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Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of impact of adoption

Furthermore, the changes made to the consolidated balance sheet as of January 1, 2018 for the adoption of ASC 606 were as follows:

Revenue recognition (continued)

Balance Sheet						Balance at December 31, 2017									Adjustments Due to ASC 606									Balance at January 1, 2018
ASSETS
Non-current Assets
Deferred income taxes						74,299									1,555									75,854
LIABILITIES AND EQUITY
Current liabilities
Accrued payroll and other liabilities						119,088									339									119,427
Non-current liabilities
Accrued payroll and other liabilities						29,366									5,012									34,378
EQUITY
Retained earnings						401,134									(3,796)									397,338

The disclosure of the impact of adoption on the consolidated balance sheet and income statements, as of December 31, 2018 and for the fiscal year ended December 31, 2018, were as follows:

						As of December 31, 2018
Balance Sheet						As Reported									Balances Without Adoption of ASC 606									Effect of Change
ASSETS
Non-current Assets
Deferred income taxes						58,334									56,522									1,812
LIABILITIES AND EQUITY
Current liabilities
Accrued payroll and other liabilities						94,166									93,770									396
Non-current liabilities
Accrued payroll and other liabilities						35,322									29,495									5,827
EQUITY
Retained earnings						413,074									417,485									(4,411)

			For the fiscal year ended December 31, 2018
Income Statement						As Reported									Balances Without Adoption of ASC 606									Effect of Change
Revenues from franchised restaurants						148,962									149,834									(872)
Income tax expense						(48,136)									(48,393)									257

Furthermore, the changes made to the consolidated balance sheet as of January 1, 2019 for the adoption of ASC 842 were as follows:

Consolidated Balance Sheet						Balance at December 31, 2018						Adjustments Due to ASC 842						Balance at January 1, 2019
ASSETS
Non-current assets
Lease right of use asset, net						—						896,682						896,682						(i)
LIABILITIES AND EQUITY
Current liabilities
Operating lease liabilities						—						72,272						72,272						(ii)
Non-current liabilities
Accrued payroll and other liabilities						35,322						(16,404)						18,918						(iii)
Operating lease liabilities						—						840,814						840,814						(iv)

Recent accounting pronouncements (continued)

(i) Represents capitalization of operating lease right of use assets of $913,086 net of the reclassification of straight-line rent accrual of $16,404.

(ii) Represents recognition of current portion of operating lease liabilities.

(iii) Represents reclassification of straight-line rent accrual to lease right of use asset, net.

(iv) Represents recognition of non-current portion of operating lease liabilities.

The disclosure of the impact of adoption on the consolidated balance sheet and income statement, as of December 31, 2019 and for the fiscal year ended in December 31, 2019, were as follows:

						As of December 31, 2019
Consolidated Balance Sheet						As Reported						Balances Without Adoption of ASC 842						Effect of Change
ASSETS
Non-current assets
Lease right of use asset, net						922,165						—						922,165
LIABILITIES AND EQUITY
Current liabilities
Operating lease liabilities						70,147						—						70,147
Non-current liabilities
Accrued payroll and other liabilities						23,497						41,084						(17,587)
Operating lease liabilities						861,582						—						861,582
EQUITY
Retained earnings						471,149						467,560						3,589
Accumulated other comprehensive loss						(519,505)						(523,939)						4,434

For the fiscal year ended December 31, 2019

Consolidated Statement of Income

As Reported

Balances Without Adoption of ASC 842

Effect of Change

Foreign currency exchange results

12,754

9,165

3,589

Summary of impairment charges

As a result of the impairment testing the Company recorded the following impairment charges, for the markets indicated below, within Other operating income (expenses), net on the consolidated statements of income:

Fiscal year						Markets						Total
2020						Mexico, Puerto Rico, USVI, Peru, Aruba, Colombia, Venezuela, Ecuador, Panama and Argentina						$	6,636
2019						Mexico, Puerto Rico, USVI, Peru, Aruba, Curacao, Colombia and Venezuela						8,790
2018						Mexico, Puerto Rico, USVI, Peru, Colombia, Venezuela and Trinidad and Tobago.						18,950

Schedule of goodwill impairment

As a result of the analyses performed during the fiscal years 2020, 2019 and 2018, the Company recorded the following impairment charges, related to goodwill generated in the acquisition of franchised restaurants, for the markets indicated below within Other operating (expenses) income, net on the consolidated statements of income:

Fiscal year						Markets						Total
2020						Mexico						$	1,085
2019						Ecuador						273
2018						Peru						167

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