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Leases (Tables) | 12 Months Ended
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Dec. 29, 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 CLASSIFICATION |  | DECEMBER 29, 2024 |  | DECEMBER 31, 2023 |  |
Operating lease right-of-use assets | Operating lease right-of-use assets |  | $ | 1,012,857 |  |  | $ | 1,031,271 |  |  |
Finance lease right-of-use assets (1) | Property, fixtures and equipment, net |  | 10,058 |  |  | 8,858 |  |  |
Total lease assets, net |  |  | $ | 1,022,915 |  |  | $ | 1,040,129 |  |  |
Current operating lease liabilities | Current operating lease liabilities |  | $ | 158,806 |  |  | $ | 163,724 |  |  |
Current finance lease liabilities | Accrued and other current liabilities |  | 2,618 |  |  | 2,171 |  |  |
Non-current operating lease liabilities | Non-current operating lease liabilities |  | 1,088,518 |  |  | 1,087,353 |  |  |
Non-current finance lease liabilities | Other long-term liabilities, net |  | 8,359 |  |  | 7,347 |  |  |
Total lease liabilities |  |  | $ | 1,258,301 |  |  | $ | 1,260,595 |  |  |
________________ (1)Net of accumulated amortization of $4.0 million and $3.5 million as December 29, 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 (Loss) Income for the periods indicated:
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME CLASSIFICATION |  |  |  |  |  | FISCAL YEAR
(dollars in thousands) |  |  |  |  |  | 2024 |  | 2023 |  | 2022 |  |
Operating lease cost (1) | Other restaurant operating |  |  |  |  |  | $ | 169,661 |  |  | $ | 171,248 |  |  | $ | 172,874 |  |  |
Variable lease cost | Other restaurant operating |  |  |  |  |  | 3,878 |  |  | 2,930 |  |  | 53 |  |  |
Finance lease costs: |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of leased assets | Depreciation and amortization |  |  |  |  |  | 2,032 |  |  | 1,975 |  |  | 1,279 |  |  |
Interest on lease liabilities | Interest expense, net |  |  |  |  |  | 710 |  |  | 667 |  |  | 156 |  |  |
Sublease revenue | Franchise and other revenues |  |  |  |  |  | (7,060) |  |  | (7,614) |  |  | (8,978) |  |  |
Lease costs, net |  |  |  |  |  |  | $ | 169,221 |  |  | $ | 169,206 |  |  | $ | 165,384 |  |  |
________________ (1)Excludes rent expense for office facilities and Company-owned closed or subleased properties of $14.3 million, $12.1 million and $11.9 million for 2024, 2023 and 2022, respectively, which is included in General and administrative expense.
Lessee, operating lease, liability, maturity | As of December 29, 2024, future minimum lease payments and sublease revenues under non-cancelable leases are as follows:
(dollars in thousands) | OPERATING LEASES |  | FINANCE LEASES |  | SUBLEASE REVENUES
2025 (1) | $ | 165,372 |  |  | $ | 2,699 |  |  | $ | (5,559) |
2026 | 182,009 |  |  | 2,281 |  |  | (5,511) |
2027 | 173,983 |  |  | 1,970 |  |  | (5,638) |
2028 | 165,855 |  |  | 1,181 |  |  | (5,557) |
2029 | 161,723 |  |  | 1,125 |  |  | (5,363) |
Thereafter | 1,327,887 |  |  | 6,712 |  |  | (28,065) |
Total minimum lease payments (receipts) (2) | 2,176,829 |  |  | 15,968 |  |  | $ | (55,693) |
Less: Interest | (929,505) |  |  | (4,991) |  |  |
Present value of future lease payments | $ | 1,247,324 |  |  | $ | 10,977 |  |  |
____________________ (1)Net of operating lease prepaid rent of $15.3 million. (2)Includes $988.4 million related to operating lease renewal options that are reasonably certain of exercise and excludes $172.4 million of signed operating leases that have not yet commenced.
Finance lease, liability, maturity | As of December 29, 2024, future minimum lease payments and sublease revenues under non-cancelable leases are as follows:
(dollars in thousands) | OPERATING LEASES |  | FINANCE LEASES |  | SUBLEASE REVENUES
2025 (1) | $ | 165,372 |  |  | $ | 2,699 |  |  | $ | (5,559) |
2026 | 182,009 |  |  | 2,281 |  |  | (5,511) |
2027 | 173,983 |  |  | 1,970 |  |  | (5,638) |
2028 | 165,855 |  |  | 1,181 |  |  | (5,557) |
2029 | 161,723 |  |  | 1,125 |  |  | (5,363) |
Thereafter | 1,327,887 |  |  | 6,712 |  |  | (28,065) |
Total minimum lease payments (receipts) (2) | 2,176,829 |  |  | 15,968 |  |  | $ | (55,693) |
Less: Interest | (929,505) |  |  | (4,991) |  |  |
Present value of future lease payments | $ | 1,247,324 |  |  | $ | 10,977 |  |  |
____________________ (1)Net of operating lease prepaid rent of $15.3 million. (2)Includes $988.4 million related to operating lease renewal options that are reasonably certain of exercise and excludes $172.4 million of signed operating leases that have not yet commenced.
Lessee, weighted average remaining lease term and weighted average discount rate | The following table is a summary of the weighted average remaining lease terms and weighted average discount rates of the Company’s leases as of the periods indicated:
| FINANCE LEASES |  | OPERATING LEASES |  |
| DECEMBER 29, 2024 |  | DECEMBER 31, 2023 |  | DECEMBER 29, 2024 |  | DECEMBER 31, 2023 |  |
Weighted average remaining lease term (1): | 9.1 years |  | 10.5 years |  | 13.4 years |  | 13.3 years |  |
Weighted average discount rate (2): | 7.70 | % |  | 7.80 | % |  | 8.22 | % |  | 8.33 | % |  |
____________________ (1)Includes lease renewal options that are reasonably certain of exercise. (2)Based on the Company’s incremental borrowing rate at lease commencement or lease remeasurement.
Cash flow, operating activities, lessee | The following table is a summary of cash flow impacts from the Company’s Consolidated Financial Statements related to its leases for the periods indicated:
| FISCAL YEAR
(dollars in thousands) | 2024 |  | 2023 |  | 2022 |  |
Cash flows from operating activities: |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 184,969 |  |  | $ | 185,861 |  |  | $ | 183,817 |  |  |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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