification Error (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Basis of Presentation Adjustment [Line Items]
Net revenue	$ 407,975	$ 369,859
Net product sales
Basis of Presentation Adjustment [Line Items]
Net revenue	338,777	306,584
Net sales of services and plans
Basis of Presentation Adjustment [Line Items]
Net revenue	$ 69,198	63,275
Reclassification Adjustment \| Net product sales
Basis of Presentation Adjustment [Line Items]
Net revenue		1,900
Reclassification Adjustment \| Net sales of services and plans
Basis of Presentation Adjustment [Line Items]
Net revenue		$ (1,900)

Details of Certain Balance Sheet Accounts - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 30, 2017
Accounts receivable, net:
Allowance for uncollectible accounts	$ (3,957)	$ (3,858)
Accounts receivable, net of allowances	41,739	43,193
Trade receivables
Accounts receivable, net:
Accounts receivable, gross	29,188	28,862
Credit card receivables
Accounts receivable, net:
Accounts receivable, gross	9,364	10,459
Tenant improvement allowances receivable
Accounts receivable, net:
Accounts receivable, gross	4,079	4,794
Other receivables
Accounts receivable, net:
Accounts receivable, gross	$ 3,065	$ 2,936

Details of Certain Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 30, 2017
Inventories:
Raw materials and work in process	$ 42,687	$ 43,953
Finished goods	50,991	47,198
Inventories	$ 93,678	$ 91,151

Details of Certain Balance Sheet Accounts - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 30, 2017
Property and equipment, net:
Property and equipment, gross	$ 474,058	$ 451,904
Less accumulated depreciation	163,094	147,772
Property and equipment, net	310,964	304,132
Land and building
Property and equipment, net:
Property and equipment, gross	3,608	3,608
Equipment
Property and equipment, net:
Property and equipment, gross	227,425	220,088
Furniture and fixtures
Property and equipment, net:
Property and equipment, gross	44,063	42,708
Leasehold improvements
Property and equipment, net:
Property and equipment, gross	163,089	155,369
Construction in progress
Property and equipment, net:
Property and equipment, gross	22,453	18,375
Property under capital leases
Property and equipment, net:
Property and equipment, gross	$ 13,420	$ 11,756

Details of Certain Balance Sheet Accounts - Other Payables and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 30, 2017
Other payables and accrued expenses:
Employee compensation and benefits	$ 30,291	$ 21,134
Advertising	3,055	2,900
Self-insurance reserves	6,313	6,854
Reserves for customer returns and remakes	6,018	4,565
Capital expenditures	8,934	10,782
Legacy management and services agreement	6,101	6,000
Deferred rental expenses	1,033	1,140
Fair value of derivative liabilities	5,161	6,969
Sales and use taxes	1,441	1,218
Supplies and other store support expenses	3,847	3,014
Litigation settlements	3,882	3,942
Other	9,687	9,093
Total other payables and accrued expenses	$ 85,763	$ 77,611

Details of Certain Balance Sheet Accounts - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 30, 2017
Other non-current liabilities:
Fair value of derivative liabilities	$ 4,746	$ 9,155
Tenant improvements	23,291	22,894
Deferred rental expenses	7,558	7,246
Other	6,537	6,749
Total other non-current liabilities	$ 42,132	$ 46,044

Fair Value Measurements of Financial Assets and Liabilities - Narrative (Details) - Level 2 - USD ($) $ in Millions	Mar. 31, 2018	Dec. 30, 2017
Term Loan \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	$ 570.0	$ 570.2
Term Loan \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	556.3	557.3
Capital Lease Obligations \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	15.4	14.0
Capital Lease Obligations \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	$ 13.0	$ 12.0

Fair Value Measurements of Financial Assets and Liabilities - Interest Rate Derivatives (Details)	Mar. 31, 2018 USD ($) agreement	Feb. 28, 2018 USD ($)	Dec. 30, 2017 USD ($)
Derivative [Line Items]
Estimated reclassification from AOCL to earnings in next 12 months	$ 3,800,000
Interest Rate Swap \| Cash Flow Hedges
Derivative [Line Items]
Number of interest rate swap agreements \| agreement	3
Interest Rate Swap \| Designated as Hedging Instrument \| Cash Flow Hedges
Derivative [Line Items]
Notional amount	$ 465,000,000		$ 500,000,000
Interest Rate Swap One \| Designated as Hedging Instrument \| Cash Flow Hedges
Derivative [Line Items]
Notional amount	$ 140,000,000	$ 175,000,000

Fair Value Measurements of Financial Assets and Liabilities - Cash Flow Hedge Position of Interest Rate Derivative Contracts (Details) - USD ($)	Mar. 31, 2018	Dec. 30, 2017
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities, current	$ 5,161,000	$ 6,969,000
Fair value of derivative liabilities, noncurrent	4,746,000	9,155,000
Interest Rate Swap \| Designated as Hedging Instrument \| Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Notional amount	465,000,000	500,000,000
Fair value of derivative liabilities, current	5,161,000	6,969,000
Fair value of derivative liabilities, noncurrent	4,746,000	9,155,000
Hedge position in AOCL, net of tax	$ 5,244,000	$ 9,868,000

Stock Incentive Plan - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit from option exercises	$ 2.7
Number of equity awards issued and outstanding (shares)	9,765,944	10,516,116
2014 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares reserved under stock incentive plan (shares)	10,988,827
Number of shares available for future grants (shares)	347,253
2017 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares reserved under stock incentive plan (shares)	4,000,000
Number of shares available for future grants (shares)	3,725,024
Number of equity awards issued and outstanding (shares)	274,976
Service-Based and Performance-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of options exercised (in usd per share)	$ 4.89
Intrinsic value of options exercised	$ 13.2
Performance-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity awards issued and outstanding (shares)	6,279,033	6,524,152
Service-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity awards issued and outstanding (shares)	3,331,352	3,822,915
Executive Officer \| Performance-Based \| 2014 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (shares)		217,390
Percentage of performance-based grant that vested due to targets met (percent)	20.00%

Stock Incentive Plan - Stock Option Activity (Details)	3 Months Ended
Stock Incentive Plan - Stock Option Activity (Details)	Mar. 31, 2018 shares
Options issued and outstanding
Outstanding, beginning balance (shares)	10,516,116
Exercised (shares)	(472,371)
Forfeited (shares)	(277,801)
Outstanding, ending balance (shares)	9,765,944
Options vested and exercisable
Exercisable, beginning balance (shares)	1,843,550
Vested (shares)	688,341
Exercised (shares)	(472,371)
Exercisable, ending balance (shares)	2,059,520
Rollover
Options issued and outstanding
Outstanding, beginning balance (shares)	169,049
Exercised (shares)	(13,490)
Forfeited (shares)	0
Outstanding, ending balance (shares)	155,559
Options vested and exercisable
Exercisable, beginning balance (shares)	169,049
Vested (shares)	0
Exercised (shares)	(13,490)
Exercisable, ending balance (shares)	155,559
Service-Based
Options issued and outstanding
Outstanding, beginning balance (shares)	3,822,915
Exercised (shares)	(458,881)
Forfeited (shares)	(32,682)
Outstanding, ending balance (shares)	3,331,352
Options vested and exercisable
Exercisable, beginning balance (shares)	1,631,023
Vested (shares)	688,341
Exercised (shares)	(458,881)
Exercisable, ending balance (shares)	1,860,483
Performance-Based
Options issued and outstanding
Outstanding, beginning balance (shares)	6,524,152
Exercised (shares)	0
Forfeited (shares)	(245,119)
Outstanding, ending balance (shares)	6,279,033
Options vested and exercisable
Exercisable, beginning balance (shares)	43,478
Vested (shares)	0
Exercised (shares)	0
Exercisable, ending balance (shares)	43,478

Related Party Transactions - Transactions With Equity Sponsors (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
KKR Sponsor
Related Party Transaction [Line Items]
Fees paid to equity sponsors	$ 0	$ 2,553
Sponsor fees presented in debt issuance costs		2,300
Berkshire Partners LLC
Related Party Transaction [Line Items]
Fees paid to equity sponsors	$ 0	$ 52

Related Party Transactions - Equity in Net Assets of Non-Consolidated Investee (Details) - Equity Method Investee - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Dec. 30, 2017	Aug. 29, 2017
Related Party Transaction [Line Items]
Interest in investee's net losses	$ 0.2	$ 0.1
Equity method investment	2.1		$ 2.3
Licensing fees in SG&A	$ 0.2
Loan receivable				$ 1.5

Revenue From Contracts With Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Disaggregation of Revenue [Line Items]
Net revenue	$ 407,975	$ 369,859
Revenues recognized at a point in time
Disaggregation of Revenue [Line Items]
Net revenue	372,765
Revenues recognized over time
Disaggregation of Revenue [Line Items]
Net revenue	$ 35,210

Revenue From Contracts With Customers - Cumulative Effect of Adoption (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Dec. 30, 2017
Current liabilities:
Deferred revenue	$ 52,500	$ 49,009	$ 62,993
Total current liabilities	221,663	197,325	211,309
Other non-current liabilities:
Deferred revenue	20,200	19,430	31,222
Deferred income taxes, net	87,282	80,252	73,648
Total other non-current liabilities	149,614	145,726	150,914
Stockholders’ equity:
Retained earnings	81,219	56,317	37,145
Total stockholders’ equity	711,275	678,760	659,588
Without ASC 606 Adoption
Current liabilities:
Deferred revenue	67,303		62,993
Total current liabilities	236,466		211,309
Other non-current liabilities:
Deferred revenue	31,992		31,222
Deferred income taxes, net	80,468		73,648
Total other non-current liabilities	154,592		150,914
Stockholders’ equity:
Retained earnings	61,438		37,145
Total stockholders’ equity	691,494		$ 659,588
Impact of Adoption \| ASU No. 2014-09
Current liabilities:
Deferred revenue	(14,803)	(13,984)
Total current liabilities	(14,803)	(13,984)
Other non-current liabilities:
Deferred revenue	(11,792)	(11,792)
Deferred income taxes, net	6,814	6,604
Total other non-current liabilities	(4,978)	(5,188)
Stockholders’ equity:
Retained earnings	19,781	19,172
Total stockholders’ equity	$ 19,781	$ 19,172

Revenue From Contracts With Customers - Effect of Adoption on Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Dec. 30, 2017
Current liabilities:
Deferred revenue	$ 52,500	$ 49,009	$ 62,993
Total current liabilities	221,663	197,325	211,309
Other non-current liabilities:
Deferred revenue	20,200	19,430	31,222
Deferred income taxes, net	87,282	80,252	73,648
Total other non-current liabilities	149,614	145,726	150,914
Stockholders’ equity:
Retained earnings	81,219	56,317	37,145
Total stockholders’ equity	711,275	678,760	659,588
Without ASC 606 Adoption
Current liabilities:
Deferred revenue	67,303		62,993
Total current liabilities	236,466		211,309
Other non-current liabilities:
Deferred revenue	31,992		31,222
Deferred income taxes, net	80,468		73,648
Total other non-current liabilities	154,592		150,914
Stockholders’ equity:
Retained earnings	61,438		37,145
Total stockholders’ equity	691,494		$ 659,588
Impact of Adoption \| ASU No. 2014-09
Current liabilities:
Deferred revenue	(14,803)	(13,984)
Total current liabilities	(14,803)	(13,984)
Other non-current liabilities:
Deferred revenue	(11,792)	(11,792)
Deferred income taxes, net	6,814	6,604
Total other non-current liabilities	(4,978)	(5,188)
Stockholders’ equity:
Retained earnings	19,781	19,172
Total stockholders’ equity	$ 19,781	$ 19,172

Revenue From Contracts With Customers - Effect of Adoption on Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net revenue	$ 407,975	$ 369,859
Income from operations	39,643	39,722
Earnings before income taxes	30,330	25,528
Income tax provision	5,283	8,458
Net income	$ 25,047	$ 17,070
Earnings per share:
Basic (in usd per share)	$ 0.34	$ 0.30
Diluted (in usd per share)	$ 0.32	$ 0.29
Net sales of services and plans
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net revenue	$ 69,198	$ 63,275
Without ASC 606 Adoption
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net revenue	407,156
Income from operations	38,824
Earnings before income taxes	29,511
Income tax provision	5,493
Net income	$ 24,438
Earnings per share:
Basic (in usd per share)	$ 0.33
Diluted (in usd per share)	$ 0.31
Without ASC 606 Adoption \| Net sales of services and plans
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net revenue	$ 68,379
Impact of Adoption \| ASU No. 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net revenue	819
Income from operations	819
Earnings before income taxes	819
Income tax provision	(210)
Net income	$ 609
Earnings per share:
Basic (in usd per share)	$ 0.01
Diluted (in usd per share)	$ 0.01
Impact of Adoption \| ASU No. 2014-09 \| Net sales of services and plans
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net revenue	$ 819

Revenue From Contracts With Customers - Unsatisfied Performance Obligations (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 44.7
Performance obligations expected to be satisfied, expected timing	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 20.0
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 7.3
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 0.6
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 0.1
Performance obligations expected to be satisfied, expected timing	1 year

Revenue From Contracts With Customers - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Disaggregation of Revenue [Line Items]
Bad debt expense	$ 1,620	$ 1,149
Deferred revenue	72,700
Previously deferred revenue recognized	$ 25,900
Minimum
Disaggregation of Revenue [Line Items]
General payment terms for accounts on health care plans and programs (in days)	14 days
Unearned revenue, estimated delivery time for period end calculation (in days)	4 days
Maximum
Disaggregation of Revenue [Line Items]
General payment terms for accounts on health care plans and programs (in days)	120 days
Time frame for majority of payments on health care plans and programs accounts (in days)	90 days
Unearned revenue, estimated delivery time for period end calculation (in days)	10 days
Owned & Host
Disaggregation of Revenue [Line Items]
Extended warranty plan, term (in years)	1 year
Owned & Host \| Minimum
Disaggregation of Revenue [Line Items]
Eyecare club membership, term (in years)	3 years
Owned & Host \| Maximum
Disaggregation of Revenue [Line Items]
Eyecare club membership, term (in years)	5 years

Commitments and Contingencies - Narrative (Details) - 1-800 Contacts Matter - USD ($) $ in Millions		1 Months Ended	3 Months Ended
	Nov. 08, 2017	May 31, 2017	Jul. 01, 2017
Loss Contingencies [Line Items]
Amount of litigation settlement		$ 7.0
Litigation settlement			$ 7.0
Percent of settlement award deposited in escrow account (percent)	50.00%
Amount of settlement deposited in escrow account	$ 3.5

Segment Reporting - Narrative (Details) $ in Thousands	3 Months Ended
Segment Reporting - Narrative (Details) $ in Thousands	Mar. 31, 2018 USD ($) store segment	Apr. 01, 2017 USD ($)	Dec. 30, 2017 store
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	2
Number of retail vision centers \| store	1,027		1,013
Net revenue \| $	$ 407,975	$ 369,859
Legacy
Segment Reporting Information [Line Items]
Number of retail vision centers \| store	227
Legacy \| Management of operations
Segment Reporting Information [Line Items]
Net revenue \| $	$ 9,300	$ 9,700
Customer Concentration Risk \| Sales revenue
Segment Reporting Information [Line Items]
Concentration risk (percent)	10.50%

Segment Reporting - Financial Data by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Segment Reporting Information [Line Items]
Total net revenue	$ 407,975	$ 369,859
Cost of products	130,878	121,033
Cost of services and plans	49,576	44,775
Total costs applicable to revenue	180,454	165,808
SG&A	170,102	149,804
Debt issuance costs	0	2,702
Other expense, net	122	102
EBITDA	57,297	51,443
Depreciation and amortization	17,654	14,423
Interest expense, net	9,313	11,492
Earnings before income taxes	30,330	25,528
Net product sales
Segment Reporting Information [Line Items]
Total net revenue	338,777	306,584
Net sales of services and plans
Segment Reporting Information [Line Items]
Total net revenue	69,198	63,275
Operating Segments \| Owned & Host
Segment Reporting Information [Line Items]
Total net revenue	320,397	287,296
Cost of products	74,158	67,179
Cost of services and plans	43,646	37,543
Total costs applicable to revenue	117,804	104,722
SG&A	117,937	103,800
Debt issuance costs		0
Other expense, net	0	0
EBITDA	84,656	78,774
Operating Segments \| Owned & Host \| Net product sales
Segment Reporting Information [Line Items]
Total net revenue	261,621	235,102
Operating Segments \| Owned & Host \| Net sales of services and plans
Segment Reporting Information [Line Items]
Total net revenue	58,776	52,194
Operating Segments \| Legacy
Segment Reporting Information [Line Items]
Total net revenue	42,758	41,740
Cost of products	12,888	13,671
Cost of services and plans	4,963	3,699
Total costs applicable to revenue	17,851	17,370
SG&A	13,478	12,729
Debt issuance costs		0
Other expense, net	0	0
EBITDA	11,429	11,641
Operating Segments \| Legacy \| Net product sales
Segment Reporting Information [Line Items]
Total net revenue	29,109	28,984
Operating Segments \| Legacy \| Net sales of services and plans
Segment Reporting Information [Line Items]
Total net revenue	13,649	12,756
Operating Segments \| Corporate/Other
Segment Reporting Information [Line Items]
Total net revenue	51,833	47,732
Cost of products	44,310	40,183
Cost of services and plans	967	3,533
Total costs applicable to revenue	45,277	43,716
SG&A	38,687	33,275
Debt issuance costs		2,702
Other expense, net	122	102
EBITDA	(32,253)	(32,063)
Operating Segments \| Corporate/Other \| Net product sales
Segment Reporting Information [Line Items]
Total net revenue	50,779	43,557
Operating Segments \| Corporate/Other \| Net sales of services and plans
Segment Reporting Information [Line Items]
Total net revenue	1,054	4,175
Reconciling Items
Segment Reporting Information [Line Items]
Total net revenue	(7,013)	(6,909)
Cost of products	(478)	0
Cost of services and plans	0	0
Total costs applicable to revenue	(478)	0
SG&A	0	0
Debt issuance costs		0
Other expense, net	0	0
EBITDA	(6,535)	(6,909)
Reconciling Items \| Net product sales
Segment Reporting Information [Line Items]
Total net revenue	(2,732)	(1,059)
Reconciling Items \| Net sales of services and plans
Segment Reporting Information [Line Items]
Total net revenue	$ (4,281)	$ (5,850)

Earnings Per Share - Reconciliation of Basic and Diluted EPS Calculations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Earnings Per Share [Abstract]
Net income	$ 25,047	$ 17,070
Weighted average shares outstanding for basic EPS	74,714	56,261
Effect of dilutive securities:
Stock options	3,033	1,673
Restricted stock	90	0
Weighted average shares outstanding for diluted EPS	77,837	57,934
Basic EPS (in usd per share)	$ 0.34	$ 0.30
Diluted EPS (in usd per share)	$ 0.32	$ 0.29
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive options outstanding excluded from EPS	0	218

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	$ 659,588
Ending balance	711,275
Cash Flow Hedges
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Beginning balance	(9,868)	$ (14,556)
Other comprehensive income (loss) before reclassification	4,093	(935)
Tax effect of other comprehensive income (loss) before reclassification	(1,048)	358
Amount reclassified from AOCL	2,123	605
Tax effect of amount reclassified from AOCL	(544)	(232)
Net current period other comprehensive income (loss), net of tax	4,624	(204)
Ending balance	$ (5,244)	$ (14,760)

Label	Element	Value
Restricted Cash and Cash Equivalents	us-gaap_RestrictedCashAndCashEquivalents	$ 1,202,000
Restricted Cash and Cash Equivalents	us-gaap_RestrictedCashAndCashEquivalents	$ 1,570,000

Description of Business and Basis of Presentation - Nature of Operations (Details)	Mar. 31, 2018 store store_brand	Dec. 30, 2017 store
Accounting Policies [Abstract]
Number of retail optical locations \| store	1,027	1,013
Number of store brands \| store_brand	5