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Refranchisings and Acquisitions
 12 Months Ended
Dec. 25, 2019
Refranchisings and Acquisitions [Abstract]  
Refranchisings and Acquisitions Refranchisings and Acquisitions
 
Refranchisings

The following table summarizes the activity related to our refranchising and development strategy. Gains (losses) on the sales of company restaurants and real estate are included as a component of operating (gains), losses and other charges, net in our Consolidated Statements of Income. See Note 5.

 
Fiscal Year Ended
 
December 25, 2019
 
December 26, 2018
 
December 27, 2017
 
(Dollars in thousands)
Restaurants sold to franchisees
105

 
8

 
4

Gains (losses) on sales of company restaurants:
 
 
 
 
 
Cash Proceeds
$
118,964

 
$
1,777

 
$
751

Receivables
920

 
—

 
—

Less: Property sold
(30,511
)
 
(2,448
)
 
(996
)
Less: Goodwill
(2,897
)
 
(62
)
 
(23
)
Less: Intangibles
(2,260
)
 
(13
)
 
—

Less: Deferred gain
(1,350
)
 
—

 
—

Total gains (losses) on sales of company restaurants
$
82,866

 
$
(746
)
 
$
(268
)
 
 
 
 
 
 
Real estate parcels sold
6

 
—

 
3

Gains on sales of real estate:
 
 
 
 
 
Cash proceeds
$
10,680

 
$
—

 
$
3,247

Noncash consideration
3,000

 
—

 
—

Less: Property sold
(1,686
)
 
—

 
(1,103
)
Less: Other assets
(120
)
 
—

 
(226
)
Total gains on sales of real estate
$
11,874

 
$
—

 
$
1,918




The majority of gains on sales of real estate qualified for like-kind exchange treatment related to real estate acquired. In addition to the cash proceeds received on the sale of real estate during 2019, 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 fair value of this space was determined using a market approach with Level 2 inputs based on third party appraisals of fair values of other similar properties. The $3.0 million of noncash consideration is recorded as a component of other noncurrent assets in our Consolidated Balance Sheets.

As of December 25, 2019, we have recorded assets held for sale at their carrying amount of $1.9 million (comprised of property of $1.6 million, other assets of $0.2 million and goodwill of $0.1 million) related to four company restaurants and two pieces 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 restaurant and real estate acquisition activity.

 
Fiscal Year Ended
 
December 25, 2019
 
December 26, 2018
 
December 27, 2017
 
(Dollars in thousands)
Restaurants acquired from franchisees (1)
—

 
6

 
11

 
 
 
 
 
 
Purchase price allocation:
 
 
 
 
 
Reacquired franchise rights
$
—

 
$
5,434

 
$
4,476

Property
—

 
1,121

 
1,293

Goodwill
—

 
1,574

 
3,022

Total purchase price
$
—

 
$
8,129

 
$
8,791

 
 
 
 
 
 
Finance leases recorded
$
—

 
$
2,409

 
$
2,321

 
 
 
 
 
 
Real estate parcels acquired
5

 
1

 
2

Total purchase price
$
11,320

 
$
1,787

 
$
4,062



(1)
2017 includes one restaurant acquired from a former franchisee.