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Acquisitions | 12 Months Ended
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Dec. 26, 2023
Acquisitions |
Acquisitions | (4) 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 $39.1 million, net of cash acquired, for 100% of the entities. The transactions in which we held an equity interest were accounted for as step acquisitions and we recorded a gain of $0.6 million on our previous investments in equity income from investments in unconsolidated affiliates in the consolidated statements of income and comprehensive income. These transactions were accounted for using the acquisition method as defined in 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 these acquisitions and the estimated preliminary fair value of the assets acquired and the liabilities assumed at the acquisition date, which are adjusted for measurement-period adjustments through December 26, 2023. ​
​ | ​ | ​ | ​
Inventory | ​ | $ | 410
Other assets | ​ | ​ | 293
Property and equipment | ​ |  | 17,763
Operating lease right-of-use assets | ​ | ​ | 4,775
Goodwill | ​ |  | 20,067
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)
​ | ​ | $ | 39,069
​ The aggregate purchase price is preliminary as we are finalizing working capital adjustments. Intangible assets represent reacquired franchise rights which are being amortized over a weighted-average useful life of 2.2 years. We expect all of the goodwill 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 financial detail and operating results for the year ended December 26, 2023 have not been presented as the results of the acquired restaurants are not material to our consolidated financial position, results of operations or cash flows. 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 consolidated statements of income and comprehensive income. 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 these 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 | ​ | $ | 321
Other assets | ​ | ​ | 222
Property and equipment | ​ | ​ | 4,841
Operating lease right-of-use assets | ​ | ​ | 1,221
Goodwill | ​ | ​ | 22,616
Intangible assets | ​ | ​ | 6,100
Deferred revenue-gift cards | ​ | ​ | (947)
Current portion of operating lease liabilities | ​ | ​ | (47)
Operating lease liabilities, net of current portion | ​ | ​ | (1,174)
​ | ​ | $ | 33,153
​ Intangible assets represent reacquired franchise rights which are being amortized over a weighted-average useful life of 3.4 years. We expect all of the goodwill 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 financial detail and operating results for the year ended December 27, 2022 have not been presented as the results of the acquired restaurants are not material to our consolidated financial position, results of operations or cash flows.

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