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Impairments and Exit Costs (Tables)

9 Months Ended

Sep. 29, 2024

Restructuring Costs and Asset Impairment Charges [Abstract]

Provision for impaired assets and restaurant closings

The components of Provision for impaired assets and restaurant closings are as follows for the periods indicated:

			THIRTEEN WEEKS ENDED												THIRTY-NINE WEEKS ENDED
(dollars in thousands)			SEPTEMBER 29, 2024												SEPTEMBER 29, 2024
Impairment losses
U.S. (1)			$	1,251											$	3,103
International (2)			17												14,065
Total impairment losses			$	1,268											$	17,168
Restaurant closure charges
U.S. (1)			$	615											$	11,834
International (2)			3,714												3,729
Total restaurant closure charges			4,329												15,563
Provision for impaired assets and restaurant closings			$	5,597											$	32,731

________________

(1)Primarily includes charges in connection with the 2023 Restaurant Closures, as discussed below.

(2)Primarily includes charges in connection with the Q2 2024 decision to close nine restaurants in Hong Kong.

Restructuring and related costs

Following is a summary of expenses recognized in the Consolidated Statements of Operations and Comprehensive (Loss) Income for the period indicated (dollars in thousands):

DESCRIPTION

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME CLASSIFICATION

THIRTY-NINE WEEKS ENDED

SEPTEMBER 29, 2024

Asset impairments and closure charges

Provision for impaired assets and restaurant closings

$

11,890

Severance and other expenses

General and administrative

3,403

Closure-related labor costs

Labor and other related

434

Total (1)

$

15,727

________________

(1)During the fourth quarter of 2023, the Company recognized $32.4 million of net charges in connection with the 2023 Restaurant Closures.

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Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.P.3)
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-Topic 420
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