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Acquisitions | 3 Months Ended
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Mar. 28, 2023
Acquisitions |
Acquisitions | (7) Acquisitions ​ On December 28, 2022, the first day of the 2023 fiscal year, we completed the acquisition of eight franchise Texas Roadhouse restaurants located in Maryland and Delaware, including four in which we previously held a 5.0% equity interest. Pursuant to the terms of the acquisition agreements, we paid a total purchase price of $39.0 million, net of cash acquired for 100% of the entities. The transactions in which we held an equity interest were accounted for as a step acquisition and we recorded a gain of $0.6 million on our previous investments in equity income from investments in unconsolidated affiliates in the unaudited condensed consolidated statements of income. 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 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 March 28, 2023. ​
​ | ​ | ​ | ​
Inventory | ​ | $ | 410
Other assets | ​ | ​ | 293
Property and equipment | ​ |  | 17,763
Operating lease right-of-use assets | ​ | ​ | 4,775
Goodwill | ​ |  | 20,024
Intangible assets | ​ |  | 1,700
Deferred revenue-gift cards | ​ | ​ | (1,164)
Current portion of operating lease liabilities | ​ |  | (110)
Operating lease liabilities, net of current portion | ​ | ​ | (4,665)
​ | ​ | $ | 39,026
​ 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 2.2 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 weeks ended March 28, 2023 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. On December 29, 2021, the first day of the 2022 fiscal year, 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 $26.5 million, net of cash acquired. These acquisitions are consistent with our long-term strategy to increase net income and earnings per share. The transactions were accounted for using the acquisition method as defined in ASC 805, Business Combinations. The following table summarizes the consideration paid for the acquisitions, and the estimated fair value of the assets acquired, and the liabilities assumed at the acquisition date, which are adjusted for final measurement-period adjustments. ​
​ | ​ | ​ | ​ | ​
Inventory | ​ | $ | 268 | ​
Other assets | ​ | ​ | 211 | ​
Property and equipment | ​ | ​ | 3,456 | ​
Goodwill | ​ | ​ | 18,218 | ​
Intangible assets | ​ | ​ | 5,200 | ​
Deferred revenue-gift cards | ​ | ​ | (831) | ​
​ | ​ | $ | 26,522 | ​
​ Intangible assets represent reacquired franchise rights which will be amortized over a weighted-average useful life of 3.0 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.

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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 https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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