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Leases | 12 Months Ended
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Sep. 29, 2024
Leases [Abstract] |
Leases | LEASES Nature of leases — We own restaurant sites and we also lease restaurant sites from third parties. Some of these owned or leased sites are leased and/or subleased to franchisees. Initial terms of our real estate leases are generally 20 years, exclusive of options to renew, which are generally exercisable at our sole discretion for 1 to 20 years. In some instances, our leases have provisions for contingent rentals based upon a percentage of defined revenues. Many of our restaurants also have rent escalation clauses and require the payment of property taxes, insurance, and maintenance costs. Variable lease costs include contingent rent, cost-of-living index adjustments, and payments for additional rent such as real estate taxes, insurance, and common area maintenance, which are excluded from the measurement of the lease liability. We also lease certain restaurant and office equipment with initial terms generally ranging from 3 to 8 years. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. As lessor, our leases and subleases primarily consist of restaurants that have been leased to franchisees subsequent to refranchising transactions. The lease descriptions, terms, variable lease payments and renewal options are generally the same as the lessee leases described above. Revenues from leasing arrangements with our franchisees are presented in “Franchise rental revenues” in the accompanying consolidated statements of earnings, and the related expenses are presented in “Franchise occupancy expenses.” Company as lessee — Leased assets and liabilities consisted of the following as of September 29, 2024 and October 1, 2023 (in thousands):
| September 29, 2024 |  | October 1, 2023
Assets: |  |  |
Operating lease ROU assets | $ | 1,410,083 |  |  | $ | 1,397,555 |
Finance lease ROU assets (1) | 416 |  |  | 971 |
Total ROU assets | $ | 1,410,499 |  |  | $ | 1,398,526 |
Liabilities: |  |  |
Current operating lease liabilities | $ | 162,017 |  |  | $ | 142,518 |
Current finance lease liabilities (2) | 602 |  |  | 689 |
Long-term operating lease liabilities | 1,286,415 |  |  | 1,265,514 |
Long-term finance lease liabilities (2) | — |  |  | 627 |
Total lease liabilities | $ | 1,449,034 |  |  | $ | 1,409,348 |
________________________ (1)Included in “Property and equipment, net” on our consolidated balance sheets. (2)Included in “Current maturities of long-term debt” and “Long-term debt, net of current maturities” on our consolidated balance sheets. The following table presents the components of our lease costs in fiscal 2024, 2023, and 2022 (in thousands):
| 2024 |  | 2023 |  | 2022
Lease costs: |  |  |  |  |
Finance lease cost: |  |  |  |  |
Amortization of ROU assets (1) | $ | 492 |  |  | $ | 691 |  |  | $ | 827 |
Interest on lease liabilities (2) | 68 |  |  | 55 |  |  | 67 |
Operating lease cost (3) | 243,488 |  |  | 240,153 |  |  | 218,837 |
Short-term lease cost (3) | 195 |  |  | 730 |  |  | 824 |
Variable lease cost (3)(4) | 51,374 |  |  | 50,448 |  |  | 48,872 |
| $ | 295,617 |  |  | $ | 292,077 |  |  | $ | 269,427 |
________________________ (1)Included in “Depreciation and amortization” in our consolidated statements of earnings. (2)Included in “Interest expense, net” in our consolidated statements of earnings. (3)Operating lease, short-term and variable lease costs associated with franchisees and company-operated restaurants are included in “Franchise occupancy expenses” and “Occupancy and other,” respectively, in our consolidated statements of earnings. For our closed restaurants, these costs are included in “Other operating expense, net” and all other costs are included in “Selling, general and administrative expenses.” (4)Includes $41.0 million, $39.9 million, and $38.2 million in 2024, 2023, and 2022, respectively, of property taxes and common area maintenance costs which are reimbursed by sub-lessees. The following table presents supplemental information related to leases:
| September 29, 2024 |  | October 1, 2023
Weighted-average remaining lease term (in years): |  |  |
Finance leases | 0.8 |  | 1.7
Operating leases | 11.1 |  | 11.1
Weighted-average discount rate: |  |  |
Finance leases | 7.0 | % |  | 7.1 | %
Operating leases | 5.9 | % |  | 5.5 | %
The following table presents as of September 29, 2024, the annual maturities of our lease liabilities (in thousands):
| Finance Leases |  | Operating Leases
Fiscal year: |  |  |
2025 | $ | 625 |  |  | $ | 239,575 |
2026 | 7 |  |  | 227,422 |
2027 | — |  |  | 224,198 |
2028 | — |  |  | 181,919 |
2029 | — |  |  | 144,349 |
Thereafter | — |  |  | 1,015,330 |
Total future lease payments (1) | $ | 632 |  |  | $ | 2,032,793 |
Less: imputed interest | (30) |  |  | (584,361) |
Present value of lease liabilities | $ | 602 |  |  | $ | 1,448,432 |
Less current portion | (602) |  |  | (162,017) |
Long-term lease obligations | $ | — |  |  | $ | 1,286,415 |
________________________ (1)Total future lease payments include non-cancellable commitments of $0.6 million for finance leases and $1,375.1 million for operating leases. Assets recorded under finance leases are included in property and equipment, and consisted of the following at each fiscal year-end (in thousands):
| 2024 |  | 2023
Buildings | $ | — |  |  | $ | 1,342 |
Equipment | 6,003 |  |  | 6,140 |
Less accumulated amortization | (5,587) |  |  | (6,511) |
| $ | 416 |  |  | $ | 971 |
The following table includes supplemental cash flow and non-cash information related to our lessee leases (in thousands):
| 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 218,916 |  |  | $ | 236,356 |
Operating cash flows from financing leases | $ | 68 |  |  | $ | 55 |
Financing cash flows from financing leases | $ | 617 |  |  | $ | 836 |
Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets: |  |  |
Right-of-use assets obtained in exchange for new operating lease obligations | $ | 191,923 |  |  | $ | 250,862 |
Right-of-use assets obtained in exchange for new financing lease obligations | $ | — |  |  | $ | 5 |
Sale and leaseback transactions — In fiscal 2024, we sold one restaurant property in a sale and leaseback transaction for net proceeds of $1.7 million, and recorded a total loss of less than $0.1 million. The lease has been accounted for as an operating lease and contains an initial term of 20 years. In fiscal 2023, we sold one restaurant property in a sale and leaseback transaction for net proceeds of $3.7 million, and recorded a total loss of less than $0.1 million. The lease has been accounted for as an operating lease and contains an initial term of 20 years. In fiscal 2022, we sold four restaurant properties in sale and leaseback transactions for net proceeds of $10.8 million, and recorded total losses of $0.2 million. The leases have been accounted for as operating leases and contain initial terms of 16 years and 20 years. Company as lessor — The following table presents rental income (in thousands):
| 2024 |  | 2023
| Owned Properties |  | Leased Properties |  | Total |  | Owned Properties |  | Leased Properties |  | Total
Operating lease income - franchise | $ | 18,301 |  |  | $ | 242,111 |  |  | $ | 260,412 |  |  | $ | 17,805 |  |  | $ | 225,392 |  |  | $ | 243,197 |
Variable lease income - franchise | 12,522 |  |  | 100,903 |  |  | 113,425 |  |  | 12,700 |  |  | 108,010 |  |  | 120,710 |
Amortization of sublease assets and liabilities, net | — |  |  | 1,591 |  |  | 1,591 |  |  | — |  |  | 684 |  |  | 684 |
Franchise rental revenues | $ | 30,823 |  |  | $ | 344,605 |  |  | $ | 375,428 |  |  | $ | 30,505 |  |  | $ | 334,086 |  |  | $ | 364,591 |
Operating lease income - closed restaurants and other (1) | $ | 31 |  |  | $ | 7,662 |  |  | $ | 7,693 |  |  | $ | 76 |  |  | $ | 7,387 |  |  | $ | 7,463 |
________________________ (1)Primarily relates to closed restaurant properties included in “Other operating expense, net” in our consolidated statements of earnings. The following table presents as of September 29, 2024, future minimum rental receipts for non-cancellable leases and subleases (in thousands):
| September 29, 2024
Fiscal year: |
2025 | $ | 269,206 |
2026 | 254,975 |
2027 | 253,917 |
2028 | 208,641 |
2029 | 164,247 |
Thereafter | 1,180,855 |
Total minimum rental receipts | $ | 2,331,841 |
Assets held for lease and included in property and equipment consisted of the following at each fiscal year-end (in thousands):
| September 29, 2024 |  | October 1, 2023
Land | $ | 71,130 |  |  | $ | 78,665 |
Buildings | 763,697 |  |  | 792,177 |
Equipment | 716 |  |  | 63 |
| 835,543 |  |  | 870,905 |
Less accumulated depreciation | (669,459) |  |  | (672,137) |
| $ | 166,084 |  |  | $ | 198,768 |
Leases | LEASES Nature of leases — We own restaurant sites and we also lease restaurant sites from third parties. Some of these owned or leased sites are leased and/or subleased to franchisees. Initial terms of our real estate leases are generally 20 years, exclusive of options to renew, which are generally exercisable at our sole discretion for 1 to 20 years. In some instances, our leases have provisions for contingent rentals based upon a percentage of defined revenues. Many of our restaurants also have rent escalation clauses and require the payment of property taxes, insurance, and maintenance costs. Variable lease costs include contingent rent, cost-of-living index adjustments, and payments for additional rent such as real estate taxes, insurance, and common area maintenance, which are excluded from the measurement of the lease liability. We also lease certain restaurant and office equipment with initial terms generally ranging from 3 to 8 years. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. As lessor, our leases and subleases primarily consist of restaurants that have been leased to franchisees subsequent to refranchising transactions. The lease descriptions, terms, variable lease payments and renewal options are generally the same as the lessee leases described above. Revenues from leasing arrangements with our franchisees are presented in “Franchise rental revenues” in the accompanying consolidated statements of earnings, and the related expenses are presented in “Franchise occupancy expenses.” Company as lessee — Leased assets and liabilities consisted of the following as of September 29, 2024 and October 1, 2023 (in thousands):
| September 29, 2024 |  | October 1, 2023
Assets: |  |  |
Operating lease ROU assets | $ | 1,410,083 |  |  | $ | 1,397,555 |
Finance lease ROU assets (1) | 416 |  |  | 971 |
Total ROU assets | $ | 1,410,499 |  |  | $ | 1,398,526 |
Liabilities: |  |  |
Current operating lease liabilities | $ | 162,017 |  |  | $ | 142,518 |
Current finance lease liabilities (2) | 602 |  |  | 689 |
Long-term operating lease liabilities | 1,286,415 |  |  | 1,265,514 |
Long-term finance lease liabilities (2) | — |  |  | 627 |
Total lease liabilities | $ | 1,449,034 |  |  | $ | 1,409,348 |
________________________ (1)Included in “Property and equipment, net” on our consolidated balance sheets. (2)Included in “Current maturities of long-term debt” and “Long-term debt, net of current maturities” on our consolidated balance sheets. The following table presents the components of our lease costs in fiscal 2024, 2023, and 2022 (in thousands):
| 2024 |  | 2023 |  | 2022
Lease costs: |  |  |  |  |
Finance lease cost: |  |  |  |  |
Amortization of ROU assets (1) | $ | 492 |  |  | $ | 691 |  |  | $ | 827 |
Interest on lease liabilities (2) | 68 |  |  | 55 |  |  | 67 |
Operating lease cost (3) | 243,488 |  |  | 240,153 |  |  | 218,837 |
Short-term lease cost (3) | 195 |  |  | 730 |  |  | 824 |
Variable lease cost (3)(4) | 51,374 |  |  | 50,448 |  |  | 48,872 |
| $ | 295,617 |  |  | $ | 292,077 |  |  | $ | 269,427 |
________________________ (1)Included in “Depreciation and amortization” in our consolidated statements of earnings. (2)Included in “Interest expense, net” in our consolidated statements of earnings. (3)Operating lease, short-term and variable lease costs associated with franchisees and company-operated restaurants are included in “Franchise occupancy expenses” and “Occupancy and other,” respectively, in our consolidated statements of earnings. For our closed restaurants, these costs are included in “Other operating expense, net” and all other costs are included in “Selling, general and administrative expenses.” (4)Includes $41.0 million, $39.9 million, and $38.2 million in 2024, 2023, and 2022, respectively, of property taxes and common area maintenance costs which are reimbursed by sub-lessees. The following table presents supplemental information related to leases:
| September 29, 2024 |  | October 1, 2023
Weighted-average remaining lease term (in years): |  |  |
Finance leases | 0.8 |  | 1.7
Operating leases | 11.1 |  | 11.1
Weighted-average discount rate: |  |  |
Finance leases | 7.0 | % |  | 7.1 | %
Operating leases | 5.9 | % |  | 5.5 | %
The following table presents as of September 29, 2024, the annual maturities of our lease liabilities (in thousands):
| Finance Leases |  | Operating Leases
Fiscal year: |  |  |
2025 | $ | 625 |  |  | $ | 239,575 |
2026 | 7 |  |  | 227,422 |
2027 | — |  |  | 224,198 |
2028 | — |  |  | 181,919 |
2029 | — |  |  | 144,349 |
Thereafter | — |  |  | 1,015,330 |
Total future lease payments (1) | $ | 632 |  |  | $ | 2,032,793 |
Less: imputed interest | (30) |  |  | (584,361) |
Present value of lease liabilities | $ | 602 |  |  | $ | 1,448,432 |
Less current portion | (602) |  |  | (162,017) |
Long-term lease obligations | $ | — |  |  | $ | 1,286,415 |
________________________ (1)Total future lease payments include non-cancellable commitments of $0.6 million for finance leases and $1,375.1 million for operating leases. Assets recorded under finance leases are included in property and equipment, and consisted of the following at each fiscal year-end (in thousands):
| 2024 |  | 2023
Buildings | $ | — |  |  | $ | 1,342 |
Equipment | 6,003 |  |  | 6,140 |
Less accumulated amortization | (5,587) |  |  | (6,511) |
| $ | 416 |  |  | $ | 971 |
The following table includes supplemental cash flow and non-cash information related to our lessee leases (in thousands):
| 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 218,916 |  |  | $ | 236,356 |
Operating cash flows from financing leases | $ | 68 |  |  | $ | 55 |
Financing cash flows from financing leases | $ | 617 |  |  | $ | 836 |
Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets: |  |  |
Right-of-use assets obtained in exchange for new operating lease obligations | $ | 191,923 |  |  | $ | 250,862 |
Right-of-use assets obtained in exchange for new financing lease obligations | $ | — |  |  | $ | 5 |
Sale and leaseback transactions — In fiscal 2024, we sold one restaurant property in a sale and leaseback transaction for net proceeds of $1.7 million, and recorded a total loss of less than $0.1 million. The lease has been accounted for as an operating lease and contains an initial term of 20 years. In fiscal 2023, we sold one restaurant property in a sale and leaseback transaction for net proceeds of $3.7 million, and recorded a total loss of less than $0.1 million. The lease has been accounted for as an operating lease and contains an initial term of 20 years. In fiscal 2022, we sold four restaurant properties in sale and leaseback transactions for net proceeds of $10.8 million, and recorded total losses of $0.2 million. The leases have been accounted for as operating leases and contain initial terms of 16 years and 20 years. Company as lessor — The following table presents rental income (in thousands):
| 2024 |  | 2023
| Owned Properties |  | Leased Properties |  | Total |  | Owned Properties |  | Leased Properties |  | Total
Operating lease income - franchise | $ | 18,301 |  |  | $ | 242,111 |  |  | $ | 260,412 |  |  | $ | 17,805 |  |  | $ | 225,392 |  |  | $ | 243,197 |
Variable lease income - franchise | 12,522 |  |  | 100,903 |  |  | 113,425 |  |  | 12,700 |  |  | 108,010 |  |  | 120,710 |
Amortization of sublease assets and liabilities, net | — |  |  | 1,591 |  |  | 1,591 |  |  | — |  |  | 684 |  |  | 684 |
Franchise rental revenues | $ | 30,823 |  |  | $ | 344,605 |  |  | $ | 375,428 |  |  | $ | 30,505 |  |  | $ | 334,086 |  |  | $ | 364,591 |
Operating lease income - closed restaurants and other (1) | $ | 31 |  |  | $ | 7,662 |  |  | $ | 7,693 |  |  | $ | 76 |  |  | $ | 7,387 |  |  | $ | 7,463 |
________________________ (1)Primarily relates to closed restaurant properties included in “Other operating expense, net” in our consolidated statements of earnings. The following table presents as of September 29, 2024, future minimum rental receipts for non-cancellable leases and subleases (in thousands):
| September 29, 2024
Fiscal year: |
2025 | $ | 269,206 |
2026 | 254,975 |
2027 | 253,917 |
2028 | 208,641 |
2029 | 164,247 |
Thereafter | 1,180,855 |
Total minimum rental receipts | $ | 2,331,841 |
Assets held for lease and included in property and equipment consisted of the following at each fiscal year-end (in thousands):
| September 29, 2024 |  | October 1, 2023
Land | $ | 71,130 |  |  | $ | 78,665 |
Buildings | 763,697 |  |  | 792,177 |
Equipment | 716 |  |  | 63 |
| 835,543 |  |  | 870,905 |
Less accumulated depreciation | (669,459) |  |  | (672,137) |
| $ | 166,084 |  |  | $ | 198,768 |
Leases | LEASES Nature of leases — We own restaurant sites and we also lease restaurant sites from third parties. Some of these owned or leased sites are leased and/or subleased to franchisees. Initial terms of our real estate leases are generally 20 years, exclusive of options to renew, which are generally exercisable at our sole discretion for 1 to 20 years. In some instances, our leases have provisions for contingent rentals based upon a percentage of defined revenues. Many of our restaurants also have rent escalation clauses and require the payment of property taxes, insurance, and maintenance costs. Variable lease costs include contingent rent, cost-of-living index adjustments, and payments for additional rent such as real estate taxes, insurance, and common area maintenance, which are excluded from the measurement of the lease liability. We also lease certain restaurant and office equipment with initial terms generally ranging from 3 to 8 years. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. As lessor, our leases and subleases primarily consist of restaurants that have been leased to franchisees subsequent to refranchising transactions. The lease descriptions, terms, variable lease payments and renewal options are generally the same as the lessee leases described above. Revenues from leasing arrangements with our franchisees are presented in “Franchise rental revenues” in the accompanying consolidated statements of earnings, and the related expenses are presented in “Franchise occupancy expenses.” Company as lessee — Leased assets and liabilities consisted of the following as of September 29, 2024 and October 1, 2023 (in thousands):
| September 29, 2024 |  | October 1, 2023
Assets: |  |  |
Operating lease ROU assets | $ | 1,410,083 |  |  | $ | 1,397,555 |
Finance lease ROU assets (1) | 416 |  |  | 971 |
Total ROU assets | $ | 1,410,499 |  |  | $ | 1,398,526 |
Liabilities: |  |  |
Current operating lease liabilities | $ | 162,017 |  |  | $ | 142,518 |
Current finance lease liabilities (2) | 602 |  |  | 689 |
Long-term operating lease liabilities | 1,286,415 |  |  | 1,265,514 |
Long-term finance lease liabilities (2) | — |  |  | 627 |
Total lease liabilities | $ | 1,449,034 |  |  | $ | 1,409,348 |
________________________ (1)Included in “Property and equipment, net” on our consolidated balance sheets. (2)Included in “Current maturities of long-term debt” and “Long-term debt, net of current maturities” on our consolidated balance sheets. The following table presents the components of our lease costs in fiscal 2024, 2023, and 2022 (in thousands):
| 2024 |  | 2023 |  | 2022
Lease costs: |  |  |  |  |
Finance lease cost: |  |  |  |  |
Amortization of ROU assets (1) | $ | 492 |  |  | $ | 691 |  |  | $ | 827 |
Interest on lease liabilities (2) | 68 |  |  | 55 |  |  | 67 |
Operating lease cost (3) | 243,488 |  |  | 240,153 |  |  | 218,837 |
Short-term lease cost (3) | 195 |  |  | 730 |  |  | 824 |
Variable lease cost (3)(4) | 51,374 |  |  | 50,448 |  |  | 48,872 |
| $ | 295,617 |  |  | $ | 292,077 |  |  | $ | 269,427 |
________________________ (1)Included in “Depreciation and amortization” in our consolidated statements of earnings. (2)Included in “Interest expense, net” in our consolidated statements of earnings. (3)Operating lease, short-term and variable lease costs associated with franchisees and company-operated restaurants are included in “Franchise occupancy expenses” and “Occupancy and other,” respectively, in our consolidated statements of earnings. For our closed restaurants, these costs are included in “Other operating expense, net” and all other costs are included in “Selling, general and administrative expenses.” (4)Includes $41.0 million, $39.9 million, and $38.2 million in 2024, 2023, and 2022, respectively, of property taxes and common area maintenance costs which are reimbursed by sub-lessees. The following table presents supplemental information related to leases:
| September 29, 2024 |  | October 1, 2023
Weighted-average remaining lease term (in years): |  |  |
Finance leases | 0.8 |  | 1.7
Operating leases | 11.1 |  | 11.1
Weighted-average discount rate: |  |  |
Finance leases | 7.0 | % |  | 7.1 | %
Operating leases | 5.9 | % |  | 5.5 | %
The following table presents as of September 29, 2024, the annual maturities of our lease liabilities (in thousands):
| Finance Leases |  | Operating Leases
Fiscal year: |  |  |
2025 | $ | 625 |  |  | $ | 239,575 |
2026 | 7 |  |  | 227,422 |
2027 | — |  |  | 224,198 |
2028 | — |  |  | 181,919 |
2029 | — |  |  | 144,349 |
Thereafter | — |  |  | 1,015,330 |
Total future lease payments (1) | $ | 632 |  |  | $ | 2,032,793 |
Less: imputed interest | (30) |  |  | (584,361) |
Present value of lease liabilities | $ | 602 |  |  | $ | 1,448,432 |
Less current portion | (602) |  |  | (162,017) |
Long-term lease obligations | $ | — |  |  | $ | 1,286,415 |
________________________ (1)Total future lease payments include non-cancellable commitments of $0.6 million for finance leases and $1,375.1 million for operating leases. Assets recorded under finance leases are included in property and equipment, and consisted of the following at each fiscal year-end (in thousands):
| 2024 |  | 2023
Buildings | $ | — |  |  | $ | 1,342 |
Equipment | 6,003 |  |  | 6,140 |
Less accumulated amortization | (5,587) |  |  | (6,511) |
| $ | 416 |  |  | $ | 971 |
The following table includes supplemental cash flow and non-cash information related to our lessee leases (in thousands):
| 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 218,916 |  |  | $ | 236,356 |
Operating cash flows from financing leases | $ | 68 |  |  | $ | 55 |
Financing cash flows from financing leases | $ | 617 |  |  | $ | 836 |
Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets: |  |  |
Right-of-use assets obtained in exchange for new operating lease obligations | $ | 191,923 |  |  | $ | 250,862 |
Right-of-use assets obtained in exchange for new financing lease obligations | $ | — |  |  | $ | 5 |
Sale and leaseback transactions — In fiscal 2024, we sold one restaurant property in a sale and leaseback transaction for net proceeds of $1.7 million, and recorded a total loss of less than $0.1 million. The lease has been accounted for as an operating lease and contains an initial term of 20 years. In fiscal 2023, we sold one restaurant property in a sale and leaseback transaction for net proceeds of $3.7 million, and recorded a total loss of less than $0.1 million. The lease has been accounted for as an operating lease and contains an initial term of 20 years. In fiscal 2022, we sold four restaurant properties in sale and leaseback transactions for net proceeds of $10.8 million, and recorded total losses of $0.2 million. The leases have been accounted for as operating leases and contain initial terms of 16 years and 20 years. Company as lessor — The following table presents rental income (in thousands):
| 2024 |  | 2023
| Owned Properties |  | Leased Properties |  | Total |  | Owned Properties |  | Leased Properties |  | Total
Operating lease income - franchise | $ | 18,301 |  |  | $ | 242,111 |  |  | $ | 260,412 |  |  | $ | 17,805 |  |  | $ | 225,392 |  |  | $ | 243,197 |
Variable lease income - franchise | 12,522 |  |  | 100,903 |  |  | 113,425 |  |  | 12,700 |  |  | 108,010 |  |  | 120,710 |
Amortization of sublease assets and liabilities, net | — |  |  | 1,591 |  |  | 1,591 |  |  | — |  |  | 684 |  |  | 684 |
Franchise rental revenues | $ | 30,823 |  |  | $ | 344,605 |  |  | $ | 375,428 |  |  | $ | 30,505 |  |  | $ | 334,086 |  |  | $ | 364,591 |
Operating lease income - closed restaurants and other (1) | $ | 31 |  |  | $ | 7,662 |  |  | $ | 7,693 |  |  | $ | 76 |  |  | $ | 7,387 |  |  | $ | 7,463 |
________________________ (1)Primarily relates to closed restaurant properties included in “Other operating expense, net” in our consolidated statements of earnings. The following table presents as of September 29, 2024, future minimum rental receipts for non-cancellable leases and subleases (in thousands):
| September 29, 2024
Fiscal year: |
2025 | $ | 269,206 |
2026 | 254,975 |
2027 | 253,917 |
2028 | 208,641 |
2029 | 164,247 |
Thereafter | 1,180,855 |
Total minimum rental receipts | $ | 2,331,841 |
Assets held for lease and included in property and equipment consisted of the following at each fiscal year-end (in thousands):
| September 29, 2024 |  | October 1, 2023
Land | $ | 71,130 |  |  | $ | 78,665 |
Buildings | 763,697 |  |  | 792,177 |
Equipment | 716 |  |  | 63 |
| 835,543 |  |  | 870,905 |
Less accumulated depreciation | (669,459) |  |  | (672,137) |
| $ | 166,084 |  |  | $ | 198,768 |

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- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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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 + Details
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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 + Details
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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
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