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Supplemental Balance Sheet Information (Tables) | 9 Months Ended
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Sep. 29, 2024
Supplemental Balance Sheet Information [Abstract] |
Schedule of other current assets | Other current assets, net, consisted of the following as of the periods indicated:
(dollars in thousands) | SEPTEMBER 29, 2024 |  | DECEMBER 31, 2023 |  |
Prepaid expenses | $ | 30,102 |  |  | $ | 26,674 |  |  |
Accounts receivable - gift cards, net | 7,887 |  |  | 67,424 |  |  |
Accounts receivable - vendors, net | 23,466 |  |  | 13,648 |  |  |
Accounts receivable - franchisees, net | 3,789 |  |  | 3,671 |  |  |
Accounts receivable - other, net | 21,534 |  |  | 18,100 |  |  |
Deferred gift card sales commissions | 11,137 |  |  | 18,081 |  |  |
Other current assets, net | 7,562 |  |  | 5,404 |  |  |
| $ | 105,477 |  |  | $ | 153,002 |  |  |
Schedule of other assets | Other assets, net, consisted of the following as of the periods indicated:
(dollars in thousands) | SEPTEMBER 29, 2024 |  | DECEMBER 31, 2023 |
Company-owned life insurance | $ | 31,874 |  |  | $ | 28,018 |  |
Deferred debt issuance costs - revolving credit facility (1) | 11,310 |  |  | 3,813 |  |
Liquor licenses | 22,583 |  |  | 23,125 |  |
Judicial deposits (2) | 64,493 |  |  | 20,485 |  |
Other assets | 7,352 |  |  | 9,746 |  |
| $ | 137,612 |  |  | $ | 85,187 |  |
________________ (1)Net of accumulated amortization of $0.1 million and $11.7 million as of September 29, 2024 and December 31, 2023, respectively. During the thirteen weeks ended September 29, 2024, the Company recorded $9.0 million of deferred debt issuance costs in connection with the Third Amended and Restated Credit Agreement, as defined below. See Long-term debt, net below for details regarding the Third Amended and Restated Credit Agreement. (2)These assets arise from the Company’s Brazilian operations and their realization could take several years. Includes $43.2 million as of September 29, 2024 related to the Brazil tax legislation. See Note 12 - Income Taxes for details regarding the judicial deposits in connection with Brazil tax legislation.
Schedule of accrued and other current liabilities | Accrued and other current liabilities consisted of the following as of the periods indicated:
(dollars in thousands) | SEPTEMBER 29, 2024 |  | DECEMBER 31, 2023
Accrued payroll and other compensation | $ | 72,976 |  |  | $ | 98,903 |
Accrued insurance | 16,995 |  |  | 19,310 |
Other current liabilities | 127,802 |  |  | 137,601 |
| $ | 217,773 |  |  | $ | 255,814 |
Schedule of long-term debt, net | Long-term debt, net, consisted of the following as of the periods indicated:
| SEPTEMBER 29, 2024 |  | DECEMBER 31, 2023
(dollars in thousands) | OUTSTANDING BALANCE |  | INTEREST RATE |  | OUTSTANDING BALANCE |  | INTEREST RATE
Senior secured credit facility - revolving credit facility (1) | $ | 775,000 |  |  | 6.86 | % |  | $ | — |  |  |
Former credit facility - revolving credit facility (1) | — |  |  |  |  | 381,000 |  |  | 6.96 | %
2025 Notes (2)(3) | 20,724 |  |  | 5.00 | % |  | 104,786 |  |  | 5.00 | %
2029 Notes | 300,000 |  |  | 5.13 | % |  | 300,000 |  |  | 5.13 | %
Long-term debt | 1,095,724 |  |  |  |  | 785,786 |  |  |
Less: unamortized debt discount and issuance costs (2) | (3,535) |  |  |  |  | (5,067) |  |  |
Long-term debt, net | $ | 1,092,189 |  |  |  |  | $ | 780,719 |  |  |
________________ (1)Interest rate represents the weighted average interest rate as of the respective periods. (2)During the thirty-nine weeks ended September 29, 2024, the Company repurchased $83.6 million of the 2025 Notes and as a result, wrote off $0.8 million of debt issuance costs. See Note 7 - Convertible Senior Notes for additional details. (3)Obligations under the 2025 Notes, which mature on May 1, 2025, have been classified as long-term, reflecting the Company’s intent and ability to refinance these notes through its existing revolving credit facility.
Schedule of interest rate options, senior secured credit facility | The interest rate spreads are as follows:
| BASE RATE ELECTION |  | ADJUSTED TERM SOFR ELECTION
Revolving credit facility | 50 to 150 basis points over the Base Rate |  | 150 to 250 basis points over the Adjusted Term SOFR
Schedule of maturities of long-term debt | Following is a summary of principal payments of the Company’s total consolidated debt outstanding as of September 29, 2024:
| PERIOD |  |  |  |
(dollars in thousands) | YEAR 1 |  | YEAR 2 |  | YEAR 3 |  | YEAR 4 |  | YEAR 5 |  | THEREAFTER |  | TOTAL
Debt repayments | $ | 20,724 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,075,000 |  |  | $ | — |  |  | $ | 1,095,724 |

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