XML 66 R46.htm IDEA: XBRL DOCUMENT v3.25.0.1
Leases (Tables)
 12 Months Ended
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 CLASSIFICATIONDECEMBER 29, 2024DECEMBER 31, 2023
Operating lease right-of-use assetsOperating lease right-of-use assets$1,012,857 $1,031,271 
Finance lease right-of-use assets (1)Property, fixtures and equipment, net10,058 8,858 
Total lease assets, net$1,022,915 $1,040,129 
Current operating lease liabilitiesCurrent operating lease liabilities$158,806 $163,724 
Current finance lease liabilitiesAccrued and other current liabilities2,618 2,171 
Non-current operating lease liabilitiesNon-current operating lease liabilities1,088,518 1,087,353 
Non-current finance lease liabilitiesOther long-term liabilities, net8,359 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 CLASSIFICATIONFISCAL YEAR
(dollars in thousands)202420232022
Operating lease cost (1)Other restaurant operating$169,661 $171,248 $172,874 
Variable lease costOther restaurant operating3,878 2,930 53 
Finance lease costs:
Amortization of leased assetsDepreciation and amortization2,032 1,975 1,279 
Interest on lease liabilitiesInterest expense, net710 667 156 
Sublease revenueFranchise 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 LEASESFINANCE LEASES
SUBLEASE REVENUES
2025 (1)$165,372 $2,699 $(5,559)
2026182,009 2,281 (5,511)
2027173,983 1,970 (5,638)
2028165,855 1,181 (5,557)
2029161,723 1,125 (5,363)
Thereafter1,327,887 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 LEASESFINANCE LEASES
SUBLEASE REVENUES
2025 (1)$165,372 $2,699 $(5,559)
2026182,009 2,281 (5,511)
2027173,983 1,970 (5,638)
2028165,855 1,181 (5,557)
2029161,723 1,125 (5,363)
Thereafter1,327,887 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 LEASESOPERATING LEASES
DECEMBER 29, 2024DECEMBER 31, 2023DECEMBER 29, 2024DECEMBER 31, 2023
Weighted average remaining lease term (1):9.1 years10.5 years13.4 years13.3 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)202420232022
Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities$184,969 $185,861 $183,817