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Supplemental Balance Sheet Information | 6 Months Ended
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Jun. 29, 2025
Supplemental Balance Sheet Information [Abstract] |
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information Other current assets, net, consisted of the following as of the periods indicated:
(dollars in thousands) | JUNE 29, 2025 |  | DECEMBER 29, 2024 |  |
Prepaid expenses | $ | 27,083 |  |  | $ | 23,102 |  |  |
Installment receivable from sale of business | 131,228 |  |  | — |  |  |
Accounts receivable - gift cards, net | 13,551 |  |  | 73,113 |  |  |
Accounts receivable - vendors, net | 17,382 |  |  | 29,233 |  |  |
Accounts receivable - franchisees, net | 4,906 |  |  | 2,975 |  |  |
Accounts receivable - other, net | 12,541 |  |  | 9,280 |  |  |
Deferred gift card sales commissions | 12,554 |  |  | 16,935 |  |  |
Other current assets, net | 5,258 |  |  | 4,137 |  |  |
| $ | 224,503 |  |  | $ | 158,775 |  |  |
Goodwill and Intangible Assets - The Company performs its annual assessment for impairment of goodwill and other indefinite-lived intangible assets during its second fiscal quarter. During the thirteen weeks ended June 29, 2025, the Company performed a quantitative impairment analysis due to the recent decline in the Company’s market capitalization, while its 2024 assessment was qualitative. In connection with these assessments, the Company did not record any impairment charges. The goodwill analysis indicated that all reporting units had fair values that exceeded their carrying values. However, the Outback Steakhouse and Bonefish Grill reporting units had fair values that decreased to approximately 10% above their respective carrying values. The fair values for the Outback Steakhouse and Bonefish Grill reporting units decreased primarily due to lower cash flow estimates, increased discount rates, lower market multiples, and additionally for Bonefish Grill, a lower long-term growth rate, compared to the last quantitative impairment analysis performed during the quarter ended June 25, 2023. The quantitative impairment analysis for indefinite-lived intangible assets indicated that all trade names had fair values exceeding their carrying values; however, the Outback Steakhouse trade name’s fair value decreased to approximately 15% above its carrying value. Similar to the goodwill analysis, the fair value of the Outback Steakhouse trade name decreased primarily due to lower projected system-wide sales and an increased discount rate. Fair value determinations require considerable judgement and are sensitive to changes in underlying assumptions, estimates and market factors. Key assumptions include cash flow estimates (including sales and operating profit), long-term growth rates, discount rates, royalty rates, market multiples and other market factors. Sales declines, unplanned increases in commodity or labor costs, decreases to the market multiples, increases in discount rates, deterioration in overall economic conditions and challenges in the restaurant industry or any such event may impact the Company’s fair value determinations and may result in future impairment charges. It is possible that changes in circumstances or changes in assumptions and estimates could result in impairment of the Company’s goodwill or other intangible assets. Further, as a result of the decreased fair values, the Outback Steakhouse and Bonefish Grill reporting units and the Outback Steakhouse trade name are at a higher risk of future impairment. Other assets, net, consisted of the following as of the periods indicated:
(dollars in thousands) | JUNE 29, 2025 |  | DECEMBER 29, 2024 |
Company-owned life insurance | $ | 33,341 |  |  | $ | 31,971 |  |
Deferred debt issuance costs - revolving credit facility (1) | 9,609 |  |  | 10,743 |  |
Liquor licenses | 22,533 |  |  | 22,422 |  |
Contingent consideration assets | 33,068 |  |  | — |  |
Other assets | 11,642 |  |  | 9,335 |  |
| $ | 110,193 |  |  | $ | 74,471 |  |
________________ (1)Net of accumulated amortization of $1.8 million and $0.6 million as of June 29, 2025 and December 29, 2024, respectively. Accrued and other current liabilities consisted of the following as of the periods indicated:
(dollars in thousands) | JUNE 29, 2025 |  | DECEMBER 29, 2024
Accrued payroll and other compensation | $ | 55,951 |  |  | $ | 64,522 |
Accrued insurance | 22,006 |  |  | 19,527 |
Other current liabilities | 85,795 |  |  | 94,265 |
| $ | 163,752 |  |  | $ | 178,314 |
Other long-term liabilities, net, consisted of the following as of the periods indicated:
(dollars in thousands) | JUNE 29, 2025 |  | DECEMBER 29, 2024
Accrued insurance | $ | 37,837 |  |  | $ | 33,519 |
Deferred compensation obligations | 33,049 |  |  | 32,597 |
Other long-term liabilities (1) | 39,504 |  |  | 27,304 |
| $ | 110,390 |  |  | $ | 93,420 |
________________ (1)Includes indemnification liabilities in connection with the Brazil Sale Transaction. See Note 2 – Discontinued Operations for additional details. Long-term debt, net, consisted of the following as of the periods indicated:
| JUNE 29, 2025 |  | DECEMBER 29, 2024
(dollars in thousands) | OUTSTANDING BALANCE |  | INTEREST RATE |  | OUTSTANDING BALANCE |  | INTEREST RATE
Senior secured credit facility - revolving credit facility (1) | $ | 620,000 |  |  | 6.51 | % |  | $ | 710,000 |  |  | 6.52 | %
2025 Notes (2) | — |  |  |  |  | 20,724 |  |  | 5.00 | %
2029 Notes | 300,000 |  |  | 5.13 | % |  | 300,000 |  |  | 5.13 | %
Long-term debt | 920,000 |  |  |  |  | 1,030,724 |  |  |
Less: unamortized debt discount and issuance costs | (2,927) |  |  |  |  | (3,326) |  |  |
Long-term debt, net | $ | 917,073 |  |  |  |  | $ | 1,027,398 |  |  |
________________ (1)Interest rate represents the weighted average interest rate as of the respective periods. (2)On May 1, 2025, the 2025 Notes were settled primarily using borrowings from the revolving credit facility. Debt Covenants - As of June 29, 2025 and December 29, 2024, the Company was in compliance with its debt covenants.

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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