XML 55 R35.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Discontinued Operations (Tables) | 12 Months Ended
--- | ---
Dec. 29, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued operations balance sheet and income statement details | The following table presents the carrying amounts of the major classes of assets and liabilities of the Disposal Group classified as held for sale on the Company’s Consolidated Balance Sheets as of the periods indicated:
(dollars in thousands) | DECEMBER 29, 2024 |  | DECEMBER 31, 2023 |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |
Inventories | $ | 7,872 |  |  | $ | 12,991 |  |  |  |  |  |  |  |  |
Other current assets, net | 15,117 |  |  | 15,104 |  |  |  |  |  |  |  |  |
Total current assets of disposal group classified as held for sale | $ | 22,989 |  |  | $ | 28,095 |  |  |  |  |  |  |  |  |
Non-current assets |  |  |  |  |  |  |  |  |  |  |
Property, fixtures and equipment, net | $ | 99,532 |  |  | $ | 103,757 |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets | 43,884 |  |  | 53,679 |  |  |  |  |  |  |  |  |
Goodwill | 51,906 |  |  | 62,995 |  |  |  |  |  |  |  |  |
Intangible assets, net | 6,841 |  |  | 10,069 |  |  |  |  |  |  |  |  |
Deferred income tax assets, net | 2,056 |  |  | 4,233 |  |  |  |  |  |  |  |  |
Other assets, net | 64,553 |  |  | 25,097 |  |  |  |  |  |  |  |  |
Total non-current assets | 268,772 |  |  | 259,830 |  |  |  |  |  |  |  |  |
Impairment of disposal group assets | (68,271) |  |  | — |  |  |  |  |  |  |  |  |
Net non-current assets of disposal group classified as held for sale | $ | 200,501 |  |  | $ | 259,830 |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |
Accounts Payable | $ | 24,168 |  |  | $ | 33,328 |  |  |  |  |  |  |  |  |
Current operating lease liabilities | 10,109 |  |  | 11,718 |  |  |  |  |  |  |  |  |
Accrued and other current liabilities | 52,442 |  |  | 58,133 |  |  |  |  |  |  |  |  |
Unearned revenue | 1,237 |  |  | 1,723 |  |  |  |  |  |  |  |  |
Total current liabilities of disposal group classified as held for sale | $ | 87,956 |  |  | $ | 104,902 |  |  |  |  |  |  |  |  |
Non-current liabilities |  |  |  |  |  |  |  |  |  |  |
Non-current operating lease liabilities | $ | 36,297 |  |  | $ | 44,286 |  |  |  |  |  |  |  |  |
Other long-term liabilities, net | 13,568 |  |  | 14,359 |  |  |  |  |  |  |  |  |
Total non-current liabilities of disposal group classified as held for sale | $ | 49,865 |  |  | $ | 58,645 |  |  |  |  |  |  |  |  |
Included in discontinued operations are benefits from a law in Brazil that provided a 100% exemption from income tax (IRPJ and CSLL) and federal value added taxes (PIS and COFINS). These exemptions impacted GAAP diluted earnings per share from discontinued operations by approximately $0.25 for 2023. After receipt of an unfavorable court ruling in January 2024, a cash judicial deposit of $42.9 million, inclusive of principal, interest and potential penalties, was made during 2024 to appeal the unfavorable court ruling. During 2024, new tax legislation granted certain industries additional exemptions from income and federal value added taxes for varying timeframes resulting in a benefit of $0.15 GAAP diluted earnings per share from discontinued operations during 2024. Following closing of the Brazil Sale Transaction, the Company retained certain rights to favorable resolution of the ongoing litigation and recorded a contingent consideration asset at fair value on the Closing Date. See Contingent Consideration Assets and Indemnification Liabilities section below for details. (Loss) income from discontinued operations, net of tax in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income includes the following for the periods indicated:
| FISCAL YEAR
(dollars in thousands) | 2024 |  | 2023 |  | 2022 |  |
Revenues |  |  |  |  |  |  |
Restaurant sales | $ | 525,216 |  |  | $ | 529,619 |  |  | $ | 428,801 |  |  |
Other revenue | 52 |  |  | 52 |  |  | 39 |  |  |
Total revenues | 525,268 |  |  | 529,671 |  |  | 428,840 |  |  |
Costs and expenses |  |  |  |  |  |  |
Food and beverage | 167,741 |  |  | 169,164 |  |  | 146,214 |  |  |
Labor and other related | 109,853 |  |  | 105,500 |  |  | 84,834 |  |  |
Other restaurant operating (1) | 165,492 |  |  | 163,816 |  |  | 131,916 |  |  |
Depreciation and amortization | 22,191 |  |  | 21,905 |  |  | 19,717 |  |  |
General and administrative | 28,744 |  |  | 26,911 |  |  | 21,820 |  |  |
Provision for impaired assets and restaurant closings | 1,577 |  |  | — |  |  | — |  |  |
Impairment of assets held for sale | 68,271 |  |  | — |  |  | — |  |  |
Total costs and expenses | 563,869 |  |  | 487,296 |  |  | 404,501 |  |  |
(Loss) income from operations | (38,601) |  |  | 42,375 |  |  | 24,339 |  |  |
Interest income (expense), net | 1,545 |  |  | (587) |  |  | 165 |  |  |
(Loss) income before provision for income taxes | (37,056) |  |  | 41,788 |  |  | 24,504 |  |  |
Provision for income taxes | 38,926 |  |  | 159 |  |  | 8,451 |  |  |
(Loss) income from discontinued operations, net of tax | $ | (75,982) |  |  | $ | 41,629 |  |  | $ | 16,053 |  |  |
____________________ (1)Includes royalty expense of $25.9 million, $26.4 million and $21.6 million for fiscal years 2024, 2023 and 2022, respectively, eliminated in consolidation prior to the Brazil Sale Transaction, with the corresponding royalty revenues recorded within Franchise and other revenues from continuing operations in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income. On December 30, 2024, the Company entered into franchise agreements that include royalty rates that are lower than its historical intercompany rates and on the low end of its international franchisee royalty percentage range.

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483475/205-20-45-11 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5B -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5D -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-7 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 205 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-1 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-3 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration