XML 51 R38.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Leases (Tables)
 6 Months Ended
Jun. 30, 2024
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 CLASSIFICATIONJUNE 30, 2024DECEMBER 31, 2023
Operating lease right-of-use assetsOperating lease right-of-use assets$1,074,261 $1,084,951 
Finance lease right-of-use assets (1)Property, fixtures and equipment, net8,338 9,941 
Total lease assets, net$1,082,599 $1,094,892 
Current operating lease liabilitiesCurrent operating lease liabilities$169,397 $175,442 
Current finance lease liabilitiesAccrued and other current liabilities2,437 3,197 
Non-current operating lease liabilitiesNon-current operating lease liabilities1,134,464 1,131,639 
Non-current finance lease liabilitiesOther long-term liabilities, net6,725 7,414 
Total lease liabilities$1,313,023 $1,317,692 
________________
(1)Net of accumulated amortization of $6.1 million and $4.7 million as of June 30, 2024 and December 31, 2023, respectively.
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 (Loss) for the periods indicated:
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATIONTHIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED
(dollars in thousands)JUNE 30, 2024JUNE 25, 2023JUNE 30, 2024JUNE 25, 2023
Operating lease cost (1)Other restaurant operating$45,131 $46,237 $90,935 $91,984 
Variable lease costOther restaurant operating2,222 1,629 4,782 3,353 
Finance lease costs:
Amortization of leased assetsDepreciation and amortization779 549 1,567 1,037 
Interest on lease liabilitiesInterest expense, net188 174 390 310 
Sublease revenueFranchise and other revenues(1,845)(1,635)(3,593)(3,343)
Lease costs, net$46,475 $46,954 $94,081 $93,341 
________________
(1)Excludes rent expense for office facilities and Company-owned closed or subleased properties of $3.7 million and $3.0 million for the thirteen weeks ended June 30, 2024 and June 25, 2023, respectively, and $7.2 million and $6.0 million for the twenty-six weeks ended June 30, 2024 and June 25, 2023, respectively, which is included in General and administrative expense.
Cash flow, operating activities
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:
TWENTY-SIX WEEKS ENDED
(dollars in thousands)JUNE 30, 2024JUNE 25, 2023
Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities$99,566 $97,804