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Segment Reporting | 12 Months Ended
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Dec. 29, 2024
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company considers each of its U.S. restaurant concepts and its international franchise business as operating segments, which reflects how the Company manages its business, reviews operating performance and allocates resources. All other operating segments, which include the Company’s operations in Hong Kong and China do not meet the quantitative thresholds for determining reportable operating segments. Resources are allocated and performance is assessed by the Company’s Chief Executive Officer, whom the Company has determined to be its CODM. The Company aggregates its U.S. operating segments into a U.S. reportable segment. The U.S. segment includes all restaurants operating in the U.S. while franchised restaurants operating outside the U.S. are included in the international franchise segment. The following is a summary of reportable segments:
REPORTABLE SEGMENT |  | CONCEPT |  | GEOGRAPHIC LOCATION
U.S. (1) |  | Outback Steakhouse |  | United States of America
| Carrabba’s Italian Grill |
| Bonefish Grill |
| Fleming’s Prime Steakhouse & Wine Bar |
International Franchise |  | Outback Steakhouse |  | 12 Franchise Markets
|  | Carrabba’s Italian Grill (Abbraccio) |
_________________ (1)Includes franchise locations. Segment accounting policies are the same as those described in Note 2 - Summary of Significant Accounting Policies. Revenues for all segments include only transactions with customers and exclude intersegment revenues. Excluded from Income from operations for U.S. are certain legal and corporate costs not directly related to the performance of the segment, most stock-based compensation expenses, a portion of insurance expenses and certain bonus expenses. Operating income is utilized by the Company’s CODM as the primary segment profit or loss measure. The Company’s CODM utilizes the segment profit or loss measures to manage the business, review operating performance and allocate resources. The following table is a summary of revenues by segment for the periods indicated:
| FISCAL YEAR
(dollars in thousands) | 2024 |  | 2023 |  | 2022
Revenues |  |  |  |  |
U.S. | $ | 3,857,134 |  |  | $ | 4,053,599 |  |  | $ | 3,911,870 |
International Franchise | 39,490 |  |  | 41,524 |  |  | 36,202 |
Total segment revenues | 3,896,624 |  |  | 4,095,123 |  |  | 3,948,072 |
All other revenues (1) | 53,851 |  |  | 73,037 |  |  | 61,178 |
Total revenues | $ | 3,950,475 |  |  | $ | 4,168,160 |  |  | $ | 4,009,250 |
____________________ (1)Includes revenues related to the Company’s Hong Kong and China subsidiaries. The following table presents segment operating income and significant segment expense information for the periods indicated:
| FISCAL YEAR
(dollars in thousands) | 2024 |  | 2023 |  | 2022
U.S. |  |  |  |  |
Total revenues | $ | 3,857,134 |  |  | $ | 4,053,599 |  |  | $ | 3,911,870 |
Less: |  |  |  |  |
Food and beverage | 1,132,678 |  |  | 1,219,141 |  |  | 1,217,774 |
Labor and other related | 1,183,227 |  |  | 1,203,170 |  |  | 1,131,844 |
Other restaurant operating | 970,119 |  |  | 964,308 |  |  | 917,401 |
Other (1) | 321,060 |  |  | 289,446 |  |  | 236,991 |
Total segment expenses | $ | 3,607,084 |  |  | $ | 3,676,065 |  |  | $ | 3,504,010 |
Income from operations | $ | 250,050 |  |  | $ | 377,534 |  |  | $ | 407,860 |
International Franchise |  |  |  |  |
Total revenues | $ | 39,490 |  |  | $ | 41,524 |  |  | $ | 36,202 |
Less: |  |  |  |  |
Total segment expenses (2) | 1,529 |  |  | 2,317 |  |  | 1,986 |
Income from operations | $ | 37,961 |  |  | $ | 39,207 |  |  | $ | 34,216 |
Total segment |  |  |  |  |
Total revenues | $ | 3,896,624 |  |  | $ | 4,095,123 |  |  | $ | 3,948,072 |
Less: |  |  |  |  |
Total segment expenses | 3,608,613 |  |  | 3,678,382 |  |  | 3,505,996 |
Total segment income from operations | $ | 288,011 |  |  | $ | 416,741 |  |  | $ | 442,076 |
_________________ (1)Includes depreciation and amortization, general and administrative and impairment expense. (2)Includes amortization and general and administrative expense. The following table is a reconciliation of segment income from operations to (Loss) income before (benefit) provision for income taxes for the periods indicated:
| FISCAL YEAR
(dollars in thousands) | 2024 |  | 2023 |  | 2022
Total segment income from operations | $ | 288,011 |  |  | $ | 416,741 |  |  | $ | 442,076 |
Unallocated corporate operating expense | (130,769) |  |  | (134,057) |  |  | (132,837) |
Other (loss) income from operations (1) | (17,434) |  |  | 85 |  |  | (3,157) |
Total income from operations | 139,808 |  |  | 282,769 |  |  | 306,082 |
Loss on extinguishment of debt | (136,022) |  |  | — |  |  | (107,630) |
Loss on fair value adjustment of derivatives, net | — |  |  | — |  |  | (17,685) |
Interest expense, net | (62,593) |  |  | (51,582) |  |  | (53,364) |
(Loss) income before (benefit) provision for income taxes | $ | (58,807) |  |  | $ | 231,187 |  |  | $ | 127,403 |
____________________ (1)Includes net (loss) income from operations related to the Company’s Hong Kong and China subsidiaries. The following table is a summary of Depreciation and amortization expense by segment for the periods indicated:
| FISCAL YEAR
(dollars in thousands) | 2024 |  | 2023 |  | 2022
Depreciation and amortization |  |  |  |  |
U.S. | $ | 165,140 |  |  | $ | 157,878 |  |  | $ | 139,170 |
International Franchise | — |  |  | 252 |  |  | 114 |
Total segment depreciation and amortization | 165,140 |  |  | 158,130 |  |  | 139,284 |
Corporate | 8,568 |  |  | 7,611 |  |  | 6,936 |
Other | 1,872 |  |  | 3,525 |  |  | 3,680 |
Total depreciation and amortization | $ | 175,580 |  |  | $ | 169,266 |  |  | $ | 149,900 |
The following table is a summary of capital expenditures by segment for the periods indicated:
| FISCAL YEAR
(dollars in thousands) | 2024 |  | 2023 |  | 2022
Capital expenditures |  |  |  |  |
U.S. | $ | 210,792 |  |  | $ | 276,660 |  |  | $ | 196,163 |
Corporate | 7,303 |  |  | 11,961 |  |  | 11,709 |
Other | 734 |  |  | 612 |  |  | 857 |
Discontinued operations | 37,323 |  |  | 44,930 |  |  | 27,790 |
Total capital expenditures | $ | 256,152 |  |  | $ | 334,163 |  |  | $ | 236,519 |
The following table sets forth Total assets by segment as of the periods indicated:
(dollars in thousands) | DECEMBER 29, 2024 |  | DECEMBER 31, 2023 |
Assets |  |  |  |
U.S. | $ | 2,735,251 |  |  | $ | 2,703,751 |  |
International Franchise | 103,242 |  |  | 103,545 |  |
Total segment assets | 2,838,493 |  |  | 2,807,296 |  |
Corporate | 306,560 |  |  | 291,540 |  |
Other | 16,262 |  |  | 37,320 |  |
Assets of discontinued operations held for sale | 223,490 |  |  | 287,925 |  |
Total assets | $ | 3,384,805 |  |  | $ | 3,424,081 |  |
Geographic areas — International assets are defined as assets residing in a country other than the U.S. The following table details long-lived assets, excluding goodwill, operating lease right-of-use assets, intangible assets and deferred tax assets, by major geographic area as of the periods indicated:
(dollars in thousands) | DECEMBER 29, 2024 |  | DECEMBER 31, 2023
U.S. | $ | 1,018,309 |  |  | $ | 980,731 |
International | 4,683 |  |  | 7,524 |
Total long-lived assets | $ | 1,022,992 |  |  | $ | 988,255 |

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- Definition The entire disclosure for reporting segments including data and tables. 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