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Leases

6 Months Ended

Jun. 29, 2025

Leases [Abstract]

Leases

Leases

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 SHEETS CLASSIFICATION						JUNE 29, 2025						DECEMBER 29, 2024
Operating lease right-of-use assets			Operating lease right-of-use assets						$	1,015,518					$	1,012,857
Finance lease right-of-use assets (1)			Property, fixtures and equipment, net						13,433						10,058
Total lease assets, net									$	1,028,951					$	1,022,915
Current operating lease liabilities			Current operating lease liabilities						$	162,509					$	158,806
Current finance lease liabilities			Accrued and other current liabilities						3,668						2,618
Non-current operating lease liabilities			Non-current operating lease liabilities						1,077,983						1,088,518
Non-current finance lease liabilities			Other long-term liabilities, net						11,589						8,359
Total lease liabilities									$	1,255,749					$	1,258,301

________________

(1)Net of accumulated amortization of $5.3 million and $4.0 million as of June 29, 2025 and December 29, 2024, respectively.

Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the periods indicated:

			CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION						THIRTEEN WEEKS ENDED												TWENTY-SIX WEEKS ENDED
(dollars in thousands)									JUNE 29, 2025						JUNE 30, 2024						JUNE 29, 2025						JUNE 30, 2024
Operating lease cost (1)			Other restaurant operating						$	42,623					$	42,364					$	84,928					$	85,296
Variable lease cost			Other restaurant operating						1,294						941						2,486						1,995
Finance lease costs:
Amortization of leased assets			Depreciation and amortization						750						511						1,440						1,024
Interest on lease liabilities			Interest expense, net						261						169						500						344
Sublease revenue			Franchise and other revenues						(1,745)						(1,832)						(3,447)						(3,567)
Lease costs, net									$	43,183					$	42,153					$	85,907					$	85,092

________________

(1)Excludes rent expense for office facilities and closed or subleased properties of $3.4 million and $3.6 million for the thirteen weeks ended June 29, 2025 and June 30, 2024, respectively, and $7.0 million for the twenty-six weeks ended June 29, 2025 and June 30, 2024, which is included in General and administrative expense.

The following table is a summary of cash flow impacts to the Company’s Consolidated Financial Statements related to its leases for the periods indicated:

			TWENTY-SIX WEEKS ENDED
(dollars in thousands)			JUNE 29, 2025						JUNE 30, 2024
Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities			$	91,977					$	93,842

Leases

Leases

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 SHEETS CLASSIFICATION						JUNE 29, 2025						DECEMBER 29, 2024
Operating lease right-of-use assets			Operating lease right-of-use assets						$	1,015,518					$	1,012,857
Finance lease right-of-use assets (1)			Property, fixtures and equipment, net						13,433						10,058
Total lease assets, net									$	1,028,951					$	1,022,915
Current operating lease liabilities			Current operating lease liabilities						$	162,509					$	158,806
Current finance lease liabilities			Accrued and other current liabilities						3,668						2,618
Non-current operating lease liabilities			Non-current operating lease liabilities						1,077,983						1,088,518
Non-current finance lease liabilities			Other long-term liabilities, net						11,589						8,359
Total lease liabilities									$	1,255,749					$	1,258,301

________________

(1)Net of accumulated amortization of $5.3 million and $4.0 million as of June 29, 2025 and December 29, 2024, respectively.

Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the periods indicated:

			CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION						THIRTEEN WEEKS ENDED												TWENTY-SIX WEEKS ENDED
(dollars in thousands)									JUNE 29, 2025						JUNE 30, 2024						JUNE 29, 2025						JUNE 30, 2024
Operating lease cost (1)			Other restaurant operating						$	42,623					$	42,364					$	84,928					$	85,296
Variable lease cost			Other restaurant operating						1,294						941						2,486						1,995
Finance lease costs:
Amortization of leased assets			Depreciation and amortization						750						511						1,440						1,024
Interest on lease liabilities			Interest expense, net						261						169						500						344
Sublease revenue			Franchise and other revenues						(1,745)						(1,832)						(3,447)						(3,567)
Lease costs, net									$	43,183					$	42,153					$	85,907					$	85,092

________________

(1)Excludes rent expense for office facilities and closed or subleased properties of $3.4 million and $3.6 million for the thirteen weeks ended June 29, 2025 and June 30, 2024, respectively, and $7.0 million for the twenty-six weeks ended June 29, 2025 and June 30, 2024, which is included in General and administrative expense.

The following table is a summary of cash flow impacts to the Company’s Consolidated Financial Statements related to its leases for the periods indicated:

			TWENTY-SIX WEEKS ENDED
(dollars in thousands)			JUNE 29, 2025						JUNE 30, 2024
Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities			$	91,977					$	93,842

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- References

No definition available.

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- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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