Revenue Recognition

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

Disaggregation of Revenue

Our revenue consists of:

		Three months ended September 30,				Nine months ended September 30,
		2020		2019		2020		2019
Revenue Stream	Segment	Total Revenue
Restaurant revenue:		(in millions)
Restaurant sales	Restaurant Group	$	129.2	$	228.9	$	395.5	$	721.9
Bakery sales	Restaurant Group	—		17.3		2.2		45.7
Franchise and other	Restaurant Group	0.2		1.5		1.0		4.4
Total restaurant revenue		129.4		247.7		398.7		772.0
Other operating revenue:
Real estate and resort	Corporate and other	9.9		9.3		15.7		19.4
Other	Corporate and other	0.4		—		0.9		0.1
Total other operating revenue		10.3		9.3		16.6		19.5
Total operating revenues		$	139.7	$	257.0	$	415.3	$	791.5

Restaurant revenue consists of restaurant sales, bakery operations, and, to a lesser extent, franchise revenue and other revenue.

Restaurant sales include food and beverage sales and gift card breakage, are net of applicable state and local sales taxes and discounts, and are recognized at a point in time as services are performed and goods are provided. Revenue resulting from the sale of gift cards is recognized in the period in which the gift card is redeemed and is recorded as deferred revenue until recognized.

Revenue from bakery operations is recognized at a point in time in the period during which the products are shipped and control transfers to the customer. Bakery sales represent revenue from subsidiaries of Blue Ribbon through January 27, 2020.

Franchise and other revenue consists of development fees and royalties on sales by franchised units. Initial franchise fees are recognized as income upon commencement of the franchise operation and completion of all material services and conditions by the Company. Royalties are calculated as a percentage of the franchisee sales and recognized in the period in which the sales are generated.

Other operating revenue consists primarily of income generated by our resort operations, which includes sales of real estate, lodging rentals, food and beverage sales, and other income from various resort services offered. Such revenue is recognized upon closing of the sale of real estate or once goods and services have been provided and billed to the customer.

Contract Balances

The following table provides information about receivables and deferred revenue:

	September 30,		December 31,
	2020		2019
	(In millions)
Trade receivables, net	$	5.7	$	16.0
Deferred revenue (contract liabilities)	14.7		26.4

Deferred revenue is recorded primarily for restaurant gift card sales. The unrecognized portion of such revenue is recorded as Deferred revenue in the Condensed Consolidated Balance Sheets. Revenue of $4.0 million and $17.3 million was recognized in the three and nine months ended September 30, 2020, respectively, that was included in Deferred revenue at the beginning of the period.

There was no impairment related to contract balances.