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Business Acquisition | 6 Months Ended
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Jun. 30, 2025
Business Combination [Abstract] |
Business Acquisition | Business Acquisition On March 5, 2025, the Company entered into a cooperation agreement with an IHOP franchisee to acquire 10 IHOP restaurants across Ohio and Kentucky for $0.2 million of consideration. The Company entered into the transaction to invest in the system, improve operations through innovation tests and create a blueprint for franchisee success and growth for the Company. Due to the fair value of the assets acquired exceeding the consideration transferred, the transaction resulted in a $0.2 million gain on bargain purchase, which is recorded under General and administrative expenses in the Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025. The following table summarizes the estimated fair value of net assets acquired at the date of acquisition (in millions):
Equipment and fixtures |  | $ | 0.5 |
Inventory and other current assets |  | 0.0
Accounts Receivable |  | (0.2)
Total identifiable assets acquired |  | 0.3
Liabilities assumed |  | (0.1)
Bargain purchase gain |  | $ | 0.2 |
On May 19, 2025, the Company entered into Assignment of Membership Interest and Amendment to Limited Liability Company Operating Agreements with an Applebee's franchisee to acquire 12 Applebee's restaurants across Kentucky, Indiana, Arkansas, and Oklahoma for $1.3 million of consideration. The Company entered into the transaction to invest in the system, improve operations through innovation tests and create a blueprint for franchisee success and growth for the Company. There were no significant indirect costs related to the transaction as of June 30, 2025. The following table summarizes the estimated fair value of net assets acquired at the date of acquisition (in millions):
Off-market leases |  | $ | 1.2 |
Cash |  | 0.9 |
Inventory and other current assets |  | 0.4 |
Total identifiable assets acquired |  | 2.5 |
Liabilities assumed |  | (2.8) |
Net identifiable liabilities acquired |  | (0.3) |
Goodwill |  | 1.6 |
Consideration transferred |  | $ | 1.3 |
The purchase price allocation is preliminary, subject to finalization of certain transition cut-off adjustments typical with transactions of this nature. There are no significant unresolved contingencies. The Company does not expect there will be material adjustments to the preliminary purchase price allocation. The results of operation of these restaurants are included in the Company's consolidated results from the acquisition date. The Company has not presented pro forma results of the restaurants for periods prior to the acquisition because the business is not considered significant as measured by the amount of the Company's investment in and assets of the business relative to the Company's consolidated balance sheet and by the income before income taxes of the business relative to the Company's average income before income taxes for the most recent five-year period excluding loss years.

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