XML 35 R19.htm IDEA: XBRL DOCUMENT v3.24.1.u1

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Leases

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 CLASSIFICATION						MARCH 31, 2024						DECEMBER 31, 2023
Operating lease right-of-use assets			Operating lease right-of-use assets						$	1,087,286					$	1,084,951
Finance lease right-of-use assets (1)			Property, fixtures and equipment, net						9,148						9,941
Total lease assets, net									$	1,096,434					$	1,094,892
Current operating lease liabilities			Current operating lease liabilities						$	171,175					$	175,442
Current finance lease liabilities			Accrued and other current liabilities						2,830						3,197
Non-current operating lease liabilities			Non-current operating lease liabilities						1,138,653						1,131,639
Non-current finance lease liabilities			Other long-term liabilities, net						7,072						7,414
Total lease liabilities									$	1,319,730					$	1,317,692

________________

(1)Net of accumulated amortization of $5.4 million and $4.7 million as of March 31, 2024 and December 31, 2023, respectively.

Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income for the periods indicated:

			CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME CLASSIFICATION												THIRTEEN WEEKS ENDED
(dollars in thousands)																					MARCH 31, 2024						MARCH 26, 2023
Operating lease cost (1)			Other restaurant operating																		$	45,804					$	45,747
Variable lease cost			Other restaurant operating																		2,560						1,724
Finance lease costs:
Amortization of leased assets			Depreciation and amortization																		788						488
Interest on lease liabilities			Interest expense, net																		202						136
Sublease revenue			Franchise and other revenues																		(1,748)						(1,708)
Lease costs, net																					$	47,606					$	46,387

________________

(1)Excludes rent expense for office facilities and Company-owned closed or subleased properties of $3.5 million and $3.0 million for the thirteen weeks ended March 31, 2024 and March 26, 2023, respectively, which is included in General and administrative expense.

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:

			THIRTEEN WEEKS ENDED
(dollars in thousands)			MARCH 31, 2024						MARCH 26, 2023
Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities			$	49,883					$	48,620

Leases

Leases

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 CLASSIFICATION						MARCH 31, 2024						DECEMBER 31, 2023
Operating lease right-of-use assets			Operating lease right-of-use assets						$	1,087,286					$	1,084,951
Finance lease right-of-use assets (1)			Property, fixtures and equipment, net						9,148						9,941
Total lease assets, net									$	1,096,434					$	1,094,892
Current operating lease liabilities			Current operating lease liabilities						$	171,175					$	175,442
Current finance lease liabilities			Accrued and other current liabilities						2,830						3,197
Non-current operating lease liabilities			Non-current operating lease liabilities						1,138,653						1,131,639
Non-current finance lease liabilities			Other long-term liabilities, net						7,072						7,414
Total lease liabilities									$	1,319,730					$	1,317,692

________________

(1)Net of accumulated amortization of $5.4 million and $4.7 million as of March 31, 2024 and December 31, 2023, respectively.

Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income for the periods indicated:

			CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME CLASSIFICATION												THIRTEEN WEEKS ENDED
(dollars in thousands)																					MARCH 31, 2024						MARCH 26, 2023
Operating lease cost (1)			Other restaurant operating																		$	45,804					$	45,747
Variable lease cost			Other restaurant operating																		2,560						1,724
Finance lease costs:
Amortization of leased assets			Depreciation and amortization																		788						488
Interest on lease liabilities			Interest expense, net																		202						136
Sublease revenue			Franchise and other revenues																		(1,748)						(1,708)
Lease costs, net																					$	47,606					$	46,387

________________

(1)Excludes rent expense for office facilities and Company-owned closed or subleased properties of $3.5 million and $3.0 million for the thirteen weeks ended March 31, 2024 and March 26, 2023, respectively, which is included in General and administrative expense.

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:

			THIRTEEN WEEKS ENDED
(dollars in thousands)			MARCH 31, 2024						MARCH 26, 2023
Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities			$	49,883					$	48,620

X

- References

No definition available.

+ Details

Name:	us-gaap_LeasesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration