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Acquisitions | 6 Months Ended
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Jun. 28, 2022
Acquisitions |
Acquisitions | (7) Acquisitions ​ On March 30, 2022, we completed the acquisition of one franchise Texas Roadhouse restaurant located in Nebraska in which we previously held a 5.49% equity interest. Pursuant to the terms of the acquisition agreement, we paid a total purchase price of $6.6 million, net of cash acquired for 100% of the entity. The transaction was accounted for as a step acquisition and we recorded a gain of $0.3 million on our previous investment in equity income from investments in unconsolidated affiliates in the unaudited condensed consolidated statements of income and comprehensive income. On December 29, 2021, we completed the acquisition of seven franchise Texas Roadhouse restaurants located in South Carolina and Georgia. Pursuant to the terms of the acquisition agreements, we paid a total purchase price of $26.4 million, net of cash acquired. These transactions were accounted for using the acquisition method as defined in Accounting Standards Codification ("ASC") 805, Business Combinations. These acquisitions are consistent with our long-term strategy to increase net income and earnings per share. The following table summarizes the consideration paid (in thousands) for the acquisitions, and the estimated fair value of the assets acquired, and the liabilities assumed at the acquisition date, which are adjusted for measurement-period adjustments through June 28, 2022. ​
​ | ​ | ​ | ​ | ​
Inventory | ​ | $ | 321 | ​
Other assets | ​ | ​ | 222 | ​
Property and equipment | ​ | ​ | 4,841 | ​
Operating lease right-of-use assets | ​ | ​ | 1,221 | ​
Goodwill | ​ | ​ | 21,732 | ​
Intangible assets | ​ | ​ | 6,900 | ​
Deferred revenue-gift cards | ​ | ​ | (947) | ​
Current portion of operating lease liabilities | ​ | ​ | (47) | ​
Operating lease liabilities, net of current portion | ​ | ​ | (1,174) | ​
​ | ​ | $ | 33,069 | ​
​ The aggregate purchase prices are preliminary as the Company is finalizing working capital adjustments. Intangible assets represent reacquired franchise rights which will be amortized over a weighted-average useful life of 3.5 years. We expect all of the goodwill and intangible asset amortization will be deductible for tax purposes and believe the resulting amount of goodwill reflects the benefit of sales and unit growth opportunities as well as the benefit of the assembled workforce of the acquired restaurants. Pro forma operating results for the 13 and 26 weeks ended June 28, 2022 have not been presented as the results of the acquired restaurants are not material to our unaudited condensed consolidated financial position, results of operations or cash flows.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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