Acquisition (Tables)

9 Months Ended

Oct. 03, 2021

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

In 2021, the Company acquired an aggregate of 19 Burger King restaurants from other franchisees in the following transactions (in thousands except number of restaurants):

Closing Date	Number of Restaurants	Purchase Price		Fee-Owned (1)	Market Location
June 17, 2021	14	$	27,603	12	Fort Wayne, Indiana
June 23, 2021	5	3,216		1	Battle Creek, Michigan
	19	$	30,819	13

(1) The 2021 acquisitions included the purchase of 13 fee-owned restaurants, of which 12 were sold in sale-leaseback transactions during the three months ended October 3, 2021 for net proceeds of approximately $20.2 million.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the preliminary allocation of the aggregate purchase price for the 2021 acquisitions reflected in the condensed consolidated balance sheets as of October 3, 2021:

Inventory	$	229
Land and buildings	21,403
Restaurant equipment	850
Restaurant equipment - subject to finance leases	29
Right-of-use assets	2,997
Leasehold improvements	550
Franchise fees	411
Franchise rights	5,629
Deferred income taxes	332
Goodwill	1,352
Operating lease liabilities	(2,899)
Finance lease liabilities for restaurant equipment	(35)
Accounts payable	(29)
Net assets acquired	$	30,819

Business Acquisition, Pro Forma Information [Table Text Block]

The following table summarizes the Company's unaudited pro forma operating results:

	Three Months Ended				Nine Months Ended
	October 3, 2021		September 27, 2020		October 3, 2021		September 27, 2020
Total revenue	$	421,703	$	413,500	$	1,247,727	$	1,144,429
Net income (loss)	$	(9,821)	$	4,056	$	(25,395)	$	(9,524)
Basic and diluted net income (loss) per share	$	(0.20)	$	0.07	$	(0.51)	$	(0.19)