Audit Information |
12 Months Ended |
|---|---|
Dec. 28, 2022 | |
| Audit Information [Abstract] | |
| Auditor Name | KPMG LLP |
| Auditor Location | Greenville, SC |
| Auditor Firm ID | 185 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 28, 2022 |
Dec. 29, 2021 |
|---|---|---|
| Assets | ||
| Less accumulated depreciation | $ 153,334 | $ 151,836 |
| Accumulated amortization | $ 9,847 | $ 11,210 |
| Shareholders’ deficit | ||
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, authorized (in shares) | 135,000,000 | 135,000,000 |
| Common stock, issued (in shares) | 64,998,000 | 64,200,000 |
| Common stock, outstanding (in shares) | 56,728,000 | 62,210,000 |
| Treasury stock, at cost (in shares) | 8,270,000 | 1,990,000 |
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
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| Statement of Comprehensive Income [Abstract] | |||
| Minimum pension liability adjustment, tax | $ 113 | $ 35 | $ (67) |
| Changes in the fair value of cash flow derivatives, tax | 3,214 | 1,386 | (12,345) |
| Reclassification of cash flow derivatives to interest expense, tax | 309 | 1,179 | 874 |
| Reclassification of loss related to dedesignation of derivatives to other nonoperating expense (income), tax | 0 | 0 | 1,892 |
| Amortization of unrealized losses related to dedesignated derivatives to interest expense, tax | $ 7 | $ 42 | $ 214 |
Introduction and Basis of Reporting |
12 Months Ended |
|---|---|
Dec. 28, 2022 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Introduction and Basis of Reporting | Introduction and Basis of Reporting Denny’s Corporation, or the Company, is one of America’s largest franchised full-service restaurant chains based on number of restaurants. As of December 28, 2022, the Company consisted of 1,656 restaurants, 1,582 of which were franchised/licensed restaurants and 74 of which were company operated. The Company consists of the Denny’s brand (“Denny’s”) and the Keke’s Breakfast Café brand (“Keke’s”). Keke’s was acquired on July 20, 2022. See Note 3 for details. At December 28, 2022, the Denny’s brand consisted of 1,602 restaurants, 1,536 of which were franchised or licensed restaurants and 66 of which were company restaurants. Denny’s restaurants are operated in 50 states, the District of Columbia, two U.S. territories and 12 foreign countries with principal concentrations in California (23% of total restaurants), Texas (13%) and Florida (8%). At December 28, 2022, the Keke's brand consisted of 54 restaurants, 46 of which were franchised restaurants and eight of which were company operated. All Keke’s restaurants are located in Florida. Starting in 2020 and continuing through 2022, the global economic crisis resulting from the spread of the coronavirus (“COVID-19”), along with government and consumer responses, has had a substantial impact on our restaurant operations, including impacts on labor and commodity costs and the ability of many Denny’s franchise restaurants to return to 24/7 operations. During 2020, many of our company and franchised and licensed restaurants were temporarily closed and most of the restaurants that remained open had limited operations. Through 2022, many Denny’s restaurants have not returned to full operating hours, particularly at the late night daypart. Our operating results substantially depend upon the sales volumes, restaurant profitability, and financial stability of our company and franchised and licensed restaurants. We cannot currently estimate the duration or future negative financial impact of these economic conditions on our business. Ongoing material adverse effects of these economic conditions for an extended period could negatively affect our business, results of operations, liquidity and financial condition and could impact our impairment assessments of accounts receivable, intangible assets, long-lived assets and goodwill.
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Summary of Significant Accounting Policies |
12 Months Ended |
|---|---|
Dec. 28, 2022 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The following accounting policies significantly affect the preparation of our Consolidated Financial Statements: Use of Estimates. In preparing our Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles (GAAP), management is required to make certain assumptions and estimates that affect reported amounts of assets, liabilities, revenues, expenses and the disclosure of contingencies. In making these assumptions and estimates, management may from time to time seek advice and consider information provided by actuaries and other experts in a particular area. Actual amounts could differ materially from these estimates. Consolidation Policy. Our Consolidated Financial Statements include the financial statements of Denny’s Corporation and its wholly-owned subsidiaries: Denny’s, Inc., DFO, LLC, Denny’s Realty, LLC, Keke’s Inc., Keke’s Franchise Organization and East Main Insurance Company. All significant intercompany balances and transactions have been eliminated in consolidation. Fiscal Year. Our fiscal year ends on the last Wednesday in December. As a result, a fifty-third week is added to a fiscal year every five or six years. Fiscal 2020 included 53 weeks of operation, whereas 2021 and 2022 each included 52 weeks of operations. Cash and Cash Equivalents. Our policy is to invest cash in excess of operating requirements in short-term highly liquid investments with an original maturity of three months or less, which we consider to be cash equivalents. Cash and cash equivalents include short-term investments of $0.4 million and $0.1 million at December 28, 2022 and December 29, 2021, respectively. Receivables. Receivables, which are recorded at net realizable value, primarily consist of trade accounts receivables and financing receivables from franchisees, vendor receivables and credit card receivables. Trade accounts receivables from franchisees consist of royalties, advertising and rent. Financing receivables from franchisees primarily consist of notes from franchisees related to the roll-out of restaurant equipment. We accrue interest on notes receivable based on the contractual terms. The allowance for doubtful accounts is based on management’s estimates of expected credit losses based on historical write-off experience. Receivables that are ultimately deemed to be uncollectible, and for which collection efforts have been exhausted, are written off against the allowance for doubtful accounts. Inventories. Inventories consist primarily of food, beverages and, in some periods, equipment and are valued at the lower of first-in, first-out cost or net realizable value. Property and Depreciation. Owned property is stated at cost. Property under finance leases is stated at the lesser of its fair value or the net present value of the related minimum lease payments at the lease inception. Maintenance and repairs are expensed as incurred. We depreciate owned property over its estimated useful life using the straight-line method. We amortize property held under finance leases (at capitalized value) over the lesser of its estimated useful life or the lease term. Building assets are assigned estimated useful lives that range from to 30 years. Other property and equipment assets are assigned lives that range from to ten years. Leasehold improvements are generally assigned lives between and 15 years limited by the expected lease term. Goodwill. Amounts recorded as goodwill primarily represent excess reorganization value recognized as a result of our 1998 bankruptcy and from our acquisition of Keke’s in 2022. We also record goodwill in connection with the acquisition of restaurants from franchisees. Likewise, upon the sale of restaurant operations to franchisees, goodwill is decremented. We test goodwill for impairment at each fiscal year end and more frequently if circumstances indicate impairment may exist. Such indicators include, but are not limited to, a significant decline in our expected future cash flows, a significant adverse decline in our stock price, significantly adverse legal developments and a significant change in the business climate. Intangible Assets. Intangible assets consist primarily of trade names, franchise agreements and reacquired franchise rights. Trade names are considered indefinite-lived intangible assets and are not amortized. Franchise agreements are amortized using the straight-line basis over the term of the related franchise agreement. Reacquired franchise rights are amortized using the straight-line basis over the term of the related franchise agreement. Franchise agreements and reacquired franchise rights resulting from acquisitions are accounted for using the purchase method of accounting and are estimated by management based on the fair value of the assets received. We test trade name assets for impairment at each fiscal year end, and more frequently if circumstances indicate impairment may exist. We assess impairment of reacquired franchise rights and franchise agreements whenever changes or events indicate that the carrying values may not be recoverable. Costs incurred to renew or extend the term of recognized intangible assets are recorded in general and administrative expenses in our Consolidated Statements of Operations. Marketable Securities. Marketable securities included in investments consist of available for sale equity instruments and are recorded at fair market value in our Consolidated Balance Sheets. The aggregate cost and fair value of these marketable securities was $1.9 million and $1.7 million, respectively, at December 28, 2022 and $2.5 million and $2.6 million, respectively, at December 29, 2021. Unrealized gains (losses) included in fair value were losses of $0.2 million, gains of $0.1 million and losses of $0.1 million at December 28, 2022, December 29, 2021 and December 30, 2020, respectively. Marketable securities included in other noncurrent assets consist of trading debt and equity mutual funds and are recorded at fair market value in our Consolidated Balance Sheets. These securities represent the plan assets of our nonqualified deferred compensation plan (the “plan assets”). The plan assets are held in a rabbi trust. Each plan participant’s account consists of their contribution, our matching contribution (made prior to 2016) and each participant’s share of earnings or losses in the plan. We have recorded offsetting deferred compensation liabilities as a component of other noncurrent liabilities in our Consolidated Balance Sheets. The realized and unrealized holding gains and losses related to marketable securities are recorded in other nonoperating income with an offsetting amount recorded in general and administrative expenses related to deferred compensation plan liabilities. During 2022, 2021 and 2020, we incurred a net loss of $2.2 million and net gains of $2.2 million and $1.8 million, respectively, related to marketable securities. Deferred Financing Costs. Costs related to the issuance of debt are deferred and amortized as a component of interest expense using the effective interest method over the terms of the respective debt issuances. Self-insurance Liabilities. We record liabilities for insurance claims during periods in which we have been insured under large deductible programs or have been self-insured for our medical claims and workers’ compensation, general, product and automobile insurance liabilities. The liabilities represent estimated incurred losses. These estimates include assumptions regarding claims frequency and severity as well as changes in our business environment, medical costs and the regulatory environment that could impact our overall self-insurance costs. Total workers’ compensation, general, product and automobile insurance liabilities at December 28, 2022 and December 29, 2021 were $9.7 million and $11.5 million, respectively. Income Taxes. We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. All deferred taxes are reported as noncurrent in our Consolidated Balance Sheets. A valuation allowance reduces our net deferred tax asset to the amount that is more likely than not to be realized. We make certain estimates and judgments in the calculation of our provision for incomes taxes, in the resulting tax liabilities, and in the recoverability of deferred tax assets. We recognize positions taken or expected to be taken in a tax return in the Consolidated Financial Statements when it is more-likely-than-not that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit with greater than 50% likelihood of being realized upon ultimate settlement. We recognize any interest and penalties related to unrecognized tax benefits in income tax expense. Assessment of uncertain tax positions requires judgments relating to the amounts, timing and likelihood of resolution. Leases and Subleases. Lessee We lease certain real estate and equipment for our restaurants and support facilities. At contract inception, we determine whether a contract is, or contains, a lease by determining whether it conveys the right to control the use of the identified asset for a period of time. We recognize a lease liability and a right-of-use (“ROU”) asset at the lease commencement date. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. For finance leases, the lease liability is initially measured in the same manner and date as for operating leases, and is subsequently measured at amortized cost using the effective interest method. Operating lease ROU assets are initially and subsequently measured throughout the lease term at the carrying amount of the lease liability adjusted for initial direct costs, prepayments, accrued payments and lease incentives, if any. Lease cost is recognized on a straight-line basis over the lease term. Operating lease payments are classified as cash flows for operating activities with ROU asset amortization and the change in the lease liability combined as "Operating lease assets/liabilities" in the reconciliation of net income (loss) to net cash flows provided by (used in) operating activities in the Consolidated Statement of Cash Flows. Finance lease ROU assets are initially measured at cost and subsequently amortized on a straight-line basis over the lesser of the useful life or the lease term. Finance lease payments are classified as cash flows used in financing activities in the Consolidated Statement of Cash Flows. Operating and finance lease ROU assets are assessed for impairment using long-lived assets impairment guidance. We use a consistent lease term for calculating the depreciation period for the related assets, classifying the lease and computing periodic rent expense where the lease terms include escalations in rent over the lease term. The lease guidance provides for certain practical expedients and accounting elections. We elected the practical expedient to not separate nonlease components (such as common area maintenance) from lease components in regard to all leases and the portfolio approach in applying the discount rate to our leases. Key estimates and judgments include how we determine (1) lease payments, (2) lease term and (3) the discount rate used to discount the unpaid lease payments to present value. We have certain lease agreements structured with both a fixed base rent and a contingent rent based on a percentage of sales over contractual levels, others with only contingent rent based on a percentage of sales and some with a fixed base rent adjusted periodically for inflation or changes in the fair market rent rate. Contingent rent is recognized as sales occur. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The exercise of lease renewal options is at our sole discretion, except in certain sublease situations in which we have determined that it is reasonably certain that one or more options will be exercised, including where the exercise of a sublease option compels us to exercise the renewal option of the underlying master lease. Renewal option periods are included in the measurement of lease ROU asset and lease liability where the exercise is reasonably certain to occur. The discount rate used to determine the present value of the lease payments is our estimated collateralized incremental borrowing rate, based on the yield curve for the respective lease terms, as we generally cannot determine the interest rate implicit in the lease. Abatements or deferrals in rents received from landlords as a result of the COVID-19 pandemic are recognized as reductions in variable lease payments. Lessor We lease or sublease certain restaurant properties to our franchisees and occasionally to third parties. The lease descriptions, terms, variable lease payments and renewal options are the same as the lessee leases described above. Contingent rental income is recognized when earned. Similar to our lessee accounting, we elected the lessor practical expedient to not separate nonlease components from lease components in regard to all leases. Employee Benefit Plans. Each year we measure and recognize the funded status of our defined benefit plans in our Consolidated Balance Sheets as of December 31. That date represents the month-end that is closest to our fiscal year-end. The funded status is adjusted for any contributions or significant events (such as a plan amendment, settlement, or curtailment that calls for a remeasurement) that occurs between our fiscal year-end and December 31. Derivative Instruments. We use derivative financial instruments to manage our exposure to interest rate risk. We do not enter into derivative instruments for trading or speculative purposes. All derivatives are recognized on our Consolidated Balance Sheets at fair value. Changes in the fair values of derivatives are recorded in earnings or other comprehensive income (“OCI”), based on whether the instrument is designated as a hedge transaction. Gains or losses on derivative instruments reported in OCI are classified to earnings in the period the hedged item affects earnings. If the underlying hedge transaction ceases to exist, any associated amounts reported in OCI are reclassified to earnings. By entering into derivative instruments, we are exposed to counterparty credit risk. When the fair value of a derivative instrument is in an asset position, the counterparty has a liability to us, which creates credit risk for us. We manage our exposure to this risk by selecting counterparties with investment grade credit ratings and regularly monitoring our market position with each counterparty. Contingencies and Litigation. We are subject to legal proceedings involving ordinary and routine claims incidental to our business, as well as legal proceedings that are nonroutine and include compensatory or punitive damage claims. Settlement costs are accrued when they are deemed estimable and probable. Our ultimate legal and financial liability with respect to such matters cannot be estimated with certainty and requires the use of estimates in recording liabilities for potential litigation settlements. When the reasonable estimate is a range, the recorded loss will be the best estimate within the range. We record legal settlement costs as other operating expenses in our Consolidated Statements of Operations as those costs are incurred. Comprehensive Income (Loss). Comprehensive income (loss) includes net income (loss) and OCI items that are excluded from net income (loss) under U.S. generally accepted accounting principles. OCI items include additional minimum pension liability adjustments, the effective unrealized portion of changes in the fair value of cash flow hedges, and the reclassification and amortization of loss related to the dedesignation of cash flow derivatives. Revenues. Company Restaurant Revenue. Company restaurant revenue is recognized at the point in time when food and beverage products are sold at company restaurants. We present company restaurant sales net of sales-related taxes collected from customers and remitted to governmental taxing authorities. Franchise Revenue. Franchise and license revenues consist primarily of royalties, advertising revenue, initial and other fees and occupancy revenue. Under franchise agreements we provide franchisees with a license of our respective brands’ symbolic intellectual property, administration of advertising programs (including local co-operatives), and other ongoing support functions. These services are highly interrelated so we do not consider them to be individually distinct performance obligations, and therefore account for them as a single performance obligation. Royalty and advertising revenues represent sales-based royalties that are recognized in the period in which the sales occur. Sales-based royalties are variable consideration related to our performance obligation to our franchisees to maintain the intellectual property being licensed. Under our franchise agreements, franchisee advertising contributions must be spent on marketing and related activities. Advertising revenues and expenditures are recorded on a gross basis within the Consolidated Statements of Operations. Initial and other fees include initial, successor and assignment franchise fees (“initial franchise fees”). Initial franchise fees are billed and received upon the signing of the franchise agreement. Recognition of these fees is deferred until the commencement date of the agreement and occurs over time based on the term of the underlying franchise agreement. Acquired initial franchise fees are recognized from the acquisition date over time based on the term of the underlying franchise agreement. In the event a franchise agreement is terminated, any remaining deferred fees are recognized in the period of termination. Initial and other fees also include revenue that are distinct from the franchise agreement and are separate performance obligations. Training and other franchise services fees are billed and recognized at a point in time as services are rendered. Equipment revenues are billed and recognized as the equipment is installed. Similar to advertising revenue, equipment revenues and other franchise services fees are recorded on a gross basis within the Consolidated Statements of Operations. We record contract assets related to incentives and subsidies provided to franchisees related to new unit openings and/or equipment upgrades. These contract assets are presented within prepaid and other current assets and other noncurrent assets in our Consolidated Balance Sheets. These assets are amortized as a reduction to franchise and license revenue within our Consolidated Statements of Operations over the remaining term of the underlying franchise agreement. Occupancy revenue results from leasing or subleasing restaurants to franchisees and is recognized over the term of the lease agreement. With the exception of initial and other franchise fees, revenues are typically billed and collected on a weekly basis. For 2022, 2021 and 2020, our ten largest franchisees accounted for 37%, 37% and 39% of our franchise revenues, respectively. Gift cards. Company restaurants, franchised restaurants and certain third party retailers sell gift cards which have no stated expiration dates. We recognize revenue when a gift card is redeemed in one of our company restaurants. We maintain a gift card liability for cards sold in our company restaurants and for cards sold by third parties. Gift card breakage is recognized proportionally as redemptions occur. Our gift card breakage primarily relates to cards sold by third parties and is recorded as advertising revenue (included as a component of franchise and license revenue). Advertising Costs. We expense production costs for radio and television advertising in the year in which the commercials are initially aired and other advertising costs as incurred. Advertising costs for company restaurants are recorded as a component of other operating expenses in our Consolidated Statements of Operations and were $5.3 million, $4.6 million and $3.9 million for 2022, 2021 and 2020, respectively. Advertising costs related to franchised restaurants are recorded as a component of franchise and license costs and were $75.9 million, $70.0 million and $53.7 million in 2022, 2021 and 2020, respectively. Under our franchise agreements, advertising contributions received from franchisees must be spent on advertising, product development, marketing and related activities. As the Company is contractually required to spend these contributions on advertising costs, the obligations are accrued and advertising costs expensed when the related revenues are recognized. Restructuring and Exit Costs. Restructuring and exit costs are included as a component of operating (gains), losses and other charges, net in our Consolidated Statements of Operations. Restructuring costs consist primarily of severance and other restructuring charges for terminated employees. Amounts recorded as exit costs include period costs related to closed units. Disposal or Impairment of Long-lived Assets. We evaluate our long-lived assets for impairment at the restaurant level on a quarterly basis, when assets are identified as held for sale or whenever changes or events indicate that the carrying value may not be recoverable. For assets identified as held for sale, we use the market approach and consider proceeds from similar asset sales. We assess impairment of restaurant-level assets based on the operating cash flows of the restaurant, expected proceeds from the sale of assets and our plans for restaurant closings. For underperforming assets, we use the income approach to determine both the recoverability and estimated fair value of the assets. To estimate future cash flows, we make certain assumptions about expected future operating performance, such as revenue growth, operating margins, risk-adjusted discount rates, and future economic and market conditions. If the long-lived assets of a restaurant are not recoverable based upon estimated future, undiscounted cash flows, we write the assets down to their fair value. If these estimates or their related assumptions change in the future, we may be required to record additional impairment charges. These charges are included as a component of operating (gains), losses and other charges, net in our Consolidated Statements of Operations. Assets held for sale consist of real estate properties and/or restaurant operations that we expect to sell within the next year. The assets are reported at the lower of carrying amount or fair value less costs to sell. Fair value is based upon Level 2 inputs, which include sales agreements. We cease recording depreciation on assets that are classified as held for sale. If the determination is made that we no longer expect to sell an asset within the next year, the asset is reclassified out of held for sale. Discontinued Operations. We evaluate restaurant closures and assets reclassified to assets held for sale for potential disclosure as discontinued operations. Only disposals resulting in a strategic shift that will have a major effect on our operations and financial results are reported as discontinued operations. There have been no such disposals, nor any disposals of individually significant components. The gains and losses related to restaurant closures and assets reclassified to assets held for sale are included as a component of operating (gain), losses and other charges, net in our Consolidated Statements of Operations. Gains and Losses on Sales of Restaurants Operations to Franchisees, Real Estate and Other Assets. Generally, gains and losses on sales of restaurant operations to franchisees (which may include real estate), real estate properties and other assets are recognized when the sales are consummated and certain other gain recognition criteria are met. Total gains and losses are included as a component of operating (gains), losses and other charges, net in our Consolidated Statements of Operations. Share-based Compensation. Share-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the requisite service period. Share-based compensation expense is included as a component of general and administrative expenses in our Consolidated Statements of Operations. We account for forfeitures as they occur. Excess tax benefits recognized related to share-based compensation are included as a component of provision for (benefit from) income taxes in our Consolidated Statements of Operations and are classified as operating activities in our Consolidated Statements of Cash Flows. Generally, compensation expense related to performance share units and restricted stock units is based on the number of units granted, the period over which they are expected to vest and the fair market value of our common stock on the date of the grant. For restricted stock units and performance share units that contain a market condition, compensation expense is based on the Monte Carlo valuation method, which utilizes multiple input variables to determine the probability of the Company achieving the market condition and the fair value of the award. The key assumptions used include expected volatility and risk-free interest rates over the term of the award. We generally recognize compensation cost associated with performance share units over the entire performance period on a straight-line basis. For performance share units awarded to certain retirement eligible individuals with accelerated vesting terms, compensation cost is recognized on a graded-vesting basis. We generally recognize compensation cost associated restricted stock units on a straight-line basis over the entire performance period of the award. Subsequent to the vesting period, earned stock-settled restricted stock units and performance share units (both of which are equity classified) are paid to the holder in shares of our common stock, provided the holder was still employed with the Company or an affiliate as of the vesting date. Earnings (Losses) Per Share. Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares and potential common shares outstanding during the period. Business Combinations. We account for acquisitions using the acquisition method of accounting. Accordingly, assets acquired and liabilities assumed are recorded at their estimated fair values at the acquisition date. The excess of purchase price over fair value of net assets acquired, including the amount assigned to identifiable intangible assets, is recorded as goodwill. Newly Adopted Accounting Standards In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” which was later clarified in January 2021 by ASU 2021-01, “Reference Rate Reform (Topic 848): Scope”. Additionally, in December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848”, which allows ASU 2020-04 to be adopted and applied prospectively to contract modifications made on or before December 31, 2024. The guidance provides optional guidance, for a limited time, to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The Company adopted ASU 2020-04 on March 12, 2020. The adoption of and future elections under this new guidance did not and are not expected to have a material impact on the Company’s consolidated financial position or results of operations. The guidance is effective through December 31, 2024. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, which modifies Topic 740 to simplify the accounting for income taxes. ASU 2019-12 is effective for financial statements issued for annual periods beginning after December 15, 2020, and for the interim periods therein. The adoption of ASU 2019-12 did not have a significant impact on the Company’s consolidated financial position or results of operations. Additional new accounting guidance became effective for us as of December 28, 2022 that we reviewed and concluded was either not applicable to our operations or had no material effect on our Consolidated Financial Statements and related disclosures. Accounting Standards to be Adopted We reviewed all other newly issued accounting pronouncements and concluded that they are either not applicable to our business or are not expected to have a material effect on our Consolidated Financial Statements as a result of future adoption.
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Acquisition of Keke's Breakfast Cafe |
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| Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisition of Keke's Breakfast Cafe | Acquisition of Keke’s Breakfast Cafe On July 20, 2022, the Company completed its acquisition of Keke's pursuant to that certain Asset Purchase Agreement (the "Purchase Agreement"), dated May 3, 2022, which was subsequently amended by the First Amendment to Asset Purchase Agreement (the "First Amendment"), dated July 11, 2022, by and between the Company, as purchaser, and K2 Restaurants, Inc. together with the other sellers and principals party thereto, for the acquisition of certain assets and assumption of certain liabilities of the franchise business, consisting of 44 franchised restaurants, and eight company owned and operated restaurants. Pursuant to the Purchase Agreement, we agreed to purchase Keke's for a purchase price of $82.5 million. The purchase price was funded by utilizing cash on hand as well as funds from the Company's revolving credit facility. The acquisition was accounted for as a business combination using the acquisition method of accounting. The preliminary allocation of the purchase price is based on management's analysis, including work performed by third party valuation specialists. We will continue to obtain information to assist in determining the fair value of net assets acquired during the measurement period. The components of the preliminary purchase price allocation were as follows:
The Keke's trade name has been assigned an indefinite life, and therefore, will not be amortized, but rather tested annually for impairment. At the acquisition date, franchise agreements had a weighted average useful life of approximately 15 years. Goodwill attributable to the Keke's acquisition will be deductible and amortized for tax purposes. Goodwill is considered to represent the value associated with the workforce and synergies anticipated to be realized as a combined company. Acquisition transaction costs totaling approximately $0.6 million during the year ended December 28, 2022 were recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations. Results of operations starting from the date of acquisition of Keke's have been included in our Consolidated Financial Statements for the year ended December 28, 2022. The Keke's acquisition is not material to our Consolidated Financial Statements, and therefore, supplemental pro forma financial information for the year ended December 28, 2022 and the respective prior year periods related to the acquisition is not included herein.
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Receivables |
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| Receivables | Receivables Receivables, net consisted of the following:
We recorded $1.5 million of expected credit losses during the year ended December 30, 2020. During the years ended December 29, 2021 and December 28, 2022 we recorded reversals of credit losses of $1.1 million and $0.1 million, respectively, based on actual and expected losses on franchise-related receivables, primarily as a result of uncertainties related to the impacts of the COVID-19 pandemic.
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Property |
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Dec. 28, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property | Property Property, net consisted of the following:
The following table reflects the property assets, included in the table above, and buildings with finance leases which were leased to franchisees:
Depreciation expense, including amortization of property under finance leases, for 2022, 2021 and 2020 was $12.8 million, $13.3 million and $13.2 million, respectively. Substantially all owned property is pledged as collateral for our Credit Facility. See Note 10.
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Goodwill and Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets | Goodwill and Intangible Assets The following table reflects the changes in carrying amounts of goodwill and goodwill by segment:
Intangible assets consist of the following:
The weighted-average life of reacquired franchise rights is approximately seven years. The weighted-average life of franchise agreements is approximately 14 years. The amortization expense for definite-lived intangibles and other assets for 2022, 2021 and 2020 was $2.0 million, $2.1 million and $3.0 million, respectively. Estimated amortization expense for intangible assets with definite lives in the next five years is as follows:
We performed an annual impairment test as of December 28, 2022 and determined that none of the recorded goodwill or other intangible assets with indefinite lives were impaired.
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Other Current Liabilities |
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| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Current Liabilities | Other Current Liabilities Other current liabilities consisted of the following:
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Fair Value of Financial Instruments |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair Value of Assets and Liabilities Measured on a Recurring and Nonrecurring Basis Financial assets and liabilities measured at fair value on a recurring basis are summarized below:
(1) The fair values of our deferred compensation plan investments are based on the closing market prices of the elected investments and are included in other noncurrent assets in our Consolidated Balance Sheets. (2) The fair values of our interest rate swaps are based upon Level 2 inputs, which include valuation models. The key inputs for the valuation models are quoted market prices, interest rates, forward yield curves and credit risk adjustments that are necessary to reflect the probability of default by the counterparty or us. For disclosures about the fair value measurements of our derivative instruments, see Note 10. (3) The fair value of investments is valued using a readily determinable net asset value per share based on the fair value of the underlying securities. There are no significant redemption restrictions associated with these investments. Those assets and liabilities measured at fair value on a nonrecurring basis are summarized below:
(1)At December 29, 2021, impaired assets were written down to their fair value. To determine fair value, we used the income approach, which assumes that the future cash flows reflect current market expectations. These fair value measurements require significant judgment using Level 3 inputs, such as discounted cash flows from operations, which are not observable from the market, directly or indirectly. There is uncertainty in the projected future cash flows used in the Company's impairment analysis, which requires the use of estimates and assumptions. If actual performance does not achieve the projections, or if the assumptions used change in the future, we may be required to recognize impairment charges in future periods. Assets that are measured at fair value on a non-recurring basis include property, operating right-of-use assets, finance right-of-use assets and reacquired franchise rights. During the year ended December 28, 2022 and December 29, 2021, we recognized impairment charges of $1.0 million and $0.4 million, respectively, related to certain of these assets. See Note 14. The carrying amounts of cash and cash equivalents, accounts receivables, accounts payable and accrued expenses are deemed to approximate fair value due to the immediate or short-term maturity of these instruments. The fair value of notes receivable approximates the carrying value after consideration of recorded allowances and related risk-based interest rates. The liabilities under our credit facility are carried at historical cost, which approximates fair value. The fair value of our senior secured revolver approximates its carrying value since it is a variable rate facility (Level 2). The determinations of fair values of certain tangible and intangible assets for purposes of the application of the acquisition method of accounting to the acquisition of Keke’s were based on Level 3 inputs.
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases Lessee Our operations utilize property, facilities and equipment leased from others. Buildings and facilities are primarily used for restaurants and support facilities. Many of our restaurants are operated under lease arrangements which generally provide for a fixed base rent, and, in many instances, contingent rent based on a percentage of gross revenues. Initial terms of land and restaurant building leases generally range from 10 to 20 years, exclusive of options to renew, which are typically for five year periods. Leases of equipment consist primarily of restaurant equipment, computer equipment and vehicles. Initial terms of equipment leases generally range from to five years. Lessor We lease or sublease certain restaurant properties to our franchisees and occasionally to third parties. The lease descriptions, terms, variable lease payments and renewal options are generally the same as the lessee leases described above. The components of lease costs were as follows:
Lease terms and discount rates were as follows:
The components of lease income were as follows:
Cash and supplemental noncash amounts were as follows:
(1) Right-of-use assets obtained in 2022 includes $7.9 million from the acquisition of Keke’s. See Note 3. Maturities of lease liabilities and receipts as of December 28, 2022 were as follows:
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| Leases | Leases Lessee Our operations utilize property, facilities and equipment leased from others. Buildings and facilities are primarily used for restaurants and support facilities. Many of our restaurants are operated under lease arrangements which generally provide for a fixed base rent, and, in many instances, contingent rent based on a percentage of gross revenues. Initial terms of land and restaurant building leases generally range from 10 to 20 years, exclusive of options to renew, which are typically for five year periods. Leases of equipment consist primarily of restaurant equipment, computer equipment and vehicles. Initial terms of equipment leases generally range from to five years. Lessor We lease or sublease certain restaurant properties to our franchisees and occasionally to third parties. The lease descriptions, terms, variable lease payments and renewal options are generally the same as the lessee leases described above. The components of lease costs were as follows:
Lease terms and discount rates were as follows:
The components of lease income were as follows:
Cash and supplemental noncash amounts were as follows:
(1) Right-of-use assets obtained in 2022 includes $7.9 million from the acquisition of Keke’s. See Note 3. Maturities of lease liabilities and receipts as of December 28, 2022 were as follows:
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| Leases | Leases Lessee Our operations utilize property, facilities and equipment leased from others. Buildings and facilities are primarily used for restaurants and support facilities. Many of our restaurants are operated under lease arrangements which generally provide for a fixed base rent, and, in many instances, contingent rent based on a percentage of gross revenues. Initial terms of land and restaurant building leases generally range from 10 to 20 years, exclusive of options to renew, which are typically for five year periods. Leases of equipment consist primarily of restaurant equipment, computer equipment and vehicles. Initial terms of equipment leases generally range from to five years. Lessor We lease or sublease certain restaurant properties to our franchisees and occasionally to third parties. The lease descriptions, terms, variable lease payments and renewal options are generally the same as the lessee leases described above. The components of lease costs were as follows:
Lease terms and discount rates were as follows:
The components of lease income were as follows:
Cash and supplemental noncash amounts were as follows:
(1) Right-of-use assets obtained in 2022 includes $7.9 million from the acquisition of Keke’s. See Note 3. Maturities of lease liabilities and receipts as of December 28, 2022 were as follows:
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Long-Term Debt |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt | Long-Term Debt Long-term debt consisted of the following:
There are no scheduled maturities of our revolving loans due in 2023 through 2025. The $261.5 million of revolving loans are due August 26, 2026. The Company and certain of its subsidiaries have a credit facility consisting of a five-year $400 million senior secured revolver (with a $25 million letter of credit sublimit). The credit facility includes an accordion feature that would allow us to increase the size of the revolver to $450 million. Borrowings bear a tiered interest rate, which is based on the Company's consolidated leverage ratio. The credit facility contains provisions specifying alternative interest rate calculations to be used at such time LIBOR ceases to be available as a benchmark due to reference rate reform. The maturity date for the credit facility is August 26, 2026. The credit facility is available for working capital, capital expenditures and other general corporate purposes. The credit facility is guaranteed by the Company and its material subsidiaries and is secured by assets of the Company and its subsidiaries, including the stock of its subsidiaries (other than its insurance captive subsidiary). It includes negative covenants that are usual for facilities and transactions of this type. The credit facility also includes certain financial covenants with respect to a maximum consolidated leverage ratio and a minimum consolidated fixed charge coverage ratio. We were in compliance with all financial covenants as of December 28, 2022. As of December 28, 2022, we had outstanding revolver loans of $261.5 million and outstanding letters of credit under the credit facility of $12.3 million. These balances resulted in unused commitments of $126.2 million as of December 28, 2022 under the credit facility. As of December 28, 2022, borrowings under the credit facility bore interest at a rate of LIBOR plus 2.25% and the commitment fee, paid on the unused portion of the credit facility, was set to 0.35%. Prior to considering the impact of our interest rate swaps, described below, the weighted-average interest rate on outstanding revolver loans was 6.37% and 2.09% as of December 28, 2022 and December 29, 2021, respectively. Taking into consideration our interest rate swaps that are designated as cash flow hedges, the weighted-average interest rate of outstanding revolver loans was 5.31% and 4.44% as of December 28, 2022 and December 29, 2021, respectively. Interest Rate Hedges We have receive-variable, pay-fixed interest rate swaps to hedge the forecasted cash flows of our floating rate debt. We initially designated the interest rate swaps as cash flow hedges of our exposure to variability in future cash flows attributable to variable interest payments due on forecasted notional amounts. A summary of our interest rate swaps as of December 28, 2022 is as follows:
(1) The notional amount of the swaps entered into on February 15, 2018 increase periodically until they reach the maximum notional amount of $425.0 million on September 28, 2029. Swaps Designated as Cash Flow Hedges To the extent the swaps are highly effective in offsetting the variability of the hedged cash flows, changes in the fair value of the swaps are not included in the Consolidated Statements of Operations but are reported as a component of accumulated other comprehensive loss, net. The interest rate swaps entered into in 2015 are designated as cash flow hedges with unrealized gain and losses recorded as a component of accumulated other comprehensive loss, net. As of December 28, 2022, the fair value of swaps designated as cash flow hedges was an asset of $7.3 million and was recorded as a component of other noncurrent assets with an offsetting amount (before taxes) recorded as a component of accumulated other comprehensive loss, net in our Consolidated Balance Sheets. See Note 18 for the amounts recorded in accumulated other comprehensive loss related to the interest rate swaps. We expect to reclassify approximately $3.3 million from accumulated other comprehensive loss, net as a reduction to interest expense, net in our Consolidated Statements of Operations related to swaps designated as cash flow hedges during the next twelve months. Dedesignated Interest Rate Hedges During the year ended December 30, 2020, we determined that a portion of the underlying cash flows related to our hedging relationship entered into in 2018 (“2018 Swaps”) were no longer probable of occurring over the term of the interest rate swaps. Accordingly, we dedesignated the cash flow relationship and discontinued hedge accounting treatment for the 2018 Swaps. As a result, we reclassified approximately $7.4 million of losses from accumulated other comprehensive loss, net to other nonoperating expense (income), net in our Consolidated Statements of Operations and began amortizing the remaining amounts of unrealized losses related to the 2018 Swaps from accumulated other comprehensive loss, net into our Consolidated Statements of Operations as a component of interest expense, net over the remaining term of the 2018 Swaps. We reclassified unrealized losses of less than $0.1 million and approximately $0.2 million to interest expense, net related to the 2018 Swaps, for the years ended December 28, 2022 and December 29, 2021, respectively. At December 28, 2022, approximately $64.2 million (before taxes) of unrealized losses remained in accumulated other comprehensive loss, net. We expect to amortize approximately $0.3 million from accumulated other comprehensive loss, net to interest expense, net in our Consolidated Statements of Operations related to dedesignated interest rate swaps during the next twelve months. As a result of the dedesignated cash flow relationship related to the 2018 Swaps, changes in the fair value of the 2018 Swaps are recorded as a component of other nonoperating expense (income), net in our Consolidated Statements of Operations. We recorded income of approximately $55.0 million and $12.8 million as a component of nonoperating income related to the 2018 Swaps resulting from changes in fair value for the years ended December 28, 2022 and December 29, 2021, respectively. As of December 28, 2022, the fair value of the dedesignated interest rate swaps was an asset of $12.8 million, of which $0.1 million was recorded as a component of receivables, net, and $12.7 million was recorded as a component of other noncurrent assets in our Consolidated Balance Sheets.
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Revenues |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues | Revenues The following table disaggregates our revenue by sales channel and type of good or service:
Balances related to contracts with customers consists of receivables, contract assets, deferred franchise revenue and deferred gift card revenue. See Note 4 for details on our receivables. Deferred franchise revenue consists primarily of the unamortized portion of initial franchise fees that are currently being amortized into revenue and amounts related to development agreements and unopened restaurants that will begin amortizing into revenue when the related restaurants are opened. Deferred franchise revenue represents our remaining performance obligations to our franchisees, excluding amounts of variable consideration related to sales-based royalties and advertising. The components of the change in deferred franchise revenue are as follows:
(1) Of this amount $2.5 million was included in the deferred franchise revenue balance as of December 29, 2021. We record contract assets related to incentives and subsidies provided to franchisees related to new unit openings and/or equipment upgrades. These amounts will be recognized as a component of franchise and license revenue over the remaining term of the related franchise agreements.The components of the change in contract assets are as follows:
During 2021 and 2022, the Company purchased equipment related to a kitchen modernization program for franchise restaurants. We bill our franchisees and recognize revenue when the related equipment is installed, less a total of approximately $5.7 million contributed from the Company, which has been deferred as contract assets and included as a component of franchisee deferred costs in the table above. We recognized $19.1 million and $0.4 million of revenue related to the sale of kitchen equipment to franchisees during the years ended December 28, 2022 and December 29, 2021, respectively. As of December 28, 2022, we had approximately $3.6 million in inventory and $6.6 million in receivables related to the kitchen equipment rollout. As of December 29, 2021, we had approximately $3.7 million in inventory and $0.4 million in receivables related to the kitchen equipment rollout. As of December 28, 2022, deferred franchise revenue, net of contract asset amortization, expected to be recognized in the future is as follows:
Deferred gift card liabilities consist of the unredeemed portion of gift cards sold in company restaurants and at third party locations. The balance of deferred gift card liabilities represents our remaining performance obligations to customers. The balance of deferred gift card liabilities as of December 28, 2022 and December 29, 2021 was $7.7 million and $7.2 million, respectively. During the year ended December 28, 2022, we recognized revenue of $0.5 million from gift card redemptions at company restaurants.
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Employee Benefit Plans |
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans | Employee Benefit Plans We maintain defined contribution plans and defined benefit plans which cover a substantial number of employees. Defined Contribution Plans Eligible employees can elect to contribute up to 25% of their compensation to our 401(k) plan. Effective January 1, 2016, the plan was amended and restated to incorporate Safe Harbor Plan design features which included changes to participant eligibility, company contribution amounts and vesting. As a result, we match up to a maximum of 4% of compensation deferred by the participant. In addition, a non-qualified deferred compensation plan is offered to certain employees. This plan allows participants to defer up to 50% of annual salary and up to 75% of bonuses and incentive compensation awards, on a pre-tax basis. There are no matching contributions made under this plan. We made total contributions of $1.7 million, $1.5 million and $1.5 million for 2022, 2021 and 2020, respectively, under these plans. Defined Benefit Plans Benefits under our defined benefit plans are based upon each employee’s years of service and average salary. The following table provides a reconciliation of the changes in the benefit obligations, plan assets, and funded status of our defined benefit plans:
The components of net periodic benefit cost, which are included in in our Consolidated Statements of Operations, were as follows:
Assumptions The discount rates used to determine the benefit obligations as of December 28, 2022 and December 29, 2021 were 5.26% and 1.99%, respectively. The discount rates used to determine net period pension costs for 2022, 2021 and 2020 were 1.99%, 1.34% and 2.56%, respectively. In determining the discount rates, we have considered long-term bond indices of bonds having similar timing and amounts of cash flows as our estimated defined benefit payments. We use a yield curve based on high quality, long-term corporate bonds to calculate the single equivalent discount rate that results in the same present value as the sum of each of the plan’s estimated benefit payments discounted at their respective spot rates. Contributions and Expected Future Benefit Payments We made contributions of $0.4 million and $0.2 million to our defined benefit plans during the years ended December 28, 2022 and December 29, 2021, respectively. We expect to contribute $1.0 million to our defined benefit plans during 2023. Benefits expected to be paid for each of the next five years and in the aggregate for the five fiscal years from 2028 through 2032 are as follows:
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Share-Based Compensation |
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| Share-Based Compensation | Share-Based Compensation Share-Based Compensation Plans The Denny’s Corporation 2021 Omnibus Incentive Plan (the “2021 Omnibus Plan”) is used to grant share-based compensation to selected employees, officers and directors of Denny’s and its affiliates. However, we reserve the right to pay discretionary bonuses, or other types of compensation, outside of this plan. At December 28, 2022, there were 3.0 million shares available for grant under the 2021 Omnibus Plan. In addition, we have 0.7 million shares available to be issued outside of the 2021 Omnibus Plan pursuant to the grant or exercise of employment inducement awards of stock options and restricted stock units in accordance with Nasdaq Listing Rule 5635(c)(4). Share-Based Compensation Expense Total share-based compensation expense included as a component of net income (loss) was as follows:
The income tax benefits recognized as a component of the provision for (benefit from) income taxes in our Consolidated Statements of Operations related to share-based compensation expense were approximately $2.9 million, $3.4 million and $2.0 million during the years ended December 28, 2022, December 29, 2021 and December 30, 2020, respectively. Employee Share Awards Employee share awards consist of performance share units (“PSUs”) and restricted stock units ("RSUs") (which are equity classified). The number of shares that are ultimately issued is dependent upon the level of obtainment of the market and performance conditions. The following table summarizes the employee share awards activity during the year ended December 28, 2022:
During the year ended December 28, 2022, we granted certain employees approximately 0.3 million performance share units ("PSUs") with a weighted average grant date fair value of $21.05 per share that vest based on the total shareholder return (“TSR”) of our common stock compared to the TSRs of a group of peer companies and approximately 0.3 million PSUs with a weighted average grant date fair value of $14.12 per share that vest based on our Adjusted EPS growth rate versus plan, as defined under the terms of the award. As the TSR based PSUs contain a market condition, a Monte Carlo valuation was used to determine the grant date fair value. The performance period for these PSUs is the three year fiscal period beginning December 30, 2021 and ending December 25, 2024. The PSUs will completely vest and be earned at the end of the performance period at which point the relative TSR and Adjusted EPS growth rate achievement percentages will be applied to the vested units (from 0% to 200% of the target award). We also granted certain employees approximately 0.4 million RSUs with a weighted average grant date fair value of $14.08 per share. The RSUs generally vest evenly over the three year period ending December 25, 2024, and are paid annually. For 2022, 2021 and 2020, the weighted average grant date fair value of awards granted was $16.22, $21.83 and $10.47, respectively. The following table presents the weighted-average assumptions used in the Monte Carlo simulations to determine the fair value of PSU awards at the grant date, along with the related weighted-average grant date fair value of PSU awards:
The risk-free interest rate was based on U.S. Treasury bond yield with a term equal to the expected life assumed at the date of grant. The expected term represents the period of time the awards are expected to be outstanding. Expected volatility was based on historical volatility of the Company. The expected dividend yield is based on the Company’s history and expectations of dividend payouts at the time of grant. We made payments of $0.4 million, $0.2 million and $0.4 million during 2022, 2021 and 2020, respectively, related to converted performance and restricted share units. Payments relate to the payment of payroll taxes. The fair value of units converted was $13.8 million, $4.3 million and $12.0 million during 2022, 2021 and 2020, respectively. As of December 28, 2022, we had $9.7 million of unrecognized compensation cost related to unvested employee share awards, which is expected to be recognized over a weighted average of 1.7 years. Restricted Stock Units for Board Members During the year ended December 28, 2022, we granted approximately 0.1 million RSUs (which are equity classified) with a weighted average grant date fair value of $9.93 per unit to non-employee members of our Board. The restricted stock units vest after a one year service period. A director may elect to convert these awards into shares of common stock on a specific date in the future (while still serving as a member of our Board), upon termination as a member of our Board or in three equal annual installments commencing after termination of service as a member of our Board. During the year ended December 28, 2022, less than 0.1 million restricted stock units were converted into shares of common stock. There were 0.8 million and 0.8 million RSUs outstanding as of December 28, 2022 and December 29, 2021, respectively. As of December 28, 2022, we had approximately $0.4 million of unrecognized compensation cost related to all unvested RSU awards outstanding, which is expected to be recognized over a weighted average of 0.4 years. Stock Options Prior to 2012, stock options were granted that vest evenly over three years, have a 10-year contractual life and are issued at the market value at the date of grant. There were no options granted in 2022, 2021 or 2020. There were no stock options outstanding at December 28, 2022, and there were no stock options exercised for the year ended December 28, 2022. The total intrinsic value of the options exercised was $0.3 million and $0.8 million during the years ended December 29, 2021 and December 30, 2020, respectively.
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Operating (Gains), Losses and Other Charges, Net |
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| Operating (Gains), Losses and Other Charges, Net | Operating (Gains), Losses and Other Charges, Net Operating (gains), losses and other charges, net consists of the following:
Gains on sales of assets and other, net of $3.4 million for the year ended December 28, 2022 were primarily related to the sales of two parcels of real estate. Gains on sales of assets and other, net of $47.8 million for the year ended December 29, 2021 were primarily related to the sales of three parcels of real estate. Gains on sales of assets and other, net of $4.7 million for the year ended December 30, 2020 were primarily related to the sales of parcels of real estate. Restructuring charges and exit costs consists of the following:
Exit costs primarily consists of costs related to closed restaurants. Exit cost liabilities related to lease costs are included as a component of operating lease liabilities in our Consolidated Balance Sheets. See Note 9. Severance and other restructuring charges for the year ended December 28, 2022 primarily consist of severance costs. Severance and other restructuring charges for the year ended December 29, 2021 were primarily related to the relocation of certain support functions to our support center in the Dallas, Texas area. Severance and other restructuring charges for the year ended December 30, 2020 were primarily related to positions eliminated as a cost reduction effort in response to the COVID-19 pandemic. As of December 28, 2022 and December 29, 2021, we had accrued severance and other restructuring charges of $0.7 million and $0.1 million, respectively. The balance as of December 28, 2022 is expected to be paid during the next 12 months. We recorded impairment charges of $1.0 million for the year ended December 28, 2022 primarily resulting from underperforming units. The $1.0 million included $0.6 million related to property, $0.3 million related to operating lease ROU assets, and less than $0.1 million related to finance lease ROU assets. We recorded impairment charges of $0.4 million for the year ended December 29, 2021 primarily resulting from an underperforming unit. The $0.4 million included $0.3 million related to property, $0.1 million related to finance lease ROU assets, and less than $0.1 million related to operating lease ROU assets. We recorded impairment charges of $4.1 million for the year ended December 30, 2020 resulting from the impacts of the COVID-19 pandemic. The $4.1 million included $2.4 million related to property, $1.6 million related to operating lease ROU assets, $0.1 million related to reacquired franchise rights and less than $0.1 million related to finance lease ROU assets.
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| Income Taxes | Income Taxes The provisions for (benefits from) income taxes were as follows:
The reconciliation of income taxes at the U.S. federal statutory tax rate to our effective tax rate was as follows:
For 2022, the difference in the overall effective rate from the U.S. statutory rate was primarily due to state and foreign taxes, partially offset by the generation of employment and foreign tax credits. For 2021, the difference in the overall effective rate from the U.S. statutory rate was primarily due to state and foreign taxes and the generation of employment credits. The 2021 rate was also impacted by an expense of $1.3 million from disallowed compensation deductions. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law as a response to the economic impacts of the COVID-19 pandemic. As a result of the CARES Act, during 2021 the Company carried back 2020’s net operating loss to years 2015 and forward, to obtain $1.5 million in federal income tax refunds. See Note 16 for a discussion of other items related to the CARES Act. For 2020, the difference in the overall effective rate from the U.S. statutory rate was primarily due to state and foreign taxes and the generation of employment credits. The 2020 rate was also impacted by a $0.9 million benefit from the statutory rate differential due to a net operating loss carryback to a prior year and an expense of $1.0 million from disallowed compensation deductions. The following table represents the approximate tax effect of each significant type of temporary difference that resulted in deferred income tax assets or liabilities.
The Company’s state net operating loss tax asset of approximately $1.2 million includes $0.9 million related to Pennsylvania and South Carolina. Of the $2.7 million valuation allowance, $0.6 million relates to Pennsylvania and South Carolina net operating loss carryforwards, $1.2 million relates to California enterprise zone credits and $0.9 million relates to foreign tax credit carryforwards, all of which may never be utilized, prior to their expiration. It is more likely than not that we will be able to utilize all of our existing temporary differences and most of our remaining state tax net operating losses and state credit tax carryforwards, net of existing valuation allowance, prior to their expiration. The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits:
There was no interest expense associated with unrecognized tax benefits for the years ended December 28, 2022 and December 29, 2021. |
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| Unusual or Infrequent Items, or Both [Abstract] | |
| Other CARES Act Provisions | Other CARES Act Provisions The CARES Act allowed eligible employers to claim employee retention tax credits (“ERTC”) for qualified wages paid after March 12, 2020 and before January 1, 2021. The ERTC was extended to June 30, 2021 under the passage of the Taxpayer Certainty and Disaster Relief Act of 2020 (“ACT”) which was signed into law on December 27, 2020. We qualified for credits under the provisions of the CARES Act for the entire period subsequent to March 12, 2020 through January 1, 2021 and for the entire period subsequent to January 1, 2021 through June 30, 2021. The total amount of credits recorded in 2021 related to the ERTC was $0.8 million, of which $0.3 million was included as a component of costs of company restaurant sales and $0.5 million was included as a component of general and administrative expenses in our Consolidated Statement of Operations for the year ended December 29, 2021. The total amount of credits recorded in 2020 related to the ERTC was $2.6 million, of which $0.9 million was included as a component of costs of company restaurant sales and $1.7 million was included as a component of general and administrative expenses in our Consolidated Statement of Operations for the year ended December 30, 2020. In addition, as allowed under the CARES Act, we deferred $3.1 million of our portion of FICA taxes in 2020 which were paid in 2021.
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Net Income (Loss) Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income (Loss) Per Share | Net Income (Loss) Per Share The amounts used for the basic and diluted net income (loss) per share calculations are summarized below:
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Shareholders' Equity |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' Equity | Shareholders’ Equity Share Repurchases Our credit facility permits the repurchase of Denny’s stock and the payment of cash dividends subject to certain limitations. Our Board of Directors approves share repurchases of our common stock. Under these authorizations, we may, from time to time, purchase shares in the open market (including pre-arranged stock trading plans in accordance with the guidelines specified in Rule 10b5-1 under the Securities Exchange Act of 1934, as amended) or in privately negotiated transactions, subject to market and business conditions. Currently, we are operating under a $250 million share repurchase authorization approved by the Board of Directors in December 2019. During 2017, the Board approved a share repurchase programs for $200 million of our common stock. During the quarter ended March 25, 2020, we suspended share repurchases as of February 27, 2020 and terminated our previously approved Rule 10b5-1 Repurchase Plan effective March 16, 2020 in light of uncertain market conditions arising from the COVID-19 pandemic. Prior to refinancing our old credit facility in the third quarter of 2021, share repurchase restrictions were in place. As a result of refinancing our credit facility in the third quarter of 2021, we were able to resume our share repurchase program. During 2022, we repurchased a total of 6.3 million shares of our common stock for approximately $64.9 million. During 2021, we repurchased a total of 2.0 million shares of our common stock for approximately $30.6 million. During 2020, we repurchased a total of 1.7 million shares of our common stock for approximately $34.2 million, thus completing the 2017 repurchase program. Repurchased shares as of December 28, 2022 and December 29, 2021, are included as treasury stock in our Consolidated Balance Sheets and our Consolidated Statements of Shareholders’ Deficit. Retirement of Treasury Stock In the fourth quarter of fiscal 2020, the Board approved the retirement of 54.0 million shares of Treasury stock at a weighted average share price of $10.26. As of year end December 30, 2020, no shares remained in treasury. Issuance and Sale of Common Stock On July 1, 2020, the Company entered into an underwriting agreement with Wells Fargo Securities, LLC, as representative of the several underwriters named therein, for the issuance and sale by the Company of 8,000,000 shares of its common stock, par value $0.01 per share, in an underwritten public offering at a price to the public of $9.15 per share. On July 6, 2020, the Company received net proceeds of $69.6 million from the sale of shares, after deducting the underwriters' discounts and commissions and offering expenses. Accumulated Other Comprehensive Loss The components of the change in accumulated other comprehensive loss were as follows:
(1) Before-tax amount that was reclassified from accumulated other comprehensive loss and included as a component of pension expense within general and administrative expenses in our Consolidated Statements of Operations. See Note 12 for additional details. (2) Amounts reclassified from accumulated other comprehensive loss into income represent payments made to the counterparty for the effective portions of the interest rate swaps. These amounts are included as a component of interest expense, net in our Consolidated Statements of Operations. We expect to receive payments from the counterparty and reclassify approximately $3.3 million from accumulated other comprehensive loss related to our interest rate swaps during the next twelve months. See Note 10 for additional details. (3) During the quarter ended June 24, 2020, we dedesignated the cash flow relationship and discontinued hedge accounting treatment for the 2018 Swaps. As a result, we reclassified approximately $7.4 million of losses from accumulated other comprehensive loss, net to other nonoperating expense (income), net in our Consolidated Statements of Operations related to the portion of forecasted transaction no longer considered probable of occurring. The remaining losses related to the 2018 Swaps will continue to be included in accumulated other comprehensive loss, net and will be amortized as a component of interest expense, net in our Consolidated Statements of Operations over the remaining term of the 2018 Swaps. We expect to amortize less than $0.3 million from accumulated other comprehensive loss related to our interest rate swaps during the next twelve months. See Note 10 for additional details.
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Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies Legal Proceedings There are various claims and pending legal actions against or indirectly involving us, incidental to and arising out of the ordinary course of the business. In the opinion of management, based upon information currently available, the ultimate liability with respect to these proceedings and claims will not materially affect the Company’s consolidated results of operations or financial position. Purchase Obligations We have commitments related to company and franchised restaurants under purchase contracts for food and non-food products. Many of these agreements do not obligate us to purchase any specific volumes and include provisions that would allow us to cancel such agreements with appropriate notice. Our future purchase obligation payments due by period for both company and franchised restaurants at December 28, 2022 consist of the following:
For agreements with cancellation provisions, amounts included in the table above represent our estimate of purchase obligations during the periods presented if we were to cancel these contracts with appropriate notice.
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Supplemental Cash Flow Information |
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| Supplemental Cash Flow Information | Supplemental Cash Flow Information
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Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Segment Information We manage our business by brand and as a result have identified two operating segments, Denny’s and Keke’s. In addition, we have identified Denny’s as a reportable segment. The Denny’s reportable segment includes the results of all company and franchised and licensed Denny’s restaurants. Our Keke’s operating segment, which includes the results of all company and franchise restaurants, is included in Other. The primary sources of revenues for all operating segments are the sale of food and beverages at our company restaurants and the collection of royalties, advertising revenue, initial and other fees, including occupancy revenue, from restaurants operated by our franchisees. We do not rely on any major customer as a source of sales and the customers and assets of all operating segments are located predominantly in the United States. There are no material transactions between segments. Management’s measure of segment income is restaurant-level operating margin. The Company defines restaurant-level operating margin as operating income excluding the following three items: general and administrative expenses, depreciation and amortization, and operating (gains), losses and other charges, net. The Company excludes general and administrative expenses, which include primarily non restaurant-level costs associated with support of company and franchised restaurants and other activities at their corporate office. The Company excludes depreciation and amortization expense, substantially all of which is related to company restaurant-level assets, because such expenses represent historical sunk costs which do not reflect current cash outlays for the restaurants. The Company excludes operating (gains), losses and other charges, net, to provide a clearer perspective of its ongoing operating performance and a more relevant comparison to prior period results. Restaurant-level operating margin is used by our chief operating decision maker (“CODM”) to evaluate restaurant-level operating efficiency and performance. The following tables present revenues by segment and a reconciliation of restaurant-level operating margin to operating income:
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Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 28, 2022 | |
| Accounting Policies [Abstract] | |
| Use of Estimates | Use of Estimates. In preparing our Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles (GAAP), management is required to make certain assumptions and estimates that affect reported amounts of assets, liabilities, revenues, expenses and the disclosure of contingencies. In making these assumptions and estimates, management may from time to time seek advice and consider information provided by actuaries and other experts in a particular area. Actual amounts could differ materially from these estimates. |
| Consolidation Policy | Consolidation Policy. Our Consolidated Financial Statements include the financial statements of Denny’s Corporation and its wholly-owned subsidiaries: Denny’s, Inc., DFO, LLC, Denny’s Realty, LLC, Keke’s Inc., Keke’s Franchise Organization and East Main Insurance Company. All significant intercompany balances and transactions have been eliminated in consolidation. |
| Fiscal Year | Fiscal Year. Our fiscal year ends on the last Wednesday in December. As a result, a fifty-third week is added to a fiscal year every five or six years. |
| Cash and Cash Equivalents | Cash and Cash Equivalents. Our policy is to invest cash in excess of operating requirements in short-term highly liquid investments with an original maturity of three months or less, which we consider to be cash equivalents. |
| Receivables | Receivables. Receivables, which are recorded at net realizable value, primarily consist of trade accounts receivables and financing receivables from franchisees, vendor receivables and credit card receivables. Trade accounts receivables from franchisees consist of royalties, advertising and rent. Financing receivables from franchisees primarily consist of notes from franchisees related to the roll-out of restaurant equipment. We accrue interest on notes receivable based on the contractual terms. The allowance for doubtful accounts is based on management’s estimates of expected credit losses based on historical write-off experience. Receivables that are ultimately deemed to be uncollectible, and for which collection efforts have been exhausted, are written off against the allowance for doubtful accounts. |
| Inventories | Inventories. Inventories consist primarily of food, beverages and, in some periods, equipment and are valued at the lower of first-in, first-out cost or net realizable value. |
| Property and Depreciation | Property and Depreciation. Owned property is stated at cost. Property under finance leases is stated at the lesser of its fair value or the net present value of the related minimum lease payments at the lease inception. Maintenance and repairs are expensed as incurred. We depreciate owned property over its estimated useful life using the straight-line method. We amortize property held under finance leases (at capitalized value) over the lesser of its estimated useful life or the lease term. Building assets are assigned estimated useful lives that range from to 30 years. Other property and equipment assets are assigned lives that range from to ten years. Leasehold improvements are generally assigned lives between and 15 years limited by the expected lease term. |
| Goodwill | Goodwill. Amounts recorded as goodwill primarily represent excess reorganization value recognized as a result of our 1998 bankruptcy and from our acquisition of Keke’s in 2022. We also record goodwill in connection with the acquisition of restaurants from franchisees. Likewise, upon the sale of restaurant operations to franchisees, goodwill is decremented. We test goodwill for impairment at each fiscal year end and more frequently if circumstances indicate impairment may exist. Such indicators include, but are not limited to, a significant decline in our expected future cash flows, a significant adverse decline in our stock price, significantly adverse legal developments and a significant change in the business climate. |
| Intangible Assets | Intangible Assets. Intangible assets consist primarily of trade names, franchise agreements and reacquired franchise rights. Trade names are considered indefinite-lived intangible assets and are not amortized. Franchise agreements are amortized using the straight-line basis over the term of the related franchise agreement. Reacquired franchise rights are amortized using the straight-line basis over the term of the related franchise agreement. Franchise agreements and reacquired franchise rights resulting from acquisitions are accounted for using the purchase method of accounting and are estimated by management based on the fair value of the assets received. We test trade name assets for impairment at each fiscal year end, and more frequently if circumstances indicate impairment may exist. We assess impairment of reacquired franchise rights and franchise agreements whenever changes or events indicate that the carrying values may not be recoverable. Costs incurred to renew or extend the term of recognized intangible assets are recorded in general and administrative expenses in our Consolidated Statements of Operations.
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| Marketable Securities | Marketable Securities. Marketable securities included in investments consist of available for sale equity instruments and are recorded at fair market value in our Consolidated Balance Sheets. Marketable securities included in other noncurrent assets consist of trading debt and equity mutual funds and are recorded at fair market value in our Consolidated Balance Sheets. These securities represent the plan assets of our nonqualified deferred compensation plan (the “plan assets”). The plan assets are held in a rabbi trust. Each plan participant’s account consists of their contribution, our matching contribution (made prior to 2016) and each participant’s share of earnings or losses in the plan. We have recorded offsetting deferred compensation liabilities as a component of other noncurrent liabilities in our Consolidated Balance Sheets.The realized and unrealized holding gains and losses related to marketable securities are recorded in other nonoperating income with an offsetting amount recorded in general and administrative expenses related to deferred compensation plan liabilities. |
| Deferred Financing Costs | Deferred Financing Costs. Costs related to the issuance of debt are deferred and amortized as a component of interest expense using the effective interest method over the terms of the respective debt issuances. |
| Self-insurance Liabilities | Self-insurance Liabilities. We record liabilities for insurance claims during periods in which we have been insured under large deductible programs or have been self-insured for our medical claims and workers’ compensation, general, product and automobile insurance liabilities. The liabilities represent estimated incurred losses. These estimates include assumptions regarding claims frequency and severity as well as changes in our business environment, medical costs and the regulatory environment that could impact our overall self-insurance costs. |
| Income Taxes | Income Taxes. We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. All deferred taxes are reported as noncurrent in our Consolidated Balance Sheets. A valuation allowance reduces our net deferred tax asset to the amount that is more likely than not to be realized. We make certain estimates and judgments in the calculation of our provision for incomes taxes, in the resulting tax liabilities, and in the recoverability of deferred tax assets.We recognize positions taken or expected to be taken in a tax return in the Consolidated Financial Statements when it is more-likely-than-not that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit with greater than 50% likelihood of being realized upon ultimate settlement. We recognize any interest and penalties related to unrecognized tax benefits in income tax expense. Assessment of uncertain tax positions requires judgments relating to the amounts, timing and likelihood of resolution. |
| Leases and Subleases, Lessee | Leases and Subleases. Lessee We lease certain real estate and equipment for our restaurants and support facilities. At contract inception, we determine whether a contract is, or contains, a lease by determining whether it conveys the right to control the use of the identified asset for a period of time. We recognize a lease liability and a right-of-use (“ROU”) asset at the lease commencement date. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. For finance leases, the lease liability is initially measured in the same manner and date as for operating leases, and is subsequently measured at amortized cost using the effective interest method. Operating lease ROU assets are initially and subsequently measured throughout the lease term at the carrying amount of the lease liability adjusted for initial direct costs, prepayments, accrued payments and lease incentives, if any. Lease cost is recognized on a straight-line basis over the lease term. Operating lease payments are classified as cash flows for operating activities with ROU asset amortization and the change in the lease liability combined as "Operating lease assets/liabilities" in the reconciliation of net income (loss) to net cash flows provided by (used in) operating activities in the Consolidated Statement of Cash Flows. Finance lease ROU assets are initially measured at cost and subsequently amortized on a straight-line basis over the lesser of the useful life or the lease term. Finance lease payments are classified as cash flows used in financing activities in the Consolidated Statement of Cash Flows. Operating and finance lease ROU assets are assessed for impairment using long-lived assets impairment guidance. We use a consistent lease term for calculating the depreciation period for the related assets, classifying the lease and computing periodic rent expense where the lease terms include escalations in rent over the lease term. The lease guidance provides for certain practical expedients and accounting elections. We elected the practical expedient to not separate nonlease components (such as common area maintenance) from lease components in regard to all leases and the portfolio approach in applying the discount rate to our leases. Key estimates and judgments include how we determine (1) lease payments, (2) lease term and (3) the discount rate used to discount the unpaid lease payments to present value. We have certain lease agreements structured with both a fixed base rent and a contingent rent based on a percentage of sales over contractual levels, others with only contingent rent based on a percentage of sales and some with a fixed base rent adjusted periodically for inflation or changes in the fair market rent rate. Contingent rent is recognized as sales occur. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The exercise of lease renewal options is at our sole discretion, except in certain sublease situations in which we have determined that it is reasonably certain that one or more options will be exercised, including where the exercise of a sublease option compels us to exercise the renewal option of the underlying master lease. Renewal option periods are included in the measurement of lease ROU asset and lease liability where the exercise is reasonably certain to occur. The discount rate used to determine the present value of the lease payments is our estimated collateralized incremental borrowing rate, based on the yield curve for the respective lease terms, as we generally cannot determine the interest rate implicit in the lease. Abatements or deferrals in rents received from landlords as a result of the COVID-19 pandemic are recognized as reductions in variable lease payments.
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| Lessor | LessorWe lease or sublease certain restaurant properties to our franchisees and occasionally to third parties. The lease descriptions, terms, variable lease payments and renewal options are the same as the lessee leases described above. Contingent rental income is recognized when earned. Similar to our lessee accounting, we elected the lessor practical expedient to not separate nonlease components from lease components in regard to all leases. |
| Employee Benefit Plans | Employee Benefit Plans. Each year we measure and recognize the funded status of our defined benefit plans in our Consolidated Balance Sheets as of December 31. That date represents the month-end that is closest to our fiscal year-end. The funded status is adjusted for any contributions or significant events (such as a plan amendment, settlement, or curtailment that calls for a remeasurement) that occurs between our fiscal year-end and December 31. |
| Derivative Instruments | Derivative Instruments. We use derivative financial instruments to manage our exposure to interest rate risk. We do not enter into derivative instruments for trading or speculative purposes. All derivatives are recognized on our Consolidated Balance Sheets at fair value. Changes in the fair values of derivatives are recorded in earnings or other comprehensive income (“OCI”), based on whether the instrument is designated as a hedge transaction. Gains or losses on derivative instruments reported in OCI are classified to earnings in the period the hedged item affects earnings. If the underlying hedge transaction ceases to exist, any associated amounts reported in OCI are reclassified to earnings. By entering into derivative instruments, we are exposed to counterparty credit risk. When the fair value of a derivative instrument is in an asset position, the counterparty has a liability to us, which creates credit risk for us. We manage our exposure to this risk by selecting counterparties with investment grade credit ratings and regularly monitoring our market position with each counterparty. |
| Contingencies and Litigation | Contingencies and Litigation. We are subject to legal proceedings involving ordinary and routine claims incidental to our business, as well as legal proceedings that are nonroutine and include compensatory or punitive damage claims. Settlement costs are accrued when they are deemed estimable and probable. Our ultimate legal and financial liability with respect to such matters cannot be estimated with certainty and requires the use of estimates in recording liabilities for potential litigation settlements. When the reasonable estimate is a range, the recorded loss will be the best estimate within the range. We record legal settlement costs as other operating expenses in our Consolidated Statements of Operations as those costs are incurred. |
| Comprehensive Income (Loss) | Comprehensive Income (Loss). Comprehensive income (loss) includes net income (loss) and OCI items that are excluded from net income (loss) under U.S. generally accepted accounting principles. OCI items include additional minimum pension liability adjustments, the effective unrealized portion of changes in the fair value of cash flow hedges, and the reclassification and amortization of loss related to the dedesignation of cash flow derivatives. |
| Revenues | Revenues. Company Restaurant Revenue. Company restaurant revenue is recognized at the point in time when food and beverage products are sold at company restaurants. We present company restaurant sales net of sales-related taxes collected from customers and remitted to governmental taxing authorities. Franchise Revenue. Franchise and license revenues consist primarily of royalties, advertising revenue, initial and other fees and occupancy revenue. Under franchise agreements we provide franchisees with a license of our respective brands’ symbolic intellectual property, administration of advertising programs (including local co-operatives), and other ongoing support functions. These services are highly interrelated so we do not consider them to be individually distinct performance obligations, and therefore account for them as a single performance obligation. Royalty and advertising revenues represent sales-based royalties that are recognized in the period in which the sales occur. Sales-based royalties are variable consideration related to our performance obligation to our franchisees to maintain the intellectual property being licensed. Under our franchise agreements, franchisee advertising contributions must be spent on marketing and related activities. Advertising revenues and expenditures are recorded on a gross basis within the Consolidated Statements of Operations. Initial and other fees include initial, successor and assignment franchise fees (“initial franchise fees”). Initial franchise fees are billed and received upon the signing of the franchise agreement. Recognition of these fees is deferred until the commencement date of the agreement and occurs over time based on the term of the underlying franchise agreement. Acquired initial franchise fees are recognized from the acquisition date over time based on the term of the underlying franchise agreement. In the event a franchise agreement is terminated, any remaining deferred fees are recognized in the period of termination. Initial and other fees also include revenue that are distinct from the franchise agreement and are separate performance obligations. Training and other franchise services fees are billed and recognized at a point in time as services are rendered. Equipment revenues are billed and recognized as the equipment is installed. Similar to advertising revenue, equipment revenues and other franchise services fees are recorded on a gross basis within the Consolidated Statements of Operations. We record contract assets related to incentives and subsidies provided to franchisees related to new unit openings and/or equipment upgrades. These contract assets are presented within prepaid and other current assets and other noncurrent assets in our Consolidated Balance Sheets. These assets are amortized as a reduction to franchise and license revenue within our Consolidated Statements of Operations over the remaining term of the underlying franchise agreement. Occupancy revenue results from leasing or subleasing restaurants to franchisees and is recognized over the term of the lease agreement. With the exception of initial and other franchise fees, revenues are typically billed and collected on a weekly basis.Gift cards. Company restaurants, franchised restaurants and certain third party retailers sell gift cards which have no stated expiration dates. We recognize revenue when a gift card is redeemed in one of our company restaurants. We maintain a gift card liability for cards sold in our company restaurants and for cards sold by third parties. Gift card breakage is recognized proportionally as redemptions occur. Our gift card breakage primarily relates to cards sold by third parties and is recorded as advertising revenue (included as a component of franchise and license revenue).
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| Advertising Costs | Advertising Costs. We expense production costs for radio and television advertising in the year in which the commercials are initially aired and other advertising costs as incurred. Advertising costs for company restaurants are recorded as a component of other operating expenses in our Consolidated Statements of Operations. Advertising costs related to franchised restaurants are recorded as a component of franchise and license costs. Under our franchise agreements, advertising contributions received from franchisees must be spent on advertising, product development, marketing and related activities. As the Company is contractually required to spend these contributions on advertising costs, the obligations are accrued and advertising costs expensed when the related revenues are recognized. |
| Restructuring and Exit Costs | Restructuring and Exit Costs. Restructuring and exit costs are included as a component of operating (gains), losses and other charges, net in our Consolidated Statements of Operations. Restructuring costs consist primarily of severance and other restructuring charges for terminated employees. Amounts recorded as exit costs include period costs related to closed units. |
| Disposal or Impairment of Long-lived Assets | Disposal or Impairment of Long-lived Assets. We evaluate our long-lived assets for impairment at the restaurant level on a quarterly basis, when assets are identified as held for sale or whenever changes or events indicate that the carrying value may not be recoverable. For assets identified as held for sale, we use the market approach and consider proceeds from similar asset sales. We assess impairment of restaurant-level assets based on the operating cash flows of the restaurant, expected proceeds from the sale of assets and our plans for restaurant closings. For underperforming assets, we use the income approach to determine both the recoverability and estimated fair value of the assets. To estimate future cash flows, we make certain assumptions about expected future operating performance, such as revenue growth, operating margins, risk-adjusted discount rates, and future economic and market conditions. If the long-lived assets of a restaurant are not recoverable based upon estimated future, undiscounted cash flows, we write the assets down to their fair value. If these estimates or their related assumptions change in the future, we may be required to record additional impairment charges. These charges are included as a component of operating (gains), losses and other charges, net in our Consolidated Statements of Operations.Assets held for sale consist of real estate properties and/or restaurant operations that we expect to sell within the next year. The assets are reported at the lower of carrying amount or fair value less costs to sell. Fair value is based upon Level 2 inputs, which include sales agreements. We cease recording depreciation on assets that are classified as held for sale. If the determination is made that we no longer expect to sell an asset within the next year, the asset is reclassified out of held for sale. |
| Discontinued Operations | Discontinued Operations. We evaluate restaurant closures and assets reclassified to assets held for sale for potential disclosure as discontinued operations. Only disposals resulting in a strategic shift that will have a major effect on our operations and financial results are reported as discontinued operations. There have been no such disposals, nor any disposals of individually significant components. The gains and losses related to restaurant closures and assets reclassified to assets held for sale are included as a component of operating (gain), losses and other charges, net in our Consolidated Statements of Operations. |
| Gains and Losses on Sales of Restaurants Operations to Franchisees, Real Estate and Other Assets | Gains and Losses on Sales of Restaurants Operations to Franchisees, Real Estate and Other Assets. Generally, gains and losses on sales of restaurant operations to franchisees (which may include real estate), real estate properties and other assets are recognized when the sales are consummated and certain other gain recognition criteria are met. Total gains and losses are included as a component of operating (gains), losses and other charges, net in our Consolidated Statements of Operations. |
| Share-based Compensation | Share-based Compensation. Share-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the requisite service period. Share-based compensation expense is included as a component of general and administrative expenses in our Consolidated Statements of Operations. We account for forfeitures as they occur. Excess tax benefits recognized related to share-based compensation are included as a component of provision for (benefit from) income taxes in our Consolidated Statements of Operations and are classified as operating activities in our Consolidated Statements of Cash Flows. Generally, compensation expense related to performance share units and restricted stock units is based on the number of units granted, the period over which they are expected to vest and the fair market value of our common stock on the date of the grant. For restricted stock units and performance share units that contain a market condition, compensation expense is based on the Monte Carlo valuation method, which utilizes multiple input variables to determine the probability of the Company achieving the market condition and the fair value of the award. The key assumptions used include expected volatility and risk-free interest rates over the term of the award. We generally recognize compensation cost associated with performance share units over the entire performance period on a straight-line basis. For performance share units awarded to certain retirement eligible individuals with accelerated vesting terms, compensation cost is recognized on a graded-vesting basis. We generally recognize compensation cost associated restricted stock units on a straight-line basis over the entire performance period of the award. Subsequent to the vesting period, earned stock-settled restricted stock units and performance share units (both of which are equity classified) are paid to the holder in shares of our common stock, provided the holder was still employed with the Company or an affiliate as of the vesting date.
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| Earnings (Losses) Per Share | Earnings (Losses) Per Share. Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares and potential common shares outstanding during the period. |
| Business Combinations | Business Combinations. We account for acquisitions using the acquisition method of accounting. Accordingly, assets acquired and liabilities assumed are recorded at their estimated fair values at the acquisition date. The excess of purchase price over fair value of net assets acquired, including the amount assigned to identifiable intangible assets, is recorded as goodwill. |
| Newly Adopted Accounting Standards and Accounting Standards to be Adopted | Newly Adopted Accounting Standards In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” which was later clarified in January 2021 by ASU 2021-01, “Reference Rate Reform (Topic 848): Scope”. Additionally, in December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848”, which allows ASU 2020-04 to be adopted and applied prospectively to contract modifications made on or before December 31, 2024. The guidance provides optional guidance, for a limited time, to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The Company adopted ASU 2020-04 on March 12, 2020. The adoption of and future elections under this new guidance did not and are not expected to have a material impact on the Company’s consolidated financial position or results of operations. The guidance is effective through December 31, 2024. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, which modifies Topic 740 to simplify the accounting for income taxes. ASU 2019-12 is effective for financial statements issued for annual periods beginning after December 15, 2020, and for the interim periods therein. The adoption of ASU 2019-12 did not have a significant impact on the Company’s consolidated financial position or results of operations. Additional new accounting guidance became effective for us as of December 28, 2022 that we reviewed and concluded was either not applicable to our operations or had no material effect on our Consolidated Financial Statements and related disclosures. Accounting Standards to be Adopted We reviewed all other newly issued accounting pronouncements and concluded that they are either not applicable to our business or are not expected to have a material effect on our Consolidated Financial Statements as a result of future adoption.
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Acquisition of Keke's Breakfast Cafe (Tables) |
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Dec. 28, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Preliminary Purchase Price Allocation | The components of the preliminary purchase price allocation were as follows:
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Receivables (Tables) |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Receivables, Net | Receivables, net consisted of the following:
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Property (Tables) |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property, Net | Property, net consisted of the following:
The following table reflects the property assets, included in the table above, and buildings with finance leases which were leased to franchisees:
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Goodwill and Intangible Assets (Tables) |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in Carrying Amounts of Goodwill | The following table reflects the changes in carrying amounts of goodwill and goodwill by segment:
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| Schedule of Indefinite-Lived Intangible Assets | Intangible assets consist of the following:
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| Schedule of Finite-Lived Intangible Assets | Intangible assets consist of the following:
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| Schedule of Estimated Amortization Expense for Intangible Assets With Definite Lives | Estimated amortization expense for intangible assets with definite lives in the next five years is as follows:
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Other Current Liabilities (Tables) |
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| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Current Liabilities | Other current liabilities consisted of the following:
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Fair Value of Financial Instruments (Tables) |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | Financial assets and liabilities measured at fair value on a recurring basis are summarized below:
(1) The fair values of our deferred compensation plan investments are based on the closing market prices of the elected investments and are included in other noncurrent assets in our Consolidated Balance Sheets. (2) The fair values of our interest rate swaps are based upon Level 2 inputs, which include valuation models. The key inputs for the valuation models are quoted market prices, interest rates, forward yield curves and credit risk adjustments that are necessary to reflect the probability of default by the counterparty or us. For disclosures about the fair value measurements of our derivative instruments, see Note 10. (3) The fair value of investments is valued using a readily determinable net asset value per share based on the fair value of the underlying securities. There are no significant redemption restrictions associated with these investments.
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| Fair Value Measurements, Nonrecurring | Those assets and liabilities measured at fair value on a nonrecurring basis are summarized below:
(1)At December 29, 2021, impaired assets were written down to their fair value. To determine fair value, we used the income approach, which assumes that the future cash flows reflect current market expectations. These fair value measurements require significant judgment using Level 3 inputs, such as discounted cash flows from operations, which are not observable from the market, directly or indirectly. There is uncertainty in the projected future cash flows used in the Company's impairment analysis, which requires the use of estimates and assumptions. If actual performance does not achieve the projections, or if the assumptions used change in the future, we may be required to recognize impairment charges in future periods.
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Leases (Tables) |
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Dec. 28, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Lease Costs and Lease Terms and Discount Rates | The components of lease costs were as follows:
Lease terms and discount rates were as follows:
Cash and supplemental noncash amounts were as follows:
(1) Right-of-use assets obtained in 2022 includes $7.9 million from the acquisition of Keke’s. See Note 3.
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| Schedule of Components of Lease Income | The components of lease income were as follows:
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| Schedule of Finance Lease Liability Maturity | Maturities of lease liabilities and receipts as of December 28, 2022 were as follows:
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| Schedule of Lessee Lease Liability Maturity | Maturities of lease liabilities and receipts as of December 28, 2022 were as follows:
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| Schedule of Lessor Operating Lease Payments to be Received Maturity | Maturities of lease liabilities and receipts as of December 28, 2022 were as follows:
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Long-Term Debt (Tables) |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-Term Debt | Long-term debt consisted of the following:
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| Schedule of Interest Rate Swaps | A summary of our interest rate swaps as of December 28, 2022 is as follows:
(1) The notional amount of the swaps entered into on February 15, 2018 increase periodically until they reach the maximum notional amount of $425.0 million on September 28, 2029.
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Revenues (Tables) |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Disaggregation of Revenue | The following table disaggregates our revenue by sales channel and type of good or service:
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| Schedule of Components of the Change in Contract Asset and Contract Liability | The components of the change in deferred franchise revenue are as follows:
(1) Of this amount $2.5 million was included in the deferred franchise revenue balance as of December 29, 2021. The components of the change in contract assets are as follows:
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| Schedule of Deferred Franchise Revenue Recognition | As of December 28, 2022, deferred franchise revenue, net of contract asset amortization, expected to be recognized in the future is as follows:
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Employee Benefit Plans (Tables) |
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Dec. 28, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Pension and Other Defined Benefit Plan Obligations and Funded Status | The following table provides a reconciliation of the changes in the benefit obligations, plan assets, and funded status of our defined benefit plans:
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| Components of Net Periodic Benefit Cost | The components of net periodic benefit cost, which are included in in our Consolidated Statements of Operations, were as follows:
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| Schedule of Expected Benefit Payments | Benefits expected to be paid for each of the next five years and in the aggregate for the five fiscal years from 2028 through 2032 are as follows:
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Share-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Total Share-Based Compensation | Total share-based compensation expense included as a component of net income (loss) was as follows:
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| Schedule of Restricted Stock Units Activity | The following table summarizes the employee share awards activity during the year ended December 28, 2022:
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| Schedule of Grant Date Fair Value and Related Assumptions of PSUs | The following table presents the weighted-average assumptions used in the Monte Carlo simulations to determine the fair value of PSU awards at the grant date, along with the related weighted-average grant date fair value of PSU awards:
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Operating (Gains), Losses and Other Charges, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Operating (Gains) Losses and Other Charges Net | Operating (gains), losses and other charges, net consists of the following:
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| Schedule of Restructuring Charges and Exit Costs | Restructuring charges and exit costs consists of the following:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Provisions for (Benefits From) Income Taxes | The provisions for (benefits from) income taxes were as follows:
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| Schedule of Reconciliation of Income Taxes U.S. Federal Statutory Tax Rate | The reconciliation of income taxes at the U.S. federal statutory tax rate to our effective tax rate was as follows:
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| Schedule of Deferred Income Tax Assets or Liabilities | The following table represents the approximate tax effect of each significant type of temporary difference that resulted in deferred income tax assets or liabilities.
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| Summary of Unrecognized Tax Benefits | The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits:
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Net Income (Loss) Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Basic and Diluted Net Income Per Share | The amounts used for the basic and diluted net income (loss) per share calculations are summarized below:
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Shareholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Accumulated Other Comprehensive Loss | The components of the change in accumulated other comprehensive loss were as follows:
(1) Before-tax amount that was reclassified from accumulated other comprehensive loss and included as a component of pension expense within general and administrative expenses in our Consolidated Statements of Operations. See Note 12 for additional details. (2) Amounts reclassified from accumulated other comprehensive loss into income represent payments made to the counterparty for the effective portions of the interest rate swaps. These amounts are included as a component of interest expense, net in our Consolidated Statements of Operations. We expect to receive payments from the counterparty and reclassify approximately $3.3 million from accumulated other comprehensive loss related to our interest rate swaps during the next twelve months. See Note 10 for additional details. (3) During the quarter ended June 24, 2020, we dedesignated the cash flow relationship and discontinued hedge accounting treatment for the 2018 Swaps. As a result, we reclassified approximately $7.4 million of losses from accumulated other comprehensive loss, net to other nonoperating expense (income), net in our Consolidated Statements of Operations related to the portion of forecasted transaction no longer considered probable of occurring. The remaining losses related to the 2018 Swaps will continue to be included in accumulated other comprehensive loss, net and will be amortized as a component of interest expense, net in our Consolidated Statements of Operations over the remaining term of the 2018 Swaps. We expect to amortize less than $0.3 million from accumulated other comprehensive loss related to our interest rate swaps during the next twelve months. See Note 10 for additional details.
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2022 | |||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
| Schedule of Future Commitments Under Contracts for Food and Non-Food Products | Our future purchase obligation payments due by period for both company and franchised restaurants at December 28, 2022 consist of the following:
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Supplemental Cash Flow Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Supplemental Cash Flow Information |
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information, by Segment | The following tables present revenues by segment and a reconciliation of restaurant-level operating margin to operating income:
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Summary of Significant Accounting Policies - (Cash and Cash Equivalents) (Details) - USD ($) $ in Millions |
Dec. 28, 2022 |
Dec. 29, 2021 |
|---|---|---|
| Accounting Policies [Abstract] | ||
| Short-term investments, included as cash and cash equivalents | $ 0.4 | $ 0.1 |
Summary of Significant Accounting Policies - (Property and Depreciation) (Details) |
12 Months Ended |
|---|---|
Dec. 28, 2022 | |
| Building Assets | Minimum | |
| Property, Plant and Equipment | |
| Property and equipment, useful life | 5 years |
| Building Assets | Maximum | |
| Property, Plant and Equipment | |
| Property and equipment, useful life | 30 years |
| Equipment | Minimum | |
| Property, Plant and Equipment | |
| Property and equipment, useful life | 2 years |
| Equipment | Maximum | |
| Property, Plant and Equipment | |
| Property and equipment, useful life | 10 years |
| Leasehold Improvements | Minimum | |
| Property, Plant and Equipment | |
| Property and equipment, useful life | 5 years |
| Leasehold Improvements | Maximum | |
| Property, Plant and Equipment | |
| Property and equipment, useful life | 15 years |
Summary of Significant Accounting Policies - (Marketable Securities) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Investment [Line Items] | |||
| Marketable securities | $ 1,746 | $ 2,551 | |
| Unrealized gain (loss) on marketable securities | (2,200) | 2,200 | $ 1,800 |
| Investments | |||
| Investment [Line Items] | |||
| Unrealized gain (loss) on marketable securities | (200) | 100 | $ (100) |
| Aggregated Cost | |||
| Investment [Line Items] | |||
| Marketable securities | 1,900 | 2,500 | |
| Estimate of Fair Value Measurement | |||
| Investment [Line Items] | |||
| Marketable securities | $ 1,700 | $ 2,600 | |
Summary of Significant Accounting Policies - (Self-insurance Liabilities) (Details) - USD ($) $ in Millions |
Dec. 28, 2022 |
Dec. 29, 2021 |
|---|---|---|
| Accounting Policies [Abstract] | ||
| Discounted insurance liabilities | $ 9.7 | $ 11.5 |
Summary of Significant Accounting Policies - (Derivative Instruments) (Details) |
12 Months Ended |
|---|---|
Dec. 28, 2022 | |
| Accounting Policies [Abstract] | |
| Derivative Asset, Statement Of Financial Position, Extensible Enumeration Not Disclosed Flag | Consolidated Balance Sheets |
| Derivative Liability, Statement Of Financial Position, Extensible Enumeration Not Disclosed Flag | Consolidated Balance Sheets |
Summary of Significant Accounting Policies - (Concentration Risk) (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Revenue from franchises and licenses risk | Revenue Benchmark | Ten Largest Franchises | |||
| Concentration Risk | |||
| Franchise revenue, percentage | 37.00% | 37.00% | 39.00% |
Summary of Significant Accounting Policies - (Advertising Costs) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Entity Operated Units [Member] | |||
| Franchisor Disclosure [Line Items] | |||
| Advertising expense | $ 5.3 | $ 4.6 | $ 3.9 |
| Franchise | |||
| Franchisor Disclosure [Line Items] | |||
| Advertising expense | $ 75.9 | $ 70.0 | $ 53.7 |
Acquisition of Keke's Breakfast Cafe - Narrative (Details) $ in Thousands |
12 Months Ended | |
|---|---|---|
|
Jul. 20, 2022
USD ($)
restaurant
|
Dec. 28, 2022
USD ($)
restaurant
|
|
| Business Acquisition [Line Items] | ||
| Number of restaurants | 1,656 | |
| Franchise agreements | ||
| Business Acquisition [Line Items] | ||
| Weighted average useful life | 14 years | |
| Company Restaurants | ||
| Business Acquisition [Line Items] | ||
| Number of restaurants | 74 | |
| Keke's | ||
| Business Acquisition [Line Items] | ||
| Total purchase price | $ | $ 82,500 | |
| Acquisition, transaction costs | $ | $ 600 | |
| Keke's | Franchise agreements | ||
| Business Acquisition [Line Items] | ||
| Weighted average useful life | 15 years | |
| Keke's | Franchised Location | ||
| Business Acquisition [Line Items] | ||
| Number of restaurants | 44 | |
| Keke's | Company Restaurants | ||
| Business Acquisition [Line Items] | ||
| Number of restaurants | 8 |
Acquisition of Keke's Breakfast Cafe - Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands |
Jul. 20, 2022 |
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|---|---|---|---|---|
| Liabilities: | ||||
| Goodwill | $ 72,740 | $ 36,884 | $ 36,884 | |
| Keke's | ||||
| Business Acquisition [Line Items] | ||||
| Total consideration paid | $ 82,500 | |||
| Assets: | ||||
| Property | 2,015 | |||
| Operating lease ROU assets | 7,908 | $ 7,900 | ||
| Liabilities: | ||||
| Operating lease liabilities | 7,908 | |||
| Deferred franchise revenue | 992 | |||
| Other liabilities | 36 | |||
| Net assets acquired, excluding goodwill | 47,287 | |||
| Goodwill | 35,213 | |||
| Keke's | Trade name | ||||
| Assets: | ||||
| Purchase price allocated to intangible assets | 35,600 | |||
| Keke's | Franchise agreements | ||||
| Assets: | ||||
| Purchase price allocated to intangible assets | $ 10,700 |
Receivables (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Receivables, net: | |||
| Trade accounts receivable from franchisees | $ 13,314 | $ 13,430 | |
| Other receivables from franchisees | 6,731 | 1,027 | |
| Allowance for doubtful accounts | (376) | (574) | |
| Total receivables, net | 25,576 | 19,621 | |
| Other noncurrent assets: | |||
| Financing receivables from franchisees | 0 | 293 | |
| Expected credit expense (reversal) | (100) | (1,100) | $ 1,500 |
| Vendor receivables | |||
| Receivables, net: | |||
| Other receivable, gross, current | 3,466 | 4,041 | |
| Credit card receivables | |||
| Receivables, net: | |||
| Other receivable, gross, current | 896 | 747 | |
| Other | |||
| Receivables, net: | |||
| Other receivable, gross, current | $ 1,545 | $ 950 | |
Goodwill and Intangible Assets - (Goodwill) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Jul. 20, 2022 |
|
| Goodwill [Roll Forward] | |||
| Balance, beginning of year | $ 36,884 | $ 36,884 | |
| Balance, end of year | 72,740 | 36,884 | |
| Goodwill | 72,740 | 36,884 | |
| Denny’s | |||
| Goodwill [Roll Forward] | |||
| Balance, beginning of year | 36,884 | ||
| Balance, end of year | 37,527 | 36,884 | |
| Goodwill | 37,527 | 36,884 | |
| Other | |||
| Goodwill [Roll Forward] | |||
| Balance, beginning of year | 0 | ||
| Balance, end of year | 35,213 | 0 | |
| Goodwill | 35,213 | 0 | |
| Keke's | |||
| Goodwill [Roll Forward] | |||
| Addition related to the acquisition | 35,213 | 0 | |
| Goodwill | $ 35,213 | ||
| Franchise Unit | |||
| Goodwill [Roll Forward] | |||
| Addition related to the acquisition | $ 643 | $ 0 | |
Goodwill and Intangible Assets - (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands |
Dec. 28, 2022 |
Dec. 29, 2021 |
|---|---|---|
| Intangible Assets | ||
| Trade names | $ 79,687 | $ 44,087 |
| Liquor licenses | 120 | 120 |
| Finite-Lived Intangible Assets [Line Items] | ||
| Accumulated Amortization | 5,962 | 6,199 |
| Intangible assets | 100,996 | 56,425 |
| Reacquired franchise rights | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 10,489 | 12,218 |
| Accumulated Amortization | 5,697 | 6,199 |
| Franchise agreements | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 10,700 | 0 |
| Accumulated Amortization | $ 265 | $ 0 |
Goodwill and Intangible Assets - (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Finite-Lived Intangible Assets [Line Items] | |||
| Amortization expense of definite-lived intangible assets and other assets | $ 2.0 | $ 2.1 | $ 3.0 |
| Reacquired franchise rights | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Weighted average useful life | 7 years | ||
| Franchise agreements | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Weighted average useful life | 14 years | ||
Goodwill and Intangible Assets - (Estimated Amortization Expense) (Details) $ in Thousands |
Dec. 28, 2022
USD ($)
|
|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| 2023 | $ 1,550 |
| 2024 | 1,480 |
| 2025 | 1,424 |
| 2026 | 1,256 |
| 2027 | $ 1,207 |
Other Current Liabilities (Details) - USD ($) $ in Thousands |
Dec. 28, 2022 |
Dec. 29, 2021 |
|---|---|---|
| Other Liabilities Disclosure [Abstract] | ||
| Accrued payroll | $ 17,903 | $ 20,676 |
| Accrued insurance, primarily current portion of liability for insurance claims | 3,492 | 4,285 |
| Accrued taxes | 4,452 | 4,533 |
| Accrued advertising | 6,069 | 15,355 |
| Gift cards | 7,675 | 7,170 |
| Accrued legal settlements | 5,446 | 3,173 |
| Other | 11,725 | 8,954 |
| Other current liabilities | $ 56,762 | $ 64,146 |
Fair Value of Financial Instruments - (Schedule of Assets and Liabilities Measured on Nonrecurring Basis) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Dec. 28, 2022 |
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||
| Impairment Charges | $ 963 | $ 442 | $ 4,083 | |
| Fair Value, Nonrecurring | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||
| Impairment Charges | 1,000 | $ 400 | ||
| Fair Value, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||
| Assets held and used | $ 313 | $ 313 | ||
| Impairment Charges | $ 442 | |||
Leases - (Lease Costs) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
|
| Finance lease costs: | ||
| Amortization of right-of-use assets | $ 1,704 | $ 1,895 |
| Interest on lease liabilities | 2,350 | 2,960 |
| Sublease income: | ||
| Total lease costs | 11,183 | 9,089 |
| Occupancy | ||
| Operating lease costs: | ||
| Operating lease costs | 7,624 | 6,394 |
| Variable lease costs: | ||
| Variable lease costs | 3,988 | 3,275 |
| Costs of franchise and license revenue | ||
| Operating lease costs: | ||
| Operating lease costs | 15,541 | 17,106 |
| Variable lease costs: | ||
| Variable lease costs | 6,596 | 7,172 |
| General and administrative expenses | ||
| Operating lease costs: | ||
| Operating lease costs | 564 | 432 |
| Variable lease costs: | ||
| Variable lease costs | 255 | 218 |
| Restructuring charges and exit costs | ||
| Operating lease costs: | ||
| Operating lease costs | 201 | 356 |
| Variable lease costs: | ||
| Variable lease costs | 34 | 48 |
| Sublease income: | ||
| Sublease income | (229) | (160) |
| Franchise and license revenue | ||
| Sublease income: | ||
| Sublease income | $ (27,445) | $ (30,607) |
Leases - (Lease Terms and Discount Rates) (Details) |
Dec. 28, 2022 |
Dec. 29, 2021 |
|---|---|---|
| Weighted-average remaining lease term (in years): | ||
| Finance leases | 8 years 4 months 24 days | 8 years 6 months |
| Operating leases | 9 years 4 months 24 days | 10 years |
| Weighted-average discount rate: | ||
| Finance leases | 23.50% | 23.40% |
| Operating leases | 5.80% | 5.70% |
Leases - (Lease Income) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
|
| Lease income | ||
| Total lease income | $ 38,966 | $ 41,991 |
| Restructuring charges and exit costs | ||
| Lease income | ||
| Operating lease income | 183 | 109 |
| Variable lease income | $ 46 | 51 |
| Operating lease, lease income, statement of income or comprehensive income | Other Operating Income (Expense), Net | |
| General and administrative expenses | ||
| Lease income | ||
| Operating lease income | $ 140 | 65 |
| Operating lease, lease income, statement of income or comprehensive income | General and administrative expenses | |
| Franchise and license revenue | ||
| Lease income | ||
| Operating lease income | $ 28,473 | 30,767 |
| Variable lease income | $ 10,124 | $ 10,999 |
| Operating lease, lease income, statement of income or comprehensive income | Revenue recognized | |
Leases - (Cash and Supplemental Noncash) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
Jul. 20, 2022 |
|
| Cash paid for amounts included in the measurement of lease liabilities: | ||||
| Operating cash flows from finance leases | $ 2,350 | $ 2,960 | ||
| Operating cash flows from operating leases | 24,626 | 25,578 | ||
| Financing cash flows from finance leases | 2,020 | 2,118 | ||
| Right-of-use assets obtained in exchange for new finance lease liabilities | 537 | 998 | $ 142 | |
| Right-of-use assets obtained in exchange for new operating lease liabilities | 16,040 | $ 8,513 | ||
| Keke's | ||||
| Cash paid for amounts included in the measurement of lease liabilities: | ||||
| Operating lease ROU assets | $ 7,900 | $ 7,908 | ||
Leases - (Maturities of Lease Labilities) (Details) - USD ($) $ in Thousands |
Dec. 28, 2022 |
Dec. 29, 2021 |
|---|---|---|
| Lease Liabilities, Finance | ||
| 2023 | $ 3,768 | |
| 2024 | 3,047 | |
| 2025 | 2,911 | |
| 2026 | 2,576 | |
| 2027 | 2,197 | |
| Thereafter | 11,514 | |
| Total undiscounted cash flows | 26,013 | |
| Less: interest | 14,775 | |
| Present value of lease liabilities | 11,238 | $ 12,696 |
| Less: current lease liabilities | 1,683 | 1,952 |
| Long-term lease liabilities | 9,555 | 10,744 |
| Lease Liabilities, Operating | ||
| 2023 | 23,031 | |
| 2024 | 21,538 | |
| 2025 | 20,267 | |
| 2026 | 19,427 | |
| 2027 | 17,525 | |
| Thereafter | 80,781 | |
| Total undiscounted cash flows | 182,569 | |
| Less: interest | 43,855 | |
| Present value of lease liabilities | 138,714 | |
| Less: current lease liabilities | 15,310 | 15,829 |
| Long-term lease liabilities | 123,404 | $ 126,296 |
| Lease Receipts, Operating | ||
| 2023 | 25,816 | |
| 2024 | 24,454 | |
| 2025 | 24,220 | |
| 2026 | 23,768 | |
| 2027 | 22,195 | |
| Thereafter | 138,095 | |
| Total undiscounted cash flows | $ 258,548 |
Long-term Debt - (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands |
Dec. 28, 2022 |
Dec. 29, 2021 |
|---|---|---|
| Debt Disclosure [Abstract] | ||
| Revolving loans | $ 261,500 | $ 170,000 |
| Finance lease obligations | 11,238 | 12,696 |
| Total long-term debt | 272,738 | 182,696 |
| Less current maturities of finance lease obligations | 1,683 | 1,952 |
| Noncurrent portion of long-term debt | $ 271,055 | $ 180,744 |
Long-Term Debt - (Schedule of Interest Rate Swaps) (Details) |
Dec. 28, 2022
USD ($)
|
|---|---|
| Derivative [Line Items] | |
| Notional Amount | $ 300,000,000 |
| Fair Value | 20,047,000 |
| Interest Rate Swaps Maturity 2025 | |
| Derivative [Line Items] | |
| Notional Amount | 120,000,000 |
| Fair Value | $ 4,904,000 |
| Fixed Rate | 2.44% |
| Interest Rate Swaps Maturity 2026 | |
| Derivative [Line Items] | |
| Notional Amount | $ 50,000,000 |
| Fair Value | $ 2,392,000 |
| Fixed Rate | 2.46% |
| Interest Rate Swaps Maturity 2033 | |
| Derivative [Line Items] | |
| Notional Amount | $ 130,000,000 |
| Fair Value | $ 12,751,000 |
| Fixed Rate | 3.19% |
| Maximum | |
| Derivative [Line Items] | |
| Notional Amount | $ 425,000,000 |
Revenues - (Disaggregation of Revenues) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Disaggregation of Revenue [Line Items] | |||
| Total operating revenue | $ 456,429 | $ 398,174 | $ 288,605 |
| Company restaurant sales | |||
| Disaggregation of Revenue [Line Items] | |||
| Total operating revenue | 199,753 | 175,017 | 118,160 |
| Royalties | |||
| Disaggregation of Revenue [Line Items] | |||
| Total operating revenue | 113,891 | 103,425 | 67,501 |
| Advertising revenue | |||
| Disaggregation of Revenue [Line Items] | |||
| Total operating revenue | 75,926 | 69,957 | 53,745 |
| Initial and other fees | |||
| Disaggregation of Revenue [Line Items] | |||
| Total operating revenue | 28,262 | 8,009 | 7,332 |
| Occupancy revenue | |||
| Disaggregation of Revenue [Line Items] | |||
| Total operating revenue | 38,597 | 41,766 | 41,867 |
| Franchise and license revenue | |||
| Disaggregation of Revenue [Line Items] | |||
| Total operating revenue | $ 256,676 | $ 223,157 | $ 170,445 |
Revenues - (Contract Balance) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
|
| Contract With Customer Liability [Roll Forward] | ||
| Balance, December 29, 2021 | $ 19,896 | |
| Fees received from franchisees | 3,435 | |
| Acquired deferred franchise revenue | 992 | |
| Revenue recognized, net | (3,572) | |
| Balance, December 28, 2022 | 20,751 | $ 19,896 |
| Less current portion included in other current liabilities | 2,258 | |
| Deferred franchise revenue included in other noncurrent liabilities | $ 18,493 | |
| Amount of revenue recognized that was previously included in balance of obligation | $ 2,500 | |
Revenues - (Change In Contract Assets) (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 28, 2022
USD ($)
| |
| Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward] | |
| Balance, December 29, 2021 | $ 0 |
| Franchisee deferred costs | 5,953 |
| Contract asset amortization | (592) |
| Balance, December 28, 2022 | 5,361 |
| Less current portion included in other current assets | 580 |
| Contract assets included in other noncurrent assets | $ 4,781 |
Revenues - (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Disaggregation of Revenue [Line Items] | |||
| Contract asset | $ 5,361 | $ 0 | |
| Revenue recognized | 456,429 | 398,174 | $ 288,605 |
| Receivables, net | 25,576 | 19,621 | |
| Contract with customer | 2,258 | ||
| Amount of revenue recognized that was previously included in balance of obligation | 2,500 | ||
| Gift Card Redemption | |||
| Disaggregation of Revenue [Line Items] | |||
| Contract with customer | 7,700 | 7,200 | |
| Amount of revenue recognized that was previously included in balance of obligation | 500 | ||
| Kitchen Modernization Program For Franchise Restaurants | |||
| Disaggregation of Revenue [Line Items] | |||
| Contract asset | 5,700 | ||
| Revenue recognized | 19,100 | 400 | |
| Inventory related to kitchen equipment rollout | 3,600 | 3,700 | |
| Receivables, net | $ 6,600 | $ 400 | |
Employee Benefit Plans - (Defined Contribution Plans) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Defined Contribution Plan Disclosure [Line Items] | |||
| Employer contributions | $ 1.7 | $ 1.5 | $ 1.5 |
| Qualified Plan | |||
| Defined Contribution Plan Disclosure [Line Items] | |||
| Maximum annual contribution per employee | 25.00% | ||
| Employer matching contribution | 4.00% | ||
| Nonqualified Plan | |||
| Defined Contribution Plan Disclosure [Line Items] | |||
| Maximum annual contribution per employee | 50.00% | ||
| Maximum incentive compensation deferral | 75.00% | ||
Employee Benefit Plans - (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Retirement Benefits [Abstract] | |||
| Net periodic benefit cost (credit) excluding service cost, statement of income or comprehensive income | General and administrative expenses | ||
| Components of net periodic benefit cost [Abstract] | |||
| Interest cost | $ 36 | $ 26 | $ 41 |
| Amortization of net loss | 123 | 159 | 89 |
| Settlement loss recognized | 74 | 0 | 95 |
| Net periodic benefit cost | $ 233 | $ 185 | $ 225 |
Employee Benefit Plans - (Assumptions) (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Retirement Benefits [Abstract] | |||
| Discount rate used to determine the benefit obligations | 5.26% | 1.99% | |
| Discount rate used to determine net period pension costs | 1.99% | 1.34% | 2.56% |
Employee Benefit Plans - (Benefits Expected to be Paid in Future Years) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
|
| Retirement Benefits [Abstract] | ||
| Employer contributions | $ 388 | $ 151 |
| Estimated employer contributions during 2023 | 1,000 | |
| Benefits expected to be paid: | ||
| 2023 | 972 | |
| 2024 | 144 | |
| 2025 | 121 | |
| 2026 | 119 | |
| 2027 | 91 | |
| 2028 through 2032 | $ 314 | |
Share-Based Compensation - (Component of Net Income) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total share-based compensation | $ 11,400 | $ 13,602 | $ 7,948 |
| Employee share awards | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total share-based compensation | 10,470 | 12,708 | 7,104 |
| Restricted stock units for board members | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total share-based compensation | $ 930 | $ 894 | $ 844 |
Share-Based Compensation - (Employee Share Awards) (Details) - Employee share awards - $ / shares shares in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Units | |||
| Outstanding, beginning of year (in shares) | 2,076 | ||
| Granted (in shares) | 1,065 | ||
| Vested (in shares) | (1,415) | ||
| Forfeited (in shares) | (429) | ||
| Outstanding, end of year (in shares) | 1,297 | 2,076 | |
| Convertible, end of year (in shares) | 159 | ||
| Weighted Average Grant Date Fair Value | |||
| Outstanding, beginning of year (in dollars per share) | $ 15.57 | ||
| Granted (in dollars per share) | 16.22 | $ 21.83 | $ 10.47 |
| Vested (in dollars per share) | 12.33 | ||
| Forfeited (in dollars per share) | 19.62 | ||
| Outstanding, end of year (in dollars per share) | 18.30 | $ 15.57 | |
| Convertible, end of year, weighted-average grant date fair value (in dollars per share) | $ 15.38 | ||
Share-Based Compensation - (Schedule of Grant Date Fair Value and Related Assumptions of PSUs) (Details) - Employee share awards - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Grant date fair value per unit (in dollars per share) | $ 16.22 | $ 21.83 | $ 10.47 |
| Certain Employees | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Risk-free interest rate | 1.96% | 0.18% | 0.16% |
| Expected term (in years) | 2 years 9 months 18 days | 3 years | 1 year 3 months |
| Expected volatility | 66.00% | 64.90% | 59.50% |
| Expected dividend yield | 0.00% | 0.00% | 0.00% |
| Grant date fair value per unit (in dollars per share) | $ 21.05 | $ 24.74 | $ 8.24 |
Share-Based Compensation - (Stock Options) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Options granted | 0 | 0 | 0 |
| Option outstanding (in shares) | 0 | ||
| Exercised (in shares) | 0 | ||
| Stock Options | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Vesting period | 3 years | ||
| Contractual life | 10 years | ||
| Intrinsic value of the options exercised | $ 0.3 | $ 0.8 | |
Operating (Gains), Losses and Other Charges, Net - (Operating (Gains), Losses and Other Charges) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Other Income and Expenses [Abstract] | |||
| Gains on sales of assets and other, net | $ (3,378) | $ (47,822) | $ (4,678) |
| Restructuring charges and exit costs | 1,410 | 1,275 | $ 2,403 |
| Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Operating (gains), losses and other charges, net | ||
| Impairment charges | 963 | 442 | $ 4,083 |
| Operating (gains), losses and other charges, net | $ (1,005) | $ (46,105) | $ 1,808 |
Operating (Gains), Losses and Other Charges, Net - (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Other Income and Expenses [Abstract] | |||
| Gains on sales of assets and other, net | $ 3,378 | $ 47,822 | $ 4,678 |
| Accrued severance and other restructuring charges | 700 | 100 | |
| Impairment Charges | 963 | 442 | 4,083 |
| Tangible asset impairment charges | 600 | 300 | 2,400 |
| Operating lease, impairment loss | 300 | 100 | 1,600 |
| Impairment related to finance lease ROU assets | $ 100 | $ 100 | 100 |
| Impairment of franchisee rights | $ 100 | ||
Operating (Gains), Losses and Other Charges, Net - (Restructuring Charges and Exit Costs) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Restructuring charges and exit costs [Abstract] | |||
| Exit costs | $ 86 | $ 323 | $ 204 |
| Severance and other restructuring charges | 1,324 | 952 | 2,199 |
| Total restructuring charges and exit costs | $ 1,410 | $ 1,275 | $ 2,403 |
Income Taxes - (Provisions for (Benefits from) Income Taxes) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Current: | |||
| Federal | $ 6,128 | $ 12,997 | $ (3,497) |
| State and local | 2,160 | 3,105 | (109) |
| Foreign | 1,152 | 862 | 667 |
| Deferred: | |||
| Federal | 11,043 | 6,826 | 393 |
| State and local | 3,689 | 7,271 | 3,588 |
| Increase (decrease) of valuation allowance | 546 | (5,031) | (3,041) |
| Total provision for (benefit from) income taxes | $ 24,718 | $ 26,030 | $ (1,999) |
Income Taxes - (Reconciliation of Income Taxes) (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Reconciliation of income taxes at the U.S. federal statutory tax rate to effective tax rate: | |||
| Statutory provision rate | 21.00% | 21.00% | 21.00% |
| State, foreign and local taxes, net of federal income tax benefit | 6.00% | 5.00% | (11.00%) |
| Change in state valuation allowance | 0.00% | (1.00%) | (1.00%) |
| General business credits generated | (1.00%) | (2.00%) | 9.00% |
| Foreign tax credits generated | (1.00%) | 1.00% | 2.00% |
| Carryback of net operating loss rate differential | 0.00% | 0.00% | 12.00% |
| Section 162(m) and share-based compensation | 0.00% | 1.00% | (11.00%) |
| Insurance premiums | 0.00% | 0.00% | 5.00% |
| Other | 0.00% | 0.00% | 2.00% |
| Effective tax rate | 25.00% | 25.00% | 28.00% |
Income Taxes - (Narrative) (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Valuation Allowance [Line Items] | |||
| Expense from disallowed compensation deductions | $ 1,300,000 | $ 1,000,000 | |
| Income tax refunds | 1,500,000 | ||
| Net operating loss carryback | $ 900,000 | ||
| Net operating loss carryforwards - state | $ 1,157,000 | 1,429,000 | |
| Valuation allowance | 2,738,000 | 2,192,000 | |
| Interest and penalties recognized on unrecognized tax benefits | 0 | $ 0 | |
| South Carolina NOL Carryforwards | |||
| Valuation Allowance [Line Items] | |||
| Net operating loss carryforwards - state | 900,000 | ||
| Valuation allowance | 600,000 | ||
| State Enterprise Zone Credits | |||
| Valuation Allowance [Line Items] | |||
| Valuation allowance | 1,200,000 | ||
| Foreign Tax Credit Carryforward | |||
| Valuation Allowance [Line Items] | |||
| Valuation allowance | $ 900,000 | ||
Income Taxes - (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
|
| Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
| Balance, beginning of year | $ 1,047 | $ 1,047 |
| Decreases related to prior year tax positions | (178) | 0 |
| Balance, end of year | $ 869 | $ 1,047 |
Other CARES Act Provisions (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Unusual or Infrequent Item, or Both [Line Items] | ||
| Employee retention tax credit, | $ 0.8 | $ 2.6 |
| Social security taxes | 3.1 | |
| Costs of company restaurant sales | ||
| Unusual or Infrequent Item, or Both [Line Items] | ||
| Employee retention tax credit, | 0.3 | 0.9 |
| General and administrative expenses | ||
| Unusual or Infrequent Item, or Both [Line Items] | ||
| Employee retention tax credit, | $ 0.5 | $ 1.7 |
Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Earnings Per Share [Abstract] | |||
| Net income (loss) | $ 74,712 | $ 78,073 | $ (5,116) |
| Weighted average shares outstanding - basic (in shares) | 60,771 | 65,171 | 60,812 |
| Effect of dilutive share-based compensation awards (in shares) | 108 | 402 | 0 |
| Weighted average shares outstanding - diluted (in shares) | 60,879 | 65,573 | 60,812 |
| Net income (loss) per share - basic (in dollars per share) | $ 1.23 | $ 1.20 | $ (0.08) |
| Net income (loss) per share - diluted (in dollars per share) | $ 1.23 | $ 1.19 | $ (0.08) |
| Anti-dilutive share-based compensation awards (in shares) | 709 | 420 | 1,682 |
Shareholders' Equity - (Share Repurchases) (Details) - USD ($) shares in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
Dec. 25, 2019 |
Dec. 27, 2017 |
|
| Equity, Class of Treasury Stock [Line Items] | |||||
| Purchase of treasury stock (in shares) | 6.3 | 2.0 | 1.7 | ||
| Payments for treasury stock | $ 64,884,000 | $ 30,592,000 | $ 34,193,000 | ||
| Share Repurchase Program 2019 | |||||
| Equity, Class of Treasury Stock [Line Items] | |||||
| Share repurchase, authorized amount | $ 250,000,000 | ||||
| Share Repurchase Program 2017 | |||||
| Equity, Class of Treasury Stock [Line Items] | |||||
| Share repurchase, authorized amount | $ 200,000,000 | ||||
Shareholders' Equity - (Retirement of Treasury Stock and Issuance and Sale of Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | ||||
|---|---|---|---|---|---|
Jul. 06, 2020 |
Jul. 01, 2020 |
Dec. 30, 2020 |
Dec. 28, 2022 |
Dec. 29, 2021 |
|
| Equity [Abstract] | |||||
| Retirement of shares (in shares) | 54,000,000 | ||||
| Weighted average share price (in dollars per share) | $ 10.26 | ||||
| Treasury stock, at cost (in shares) | 0 | ||||
| Number of shares sold (in shares) | 8,000,000 | ||||
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
| Price per share (in dollars per share) | $ 9.15 | ||||
| Proceeds from sale of stock | $ 69.6 |
Commitments and Contingencies - Purchase Obligations (Details) $ in Thousands |
Dec. 28, 2022
USD ($)
|
|---|---|
| Payments due by period: | |
| Less than 1 year | $ 216,740 |
| 1-2 years | 0 |
| 3-4 years | 0 |
| 5 years and thereafter | 0 |
| Total | $ 216,740 |
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2022 |
Dec. 29, 2021 |
Dec. 30, 2020 |
|
| Supplemental Cash Flow Information [Abstract] | |||
| Income taxes paid, net | $ 9,296 | $ 9,942 | $ 6 |
| Interest paid | 12,939 | 14,159 | 15,889 |
| Noncash investing and financing activities: | |||
| Receipt of real estate receivable | 3,000 | 0 | 0 |
| Accrued purchase of property | 283 | 231 | 133 |
| Issuance of common stock, pursuant to share-based compensation plans | 9,547 | 3,087 | 7,949 |
| Execution of finance leases | 537 | 998 | 142 |
| Treasury stock payable | $ 542 | $ 633 | $ 0 |