Denny's (DENN) 10-Q 31 Jul 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 24, 2020	Jul. 24, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 24, 2020
Document Transition Report	false
Entity File Number	0-18051
Entity Registrant Name	DENNY’S CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3487402
Entity Address, Address Line One	203 East Main Street
Entity Address, City or Town	Spartanburg,
Entity Address, State or Province	SC
Entity Address, Postal Zip Code	29319-0001
City Area Code	864
Local Phone Number	597-8000
Title of 12(b) Security	$.01 Par Value, Common Stock
Trading Symbol	DENN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		63,708,958
Entity Central Index Key	0000852772
Current Fiscal Year End Date	--12-25
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 24, 2020	Dec. 25, 2019
Current assets:
Cash and cash equivalents	$ 21,077	$ 3,372
Investments	2,240	3,649
Receivables, net	19,049	27,488
Inventories	1,107	1,325
Assets held for sale	1,973	1,925
Prepaid and other current assets	17,567	14,974
Total current assets	63,013	52,733
Property, net of accumulated depreciation of $149,156 and $147,445, respectively	93,759	97,626
Financing lease right-of-use assets, net of accumulated amortization of $9,036 and $8,468, respectively	10,672	11,720
Operating lease right-of-use assets, net	149,169	158,550
Goodwill	36,884	36,832
Intangible assets, net	52,681	53,956
Deferred financing costs, net	2,369	1,727
Deferred income taxes, net	28,597	14,718
Other noncurrent assets	31,559	32,525
Total assets	468,703	460,387
Current liabilities:
Current finance lease liabilities	1,987	1,674
Current operating lease liabilities	18,479	16,344
Accounts payable	18,901	20,256
Other current liabilities	37,390	57,307
Total current liabilities	76,757	95,581
Long-term liabilities:
Long-term debt	307,000	240,000
Noncurrent finance lease liabilities	14,144	14,779
Noncurrent operating lease liabilities	146,080	152,750
Liability for insurance claims, less current portion	11,371	11,454
Other noncurrent liabilities	130,858	83,887
Total long-term liabilities	609,453	502,870
Total liabilities	686,210	598,451
Shareholders' deficit
Common stock $0.01 par value; 135,000 shares authorized; June 24, 2020: 109,719 shares issued and 55,709 shares outstanding; December 25, 2019: 109,415 shares issued and 57,095 shares outstanding	1,097	1,094
Paid-in capital	600,936	603,980
Deficit	(203,350)	(189,398)
Accumulated other comprehensive loss, net of tax	(62,217)	(33,960)
Treasury stock, at cost, 54,010 and 52,320 shares, respectively	(553,973)	(519,780)
Total shareholders' deficit	(217,507)	(138,064)
Total liabilities and shareholders' deficit	$ 468,703	$ 460,387

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 24, 2020	Dec. 25, 2019
Assets [Abstract]
Accumulated depreciation	$ 149,156	$ 147,445
Accumulated amortization	$ 9,036	$ 8,468
Shareholders' deficit
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	135,000,000	135,000,000
Common stock, shares issued	109,719,000	109,415,000
Common stock, shares outstanding	55,709,000	57,095,000
Treasury stock, at cost, shares	54,010,000	52,320,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 24, 2020	Jun. 26, 2019	Jun. 24, 2020	Jun. 26, 2019
Revenue:
Total operating revenue	$ 40,161	$ 151,884	$ 136,856	$ 303,295
Costs of company restaurant sales, excluding depreciation and amortization:
Product costs	4,305	23,363	14,435	47,268
Payroll and benefits	8,039	36,866	25,145	76,698
Occupancy	2,728	5,498	5,891	11,282
Other operating expenses	4,534	14,103	10,253	28,695
Total costs of company restaurant sales	19,606	79,830	55,724	163,943
Costs of franchise and license revenue, excluding depreciation and amortization	15,244	28,871	44,414	55,929
General and administrative expenses	13,153	18,453	20,895	37,264
Depreciation and amortization	4,058	5,048	8,204	11,281
Operating (gains), losses and other charges, net	1,627	(26,433)	3,100	(35,368)
Total operating costs and expenses, net	53,688	105,769	132,337	233,049
Operating income (loss)	(13,527)	46,115	4,519	70,246
Interest expense, net	4,947	5,382	8,898	10,789
Other nonoperating expense (income), net	9,565	(273)	12,328	(1,696)
Income (loss) before income taxes	(28,039)	41,006	(16,707)	61,153
Provision for (benefit from) income taxes	(5,074)	6,767	(2,755)	11,424
Net income (loss)	$ (22,965)	$ 34,239	$ (13,952)	$ 49,729
Basic net income (loss) per share (in dollars per share)	$ (0.41)	$ 0.57	$ (0.25)	$ 0.82
Diluted net income (loss) per share (in dollars per share)	$ (0.41)	$ 0.55	$ (0.25)	$ 0.79
Basic weighted average shares outstanding (in shares)	55,686	60,290	55,993	60,970
Diluted weighted average shares outstanding (in shares)	55,686	62,082	55,993	62,937
Company restaurant sales
Revenue:
Total operating revenue	$ 15,128	$ 95,447	$ 57,419	$ 193,992
Franchise and license revenue
Revenue:
Total operating revenue	$ 25,033	$ 56,437	$ 79,437	$ 109,303

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 24, 2020	Jun. 26, 2019	Jun. 24, 2020	Jun. 26, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (22,965)	$ 34,239	$ (13,952)	$ 49,729
Other comprehensive income (loss), net of tax:
Minimum pension liability adjustment, net of tax of $6, $5, $12 and $11, respectively	16	16	33	32
Changes in the fair value of cash flow derivatives, net of tax of $(772), $(3,701), $(12,567) and $(8,323), respectively	(2,230)	(10,619)	(35,158)	(22,771)
Reclassification of cash flow derivatives to interest expense, net of tax of $334, $(3), $420 and $(10), respectively	967	(11)	1,206	(28)
Reclassification of loss related to dedesignation of derivatives to other nonoperating expense (income), net of tax of $1,892, $0, $1,892 and $0, respectively	5,462	0	5,462	0
Reclassification of unrealized losses related to derivatives to interest expense, net of tax of $69, $0, $69 and $0, respectively	200	0	200	0
Other comprehensive loss	4,415	(10,614)	(28,257)	(22,767)
Total comprehensive income (loss)	$ (18,550)	$ 23,625	$ (42,209)	$ 26,962

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 24, 2020	Jun. 26, 2019	Jun. 24, 2020	Jun. 26, 2019
Statement of Comprehensive Income [Abstract]
Tax effect of minimum pension liability adjustment	$ 6	$ 5	$ 12	$ 11
Changes in fair value of cash flow derivatives, tax	(772)	(3,701)	(12,567)	(8,323)
Reclassification of cash flow derivatives to interest expense, tax	334	(3)	420	(10)
Reclassification of loss related to dedesignation of derivatives to other nonoperating expense (income), tax	1,892	0	1,892	0
Reclassification of unrealized losses related to derivatives to interest expense, tax	$ 69	$ 0	$ 69	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Deficit - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Paid-in Capital	Deficit	DeficitRevision of Prior Period, Accounting Standards Update, Adjustment	Accumulated Other Comprehensive Loss, Net	Accelerated Share Repurchase 2018Treasury Stock
Balance as of beginning of period (in shares) at Dec. 26, 2018		108,585
Balance as of beginning of period at Dec. 26, 2018	$ (133,345)	$ 1,086	$ (416,815)	$ 592,944	$ (306,414)	$ (394)	$ (4,146)
Balance as of beginning of period, treasury stock (in shares) at Dec. 26, 2018			(47,052)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of treasury stock (in shares)								(400)
Purchase of treasury stock								$ (6,800)
Balance as of end of period (in shares) at Mar. 27, 2019		108,986
Balance as of end of period at Mar. 27, 2019	(140,221)	$ 1,090	$ (432,519)	598,825	(291,318)		(16,299)
Balance as of end of period, treasury stock (in shares) at Mar. 27, 2019			(47,948)
Balance as of beginning of period (in shares) at Dec. 26, 2018		108,585
Balance as of beginning of period at Dec. 26, 2018	(133,345)	$ 1,086	$ (416,815)	592,944	(306,414)	$ (394)	(4,146)
Balance as of beginning of period, treasury stock (in shares) at Dec. 26, 2018			(47,052)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	49,729				49,729
Other comprehensive income (loss)	(22,767)						(22,767)
Share-based compensation on equity classified awards, net of withholding tax	1,652			1,652
Purchase of treasury stock (in shares)			(2,043)					(389)
Purchase of treasury stock	(37,997)		$ (37,997)
Equity forward contract settlement			(6,763)	6,763
Issuance of common stock for share-based compensation (in shares)		465
Issuance of common stock for share-based compensation		$ 5		(5)
Exercise of common stock options (in shares)		241
Exercise of common stock options	550	$ 2		548
Balance as of end of period (in shares) at Jun. 26, 2019		109,291
Balance as of end of period at Jun. 26, 2019	(142,572)	$ 1,093	$ (461,575)	601,902	(257,079)		(26,913)
Balance as of end of period, treasury stock (in shares) at Jun. 26, 2019			(49,484)
Balance as of beginning of period (in shares) at Mar. 27, 2019		108,986
Balance as of beginning of period at Mar. 27, 2019	(140,221)	$ 1,090	$ (432,519)	598,825	(291,318)		(16,299)
Balance as of beginning of period, treasury stock (in shares) at Mar. 27, 2019			(47,948)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	34,239				34,239
Other comprehensive income (loss)	(10,614)						(10,614)
Share-based compensation on equity classified awards, net of withholding tax	2,637			2,637
Purchase of treasury stock (in shares)			(1,536)
Purchase of treasury stock	(29,056)		$ (29,056)
Issuance of common stock for share-based compensation (in shares)		118
Issuance of common stock for share-based compensation		$ 2		(2)
Exercise of common stock options (in shares)		187
Exercise of common stock options	443	$ 1		442
Balance as of end of period (in shares) at Jun. 26, 2019		109,291
Balance as of end of period at Jun. 26, 2019	$ (142,572)	$ 1,093	$ (461,575)	601,902	(257,079)		(26,913)
Balance as of end of period, treasury stock (in shares) at Jun. 26, 2019			(49,484)
Balance as of beginning of period (in shares) at Dec. 25, 2019	109,415	109,415
Balance as of beginning of period at Dec. 25, 2019	$ (138,064)	$ 1,094	$ (519,780)	603,980	(189,398)		(33,960)
Balance as of beginning of period, treasury stock (in shares) at Dec. 25, 2019	(52,320)		(52,320)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of treasury stock (in shares)	(1,700)
Purchase of treasury stock	$ (34,200)
Balance as of end of period (in shares) at Mar. 25, 2020		109,677
Balance as of end of period at Mar. 25, 2020	$ (200,492)	$ 1,097	$ (553,973)	599,401	(180,385)		(66,632)
Balance as of end of period, treasury stock (in shares) at Mar. 25, 2020			(54,010)
Balance as of beginning of period (in shares) at Dec. 25, 2019	109,415	109,415
Balance as of beginning of period at Dec. 25, 2019	$ (138,064)	$ 1,094	$ (519,780)	603,980	(189,398)		(33,960)
Balance as of beginning of period, treasury stock (in shares) at Dec. 25, 2019	(52,320)		(52,320)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (13,952)				(13,952)
Other comprehensive income (loss)	(28,257)						(28,257)
Share-based compensation on equity classified awards, net of withholding tax	(3,107)			(3,107)
Purchase of treasury stock (in shares)			(1,690)
Purchase of treasury stock	(34,193)		$ (34,193)
Issuance of common stock for share-based compensation (in shares)		287
Issuance of common stock for share-based compensation		$ 3		(3)
Exercise of common stock options (in shares)		17
Exercise of common stock options	$ 66			66
Balance as of end of period (in shares) at Jun. 24, 2020	109,719	109,719
Balance as of end of period at Jun. 24, 2020	$ (217,507)	$ 1,097	$ (553,973)	600,936	(203,350)		(62,217)
Balance as of end of period, treasury stock (in shares) at Jun. 24, 2020	(54,010)		(54,010)
Balance as of beginning of period (in shares) at Mar. 25, 2020		109,677
Balance as of beginning of period at Mar. 25, 2020	$ (200,492)	$ 1,097	$ (553,973)	599,401	(180,385)		(66,632)
Balance as of beginning of period, treasury stock (in shares) at Mar. 25, 2020			(54,010)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(22,965)				(22,965)
Other comprehensive income (loss)	4,415						4,415
Share-based compensation on equity classified awards, net of withholding tax	1,469			1,469
Issuance of common stock for share-based compensation (in shares)		25
Exercise of common stock options (in shares)		17
Exercise of common stock options	$ 66			66
Balance as of end of period (in shares) at Jun. 24, 2020	109,719	109,719
Balance as of end of period at Jun. 24, 2020	$ (217,507)	$ 1,097	$ (553,973)	$ 600,936	$ (203,350)		$ (62,217)
Balance as of end of period, treasury stock (in shares) at Jun. 24, 2020	(54,010)		(54,010)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 24, 2020	Jun. 26, 2019
Cash flows from operating activities:
Net income (loss)	$ (13,952)	$ 49,729
Adjustments to reconcile net income (loss) to cash flows provided by (used in) operating activities:
Depreciation and amortization	8,204	11,281
Operating (gains), losses and other charges, net	3,100	(35,368)
Loss on interest rate swap derivatives	11,466	0
Amortization of deferred financing costs	340	304
Gains on investments	(91)	(106)
Losses (gains) on termination of leases	53	(83)
Deferred income tax expense (benefit)	(3,705)	4,944
Share-based compensation expense (benefit)	(26)	4,966
Changes in assets and liabilities:
Receivables	9,342	7,545
Inventories	175	646
Other current assets	(2,593)	(4,748)
Other assets	106	(2,392)
Operating lease assets and liabilities	1,769	(481)
Accounts payable	(537)	(2,190)
Accrued payroll	(11,519)	(4,597)
Accrued taxes	(712)	(952)
Other accrued liabilities	(6,551)	(3,840)
Other noncurrent liabilities	(2,827)	497
Net cash flows provided by (used in) operating activities	(7,958)	25,155
Cash flows from investing activities:
Capital expenditures	(4,476)	(6,777)
Acquisition of restaurants and real estate	0	(4,706)
Deposits on acquisitions of real estate	0	(4,320)
Proceeds from sales of restaurants, real estate and other assets	2,208	47,938
Investment purchases	(1,400)	(1,300)
Proceeds from sale of investments	2,900	0
Collections on notes receivable	918	858
Issuance of notes receivable	(484)	(718)
Net cash flows provided by (used in) investing activities	(334)	30,975
Cash flows from financing activities:
Revolver borrowings	130,000	66,500
Revolver payments	(63,000)	(82,000)
Long-term debt payments	(594)	(1,547)
Proceeds from exercise of stock options	66	550
Tax withholding on share-based payments	(3,036)	(3,178)
Deferred financing costs	(982)	0
Purchase of treasury stock	(36,008)	(37,266)
Net bank overdrafts	(449)	(1,923)
Net cash flows provided by (used in) financing activities	25,997	(58,864)
Increase (decrease) in cash and cash equivalents	17,705	(2,734)
Cash and cash equivalents at beginning of period	3,372	5,026
Cash and cash equivalents at end of period	$ 21,077	$ 2,292

Introduction and Basis of Prese

Introduction and Basis of Presentation	6 Months Ended
	Jun. 24, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Introduction and Basis of Presentation	Introduction and Basis of Presentation Denny’s Corporation, or Denny’s or the Company, is one of America’s largest full-service restaurant chains based on number of restaurants. At June 24, 2020, the Denny's brand consisted of 1,683 restaurants, 1,616 of which were franchised/licensed restaurants and 67 of which were company operated. The global crisis resulting from the spread of coronavirus ("COVID-19") has had a substantial impact on our restaurant operations for the two quarters ended June 24, 2020, which is expected to continue with the timing of recovery uncertain. During the two quarters ended June 24, 2020, many of our company and franchised and licensed restaurants were temporarily closed and most of the restaurants that remained open had limited operations. This has continued into the third quarter of 2020. 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 the COVID-19 pandemic on our business; however, we expect that the COVID-19 pandemic will continue to impact our results of operations for the balance of 2020. Ongoing material adverse effects of the COVID-19 pandemic 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. Our unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Therefore, certain information and notes normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. In our opinion, all adjustments considered necessary for a fair presentation of the interim periods presented have been included. Such adjustments are of a normal and recurring nature. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions; however, we believe that our estimates are reasonable. These interim condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto for the fiscal year ended December 25, 2019 which are contained in our audited Annual Report on Form 10-K for the fiscal year ended December 25, 2019. Certain reclassifications have been made to the prior year amounts to conform to the current year presentation. The results of operations for the interim periods presented are not necessarily indicative of the results for the entire fiscal year ending December 30, 2020.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 24, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Newly Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The new guidance replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform financial statement users of credit loss estimates. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019 (our fiscal 2020) with early adoption permitted for annual and interim periods beginning after December 15, 2018 (our fiscal 2019). The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. 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 . The new 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. ASU 2020-04 is effective for a limited time, from March 12, 2020 through December 31, 2022. The Company adopted this ASU on March 12, 2020. The adoption of ASU 2020-04 did not have a significant impact on the Company’s consolidated financial position or results of operations. In April 2020, the FASB staff issued interpretive guidance that indicated it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under ASU 2016-02, Leases (Topic 842): Targeted Improvements , as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance in Topic 842 to those contracts. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We have elected to apply this interpretive guidance to the rent relief we have secured, and have assumed that enforceable rights and obligations for those concessions exist in the lease contract. As such, starting on the effective dates indicated above, we began recognizing abatements or deferrals in rents received from landlords as reductions in variable lease payments. This election will continue while these abatement or deferrals are in effect. Accounting Standards to be Adopted 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 is not expected to have a significant impact on the Company’s consolidated financial position or results of operations.

Receivables

Receivables	6 Months Ended
	Jun. 24, 2020
Receivables [Abstract]
Receivables	Receivables Receivables consisted of the following: June 24, 2020 December 25, 2019 (In thousands) Receivables, net: Trade accounts receivable from franchisees $ 15,286 $ 14,551 Financing receivables from franchisees 1,499 2,230 Vendor receivables 768 3,260 Credit card receivables 497 6,806 Other 2,248 915 Allowance for doubtful accounts (1,249) (274) Total receivables, net $ 19,049 $ 27,488 Other noncurrent assets: Financing receivables from franchisees $ 181 $ 364 We recorded $1.0 million of bad debt expense during the two quarters ended June 24, 2020 based on expected losses on franchise-related receivables, primarily as a result of uncertainties related to the impacts of the COVID-19 pandemic.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 24, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets (In thousands) Balance, December 25, 2019 $ 36,832 Reclassification from assets held for sale 52 Balance, June 24, 2020 $ 36,884 Other intangible assets consisted of the following: June 24, 2020 December 25, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In thousands) Intangible assets with indefinite lives: Trade names $ 44,087 $ — $ 44,087 $ — Liquor licenses 120 — 120 — Intangible assets with definite lives: Reacquired franchise rights 15,076 6,602 15,516 5,767 Intangible assets, net $ 59,283 $ 6,602 $ 59,723 $ 5,767 Due to the recent impact of the COVID-19 pandemic to the global economy, including but not limited to the volatility of the Company's stock price as well as that of its competitors, the negative impact on sales at company and franchised and licensed restaurants and the challenging environment for the restaurant industry generally, the Company determined that there were indicators of potential impairment of its goodwill and indefinite-lived intangible assets during the two quarters ended June 24, 2020. As such, the Company performed an impairment assessment for both goodwill and indefinite-lived intangible assets and concluded that the fair value of these assets substantially exceeded their carrying values. However, we recorded less than $0.1 million of impairment related to reacquired franchise rights during the two quarters ended June 24, 2020. See Note 9.

Other Current Liabilities

Other Current Liabilities	6 Months Ended
	Jun. 24, 2020
Other Liabilities, Current [Abstract]
Other Current Liabilities	Other Current Liabilities Other current liabilities consisted of the following: June 24, 2020 December 25, 2019 (In thousands) Accrued payroll $ 8,323 $ 19,689 Current portion of liability for insurance claims 6,012 6,515 Accrued taxes 4,912 5,624 Accrued advertising 1,818 6,753 Gift cards 4,964 6,469 Other 11,361 12,257 Other current liabilities $ 37,390 $ 57,307

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 24, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Financial assets and liabilities measured at fair value on a recurring basis are summarized below: Total Quoted Prices in Active Markets for Identical Assets/Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (In thousands ) Fair value measurements as of June 24, 2020: Deferred compensation plan investments (1) $ 12,210 $ 12,210 $ — $ — Interest rate swaps (2) (94,612) — (94,612) — Investments (3) 2,240 — 2,240 — Total $ (80,162) $ 12,210 $ (92,372) $ — Fair value measurements as of December 25, 2019: Deferred compensation plan investments (1) $ 13,517 $ 13,517 $ — $ — Interest rate swaps (2) (44,670) — (44,670) — Investments (3) 3,649 — 3,649 — Total $ (27,504) $ 13,517 $ (41,021) $ — (1) The fair values of our deferred compensation plan investments are based on the closing market prices of the elected investments. (2) The fair values of our interest rate swaps are based upon Level 2 inputs, which include valuation models as reported by our counterparties. The key inputs for the valuation models are quoted market prices, interest rates and forward yield curves. See Note 7 for details on the interest rate swaps. (3) The fair values of our investments are 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: Significant Unobservable Inputs Impairment Charges Fair value measurements for the two quarters ended June 24, 2020: Assets held and used (1) $ 2,718 $ 2,181 (1) During the first quarter of 2020, 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, the Company 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 two quarters ended June 24, 2020, we recognized impairment charges of $2.2 million related to certain of these assets. See Note 9. 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).

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 24, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Denny's and certain of its subsidiaries have a credit facility consisting of a five-year $400 million senior secured revolver (with a $30 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, subject to approval. As of June 24, 2020, we had outstanding revolver loans of $307.0 million and outstanding letters of credit under the credit facility of $18.3 million. These balances resulted in availability of $74.7 million under the credit facility. The credit facility is available for working capital, capital expenditures and other general corporate purposes. The credit facility is guaranteed by Denny's and its material subsidiaries and is secured by assets of Denny's and its subsidiaries, including the stock of its subsidiaries (other than our insurance captive subsidiary). On May 13, 2020, we entered into an amendment (the "Second Amendment") to our credit agreement. As a result of the Second Amendment, beginning May 13, 2020 until the date of delivery of our financial statements for the fiscal quarter ending June 30, 2021, the interest rate of the amended credit agreement was increased to LIBOR plus 3.00% and the commitment fee, which is paid on the unused portion of the credit facility, was increased to 0.40%. During this period, we will also have supplemental monthly reporting obligations to our lenders and will be prohibited from paying dividends and making stock repurchases and other general investments. Additionally, capital expenditures will be restricted to $10 million in the aggregate from May 13, 2020 through the fiscal quarter ending March 31, 2021. The Second Amendment temporarily waives certain financial covenants. The consolidated fixed charge coverage ratio is waived until the fiscal quarter ending March 31, 2021, at which point the covenant level will revert to a minimum of 1.50x. The consolidated leverage ratio covenant is waived until the fiscal quarter ending March 31, 2021, at which point the covenant level will increase from 4.00x to 4.50x, stepping down to 4.25x in the second quarter of 2021 and 4.00x in the third fiscal quarter of 2021 and thereafter. In addition, the Second Amendment adds a monthly minimum liquidity covenant, defined as the sum of unrestricted cash and revolver availability, ranging from $60 million to $70 million, commencing on May 13, 2020 to May 26, 2021. We were in compliance with all financial covenants as of June 24, 2020. Prior to considering the impact of our interest rate swaps, described below, the weighted-average interest rate on outstanding revolver loans was 3.18% and 3.47% as of June 24, 2020 and December 25, 2019, respectively. Taking into consideration our interest rate swaps, the weighted-average interest rate of outstanding revolver loans was 5.22% and 3.99% as of June 24, 2020 and December 25, 2019, respectively. Interest Rate Hedges We have receive-variable, pay-fixed interest rate swaps to hedge a portion of 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 June 24, 2020 is as follows: Trade Date Effective Date Maturity Date Notional Amount Fixed Rate (In thousands) March 20, 2015 March 29, 2018 March 31, 2025 $ 120,000 2.44 % October 1, 2015 March 29, 2018 March 31, 2026 50,000 2.46 % February 15, 2018 March 31, 2020 December 31, 2033 80,000 (1) 3.19 % (1) The notional amounts of the swaps entered into on February 15, 2018 increase annually beginning September 30, 2020 until they reach the maximum notional amount of $425.0 million on September 28, 2029. 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.

Revenues

Revenues	6 Months Ended
	Jun. 24, 2020
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Our revenues are derived primarily from two sales channels, which we operate as one segment: company restaurants and franchised and licensed restaurants. The following table disaggregates our revenue by sales channel and type of good or service: Quarter Ended Two Quarters Ended June 24, 2020 June 26, 2019 June 24, 2020 June 26, 2019 (Dollars in thousands) Company restaurant sales $ 15,128 $ 95,447 $ 57,419 $ 193,992 Franchise and license revenue: Royalties 6,719 26,672 30,566 51,912 Advertising revenue 7,232 19,884 24,758 38,826 Initial and other fees 1,346 1,755 3,043 2,894 Occupancy revenue 9,736 8,126 21,070 15,671 Franchise and license revenue 25,033 56,437 79,437 109,303 Total operating revenue $ 40,161 $ 151,884 $ 136,856 $ 303,295 Franchise occupancy revenue consisted of the following: Quarter Ended Two Quarters Ended June 24, 2020 June 26, 2019 June 24, 2020 June 26, 2019 (In thousands) Operating lease revenue $ 8,060 $ 5,846 $ 16,682 $ 11,271 Variable lease revenue 1,676 2,280 4,388 4,400 Total occupancy revenue $ 9,736 $ 8,126 $ 21,070 $ 15,671 Balances related to contracts with customers consist of receivables, deferred franchise revenue and deferred gift card revenue. See Note 3 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 we will begin amortizing into revenue when the related restaurants are opened. Initial franchise fees are amortized over the term of the related franchise agreement, generally 10-20 years. 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: (In thousands) Balance, December 25, 2019 $ 23,256 Fees received from franchisees 389 Revenue recognized (1) (1,528) Balance, June 24, 2020 22,117 Less current portion included in other current liabilities 2,112 Deferred franchise revenue included in other noncurrent liabilities $ 20,005 (1) Of this amount $1.5 million was included in the deferred franchise revenue balance as of December 25, 2019. Gift card liabilities consist of the unredeemed portion of gift cards sold in company restaurants and at third party locations. The balance of gift card liabilities represents our remaining performance obligations to our customers. The balance of gift card liabilities as of June 24, 2020 and December 25, 2019 was $5.0 million and $6.5 million, respectively. During the two quarters ended June 24, 2020, we recognized revenue of $0.5 million from gift card redemptions at company restaurants.

Operating (Gains), Losses and O

Operating (Gains), Losses and Other Charges, Net	6 Months Ended
	Jun. 24, 2020
Other Income and Expenses [Abstract]
Operating (Gains), Losses and Other Charges, Net	Operating (Gains), Losses and Other Charges, Net Operating (gains), losses and other charges, net consisted of the following: Quarter Ended Two Quarters Ended June 24, 2020 June 26, 2019 June 24, 2020 June 26, 2019 (In thousands) (Gains) losses on sales of assets and other, net $ 12 $ (26,839) $ (1,058) $ (36,314) Restructuring charges and exit costs 1,615 406 1,977 946 Impairment charges — — 2,181 — Operating (gains), losses and other charges, net $ 1,627 $ (26,433) $ 3,100 $ (35,368) During the two quarters ended June 24, 2020, (gains) losses on sales of assets and other, net were primarily related to the sales of two real estate parcels. During the quarter ended June 26, 2019, (gains) losses on sale of assets and other, net included $24.2 million in gains on the sale of 37 company restaurants and $3.1 million in gains on the sales of three parcels of real estate. During the two quarters ended June 26, 2019, (gains) losses on sales of assets and other, net included $26.4 million in gains on the sales of 40 company restaurants and $10.6 million on the sale of four parcels of real estate. As of June 24, 2020, we had recorded assets held for sale at their carrying amount of $2.0 million (consists of property of $1.7 million and other assets of $0.3 million) related to five parcels of real estate. As of December 25, 2019, we had recorded assets held for sale at their carrying amount of $1.9 million (comprised of property of $1.6 million, other assets of $0.2 million and goodwill of $0.1 million) related to four company restaurants and two pieces of real estate. During the two quarters ended June 24, 2020, two pieces of real estate were sold and the four company restaurants were reclassified out of assets held for sale, as they were no longer expected to be sold in the next 12 months. Restructuring charges and exit costs consisted of the following: Quarter Ended Two Quarters Ended June 24, 2020 June 26, 2019 June 24, 2020 June 26, 2019 (In thousands) Exit costs $ 50 $ 52 $ 94 $ 174 Severance and other restructuring charges 1,565 354 1,883 772 Total restructuring charges and exit costs $ 1,615 $ 406 $ 1,977 $ 946 Exit cost liabilities were $0.2 million as of June 24, 2020 and December 25, 2019. Exit cost liabilities related to lease costs are included as a component of operating lease liabilities in our Condensed Consolidated Balance Sheets. As of June 24, 2020 and December 25, 2019, we had accrued severance and other restructuring charges of $1.6 million and $0.9 million, respectively. The balance as of June 24, 2020 is expected to be paid during the next 12 months. We review our property, right-of-use assets ("ROU assets") and definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of certain long-lived and ROU assets may not be recoverable. Based on our review, we recorded impairment charges of $2.2 million for the two quarters ended June 24, 2020 resulting from the impacts of the COVID-19 pandemic. The $2.2 million included $1.1 million related to property, $1.0 million related to operating lease ROU assets and less than $0.1 million related to each of finance lease ROU assets and reacquired franchise rights.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 24, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation Total share-based compensation included as a component of general and administrative expenses was as follows: Quarter Ended Two Quarters Ended June 24, 2020 June 26, 2019 June 24, 2020 June 26, 2019 (In thousands) Employee share awards $ 1,326 $ 2,463 $ (420) $ 4,461 Restricted stock units for board members 185 250 394 505 Total share-based compensation $ 1,511 $ 2,713 $ (26) $ 4,966 Employee Share Awards Employee share awards consist of performance share units and restricted stock units (which are equity classified). During the quarter and two quarters ended June 24, 2020, as a component of our annual compensation program, we granted certain employees approximately 0.8 million restricted stock units with a grant date fair value of $10.46 per share that vest over a two-year period, as defined under the terms of the award. The vesting period for these restricted stock units is the two-year period beginning May 20, 2020 through May 20, 2022. During the two quarters ended June 24, 2020, we issued 0.3 million shares of common stock related to vested performance share units. In addition, 0.1 million shares of common stock were withheld in lieu of taxes related to vested performance share units. As of June 24, 2020, we had approximately $12.3 million of unrecognized compensation cost related to all unvested performance share awards and restricted share awards outstanding, which have a weighted average remaining contractual term of 1.7 years. Restricted Stock Units for Board Members During the quarter and two quarters ended June 24, 2020, we granted less than 0.1 million restricted stock units (which are equity classified) with a weighted average grant date fair value of $10.46 per unit to non-employee members of our Board of Directors. The restricted stock units vest after a one year service period. A director may elect to convert these awards into shares of common stock either on a specific date in the future (while still serving as a member of our Board of Directors), upon termination as a member of our Board of Directors, or in three equal annual installments commencing after termination of service as a member of our Board. During the quarter and two quarters ended June 24, 2020, less than 0.1 million restricted stock units were converted into shares of common stock.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 24, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rate was 18.1% for the quarter ended and 16.5% for the two quarters ended June 24, 2020, compared to 16.5% and 18.7% for the prior year periods, respectively. The 2020 quarterly and year-to-date rates included a benefit from the reclassification of cash flow derivatives from accumulated other comprehensive loss, net of 7.0% and 11.7%, respectively. During the quarter ended June 26, 2019, we completed an Internal Revenue Service federal income tax audit of the 2016 tax year. Upon completion of this audit, revaluations of certain tax positions were performed and as a result, we recognized a net benefit of 4.8% and 3.3% for the 2019 quarterly and year-to-date periods, respectively. In addition, the 2019 quarterly and year-to-date rates included the impact of excess tax benefits relating to share-based compensation of 3.6% and 2.8%, respectively. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law as a response to the economic impacts of the COVID-19 pandemic. There is no significant impact on the Company for the quarter and year-to-date from the CARES Act.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	6 Months Ended
	Jun. 24, 2020
Earnings Per Share [Abstract]
Net Income Per Share	Net Income (Loss) Per Share The amounts used for the basic and diluted net income (loss) per share calculations are summarized below: Quarter Ended Two Quarters Ended June 24, 2020 June 26, 2019 June 24, 2020 June 26, 2019 (In thousands, except for per share amounts) Net income (loss) $ (22,965) $ 34,239 $ (13,952) $ 49,729 Weighted average shares outstanding - basic 55,686 60,290 55,993 60,970 Effect of dilutive share-based compensation awards (1) — 1,792 — 1,967 Weighted average shares outstanding - diluted 55,686 62,082 55,993 62,937 Basic net income (loss) per share $ (0.41) $ 0.57 $ (0.25) $ 0.82 Diluted net income (loss) per share $ (0.41) $ 0.55 $ (0.25) $ 0.79 Anti-dilutive share-based compensation awards (1) 3,493 630 3,493 630 (1) For the quarter and two quarters ended June 24, 2020, share-based compensation awards have been omitted from the calculations because they have an anti-dilutive effect on loss per share.

Shareholders' Deficit

Shareholders' Deficit	6 Months Ended
	Jun. 24, 2020
Stockholders' Equity Attributable to Parent [Abstract]
Shareholders' Deficit	Shareholders' Deficit Share Repurchases 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. Under our amended credit agreement, we are prohibited, until the date of delivery of our financial statements for the fiscal quarter ending June 30, 2021, from making any stock repurchases. Prior to entering into our amended credit agreement, during the quarter ended March 25, 2020, we repurchased a total of 1.7 million shares of our common stock for approximately $34.2 million. During the quarter ended March 25, 2020, we completed the $200 million share repurchase program that was approved by the Board of Directors in October 2017. In December 2019, our Board of Directors approved a share repurchase program authorizing us to repurchase up to $250 million of our common stock (in addition to the October 2017 authorization). At June 24, 2020, there was approximately $248.0 million remaining that can be used to repurchase our common stock under the current program. Repurchased shares are included as treasury stock in our Condensed Consolidated Balance Sheets and our Condensed Consolidated Statement of Shareholders' Deficit. In November 2018, as part of our previously authorized share repurchase programs, we entered into a $25 million accelerated share repurchase (the "ASR") agreement with MUFG Securities EMEA plc (“MUFG”). We paid $25 million in cash and received approximately 1.1 million shares of our common stock (which represents the minimum shares to be delivered based on the cap price) and recorded $18.2 million of treasury stock related to these shares. The remaining balance of $6.8 million was recorded as additional paid-in capital in shareholders’ deficit as of December 26, 2018 as an equity forward contract. During the quarter ended March 27, 2019, we settled the ASR agreement with MUFG. As a result, we received final delivery of an additional 0.4 million shares of our common stock. The total number of shares repurchased was based on a combined discounted volume-weighted average price (“VWAP”) of $17.04 per share, which was determined based on the average of the daily VWAP of our common stock, less a fixed discount, over the term of the ASR agreement. As a result of settling the ASR agreement, we recorded $6.8 million of treasury stock related to the settlement of the equity forward contract related to the ASR agreement. Accumulated Other Comprehensive Loss, Net The components of the change in accumulated other comprehensive loss, net were as follows: Defined Benefit Plans Derivatives Accumulated Other Comprehensive Loss, Net (In thousands) Balance as of December 25, 2019 $ (781) $ (33,179) $ (33,960) Amortization of net loss (1) 45 — 45 Changes in the fair value of cash flow derivatives — (47,725) (47,725) Reclassification of cash flow derivatives to interest expense, net (2) — 1,626 1,626 Reclassification of loss related to dedesignation of derivatives to other nonoperating expense (income) (3) — 7,354 7,354 Reclassification of unrealized losses related to derivatives to interest expense, net (3) — 269 269 Income tax (expense) benefit related to items of other comprehensive loss (12) 10,186 10,174 Balance as of June 24, 2020 $ (748) $ (61,469) $ (62,217) (1) Amount related to our defined benefit plans that was reclassified from accumulated other comprehensive loss, net and included as a component of pension expense within general and administrative expenses in our Condensed Consolidated Statements of Operations during the two quarters ended June 24, 2020. (2) Amounts reclassified from accumulated other comprehensive loss, net into interest expense, net in our Condensed Consolidated Statements of Operations represent payments either received from or made to the counterparty for the interest rate swaps. See Note 7 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 Condensed 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 recognized in as a component of interest expense, net in our Condensed Consolidated Statements of Operations over the remaining term of the 2018 Swaps. For the quarter ended June 24, 2020, we reclassified approximately $0.3 million of losses to interest expense, net related to the 2018 Swaps. See Note 7 for additional details.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 24, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesWe have guarantees related to certain franchisee loans. Payments under these guarantees would result from the inability of a franchisee to fund required payments when due. Through June 24, 2020, no events had occurred that caused us to make payments under these guarantees. There were $0.4 million and $0.6 million of loans outstanding under these programs as of June 24, 2020 and December 25, 2019, respectively. As of June 24, 2020, the maximum amount payable under the loan guarantees was $0.4 million. As a result of these guarantees, we have recorded liabilities of less than $0.1 million as of both June 24, 2020 and December 25, 2019, which are included as a component of other noncurrent liabilities in our Condensed Consolidated Balance Sheets and other nonoperating expense (income), net in our Condensed Consolidated Statements of Operations. 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 our consolidated results of operations or financial position.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 24, 2020
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Two Quarters Ended June 24, 2020 June 26, 2019 (In thousands) Income taxes paid, net $ 277 $ 11,992 Interest paid $ 8,057 $ 10,230 Noncash investing and financing activities: Issuance of common stock, pursuant to share-based compensation plans $ 5,808 $ 7,453 Noncash consideration received in connection with the sale of real estate $ — $ 3,000 Execution of finance leases $ 11 $ 305 Treasury stock payable $ — $ 803 Receivables in connection with disposition of property $ — $ 470

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 24, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events 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. Pursuant to the underwriting agreement, the Company also granted the underwriters a 30-day option to purchase up to an additional 1,200,000 shares of common stock.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 24, 2020
Accounting Policies [Abstract]
Newly Adopted Accounting Standards and Accounting Standards to be Adopted	Newly Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The new guidance replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform financial statement users of credit loss estimates. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019 (our fiscal 2020) with early adoption permitted for annual and interim periods beginning after December 15, 2018 (our fiscal 2019). The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. 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 . The new 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. ASU 2020-04 is effective for a limited time, from March 12, 2020 through December 31, 2022. The Company adopted this ASU on March 12, 2020. The adoption of ASU 2020-04 did not have a significant impact on the Company’s consolidated financial position or results of operations. In April 2020, the FASB staff issued interpretive guidance that indicated it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under ASU 2016-02, Leases (Topic 842): Targeted Improvements , as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance in Topic 842 to those contracts. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We have elected to apply this interpretive guidance to the rent relief we have secured, and have assumed that enforceable rights and obligations for those concessions exist in the lease contract. As such, starting on the effective dates indicated above, we began recognizing abatements or deferrals in rents received from landlords as reductions in variable lease payments. This election will continue while these abatement or deferrals are in effect. Accounting Standards to be Adopted 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 is not expected to have a significant impact on the Company’s consolidated financial position or results of operations.

Receivables (Tables)

Receivables (Tables)	6 Months Ended
	Jun. 24, 2020
Receivables [Abstract]
Receivables, Net	Receivables consisted of the following: June 24, 2020 December 25, 2019 (In thousands) Receivables, net: Trade accounts receivable from franchisees $ 15,286 $ 14,551 Financing receivables from franchisees 1,499 2,230 Vendor receivables 768 3,260 Credit card receivables 497 6,806 Other 2,248 915 Allowance for doubtful accounts (1,249) (274) Total receivables, net $ 19,049 $ 27,488 Other noncurrent assets: Financing receivables from franchisees $ 181 $ 364

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 24, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill and Other Intangible Assets (In thousands) Balance, December 25, 2019 $ 36,832 Reclassification from assets held for sale 52 Balance, June 24, 2020 $ 36,884
Indefinite-Lived Intangible Assets	Other intangible assets consisted of the following: June 24, 2020 December 25, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In thousands) Intangible assets with indefinite lives: Trade names $ 44,087 $ — $ 44,087 $ — Liquor licenses 120 — 120 — Intangible assets with definite lives: Reacquired franchise rights 15,076 6,602 15,516 5,767 Intangible assets, net $ 59,283 $ 6,602 $ 59,723 $ 5,767
Finite-Lived Intangible Assets	Other intangible assets consisted of the following: June 24, 2020 December 25, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In thousands) Intangible assets with indefinite lives: Trade names $ 44,087 $ — $ 44,087 $ — Liquor licenses 120 — 120 — Intangible assets with definite lives: Reacquired franchise rights 15,076 6,602 15,516 5,767 Intangible assets, net $ 59,283 $ 6,602 $ 59,723 $ 5,767

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	6 Months Ended
	Jun. 24, 2020
Other Liabilities, Current [Abstract]
Schedule of Other Current Liabilities	Other current liabilities consisted of the following: June 24, 2020 December 25, 2019 (In thousands) Accrued payroll $ 8,323 $ 19,689 Current portion of liability for insurance claims 6,012 6,515 Accrued taxes 4,912 5,624 Accrued advertising 1,818 6,753 Gift cards 4,964 6,469 Other 11,361 12,257 Other current liabilities $ 37,390 $ 57,307

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 24, 2020
Fair Value Disclosures [Abstract]
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: Total Quoted Prices in Active Markets for Identical Assets/Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (In thousands ) Fair value measurements as of June 24, 2020: Deferred compensation plan investments (1) $ 12,210 $ 12,210 $ — $ — Interest rate swaps (2) (94,612) — (94,612) — Investments (3) 2,240 — 2,240 — Total $ (80,162) $ 12,210 $ (92,372) $ — Fair value measurements as of December 25, 2019: Deferred compensation plan investments (1) $ 13,517 $ 13,517 $ — $ — Interest rate swaps (2) (44,670) — (44,670) — Investments (3) 3,649 — 3,649 — Total $ (27,504) $ 13,517 $ (41,021) $ — (1) The fair values of our deferred compensation plan investments are based on the closing market prices of the elected investments. (2) The fair values of our interest rate swaps are based upon Level 2 inputs, which include valuation models as reported by our counterparties. The key inputs for the valuation models are quoted market prices, interest rates and forward yield curves. See Note 7 for details on the interest rate swaps. (3) The fair values of our investments are 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.
Fair Value Measurements, Nonrecurring	Those assets and liabilities measured at fair value on a nonrecurring basis are summarized below: Significant Unobservable Inputs Impairment Charges Fair value measurements for the two quarters ended June 24, 2020: Assets held and used (1) $ 2,718 $ 2,181

Long-Term Debt Long-Term Debt (

Long-Term Debt Long-Term Debt (Tables)	6 Months Ended
	Jun. 24, 2020
Debt Disclosure [Abstract]
Interest Rate Swaps	A summary of our interest rate swaps as of June 24, 2020 is as follows: Trade Date Effective Date Maturity Date Notional Amount Fixed Rate (In thousands) March 20, 2015 March 29, 2018 March 31, 2025 $ 120,000 2.44 % October 1, 2015 March 29, 2018 March 31, 2026 50,000 2.46 % February 15, 2018 March 31, 2020 December 31, 2033 80,000 (1) 3.19 % (1) The notional amounts of the swaps entered into on February 15, 2018 increase annually beginning September 30, 2020 until they reach the maximum notional amount of $425.0 million on September 28, 2029.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 24, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates our revenue by sales channel and type of good or service: Quarter Ended Two Quarters Ended June 24, 2020 June 26, 2019 June 24, 2020 June 26, 2019 (Dollars in thousands) Company restaurant sales $ 15,128 $ 95,447 $ 57,419 $ 193,992 Franchise and license revenue: Royalties 6,719 26,672 30,566 51,912 Advertising revenue 7,232 19,884 24,758 38,826 Initial and other fees 1,346 1,755 3,043 2,894 Occupancy revenue 9,736 8,126 21,070 15,671 Franchise and license revenue 25,033 56,437 79,437 109,303 Total operating revenue $ 40,161 $ 151,884 $ 136,856 $ 303,295
Components of Lease Income	Franchise occupancy revenue consisted of the following: Quarter Ended Two Quarters Ended June 24, 2020 June 26, 2019 June 24, 2020 June 26, 2019 (In thousands) Operating lease revenue $ 8,060 $ 5,846 $ 16,682 $ 11,271 Variable lease revenue 1,676 2,280 4,388 4,400 Total occupancy revenue $ 9,736 $ 8,126 $ 21,070 $ 15,671
Components of the Change in Deferred Franchise Revenue	The components of the change in deferred franchise revenue are as follows: (In thousands) Balance, December 25, 2019 $ 23,256 Fees received from franchisees 389 Revenue recognized (1) (1,528) Balance, June 24, 2020 22,117 Less current portion included in other current liabilities 2,112 Deferred franchise revenue included in other noncurrent liabilities $ 20,005 (1) Of this amount $1.5 million was included in the deferred franchise revenue balance as of December 25, 2019.

Operating (Gains), Losses and_2

Operating (Gains), Losses and Other Charges, Net (Tables)	6 Months Ended
	Jun. 24, 2020
Other Income and Expenses [Abstract]
Operating Gains Losses and Other Charges, Net	Operating (gains), losses and other charges, net consisted of the following: Quarter Ended Two Quarters Ended June 24, 2020 June 26, 2019 June 24, 2020 June 26, 2019 (In thousands) (Gains) losses on sales of assets and other, net $ 12 $ (26,839) $ (1,058) $ (36,314) Restructuring charges and exit costs 1,615 406 1,977 946 Impairment charges — — 2,181 — Operating (gains), losses and other charges, net $ 1,627 $ (26,433) $ 3,100 $ (35,368)
Restructuring Charges and Exit Costs	Restructuring charges and exit costs consisted of the following: Quarter Ended Two Quarters Ended June 24, 2020 June 26, 2019 June 24, 2020 June 26, 2019 (In thousands) Exit costs $ 50 $ 52 $ 94 $ 174 Severance and other restructuring charges 1,565 354 1,883 772 Total restructuring charges and exit costs $ 1,615 $ 406 $ 1,977 $ 946

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 24, 2020
Share-based Payment Arrangement [Abstract]
Total Share-based Compensation	Total share-based compensation included as a component of general and administrative expenses was as follows: Quarter Ended Two Quarters Ended June 24, 2020 June 26, 2019 June 24, 2020 June 26, 2019 (In thousands) Employee share awards $ 1,326 $ 2,463 $ (420) $ 4,461 Restricted stock units for board members 185 250 394 505 Total share-based compensation $ 1,511 $ 2,713 $ (26) $ 4,966

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 24, 2020
Earnings Per Share [Abstract]
Net Income Per Share	The amounts used for the basic and diluted net income (loss) per share calculations are summarized below: Quarter Ended Two Quarters Ended June 24, 2020 June 26, 2019 June 24, 2020 June 26, 2019 (In thousands, except for per share amounts) Net income (loss) $ (22,965) $ 34,239 $ (13,952) $ 49,729 Weighted average shares outstanding - basic 55,686 60,290 55,993 60,970 Effect of dilutive share-based compensation awards (1) — 1,792 — 1,967 Weighted average shares outstanding - diluted 55,686 62,082 55,993 62,937 Basic net income (loss) per share $ (0.41) $ 0.57 $ (0.25) $ 0.82 Diluted net income (loss) per share $ (0.41) $ 0.55 $ (0.25) $ 0.79 Anti-dilutive share-based compensation awards (1) 3,493 630 3,493 630 (1) For the quarter and two quarters ended June 24, 2020, share-based compensation awards have been omitted from the calculations because they have an anti-dilutive effect on loss per share.

Shareholders' Deficit (Tables)

Shareholders' Deficit (Tables)	6 Months Ended
	Jun. 24, 2020
Stockholders' Equity Attributable to Parent [Abstract]
Components of Accumulated Other Comprehensive Income (Loss)	The components of the change in accumulated other comprehensive loss, net were as follows: Defined Benefit Plans Derivatives Accumulated Other Comprehensive Loss, Net (In thousands) Balance as of December 25, 2019 $ (781) $ (33,179) $ (33,960) Amortization of net loss (1) 45 — 45 Changes in the fair value of cash flow derivatives — (47,725) (47,725) Reclassification of cash flow derivatives to interest expense, net (2) — 1,626 1,626 Reclassification of loss related to dedesignation of derivatives to other nonoperating expense (income) (3) — 7,354 7,354 Reclassification of unrealized losses related to derivatives to interest expense, net (3) — 269 269 Income tax (expense) benefit related to items of other comprehensive loss (12) 10,186 10,174 Balance as of June 24, 2020 $ (748) $ (61,469) $ (62,217) (1) Amount related to our defined benefit plans that was reclassified from accumulated other comprehensive loss, net and included as a component of pension expense within general and administrative expenses in our Condensed Consolidated Statements of Operations during the two quarters ended June 24, 2020. (2) Amounts reclassified from accumulated other comprehensive loss, net into interest expense, net in our Condensed Consolidated Statements of Operations represent payments either received from or made to the counterparty for the interest rate swaps. See Note 7 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 Condensed 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 recognized in as a component of interest expense, net in our Condensed Consolidated Statements of Operations over the remaining term of the 2018 Swaps. For the quarter ended June 24, 2020, we reclassified approximately $0.3 million of losses to interest expense, net related to the 2018 Swaps. See Note 7 for additional details.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 24, 2020
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Two Quarters Ended June 24, 2020 June 26, 2019 (In thousands) Income taxes paid, net $ 277 $ 11,992 Interest paid $ 8,057 $ 10,230 Noncash investing and financing activities: Issuance of common stock, pursuant to share-based compensation plans $ 5,808 $ 7,453 Noncash consideration received in connection with the sale of real estate $ — $ 3,000 Execution of finance leases $ 11 $ 305 Treasury stock payable $ — $ 803 Receivables in connection with disposition of property $ — $ 470

Introduction and Basis of Pre_2

Introduction and Basis of Presentation (Details)	Jun. 24, 2020restaurant
Franchisor Disclosure [Line Items]
Number of restaurants	1,683
Franchised/licensed restaurants
Franchisor Disclosure [Line Items]
Number of restaurants	1,616
Company restaurants
Franchisor Disclosure [Line Items]
Number of restaurants	67

Receivables (Details)

Receivables (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 24, 2020	Dec. 25, 2019
Receivables, net:
Trade accounts receivable from franchisees	$ 15,286	$ 14,551
Financing receivables from franchisees	1,499	2,230
Allowance for doubtful accounts	(1,249)	(274)
Total receivables, net	19,049	27,488
Other noncurrent assets:
Financing receivables from franchisees	181	364
Additional bad debt expense	1,000
Vendor receivables
Receivables, net:
Other receivables, gross, current	768	3,260
Credit card receivables
Receivables, net:
Other receivables, gross, current	497	6,806
Other
Receivables, net:
Other receivables, gross, current	$ 2,248	$ 915

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 24, 2020	Dec. 25, 2019
Goodwill [Roll Forward]
Balance, December 25, 2019	$ 36,832
Reclassification from assets held for sale	52
Balance, June 24, 2020	36,884
Intangible Assets
Gross Carrying Amount - Trade names	44,087	$ 44,087
Gross Carrying Amount - Liquor licenses	120	120
Gross Carrying Amount - Intangible assets with definite lives	15,076	15,516
Accumulated Amortization	6,602	5,767
Intangible assets, net	59,283	$ 59,723
Impairment of franchisee rights (less than)	$ 100

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 24, 2020	Dec. 25, 2019
Other Liabilities, Current [Abstract]
Accrued payroll	$ 8,323	$ 19,689
Current portion of liability for insurance claims	6,012	6,515
Accrued taxes	4,912	5,624
Accrued advertising	1,818	6,753
Gift cards	4,964	6,469
Other	11,361	12,257
Other current liabilities	$ 37,390	$ 57,307

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Assets and Liabilities on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 24, 2020	Dec. 25, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	$ (94,600)
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan investments	12,210	$ 13,517
Interest rate swaps	(94,612)	(44,670)
Investments	2,240	3,649
Total	(80,162)	(27,504)
Recurring | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan investments	12,210	13,517
Interest rate swaps	0	0
Investments	0	0
Total	12,210	13,517
Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan investments	0	0
Interest rate swaps	(94,612)	(44,670)
Investments	2,240	3,649
Total	(92,372)	(41,021)
Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan investments	0	0
Interest rate swaps	0	0
Investments	0	0
Total	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured on Nonrecurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 24, 2020	Jun. 26, 2019	Jun. 24, 2020	Jun. 26, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment Charges	$ 0	$ 0	$ 2,181	$ 0
Fair Value, Nonrecurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held and used	$ 2,718		2,718
Impairment Charges			$ 2,181

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details)	May 13, 2020USD ($)	Jun. 24, 2020USD ($)	Jun. 24, 2020USD ($)	May 26, 2021USD ($)	Mar. 25, 2020USD ($)	Dec. 25, 2019USD ($)	Jun. 26, 2019USD ($)	Mar. 27, 2019USD ($)	Dec. 26, 2018USD ($)
Line of Credit Facility [Line Items]
Stockholders' equity		$ 217,507,000	$ 217,507,000		$ 200,492,000	$ 138,064,000	$ 142,572,000	$ 140,221,000	$ 133,345,000
Interest rate swaps liability		94,600,000	94,600,000
Derivatives
Line of Credit Facility [Line Items]
Reclassification			1,626,000
Stockholders' equity		61,469,000	61,469,000
Derivatives
Line of Credit Facility [Line Items]
Reclassification			(7,354,000)
Derivatives
Line of Credit Facility [Line Items]
Reclassification			269,000
Other Nonoperating Income (Expense)
Line of Credit Facility [Line Items]
Unrealized loss on derivatives		4,100,000	4,100,000
Interest Rate Swap
Line of Credit Facility [Line Items]
Expected reclassification within next twelve months			4,500,000
2018 Swaps | Derivatives
Line of Credit Facility [Line Items]
Stockholders' equity		65,100,000	$ 65,100,000
Senior Secured Revolver
Line of Credit Facility [Line Items]
Line of credit facility, term			5 years
Line of credit facility, current borrowing capacity		400,000,000	$ 400,000,000
Accordion feature that allows increase in size of facility		450,000,000	450,000,000
Outstanding amount under credit facility		307,000,000	307,000,000
Availability under the credit facility		$ 74,700,000	$ 74,700,000
Commitment fee, percent	0.40%
Capital expenditures restrictions	$ 10,000,000
Weighted-average interest rate		3.18%	3.18%			3.47%
Senior Secured Revolver | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate debt (as a percent)	3.00%
Senior Secured Revolver | Interest Rate Swap
Line of Credit Facility [Line Items]
Weighted-average interest rate		5.22%	5.22%			3.99%
Letter of Credit
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity		$ 30,000,000	$ 30,000,000
Outstanding amount of letters of credit		$ 18,300,000	$ 18,300,000
Before the Amendment | Senior Secured Revolver | Letter of Credit
Line of Credit Facility [Line Items]
Covenant, leverage ratio	4
Until Quarter Ending March 31, 2021 | Senior Secured Revolver | Letter of Credit
Line of Credit Facility [Line Items]
Fixed charge coverage ratio, minimum	1.50
Covenant, leverage ratio	4.50
Second quarter of 2021 | Senior Secured Revolver | Letter of Credit
Line of Credit Facility [Line Items]
Covenant, leverage ratio	4.25
Third quarter 2021 and thereafter | Senior Secured Revolver | Letter of Credit
Line of Credit Facility [Line Items]
Covenant, leverage ratio	4
Minimum | Senior Secured Revolver | Letter of Credit | Forecast
Line of Credit Facility [Line Items]
Liquidity requirement				$ 60,000,000
Maximum | Senior Secured Revolver | Letter of Credit | Forecast
Line of Credit Facility [Line Items]
Liquidity requirement				$ 70,000,000

Long-Term Debt - Interest Rate

Long-Term Debt - Interest Rate Swaps (Details)	Jun. 24, 2020USD ($)
Interest Rate Swap 2018-2025
Derivative [Line Items]
Notional Amount	$ 120,000,000
Fixed Rate	2.44%
Interest Rate Swap 2018-2026
Derivative [Line Items]
Notional Amount	$ 50,000,000
Fixed Rate	2.46%
Interest Rate Swap 2020-2033
Derivative [Line Items]
Notional Amount	$ 80,000,000
Fixed Rate	3.19%
Interest Rate Swap 2020-2029 | Maximum
Derivative [Line Items]
Notional Amount	$ 425,000,000

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenues (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 24, 2020USD ($)	Jun. 26, 2019USD ($)	Jun. 24, 2020USD ($)sale_channelsegment	Jun. 26, 2019USD ($)
Revenue from Contract with Customer [Abstract]
Number of sales channels | sale_channel			2
Number of segments | segment			1
Disaggregation of Revenue [Line Items]
Total operating revenue	$ 40,161	$ 151,884	$ 136,856	$ 303,295
Company restaurant sales
Disaggregation of Revenue [Line Items]
Total operating revenue	15,128	95,447	57,419	193,992
Royalties
Disaggregation of Revenue [Line Items]
Total operating revenue	6,719	26,672	30,566	51,912
Advertising revenue
Disaggregation of Revenue [Line Items]
Total operating revenue	7,232	19,884	24,758	38,826
Initial and other fees
Disaggregation of Revenue [Line Items]
Total operating revenue	1,346	1,755	3,043	2,894
Occupancy revenue
Disaggregation of Revenue [Line Items]
Total operating revenue	9,736	8,126	21,070	15,671
Franchise and license revenue
Disaggregation of Revenue [Line Items]
Total operating revenue	$ 25,033	$ 56,437	$ 79,437	$ 109,303

Revenues - Schedule of Franchis

Revenues - Schedule of Franchise Occupancy Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 24, 2020	Jun. 26, 2019	Jun. 24, 2020	Jun. 26, 2019
Revenue from Contract with Customer [Abstract]
Operating lease revenue	$ 8,060	$ 5,846	$ 16,682	$ 11,271
Variable lease revenue	1,676	2,280	4,388	4,400
Total occupancy revenue	$ 9,736	$ 8,126	$ 21,070	$ 15,671

Revenues - Contract Balances (D

Revenues - Contract Balances (Details) - USD ($) $ in Thousands	Dec. 25, 2019	Jun. 24, 2020
Movement in Deferred Revenue [Roll Forward]
Balance, December 25, 2019		$ 23,256
Fees received from franchisees		389
Revenue recognized		(1,528)
Balance, June 24, 2020	$ 23,256	22,117
Less current portion included in other current liabilities		2,112
Deferred franchise revenue included in other noncurrent liabilities		$ 20,005
Deferred revenue recognized	$ 1,500

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Thousands	Dec. 25, 2019	Jun. 24, 2020
Disaggregation of Revenue [Line Items]
Liability balance		$ 2,112
Deferred revenue recognized	$ 1,500
Gift Card Redemption
Disaggregation of Revenue [Line Items]
Liability balance	$ 6,500	5,000
Deferred revenue recognized		$ 500
Minimum | Deferred franchise revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-06-25
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred franchise revenue expected to be recognized, period		10 years
Maximum | Deferred franchise revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-06-25
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred franchise revenue expected to be recognized, period		20 years

Operating (Gains), Losses and_3

Operating (Gains), Losses and Other Charges, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 24, 2020	Jun. 26, 2019	Jun. 24, 2020	Jun. 26, 2019
Other Income and Expenses [Abstract]
(Gains) losses on sales of assets and other, net	$ 12	$ (26,839)	$ (1,058)	$ (36,314)
Restructuring charges and exit costs	1,615	406	1,977	946
Impairment charges	0	0	2,181	0
Operating (gains), losses and other charges, net	1,627	(26,433)	3,100	(35,368)
Restructuring Charges [Abstract]
Exit costs	50	52	94	174
Severance and other restructuring charges	1,565	354	1,883	772
Total restructuring charges and exit costs	$ 1,615	$ 406	$ 1,977	$ 946

Operating (Gains), Losses and_4

Operating (Gains), Losses and Other Charges, Net Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 24, 2020USD ($)real_estaterestaurant	Jun. 26, 2019USD ($)parcelrestaurant	Jun. 24, 2020USD ($)restaurantparcelreal_estate	Jun. 26, 2019USD ($)restaurantparcel	Dec. 25, 2019USD ($)restaurantreal_estate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gains on sales of assets and other, net	$ (12)	$ 26,839	$ 1,058	$ 36,314
Number of restaurants | restaurant	1,683		1,683
Exit cost liabilities	$ 200		$ 200		$ 200
Severance and other restructuring charges	1,600		1,600		900
Impairment charges	0	$ 0	2,181	$ 0
Property impairment			1,100
Operating lease right-of-use asset impairment			1,000
Impairment of franchisee rights (less than)			$ 100
Number of restaurants reclassified out of held for sale | restaurant			4
Real Estate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | parcel		3	2	4
Gains on sales of assets and other, net		$ 3,100		$ 10,600
Company restaurant sales
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gains on sales of assets and other, net		$ 24,200		$ 26,400
Number of restaurants sold | restaurant		37		40
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Carrying amount	2,000		$ 2,000		1,900
Property	1,700		1,700		1,600
Other assets	$ 300		$ 300		$ 200
Number of real estate properties | real_estate	5		5		2
Goodwill					$ 100
Number of restaurants | restaurant					4
Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | real_estate			2

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 24, 2020	Jun. 26, 2019	Jun. 24, 2020	Jun. 26, 2019
Total share-based compensation [Abstract]
Total share-based compensation	$ 1,511	$ 2,713	$ (26)	$ 4,966
Certain Employee
Total share-based compensation [Abstract]
Total share-based compensation	1,326	2,463	(420)	4,461
Restricted Stock Units [Abstract]
Unrecognized compensation cost related to unvested share awards outstanding	$ 12,300		$ 12,300
Unrecognized compensation cost, expected weighted average period			1 year 8 months 12 days
Board Members
Restricted Stock Units [Abstract]
Restricted stock units converted into shares of common stock (less than, in shares)	0.1		0.1
Performance share awards | Certain Employee
Restricted Stock Units [Abstract]
Common stock, shares issued (in shares)			0.3
Shares paid for tax withholding (in shares)			0.1
Restricted stock units for board members | Certain Employee
Restricted Stock Units [Abstract]
Grants in periods (less than, in shares)	0.8		0.8
Fair value of units granted (in dollars per share)	$ 10.46		$ 10.46
Award vesting period			2 years
Restricted stock units for board members | Board Members
Total share-based compensation [Abstract]
Total share-based compensation	$ 185	$ 250	$ 394	$ 505
Restricted Stock Units [Abstract]
Grants in periods (less than, in shares)	0.1		0.1
Fair value of units granted (in dollars per share)	$ 10.46		$ 10.46
Unrecognized compensation cost related to unvested share awards outstanding	$ 800		$ 800
Unrecognized compensation cost, expected weighted average period			10 months 24 days
Award vesting period			1 year

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 24, 2020	Jun. 26, 2019	Jun. 24, 2020	Jun. 26, 2019
Income Tax Disclosure [Abstract]
Effective tax rate expense (benefit), percent	(18.10%)	16.50%	(16.50%)	18.70%
Income tax benefit on reclassification of interest rate hedges from other comprehensive income	7.00%		11.70%
Income tax benefit related to revaluation of certain tax positions		4.80%		3.30%
Excess tax benefits relating to share-based compensation		3.60%		2.80%

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 24, 2020	Jun. 26, 2019	Jun. 24, 2020	Jun. 26, 2019
Earnings Per Share [Abstract]
Net income (loss)	$ (22,965)	$ 34,239	$ (13,952)	$ 49,729
Weighted average shares outstanding - basic (in shares)	55,686	60,290	55,993	60,970
Effect of dilutive share-based compensation awards (in shares)	0	1,792	0	1,967
Weighted average shares outstanding - diluted (in shares)	55,686	62,082	55,993	62,937
Basic net income (loss) per share (in dollars per share)	$ (0.41)	$ 0.57	$ (0.25)	$ 0.82
Diluted net income (loss) per share (in dollars per share)	$ (0.41)	$ 0.55	$ (0.25)	$ 0.79
Antidilutive share-based compensation awards (in shares)	3,493	630	3,493	630

Shareholders' Deficit - Share R

Shareholders' Deficit - Share Repurchase (Details) - USD ($) $ / shares in Units, shares in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Nov. 30, 2018	Mar. 25, 2020	Jun. 26, 2019	Mar. 27, 2019	Jun. 24, 2020	Jun. 26, 2019	Dec. 25, 2019	Dec. 26, 2018
Equity, Class of Treasury Stock [Line Items]
Purchase of treasury stock (in shares)		1,700
Purchase of treasury stock		$ 34,200,000	$ 29,056,000		$ 34,193,000	$ 37,997,000
Payments for repurchase of common stock					$ 36,008,000	$ 37,266,000
Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Purchase of treasury stock (in shares)			1,536		1,690	2,043
Purchase of treasury stock			$ 29,056,000		$ 34,193,000	$ 37,997,000
Share Repurchase Program 2017
Equity, Class of Treasury Stock [Line Items]
Share repurchase, authorized amount		$ 200,000,000
Share Repurchase Program 2019
Equity, Class of Treasury Stock [Line Items]
Share repurchase, authorized amount							$ 250,000,000
Remaining shares to be repurchased					$ 248,000,000
Accelerated Share Repurchase 2018
Equity, Class of Treasury Stock [Line Items]
Purchase of treasury stock (in shares)	1,100
Purchase of treasury stock	$ 18,200,000
Share repurchase, authorized amount	25,000,000
Remaining shares to be repurchased								$ 6,800,000
Payments for repurchase of common stock	$ 25,000,000
Volume-weighted average price (in dollars per share)				$ 17.04
Accelerated Share Repurchase 2018 | Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Purchase of treasury stock (in shares)				400		389
Purchase of treasury stock				$ 6,800,000

Shareholders' Deficit - Compone

Shareholders' Deficit - Components of Accumulated Other Comprehensive Loss (Details) $ in Thousands	6 Months Ended
	Jun. 24, 2020USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of beginning of period	$ (138,064)
Income tax (expense) benefit related to items of other comprehensive loss	10,174
Balance as of end of period	(217,507)
Defined Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of beginning of period	(781)
Reclassification	45
Income tax (expense) benefit related to items of other comprehensive loss	(12)
Balance as of end of period	(748)
Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of beginning of period	(33,179)
Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification	1,626
Changes in the fair value of cash flow derivatives	(47,725)
Income tax (expense) benefit related to items of other comprehensive loss	10,186
Balance as of end of period	(61,469)
Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification	(7,354)
Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification	269
Accumulated Other Comprehensive Loss, Net
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of beginning of period	(33,960)
Balance as of end of period	$ (62,217)

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Jun. 24, 2020	Dec. 25, 2019
Commitments and Contingencies Disclosure [Abstract]
Loan amounts outstanding under the loan pools	$ 400,000	$ 600,000
Maximum payments guaranteed	400,000
Guarantee liabilities included as a component of other noncurrent liabilities (less than)	$ 100,000	$ 100,000

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 24, 2020	Jun. 26, 2019
Supplemental Cash Flow Information [Abstract]
Income taxes paid, net	$ 277	$ 11,992
Interest paid	8,057	10,230
Noncash investing and financing activities:
Issuance of common stock, pursuant to share-based compensation plans	5,808	7,453
Noncash consideration received in connection with the sale of real estate	0	3,000
Execution of finance leases	11	305
Treasury stock payable	0	803
Receivables in connection with disposition of property	$ 0	$ 470

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 06, 2020	Jul. 01, 2020	Jun. 24, 2020	Dec. 25, 2019
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01
Subsequent Event
Subsequent Event [Line Items]
Number of shares sold		8,000,000
Common stock, par value (in dollars per share)		$ 0.01
Price per share		$ 9.15
Proceeds from sale of stock	$ 69.6
Subsequent Event | Over-Allotment Option
Subsequent Event [Line Items]
Number of shares sold		1,200,000
Duration of option to purchase additional stock		30 days