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Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Assets and liabilities, lessee
The following table includes a detail of lease assets and liabilities included on the Company’s Consolidated Balance Sheets as of the periods indicated:
(dollars in thousands)CONSOLIDATED BALANCE SHEET CLASSIFICATIONDECEMBER 31, 2023DECEMBER 25, 2022
Operating lease right-of-use assetsOperating lease right-of-use assets$1,084,951 $1,103,083 
Finance lease right-of-use assets (1)Property, fixtures and equipment, net9,941 4,679 
Total lease assets, net$1,094,892 $1,107,762 
Current operating lease liabilitiesCurrent operating lease liabilities$175,442 $183,510 
Current finance lease liabilitiesAccrued and other current liabilities3,197 1,636 
Non-current operating lease liabilities (2)Non-current operating lease liabilities1,131,639 1,148,379 
Non-current finance lease liabilitiesOther long-term liabilities, net7,414 3,149 
Total lease liabilities$1,317,692 $1,336,674 
________________
(1)Net of accumulated amortization of $4.7 million and $3.6 million as December 31, 2023 and December 25, 2022, respectively.
(2)For 2022, excludes immaterial COVID-19-related deferred rent accruals.
Lease, cost
Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income for the periods indicated:
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME CLASSIFICATIONFISCAL YEAR
(dollars in thousands)202320222021
Operating lease cost (1)Other restaurant operating$182,361 $182,091 $178,733 
Variable lease cost (2)Other restaurant operating7,467 6,508 4,350 
Finance lease costs:
Amortization of leased assetsDepreciation and amortization2,252 1,420 1,079 
Interest on lease liabilitiesInterest expense, net694 172 129 
Sublease revenueFranchise and other revenues(7,665)(9,016)(9,396)
Lease costs, net$185,109 $181,175 $174,895 
________________
(1)Excludes rent expense for office facilities and Company-owned closed or subleased properties of $12.3 million, $12.2 million and $12.9 million for 2023, 2022 and 2021, respectively, which is included in General and administrative expense. Also excludes certain immaterial supply chain related rent expense included in Food and beverage costs for 2021.
(2)Includes COVID-19-related rent abatements in 2021.
Lessee, operating lease, liability, maturity
As of December 31, 2023, future minimum lease payments and sublease revenues under non-cancelable leases are as follows:
(dollars in thousands)OPERATING LEASESFINANCE LEASES
SUBLEASE REVENUES
2024 (1)$182,732 $3,311 $(5,893)
2025185,309 1,859 (5,421)
2026183,345 1,392 (5,356)
2027174,157 1,275 (5,362)
2028166,173 697 (5,416)
Thereafter1,397,122 7,393 (33,888)
Total minimum lease payments (receipts) (2)2,288,838 15,927 $(61,336)
Less: Interest(981,757)(5,316)
Present value of future lease payments$1,307,081 $10,611 
____________________
(1)Net of operating lease prepaid rent of $15.2 million.
(2)Includes $945.4 million related to operating lease renewal options that are reasonably certain of exercise and excludes $216.7 million of signed operating leases that have not yet commenced.
Finance lease, liability, maturity
As of December 31, 2023, future minimum lease payments and sublease revenues under non-cancelable leases are as follows:
(dollars in thousands)OPERATING LEASESFINANCE LEASES
SUBLEASE REVENUES
2024 (1)$182,732 $3,311 $(5,893)
2025185,309 1,859 (5,421)
2026183,345 1,392 (5,356)
2027174,157 1,275 (5,362)
2028166,173 697 (5,416)
Thereafter1,397,122 7,393 (33,888)
Total minimum lease payments (receipts) (2)2,288,838 15,927 $(61,336)
Less: Interest(981,757)(5,316)
Present value of future lease payments$1,307,081 $10,611 
____________________
(1)Net of operating lease prepaid rent of $15.2 million.
(2)Includes $945.4 million related to operating lease renewal options that are reasonably certain of exercise and excludes $216.7 million of signed operating leases that have not yet commenced.
Lessee, weighted average remaining lease term and weighted average discount rate
The following table is a summary of the weighted average remaining lease terms and weighted average discount rates of the Company’s leases as of the periods indicated:
DECEMBER 31, 2023DECEMBER 25, 2022
Weighted average remaining lease term (1):
Operating leases13.1 years13.2 years
Finance leases9.5 years5.4 years
Weighted average discount rate (2):
Operating leases8.50 %8.44 %
Finance leases8.11 %6.63 %
____________________
(1)Includes lease renewal options that are reasonably certain of exercise.
(2)Based on the Company’s incremental borrowing rate at lease commencement or lease remeasurement.
Cash flow, operating activities, lessee
The following table is a summary of cash flow impacts to the Company’s Consolidated Financial Statements related to its leases for the periods indicated:
FISCAL YEAR
(dollars in thousands)202320222021
Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities$197,394 $193,822 $205,253