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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Fair value measurements, recurring and nonrecurring, valuation techniques

Fair value is categorized into one of the following three levels based on the lowest level of significant input:

Level 1			Unadjusted quoted market prices in active markets for identical assets or liabilities
Level 2			Observable inputs available at measurement date other than quoted prices included in Level 1
Level 3			Unobservable inputs that cannot be corroborated by observable market data

Property, fixtures and equipment, useful lives

Estimated useful lives by major asset category are generally as follows:

Buildings (1)			5 to 30 years
Furniture and fixtures			5 to 7 years
Equipment			2 to 7 years
Computer equipment and software			2 to 7 years

____________________

(1)Includes improvements to leased properties which are depreciated over the shorter of their useful life or the reasonably certain lease term, including renewal periods that are reasonably certain.

Property, fixtures and equipment, net, consisted of the following as of the periods indicated:

(dollars in thousands)			DECEMBER 31, 2023						DECEMBER 25, 2022
Land			$	34,654					$	37,596
Buildings			1,269,214						1,223,403
Furniture and fixtures			526,192						489,895
Equipment			830,644						739,136
Construction in progress			78,949						41,723
Less: accumulated depreciation			(1,707,731)						(1,617,611)
			$	1,031,922					$	914,142

Schedule of material reclassification adjustments from the adoption of ASU 2020-06

The Company adopted ASU No. 2020-06 using the modified retrospective approach which resulted in a cumulative-effect adjustment that increased (decreased) the following Consolidated Balance Sheet accounts during the first quarter of 2021:

ADJUSTMENT						CONSOLIDATED BALANCE SHEET CLASSIFICATION						AMOUNT (dollars in millions)
Deferred tax impact of cumulative-effect adjustment						Deferred income tax assets, net						$	14.9
Debt discount reclassification						Long-term debt, net						$	59.9
Equity issuance costs reclassification						Long-term debt, net						$	(2.1)
Debt discount amortization reclassification, net of tax						Accumulated deficit						$	4.4
Reversal of separated equity component, net of tax						Additional paid-in capital						$	(47.3)

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

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