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Refranchisings and Acquisitions | 6 Months Ended
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Jun. 26, 2019
Refranchisings and Acquisitions [Abstract] |
Refranchisings and Acquisitions | Refranchisings and Acquisitions Refranchisings The following table summarizes the activity related to our current refranchising and development strategy. Gains on the sales of company restaurants and real estate are included as a component of operating (gains), losses and other charges, net in our Condensed Consolidated Statements of Income. See Note 5.
| Quarter Ended |  | Two Quarters Ended
| June 26, 2019 |  | June 27, 2018 |  | June 26, 2019 |  | June 27, 2018
| (Dollars in thousands)
Restaurants sold to franchisees | 37 |  |  | — |  |  | 40 |  |  | — |
Gains on sales of company restaurants: |  |  |  |  |  |  |  |  |  |  |
Cash proceeds | $ | 36,004 |  |  | $ | — |  |  | $ | 38,837 |  |  | $ | — |
Notes receivable | 470 |  |  | — |  |  | 470 |  |  | — |
Less: Property sold | (9,675 | ) |  | — |  |  | (10,225 | ) |  | — |
Less: Goodwill | (925 | ) |  | — |  |  | (1,004 | ) |  | — |
Less: Intangibles | (1,646 | ) |  | — |  |  | (1,646 | ) |  | — |
Total gains of sales of company restaurants | $ | 24,228 |  |  | $ | — |  |  | $ | 26,432 |  |  | $ | — |
Real estate parcels sold | 3 |  |  | — |  |  | 4 |  |  | — |
Gains on sales of real estate: |  |  |  |  |  |  |  |  |  |  |
Cash proceeds | $ | 3,850 |  |  | $ | — |  |  | $ | 8,538 |  |  | $ | — |
Noncash consideration | — |  |  | — |  |  | 3,000 |  |  | — |
Less: Property sold | (756 | ) |  | — |  |  | (946 | ) |  | — |
Less: Other assets | (6 | ) |  | — |  |  | (6 | ) |  | — |
Total gains on sales of real estate | $ | 3,088 |  |  | $ | — |  |  | $ | 10,586 |  |  | $ | — |
In addition to the cash proceeds received on the sale of real estate during the first quarter, we also recorded additional noncash consideration for the fair value of restaurant space we expect to receive within a building being developed by the buyer of the real estate. The $3.0 million of noncash consideration is recorded as a component of other noncurrent assets in our Condensed Consolidated Balance Sheets. The fair value of the noncash consideration is based upon Level 2 inputs. As of June 26, 2019, we have recorded assets held for sale at their carrying amount of $15.4 million (comprised of property of $13.4 million, goodwill of $1.7 million, reacquired franchise rights of $0.2 million and other assets of $0.1 million) related to 49 company restaurants and one piece of real estate. There were $0.7 million in assets held for sale as of December 26, 2018 related to three company restaurants and one piece of real estate. Acquisitions We account for the acquisition of franchised restaurants using the acquisition method of accounting for business combinations. The purchase price allocations were based on Level 3 fair value estimates. The following table summarizes our acquisition activity.
| Quarter Ended |  | Two Quarters Ended
| June 26, 2019 |  | June 27, 2018 |  | June 26, 2019 |  | June 27, 2018
| (Dollars in thousands)
Restaurants acquired from franchisees | — |  |  | 1 |  |  | — |  |  | 6 |
Purchase price allocation: |  |  |  |  |  |  |
Reacquired franchise rights | $ | — |  |  | $ | 119 |  |  | $ | — |  |  | $ | 5,434 |
Property | — |  |  | 92 |  |  | — |  |  | 1,121 |
Goodwill | — |  |  | — |  |  | — |  |  | 1,574 |
Total purchase price | $ | — |  |  | $ | 211 |  |  | $ | — |  |  | $ | 8,129 |
Financing leases recorded | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,409 |
Real estate parcels acquired | — |  |  | 1 |  |  | 2 |  |  | 1 |
Total purchase price | $ | — |  |  | $ | 1,787 |  |  | $ | 4,706 |  |  | $ | 1,787 |

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