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Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Leases

As of December 31, 2024, maturities of lease liabilities under existing operating leases are:

						Restaurant						Other						Total
2025						$	143,038					$	6,543					$	149,581
2026						137,148						5,924						143,072
2027						132,523						4,851						137,374
2028						128,448						2,221						130,669
2029						123,296						1,289						124,585
Thereafter						1,183,069						6,619						1,189,688
Total lease payments						$	1,847,522					$	27,447					$	1,874,969
Lease discount																		(933,531)
Operating lease liability																		$	941,438

The following table is a summary of the Company’s components of lease cost for fiscal years 2024, 2023 and 2022:

Lease Expense						Statements of Income Location						2024						2023			2022
Operating lease expense - Minimum rentals:
Company-operated restaurants						Occupancy and other operating expenses						$	(139,265)					$	(131,613)		$	(117,723)
Franchised restaurants						Franchised restaurants - occupancy expenses						(47,096)						(47,975)			(44,656)
General and administrative						General and administrative expenses						(8,824)						(8,472)			(6,746)
Subtotal												(195,185)						(188,060)			(169,125)
Variable lease expense - Contingent rentals based on sales:
Company-operated restaurants						Occupancy and other operating expenses						(44,676)						(46,861)			(36,322)
Franchised restaurants						Franchised restaurants - occupancy expenses						(17,117)						(15,603)			(10,810)
Subtotal												(61,793)						(62,464)			(47,132)
Total lease expense												$	(256,978)					$	(250,524)		$	(216,257)

Other information

2024

Weighted-average remaining lease term (years)

Operating leases

9

Weighted-average discount rate

Operating leases

6.5%

Supplemental cash flow information related to leases was as follows:

												2024						2023						2022
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases												$	152,267					$	146,816					$	132,452
Financing cash flows from finance leases												1,269						1,031						816
Lease right-of-use asset obtained in exchange for lease obligations:
Operating leases												$	197,477					$	135,893					$	91,350
Finance leases												3,075						4,022						—

The Company maintains a few finance leases agreements, previously classified as capital leases. As of December 31, 2024 and 2023 the obligation amounts to $9,087 and $8,498 respectively, included within “Long-term debt” in the Consolidated Balance Sheet.

In addition, in March 2010, the Company entered into an aircraft operating lease agreement for a term of 8 years, which provides for quarterly payments of $690. The agreement includes a purchase option at the end of the lease term at fair market value and also an early purchase option at a fixed amount of $26,685 at maturity of the 24th quarterly payment. On December 22, 2017, the Company signed an amendment, extending the term of the aircraft operating lease for an additional 10 years, with quarterly payments (retroactively effective as of December 5, 2017) of $442. The Company was required to make a cash collateral deposit of $2,500 under this agreement.

Leases

Leases

As of December 31, 2024, maturities of lease liabilities under existing operating leases are:

						Restaurant						Other						Total
2025						$	143,038					$	6,543					$	149,581
2026						137,148						5,924						143,072
2027						132,523						4,851						137,374
2028						128,448						2,221						130,669
2029						123,296						1,289						124,585
Thereafter						1,183,069						6,619						1,189,688
Total lease payments						$	1,847,522					$	27,447					$	1,874,969
Lease discount																		(933,531)
Operating lease liability																		$	941,438

The following table is a summary of the Company’s components of lease cost for fiscal years 2024, 2023 and 2022:

Lease Expense						Statements of Income Location						2024						2023			2022
Operating lease expense - Minimum rentals:
Company-operated restaurants						Occupancy and other operating expenses						$	(139,265)					$	(131,613)		$	(117,723)
Franchised restaurants						Franchised restaurants - occupancy expenses						(47,096)						(47,975)			(44,656)
General and administrative						General and administrative expenses						(8,824)						(8,472)			(6,746)
Subtotal												(195,185)						(188,060)			(169,125)
Variable lease expense - Contingent rentals based on sales:
Company-operated restaurants						Occupancy and other operating expenses						(44,676)						(46,861)			(36,322)
Franchised restaurants						Franchised restaurants - occupancy expenses						(17,117)						(15,603)			(10,810)
Subtotal												(61,793)						(62,464)			(47,132)
Total lease expense												$	(256,978)					$	(250,524)		$	(216,257)

Other information

2024

Weighted-average remaining lease term (years)

Operating leases

9

Weighted-average discount rate

Operating leases

6.5%

Supplemental cash flow information related to leases was as follows:

												2024						2023						2022
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases												$	152,267					$	146,816					$	132,452
Financing cash flows from finance leases												1,269						1,031						816
Lease right-of-use asset obtained in exchange for lease obligations:
Operating leases												$	197,477					$	135,893					$	91,350
Finance leases												3,075						4,022						—

The Company maintains a few finance leases agreements, previously classified as capital leases. As of December 31, 2024 and 2023 the obligation amounts to $9,087 and $8,498 respectively, included within “Long-term debt” in the Consolidated Balance Sheet.

In addition, in March 2010, the Company entered into an aircraft operating lease agreement for a term of 8 years, which provides for quarterly payments of $690. The agreement includes a purchase option at the end of the lease term at fair market value and also an early purchase option at a fixed amount of $26,685 at maturity of the 24th quarterly payment. On December 22, 2017, the Company signed an amendment, extending the term of the aircraft operating lease for an additional 10 years, with quarterly payments (retroactively effective as of December 5, 2017) of $442. The Company was required to make a cash collateral deposit of $2,500 under this agreement.

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- References

No definition available.

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- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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