Denny's (DENN) 10-Q 30 Oct 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 27, 2023	Oct. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 27, 2023
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	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		53,085,444
Entity Central Index Key	0000852772
Current Fiscal Year End Date	--12-27
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 27, 2023	Dec. 28, 2022
Current assets:
Cash and cash equivalents	$ 1,022	$ 3,523
Investments	1,255	1,746
Receivables, net	16,950	25,576
Inventories	2,354	5,538
Assets held for sale	1,557	1,403
Prepaid and other current assets	11,816	12,529
Total current assets	34,954	50,315
Property, net of accumulated depreciation of $158,275 and $153,334, respectively	91,248	94,469
Finance lease right-of-use assets, net of accumulated amortization of $9,205 and $9,847, respectively	5,988	6,499
Operating lease right-of-use assets, net	119,436	126,065
Goodwill	72,142	72,740
Intangible assets, net	93,845	95,034
Deferred financing costs, net	1,861	2,337
Other noncurrent assets	60,361	50,876
Total assets	479,835	498,335
Current liabilities:
Current finance lease liabilities	1,393	1,683
Current operating lease liabilities	14,917	15,310
Accounts payable	15,560	19,896
Other current liabilities	59,071	56,762
Total current liabilities	90,941	93,651
Long-term liabilities:
Long-term debt	248,100	261,500
Noncurrent finance lease liabilities	9,094	9,555
Noncurrent operating lease liabilities	117,027	123,404
Liability for insurance claims, less current portion	6,693	7,324
Deferred income taxes, net	12,867	7,419
Other noncurrent liabilities	30,911	32,598
Total long-term liabilities	424,692	441,800
Total liabilities	515,633	535,451
Shareholders' deficit
Common stock $0.01 par value; 135,000 shares authorized; September 27, 2023: 65,711 shares issued and 54,031 outstanding; December 28, 2022: 64,998 shares issued and 56,728 shares outstanding	657	650
Paid-in capital	147,393	142,136
Deficit	(24,686)	(41,729)
Accumulated other comprehensive loss, net	(27,760)	(42,697)
Treasury stock, at cost, 11,680 and 8,270 shares, respectively	(131,402)	(95,476)
Total shareholders' deficit	(35,798)	(37,116)
Total liabilities and shareholders' deficit	$ 479,835	$ 498,335

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 27, 2023	Dec. 28, 2022
Assets
Accumulated depreciation	$ 158,275	$ 153,334
Accumulated amortization	$ 9,205	$ 9,847
Shareholders' deficit
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	135,000,000	135,000,000
Common stock, shares issued (in shares)	65,711,000	64,998,000
Common stock, shares outstanding (in shares)	54,031,000	56,728,000
Treasury stock, at cost (in shares)	11,680,000	8,270,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2023	Sep. 28, 2022	Sep. 27, 2023	Sep. 28, 2022
Revenue:
Total operating revenue	$ 114,183	$ 117,456	$ 348,569	$ 335,580
Costs of company restaurant sales, excluding depreciation and amortization:
Product costs	13,587	14,462	41,796	38,874
Payroll and benefits	19,754	20,176	60,482	55,598
Occupancy	4,182	4,294	12,381	11,316
Other operating expenses	8,370	9,519	24,294	26,116
Total costs of company restaurant sales, excluding depreciation and amortization	45,893	48,451	138,953	131,904
Costs of franchise and license revenue, excluding depreciation and amortization	29,810	34,579	92,657	100,513
General and administrative expenses	18,237	16,607	58,515	50,188
Depreciation and amortization	3,605	3,914	10,878	11,052
Operating (gains), losses and other charges, net	2,620	(1,897)	2,467	(1,051)
Total operating costs and expenses, net	100,165	101,654	303,470	292,606
Operating income	14,018	15,802	45,099	42,974
Interest expense, net	4,381	3,691	13,288	9,529
Other nonoperating expense (income), net	43	(10,461)	9,470	(49,871)
Income before income taxes	9,594	22,572	22,341	83,316
Provision for income taxes	1,686	5,489	5,298	21,375
Net income	$ 7,908	$ 17,083	$ 17,043	$ 61,941
Net income per share - basic (in dollars per share)	$ 0.14	$ 0.29	$ 0.30	$ 1.01
Net income per share - diluted (in dollars per share)	$ 0.14	$ 0.29	$ 0.30	$ 1
Basic weighted average shares outstanding (in shares)	55,869	59,020	56,764	61,558
Diluted weighted average shares outstanding (in shares)	56,082	59,040	56,973	61,686
Company restaurant sales
Revenue:
Total operating revenue	$ 53,153	$ 52,211	$ 161,486	$ 145,354
Franchise and license revenue
Revenue:
Total operating revenue	$ 61,030	$ 65,245	$ 187,083	$ 190,226

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2023	Sep. 28, 2022	Sep. 27, 2023	Sep. 28, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 7,908	$ 17,083	$ 17,043	$ 61,941
Other comprehensive income (loss), net of tax:
Minimum pension liability adjustment, net of tax of $4, $8, $30 and $23, respectively	9	23	86	69
Changes in the fair value of cash flow hedges, net of tax of $4,597, $956, $5,893 and $3,242, respectively	13,516	2,868	17,328	9,723
Reclassification of cash flow hedges to interest expense, net of tax of $(352), $27, $(901) and $455, respectively	(1,034)	80	(2,650)	1,363
Amortization of unrealized losses related to interest rate swaps to interest expense, net of tax of $24, $3, $59 and $4, respectively	70	7	173	12
Other comprehensive income	12,561	2,978	14,937	11,167
Total comprehensive income	$ 20,469	$ 20,061	$ 31,980	$ 73,108

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2023	Sep. 28, 2022	Sep. 27, 2023	Sep. 28, 2022
Statement of Comprehensive Income [Abstract]
Tax effect of minimum pension liability adjustment	$ 4	$ 8	$ 30	$ 23
Changes in fair value of cash flow derivatives, tax	4,597	956	5,893	3,242
Reclassification of cash flow derivatives to interest expense, tax	(352)	27	(901)	455
Reclassification of unrealized losses related to derivatives to interest expense, tax	$ 24	$ 3	$ 59	$ 4

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Deficit - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Paid-in Capital	Deficit	Accumulated Other Comprehensive Loss, Net
Balance as of beginning of period (in shares) at Dec. 29, 2021		64,200
Balance as of beginning of period at Dec. 29, 2021	$ (65,265)	$ 642	$ (30,592)	$ 135,596	$ (116,441)	$ (54,470)
Balance as of beginning of period, treasury stock (in shares) at Dec. 29, 2021			(1,990)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	61,941				61,941
Other comprehensive income	11,167					11,167
Share-based compensation on equity classified awards, net of withholding tax	4,646			4,646
Purchase of treasury stock, including excise tax (in shares)			(5,507)
Purchase of treasury stock, including excise tax	(57,119)		$ (57,119)
Issuance of common stock for share-based compensation (in shares)		798
Issuance of common stock for share-based compensation	0	$ 8		(8)
Balance as of end of period (in shares) at Sep. 28, 2022		64,998
Balance as of end of period at Sep. 28, 2022	(44,630)	$ 650	$ (87,711)	140,234	(54,500)	(43,303)
Balance as of end of period, treasury stock (in shares) at Sep. 28, 2022			(7,497)
Balance as of beginning of period (in shares) at Jun. 29, 2022		64,998
Balance as of beginning of period at Jun. 29, 2022	(58,708)	$ 650	$ (79,841)	138,347	(71,583)	(46,281)
Balance as of beginning of period, treasury stock (in shares) at Jun. 29, 2022			(6,654)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	17,083				17,083
Other comprehensive income	2,978					2,978
Share-based compensation on equity classified awards, net of withholding tax	1,887			1,887
Purchase of treasury stock, including excise tax (in shares)			(843)
Purchase of treasury stock, including excise tax	(7,870)		$ (7,870)
Balance as of end of period (in shares) at Sep. 28, 2022		64,998
Balance as of end of period at Sep. 28, 2022	$ (44,630)	$ 650	$ (87,711)	140,234	(54,500)	(43,303)
Balance as of end of period, treasury stock (in shares) at Sep. 28, 2022			(7,497)
Balance as of beginning of period (in shares) at Dec. 28, 2022	64,998	64,998
Balance as of beginning of period at Dec. 28, 2022	$ (37,116)	$ 650	$ (95,476)	142,136	(41,729)	(42,697)
Balance as of beginning of period, treasury stock (in shares) at Dec. 28, 2022	(8,270)		(8,270)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 17,043				17,043
Other comprehensive income	14,937					14,937
Share-based compensation on equity classified awards, net of withholding tax	$ 5,264			5,264
Purchase of treasury stock, including excise tax (in shares)	(3,400)		(3,410)
Purchase of treasury stock, including excise tax	$ (35,926)		$ (35,926)
Issuance of common stock for share-based compensation (in shares)		713
Issuance of common stock for share-based compensation	$ 0	$ 7		(7)
Balance as of end of period (in shares) at Sep. 27, 2023	65,711	65,711
Balance as of end of period at Sep. 27, 2023	$ (35,798)	$ 657	$ (131,402)	147,393	(24,686)	(27,760)
Balance as of end of period, treasury stock (in shares) at Sep. 27, 2023	(11,680)		(11,680)
Balance as of beginning of period (in shares) at Jun. 28, 2023		65,708
Balance as of beginning of period at Jun. 28, 2023	$ (42,618)	$ 657	$ (114,866)	144,506	(32,594)	(40,321)
Balance as of beginning of period, treasury stock (in shares) at Jun. 28, 2023			(10,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,908				7,908
Other comprehensive income	12,561					12,561
Share-based compensation on equity classified awards, net of withholding tax	2,887			2,887
Purchase of treasury stock, including excise tax (in shares)			(1,680)
Purchase of treasury stock, including excise tax	$ (16,536)		$ (16,536)
Issuance of common stock for share-based compensation (in shares)		3
Balance as of end of period (in shares) at Sep. 27, 2023	65,711	65,711
Balance as of end of period at Sep. 27, 2023	$ (35,798)	$ 657	$ (131,402)	$ 147,393	$ (24,686)	$ (27,760)
Balance as of end of period, treasury stock (in shares) at Sep. 27, 2023	(11,680)		(11,680)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2023	Sep. 28, 2022
Cash flows from operating activities:
Net income	$ 17,043	$ 61,941
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation and amortization	10,878	11,052
Operating (gains), losses and other charges, net	2,467	(1,051)
Losses (gains) and amortization on interest rate swaps, net	10,838	(52,678)
Amortization of deferred financing costs	476	475
(Gains) losses on investments	(59)	289
Gains on early termination of debt and leases	0	(29)
Deferred income tax expense	369	15,669
Share-based compensation expense	8,477	9,467
Changes in assets and liabilities, excluding acquisitions and dispositions:
Receivables	8,235	(4,788)
Inventories	3,184	(3,866)
Prepaids and other current assets	712	1,683
Other noncurrent assets	(902)	3,189
Operating lease assets and liabilities	(479)	(560)
Accounts payable	(7,079)	(3,115)
Other accrued liabilities	(1,319)	(3,483)
Other noncurrent liabilities	(2,073)	(9,245)
Net cash flows provided by operating activities	50,768	24,950
Cash flows from investing activities:
Capital expenditures	(5,499)	(10,146)
Acquisition of restaurant and real estate	(1,227)	(750)
Acquisition of Keke's Breakfast Cafe	0	(81,500)
Initial operating lease direct costs	(400)	0
Proceeds from sales of restaurants, real estate and other assets	3,161	4,114
Investment purchases	(1,300)	(1,200)
Proceeds from sale of investments	1,850	1,700
Refund of deposits for real estate acquisitions	0	3,624
Collections on notes receivable	391	184
Net cash flows used in investing activities	(3,024)	(83,974)
Cash flows from financing activities:
Revolver borrowings	100,300	156,325
Revolver payments	(113,700)	(59,825)
Repayments of finance leases	(1,359)	(1,513)
Tax withholding on share-based payments	(3,007)	(4,781)
Purchase of treasury stock	(35,415)	(57,460)
Net bank overdrafts	2,936	0
Net cash flows (used in) provided by financing activities	(50,245)	32,746
Decrease in cash and cash equivalents	(2,501)	(26,278)
Cash and cash equivalents at beginning of period	3,523	30,624
Cash and cash equivalents at end of period	$ 1,022	$ 4,346

Introduction and Basis of Prese

Introduction and Basis of Presentation	9 Months Ended
	Sep. 27, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Introduction and Basis of Presentation	Introduction and Basis of Presentation Denny’s Corporation, or the Company, is one of America’s largest full-service restaurant chains based on number of restaurants. As of September 27, 2023, the Company consisted of 1,644 restaurants, 1,570 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. As of September 27, 2023, the Denny's brand consisted of 1,588 restaurants, 1,522 of which were franchised/licensed restaurants and 66 of which were company operated. At September 27, 2023, the Keke's brand consisted of 56 restaurants, 48 of which were franchised restaurants and eight of which were company operated. Our unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial information. 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 consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto as of and for the fiscal year ended December 28, 2022 which are contained in our audited Annual Report on Form 10-K for the fiscal year ended December 28, 2022. The results of operations for the interim periods presented are not necessarily indicative of the results for the entire fiscal year ending December 27, 2023. Our significant interim accounting policies include the recognition of advertising and marketing costs, generally in proportion to revenue, and the recognition of income taxes using an estimated annual effective rate.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 27, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies 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. 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.

Receivables

Receivables	9 Months Ended
	Sep. 27, 2023
Receivables [Abstract]
Receivables	Receivables Receivables consisted of the following: September 27, 2023 December 28, 2022 (In thousands) Receivables, net: Trade accounts receivable from franchisees $ 12,544 $ 13,314 Notes and loan receivables from franchisees 486 6,731 Vendor receivables 1,677 3,466 Credit card receivables 645 896 Other 1,795 1,545 Allowance for doubtful accounts (197) (376) Total receivables, net $ 16,950 $ 25,576

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 27, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The following table reflects the changes in carrying amount of goodwill: September 27, 2023 (In thousands) Balance, beginning of year $ 72,740 Reclassifications to assets held for sale (598) Balance, end of period $ 72,142 Goodwill by segment consisted of the following: September 27, 2023 December 28, 2022 (In thousands) Denny’s $ 37,527 $ 37,527 Other 34,615 35,213 Total goodwill $ 72,142 $ 72,740 Intangible assets consisted of the following: September 27, 2023 December 28, 2022 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In thousands) Intangible assets with indefinite lives: Trade names $ 79,687 $ — $ 79,687 $ — Liquor licenses 120 — 120 — Intangible assets with definite lives: Reacquired franchise rights 9,594 5,495 10,489 5,697 Franchise agreements 10,700 761 10,700 265 Intangible assets, net $ 100,101 $ 6,256 $ 100,996 $ 5,962

Other Current Liabilities

Other Current Liabilities	9 Months Ended
	Sep. 27, 2023
Other Liabilities, Current [Abstract]
Other Current Liabilities	Other Current Liabilities Other current liabilities consisted of the following: September 27, 2023 December 28, 2022 (In thousands) Accrued payroll $ 15,313 $ 17,903 Current portion of liability for insurance claims 3,448 3,492 Accrued taxes 6,068 4,452 Accrued advertising 7,906 6,069 Gift cards 5,720 7,675 Accrued legal settlements 5,708 5,446 Accrued interest 4,513 1,142 Other 10,395 10,583 Other current liabilities $ 59,071 $ 56,762

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 27, 2023
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 September 27, 2023: Deferred compensation plan investments (1) $ 11,211 $ 11,211 $ — $ — Interest rate swaps (2) 27,324 — 27,324 — Investments (3) 1,255 — 1,255 — Total $ 39,790 $ 11,211 $ 28,579 $ — Fair value measurements as of December 28, 2022: Deferred compensation plan investments (1) $ 10,818 $ 10,818 $ — $ — Interest rate swaps (2) 20,047 — 20,047 — Investments (3) 1,746 — 1,746 — Total $ 32,611 $ 10,818 $ 21,793 $ — (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 7. (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 non-recurring basis are summarized below: Significant Unobservable Inputs Impairment Charges for the Quarter Ended (In thousands) Fair value measurements as of September 27, 2023: Assets held and used (1) $ — $ 1,711 (1) As of September 27, 2023, 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, goodwill and intangible assets. During the quarter and year-to-date period ended September 27, 2023, we recognized impairment charges of $1.7 million and $1.8 million, respectively, related to certain of these assets. See Note 9.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 27, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt 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 maturity date for the credit facility is August 26, 2026. The credit facility includes an accordion feature that would allow us to increase the size of the facility to $450 million. Borrowings bear a tiered interest rate, which is based on the Company's consolidated leverage ratio. On March 31, 2023, the credit facility was amended to change the benchmark interest rate from LIBOR to Adjusted Daily Simple SOFR. 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 September 27, 2023. As of September 27, 2023, we had outstanding revolver loans of $248.1 million and outstanding letters of credit under the credit facility of $11.5 million. These balances resulted in unused commitments of $140.4 million as of September 27, 2023 under the credit facility. As of September 27, 2023, borrowings under the credit facility bore interest at a rate of Adjusted Daily Simple SOFR plus 2.25%. Letters of credit under the credit facility bore interest at a rate of 2.38%. 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 7.66% and 6.37% as of September 27, 2023 and December 28, 2022, 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 5.28% and 5.31% as of September 27, 2023 and December 28, 2022, respectively. Interest Rate Hedges We have receive-variable, pay-fixed interest rate swaps to hedge the forecasted cash flows of our floating rate debt. A summary of our interest rate swaps as of September 27, 2023 is as follows: Trade Date Effective Date Maturity Date Notional Amount Fair Value Fixed Rate (In thousands) Swaps designated as cash flow hedges March 20, 2015 March 29, 2018 March 31, 2025 $ 120,000 $ 4,937 2.34 % October 1, 2015 March 29, 2018 March 31, 2026 $ 50,000 $ 2,851 2.37 % February 15, 2018 March 31, 2020 December 31, 2033 $ 31,000 (1) $ 19,536 3.09 % Total $ 201,000 $ 27,324 (1) The notional amounts of the swaps entered into on February 15, 2018 increase periodically until they reach the maximum notional amount of $335 million on August 31, 2033. On March 31, 2023, the Company entered into amendments of its credit facility and interest rate swaps. The amendments transition our credit facility and interest rate swap benchmark interest rates from LIBOR to Adjusted Daily Simple SOFR, as such the fixed rates in the table above have been adjusted to the appropriate fixed rates. The conversion to Adjusted Daily Simple SOFR did not have a material impact on the Company's consolidated financial position or results of operations. Termination and Designation of Certain Interest Rate Swaps During the quarter ended March 29, 2023, we terminated a portion of our hedging relationship entered into in 2018 (“2018 Swaps”), reducing the previous maximum notional amount of $425 million on August 31, 2033 to $335 million. As a result, we expect our total swaps to approximate 80% of our outstanding debt prospectively. We received $1.5 million of cash as a result of the termination which is recorded as a component of operating activities in our Consolidated Statement of Cash Flows for the year-to-date period ended September 27, 2023. In addition, during the quarter ended March 29, 2023, we designated the remaining 2018 Swaps as cash flow hedges of our exposure to variability in future cash flows attributable to variable rate interest payments due on forecasted notional amounts. Changes in Fair Value of Interest Rate Swaps 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 other comprehensive income (loss). Our interest rate swaps are designated as cash flow hedges with unrealized gains and losses recorded as a component of accumulated other comprehensive loss, net. As of September 27, 2023, the fair value of the swaps designated as cash flow hedges was an asset of $27.3 million, recorded as a component of other noncurrent assets. The designated swaps have an offsetting amount (before taxes) recorded as a component of accumulated other comprehensive loss, net in our Consolidated Balance Sheets. See Note 13 for amounts recorded in accumulated other comprehensive loss related to interest rate swaps. We expect to reclassify $5.9 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 12 months. For the periods prior to their designation as cash flow hedges, changes in the fair value of the 2018 Swaps were recorded as a component of other nonoperating expense (income), net in our Consolidated Statements of Operations. For the year-to-date period ended September 27, 2023, we recorded expense of $10.6 million, and for the quarter and year-to-date period ended September 28, 2022, we recorded income of $10.8 million and $52.7 million, respectively, as a component of other nonoperating expense (income), net related to the 2018 Swaps resulting from changes in fair value. Amortization of Certain Amounts Included in Accumulated Other Comprehensive Loss, Net At September 27, 2023, we had a total of $64.3 million (before taxes) included in accumulated other comprehensive loss, net related to i) the discontinuance of hedge accounting treatment related to certain cash flow hedges in prior years and ii) the fair value of certain swaps at the date of designation as cash flow hedges that are being amortized into our Consolidated Statements of Operations as a component of interest expense, net over the remaining term of the related swap.

Revenues

Revenues	9 Months Ended
	Sep. 27, 2023
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The following table disaggregates our revenue by sales channel and type of good or service: Quarter Ended Three Quarters Ended September 27, 2023 September 28, 2022 September 27, 2023 September 28, 2022 (In thousands) Company restaurant sales $ 53,153 $ 52,211 $ 161,486 $ 145,354 Franchise and license revenue: Royalties 29,703 28,992 90,106 84,276 Advertising revenue 19,297 18,950 58,818 56,642 Initial and other fees 3,388 7,749 10,994 20,035 Occupancy revenue 8,642 9,554 27,165 29,273 Franchise and license revenue 61,030 65,245 187,083 190,226 Total operating revenue $ 114,183 $ 117,456 $ 348,569 $ 335,580 Franchise occupancy revenue consisted of the following: Quarter Ended Three Quarters Ended September 27, 2023 September 28, 2022 September 27, 2023 September 28, 2022 (In thousands) Operating lease revenue $ 6,461 $ 7,074 $ 20,015 $ 21,745 Variable lease revenue 2,181 2,480 7,150 7,528 Total occupancy revenue $ 8,642 $ 9,554 $ 27,165 $ 29,273 Balances related to contracts with customers consist of receivables, contract assets, 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 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: (In thousands) Balance, December 28, 2022 $ 20,751 Fees received from franchisees 1,243 Revenue recognized (1) (2,387) Balance, September 27, 2023 19,607 Less current portion included in other current liabilities 2,179 Deferred franchise revenue included in other noncurrent liabilities $ 17,428 (1) Of this amount $2.0 million was included in the deferred franchise revenue balance as of December 28, 2022. 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: (In thousands) Balance, December 28, 2022 $ 5,361 Franchisee deferred costs 2,371 Contract asset amortization (1,032) Balance, September 27, 2023 6,700 Less current portion included in other current assets 1,016 Contract assets included in other noncurrent assets $ 5,684 The Company purchases equipment related to various programs for franchise restaurants, including kitchen and point-of-sale system equipment. We bill our franchisees and recognize revenue when the related equipment is installed, less amounts contributed from the Company, which have been deferred as contract assets in the table above. We recognized $1.7 million and $4.6 million of revenue, recorded as a component of initial and other fees, related to the sale of equipment to franchisees during the quarter and year-to-date period ended September 27, 2023, respectively. We recognized $5.8 million and $13.8 million of revenue, recorded as a component of initial and other fees, related to the sale of equipment to franchisees during the quarter and year-to-date period ended September 28, 2022, respectively. As of September 27, 2023, we had $0.8 million in inventory and $0.6 million in receivables related to the purchased equipment. As of December 28, 2022, we had $3.6 million in inventory and $6.6 million in receivables related to the kitchen equipment rollout. 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 our customers. The balance of deferred gift card liabilities as of September 27, 2023 and December 28, 2022 was $5.7 million and $7.7 million, respectively. During the year-to-date period ended September 27, 2023, we recognized revenue of $0.4 million from gift card redemptions at company restaurants.

Operating (Gains), Losses and O

Operating (Gains), Losses and Other Charges, Net	9 Months Ended
	Sep. 27, 2023
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 Three Quarters Ended September 27, 2023 September 28, 2022 September 27, 2023 September 28, 2022 (In thousands) Gains on sales of assets and other, net $ (88) $ (3,066) $ (2,132) $ (3,311) Restructuring charges and exit costs 997 472 2,759 1,297 Impairment charges 1,711 697 1,840 963 Operating (gains), losses and other charges, net $ 2,620 $ (1,897) $ 2,467 $ (1,051) During the year-to-date period ended September 27, 2023, gains on sales of assets and other, net were primarily related to the sale of three parcels of real estate. During the quarter and year-to-date period ended September 28, 2022, gains on sales of assets and other, net were primarily related to the sale of two parcels of real estate. As of September 27, 2023, we had recorded assets held for sale at the lesser of the carrying value or fair value amount of $1.6 million (consisting of property of $0.9 million, goodwill of $0.6 million and other assets of $0.1 million) related to one parcel of real estate and three Keke's restaurants. As of December 28, 2022, we had recorded assets held for sale at their carrying amount of $1.4 million (consisting of property of $1.1 million and other assets of $0.3 million) related to four parcels of real estate. Restructuring charges and exit costs consisted of the following: Quarter Ended Three Quarters Ended September 27, 2023 September 28, 2022 September 27, 2023 September 28, 2022 (In thousands) Exit costs $ 12 $ 38 $ 64 $ 88 Severance and other restructuring charges 985 434 2,695 1,209 Total restructuring charges and exit costs $ 997 $ 472 $ 2,759 $ 1,297 Exit costs primarily consist 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. As of September 27, 2023 and December 28, 2022, we had accrued severance and other restructuring charges of $2.1 million and $0.7 million, respectively. The balance as of September 27, 2023 is expected to be paid primarily during the next 12 months. We recorded impairment charges of $1.7 million and $1.8 million related to property and right-of-use assets for the quarter and year-to-date period ended September 27, 2023, respectively, resulting from our assessment of underperforming restaurants and assets being classified as held for sale. The $1.7 million included $0.9 million related to property and $0.8 million related to operating lease right-of-use assets. The $1.8 million included $1.0 million related to property and $0.8 million related to operating lease right-of-use assets.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 27, 2023
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 Three Quarters Ended September 27, 2023 September 28, 2022 September 27, 2023 September 28, 2022 (In thousands) Employee share awards $ 2,659 $ 1,706 $ 7,793 $ 8,784 Restricted stock units for board members 205 241 684 683 Total share-based compensation $ 2,864 $ 1,947 $ 8,477 $ 9,467 Employee Share Awards During the year-to-date period ended September 27, 2023, we granted certain employees 0.3 million performance share units ("PSUs") with a weighted average grant date fair value of $18.39 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 0.3 million PSUs with a weighted average grant date fair value of $11.90 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 29, 2022 and ending December 31, 2025. The PSUs will 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 recognize compensation cost associated with 0.5 million of these PSU awards over the entire performance period on a straight-line basis, with compensation cost for the remaining 0.1 million PSU awards recognized on a graded-vesting basis due to the accelerated vesting terms for certain retirement eligible individuals. During the year-to-date period ended September 27, 2023, we also granted certain employees 0.7 million restricted stock units ("RSUs") with a weighted average grant date fair value of $11.83 per share. These RSUs generally vest evenly over the three-year fiscal period beginning December 29, 2022 and ending December 31, 2025. We recognize compensation cost associated with these RSU awards on a straight-line basis over the entire performance period of the award. During the year-to-date period ended September 27, 2023, we issued 0.5 million shares of common stock related to vested PSUs and RSUs. In addition, 0.3 million shares of common stock were withheld in lieu of taxes related to vested PSUs and RSUs. As of September 27, 2023, we had $16.3 million of unrecognized compensation cost related to unvested PSU awards and RSU awards outstanding, which have a weighted average remaining contractual term of 1.9 years. Restricted Stock Units for Board Members During the year-to-date period ended September 27, 2023, we granted less than 0.1 million RSUs (which are equity classified) with a grant date fair value of $10.71 per unit to non-employee members of our Board of Directors. The RSUs 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 of Directors. During the year-to-date period ended September 27, 2023, 0.2 million RSUs were converted into shares of common stock.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 27, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe effective income tax rate was 17.6% for the quarter and 23.7% for the year-to-date period ended September 27, 2023, compared to 24.3% and 25.7% for the prior year periods, respectively. The effective income tax rate for the quarter and year-to-date period ended September 27, 2023 included discrete items relating to share-based compensation of (2.5)% and 0.4%, respectively.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 27, 2023
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share The amounts used for the basic and diluted net income per share calculations are summarized below: Quarter Ended Three Quarters Ended September 27, 2023 September 28, 2022 September 27, 2023 September 28, 2022 (In thousands, except per share amounts) Net income $ 7,908 $ 17,083 $ 17,043 $ 61,941 Weighted average shares outstanding - basic 55,869 59,020 56,764 61,558 Effect of dilutive share-based compensation awards 213 20 209 128 Weighted average shares outstanding - diluted 56,082 59,040 56,973 61,686 Net income per share - basic $ 0.14 $ 0.29 $ 0.30 $ 1.01 Net income per share - diluted $ 0.14 $ 0.29 $ 0.30 $ 1.00 Anti-dilutive share-based compensation awards 735 641 788 737

Shareholders' Deficit

Shareholders' Deficit	9 Months Ended
	Sep. 27, 2023
Equity, Attributable to Parent [Abstract]
Shareholders' Deficit	Shareholders' Deficit Share Repurchases Our credit facility permits the repurchase of the Company'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 the year-to-date period ended September 27, 2023, we repurchased a total of 3.4 million shares of our common stock for $35.9 million, including excise taxes. This brings the total amount repurchased under the current authorization to $133.4 million, leaving $116.6 million that can be used to repurchase our common stock under this authorization as of September 27, 2023. Repurchased shares are included as treasury stock in our Consolidated Balance Sheets and our Consolidated Statements of Shareholders' Deficit. As of September 27, 2023, 11.7 million shares were held in treasury stock. 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 28, 2022 $ (555) $ (42,142) $ (42,697) Amortization of net loss (1) 116 — 116 Changes in the fair value of cash flow hedges — 23,221 23,221 Reclassification of cash flow hedges to interest expense, net (2) — (3,551) (3,551) Amortization of unrealized losses related to interest rate swaps to interest expense, net — 232 232 Income tax expense related to items of other comprehensive income (loss) (30) (5,051) (5,081) Balance as of September 27, 2023 $ (469) $ (27,291) $ (27,760) (1) Before-tax 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 Consolidated Statements of Operations during the year-to-date period ended September 27, 2023. (2) Amounts reclassified from accumulated other comprehensive loss, net into interest expense, net in our Consolidated Statements of Operations represent payments either (received from) or made to the counterparty for the interest rate hedges. See Note 7 for additional details.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 27, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesLegal ProceedingsThere 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	9 Months Ended
	Sep. 27, 2023
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Three Quarters Ended September 27, 2023 September 28, 2022 (In thousands) Income taxes paid, net $ 6,531 $ 6,161 Interest paid $ 9,346 $ 9,117 Noncash investing and financing activities: Business acquisition payable $ — $ 1,000 Accrued purchase of property $ 102 $ — Issuance of common stock, pursuant to share-based compensation plans $ 5,638 $ 9,547 Receipt of real estate receivable $ — $ 3,000 Execution of finance leases $ 593 $ 506 Treasury stock payable $ 1,053 $ 292

Segment Information

Segment Information	9 Months Ended
	Sep. 27, 2023
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 franchised Keke's 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. 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 net income: Quarter Ended Three Quarters Ended September 27, 2023 September 28, 2022 September 27, 2023 September 28, 2022 Revenues by operating segment: (In thousands) Denny’s $ 109,136 $ 113,725 $ 332,952 $ 331,849 Other 5,047 3,731 15,617 3,731 Total operating revenue $ 114,183 $ 117,456 $ 348,569 $ 335,580 Segment income: Denny’s $ 36,944 $ 33,227 $ 111,525 $ 101,964 Other 1,536 1,199 5,434 1,199 Total restaurant-level operating margin $ 38,480 $ 34,426 $ 116,959 $ 103,163 General and administrative expenses $ 18,237 $ 16,607 $ 58,515 $ 50,188 Depreciation and amortization 3,605 3,914 10,878 11,052 Operating (gains), losses and other charges, net 2,620 (1,897) 2,467 (1,051) Total other operating expenses 24,462 18,624 71,860 60,189 Operating income 14,018 15,802 45,099 42,974 Interest expense, net 4,381 3,691 13,288 9,529 Other nonoperating expense (income), net 43 (10,461) 9,470 (49,871) Income before income taxes 9,594 22,572 22,341 83,316 Provision for income taxes 1,686 5,489 5,298 21,375 Net income $ 7,908 $ 17,083 $ 17,043 $ 61,941 September 27, 2023 December 28, 2022 Segment assets: (In thousands) Denny’s $ 376,123 $ 394,051 Other 103,712 104,284 Total assets $ 479,835 $ 498,335

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2023	Sep. 28, 2022	Sep. 27, 2023	Sep. 28, 2022
Pay vs Performance Disclosure
Net income	$ 7,908	$ 17,083	$ 17,043	$ 61,941

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 27, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 27, 2023
Accounting Policies [Abstract]
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. 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.

Receivables (Tables)

Receivables (Tables)	9 Months Ended
	Sep. 27, 2023
Receivables [Abstract]
Schedule of Receivables, Net	Receivables consisted of the following: September 27, 2023 December 28, 2022 (In thousands) Receivables, net: Trade accounts receivable from franchisees $ 12,544 $ 13,314 Notes and loan receivables from franchisees 486 6,731 Vendor receivables 1,677 3,466 Credit card receivables 645 896 Other 1,795 1,545 Allowance for doubtful accounts (197) (376) Total receivables, net $ 16,950 $ 25,576

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 27, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amounts of Goodwill	The following table reflects the changes in carrying amount of goodwill: September 27, 2023 (In thousands) Balance, beginning of year $ 72,740 Reclassifications to assets held for sale (598) Balance, end of period $ 72,142 Goodwill by segment consisted of the following: September 27, 2023 December 28, 2022 (In thousands) Denny’s $ 37,527 $ 37,527 Other 34,615 35,213 Total goodwill $ 72,142 $ 72,740
Schedule of Indefinite-Lived Intangible Assets	Intangible assets consisted of the following: September 27, 2023 December 28, 2022 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In thousands) Intangible assets with indefinite lives: Trade names $ 79,687 $ — $ 79,687 $ — Liquor licenses 120 — 120 — Intangible assets with definite lives: Reacquired franchise rights 9,594 5,495 10,489 5,697 Franchise agreements 10,700 761 10,700 265 Intangible assets, net $ 100,101 $ 6,256 $ 100,996 $ 5,962
Schedule of Finite-Lived Intangible Assets	Intangible assets consisted of the following: September 27, 2023 December 28, 2022 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In thousands) Intangible assets with indefinite lives: Trade names $ 79,687 $ — $ 79,687 $ — Liquor licenses 120 — 120 — Intangible assets with definite lives: Reacquired franchise rights 9,594 5,495 10,489 5,697 Franchise agreements 10,700 761 10,700 265 Intangible assets, net $ 100,101 $ 6,256 $ 100,996 $ 5,962

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	9 Months Ended
	Sep. 27, 2023
Other Liabilities, Current [Abstract]
Schedule of Other Current Liabilities	Other current liabilities consisted of the following: September 27, 2023 December 28, 2022 (In thousands) Accrued payroll $ 15,313 $ 17,903 Current portion of liability for insurance claims 3,448 3,492 Accrued taxes 6,068 4,452 Accrued advertising 7,906 6,069 Gift cards 5,720 7,675 Accrued legal settlements 5,708 5,446 Accrued interest 4,513 1,142 Other 10,395 10,583 Other current liabilities $ 59,071 $ 56,762

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 27, 2023
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: Total Quoted Prices in Active Markets for Identical Assets/Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (In thousands ) Fair value measurements as of September 27, 2023: Deferred compensation plan investments (1) $ 11,211 $ 11,211 $ — $ — Interest rate swaps (2) 27,324 — 27,324 — Investments (3) 1,255 — 1,255 — Total $ 39,790 $ 11,211 $ 28,579 $ — Fair value measurements as of December 28, 2022: Deferred compensation plan investments (1) $ 10,818 $ 10,818 $ — $ — Interest rate swaps (2) 20,047 — 20,047 — Investments (3) 1,746 — 1,746 — Total $ 32,611 $ 10,818 $ 21,793 $ — (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 7. (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.
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Non - Recurring Basis	Those assets and liabilities measured at fair value on a non-recurring basis are summarized below: Significant Unobservable Inputs Impairment Charges for the Quarter Ended (In thousands) Fair value measurements as of September 27, 2023: Assets held and used (1) $ — $ 1,711 (1) As of September 27, 2023, 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.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 27, 2023
Debt Disclosure [Abstract]
Schedule of Interest Rate Swaps	A summary of our interest rate swaps as of September 27, 2023 is as follows: Trade Date Effective Date Maturity Date Notional Amount Fair Value Fixed Rate (In thousands) Swaps designated as cash flow hedges March 20, 2015 March 29, 2018 March 31, 2025 $ 120,000 $ 4,937 2.34 % October 1, 2015 March 29, 2018 March 31, 2026 $ 50,000 $ 2,851 2.37 % February 15, 2018 March 31, 2020 December 31, 2033 $ 31,000 (1) $ 19,536 3.09 % Total $ 201,000 $ 27,324 (1) The notional amounts of the swaps entered into on February 15, 2018 increase periodically until they reach the maximum notional amount of $335 million on August 31, 2033.

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 27, 2023
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: Quarter Ended Three Quarters Ended September 27, 2023 September 28, 2022 September 27, 2023 September 28, 2022 (In thousands) Company restaurant sales $ 53,153 $ 52,211 $ 161,486 $ 145,354 Franchise and license revenue: Royalties 29,703 28,992 90,106 84,276 Advertising revenue 19,297 18,950 58,818 56,642 Initial and other fees 3,388 7,749 10,994 20,035 Occupancy revenue 8,642 9,554 27,165 29,273 Franchise and license revenue 61,030 65,245 187,083 190,226 Total operating revenue $ 114,183 $ 117,456 $ 348,569 $ 335,580
Schedule of Components of Lease Income	Franchise occupancy revenue consisted of the following: Quarter Ended Three Quarters Ended September 27, 2023 September 28, 2022 September 27, 2023 September 28, 2022 (In thousands) Operating lease revenue $ 6,461 $ 7,074 $ 20,015 $ 21,745 Variable lease revenue 2,181 2,480 7,150 7,528 Total occupancy revenue $ 8,642 $ 9,554 $ 27,165 $ 29,273
Schedule of Components of the Change in Contract Asset and Contract Liability	The components of the change in deferred franchise revenue are as follows: (In thousands) Balance, December 28, 2022 $ 20,751 Fees received from franchisees 1,243 Revenue recognized (1) (2,387) Balance, September 27, 2023 19,607 Less current portion included in other current liabilities 2,179 Deferred franchise revenue included in other noncurrent liabilities $ 17,428 (1) Of this amount $2.0 million was included in the deferred franchise revenue balance as of December 28, 2022. The components of the change in contract assets are as follows: (In thousands) Balance, December 28, 2022 $ 5,361 Franchisee deferred costs 2,371 Contract asset amortization (1,032) Balance, September 27, 2023 6,700 Less current portion included in other current assets 1,016 Contract assets included in other noncurrent assets $ 5,684

Operating (Gains), Losses and_2

Operating (Gains), Losses and Other Charges, Net (Tables)	9 Months Ended
	Sep. 27, 2023
Other Income and Expenses [Abstract]
Schedule of Operating Gains Losses and Other Charges, Net	Operating (gains), losses and other charges, net consisted of the following: Quarter Ended Three Quarters Ended September 27, 2023 September 28, 2022 September 27, 2023 September 28, 2022 (In thousands) Gains on sales of assets and other, net $ (88) $ (3,066) $ (2,132) $ (3,311) Restructuring charges and exit costs 997 472 2,759 1,297 Impairment charges 1,711 697 1,840 963 Operating (gains), losses and other charges, net $ 2,620 $ (1,897) $ 2,467 $ (1,051)
Schedule of Restructuring Charges and Exit Costs	Restructuring charges and exit costs consisted of the following: Quarter Ended Three Quarters Ended September 27, 2023 September 28, 2022 September 27, 2023 September 28, 2022 (In thousands) Exit costs $ 12 $ 38 $ 64 $ 88 Severance and other restructuring charges 985 434 2,695 1,209 Total restructuring charges and exit costs $ 997 $ 472 $ 2,759 $ 1,297

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 27, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Total Share-based Compensation	Total share-based compensation included as a component of general and administrative expenses was as follows: Quarter Ended Three Quarters Ended September 27, 2023 September 28, 2022 September 27, 2023 September 28, 2022 (In thousands) Employee share awards $ 2,659 $ 1,706 $ 7,793 $ 8,784 Restricted stock units for board members 205 241 684 683 Total share-based compensation $ 2,864 $ 1,947 $ 8,477 $ 9,467

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 27, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income Per Share	The amounts used for the basic and diluted net income per share calculations are summarized below: Quarter Ended Three Quarters Ended September 27, 2023 September 28, 2022 September 27, 2023 September 28, 2022 (In thousands, except per share amounts) Net income $ 7,908 $ 17,083 $ 17,043 $ 61,941 Weighted average shares outstanding - basic 55,869 59,020 56,764 61,558 Effect of dilutive share-based compensation awards 213 20 209 128 Weighted average shares outstanding - diluted 56,082 59,040 56,973 61,686 Net income per share - basic $ 0.14 $ 0.29 $ 0.30 $ 1.01 Net income per share - diluted $ 0.14 $ 0.29 $ 0.30 $ 1.00 Anti-dilutive share-based compensation awards 735 641 788 737

Shareholders' Deficit (Tables)

Shareholders' Deficit (Tables)	9 Months Ended
	Sep. 27, 2023
Equity, Attributable to Parent [Abstract]
Schedule of 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 28, 2022 $ (555) $ (42,142) $ (42,697) Amortization of net loss (1) 116 — 116 Changes in the fair value of cash flow hedges — 23,221 23,221 Reclassification of cash flow hedges to interest expense, net (2) — (3,551) (3,551) Amortization of unrealized losses related to interest rate swaps to interest expense, net — 232 232 Income tax expense related to items of other comprehensive income (loss) (30) (5,051) (5,081) Balance as of September 27, 2023 $ (469) $ (27,291) $ (27,760) (1) Before-tax 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 Consolidated Statements of Operations during the year-to-date period ended September 27, 2023. (2) Amounts reclassified from accumulated other comprehensive loss, net into interest expense, net in our Consolidated Statements of Operations represent payments either (received from) or made to the counterparty for the interest rate hedges. See Note 7 for additional details.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 27, 2023
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Information	Three Quarters Ended September 27, 2023 September 28, 2022 (In thousands) Income taxes paid, net $ 6,531 $ 6,161 Interest paid $ 9,346 $ 9,117 Noncash investing and financing activities: Business acquisition payable $ — $ 1,000 Accrued purchase of property $ 102 $ — Issuance of common stock, pursuant to share-based compensation plans $ 5,638 $ 9,547 Receipt of real estate receivable $ — $ 3,000 Execution of finance leases $ 593 $ 506 Treasury stock payable $ 1,053 $ 292

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 27, 2023
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 net income: Quarter Ended Three Quarters Ended September 27, 2023 September 28, 2022 September 27, 2023 September 28, 2022 Revenues by operating segment: (In thousands) Denny’s $ 109,136 $ 113,725 $ 332,952 $ 331,849 Other 5,047 3,731 15,617 3,731 Total operating revenue $ 114,183 $ 117,456 $ 348,569 $ 335,580 Segment income: Denny’s $ 36,944 $ 33,227 $ 111,525 $ 101,964 Other 1,536 1,199 5,434 1,199 Total restaurant-level operating margin $ 38,480 $ 34,426 $ 116,959 $ 103,163 General and administrative expenses $ 18,237 $ 16,607 $ 58,515 $ 50,188 Depreciation and amortization 3,605 3,914 10,878 11,052 Operating (gains), losses and other charges, net 2,620 (1,897) 2,467 (1,051) Total other operating expenses 24,462 18,624 71,860 60,189 Operating income 14,018 15,802 45,099 42,974 Interest expense, net 4,381 3,691 13,288 9,529 Other nonoperating expense (income), net 43 (10,461) 9,470 (49,871) Income before income taxes 9,594 22,572 22,341 83,316 Provision for income taxes 1,686 5,489 5,298 21,375 Net income $ 7,908 $ 17,083 $ 17,043 $ 61,941 September 27, 2023 December 28, 2022 Segment assets: (In thousands) Denny’s $ 376,123 $ 394,051 Other 103,712 104,284 Total assets $ 479,835 $ 498,335

Introduction and Basis of Pre_2

Introduction and Basis of Presentation (Details)	Sep. 27, 2023 restaurant
Franchisor Disclosure [Line Items]
Number of restaurants	1,644
Denny's Brand
Franchisor Disclosure [Line Items]
Number of restaurants	1,588
Keke's
Franchisor Disclosure [Line Items]
Number of restaurants	56
Franchised/licensed Restaurants
Franchisor Disclosure [Line Items]
Number of restaurants	1,570
Franchised/licensed Restaurants | Denny's Brand
Franchisor Disclosure [Line Items]
Number of restaurants	1,522
Franchised/licensed Restaurants | Keke's
Franchisor Disclosure [Line Items]
Number of restaurants	48
Company Restaurants
Franchisor Disclosure [Line Items]
Number of restaurants	74
Company Restaurants | Denny's Brand
Franchisor Disclosure [Line Items]
Number of restaurants	66
Company Restaurants | Keke's
Franchisor Disclosure [Line Items]
Number of restaurants	8

Receivables - Receivables, Net

Receivables - Receivables, Net (Details) - USD ($) $ in Thousands	Sep. 27, 2023	Dec. 28, 2022
Receivables, net:
Trade accounts receivable from franchisees	$ 12,544	$ 13,314
Notes and loan receivables from franchisees	486	6,731
Allowance for doubtful accounts	(197)	(376)
Total receivables, net	16,950	25,576
Vendor receivables
Receivables, net:
Other receivables, gross, current	1,677	3,466
Credit card receivables
Receivables, net:
Other receivables, gross, current	645	896
Other
Receivables, net:
Other receivables, gross, current	$ 1,795	$ 1,545

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amounts of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 27, 2023 USD ($)
Goodwill [Roll Forward]
Balance, beginning of period	$ 72,740
Reclassifications to assets held for sale	(598)
Balance, end of period	72,142
Total goodwill	72,142
Denny’s
Goodwill [Roll Forward]
Balance, beginning of period	37,527
Balance, end of period	37,527
Total goodwill	37,527
Other
Goodwill [Roll Forward]
Balance, beginning of period	35,213
Balance, end of period	34,615
Total goodwill	$ 34,615

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Finite-Lived and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 27, 2023	Dec. 28, 2022
Intangible Assets
Trade names	$ 79,687	$ 79,687
Liquor licenses	120	120
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	6,256	5,962
Intangible assets, net	100,101	100,996
Reacquired franchise rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,594	10,489
Accumulated Amortization	5,495	5,697
Franchise agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,700	10,700
Accumulated Amortization	$ 761	$ 265

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2023	Sep. 28, 2022	Sep. 27, 2023	Sep. 28, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 0.4	$ 0.4	$ 1.2	$ 1.1

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 27, 2023	Dec. 28, 2022
Other Liabilities, Current [Abstract]
Accrued payroll	$ 15,313	$ 17,903
Current portion of liability for insurance claims	3,448	3,492
Accrued taxes	6,068	4,452
Accrued advertising	7,906	6,069
Gift cards	5,720	7,675
Accrued legal settlements	5,708	5,446
Accrued interest	4,513	1,142
Other	10,395	10,583
Other current liabilities	$ 59,071	$ 56,762

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Sep. 27, 2023	Dec. 28, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan investments	$ 11,211	$ 10,818
Interest rate swaps	27,324	20,047
Investments	1,255	1,746
Total	39,790	32,611
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	11,211	10,818
Interest rate swaps	0	0
Investments	0	0
Total	11,211	10,818
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	27,324	20,047
Investments	1,255	1,746
Total	28,579	21,793
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 Financial Assets and Liabilities Measured at Fair Value on a Non - Recurring Basis (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 27, 2023 USD ($)	Sep. 27, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment Charges for the Quarter Ended September 27, 2023	$ 1,711
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment Charges for the Quarter Ended September 27, 2023	1,700	$ 1,800
Significant Unobservable Inputs (Level 3) | Fair Value, Nonrecurring | Assets held and used
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurements	$ 0	$ 0

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 27, 2023	Sep. 27, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment Charges for the Quarter Ended September 27, 2023	$ 1,711
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment Charges for the Quarter Ended September 27, 2023	$ 1,700	$ 1,800

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 27, 2023	Sep. 28, 2022	Sep. 27, 2023	Sep. 28, 2022	Jun. 28, 2023	Mar. 29, 2023	Dec. 28, 2022	Jun. 29, 2022	Dec. 29, 2021
Line of Credit Facility [Line Items]
Notional Amount	$ 201,000,000		$ 201,000,000
Outstanding debt (as percent)			80%
Total shareholders' deficit	(35,798,000)	$ (44,630,000)	$ (35,798,000)	$ (44,630,000)	$ (42,618,000)		$ (37,116,000)	$ (58,708,000)	$ (65,265,000)
Derivatives
Line of Credit Facility [Line Items]
Reclassification (less than)			232,000
Derivatives
Line of Credit Facility [Line Items]
Total shareholders' deficit	(27,291,000)		(27,291,000)				$ (42,142,000)
Reclassification (less than)			(3,551,000)
Interest Rate Swap 2020-2033
Line of Credit Facility [Line Items]
Notional Amount	31,000,000		31,000,000
Termination fee			1,500,000
Interest Rate Swap 2020-2033 | Maximum
Line of Credit Facility [Line Items]
Notional Amount	335,000,000		335,000,000			$ 425,000,000
Effective Interest Rate Swaps
Line of Credit Facility [Line Items]
Derivative asset	27,300,000		27,300,000
Expected reclassification within next twelve months			5,900,000
Dedesignated Interest Rate Swaps | Other Nonoperating Income (Expense)
Line of Credit Facility [Line Items]
Unrealized gain (loss) on derivatives		10,800,000	(10,600,000)	52,700,000
Dedesignated Interest Rate Swaps | Derivatives
Line of Credit Facility [Line Items]
Reclassification (less than)	100,000	$ 100,000	200,000	$ 100,000
Dedesignated Interest Rate Swaps | Derivatives
Line of Credit Facility [Line Items]
Expected reclassification within next twelve months			600,000
Dedesignated Interest Rate Swaps | Derivatives
Line of Credit Facility [Line Items]
Total shareholders' deficit	64,300,000		$ 64,300,000
Senior Secured Revolver
Line of Credit Facility [Line Items]
Line of credit facility, term (in years)			5 years
Line of credit facility, current borrowing capacity	400,000,000		$ 400,000,000
Line of credit facility, borrowing capacity, accordion feature	450,000,000		450,000,000
Outstanding amount under credit facility	248,100,000		248,100,000
Availability under the credit facility	$ 140,400,000		$ 140,400,000
Commitment fee, percent			0.35%
Weighted-average interest rate	7.66%		7.66%				6.37%
Senior Secured Revolver | Interest Rate Swap
Line of Credit Facility [Line Items]
Weighted-average interest rate	5.28%		5.28%				5.31%
Senior Secured Revolver | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate debt (as a percent)			2.25%
Letter of Credit
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity	$ 25,000,000		$ 25,000,000
Outstanding amount of letters of credit	$ 11,500,000		$ 11,500,000
Interest rate	2.38%		2.38%

Long-Term Debt - Interest Rate

Long-Term Debt - Interest Rate Swaps (Details) - USD ($)	Sep. 27, 2023	Mar. 29, 2023
Derivative [Line Items]
Notional Amount	$ 201,000,000
Fair Value	27,324,000
Interest Rate Swap 2018-2025
Derivative [Line Items]
Notional Amount	120,000,000
Fair Value	$ 4,937,000
Fixed Rate	2.34%
Interest Rate Swap 2018-2026
Derivative [Line Items]
Notional Amount	$ 50,000,000
Fair Value	$ 2,851,000
Fixed Rate	2.37%
Interest Rate Swap 2020-2033
Derivative [Line Items]
Notional Amount	$ 31,000,000
Fair Value	$ 19,536,000
Fixed Rate	3.09%
Interest Rate Swap 2020-2033 | Maximum
Derivative [Line Items]
Notional Amount	$ 335,000,000	$ 425,000,000

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2023	Sep. 28, 2022	Sep. 27, 2023	Sep. 28, 2022
Disaggregation of Revenue [Line Items]
Total operating revenue	$ 114,183	$ 117,456	$ 348,569	$ 335,580
Company restaurant sales
Disaggregation of Revenue [Line Items]
Total operating revenue	53,153	52,211	161,486	145,354
Royalties
Disaggregation of Revenue [Line Items]
Total operating revenue	29,703	28,992	90,106	84,276
Advertising revenue
Disaggregation of Revenue [Line Items]
Total operating revenue	19,297	18,950	58,818	56,642
Initial and other fees
Disaggregation of Revenue [Line Items]
Total operating revenue	3,388	7,749	10,994	20,035
Occupancy revenue
Disaggregation of Revenue [Line Items]
Total operating revenue	8,642	9,554	27,165	29,273
Franchise and license revenue
Disaggregation of Revenue [Line Items]
Total operating revenue	$ 61,030	$ 65,245	$ 187,083	$ 190,226

Revenues - Schedule of Componen

Revenues - Schedule of Components of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2023	Sep. 28, 2022	Sep. 27, 2023	Sep. 28, 2022
Revenue from Contract with Customer [Abstract]
Operating lease revenue	$ 6,461	$ 7,074	$ 20,015	$ 21,745
Variable lease revenue	2,181	2,480	7,150	7,528
Total occupancy revenue	$ 8,642	$ 9,554	$ 27,165	$ 29,273

Revenues - Schedule of Compon_2

Revenues - Schedule of Components of the Change in Deferred Franchise Revenue (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 27, 2023	Dec. 28, 2022
Movement In Deferred Revenue Roll Forward
Balance, December 28, 2022	$ 20,751
Fees received from franchisees	1,243
Revenue recognized	(2,387)
Balance, September 27, 2023	19,607	$ 20,751
Less current portion included in other current liabilities	2,179
Deferred franchise revenue included in other noncurrent liabilities	$ 17,428
Deferred revenue recognized		$ 2,000

Revenues - Change In Contract A

Revenues - Change In Contract Assets (Details) $ in Thousands	9 Months Ended
	Sep. 27, 2023 USD ($)
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]
Balance, December 28, 2022	$ 5,361
Franchisee deferred costs	2,371
Contract asset amortization	(1,032)
Balance, September 27, 2023	6,700
Less current portion included in other current assets	1,016
Contract assets included in other noncurrent assets	$ 5,684

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 27, 2023	Sep. 28, 2022	Sep. 27, 2023	Sep. 28, 2022	Dec. 28, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized	$ 114,183	$ 117,456	$ 348,569	$ 335,580
Receivables, net	16,950		16,950		$ 25,576
Liability balance	2,179		2,179
Deferred revenue recognized					2,000
Gift Card Redemption
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Liability balance	5,700		5,700		7,700
Deferred revenue recognized			400
Franchise Equipment Programs
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized	1,700	$ 5,800	4,600	$ 13,800
Inventory related to franchise equipment programs	800		800
Receivables, net	$ 600		$ 600
Kitchen Modernization Program For Franchise Restaurants
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Inventory related to franchise equipment programs					3,600
Receivables, net					$ 6,600

Operating (Gains), Losses and_3

Operating (Gains), Losses and Other Charges, Net - Schedule of Operating Gains Losses and Other Charges, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2023	Sep. 28, 2022	Sep. 27, 2023	Sep. 28, 2022
Other Income and Expenses [Abstract]
Gains on sales of assets and other, net	$ (88)	$ (3,066)	$ (2,132)	$ (3,311)
Restructuring charges and exit costs	997	472	2,759	1,297
Impairment charges	1,711	697	1,840	963
Operating (gains), losses and other charges, net	$ 2,620	$ (1,897)	$ 2,467	$ (1,051)

Operating (Gains), Losses and_4

Operating (Gains), Losses and Other Charges, Net - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 27, 2023 USD ($) parcel restaurant	Sep. 27, 2023 USD ($) parcel restaurant	Dec. 28, 2022 USD ($) parcel	Sep. 28, 2022 parcel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 1,557	$ 1,557	$ 1,403
Number of real estate properties | parcel	3	3		2
Number of restaurants | restaurant	1,644	1,644
Severance and other restructuring charges	$ 2,100	$ 2,100	700
Impairment Charges for the Quarter Ended September 27, 2023	1,711
Property And Right-of-Use Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges for the Quarter Ended September 27, 2023	1,700	1,800
Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges for the Quarter Ended September 27, 2023	900	1,000
Operating Lease Right-of-Use Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges for the Quarter Ended September 27, 2023	800	800
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	1,600	1,600	1,400
Property	900	900	1,100
Goodwill	600	600
Other assets	$ 100	$ 100	$ 300
Number of real estate properties | parcel	1	1	4
Number of restaurants | restaurant	3	3

Operating (Gains), Losses and_5

Operating (Gains), Losses and Other Charges, Net - Schedule of Restructuring Charges and Exit Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2023	Sep. 28, 2022	Sep. 27, 2023	Sep. 28, 2022
Restructuring charges and exit costs [Abstract]
Exit costs	$ 12	$ 38	$ 64	$ 88
Severance and other restructuring charges	985	434	2,695	1,209
Total restructuring charges and exit costs	$ 997	$ 472	$ 2,759	$ 1,297

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Total Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2023	Sep. 28, 2022	Sep. 27, 2023	Sep. 28, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 2,864	$ 1,947	$ 8,477	$ 9,467
Employee share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	2,659	1,706	7,793	8,784
Restricted stock units for board members
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 205	$ 241	$ 684	$ 683

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 27, 2023 USD ($) installment $ / shares shares
Certain Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 16.3
Unrecognized contractual term (in years)	1 year 10 months 24 days
PSUs, TSR | Certain Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in periods (in shares)	0.3
Fair value of units granted (in dollars per share) | $ / shares	$ 18.39
PSUs, Adjusted EPS | Certain Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in periods (in shares)	0.3
Fair value of units granted (in dollars per share) | $ / shares	$ 11.90
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost, straight-line basis (in shares)	0.5
Compensation cost, graded-vesting basis (in shares)	0.1
Performance Shares | Certain Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of performance	3 years
Performance Shares | Employee Share Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target achievement	0%
Performance Shares | Employee Share Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target achievement	200%
Restricted Stock Units | Certain Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in periods (in shares)	0.7
Fair value of units granted (in dollars per share) | $ / shares	$ 11.83
Period of performance	3 years
Restricted Stock Units | Board Members
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in periods (in shares)	0.1
Fair value of units granted (in dollars per share) | $ / shares	$ 10.71
Period of performance	1 year
Common stock, shares issued (in shares)	0.2
Unrecognized compensation cost | $	$ 0.5
Unrecognized contractual term (in years)	7 months 6 days
Number of equal annual installments | installment	3
PSUs and RSUs | Certain Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares issued (in shares)	0.5
Shares paid for tax withholding (in shares)	0.3

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 27, 2023	Sep. 28, 2022	Sep. 27, 2023	Sep. 28, 2022
Income Tax Disclosure [Abstract]
Effective tax rate expense (benefit), percent	17.60%	24.30%	23.70%	25.70%
Share-based compensation, percent	(2.50%)		0.40%

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2023	Sep. 28, 2022	Sep. 27, 2023	Sep. 28, 2022
Earnings Per Share [Abstract]
Net income	$ 7,908	$ 17,083	$ 17,043	$ 61,941
Weighted average shares outstanding - basic (in shares)	55,869	59,020	56,764	61,558
Effect of dilutive share-based compensation awards (in shares)	213	20	209	128
Weighted average shares outstanding - diluted (in shares)	56,082	59,040	56,973	61,686
Net income per share - basic (in dollars per share)	$ 0.14	$ 0.29	$ 0.30	$ 1.01
Net income per share - diluted (in dollars per share)	$ 0.14	$ 0.29	$ 0.30	$ 1
Anti-dilutive share-based compensation awards (in shares)	735	641	788	737

Shareholders' Deficit - Narrati

Shareholders' Deficit - Narrative (Details) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2023	Sep. 28, 2022	Sep. 27, 2023	Sep. 28, 2022	Dec. 28, 2022	Dec. 25, 2019
Equity, Class of Treasury Stock [Line Items]
Purchase of treasury stock (in shares)			3,400
Purchase of treasury stock	$ 16,536,000	$ 7,870,000	$ 35,926,000	$ 57,119,000
Treasury stock, at cost (in shares)	11,680		11,680		8,270
Share Repurchase Program 2019
Equity, Class of Treasury Stock [Line Items]
Share repurchase, authorized amount						$ 250,000,000
Purchase of treasury stock			$ 133,400,000
Remaining shares to be repurchased	$ 116,600,000		$ 116,600,000

Shareholders' Deficit - Compone

Shareholders' Deficit - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2023	Sep. 28, 2022	Sep. 27, 2023	Sep. 28, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of beginning of period	$ (42,618)	$ (58,708)	$ (37,116)	$ (65,265)
Income tax expense related to items of other comprehensive income (loss)			(5,081)
Balance as of end of period	(35,798)	(44,630)	(35,798)	(44,630)
Defined Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of beginning of period			(555)
Income tax expense related to items of other comprehensive income (loss)			(30)
Balance as of end of period	(469)		(469)
Amortization of net loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification			116
Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of beginning of period			(42,142)
Reclassification			(3,551)
Changes in the fair value of cash flow hedges			23,221
Income tax expense related to items of other comprehensive income (loss)			(5,051)
Balance as of end of period	(27,291)		(27,291)
Amortization of unrealized losses related to interest rate swaps to interest expense, net
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification			232
Accumulated Other Comprehensive Loss, Net
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of beginning of period	(40,321)	(46,281)	(42,697)	(54,470)
Balance as of end of period	$ (27,760)	$ (43,303)	$ (27,760)	$ (43,303)

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2023	Sep. 28, 2022
Supplemental Cash Flow Information [Abstract]
Income taxes paid, net	$ 6,531	$ 6,161
Interest paid	9,346	9,117
Noncash investing and financing activities:
Business acquisition payable	0	1,000
Accrued purchase of property	102	0
Issuance of common stock, pursuant to share-based compensation plans	5,638	9,547
Receipt of real estate receivable	0	3,000
Execution of finance leases	593	506
Treasury stock payable	$ 1,053	$ 292

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2023 USD ($)	Sep. 28, 2022 USD ($)	Sep. 27, 2023 USD ($) segment	Sep. 28, 2022 USD ($)	Dec. 28, 2022 USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			2
Segment Reporting Information [Line Items]
Total operating revenue	$ 114,183	$ 117,456	$ 348,569	$ 335,580
General and administrative expenses	18,237	16,607	58,515	50,188
Depreciation and amortization	3,605	3,914	10,878	11,052
Operating (gains), losses and other charges, net	2,620	(1,897)	2,467	(1,051)
Total other operating expenses	24,462	18,624	71,860	60,189
Operating income	14,018	15,802	45,099	42,974
Interest expense, net	4,381	3,691	13,288	9,529
Other nonoperating expense (income), net	43	(10,461)	9,470	(49,871)
Income before income taxes	9,594	22,572	22,341	83,316
Provision for income taxes	1,686	5,489	5,298	21,375
Net income	7,908	17,083	17,043	61,941
Total assets	479,835		479,835		$ 498,335
Operating Segments
Segment Reporting Information [Line Items]
Total operating revenue	114,183	117,456	348,569	335,580
Total restaurant-level operating margin	38,480	34,426	116,959	103,163
Total assets	479,835		479,835		498,335
Operating Segments | Denny’s
Segment Reporting Information [Line Items]
Total operating revenue	109,136	113,725	332,952	331,849
Total restaurant-level operating margin	36,944	33,227	111,525	101,964
Total assets	376,123		376,123		394,051
Operating Segments | Other
Segment Reporting Information [Line Items]
Total operating revenue	5,047	3,731	15,617	3,731
Total restaurant-level operating margin	1,536	$ 1,199	5,434	$ 1,199
Total assets	$ 103,712		$ 103,712		$ 104,284